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Capital Markets Day Capital Markets Day Allianz Insurance UK Allianz Insurance Australia Allianz Worldwide Partners Allianz SE London, July 4, 2014 Agenda A Introduction Dieter Wemmer B Allianz UK Jon Dye C Allianz Australia Niran Peiris D Allianz Worldwide Partners Ida Luka-Lognoné E Allianz SE Dieter Wemmer Disclaimer Investor Relations contacts 2014 © Allianz SE Allianz © Introduction Dieter Wemmer CFO Allianz SE London, July 4, 2014 A. Introduction Allianz is one of the strongest financial communities … … servicing approximately 83 million customers B2C, 2014 25 million micro insurance customers and Countries with Allianz presence 250 million customers B2B2C SE Allianz © A 2 A. Introduction … complementing local presence with global coverage Regions France Australia Asia Germany Spain USA insurance Italy UK CEE Austria Portugal Benelux Ireland Middle Suisse Latin Greece East America Turkey Africa Global lines Allianz Global Corporate & Specialty Allianz Asset Management Euler Hermes Credit Insurance Allianz Worldwide Partners (B2B2C) Our mission 2014 Integrity and superior performance for all stakeholders SE Allianz © A 3 A. Introduction Strong position in all business segments and global business units … (EUR bn) World market Business segment position1 Global business unit # 1 P/C Credit insurance Assistance business2 1. Allianz 47 1. Euler Hermes 2.5 1. Allianz Global Ass. 2.4 2. State Farm3 39 2. Atradius 1.6 2. Europ Assistance 1.4 3. AXA 31 3. Coface 1.4 3. Mapfre Asistencia 1.1 4. Zurich 30 Other competitors significantly smaller 4. AXA Assistance 1.1 5. PICC 27 5. Inter Mutuelles Ass. 0.5 # 3 L/H Asset management Industrial insurance 1. MetLife 585 1. Black Rock 3,138 1. AIG Commercial3 15.1 2. AXA 566 2. Vanguard 1,997 2. Zurich Global Corp. 6.7 3. Allianz 480 3. Allianz 1,770 3. AGCS 5.0 4. Prudential 351 4. State Street GA 1,703 4. XL P/C Insurance 4.0 2014 5. Generali 341 5. Fidelity Investments 1,411 5. Swiss Re Corporate S. 2.6 © Allianz SE Allianz © 1) Basis: fiscal year 2013; calculation based on GPW, revenues or AuM (Life/Health including loans and advances to banks and customers) 2) Estimate for Europ Assistance, 2012 values for Inter Mutuelles Assistance 3) Net premiums A 4 A. Introduction … and an increasing geographic diversification 42 44 47 100% North America 14% 10% 4% 2% 3% 6% P/C Other mature markets GPW Western Europe 67% 67% 54% (EUR bn) 11% Emerging markets 6% 8% Global Lines 10% 12% 12% 25% 34 47 57 100% North America 15% 19% 13% L/H GPW Western Europe 78% 71% 76% (EUR bn) Emerging markets 7% 10% 11% 2 3 7 100% 62% 62% 68% AM Americas Net revenues 2014 (EUR bn) Europe 36% 31% 25% Asia Pacific 2% 7% 8% 2001 2006 2013 SE Allianz © A 5 A. Introduction Capital Markets Day London: today’s universe UK Allianz SE Australia 2014 AWP © Allianz SE Allianz © A 6 Allianz Insurance UK Jon Dye CEO Allianz Insurance UK London, July 4, 2014 B. Allianz Insurance UK UK at a glance Key data 2013 P/C market size1 (GPW, EUR bn2) and growth (GBP) . Population: 64mn CAGR 3.0% 51 . GDP (EUR): 1,900bn 47 44 44 46 . GDP growth: 1.9% 42 . GDP/capita (EUR): 30,180 . Inflation: 2.5% . Insurance penetration3 2.5% . Country rating (S&P): AAA 2009 2010 2011 2012 2013 2016e Market specifics Market shares (GPW) and combined ratio (2013) . Increasing regulatory pressure from both Combined PRA4 and FCA5 97.4% 104.2% 97.9% 106.6% 96.0% 98.8% 97.8% 101.4% ratio . Overcapacity making rate increases difficult 12.2% despite poor market results 10.6% 8.0% 5.5% 4.7% 4.6% 4.2% 3.6% 2014 1) Excluding accident & health insurance 2) Converted from GBP at constant 2013 FX rate 3) GPW as % of GDP Aviva RSA DLG6 AXA Ageas Zurich LV7 4) Prudential Regulation Authority 5) Financial Conduct Authority SE Allianz © 6) Direct Line Group 7) Liverpool Victoria Sources: SynThesys PRA Returns, peers’ company reports, Association of British Insurers (ABI), S&P sovereigns rating list B 2 B. Allianz Insurance UK Allianz Insurance in UK (1) Revenues (EUR mn) Operating profit (EUR mn) Highlights CAGR1 +2.2% CAGR1 -2.5% . Fifth largest P/C insurer in the UK 2,318 2,274 . Customer count of 4.2mn by YE 2013 2,111 215 206 201 . Strong player growing its market share in a competitive market . Highest GPW growth compared to peers over past 3 years . Best combined ratio among 8 largest UK insurers 2011 2012 2013 2011 2012 2013 Combined ratio (%) RoRC (%) Legal setup +0.3%-p 1905 Establishment of Cornhill Insurance plc 95.6 95.7 96.0 1986 Acquired by Allianz Group 2003 Renamed Allianz Cornhill Insurance plc 23.4 63.9 64.3 64.5 Claims ratio 2007 Renamed Allianz Insurance plc 2014 31.8 31.3 31.5 Expense ratio 2011 2012 2013 2013 © Allianz SE Allianz © 1) Based on local currency B 3 B. Allianz Insurance UK Allianz Insurance in UK (2) 2013 Product mix (GPW) Distribution mix (GPW) Market shares (GPW) Engineering 10% Motor 37% Direct 2% Brokers 98% 12% Commercial Packages 15% 9% GPW 5% 5% EUR 1,179mn 1% Liability 15% Property 23% RSA Aviva AXA Ageas Other 5% Pet 31% Other 10% Brokers 33% 16% Legal 8% Retailer 1% Retail Mobile 11% Vet 6% 9% 8% 6% GPW Direct 20% 4% EUR 1,096mn Property 17% Motor 28% Affinity 29% Aviva RSA Ageas AXA 2014 © Allianz SE Allianz © Sources: SynThesys PRA Returns, peers’ company reports, Association of British Insurers (ABI) B 4 B. Allianz Insurance UK UK insurance market UK is the largest insurance market in Europe … … but highly competitive in P/C Other 27% USA 28% Other 50.2% Aviva 12.2% RSA 10.6% Worldwide premiums P/C by country market shares UK (P/C + Life GPW 2013, DLG1 8.0% (GPW 2013) Italy 4% total EUR 2.9tn) South Korea 4% Japan 11% AXA 5.5% Germany 5% Allianz 4.7% UK 8% Ageas 4.6% France 6% China 7% Zurich 4.2% 2014 © Allianz SE Allianz © 1) Direct Line Group Sources: Local insurance regulators, AXCO insurance market reports B 5 B. Allianz Insurance UK A consistent track record of performance Average combined ratio Cumulative growth in GPW Dividends 2009 - 2013 (%) 2009 - 2013 (%) 2009 - 2013 96.2 21.7 99.0 -17.6 GBP 380mn 101.0 -6.9 103.7 15.6 89 80 106.8 -33.2 2014 108.1 5.5 2009 2013 SE Allianz © Sources: SynThesys PRA Returns, peers’ company reports, Association of British Insurers (ABI) B 6 B. Allianz Insurance UK Strategy going forward Commercial Retail . Underwriting capabilities and distribution optimization . Maintain leadership in pet insurance underpin growth . Build further successful corporate distribution . Customer segmentation and differentiated offerings partnerships are key . Further improve broker channel and maintain . Leverage opportunities from “One Allianz”1 loyalty leadership . Outstanding broker relationships - maintain . Growth in direct car and home via aggregators loyalty leadership as in the last 5 years and customized products 2014 Grow GPW by 28% to EUR 2.9bn in 2016 © Allianz SE Allianz © 1) “One Allianz” is the term used for close cooperation between different Allianz entities, in this case Allianz UK’s cooperation with Allianz Global Corporate & Specialty, Euler Hermes and Allianz Worldwide Partners B 7 B. Allianz Insurance UK Commercial: strong underwriting expertise … Commercial Excellent underwriting expertise (CR in %) Allianz GPW CAGR 2009 - 2013 (in %) 1 110 Peers 3 Loyalty position2 2 99 100 100 0 +1.86 97 98 95 96 96 89 1 1 1 1 1 -6 -14.7 -8 2009 2010 2011 2012 2013 AXA Aviva RSA Zurich . Consistent outperformance in profitability . Maintaining volume even in tough market phases . Proposition to brokers based upon 2014 - local branch network in 18 locations - superior underwriting and pricing skills, developed over a decade through the Allianz Underwriting Academy © Allianz SE Allianz © 1) Peers: AXA, Aviva, RSA, Zurich 2) Loyalty position with brokers B 8 B. Allianz Insurance UK … with further growth potential in well diversified portfolio Commercial Commercial Share of Market Combined Business description and future focus Additional focal points 2013 business share ratio Current and future performance driven by: . strong technical knowledge A large market share in a . focus on profitable business segments Motor 37% 10% 99% profitable line of business . development of small fleet offerings . investment in electronic underwriting platform Ongoing investment in electronic Property 23% 7% 90% underwriting platform, providing technical excellence in a soft market Release new products to market Liability 15% 6% 107% through Allianz Group collaboration . Engineering insurance is complemented by engineering inspection Recent investment in electronic underwriting Packages 15% 8% 99% . Insurance: new product launches for construction platform leaves us well placed for future growth 2014 . Inspection: modernization will increase the quality A large and well diversified share of a and quantity of data and expense efficiency Engineering 10% 14% 80% profitable line of business © Allianz SE Allianz © B 9 B. Allianz Insurance UK Retail: optimizing growth and profit Retail Excellent underwriting expertise (CR in %) Allianz GPW CAGR 2009 - 2013 (in %) Peers1 113 14 Loyalty position2 13 109 101 101 100 5 98 98 2 96 96 2 95 1 1 -12 2009 2010 2011 2012 2013 AXA-14.7 Aviva RSA DLG LV . Consistently outperforming the market whilst rapidly growing . Loyalty leadership attained in 2012 and maintained in 2013 for retail broker 2014 . CR in 2013 in line with peers despite additional investments (e.g. in direct sales) © Allianz SE Allianz © 1) Peers: AXA, Aviva, RSA, Direct Line Group, Liverpool Victoria 2) Loyalty position with brokers B 10 B.
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