Inside Allianz Series #1

Jon Dye CEO Allianz Insurance UK

Inside Allianz Series London, June 19, 2015 . . . . Market specifics Keydata ...... UK at a glance UK ata Sources 3) 2) 1) Allianz Insurance Insurance AllianzUK difficult difficult Overcapacity making rate both PRA Increasing regulatory pressure and sold Personal P/Clines insurance policies Largest European insurance market Country rating (S&P): Insurancepenetration Inflation: GDP/capita (GBP): GDP growth: GDP (GBP): Population: DirectGroup Line GPW GDP% of as Excluding : 1/3 via other channels SynThesys approx. to 1/3 viabrokers, 1/3 despite poor market results accident & health insurance health & accident

2014 5

and FCA

PRA Returns, PRA

2 : peers

increases

’ company

from

direct r

eports are 1,758bn 64.5mn 26,317

2.6% 1.5% 2.6% Association Association British Insurers of ( AAA

(2014, (2014, GPW, %) Market shares (GPW P/C market size 99.5% ABI), S&P S&P ABI), 13.4% Aviva 2010 43

, GBP

102.9% sovereigns 9.9% RSA 2011 43 bn

) r 95.3% ating CAGR

DLG 7.9% and combined ratios 1 2012 l ist and growth 45 3

+1.3% 102.5%

5.7% AXA 6) 5) 4) Financial AuthorityConduct RegulationAuthority Prudential Victoria Liverpool 2013

97.6% 5.3%

2014 100.9% 46 Ageas

4.6%

2017e Zurich 95.5%

4.4% 50

98.5% 3.5% LV 4

CAGR+7.6% +2.0% 2,274 2013 2013 31.5 64.5

96.0 (EUR

(%) mn

2,684 2014 2014 31.6 65.9 97.6 )

ratio Expense ratio Claims

Operating profit RoRC 2012 215 2013 28.0

(%) CAGR

2013 201 - 8.9%

2014 29.7 (EUR

2014 178

mn )

2007 2003 1986 1905 Legal setup . . . . . Highlights

competitive expense advantage Indian offshore scores NPS of +77% Market leader in pet insurance with and growth since2009 Best commercial insurer for profitability over Highest Fifth largest P/C insurer in the UK

Renamed Renamed Acquired Establishment of Cornhill past past 3 years GPW GPW growth compared to

byGroup Allianz Allianz Insurance Insurance Allianzplc CornhillAllianz Insurance plc captive

provides Insurance Insurance

peers

plc

Product Product mix 15% Property Mobile 9% Legal 6% Other 3% 16% Liability 15 Packages 10 Engineering

% %

(GPW) Property

Motor Motor 37 22% 35% 32% Pet (2) %

Other Other Direct 1% Distribution mix 24 Partners Corporate %

20%

Brokers Brokers (GPW) Direct 34% 99% 22%

Market Market shares (GPW) Aviva Aviva 13% 8%

12% DLG RSA 6%

Ageas Zurich 8% 6%

RSA 5% 7%

AXA 5% 6%

Giulio Terzariol CFO Allianz Life

Inside Allianz Series London, June 19, 2015 Keydata ...... USA at a glance USA ata Allianz Life Allianz 2) 1) . . FA: . . VA: . . FIA: Market specifics Country rating (S&P Lifeinsurance penetration Inflation: GDP/capita (USD): GDP (USD): Population: Single Mainlydistributed via banks and captive RoE Significant de followedby Maindistribution channels are B/D and captive stable earnings and capitalpattern Typicallydouble increasing interest from B/D and Traditionallydistributed by Single LIMRASource:

/IRR, /IRR, but volatile earnings and capitalpattern premium premium annuityincome - digit digit IRR/

2014

– wirehouses

- % % of risking risking post

- RoE digit digit IRR/ households

): , , non

and banks - -

1 RoE MCEVfriendly crisis. Potentially higher : IMOs

4 4) 3) wirehouses , however

Independent Deferredannuityincome 17,400bn 54,600 319mn

0.8%

44% AA+ market market organizations

FIA (2014, premiums) statutory Market shares ( Annuity market size and growth (CAGR) 26.4% Statutory premiums, Statutory premiums,

Allianz Life of NA 2012 215 147 33 34

8.6%

Security Benefit

8.3%

American Equity +3.6 2013 225 145

40 39

6.4%

Great America

USD 5.0%

Athene 2014

230 140

bn 42 48

)

VA 16.5%

Jackson

9.3% 2017e 248 145 Lincoln 45 58

9.1%

AIG

7.2%

Transamerica

7.1% FA/SPIA VA FIA

Pru

1.5% 2

Allianz Life of NA /DIA 6

2.0%

2011 2011 2011 10.8 428 88 (

2.3% 1) )

CAGR16.7% CAGR9.9% CAGR8.2% )

bn 2012 2012 2012 586 9.4 94 )

0.6%

2013 2013 2013 104 646 9.7

3.0%

2014 2014 2014 15.7 115 876

3 .4%

NBM FIA/FA VA Other

2014 In In % (USD (USD FIA /FIA FA 873

mn b n ) )

- VA 50

Other Accounts: 53 Separate General FIA/FA VA Other

2014 876

27% 73% 12.8 2.1 0.8

© Allianz SE 2015 Dividend (USD Statutory RBC ratio Expense Allianz Life Allianz Allianz Life Allianz 2) 1) Based administrative) and(acquisitionreserves expensesaverage internaldividedby to ratioequal Expense 2010 2010 2010 294 41 57 on Company Action Level CompanyAction on

ratio 1

(bps) mn 2011 2011 2011 ) 361 50 53

(%) (2)

2012 2012 2012 150 373 48

2013 2013 2013 650 329 47

2014 2014 2014 250 348 46

2014 Payout Payout Ratings (USD S&P AA

ratio Expenses ) 123%

2013 498

Moody’s

108,230 reserves Average 2014 50%

AMBest

A 46bps

Elizabeth Corley CEO Allianz Global Investors

Inside Allianz Series London, June 19, 2015 . . . . Market and industry trends Keydata . . . The asset management market at a glance at a market management asset The AllianzGI 3) 2) 1) significantly impact the industry Changes in regulatory landscape Increasingly global business models Industry consolidation Evolving client segments and needs 12% 12% between 2007 and 2014 asset owners with a of CAGR of the fastest Sovereign wealth funds are one revenues/profit represent only marginal a share of concentrated withand key 3 firms 22% total of Passive assets expected growto to by USD 102tn 2020 Global 3P Source: peers similar withAllianzGI and asset class mix AuM

PWC PWC EUR 260bn; total total EUR260bn; AuM 2

expect to reach expect reach to over AuM growing groups

by 2020, by 2020, but are AuM

EUR ongoing 412bn

of of

CIR CIR (%)

1,036 Global AuM AuM 72.8 AXA

2004 37.3 974

76.6 Goldman (EUR

Sachs

53.5 866

Amundi bn 2

) ( 736 73.4 USD and CIR Natixis

2007 5 727 9.4 43.2 tn

Franklin )

655 63.6 (%) Invesco 1

586 2014 Legg 77.7 2012

Mason 63.9

552 74.8

UBS

450 65.1 Prudential

57.5 418 2020e Ameriprise 101.7

417 58.7

Aberdeen

72.5 412 AllianzGI3

346 62.0

Schroders Active Passive

201 64.5 10

Pioneer

CAGR+16%

/ % of % averageof AuM)

2013 2.4% 2013 130 (EUR 345 215 4.6

3rd

b party n)

4.4% 2014 2014 10.4

260 153

412

AuM

Operating CIR 2012 2012 77.5 288 (%)

CAGR+19% –

profile 2013 2013 73.4 profit profit 364

(EUR

2014 72.5 2014 408

)

2014 2013 2012 Legal . . . . Highlights Global Global footprint: 24 locations in 18 countries Strong and Strong and accelerated organic growth fixed Outstanding capabilities equities, in   550 relationship 550 managers investment 500 professionals,

setup

income, income,

Diversified growth strategy Implementation of completed “One “One AllianzGI” restructuring towards New up set of AllianzGI:

multi - asset, asset, alternatives

“One “One

AllianzGI”

AuM

; ; 1Q 2015)

Equity:36% Multi Alternatives: 2% - asset: 24% asset:

–

Asset classes Asset total total AuM Fixed income: income:

38%

US: 20% US: Asia Pacific: 7%

Regions

Europe: Europe: 74%

© Allianz SE 2015 Disclaimer These assessments are, as always, subject to the disclaimer provided below. Forward trends, and cy markets Allianz general Such looking statements. may unknown on future The

and management's

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