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Inside Allianz Series #1

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Inside Allianz Series #1 Allianz Insurance UK Jon Dye CEO Allianz Insurance UK Inside Allianz Series London, June 19, 2015 Allianz Insurance UK UK at a glance Key data 2014 P/C market size1 and growth (GPW, GBP bn) . Population: 64.5mn CAGR +1.3% . GDP (GBP): 1,758bn 50 . GDP growth: 2.6% 43 43 45 45 46 . GDP/capita (GBP): 26,317 . Inflation: 1.5% . Insurance penetration2: 2.6% . Country rating (S&P): AAA 2010 2011 2012 2013 2014 2017e Market specifics Market shares and combined ratios . Largest European insurance market (2014, GPW, %) . Personal lines P/C insurance policies are 99.5% 102.9% 95.3% 102.5% 97.6% 100.9% 95.5% 98.5% sold approx. to 1/3 via brokers, 1/3 direct and 1/3 via other channels 13.4% . Increasing regulatory pressure from 9.9% both PRA5 and FCA6 7.9% 5.7% . Overcapacity making rate increases 5.3% 4.6% 4.4% 3.5% difficult despite poor market results 2015 Aviva RSA DLG3 AXA Ageas Zurich LV4 1) Excluding accident & health insurance 4) Liverpool Victoria SE Allianz © 2) GPW as % of GDP 5) Prudential Regulation Authority 3) Direct Line Group 6) Financial Conduct Authority Sources: SynThesys PRA Returns, peers’ company reports, Association of British Insurers (ABI), S&P sovereigns rating list 2 Allianz Insurance UK Allianz Insurance in UK (1) Revenues (EUR mn) Operating profit (EUR mn) Highlights CAGR +7.6% CAGR -8.9% . Fifth largest P/C insurer in the UK 2,684 . Highest GPW growth compared to peers over past 3 years 2,318 2,274 215 201 178 . Best commercial insurer for profitability and growth since 2009 . Market leader in pet insurance with NPS scores of +77% . Indian offshore captive provides competitive expense advantage 2012 2013 2014 2012 2013 2014 Combined ratio (%) RoRC (%) Legal setup +2.0%-p 1905 Establishment of Cornhill Insurance plc 95.6 96.0 97.6 1986 Acquired by Allianz Group 2003 Renamed Allianz Cornhill Insurance plc 29.7 64.3 64.5 65.9 Claims 28.0 2007 Renamed Allianz Insurance plc ratio 2015 31.3 31.5 31.6 Expense ratio 2012 2013 2014 2013 2014 © Allianz SE Allianz © 3 Allianz Insurance UK Allianz Insurance in UK (2) 2014 Product mix (GPW) Distribution mix (GPW) Market shares (GPW) Engineering Motor Direct 1% Brokers 10% 37% 99% Commercial Packages 8% GPW 15% 6% 6% 5% 5% EUR 1.3bn Liability Property 16% 22% Aviva RSA Zurich AXA Other 3% Pet Other 20% Brokers Legal 6% 32% 34% 13% 12% Mobile 9% Retail Property 8% 7% GPW 15% 6% EUR 1.4bn Corporate Motor Partners Direct 35% 24% 22% Aviva DLG Ageas RSA 2015 © Allianz SE Allianz © 4 Allianz Life Giulio Terzariol CFO Allianz Life Inside Allianz Series London, June 19, 2015 Allianz Life USA at a glance Key data 2014 Annuity market size and growth (CAGR) (Statutory premiums, USD bn) . Population: 319mn . GDP (USD): 17,400bn +3.6% . GDP/capita (USD): 54,600 248 215 225 230 58 . Inflation: 0.8% 34 39 48 . Life insurance penetration1: 44% . Country rating (S&P): AA+ 147 145 140 145 FIA VA 33 40 42 45 FA/SPIA2/DIA3 Market specifics 2012 2013 2014 2017e FIA: Market shares . Traditionally distributed by IMOs4, however (2014, statutory premiums) increasing interest from B/D and wirehouses FIA VA . Typically double-digit IRR/RoE, stable earnings and capital pattern 26.4% VA: . Main distribution channels are B/D and captive 16.5% followed by wirehouses and banks 8.6% 8.3% 9.3% 9.1% 6.4% 5.0% 7.2% 7.1% . Significant de-risking post-crisis. Potentially higher 1.5% RoE/IRR, but volatile earnings and capital pattern 2015 Pru AIG Lincoln FA: Athene Jackson . Mainly distributed via banks and captive Transamerica GreatAmerica Security Benefit American Equity © Allianz SE Allianz © Allianz Life ofNA . Single-digit IRR/RoE, non-MCEV friendly Allianz Life ofNA 1) Source: LIMRA – % of households 3) Deferred income annuity 2) Single premium income annuity 4) Independent market organizations 6 Allianz Life Allianz Life (1) 2014 Statutory premiums (USD bn) (USD bn) CAGR 9.9% 15.7 Other VA 10.8 10.8 9.7 Other 0.8 9.4 FIA/FA VA 2.1 FIA/FA 12.8 2.0% 2.3% 0.6% 3.0% 3.4% NBM 2010 2011 2012 2013 2014 Operating profit (USD mn) (USD mn) CAGR 16.7% 876 873 -50 53 876 586 646 472 428 FIA / FA VA Other 2014 2010 2011 2012 2013 2014 Assets backing reserves (USD bn) In % CAGR 8.2% 115 104 Accounts: 84 88 94 General 73% 2015 Separate 27% 2010 2011 2012 2013 2014 SE Allianz © 7 Allianz Life Allianz Life (2) 2014 Expense ratio1 (bps) (USD mn) 108,230 57 53 48 47 46 498 46bps Expenses Average reserves 2010 2011 2012 2013 2014 2 Statutory RBC ratio (%) Ratings 373 361 329 348 294 S&P Moody’s AM Best AA A2 A 2010 2011 2012 2013 2014 Dividend (USD mn) Payout ratio 650 123% 50% 2015 250 150 41 50 2013 2014 2010 2011 2012 2013 2014 SE Allianz © 1) Expense ratio equal to internal expenses (acquisition and administrative) divided by average reserves 2) Based on Company Action Level 8 Allianz Global Investors Elizabeth Corley CEO Allianz Global Investors Inside Allianz Series London, June 19, 2015 AllianzGI The asset management market at a glance1 Key data2 Global AuM2 (USD tn) 101.7 . Global AuM expect to reach over Passive USD 102tn by 2020 Active 59.4 63.9 . Passive assets expected to grow to 22% of total AuM by 2020, but are 37.3 concentrated with 3 key firms and represent only a marginal share of revenues/profit 2004 2007 2012 2020e . Sovereign wealth funds are one of the fastest growing groups of asset owners with a CAGR of 12% between 2007 and 2014 AuM (EUR bn) and CIR (%) 2014 1,036 974 866 736 727 Market and industry trends 655 586 552 450 418 417 412 . Evolving client segments and needs 346 . Industry consolidation ongoing 201 CIR (%) 72.8 76.6 53.5 73.4 43.2 63.6 77.7 74.8 65.1 57.5 58.7 72.5 62.0 64.5 . Increasingly global business models . Changes in regulatory landscape 2015 significantly impact the industry 3 AXA UBS Legg Sachs Natixis Mason Amundi Invesco Pioneer Franklin Goldman Aberdeen © Allianz SE Allianz © Prudential Schroders AllianzGI Ameriprise 1) AllianzGI and peers with similar asset class mix 2) Source: PWC 3) 3P AuM EUR 260bn; total AuM EUR 412bn 10 AllianzGI Allianz Global Investors – profile Total AuM (EUR bn) Operating profit (EUR mn) Highlights CAGR +16% CAGR +19% . Global footprint: 24 locations in 18 countries 412 408 . 500 investment professionals, 364 345 550 relationship managers 304 153 288 130 . Outstanding capabilities in equities, 126 fixed income, multi-asset, alternatives . Strong and accelerated organic growth 178 215 260 2012 2013 2014 2012 2013 2014 AZ assets 3rd party AuM Legal setup 2012 New set up of AllianzGI: 3rd party net flows CIR (%) restructuring towards (EUR bn / % of average AuM) “One AllianzGI” 2013 Implementation of “One AllianzGI” 77.5 73.4 72.5 -0.1% 2.4% 4.4% completed 10.4 2014 Diversified growth strategy 4.6 2015 -0.2 2012 2013 2014 2012 2013 2014 © Allianz SE Allianz © 11 AllianzGI Allianz Global Investors – total AuM Total AuM (EUR bn; 1Q 2015) Asset classes Regions 454 Alternatives: 2% Fixed income: 38% Asia Pacific: 7% Europe: 74% Institutional: Multi-asset: 24% US: 20% 304 Retail: Equity: 36% 2015 151 © Allianz SE Allianz © 12 Disclaimer These assessments are, as always, subject to the disclaimer provided below. Forward-looking statements The statements contained herein may include prospects, statements of extent of credit defaults, (vii) interest rate levels, (viii) currency exchange future expectations and other forward-looking statements that are based rates including the Euro/U.S. Dollar exchange rate, (ix) changes in laws and on management's current views and assumptions and involve known and regulations, including tax regulations, (x) the impact of acquisitions, including unknown risks and uncertainties. Actual results, performance or events related integration issues, and reorganization measures, and (xi) general may differ materially from those expressed or implied in such forward- competitive factors, in each case on a local, regional, national and/or global looking statements. basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events) (iii) frequen- No duty to update cy and severity of insured loss events, including from natural catastrophes, The company assumes no obligation to update any information or forward- and the development of loss expenses, (iv) mortality and morbidity levels and looking statement contained herein, save for any information required trends, (v) persistency levels, (vi) particularly in the banking business, the to be disclosed by law. 2015 © Allianz SE Allianz © 13 .
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