Understanding Risk Creating Value

UNDERSTANDING RISK CREATING VALUE

ALLIANZ REINSURANCE FACTS & FIGURES March 2020

The Allianz Group is one of the world’s leading insurers and asset managers with more than 100 million retail and corporate customers.

In 2019, over 147,000 employees in more than 70 countries achieved total revenues of 142.4 billion euros and an operating profit of 11.9 billion euros.

Allianz is one of the world’s largest managers, with third-party assets of 1,686 billion euros under management at year end 2019.

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 3 Allianz Group ALLIANZ PURPOSE

Purpose Territories STABILITY & PERSONAL SOCIETAL What we as a company SECURITY GROWTH IMPACT credibly represent

Purpose Statement Short phrase describing We secure your future our reason for being

Purpose Narrative Since 1890, all around the globe, we at Allianz have been working hard to secure people’s lives Longer description of and to give courage to our customers for what’s ahead. the value we bring, including why we can We are actuaries, advisors and service agents; engineers, lawyers and technology experts; we credibly claim this are daughters and sons, mothers and fathers, accountants, investors and entrepreneurs – and together we are shaping our industry. Because we know how important it is to have a fair partner at your side who provides solid and sustainable solutions, we strive to do it right – with passion, every day.

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 4 2.0 Allianz Group RENEWAL AGENDA to be continued and accelerated

Allianz Customer Model (ACM) New incentives and skills Continuous productivity gains through • Aspiration to become best practice simplification, harmonization and • Inclusive leadership / mobilization Meritocracy Digital legacy reduction

Loyalty leadership CustomerTrue Customer • Simple and intuitive products Centricity • Empathic service and frontline empowerment Growth Excellence Superior data analytics Focus on profitable growth and new platforms Leveraging of Artificial Intelligence (AI) European direct platforms (EDP) and digital especially in retail, SME and Allianz ventures and partnerships (Allianz X) Investment Management (AIM)

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 5 ALLIANZ REINSURANCE

• As a leading Allianz brand, Allianz Re is part of one of the world's strongest financial community. Headquartered in Munich, Allianz Re has offices strategically located close to key markets in Austria, Ireland, Singapore, Switzerland and the United States.

• With that, we bring together a team of Climate Solutions Nat CAT international experts in both the underwriting and risk management fields, combining global and local market expertise and multi-segment know-how.

• Allianz Re offers secure capacity and world-class technical capabilities. Our capacity and knowledge protect our clients against financial losses, help them meet regulatory requirements and contribute to keeping them competitive. Agriculture Resolution Management

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 7 Allianz Reinsurance OUR VALUE PROPOSITION

Allianz Re belongs to a strong financial community, the Allianz Group. We share this strength with our clients by

• Global reach with local teams and language capabilities We organize ourselves based on the needs of our customers

• Tailored solutions with substantial capacity

• Extensive technical capabilities and analytics Resolution Advisory & Reinsurance MidCorp • Access to other Allianz Group capabilities and entities Management Services

• Sharing knowledge & expertise

• Allianz SE’s First Class Security (AA rating from S&P), Allianz Re Dublin dac and Allianz Reinsurance America, Inc (AA- rating from S&P)

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 8 Allianz Reinsurance UNDERSTANDING RISK – CREATING VALUE

We support our clients’ business strategy by understanding their risk profiles and needs, and by providing individual reinsurance solutions.

We understand risk We have underwriting, actuarial and risk management professionals assessing the risk characteristics of our portfolio. Based on in-depth research of selected risk scenarios our Underwriting Expert Services team develops suitable products, as recently for environmental liability and bio-energy.

We create value We manage the Allianz Group’s risk landscape through the use of reinsurance and capital market instruments. For our clients we offer our financial engineering and transaction capabilities to structure and execute services and solutions tailored to their specific needs.

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 9 Allianz Reinsurance ALLIANZ REINSURANCE functional board of management

Amer Ahmed Jan Stoermann Dr Klaus Berge Dr Thorsten Dietz Chief Executive Officer Chief Underwriting Officer Chief Financial Officer Chief Operating Officer

Dr Olaf Novak Floris Wijchman Dr Holger Tewes Kampelmann Dr Sybille Steimen Managing Director Managing Director – Mid Corp Managing Director Managing Director Reinsurance Head of Location - Allianz SE Resolution Management Advisory & Services Reinsurance Branch Switzerland

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 KEY FIGURES

[EUR mn] 2015 2016 2017 2018 2019

Gross Written Premium 5,442 6,404 6,284 6,651 6,881

Operating Profit 662 635 327 508 461

Combined Ratio 89.2% 89.4% 95.3% 92.0% 94.5% (P&C business only)

1 Financial year basis includes internal and external business 2 OP including AZRA 3 Combined Ratio (reflecting underwriting result) only for AZRE PC (excluding ARM US)

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 12 Allianz Reinsurance DIVERSIFICATION Financial security through risk spread

GWP 2019 BY REGIONS ¹

Western Europe 83% Asia Pacific 12% CEEMA 4% USA & Canada 1% Latin America 1%

¹ Only P&C Financial figures including Allianz Reinsurance PC, Allianz Re America, Allianz Climate Solutions and excluding (light) virtual entities

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 13 Allianz Reinsurance DIVERSIFICATION ensures sustainability and stability for our clients

GWP 2019 BY LINES OF BUSINESS

Property 34% Motor 32% Life & Health² 7% Liability 11% Credit Risks 7% Agriculture 3% Engineering 3% Aviation, Marine & Space 2% Personal Accident 2%

* Life & Health include Allianz Global Life & Health VA business.

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 14 Allianz Reinsurance ALLIANZ REINSURANCE Ratings

Standard & Poor’s AA Allianz SE (August 2019) AA- Allianz Reinsurance America, Inc. (December 2019) AA- Allianz Re Dublin dac (December 2019)

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 OUR PEOPLE

EMPLOYEES IN NUMBERS* Employees worldwide by year (headcount)

547 546 513 524 Status: as of 07/2019 We are a highly experienced and diverse community representing 37 countries. 51% 2016 2017 2018 2019 of all our employees are female and 36% of our executive positions are held by women. BY REGION 6% On average our employees have a tenure of 10% Germany North America 12 years with Allianz. Europe (w/o Germany) 56% 28% Asia Pacific Status: as of 07/2019

*decline from 2017 to 2018 due to shift of Az Re Audit and Financial Reporting to Allianz SE and fluctuation in the Zurich Agri team, AZRA, ACS.

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 17 SOLUTIONS & SERVICES

PEOPLE & INSPIRE: We want our people to grow and shape the CULTURE future

People & Culture

Portfolio optimization PORTFOLIO STRENGTHEN: We bundle risks and tailor financial OPTIMIZATON solutions to make our partners more resilient

Group Portfolio Manager Profitable Operational growth PROFITABLE excellence BROADEN: We create solutions, tools and services GROWTH together with and for our partners to enable growth

DATAFY: We seek access to risk data which we transform OPERATIONAL into insights for our partners and us. EXCELLENCE SIMPLIFY: We strive for simple solutions and processes

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 19 Allianz Reinsurance OUR BUSINESS We organize ourselves based on the needs of our customers

CEO

Business Units

Enabling Functions CUO

Reinsurance Resolution MidCorp Advisory & CFO Management Services

COO

REGIONAL HUBS RI CARRIERS • AZ SE Re Munich 1. CEE (Vienna) • AZ Re America 2. IberoLatam (Madrid) • AZ Re Dublin 3. Africa (virtual) + JV Enhanzed Re (25%) 4. MENA (virtual) 5. Asia (Kuala Lumpur, Malaysia) AZ SE RE BRANCHES 6. Western Europe (Munich) • Singapore + Global Lines (Munich/Zurich) • Zurich AZ Re location Allianz Reinsurance – company presentation • Vienna JV with AZ minority © Copyright Allianz 13-Apr-20 20 Allianz Reinsurance OUR CAPABILITIES An established niche player for selected business lines and geographical markets

OUR CAPABILITIES World-class Client Focus Stability and Global Product Technical Consistency Offer capabilities

• Core clients and • P&C solutions • Striving for long- • Top experts in Cat products customized to term client and pricing • Strengthened client clients’ needs relationships • Underwriting management teams • Globally • Providing expertise across • Focus on operating meaningful capacity business lines and understanding specialty lines over the cycle, specialty lines clients’ needs (Agri) backed by strong Allianz SE rating (S+P AA)

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 21 Allianz Reinsurance OUR MARKET LEADING EXPERTISE Knowing, understanding and managing risk

Lorem ipsum dolor sit amet consectetur . Team developed since 2000 Cat Risk Management . Meteorologists, hydrologists, seismologists, and mathematicians who work on

• knowing risks in insurance portfolios • understanding risks via appropriate hazard analysis • managing risks by means of risk pooling, traditional retrocession, or capital market solutions.

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 22 Allianz Reinsurance OUR MARKET LEADING EXPERTISE Develop innovative solutions for evolving risk scenarios

Lorem ipsum dolor sit amet consectetur . Team created in 2009 Agriculture . Center of Competence for Agriculture in Allianz

. Assist in analysis of existing portfolio within Group and support product development

. Underwrite and grow existing portfolio of Third Party business

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 23 Allianz Reinsurance OUR MARKET LEADING EXPERTISE Fostering renewable energy and addressing climate-related risks

Lorem ipsum dolor sit amet consectetur . Established over 10 years Allianz Climate Solutions . Support renewable energy industry with insurance and risk management solutions

. Collaborate with both private and public sector partners towards improving societal resilience to climate change through dedicated insurance approaches

. Over 450 utility scale projects insured and 1000 projects in 22 countries evaluated

Allianz Reinsurance – company presentation © Copyright Allianz 13-Apr-20 24 Allianz Reinsurance OUR MARKET LEADING EXPERTISE Managing legacy liabilities and enabling effecting capital management via reinsurance

. Established in 2015 Resolution Management . Resolution Management is Allianz Center of Excellence that actively manages legacy liabilities and capital by providing customized reinsurance solutions for both internal and external clients

. Managing third-party claims administration (TPA) services to companies that need expert claims management for complex claims and long tail risks.

Find out more about us at www.allianzre.com

1 USA 3 Ireland Allianz Reinsurance Allianz RE Dublin dac America, Inc Allianz House 1465 North McDowell Elmpark, Merrion Road Blvd Ste 100 Dublin 4 , Ireland Petaluma, CA 94954 p: +35 31 512 5400 California, USA 3

2 4 Switzerland 1 4 Allianz RE Reinsurance Germany 2 Branch Switzerland Allianz SE Reinsurance Richtiplatz 1 Koeniginstrasse 28 8304 Wallisellen Lorem ipsum 80802 Munich Switzerland dolor sit amet Germany p: +41 44 285 9595 5consectetur p: +49 89 3800 0 Allianz Climate Solutions Koeniginstrasse 28 5 Singapore 80802 Munich Allianz RE Reinsurance Germany Branch Asia Pacific p: +49 89 3800 12884 12 Marina View #14-01 Asia Square Tower 2 Singapore 018961 p: +65 6297 8801

These assessments are, as always, subject to the disclaimer provided below

Forward-looking Statements The statements contained herein may include prospects, statements of future the Euro/U.S. Dollar exchange rate, (ix) changes in laws and regulations, expectations and other forward-looking statements that are based on including tax regulations, (x) the impact of acquisitions, including related management's current views and assumptions and involve known and integration issues, and reorganization measures, and (xi) general unknown risks and uncertainties. Actual results, performance or events may competitive factors, in each case on a local, regional, national and/or differ materially from those expressed or implied in such forward-looking global basis. Many of these factors may be more likely to occur, or more Lorem ipsum statements. pronounced, as a result of terrorist activities and their consequences. dolor sit amet Such deviations may arise due to, without limitation, (i) changes of the general consectetur economic conditions and competitive situation, particularly in the Allianz No duty to update Group's core business and core markets, (ii) performance of financial markets The company assumes no obligation to update any information or forward- (particularly market volatility, liquidity and credit events) (iii) frequency and looking statement contained herein, save for any information required to be severity of insured loss events, including from natural catastrophes, and the disclosed by law. development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including