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Allianz Capital Markets Day Simplicity Allianz Capital Markets Day Simplicity wins Oliver Bäte, CEO Allianz SE Giulio Terzariol, CFO Allianz SE Ivan de la Sota, CBTO Allianz SE Telephone Conference for Journalists November 30, 2018 © Copyright Allianz SE Capital Markets Day 2018 Agenda Taking Simplicity Simplicity at Capital Targets and stock wins scale Management outlook Bäte Bäte De la Sota Terzariol Bäte 2016 - 2018 Outperform, trans- Allianz Customer Generating value 2019 - 2021 form, rebalance Model © Copyright Allianz SE 2 Capital Markets Day 2018 Allianz to deliver on its ambitious targets Target Actual1 P/C CR 94% 94.0% PIMCO CIR 60% 58% 3y EPS CAGR 7.1% L/H share of preferred lines 80% 82% Alternative assets EUR 110bn 127bn RoE 13.8% L/H NBM 3.0% 3.4% SII interest rate sensitivity <11%-p 7%-p Businesses with L/H OEs with RoE ≥10% at 100% Launched digital products 100% NPS above market Ø ~71% 93% 96% Inclusive Meritocracy Index 71% 1) 9M 2018 or annualized, if appropriate © Copyright Allianz SE 3 Capital Markets Day 2018 While customer satisfaction and growth improve, productivity gains materialize ~71% 60% 55% Customer loyalty (businesses with NPS above market Ø) 2016 2017 2018e 5.9% 28.7% 28.7% Internal 27.9% Expense 3.1% growth rate 2.3% ratio (P/C) (P/C) 2016 2017 9M 2018 2016 2017 9M 2018 IT spend EUR 3.5bn p.a. © Copyright Allianz SE 4 Capital Markets Day 2018 Result: outstanding total shareholder return Total shareholder return1 in % Indexed to 100 129 Allianz +29% 109 STOXX Europe 600 Insurance +9% 100 2016 2017 2018 1) Period 01.01.2016 - 23.11.2018 Source: Bloomberg © Copyright Allianz SE 5 Capital Markets Day 2018 Groundwork done, real transformation next 2015 - 2018: foundations 2019 - 2021ff: transformation AM PIMCO back to top performance AM AllianzGI strengthened L/H Business model restructured Simplicity wins L/H P/C 94% CR and growth P/C © Copyright Allianz SE 6 Capital Markets Day 2018 Agenda Taking Simplicity Simplicity at Capital Targets and stock wins scale Management outlook Bäte Bäte De la Sota Terzariol Bäte 2016 - 2018 Outperform, trans- Allianz Customer Generating value 2019 - 2021 form, rebalance Model © Copyright Allianz SE 7 Capital Markets Day 2018 Our strategic priority: “simplicity wins” Objectives Focus Tools 2016 - Foundations Groundwork Renewal Agenda 1.0 2018 2019ff 1 Outperform Productivity “Simplicity wins” – Renewal Agenda 2.0 • Customer Scalability Transform 2 through ACM1 • Digital • Excellence Capital allocation & • Growth 3 Rebalance new businesses • Meritocracy incl. EDP2 1) Allianz Customer Model 2) European Direct Platform © Copyright Allianz SE 8 Capital Markets Day 2018 Renewal Agenda to be continued and accelerated KEY ELEMENTS New incentives and skills Allianz Customer Model (ACM) • Aspiration to become best practice Continuous productivity gains through • Inclusive leadership / mobilization simplification, harmonization and legacy Meritocracy Digital reduction Loyalty leadership Customer • Simple and intuitive products • Empathic service and frontline empowerment Growth Excellence Focus on profitable growth and new platforms Superior data analytics European direct platform (EDP) and digital ventures Leveraging of Artificial Intelligence (AI) and partnerships (Allianz X) especially in retail, SME and Allianz Investment Management (AIM) © Copyright Allianz SE 9 Capital Markets Day 2018 Transform: turn complexity into superior scale … SIMPLE DIGITAL SCALABLE Fewer, Enhanced Trouble-free Harmonized Cost and No negative intuitive data processes products and revenue surprises products analytics without legacy processes synergies © Copyright Allianz SE 10 Capital Markets Day 2018 … now moving from institutional to retail lines Globalization/ scale benefits Retail and SME Credit ACM Allianz Partners Simplified Harmonized Global IT Corporate lines P/C products processes platform AIM (Allianz Investment Management) Asset Management Today © Copyright Allianz SE 11 Capital Markets Day 2018 Agenda Taking Simplicity Simplicity at Capital Targets and stock wins scale Management outlook Bäte Bäte De la Sota Terzariol Bäte 2016 - 2018 Outperform, trans- Allianz Customer Generating value 2019 - 2021 form, rebalance Model © Copyright Allianz SE 12 Capital Markets Day 2018 Simplicity at scale Allianz European Customer Direct Model SIMPLICITY! Platform Transform Develop new the core models at scale © Copyright Allianz SE 13 Capital Markets Day 2018 “Which ONE thing bothers you most about insurance?” Motor Limitations Complexity Everything Profit orientation Taxes Customer proximity Health Agents Service Trust Deception Comparability Rejected claims Trust Refunds Fraud Request for information Effort Goodwill Nothing Compulsory Cancellation Low benefits T&C Offline off Advertisement Advertisement Risk - Price increases print Fine Contract duration PriceAdvertisement Deductible Cancellation period Cancellation Intrusiveness Consultation Processing time Processing after claim Liability Rip Survey with 500 participants; conducted in October 2018 in Germany © Copyright Allianz SE 14 Capital Markets Day 2018 Transform: the Allianz Customer Model Allianz Customer Model (ACM) Allianz Group Allianz best practice - Simplification and harmonization - Organic ACM Organic growth1 growth1 > 2% OE1 > 5% OE2 Profitability2 Profitability2 94% CR < 92% CR OE3 Customer Customer satisfaction3 OE4 satisfaction3 n.a. > 20% 1) P/C CAGR internal growth 2017/2015 2) Combined ratio 9M 2018 3) P/C absolute NPS 2017. Group: KPI not calculated on aggregated basis © Copyright Allianz SE 15 Capital Markets Day 2018 Transform: simplicity potential even in best practice OEs Allianz best practice retail motor legacy book1 Share in revenues 3% Accelerated Disproportional migration of savings 6x legacy books potential and systems Share in IT costs 18% 1) Third product generation and older © Copyright Allianz SE 16 Capital Markets Day 2018 Demystifying products, enhancing service and performance Designed for the … and customer … innovative Simple One logic Master product Intuitive Data-driven Comprehensive Mobile first © Copyright Allianz SE 17 Capital Markets Day 2018 Products are already the same Potential commonalities1 Commonalities and standardizable elements Non-commonalities Home Motor Non-motor SME 86% 95% 97% 1) Commonalities (e.g. technical components, covers or technical items) among at least 2 out of the 3 OEs (resp. 3 out of the 5 OEs for SME) that participated in mapping © Copyright Allianz SE 18 Capital Markets Day 2018 Rebalance: putting scale to work Archetypes of direct businesses High Attackers Innovation at scale • Scope: Initially European • Brand: Allianz Direct Allianz European Direct • Platform: ABS and new cloud-based Platform micro-services architecture for best in class cost and agility Customer Most • Offering: ACM master product and process design centricity InsurTechs & innovation Low Laggards Specialists Low High Scale at low costs © Copyright Allianz SE 19 Capital Markets Day 2018 Customers only one click away from buying insurance online Share of customers by distribution approach (Germany) ~70% Hybrid1, ROPO2 Mid-term ~5% Pure offline ~25% Pure online 1) Information online and/or offline, purchase online, but still preference for personal formats (e.g. for claims handling) 2) Research online, purchase offline Source: GfK; McKinsey © Copyright Allianz SE 20 Capital Markets Day 2018 Global and disruptive Wave 1 One brand Germany Netherlands One common platform Italy Spain Design One master product principles Later waves One insurance carrier France Switzerland One steering Austria … © Copyright Allianz SE 21 Capital Markets Day 2018 Ambitious targets to get to the top Our ambition Claims paid Exclusions (GPW in EUR) in 24h 90% ≤5 3-5bn Market leading Claims expense ratio ~12% rejected <1% ~1bn Straight-through Handovers processing 95% during process 0 2017 Mid-term © Copyright Allianz SE 22 Capital Markets Day 2018 Agenda Taking Simplicity Simplicity at Capital Targets and stock wins scale Management outlook Bäte Bäte De la Sota Terzariol Bäte 2016 - 2018 Outperform, trans- Allianz Customer Generating value 2019 - 2021 form, rebalance Model © Copyright Allianz SE 23 Capital Markets Day 2018 Discipline generates optionality Hurdles RoI SII Cash Internal growth Capital Strategic Quality RoI SII Cash External growth allocation fit RoI SII Cash Share buy-back © Copyright Allianz SE 24 Capital Markets Day 2018 Selective portfolio optimization Transaction volume1 (EUR) Bought Sold Ʃ 4bn Ʃ 1bn • Euler Hermes 1 - 2bn • LV= • Allianz X investments • Multiasistencia • Zurich Maroc • Allianz Irish Life minorities • Aegon Commercial NL • Janashakthi General Insurance • ADAC JV • Gurtin • Allianz Life Korea 0 - 1bn • PWC ECA • AGF Insurance UK • PNB Life • AllianzGI Korea • Rogge Global Partners • Allianz Taiwan life portfolio • DAS Switzerland/Slovakia/Lux. • OLB • Moneyfarm • Ensure Nigeria • Saudi Fransi Distribution: • HypoVereinsbank (Germany) • Standard Chartered (Asia) • UniCredit (CEE) 2016 2017 2018 1) Net loss in case of disposals with negative P&L impact © Copyright Allianz SE 25 Capital Markets Day 2018 Result: strong solvency and attractive payout 2013 2014 2015 2016 2017 9M 2018 240% 230% 229% 229% 220% 218% Solvency II 210% 200% 200% 194% 191% 190% 180% 170% Cash returned x 2 to shareholders Ʃ 7.5bn Ʃ 16bn (EUR) Tight capital management – delivered as promised © Copyright Allianz SE 26 Capital Markets Day 2018 Agenda Taking Simplicity Simplicity at Capital Targets and stock wins scale Management outlook Bäte Bäte De la Sota
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