Allianz SE · XETR:ALV
Allianz — Q2 2009 Earnings Presentation
69 slides from Allianz's earnings presentation, Aug 7, 2009
Slide 1: Group financial results for the second quarter 2009
Helmut Perlet, Member of the Board of Management Group financial results for the second quarter 2009 Analysts’ Conference Call August 7, 2009
Slide 2: Highlights
Group results 2Q 2009 Highlights Net income of EUR 1.9bn up 21% compared to 2Q 08 EUR 1.8bn operating profit in 2Q 09 - Based on solid operating performance ! - Particularly good results in L/H Achieved with continued low risk profile Strong solvency ratio of 159% with limited sensitivity ©
Slide 3: Results overview
Group results 2Q 2009 Results overview (EUR mn) Quarterly results 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 Operating profit1, 2 -32.8% 2,936 2,565 2,601 2,659 2,226 1,786 1,563 1,419 881 -16.0% Net income/loss 2,049 2,225 1,807 1,869 from continuing 1,252 1,380 operations 545 424 -183 N
Slide 4: Solvency remains strong
Group results 2Q 2009 Solvency remains strong Shareholders’ equity1 Conglomerate solvency (EUR mn) (EUR bn) Available funds Solvency ratio Requirement -1.9% +4.5% 33,684 33,030 34,530 161% 159% 159% Unrealized gains/losses 677 2,267 2,011 EUR 0.9bn Revenue 3,104 3,784 3,694 dividend reserves accrual
Slide 5: Agenda
Group results 2Q 2009 Agenda Group P/C L/H Financial Services Summary Additional information © Allianz SE 2009 5
Slide 6: Revenue growth of EUR 0.7bn
Group results 2Q 2009 Revenue growth of EUR 0.7bn (EUR bn) Total revenues1 22.7 21.9 25.6 27.0 21.5 21.1 23.0 27.7 22.2 0.9 0.9 1.1 Total Internal 1.0 0.9 0.9 (in %) growth growth2 1.0 0.9 0.9 12.3 13.0 2Q 08 -5.4 -2.7 15.0 11.7 10.2 13.1 11.8 2Q 09 +3.0 +1.4 10.7 9.4 13.9 9.5 13.7 FS +0.1 -11.7 10.
Slide 7: Operating profit: all businesses contribute
Group results 2Q 2009 Operating profit: all businesses contribute (EUR mn) Segments 2Q 09 Δ 2Q 09/08 Property/Casualty2 Life/Health CAGR CAGR -31.2% +14.3% P/C 895 -46.8% 1,889 1,681 990 758 703 L/H 990 +40.8% 895 Financial 146 -48.8% 2Q 07 2Q 08 2Q 09 2Q 07 2Q 08 2Q 09 Services Financial Services C
Slide 8: Non-operating items
Group results 2Q 2009 Non-operating items (EUR mn) Non-operating harvesting 2Q 08 2Q 09 Breakdown of non-operating items Realized gains/losses 1,054 959 - Equities 1,094 898 2Q 07 2Q 08 2Q 09 Δ 09/08 - Debt securities -51 49 - Real estate 11 12 Realized gains/losses 342 548 815 +267 - Other 0 0 and
Slide 9: Strong net income of EUR 1.9bn
Group results 2Q 2009 Strong net income of EUR 1.9bn (EUR mn) Reconciliation to net income 2Q 07 2Q 08 2Q 09 Δ 09/08 Operating profit1 2,936 2,659 1,786 -873 Non-operating items1 -149 156 548 +392 Income before taxes, minority interests 2,787 2,815 2,334 -481 Income taxes -800 -509 -447 +62 No furth
Slide 10: 5% growth in conservative investment portfolio
Group results 2Q 2009 5% growth in conservative investment portfolio1 Group investments and loans as of 30.06.2009 (31.12.2008) Total EUR 383bn (EUR 365bn) Group investments up by EUR 18bn since beginning of year Real estate2 Cash / Other 2% (2%) 2% (2%) Further reduction of equities share Equit
Slide 11: Group equity exposure: further de-risking
Group results 2Q 2009 Group equity exposure: further de-risking (EUR bn) Gross equity exposure Net equity exposure Equity gearing 37.01 5.1 31.81 30.31 0.5 0.5 0.4 0.7 5.2 4.5 13.0 0.8 0.7 11.0 24.5 3.7 10.3 24.7 20.6 20.7 0.5 3.6 3.3 4.8 0.5 0.5 3.8 4.4 6.5 4.0 3.1 5.2 4.4 2.1 31.12.08 31.03.09 30.
Slide 12: Reduced exposure to equity markets
Group results 2Q 2009 Reduced exposure to equity markets (as of 30.06.2009, EUR bn) Expected total P/L impact1 … … and resulting unrealized gains / losses on AFS equity securities in shareholders’ equity1 Equity market scenarios2: 2.5 0.0 -0.1 1.6 -0.3 -0.3 -0.3 -0.4 -0.4 0.9 Total P/L impact Unreal
Slide 13: Excess solvency increasingly greater than net equity exposure
Group results 2Q 2009 Excess solvency increasingly greater than net equity exposure (EUR bn) 31.12.2008 31.03.2009 30.06.2009 32.7 32.9 33.0 12.4 12.2 12.2 13.0 11.0 10.3 20.3 20.7 20.8 Net equity Available Net equity Available Net equity Available exposure funds for exposure funds for exposure fund
Slide 14: Fixed income assets of high quality
Group results 2Q 2009 Fixed income assets of high quality Rating profile1 Asset allocation AAA Government AA Pfandbrief & 34% 35% 34% 50% 50% 50% covered bonds A BBB Corporate 27% 27% 28% 15% 12% 14% Banks Non-investment grade ABS/MBS2 15% 15% 16% Not rated 23% 26% 23% 8% 8% 9% 7% Other3 6% 6% 6% 6%
Slide 15: Well capitalized to withstand market shocks
Group results 2Q 2009 Well capitalized to withstand market shocks Conglomerate solvency ratio (in %) Impact on IFRS equity Target: 150% Estimation in EUR bn 100% 150% Ratio as of 30.06.09 159% Equity markets -30% 146% -2.95 Interest rate +100bps 158% -3.7 Interest rate -100bps 158% +3.4 Credit loss
Slide 16: Agenda
Group results 2Q 2009 Agenda Group P/C L/H Financial Services Summary Additional information © Allianz SE 2009 16
Slide 17: P/C: tough environment continues
Group results 2Q 2009 P/C: tough environment continues (EUR mn) Operating profit1 -46.8% 1,889 Operating profit drivers1 1,671 1,681 1,504 1,496 1,681 1,261 1,209 969 895 -487 +57 895 -356 Operating Under- Invest- Other Operating profit writing ment profit 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2Q 08 Δ 2Q 09/08
Slide 18: P/C: pricing overview for selected major operations
Group results 2Q 2009 P/C: pricing overview for selected major operations (in %) Estimated nominal tariff increases for Price impact 2009 on new business on 6M 09 renewals Personal Commer- Approximately 0.6% of internal Total cial premium growth in 2Q 09 Germany -0.5% +2.3% +0.6% +1.6% resulted fr
Slide 19: P/C: selective underwriting in soft markets
Group results 2Q 2009 P/C: selective underwriting in soft markets (EUR mn) GPW Combined ratio 2Q 07 2Q 08 2Q 09 Δ09/081 Gross premiums written (EUR bn) (selected OEs) Countries Germany2 Speaking 1,696 1,696 1,682 -0.8% German AGF health business -3.3% Switzerland 149 124 126 -2.5% Italy 1,340 1,232
Slide 20: P/C: combined ratio similar to first quarter
Group results 2Q 2009 P/C: combined ratio similar to first quarter … (in %) Combined ratio1 Combined ratio1 (selected OEs) 2Q 07 2Q 08 2Q 09 Countries Germany2 Speaking 90.9 100.0 106.2 German +5.4%-p Switzerland 91.0 94.0 91.5 98.7 98.9 96.5 96.2 Italy 93.3 93.2 100.9 92.6 94.2 91.2 95.4 93.5 Europ
Slide 21: P/C: accident year loss ratio at 72.7%
Group results 2Q 2009 P/C: accident year loss ratio at 72.7% (in %) 9-quarter overview Development 6M 09/08 73.4 72.7 72.3 72.4 +1.5%-p +1.0 +0.7 73.0 71.5 71.3 71.6 -0.3 (9Q-Ø) 69.4 69.8 72.0 71.2 71.6 69.0 69.4 70.9 70.0 -1.5%-p 68.8 68.6 Δ 6M 09/08 68.3 Including NatCat 66.7 Excluding NatCat 6M 0
Slide 22: P/C: operational productivity further improved
Group results 2Q 2009 P/C: operational productivity further improved (EUR mn) in % of NPE Administrative expense movements1 F/X: CAGR EUR +2mn -0.3% 1,690 +16 1,663 2,675 2,657 -11 2,586 -32 Admin. expenses1 955 823 838 9.9 8.7 8.9 6M 08 Reclassi- Change in Run 6M 09 fications business2 rate & metho
Slide 23: P/C: EUR 323mn less dividend income in line with lower equity holdings
Group results 2Q 2009 P/C: EUR 323mn less dividend income in line with lower equity holdings Average asset base (EUR bn) Operating investment income (EUR mn) Other1 1,258 -3.2% Cash2 1,164 Equities 92.8 984 1,017 6.71 89.8 1 965 975 Debt 6.8 833 885 808 5.62 sec. 11.9 4.7 7.02 in % of NPE 13.0 9.9 1
Slide 24: Agenda
Group results 2Q 2009 Agenda Group P/C L/H Financial Services Summary Additional information © Allianz SE 2009 24
Slide 25: L/H: EUR 990mn operating profit
Group results 2Q 2009 L/H: EUR 990mn operating profit (EUR mn) Operating profit +40.8% Operating profit driver1 990 873 +436 758 703 990 614 589 -104 402 703 218 -45 -302 Operating Techn. Investm. Expense Operating 1Q profit result result result profit 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2Q 2Q 08 2Q 09 2007 2008 2
Slide 26: L/H: strong growth of 7.7%
Group results 2Q 2009 L/H: strong growth of 7.7% ... (EUR mn) Stat. prem. 2Q 07 2Q 08 2Q 09 Δ09/081 Statutory premiums (EUR bn) (selected OEs) German Speaking Germany Life 2,776 3,077 3,436 +11.7% +9.7% Countries Germany Health 783 779 792 +1.7% Switzerland 167 206 260 +18.9% 11.7 11.8 Premiums 10.7
Slide 27: L/H: with a new business margin of 1.8%
Group results 2Q 2009 L/H: …with a new business margin of 1.8% (EUR mn, a/ min) New business margin (NBV in % of PV of NB premiums) Value of new business -1.0%-p Internal 1 -30.0% growth: 2.8% -31.0% VNB NBM 1.8% 2071 2Q 08 2Q 09 2Q 08 2Q 09 Europe 1841 155 3.6%1 2.7% 2Q 08 2Q 09 145 PV of NB premiu
Slide 28: L/H: AZ Life old VA product pulled
Group results 2Q 2009 L/H: AZ Life old VA product pulled (USD mn) VA volumes decreased in the quarter Total Growth 1.7% 365 2,182 2,220 Other 137 122 551 117 VA 733 69 April May June FA/FIA 1,312 1,547 Effect of suspension of VA riders seen in 2Q Launch of new FIA products with growing volumes a
Slide 29: L/H: AZ Life operating profit of USD 414mn
Group results 2Q 2009 L/H: AZ Life operating profit of USD 414mn (USD mn) Fixed / indexed annuities Variable annuities Operating profit Operating profit 52 335 53 -29 255 -12 17 66 25 40 2Q 08 Credit Impair- Other 2Q 09 2Q 08 Net M&E Other 2Q 09 spreads & ments impact of fees1 int. rates guaranteed
Slide 30: L/H: AZ Life resilient to further market movements
Group results 2Q 2009 L/H: AZ Life resilient to further market movements US Standalone Statutory Solvency Ratio (%) 100% Improved capital market situation and capital injection of USD 1.5bn in 2009 Ratio at 30.06 + Cap. Inj. 276% results in a sufficiently strong 265% standalone statutory solvency
Slide 31: L/H: net inflows strong at EUR 6.5bn as markets pick up
Group results 2Q 2009 L/H: net inflows strong at EUR 6.5bn as markets pick up (EUR bn) Operating asset base1 Net flows 2Q 09 OAB 345.0 Germany Life +2.2 as of 31.03.20092 Germany Health +0.4 Net inflows France +1.1 +6.5 Italy +0.1 Consolidation Other Western Europe +0.4 Thailand +1.8 New Europe +0.1
Slide 32: L/H: interest income stable
Group results 2Q 2009 L/H: interest income stable Average asset base (EUR bn) Operating investment income (EUR mn) Other1 +4.8% Cash2 280.6 294.1 Equities 7.61 8.22 7.71 Debt 7.02 18.3 sec. 34.0 Interest & similar 231.9 260.0 income4 3,783 3,174 3,305 3,200 3,814 3,319 3,439 3,305 3,638 2Q 08 2Q 09
Slide 33: Agenda
Group results 2Q 2009 Agenda Group P/C L/H Financial Services Summary Additional information © Allianz SE 2009 33
Slide 34: Financial Services: segment overview
Group results 2Q 2009 Financial Services: segment overview (EUR mn) Operating profit -48.8% 444 Operating profit drivers 341 285 265 255 285 191 198 -35 167 146 +3 146 -107 Operating AM Banking Altern. Inv. Operating 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q profit Mgmt. profit 2Q 08 Δ 2Q 09/08 2Q 09 2007 2008 200
Slide 35: AM: EUR 246mn operating profit
Group results 2Q 2009 AM: EUR 246mn operating profit (EUR mn) Operating profit Cost-income ratio2 -12.5% 392 Operating profit drivers 322 330 +31 +10 281 241 246 281 218 211 246 186 -76 62.0 73.5 70.0 70.5 68.5 Operating Net fee & Other Operat. Operating 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q profit comm. inc.
Slide 36: AM: AuM surpassing EUR 800bn
Group results 2Q 2009 AM: AuM surpassing EUR 800bn 3rd party AuM (EUR bn) Net fee and commission income (EUR mn) 3rd-party AuM driven margin1 (in bps) Internal Internal growth: growth: +10.0% -5.2% -10.1% 37.0 36.8 36.1 8132 740 +4.3% 703 1 Other 1 1 128 765 7523 Equities 142 102 Performance 721 fee
Slide 37: AM: expense run-rate reflects actions taken
Group results 2Q 2009 AM: expense run-rate reflects actions taken (EUR mn) Administrative expenses1 Cost-income ratio (in %) 59.4 62.0 68.5 Administrative expenses drivers1 +16.8% +89 534 1,039 +47 471 946 -43 457 +24.4% Personnel expenses 300 287 357 6M 08 cominvest F/X Run 6M 09 effects rate Non-p
Slide 38: AM: equities business remains under pressure
Group results 2Q 2009 AM: equities business remains under pressure Equities 3rd party AuM Performance2 Operating profit (EUR bn) Net flows (Outperforming AuM in %) (EUR mn) CAGR1 n/m -15.2% 185 78 39 76 142 128 63 24 0 -0.8 -1.6 -13 30.06.07 30.06.08 30.06.09 30.06.07 30.06.08 30.06.09 2Q 07 2Q 08 2
Slide 39: AM: fixed income business performing strongly
Group results 2Q 2009 AM: fixed income business performing strongly Fixed income 3rd party AuM Performance2 Operating profit (EUR bn) Net flows (Outperforming AuM in %) (EUR mn) CAGR1 CAGR1 +13.8% +8.8% 684 83 79 247 595 597 71 193 195 +7.4 +8.1 +22.4 30.06.07 30.06.08 30.06.09 30.06.07 30.06.08 30.
Slide 40: Agenda
Group results 2Q 2009 Agenda Group P/C L/H Financial Services Summary Additional information © Allianz SE 2009 40
Slide 41: Summary
Group results 2Q 2009 Summary Net income of EUR 1.9bn up 21% compared to 2Q 08 EUR 1.8bn operating profit in 2Q 09 - Based on solid operating performance ! - Particularly good results in L/H Achieved with continued low risk profile Strong solvency ratio of 159% with limited sensitivity © All
Slide 42: Agenda
Group results 2Q 2009 Agenda Group P/C L/H Financial Services Summary Additional information © Allianz SE 2009 42
Slide 43: Group: result by segments overview
Group results 2Q 2009 Group: result by segments overview (EUR mn) P/C L/H FS Corporate Consolidation Total 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 Total revenues 9.8 9.5 10.7 11.8 0.9 0.9 - - 0.1 0.0 21.5 22.2 (EUR bn) Operating profit1 1,681 895 703 990 285 146 -16 -
Slide 44: Group: key figures
Group results 2Q 2009 Group: key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2007 2007 2007 2008 2008 2008 2008 2009 2009 2Q 09/08 2007 2008 2009 Total revenues 22.7 21.9 25.6 27.0 21.5 21.1 23.0 27.7 22.2 +0.7 50.2 48.5 49.9 (EUR bn) 1 Operating profit 2,936 2,565 2,601 2,226 2,659 1
Slide 45: P/C: key figures
Group results 2Q 2009 P/C: key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2007 2007 2007 2008 2008 2008 2008 2009 2009 2Q 09/08 2007 2008 2009 Gross premiums written 10.0 10.7 9.5 13.7 9.8 10.8 9.0 13.9 9.5 -0.3 24.1 23.6 23.4 (EUR bn) 1 Operating profit 1,889 1,504 1,671 1,496 1,681
Slide 46: L/H: key figures
Group results 2Q 2009 L/H: key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2007 2007 2007 2008 2008 2008 2008 2009 2009 2Q 09/08 2007 2008 2009 Statutory premiums 11.7 10.2 15.0 12.3 10.7 9.4 13.1 13.0 11.8 +1.1 24.1 23.1 24.8 (EUR bn) Operating profit 758 873 614 589 703 218 -302 402
Slide 47: L/H: new business
Group results 2Q 2009 L/H: new business (EUR mn) Value of New business Present value of Recurring Single premium new business margin new business premium premium 1 in % of in % of 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 Δ% 2Q 08 2Q 09 2Q 08 PVNBP 2Q 09 PVNBP Germany Life 71 77 3.8% 3.7% 1,867 2,077 +5.7
Slide 48: L/H: operating investment income – details
Group results 2Q 2009 L/H: operating investment income – details (EUR mn) Operating investment income (EUR mn) 2007 2008 2009 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Interest & similar income1 3,783 3,174 3,305 3,200 3,814 3,319 3,439 3,305 3,638 Investment expenses -163 -235 -239 -328 -82 171 -434 34 -205 there
Slide 49: Financial Services: key figures
Group results 2Q 2009 Financial Services: key figures 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2007 2007 2007 2008 2008 2008 2008 2009 2009 2Q 09/08 2007 2008 2009 1 Operating revenues (EUR mn) Asset Management 794 804 880 729 739 701 726 715 780 +41 1,575 1,468 1,495 Banking 170 128 167 142 152 12
Slide 50: AM: 3rd party AuM
Group results 2Q 2009 AM: 3rd party AuM1 (EUR bn) AuM development AuM client mix 3rd party AuM - regional breakdown2 Retail Institutional Other3 813 31.12.08 703 789 813 789 Asia-Pacific 22 740 and rest 41 740 60 Internal 67 31 Net inflows +28 growth: 257 54 135 +9.6% Europe 293 260 ex Germany 122 1
Slide 51: Corporate: key figures
Group results 2Q 2009 Corporate: key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2007 2007 2007 2008 2008 2008 2008 2009 2009 2Q 09/08 2007 2008 2009 1 Operating profit -15 -93 -126 -104 -16 -50 -98 -171 -212 -196 -124 -120 -383 Non-operating items 1 -66 -166 -248 -92 -262 -252 -521 -
Slide 52: Group asset allocation
Group results 2Q 2009 Group asset allocation (EUR bn) Financial P/C L/H Corporate Consolidation Group1 Services Balance sheet items 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 Investments Equities 2 10.7 4.3 33.5 18.2 1.3 0.2 5.7 4.5 0.0 0.0 51.2 27.2 Debt sec. 49.8 55.4
Slide 53: Average AuM P/C and L/H: basis for yield calculation
Group results 2Q 2009 Average AuM P/C and L/H: basis for yield calculation (EUR bn) P/C L/H Balance sheet items 31.03.09 30.06.09 Average 31.03.09 30.06.09 Average Investments Equities 1 5.1 4.3 4.7 18.5 18.2 18.3 Debt sec. 53.6 55.4 54.5 157.6 165.5 161.6 Cash and cash 8.5 5.5 7.0 11.8 4.7 8.2 pool
Slide 54: Investment result
Group results 2Q 2009 Investment result (EUR mn) Financial P/C L/H Corporate Consolidation Group1 Services 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 2Q 08 2Q 09 Operating investment result Interest and similar income 1,331 932 3,814 3,638 283 174 282 119 -283 -63 5,427 4,800 Inc. f
Slide 55: Shareholders' equity
Group results 2Q 2009 Shareholders’ equity (EUR mn) Foreign Unrealized Paid-in Revenue currency Shareholders' Minority gains and Total equity capital reserves translation equity interests losses (net) adjustments Balance as of 31.12.07 28,321 12,618 -3,656 10,470 47,753 3,628 51,381 Total comprehens
Slide 56: Revaluation reserve of EUR 10.4bn
Group results 2Q 2009 Revaluation reserve of EUR 10.4bn (EUR bn) Off balance sheet Revaluation reserve On balance sheet Shareholders’ Policyholders’ share share 2.2 (37.8%) 2.6 (44.1%) 10.4 Real estate 5.8 Associated enterprises, joint ventures Minorities 0.0 (0.7%) 0.0 Deferred taxes Available 4.6
Slide 57: Conglomerate solvency: details as of 30.06.2009
Group results 2Q 2009 Conglomerate solvency: details as of 30.06.2009 (EUR bn) Available funds Required capital Shareholders’ 20.8 equity +35.21 Dividend accruals -0.9 P/C 6.8 Goodwill, other intangibles -14.3 Commerzbank shares -0.7 Subordinated bonds, participation certific. +6.6 L/H 12.1 Free RfB
Slide 58: Fixed income portfolio (30.06.09)
Group results 2Q 2009 Fixed income portfolio (30.06.09) By type of issuer Total By rating3 EUR 342.4 bn Government 34% AAA 50% Pfandbrief & covered bonds 27% AA 14% Corporate 16% A 23% Banks 9% BBB 7% ABS/MBS1 6% Non-investment grade 1% Other2 8% Not rated 5%* *) mostly mortgage loans, policyholder
Slide 59: Limited impairments – good credit history
Group results 2Q 2009 Limited impairments – good credit history (EUR mn) AFS and HTM debt impairments Insurance 12M 12M 12M 12M 1Q 2Q Debt Total 2005 2006 2007 2008 2009 2009 Government 0 0 0 0 0 0 0 Pfandbrief & 0 0 0 0 0 0 0 covered bonds Banks 0 0 0 -283 0 -11 -294 Other corporates -10 -89 -20 -7
Slide 60: Fixed income portfolio: government and government related
Group results 2Q 2009 Fixed income portfolio: government and government related (30.06.09) By country Total By rating EUR 117.8 bn1 Germany 23% AAA 44% Italy 19% AA 19% France 14% A 30% Spain 4% BBB 4% UK 2% Non-investment grade1% Rest of Europe 25% Not rated 2% USA 4% Rest of World 9% By segment (E
Slide 61: Fixed income portfolio: covered bonds
Group results 2Q 2009 Fixed income portfolio: covered bonds (30.06.09) By country of collateral pool Total By rating EUR 90.8 bn Germany 68% AAA 95% Spain 12% AA 2% France 8% A 1% UK 2% BBB 1% Ireland 2% Non-investment grade 0% Switzerland 1% Not rated 1% Sweden 1% Rest of world 6% By segment (EUR b
Slide 62: Fixed income portfolio: corporates excl. banks
Group results 2Q 2009 Fixed income portfolio: corporates excl. banks (30.06.09) By region Total By rating EUR 55.7 bn Eurozone 41% AAA 5% Europe ex Eurozone 10% AA 16% NAFTA 43% A 36% Rest of World 6% BBB 28% Non-investment grade 5% Not rated1 10% By segment (EUR bn) Net AFS unrealized gains / losse
Slide 63: Fixed income portfolio: banks
Group results 2Q 2009 Fixed income portfolio: banks (30.06.09) By country Total By rating EUR 30.8 bn Germany 19% AAA 13% UK 10% AA 26% France 8% A 50% Italy 7% BBB 6% Rest Eurozone 20% Non-investment grade 1% Europe ex Eurozone 8% Not rated 4% USA 18% Rest of World 10% By segment (EUR bn) Net AFS u
Slide 64: Bank subdebt (30.06.09)
Group results 2Q 2009 Bank subdebt (30.06.09) Lower Tier 2 Upper Tier 2 Tier 1 EUR 3.2bn net EUR 0.3bn net EUR 0.3bn net (EUR 8.8bn gross) (EUR 0.9bn gross) (EUR 1.1bn gross) AAA 0% AAA 0% AA 20% AA 16% A 74% A 50% BBB 3% BBB 25% Below BBB /not rated 3% Below BBB /not rated 9% UK 6% USA 19% UK 17% U
Slide 65: Fixed income portfolio: ABS/MBS
Group results 2Q 2009 Fixed income portfolio: ABS/MBS (30.06.09) By type of category Total By rating EUR 20.9 bn U.S. Agency 36% AAA 92% CMBS 25% AA 1% RMBS 13% A 1% Credit Card 5% BBB <1% Auto 3% Non-investment grade 5% Other1 18% Not rated <1% By segment (EUR bn) Net AFS unrealized gains / losses
Slide 66: CMBS, RMBS and structured credit exposure
Group results 2Q 2009 CMBS, RMBS and structured credit exposure (30.06.09) CMBS RMBS Structured credit USA 2008 vintage 2007 2001 3% 11% 11% 2005 2006 2007 and prior 9% 19% 39% NL Rest of Europe 2002- 2006 2005 33% IRL/SP/UK 69% Net EUR 3.4bn Net EUR 0.8bn Net EUR 0.8bn (Gross EUR 5.4bn) (Gross EUR
Slide 67: Equity portfolio (30.06.09)
Group results 2Q 2009 Equity portfolio (30.06.09) By regions Total By industry Germany 24% EUR 27.1 bn1 Financials 27% Consumer 15% Eurozone ex Germany 38% Basic materials 9% Europe ex Eurozone 15% Utilities 7% NAFTA 10% Industrial 6% Energy 6% Rest of World 13% Funds and Other 30%2 By segments Net
Slide 68: Real estate portfolio
Group results 2Q 2009 Real estate portfolio1 By regions Total By sectors EUR 16.4 bn2 France 32% Office 66% Germany 26% Residential 21% Switzerland 15% Retail 6% Rest of Europe 22% Other / mixed 7% Rest of World 5% By currency Net unrealized gains / losses3 (EUR bn) EUR 76% CHF 15% USD 2% Other 7% 2
Slide 69: Disclaimer
Group results 2Q 2009 Disclaimer These assessments are, as always, subject to the disclaimer provided below. Cautionary Note Regarding Forward-Looking Statements The statements contained herein may include statements of future expectations and other forward-looking statements that are based on manag