Capital Markets Day

Allianz Insurance UK Allianz Insurance Australia Allianz Worldwide Partners Allianz SE

London, July 4, 2014 Agenda

D C B A E

Investorcontacts Relations Disclaimer AllianzSE AllianzWorldwide Partners Allianz Australia AllianzUK Introduction

Dieter Ida Luka Niran Jon Dye Dieter

Peiris Wemmer Wemmer

- Lognoné

Dieter Wemmer CFO Allianz SE

London, July 4, 2014 Allianz is one of the strongest financial communities … communities financial strongest the of is one Allianz A. Introduction Countries Countries with Allianz presence

… servicing approximately 250 25 83 million micro million micro insurance customers and million customers B2C, million customers million customers B2B2C

A 2

Global lines i nsurance Regions

Integrityandsuperiorperformance stakeholders for all Our mission Allianz Worldwide Partners Worldwide Allianz Partners (B2B2C) Insurance Credit Hermes Euler Allianz Asset Management & Corporate Specialty Global Allianz Benelux Greece France Turkey Africa Italy

Australia Ireland

Middle CEE East Asia

Germany

Austria Suisse

Portugal America Spain Latin Latin

USA

A 3

Assistance, Interfor valuesAssistance, 2012 1

calculation based on GPW, GPW, on revenuesbased calculation 5. 4. 3. 2. 1. 5. 4. 3. 2. 1.

PICC Zurich AXA State Allianz Generali Prudential Allianz AXA MetLife Mutuelles

Farm

P/C L/H

Assistance AuM

(Life/Healthincluding

341 351 480 566 585 27 30 31 39 47

loans and advances to banks and customers) andbanks to advancesand loans Other Other competitors significantly smaller 5 4. 3. 2 1. 3. 2. 1. . .

Asset

FidelityInvestments State Allianz Vanguard Black RockBlack Coface Atradius EulerHermes global global Credit insurance Street GA management

business units units business

1,703 1,770 1,997 3,138 1.4 1.6 2.5 1,411

… 5. 4. 3. 2. 1.

5. 4. 3. 2. 1. Assistance Industrial insurance Industrial

Global business unit Business segment Inter Mutuelles Ass. AXA Assistance Mapfre Asistencia Europ AllianzGlobal SwissReCorporate S. XLP/C Insurance AGCS ZurichGlobal Corp. AIG Commercial

Assistance

business

Ass.

15.1

2.6 4.0 5.0 6.7

0.5 1.1 1.1 1.4 2.4

A 4

bn bn bn ) ) )

Other mature markets mature Other Emerging markets Emerging Emerging markets Emerging Western Western Europe Western Western Europe North America North America Global Lines Global Asia Pacific Asia Americas Europe

2001 36% 62% 78% 15% 10% 67% 14% 34 42 2

7% 6% 2% 2%

12%

2006 12% 31% 62% 10% 71% 19% 67% 47 44 3

10% 7% 8% 3%

2013 25% 68% 76% 13% 25% 54% 11% 11% 57 47 7

8% 6% 4%

100% 100% 100%

A 5

London: London:

today’s today’s AWP universe

Allianz Allianz SE

Australia

A 6

Jon Dye CEO Allianz Insurance UK

London, July 4, 2014 Key data 2013 ...... Market specifics UK at a glance UK ata B. Allianz Insurance B.Insurance AllianzUK Sources: Sources: 7) 6) 5) 4) 3) 2) 1) despite despite poor market results Overcapacity making rate increases difficult PRA Increasing Country rating(S&P): Insurance Inflation: GDP/capita(EUR): GDP GDP (EUR): Population: Liverpool Victoria Liverpool DirectGroup Line Financial RegulationAuthority Prudential GPW Converted Excluding SynThesys 4 as % GDP% of as

growth: and and FC Conduct AuthorityConduct accident & health insurance health & accident from GBP at constant 2013 FX2013rate constant from at GBP

penetration regulatory pressure from both

PRA Returns, PRA

peers

’ company

r eports 1,900bn 30,180 64mn 2.5% 2.5% 1.9% , AAA Association Association British Insurers of (

ABI), S&P S&P ABI), Market Market P/C market size 97.4% 12.2 Aviva sovereigns 2009 42 %

shares shares (GPW) and combined ratio 104.2% 10.6 RSA r ating 2010 44 % l ist

CAGR3.0%

97.9% ( DLG 8.0 GPW, EURbn 2011 44 % 6

106.6% 5.5 AXA

2012 46 %

2 96.0% ) and growth ( 4.7 2013 47 %

2016e Ageas 98.8% 4.6 (2013 51 %

GBP) )

97.8% Zurich 4.2 %

101.4% 3.6 LV % 7

ratio Combined

B 2

© Allianz SE 2014 Combined ratio Revenues Allianz Insurance in UK (1) in Insurance Allianz B. Allianz Insurance B.Insurance AllianzUK 1) 2,111 2011 2011 95.7 31.8 63.9 Based on local local currencyonBased

CAGR +0.3% 2,318 2012 2012 31.3 64.3

95.6 (EUR 1

- 2.2%

(%) mn

2,274 2013 2013

31.5 64.5 96.0 )

ratio Expense ratio Claims

RoRC Operating profit 2011 206

CAGR (%)

2012 215 1

2.5% (EUR

2013 2013 23.4 201

)

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

Best combined ratio among 8 largest insurers UK Highest growth GPW compared to Strong player Customer count 4.2mn of by YE 2013 largest Fifth insurer P/C in the UK

Acquired Renamed Renamed Renamed Establishment Cornhill of

by Allianz Group Allianz Insurance plc Allianz Cornhill Insurance plc growing market its share a in competitive market Insurance Insurance

peers peers

plc over past over past years 3

B 3 B

SynThesys 1,096mn

PRA Returns, PRA

Property 17 Mobile 11 Legal 8 Other 5 Liability15 Packages 15 Engineering 10 Product Product mix peers’ company reports,peers’ % %

% % %

% (GPW)

Association Association British Insurers of (

Property 23 Motor Motor 28 Pet 31

37 ABI % % % % )

Direct 20 Vet 6% Retailer1 Other 10% Direct 2% Distribution mix

% %

(GPW)

Brokers Brokers 33 Brokers 98% Affinity 29 % %

Market Market shares (GPW) Aviva 16% 12% RSA

Aviva RSA 9% 9%

Ageas 8% 5%

AXA AXA 6% 5%

Ageas 4% 1% B 4 B

© Allianz SE 2014 UK is the largest insurance market in Europe … Europe in market insurance largest the UK is UK insurance market UK insurance B. Allianz Insurance B.Insurance AllianzUK Sources: Local insurance regulators, Sources: Localinsurance 1) France 6% France 5% Germany 4% Korea South Italy 27% Other Direct Line

Group

AXCO Worldwide premiums (P/C insurance total + by m Life arket

EUR 2.9tn) EUR country r GPW GPW eports

2013,

Japan 11%Japan China 7% China USA 28% UK 8%

… but highly competitive in in highly competitive but … Other 50.2% Other

market market (GPW (GPW 2013) P/C shares UK

P/C

Allianz 4.7% Allianz Aviva Ageas Zurich RSA DLG AXA 5.5%

1 12.2% 10.6%

4.6% 4.2% 8.0% B 5 B

PRA Returns, PRA

2009 Averageratio combined peers ’ - company reports

2013 2013 (%) , Association Association British Insurers of (

96.2

99.0 101.0 103.7 106.8 108.1 ABI)

- 33.2 2009 in GPW growth Cumulative - 17.6 -

2013 2013 (%) - 6.9

5.5

15.6 21.7 2009 Dividends 2009 80 380mn

- GBP

2013 

2013

B 6 B

© Allianz SE 2014 1) Strategy going forward going Strategy B. Allianz Insurance B.Insurance AllianzUK . . . . Commercial “One Allianz” is the term used for close cooperation between different Allianz entities, in this this in differentAllianzAllianzentities, UK’s case Allianz”between“One cooperatio close forcooperationterm is the used loyalty leadership as in the last 5 years Outstanding broker relationships Leverage opportunities from are key Customer segmentation and differentiated offerings underpin growth Underwriting capabilities and distribution optimization

“One

Allianz” maintain

EUR 2.9bn

Grow GPW Grow by 28% to 28% by . . . . Retail in 2016 in and customized products Growth in direct car and home viaaggregators loyaltyleadership Further improve broker channel and maintain partnerships Build further successful corporate Maintain leadership in pet insurance

n w n ith Allianz Global Corporate & Specialty, Specialty, EulerAllianz GlobalHermes & ith Corporate AllianzWorldwide and Partners

distribution

B 7 B

© Allianz SE 2014 Excellent underwriting expertise underwriting Excellent . . . 2) 1) B. Allianz Insurance B.Insurance AllianzUK Commercial Maintaining volume evenin tough market phases Consistent outperformance in profitability - - Proposition to brokers based upon Loyalty Peers superior superior underwriting and pricing skills, developed overa decade through the Allianz Underwriting Academy local branch network in 18 locations 89 : AXA, Aviva, RSA, Aviva,RSA, : Zurich AXA, 2009 position withposition 1

Commercial: strong underwriting expertise … expertise underwriting strong Commercial: brokers

95 2010

(CR in %) (CR in

2011

110

98 2012

100

96 Loyalty Peers Allianz

2013

1 1

position 100

GPW GPW CAGR2009 0 - AXA 14.7 2

+1.86 - Aviva

-8 2013 2013 %) (in

RSA 3

Zurich -6 B 8 B

… with further growth potential inwell potential growth … withfurther

business Share of 10% 15% 15% 23% 37%

Market share 14% 10% 8% 6% 7%

Combined 107% 99% 9 80% 99% ratio 0%

Business Business profitable profitable line A platform Recent investment in through Release new products to market technical underwriting platform, providing Ongoing investment in profitable A large share market in a large and and well diversified share Allianz Group collaboration leaves us excellence excellence in line of line of business description description and future focus of of business well placed future for growth electronic electronic underwriting diversified diversified electronic electronic a soft market a soft

of of

portfolio

Additional Additional focal points ...... Current and future performance driven by:

and and quantity of data and expense efficiency Inspection: modernization will increase the quality Insurance: new product launches for construction engineering inspection Engineering insurance is complemented by investment investment electronic in underwriting platform development focus strong on on profitable business segments technical technical knowledge of of small fleet offerings

B 9 B

© Allianz SE 2014 Excellent underwriting expertise underwriting Excellent . . . 2) 1) B. Allianz Insurance B.Insurance AllianzUK CRin 2013 in Loyaltyleadership attained in 2012 and maintained in 2013 for retail broker Consistently outperforming the market whilst rapidly growing Loyalty position with brokerswithLoyaltyposition Aviva,LiverpoolPeers: RSA, DirectGroup, AXA, Line Retail 101

2009

109

Retail: optimizing optimizing Retail:

line with peers

98 2010

113

despite despite additional investments (e.g. in direct sales)

Victoria (CR in (CR in

growth and profit growth %) 98

2011

101

2012

100

96 Loyalty Peers Allianz

2013

1 1

position 96

GPW GPW CAGR2009 13 AXA - 14.7 2

Aviva 2 -

2013 2013 %) (in RSA 5

DLG -12

14 LV B 10 B

and c orporate partner pet insurance orporatepartnerpet Retail: strong strong Retail:

business Share of

17% 28% 31% 11% 8%

player with diversified with diversified player Market share 12% 16% 40% 2% 2%

Combined 101% 96% 87% 99% 92% ratio

Adapting to changing a market through innovation, partnerships and technical expertise Ongoing A large share a small, of profitable through market strong partnerships. Distribution predominantly competitive very line business of Aim of growing our profitable market share a in excellent customer satisfaction, with renewal rates of 95% Market leading products with strong distribution and Business Business description business discussions discussions with potential partners willdrive future growth

through through

brokers; brokers; strong growth in recent years

B 11B

Retail 2006 Promoter Score Promoter :

Satmetrix

2007 Retail: Retail:

; 2008 promoters promoters mn CAGR8.2%

2009 ) as percentage of total number surveyed minus surveyednumber total minus of surveyednumberdetractors percentagetotal of as as percentage

2010 Petplan 1

+69% +72% +77%

2011

2012

2013

will continue to be an tobe will continue

Underwriting profit (GBP profit Underwriting 10 15 20 25 30 0 5

2006 92.8

2007 95.1

2008 95.5 CAGR11.6%

2009 95.1

2010 88.8

2011 outstanding market leader market outstanding 91.1

2012 mn 89.7

) 2013 91.0

...... animals byend 2015 growing +30% to 1.2mn insured Increase pets are estimated to be uninsured) pet market penetration (55 Marketing investment to increase to consumer Also supplemented by strong direct consolidate distribution deals as theylook to vet groups willsecure long term Longstanding for Number one brand in pet insurance for GBP 32mn Business acquired by Allianz in 1996 30 years market market share profitably by

offering relationships with major

% of

B 12 B

Retail: Retail:

Allianz Allianz UK Petplan

TV advert

B 13 B

and and profitable scale scale profitable Retail: grow in motor and property insurance via direct sales viadirect insurance property and motor in grow Retail: aggregator mainly driven by retail distribution Direct dominant the is insurers insurers property

retail retail

sales

channel and in claims superior capabilities Allianz can

property in retail motor and Allianz pricing is management

underweight leverage volumes increase direct channel Allianz has the ability to

(2013 revenues doubling its Allianz aims at : : GBP 60mn) within 2 years direct direct

aggregators and direct Mainlyvia the four major Distribution superior Competitive pricing due to Price customer preferences Modular products adaptable to Product M Customers Newdirect approach ass ass affluent 35

underwriting capability

- 54 year olds

B 14 B

© Allianz SE 2014 B. Allianz Insurance B.Insurance AllianzUK GPW in GBPGPW phone Mobile for retailers Pet insurance motor manufacturers Car insurance for new car new 2013 registrations in 40%Covering all more than of Retail

Retail: building building Retail: mn

2000

. . 2013 Keyachievements 1.1m GPW

GBP

policies

102m

n successful corporate successful

. . 2013 Key . . Keyachievements 2013 . . 2013 Keyachievements 2010 106 90k 90k policies GPW 17k GBP GPW 104k policies GBPGPW 44mn achievements

policies GBP 1.5mn

2011 . . until Key 145 Telematics BMWi for with Allianz All BMW products achievements partnerships

2013

2012 162

. . 2013 until Keyachievements 2013 . . . Key 180 and and manages panel Allianz lead underwriter Broker model UK pet pet UK Number brand 3 in the 146k GPW achievements 2013

policies GBP insurance insurance

40mn

market

>250

Ambition

2016

B 15 B

© Allianz SE 2014 Sources 1) Expense ratio (excluding commission %) in commission (excluding ratio Expense B. Allianz Insurance B.Insurance AllianzUK 10% 15% 20% 25% Cost Cost efficiency Peers: Aviva, DLG, RSA, DLG,RSA, ZurichPeers: Aviva,(excl. AXA(est.) and

: SynThesys 2005

Cost

PRA Returns, PRA

2006 efficiency: consistent consistent efficiency: peers

’ company 2007 r eports

PPP healthcarePPP , Association Association British Insurers of ( 2008

)

2009

ABI) outperformance 2010

2011

2012

2013

Market Peers Allianz 1

. . for for our business models deliver and Commercial branch network significant cost advantage Offshore captive provides retail retail contact centers efficient platforms

B 16 B

Cost efficiency: offshore captive in India provides competitive advantage competitive provides in India captive offshore efficiency: Cost an example?

Growth from 23 alternative and High employee engagement low& attrition by Indian standards (12%) the UK; 10 other Wholly owned subsidiary, delivering systems development, financial business & processing for Offshoring activities started in 2003 in Trivandrum, India

examining claims 70 fully qualified vets lower cost source for temporary & specialist roles FTEs Group entities also nowsupported in 2003 to 1,836

FTEs reduction 7 claims cost days;3% 90% claims paid within in 2013, being

an alternative

providing to to FTE growth in the UK handled handled for outbound sales calls 50% inbound and 100% an

Petplan

B 17 B

the the Brand

UK for the first time first the UK for strategy strategy –

Allianz presented as a consumer brand in brand aconsumer as presented Allianz

B 18 B

© Allianz SE 2014 B. Allianz Insurance B.Insurance AllianzUK Profitable Brandingactivities Strong growthaspirationin retail,investment includingdirect insales Marketleading underwritinginallowscapabilityfurther commercial gainin marketshare Outperformingpeersin Key

takeaways takeaways growth

of deliver

8.5% p.a.8.5%

CR and greaterawareness name to GPW GPW growth

EUR GPW 2.9bnin 2016

B 19 B

Niran Peiris CEO Allianz Australia

London, July 4, 2014 Australia Australia C. 3) 2) 1) . Market specifics Key data ...... Allianz insurance insurance AllianzAustralia Excludingservicefire tax FXratefrom Converted constant AUD2013 at GPW GDP% of as aggressive growthchallengers of and banks Intensifying competition in personal lines due to in linespersonal Soft cyclecommercial in lines and benign rate environment control 70% the of market High concentration: market top insurance 4 companies and stable employment economicSound environment with low interest rates Country Insurance Inflation: GDP/capita GDP growth: GDP (EUR): Population: 2013 rating (S&P):

penetration

(EUR):

at a glance at a

1 :

1,129bn

48,687 23mn 2.2% 2.8% 2.4% AAA

5) 4)

Market withNewexcludingaccordance AGAAP, In share adjusted for acquisition of of acquisition for shareadjusted

Wesfarmers Zealand

Market shares P/C market 85.6% 25.8% 22.1% 2009 IAG 3.7% 19

Suncorp 92.3% 22.1% 2010 20 size size

CAGR (GPW) (GPW) and combined ratio (2013)

(GPW, EURbn 92.1% 12.1% 2011 QBE 21 3

+7.1%

92.0% 10.9% 2012

Wesfarmers 2 Acquired by IAGbyAcquired ) and 95.9% 2013 3.7% 25

growth

96.8% Zurich 2016e 3.7% 27

(AUD)

90.6% RACQ 1.8%

93.7% ACE 1.7%

ratio Combined

C 2

© Allianz SE 2014 Combined Revenues Allianz Allianz C. 2) 1) 2,508 2011 2011 Allianz insurance insurance AllianzAustralia 97.6 In accordance with accordance IFRS, incl. In NewZealand local currencyonBased 25.6 72.0

CAGR+7.6%

- 4.1% 3,018 2012 2012 95.2 26.5 68.7 (EUR ratio insurance in Australia in Australia insurance

p 2

(%) 1 2,847 2013 2013

93.5 25.4 68.1 )

ratio Expense ratio Claims

3) cooperation withcooperationAllianz “ One Allianz” is the term used for close cooperation between different Allianz entities, in this this in differentAllianzAllianzentities, case Allianz”between One close forcooperationterm is the used RoRC Operating 2011 2011 313 CAGR+11.1%

(%) 2012 2012 (1)

profit profit 394 Global Corporate & Global& Corporate

(EUR 2013 22.8 1 2013 378

Specialty (AGCS), )

AllianzGlobal 2000 1998 1986 1914 Legal ...... Highlights Fourth largest insurer in the Australian market for service,for underwriting Integrated diversified businesses (workers’compensation fee AAL, AGCS, AGA and EH Seamless “One Allianz” Strong partnerships in broker, automotive and financial Sustainable cost leadership among Australian insurers The only truly

Name Name change to Allianz Australia becomes MMI whollya owned subsidiary of Allianz AG acquires MMI the Australian operation of Allianz Insurance Formation setup Assistance Assistance (AGA) EulerHermes and (EH)

integrated integrated multi Association Association of of “The “The Manufacturers’ Australia’s Australia’s (AAL) model, model, integrating capabilities of agencies 3

Limited” (MMI) - channel, multi

and and term life business)

Mutual Mutual Accident 4) like like crop, transport, global Underwriting - line line insurer

agencies = specialists specialists agencies= in lines business

servicesbusiness

caravan

C 3

© Allianz SE 2014 Allianz Allianz C. 2013 2) 1) EUR1,092mn GPW Commercial EUR1,755mn GPW Retail Allianz insurance insurance AllianzAustralia AGCS AGCS Allianz= CorporateSpecialty; = EH Global& EulerHermes AGA Allianz=

Global Assistance Global insurance in Australia in Australia insurance

Product Product mix Liability 18%Liability Other 30% Property23% Other 16%

(GPW)

(2)

Property28% Motor 24% Motor 6 1 %

Distribution mix AGCS & EH Fronting for Automotive 5% 2% Direct Brokers Brokers 14% 13% Direct 8% Fronting for AGA 5% MarineClub

14%

(GPW)

Financial Automotive 43% s Brokers Brokers 80% ervices 17%

C 4

© Allianz SE 2014 Strategy on Strategy C. 2) 1) Goals focus focus areas Strategic Allianz insurance insurance AllianzAustralia RoE Diversifiedworkers’ = business business / predominantlybusinessfee compensation calculated using Group capital measure assignedmeasure average capital Groupof using calculated

4. 3. 2. 1. Grow 2% faster than market page Customer Customer serviceexcellence Strong retail brand Attractive products - - - - Multi

financial financial institutions direct retail partners brokers - channel channel leadership: over the cycle

Growth

Ambition: Our

capital

people

: engagement

3. 2. 1. and and analytics Data management and digitalization Process improvement - - - operating & discipline: Underwriting excellence

expenses claims underwriting pricing & , Discipline leadership

CR≤ 95

diversity,flexibility

3. 2. 1. Workers’ compensation life Growonline lead industry performance Claims and premium services: diversified operating profit from Diversification , 12% to 16% of capability businesses

at at least 15% RoE 2

C 5

Global Corporate Global& CAGR

Hermes, AZ GlobalAssistance 12 arine

10%

5 3%

3 that can choose where and how it competes and how where choose that can an Distribution:

2 (%, (%, GPW)

10 11%

Specialty, ( GPW)

13 1

4) 3) minus minus NetPromoter Score p = CAGR 2010 CR 96 detractorsas of percentage

(%) 92 -

(incl 2013 integrated multi integrated

N/A

. . w

ork. ork. comp.) romoters romoters 90

90 as percentage of total number total of percentage as total numbertotal surveyed

Broker 94 39%

Club MarineClub Direct Financialinstitutions AGCS /EulerHermes Automotive (incl.Broker

- channel, multi channel,

surveyed

workers’ comp.) workers’

6) 5) like like Underwriting captivebanklicenses Excludes AGA crop, transport,global 3

agencies = specialists specialists agencies= in business - Distribution highlights line insurer insurer line businesses Diversified distribution Direct institutions Financial Automotive agency Broker and caravan

...... Strong Strong market positions for underwriting agencies service business model in workers’ comp. business New South Wales: leadingmarket share in fee for Mobilechannelenabled Award marketing winning campaigns High brand awareness: 94% aided, 52% unaided Mortgage broker channel Sales enablement and training programs Leading market share of (based on product set and relationship strength) High partner engagement Number 1 NPS Leading market share of lines,workers’ comp. and globalcapacity “One Allianz”positioning, leveraging commercial Leading loyalty program (BlueEagle) Number 1 NPS lines

4 4

position position

 

45% 65% 5

C 6

AUD 2mn AUD 2mn Small: Small:

>AUD 10mn 10mn Major: Key: –

AUD 10mn AUD 10mn

…

39% Banks 10% Affinity groups real & estate Mortgage broker

focused distribution model

… combined with

Mutuals 44%

…

(CAGR 2009 superior superior growth … leads to 42.3% 11.8% 9.1% 6.3%

2013)

. . . . Segmentation approach growth and value resources to deliver Align talent and and channels high and service models for Develop tailored sales growth opportunities Identify and attach to the and channel partners bysize, value Understand and segment - potential partners

C 7

© Allianz SE 2014 C. … supported by a business model with aligned people, products and systems … and systems products aligned people, withbusiness model a by supported … A and experience understanding ondeep value built proposition Allianz insurance insurance AllianzAustralia Understanding customers needs Growth manufacturers Dealerships Financiers Branded

(OEM) Automotive business Automotive

value value andabove the beyond policy.”insurance my new needs. car Provides customer service “A convenient and easy way to cover/secure all

Business model

...... Competitive advantage Built Built dedicated retail sales platform Developed a sales efficiency program: to dealer needs Alignment of product features and remuneration structures Acquired warranty capability to provide full retail product suite Embedded dealer finance & insurance experience Executive support in building strong relationships   

m m s ales and product training ulti policydiscounts enu option selling

Understanding distributor needs (dealers, financiers, manufactures)

…

together together with our genuine parts guarantee. insurance & training academy, our manufacturer and financier partners profitability through our proven sales discipline and processes, our finance Allianz will ensure you maximize your dealership’s finance and insurance

… winning a market leading leading position winning market … a 37% Others DealerNet Promoter Score Dealer market share (AUD1.1bn revenues)

Allianz 63%

C 8

© Allianz SE 2014 Product mix Product C. 3) 2) 1) compensation 8% Workers’ l Commercial Travel 5% Pleasure 3% craft Other 14% Retail property ong tail 7% Allianz insurance insurance AllianzAustralia Growth CAGR 2010 Other 2013

includes includes 3%

2013 consumer consumer credit insurance,trade Products: attractive solutions for solutions attractive Products:

( GPW excl. fronting) excl. GPW

c redit and pet plan pet Commercial Commercial 1

5) 4) Retail Retail motor SME business business SME IFRS IFRS s hort hort tail average 38% 22% CR (auto

for 24 months to 24formonths rated packages business business packages excludingrated

retail and small business customers business small and retail April 2014

Total Other (Club Marine) Pleasure craft Travel long tail Commercial lines compensation Workers’ Retail property short tail Commercial lines Retail motor Product group commercial commercial motor

) 

AUD155mn

(AUD GPW 3,915 1,470 107 208 262 314 565 879 110 mn 1

)

Mkt. share Mkt. 15.0% 25.6% 18.0% 12.5% 10.9% 11.5%  (%) 7.2% 7.2% 60%

CAGR 14.9% 12.9% 14.8% 15.6% 3 1.7% 8.6% 3.7% 7.9% 8.0% yr

93.3% 93.6% 89.4% 91.3% 97.7% 94.4% 93.0% CR (%) N/A N/A 4

C 9

NRMA (IAG) NRMA 2011 Rising brand awareness supports direct direct supports awareness brand Rising

AAMI( Suncorp 2012 )

Allianz

2013

Budget Direct 2014

. . . . Brand outdoor outdoor Integrated multi develop media that cuts through and delivers brand Using research consideration of Focused advertising on driving consumer awareness and Development of and journey intermediated growth intermediated and sponsorship opportunities

- to to increase understanding media approach spanning Allianz Allianz brand brand to to support (“ Aaah multi

campaign”) -

channel distribution

of of consumers TV , , digital,

connections radio, and

C 10

moments

C 11

© Allianz SE 2014 GPW 3) 2) 1) C.  (excl.FSL Market growth (excl.FSL AAL (%) Combined ratio Discipline Allianz insurance insurance AllianzAustralia FSL = FSL fire servicelevy = AAL AllianzAustralia; Newexcluding Zealand serviceIncludingfire (=levy fire Newservicetax) andZealand

growth - p) 1

in AUD

3 3 ) )

Disciplined underwriting facilitates profitable growth … growth profitable facilitates underwriting Disciplined

2,170 6.5% 7.2% 0.7% 2003 99.4

2,241 101.0 2.4% 3.3% 0.9% 2004

2,394 4.1% 6.9% 2.8% 2005 95.2

(1.2%) 2,423 1.2% 2.4% 2006 96.1 Soft Soft commercial market

2,521 0.9% 4.1% 3.2% 2007 95.7 GPW CAGR6.1%

(2.1%) 2,573 1.7% 3.8% 2008 97.1

10.1% 2,832 2.8% 7.3% 2009 95.2

3,108 5.0% 9.7% 4.7% 2010 96.3

3,380 1.5% 8.1% 6.6% 2011 97.6

3,740 10.5% 2.1% 8.4% 2012 95.2

3,915 (0.2%) 6.4% 6.6% 2013 93.5

Grow over the cycle than than market Ambition 2% faster 2% faster

C 12

© Allianz SE 2014 … and a superior return on equity return superior and a … … profit operating a favorable … (2013) ratio expense admin. Discipline lowest leads to 2) 1) C. Discipline Allianz insurance insurance AllianzAustralia RoE commissions withserviceincludingfire accordance excluding AGAAP, In tax and target target Minimum (AUD calculated using Group capital measure of average assigned capital assignedmeasure average capital Groupof using calculated

RoE mn

… and supports superior operating profits / profits operating superior supports … and

15% )

2003 2003 19.7 250

2004 2004 20.5 226

2005 2005 22.7 385

2006 2006 25.5 376

1 2007 2007 24.6

482 …

2008 2008 20.5 460

18%

IAG

2009 2009 18.2 409 Suncorp

15%

RoEs 2010 2010 17.7 430 Wesfarmers

15%

2011 2011 20.5 420

14% QBE

2012 2012 20.7 490

Allianz 12% 2013 2013 22.1

519

Ambition 15% RoE Generate at at least

C 13

© Allianz SE 2014 Providing stabilityof earnings bycontributing 12%to 16%of operating profit 3) 2) 1) C. Fee for service model service for Fee Diversification Allianz insurance insurance AllianzAustralia CTP business motor = compulsory thirdparty business Workers’ business compensation Allianz byFeeservice forAustralia offered not QLDmodel in + + Scheme income

Base Base fee i s ncentives ervice

fee fee model for service + Underwriting Fee for model service underwritten privately WA earnings stabilize businesses Diversified

fee

underwritten privately NT

hybrid SA

less

hybrid

VIC central central QLD + + Costs hybrid NSW

Fees allocated allocated costs expenses mgmt.

fund

privately privately underwritten TAS

underwritten privately ACT

= . . . . Allianz fee for service accounts

South South Australia CTP Treasury managed fund Victorian managed fund New South Wales managed fund operating profit Contribution to

business

. . . Howweare remunerated . . . . Basic structure of fee for service model and and improved scheme valuations (another 20 Incentive fees tied improving to return to work (another KPIs ~20%) Service fee component based on achieving specific proportion of (typicallyour costs 80%) Base fee based on share market intended cover a to re Must Operate under fixed contracts (typicallyterm years) 5 our it isnot money While we collect premiums and pay claims All riskis underwritten by regulators the 

to to reduction in scheme liability C losely - tender tender business for at each contract expiry aligns claims management performance

- 30%+) 30%+)

C 14

© Allianz SE 2014 C. Allianz insurance insurance AllianzAustralia Flexible,integratedmulti Target: 2%organicgrowththan more market withat least 15% businessesDiversifiedearningsstabilize Provenunderwritingandcost discipline Fast growingbrandawareness Highmarketsharesin attractive segments product Key takeaways takeaways Key

- line, multi line,

- channelset

- up

RoE

C 15

Ida Luka-Lognoné Member of the Board of Management Allianz Worldwide Partners

London, July 4, 2014 D

2 1

AWP business Health International AWP B2B2C in standard market set to

D 2

© Allianz SE 2014 (Automotive, Assistance, International Health) International Assistance, (Automotive, Allianz The 2) 1) D. . Market specifics Key data 2013 ...... Allianz Source: Ownestimates, B2B2Cmarket mobility replacing ownership car is reshaping automotive market Automotive still strongly Growing travel market with increasing importance online of sales Increasingly mobile global population assistance services Increasing reliance on private sector healthcare funding a Continuing increase in the China and growth isexpected continue to in 2014, mostly driven by Automotive of 6% CAGR around Global grow Global expatriate population is supposed global global healthcare solution Finaccord by Worldwide Worldwide t ravel 3 % India :

p.a. from from p.a. in market is estimated is estimated market growto with

Partners 2013, 2013, global volumes have grown by 4%, 3,4

Worldwide Partners Partners Worldwide

2013 2013 to

until until growing. Trend 4) 3) number number 2016 Deutsche Bank Research report, 6 June 2014 ResearchJune6 DeutscheBank report, IHS Automotive April 2014 for for their 2017

of of organizations seeking 2

staff staff

towards individual

and market

Automotive Assistance Health Int. AWP unique in size and Modelled market size and growth (CAGR, EUR Revenues

Competitors 2012 ~ 1 1 LoB 20 18 47 9

Presence Presence in number of presence ~50 2 2 LoBs 2013 21 19 10

2016e 3 3 LoBs >60 24 23 14

LoBs

bn CAGR Automotive, Assistance, Int. Health AWP ) 1

LoB 2014 11% 5% 6% #1

#1 #1 2013

market positionmarket view:

- ’16 Automotive Assistance Int. Int.

Health

D 3

© Allianz SE 2014 2) 1) Combined ratio GPW AWP at a glance (1) aglance AWP at D. Allianz Management view including service income, International Health France and all business serviceHealthGlobalviewManagement Automotive France and includingincome, International arerevenuesshown ChinaviewExternalandshowing ForGlobalSingaporeIFRS insuranceAutomotive onlyrevenues. 95.1% 2,186 1,800 2012 2012 33.0 62.1 384

2 (EUR

Worldwide Worldwide

+1.6

+14.7% mn % - )

p 1

Partners

96.7%

2,507 (%) 1,972 2013 2013 33.2 63.5 452 83 1

Expense Claims AGA AWC GA

ratio ratio

Operating profit Revenues 5,557 2,238 2,421 2012 2012 221 390 508 99 24 31 67

+42.5% +7.6% (EUR

5,978 2013 2,442 2,551 2013 315 mn (EUR 149 461 524 96 30 39

)

) 2,4 4) 3)

AGA AWC AZ FIH GA AGA AWC AZ FIH GA E IH AZ F = Health AZ FranceInternational xternal viewxternal(EUR

3 3

mn ): 2012 OP 122 (AGA 99, AWC (AGA GA AWC 99,): OP 12224, 2012 . . . . Setup . . . . Highlights AWP business is partially written and booked in other Allianz technology products, jointly invest newin markets, Aim: approach clients together, develop a wider range of and Assistance and Global Automotive, Allianz Worldwide AWP entities: Allianz Created in January 2014, Allianz cross revenue First synergiesfrom successful Allconsistently LOBs meeting ambitious growth plans scale with fast Implementation common of operations IT& platform started Target legal set Allianz France International

- LoB

Group’s new entity specializing on B2B2C

cooperation materializing

international - up up of Global Competence Centers (GCCs) - up up for AWP finalized - 1); 2013 OP 102 (AGA 96, AWC AWC (AGA GA 30,10296, OP 1); 2013 market leaders market Allianz Global Health Worldwide Partners

innovation innovation and

- 24) business

Care

OEs D 4

© Allianz SE 2014 AWP at a glance (2) aglance AWP at D. 2) 1) EUR2,442mn 2013 Assistance EUR 2013 Health International EUR2,551mn 2013 Automotive Allianz PPI viewManagement = payment protection insurance= protectionpayment

985 Worldwide Worldwide

Partners

Product Product mix IGO IGO / NGO Warranty 8% PPI Health / Home / other 8% 39% assistance Roadside

and other P/C 12%

4) 3) Lifecare

TPA TPA = administrator thirdparty = IGO inter 32%

(revenues) 1

11%

- governmental organization / NGO = / organizationgovernmentalnon

Expats / Corporate 68%

Travel 42% Motor 80%

- governmental organizationgovernmental Tourism Tourism offline 15% Automotive 15% Tourism B2C 2% Other 10% Direct 10% Germany 29 Germany 25 Europe ex APAC& South Distribution mix

% %

Africa Africa 12%

(revenues)

Tourism Tourism online Broker Broker / TPA Australia 34 Finance 41% 4

17% 90% %

D 5

Partners

Each segmentachieveddouble 1 LoB and

We expectgrowthto acceleratefurther under‘One AWP’

Assistance 2

LoBs

- digit growthrates onownindigit its the past. Presence Presence in number of 3 LoBs

LoBs

Competitors

D 6

© Allianz SE 2014 3) 2) 1) its parts of sum the than moreAWP is D. Allianz Management viewManagement EW = = PPI protectionpayment Int. Health Int. AZ France AZ e xtended warrantyxtended Worldwide Worldwide 5

Partners

i ...... nsurance . . . Customers: 6mn Customers: GPW PPI services, Motor Customers / revenuesGPW N globally insurancetravel and Assistance Customers EUR 2013: GPW / NGOs IGOs and expatriatesfor IPMI °

1 assistance company worldwide company assistance 1

4 , 2013: EUR 2013: insurance and mobility and insurance life, accident and disability and accident life,

6) 5) 4) B2B2Cmarket Carved IPMI medical privateinternational= 6 6 : 250mn : : 1 0.7mn , EW , - out

2013: EUR 2013: portfolio AZ France International portfolioAZ France 2.6bn 1.0bn 2

3 3

2.4bn insurance

Health

B2B2C expertise

bundled into:

the the B2B2C market Combining Allianz assets to serve

D 7

© Allianz SE 2014 ‘One AWP’ valueproposition ‘One D. Allianz Economies Economies of Optimized distribution contact frequency viaservice component Increased customer touch business Attractive market Common Worldwide Worldwide management and Partners - partners and customers global product bundles for scale, scale, skill

platform, mechanisms and scope

innovation - points and

insurance, assistance and technology Deep integration withB value chain, thereby providing coherent solutions combining Value propositionValue Mission Vision AWP AWP AWP

- partners’

withglobal business partners Set market

Support our business partners’ strategy standards for integrating 24/7 byprotecting Contribute in the the business business opportunities along worldwide cooperation whole customer life Find specific to to grow our clients’

their their customers / employees

with B

joint - partners

cycle business

D 8

© Allianz SE 2014 ...... AWP as innovation driver AWP as innovation D. 1) Allianz ( AWPinnovationdrives the Addresses requiring technology in Increase and profitability loyalty offeringsgenerates product of Creation global our of understanding footprintglobal ourof Leveraging of expertise: & Growth own positions on their leading market have Operating New product offering in cooperation with Deutsche Telekom. withcooperationDeutscheTelekom. Newin offering Variousservices protection productrelatingremote house to for example example for global global B Worldwide Worldwide a high level high of level a & C similarities Partners client eco systemseco client Smart Home Smart globalization of retail business retail of globalization market market

LoBs trends between investment - for Allianz driven driven 1

) have deep B

partners’ with bundled bundled with delivery

LoBs

Group with a deep a with , which all , which all knowledge value value chain ,

▪ ▪ ▪ other OEs Allianz for innovations Ability to countries across innovationslocal Ability to innovation resources Freeing

up leverage scale up

for

Digital Digital capability processes and operations Automate drive analytics and Use experience customer multi Provide product of readiness Ensure advanced Big Big Data - decisions access

digital offering to

D 9

Allianz . . Connected Home / property (digital Security and safety for family and Worldwide Worldwide property Partners h ome

access access +

insurance assistance)

Connected Life = Digital = + AccessLife ConnectedInsurance + Assistance

D B

. . . . Mobile Connected car insurance products Context Safety and security whilebeing “away” Car the way” (digital Safety and security whilebeing “on insurance commerce - / / location

access access +

- based

services / assistance)

. . Connected health Health insurance living (digital Safety and care for

access access +

elderly / assistance assisted assisted )

D 10

52 © Allianz SE 2014

2) 1) Travel/ Assistance generating substantial value for B value for substantial generating system, eco a client create usto allows This D. Automotive Assistance Assistance add Allianz telematics, telematics, mobility, PPI Insurance Protection = PPI Payment PrivateIPMI InternationalMedical= Insurance concierge, concierge, advice concierge concierge add Core Core Assistance Assistance telematics Insurance Insurance Worldwide Worldwide CRM - ons like motor

or or - Partners

ons: ons:

PPI

outbound outbound calling 2 Other insurance insurance Other optimization products products like / GAP/ EW / B Assistance assistance

Roadside - services 4) 3)

Management viewManagement EW Warranty = Extended

3 ,

etc.

Revenue potential 2015 EUR 7.6bn 2015 potential Revenue -

& C Allianz Allianz Worldwide Partners 12.6% CAGR 2013/2015 12.6% - customers Operating platforms

International Health International / Home Assistance medical medical medical medical services r Assistance: Assistance: add epatriation Assistance Assistance security Insurance IPMI - assistance ons like 1

or or ,

Appliance protection

Assistance Assistance add relocation relocation services like security or insurance insurance etc. Life, Life, accident and and disability Assistance

- ons

D 11

© Allianz SE 2014 Key takeaways Key D. Allianz Worldwide Worldwide DeepintegrationwithglobalB Innovationfor digitallydriverand drivendelivery services Growthenginerespondingto the globalizationof businessretail Partners

- partners24hcustomer andworldwide service

D 12

2 1

AWP business Health International AWP B2B2C in standard market set to

D 13

Worldwide Worldwide

Team grows EUR 100+. to 88mn GPW Claims Claims processing within 48 hours First client client First signed. contract Total EURGPW 3mn EUR 43mn GPW Wins ‘Best International Wins ‘Best International Private Health Dubai office opens Successful market. entry into IGO Granted branch license Qatar in Belgium and China offices open. AWP ‘Excellence Partners starts

Through Through

People’ Award PrivateMedical

GPW EUR 302mn GPW

Care Care Insurance Insurance Provider’ Group’ - up success story success up

96.6% (Apr 2013 Client retention rate (including (including vacancies) 880 60 39% 61% Staff

Nationalities

Staff

Female Male –

Mar 2014)

in 2013 claims processed 1.2mn 7 answered within Helpline calls secs

processed within 48hrs of fullycompleted claims 99%

answered (2013) h 213,754 elpline calls

D 14

Partners 2005

2008

2010

2011

2013

2014

D 15

© Allianz SE 2014 Combined Operating profit (EUR Return on equity ( GPW (EUR Financial results AWCDublin results Financial D. 2) 1) Allianz RoE “Old”AWC business withoutAllianzHealthInternational France

= profit after tax / (share= + tax/ reservesaftercapital profit capital + tax+ after profit accumulated ((openingclosing profit accumulated Worldwide Worldwide ratio mn

) Partners

net)

2 mn

)

97.0% 23.5% 136 2007 5.4

96.4% 23.9 169 2008 8.5 1

95.8% 21.3% 182 2009 9.0

GPW CAGR:22.2%

96.5% 16.7% 10.1 af 2010 245 ter tax) / 2))tax)ter /

95.9% 16.4% 302 14.1 2011

93.9% 22.4% 383 23.7 2012

93.3% 20.7% 2013 452 30.4

D 16

Success factors Partnerships for locally compliant solutions locally compliant for Partnerships containment Highly effective cost Efficient ITsystem accessibility 7 in languages 24 / 6 Service Allianz brand

- oriented company culture companyoriented

D 17

© Allianz SE 2014 MyHealth D. Allianz Worldwide Partners D. AllianzWorldwide . . . for roll scheduled app health Mobile . . Mobile Mobile health Medical term term translator Medical directions use and GPS to get Locate nearest hospitals even offline Access documents, policy receipts medical to photograph Use app submission easyand claims market First in the app IPMI - out out in July to deliver quick to quick deliver

app as an example for taking service to the next level next to the service taking for example an as app

management/ 2014

mobile mobile commerce

D 18

© Allianz SE 2014 Leveraging existing capabilities to maximize future opportunities future tomaximize capabilities existing Leveraging D. Allianz Worldwide Partners D. AllianzWorldwide . . . AWC Dublin Fullyintegrated model customers and individuals health and on corporate Focused on international international player to a leading From a start 2000 -

2013

- up

. . . Allianz Allianz incl. NewAWC 2014 2014 going forward Twomodels capabilities Brings life + long player in Merger     Third party administration I health business Corporate IGO / NGO international health ntegrated France

withAZ

international and individual International International

France - term disability

IH, IH, a leading

Health

. . . . . harvesting harvesting going forward:AWC e.g. HNWI, corporate assistance Further growth potential, Increased cross IGO administration Opportunity to gain market share within insurance products corporates, providing a number of Attractive single supplier partner for operations and Optimal customer service with common

opportunities from new setup new from opportunities platforms - selling

opportunities

D 19

Life cover Life

Accidental Accidental death dismemberment and

Disability

administration Third party Third

assistance Corporate

D 20

and beverage Construction Food

technology and retail and technology Manufacturing, governmental, NGO IGO,

Private individuals/ Private Transportation families

D 21

Distribution International brokers International Local specialist brokers Local specialist Online specialists Employeebenefit AZ OEs

D 22

© Allianz SE 2014 insurance ( insurance medical private International . . . Significant growth potential to be tapped be to potential growth Significant D. Allianz Worldwide Partners D. AllianzWorldwide 2) 1) for for an aging population cannot afford to fund healthcare sector funding Increasing reliance on private insurance is blurring and international health Distinction between domestic solution for staff seeking a global healthcare number of organizations Continuing increase in the Management viewManagement Pro - forma for 2013. IncludingEUR forma for 2013. I PMI) market PMI)

–

governments

9 mn servicemn fees

trends

strong growthstrong (revenues, EUR (revenues, 2013 452 985 524

AWC with CAGR 13.2%

prospects 2015e 1,262

) 2

AZ FIH AWC

. . . . AWC opportunities services party administration (TPA) health segment and in third Opportunistic playin student international health clients disability coverage to current Cross selling life, accident and increasing international mobility) product initiative (leveraging on Dedicated HNWI sales and corporate market Continue multinational

D 23

2014: Confident prediction that prediction 2014:Confident AWCbecome will the largest player in terms inplayer terms the of GPW largest

D 24

Dieter Wemmer CFO Allianz SE

London, July 4, 2014 E

5 4 3 2 1

Summary strategy and IT development management risk and Capital management liquidity and Financing of Functions SE Allianz

E 2 E

Capital Capital management Business Business steering Risk management & reinsurance Governance Strategy

Allianz Allianz SE

Liquiditymanagement IT development & strategy Financing

E 3 E

5 4 3 2 1

Summary strategy and IT development management risk and Capital management liquidity and Financing of Functions SE Allianz

E 4 E

© Allianz SE 2014 participations fully covered by equity and long by equity coveredfully participations management: sheet balance Prudent E.SE Allianz 1) yield optimized investment liquidity access, provides efficient the for Group Central cash Unaudited numbers, numbers, Unaudited

- pool publiclyavailable

accounts based onGAAP German accounts based 10.8 16.6 67.2 Assets 6.0 8.0

Other assets OE cash Reinsurance investments Financial participations OE stakes /

Allianz (IFRS Allianz SE 2013 - pool assets

assets

Other OE cash Reinsurance Internal debt Externalsenior debt Pension Subordinateddebt Shareholders’ equity - term debt term 1 , EUR liabilities - liabilities pool bn

liabilities deposits )

Liabilities

18 10.9 48.6

2.9 8.2 5 6.4 8 .1 .5 .0

local local bank exposure Allianz SE’s cash pool reducing Short Including commercial paper and bank debt Including - term term cash OE placed with

EUR 7bn EUR 7bn from OEs senior bonds,

E 5 E

AXA, “creditsame as waywatch”“outlook”categorizedthein indicatedby outlooks positive/stable/negative entities; companies operating orInsurerholding Strength FinancialRatingsof

- - -

                  Zurich: Zurich: “strong

- in 2007

- class rating and risk management risk and rating class

”; AIG, ”; AIG,

2008 Generali

: “adequate 2009

”

2010

2011 1

2012

2013

2014

gr een/yellow/red arrows;een/yellow/red

S&P enterprise risk management (ERM) management S&Prisk enterprise ...... Funding costs reduced versus peers Lower cost of capital Higher S&P capital surplus byS&P Recognition of internal capital model Highest possible rating, best in class “Very strong”

E 6 E

© Allianz SE 2014 (EUR AArange in well leverage, financial modest Group: Allianz 3) 2) 1) E.SE Allianz Senior debt leverage debt Senior Financial leverage S&Pcoverage fixed charge operating leases (per S&P leases definition)S&P (peroperating on interest sum andexpensesdividedby EBIT interest charge of fixedcoverage: S&P shareholders' and hybridsum bondsthe of dividedby seniorCalculated debt as hybrid seniorsum of bythe dividedhybridbondsand seniorCalculated debt as bonds and shareholders’andbondsequity bn

)

1 27.2% 11. 50.4 8.3x 2.0 debt, 4 %

201

equity 2

7.4

5) 4) Subordinated liabilities liabilities banksubsidiaries; excluding nominal valueSubordinated calledforredemption hasbeenExcludesthat effectiveaEUR subordinatedbond15, 2014. January 1.5bn Certificated subsidiaries; liabilities valuebankexcluding nominal 12.5% 25.7% 8.5x 50.1 9.8 3

201

7.5

Shareholders’ bondsHybrid Senior debt 4

equity

E 7 E

© Allianz SE 2014 Declining financing costs for existing debt debt existing for costs financing Declining 3) 2) 1) E.SE Allianz Interest Interest expenses EUR I Interest expenses in % nterest nterest expenses in % 2010 outstanding seniorbonds on interest p.a. rates averageWeighted outstanding bondssubordinated on interest p.a. rates averageWeighted - 2013: assuming constant volumes as per end of 2013 outstanding; 6M 2014: current run rate based on 3M2014on ratecurrent basedrun 6M 2014: outstanding;2013 of perconstant volumes assuming as end 2013:

2 1 : senior senior : bonds sub bonds : mn

p.a. 3

2010 991 315 675 4.9% 6.3%

6.8

2011 963 4.9% 6.0% 316 647

7.4

…

2012 4.6% 6.1% 959 300 659

7.5

2013 5.9% 890 261 629 4.0%

6M 2014 3.9% 5.3% 402 130 272

Senior bonds Subordinated bonds

E 8 E

© Allianz SE 2014 … and for future financing financing future for … and 3) 2) 1) E.SE Allianz Interest Interest expenses EUR Yield Yield 2010 yield averageWeighted yield averageWeighted - - - to to 2013: assuming constant volumes on average outstanding as per end of 2013; 6M 2014: current run rate based on 3M2014on ratecurrent basedrun 2014: 6M 2013; of per as end outstanding average constant volumes assuming on 2013: - - maturity call

1 : sub bonds 2 : senior bonds - - to to - - maturity p.a. of outstanding seniorbonds outstanding of maturity p.a. bonds institutional subordinatedoutstanding of call p.a. mn

p.a. 3

2010 991 315 675 2.8% 5.8%

activities

6.8

2011 963

3.0% 7.4% 316 647

7.4

2012 1.7% 6.4% 959 300 659

7.5

2013 3.7% 890 261 629 2.0%

6M 2014 1.9% 3.0% 402 130 272

Senior bonds Subordinated bonds

E 9 E

© Allianz SE 2014 Economic solvency Economic Solid economic solvency ratio solvency Solid economic 3) 2) 1) E.SE Allianz Internal model changes reflect Allianz‘ current understanding of forthcoming Solvency forthcoming reflect of Allianz‘II model changescurrentInternal understanding linewithin approachEIOPA includeanchoring funds Available Includingsovereigncredit risk, including pensionrisk forma proforfor4Q 1413 1Q and

66.0

31. 203% 1,2 03

(EUR .1 4

32.5 bn

)

( Requirement Availablefunds confidence confidence 99.5%)level

rules

Limited sensitivity Limited adoption model II Solvency economic economic solvency ratio of 174% 100bps in interest rates lead to 30% drop in equities and drop of Volatility adjusted for spread risk pension risk reflected Sovereign credit and Correlation updated Transferability restrictions removed

E 10 E

- - SII SII expected to be named in 2014 SII

Player

P/C

Life

AM/Banking -

SII) 3. 3. Capital 1. requirements regulatoryof Components . . G 2. 2. Effective resolution – - ...... Reviewedannually byFinancial of International Identified byFinancial Stability Board Enhanced supervision SII

status quo status for for non Additional capital requirements (“Higher Basic r Recovery Establishment of a and a liquidity Development / implementation of a systemic risk management plan More intensive supervision esolution plan (how

capital capital requirement - traditional and non plan (contingency plan for near default situations Association of Insurance risk risk management plan

crisis crisis management

to to unwind as as a minimum capital -

insurance business Stability a group according

Supervisors Board g without systemic roup L

oss oss

A to to

bsorbency”) requirement methodology

disruptions) ) and

E 11E

phase preparation specifications Technical EIOPA: May of of guidelines consults set 1 EIOPA: June Management Plan Systemic Risk Deliver July 2014

August

Basic Basic Capital Requirement November

Define work of level 2 Finalization 2H 2014

bonds) bonds) should be clarified treatment of sovereign volatility adjuster, Major uncertainties (e.g. Autumn

Recovery Plan Management Plan + Deliver Liquidity Risk December

SII

2015

Higher Loss Absorbency December December Define

goes live Solvency 2 January

2016 Insurance Capital

December December Standard Define

Standard CapitalInsurance Absorbency and of Higher Loss Full application January 2019

E 12 E

bn )

P/C L/H AM

Operating profit 2.7 3.2 5.3

Non items - 1.6 - cash cash

Admin. expenses, interest interest paid, pensions, other - 1.4

investments Strategic Strategic IT - 0.4

Allianz Allianz SE tax and dividends) (before (before M&A, cash cash flow Free

7.7

E 13 E

Net income s/h income Net ~ 85% ~ capital from capital upstream to Additional measures P/C x

operating entities operating Ø remittanceratio 80% > Net income s/h income Net ~ 70% ~ L/H x

Net income s/h income Net end of 2016 end of until EUR 3bn ~ ~ 100% ~ AM x

Corporate Net income s/h income Net ~ EUR ~ - 1.3bn /Other

E 14 E

© Allianz SE 2014 Fast up Fast E.SE Allianz 2) 1) Example: PIMCO Operating entity MainlyAllianzGI Look - through view from Allianz SE, referring to net income generation at OE at viewlevelfrom income Allianz generation through netreferring SE, to

streaming of dividends to Allianz Allianz SE to of dividends streaming LH / PC PIMCO AGCS AAM

PC PC PC LH LH LH

t t t t t t t t 1 1 0 0 0 0 0 1

German sub German French sub French Regional Italian sub Italian US sub -

holding holdings - - holding - holding holding

t t t t t t 0 0 0 0 0 0

Allianz Europe B.V.Europe Allianz Central holding (Amsterdam) loss transfer loss transfer agreements 27% 27% 67 via profit viaprofit & remittance remittance remittance remittance % OE of of OE of

t 0

Allianz Allianz SE Allianz Allianz SE

t 1 t t 1 0

: dividend dividend : distribution one year year of net income : generation after after net income generation 45%

Timing 1

5 5%

t E 15 E 0

5 4 3 2 1

Summary strategy and IT development management risk and Capital management liquidity and Financing of Functions SE Allianz

E 16 E

- streamed into central capital buffer at Allianz Allianz SE at buffer capital central into streamed

Actual Actual OE solvency

Upstream excess capital to Allianz SE Buffer Recapitalize plan horizon mitigating measures over Reconsider dividends and over plan horizon

solvency Plan Plan OE

Minimum Minimum Capital Ratio Target Capital Ratio Tight solvency limits

. . . . model / S&P the AA rating entity cash calls without enough to respond to potential local Capital Capital pooled capital capital Local volatilitybuffers solvency volatilitybuffer for regulatory Local entities entities to be capitalized at regimes volatilityunder buffer at volatility minimum plus

according according centrally at

Allianz Allianz SE large

short based based on applicable - to to our internal term jeopardizing adequate Allianz Allianz SE

E 17 E

M . . Distribution of fungible aximize (dividend policy Shareholders Debtholders available capital Allianz SE level fungibility

(rating (rating policy)

Optimize )

/ upstreaming

available a Fungible

c vailable apital 5

capital Available c apital 1

. . . Meet constraints (rating, solvency) Minimize excess capital > Risk capital OE leve

a Profits/ c vailable apital 4

c Risk apital 2

C 3

reate reate OE’s profits / available capital allocation B udget for

for for business steering R (group hurdle = M isk isk capital allocation basis aximize risk

- adjusted 15 %

RoRC returns

)

E 18 E

before

NatCat Market Market PVFP NEP risk risk

tax

- capital based business business based capital Premium Premium Claims risk Life Life liability

Capital benefit

risk 4 on

Expenses Reserve Reserve

required capital required(“Capital risk

inv.income Time valueTime Business Business Risk free Risk of of O&G risk risk

benefit”)

Operational

benefit Capital risk steering Operational 4) 3)

Life (onearnings spreadrisky Incl. assets) Tax risk liability risks liability risks refermortality, to morbidity longevity risk and

RI credit Tax risk

Economic Economic Economic Capital Capital profit profit

> 15%> Risk = 15%> Risk = 15% 15% Capital Capital RoRC Return on RoRC Return on

( (

RoRC RoRC ambition ambition

) )

. . . . . into RoRC Management (AIM) to Allianz Investment market P/C risk allocated segments OEs / benefit allocated to Full Group diversification S&P AA level Required capital based on Risk Economic account:

capital capital = takes takes the following profit profit =

denominator

numerator

E 19 E

© Allianz SE 2014 Efficient use of reinsurance … reinsurance of use Efficient E.SE Allianz pensation com as share Quota . . regulatory / minority Exception apply in case of specialty lines (AGCS) Allianz Re pools 100% in general at arms’ length prices Holisticreinsuranceto systemtheof benefit GroupAllianz

All P/C treaties excl. excl. treaties All P/C for servicesfor -

100% issues max. 20%

Allianz Allianz Re reinsurance market External cat cat XL

and

retention in retention Pools cat

in line with Group guidelines withGroup line in program reinsurance local its Structures risk, calculates Group calculates risk, line with Group risk appetite risk Group withline of Group risk appetite risk Group of excessin risks Peak

Cat XL Cat

100%

reinsurance market External Allianz Re

E 20 E

© Allianz SE 2014 … (1Q 2014, EUR requirements capital total of part as risks Cat E.SE Allianz allows usage of diversification potential … potential of diversification usage allows due Poolingof businessinternaladdsprofitswithout risk increases significantfor

to diversifyingnatureof risks inunderwriting overall Allianzportfolio Diversification Diversification benefit of bn and even more on marginal marginal basis on more and even )

stand Cat risks Cat risks 1.9 - alone

diversified Cat risks (pre 50% 1.0 - tax)

on average on

(1Q 2014) capital requirements total of risks as part Cat

Allianz Allianz Cat risks Cat risks only Group total risk capital: capital: risk total Group EUR 3%

32.5bn

Other Business & op.risks Credit risks risks Market nonL/H reserveP/C risk premiumP/C risk P/C

AllianzGroup,

cat cat

- risks marketrisks

23% 43% 7% 3% 9% 8% 1% 6%

E 21 E

© Allianz SE 2014 … and reduces externally ceded volume and profits and volume ceded externally reduces … and (EUR of cessions Group AZ treaty External E.SE Allianz 1) Based on underwriting year view and only for core treaty business. Includes estimates estimates underwritingonlybusiness. Includes remainingfor Cedcorefortreatyonyearview renewalswithinBased and2014. mn )

1,135 2012 145

1,125 2013 143

2014e 816 101

ed profit based on AZ AZ pricing Re technical on basedprofit 500 2015e

60 - 600

= Ceded= underwriting profit (EUR mn )

E 22 E

5 4 3 2 1

Summary strategy and IT development management risk and Capital management liquidity and Financing of Functions SE Allianz

E 23 E

© Allianz SE 2014 1) E.SE Allianz . . . AMOS Allianz Managed Operations and Services OperationsandAllianzManaged of of scale, skill and scope viaAMOS to ensure economics All strategic IT investments done services operations, and business development and maintenance), (infrastructure, application for Allianz Group in the area of IT Global shared services company Founded in 2010

: transforming Allianz into a digital Group

2013 employees: more than 3,000

Information e.g. e.g. overhead reduction Ongoing optimization, cash cash investments: EUR 2013 400mn new

technology

more than

Services provided to 50 Located Located in

countries Germany and India main factories factories

countries, in

E 24 E

AZSE

AZRe Asia Done

Benelux

CEEMA AZSE

AWP

Benelux AWP

In In progress AGCS

LatAm AZRe

Benelux

AGCS AAM

AWP

Planned LatAm Asia

Asia E 25 E

5 4 3 2 1

Summary strategy and IT development management risk and Capital management liquidity and Financing of Functions SE Allianz

E 26 E

© Allianz SE 2014 Payout ratio Payout (in EUR) Dividend share per To sum it up: healthy position for dividend payment dividend for position healthy it up: sum To 1) E.SE Allianz Based on net income income net on

1 attributable to shareholders, no adjustment treasuryfor adjustment shares noshareholders, to attributable

2009 40% 4.10

2010 40% 4.50

CAGR+7% 2011 81% 4.50

2012 40 4.50 %

+18 %

2013 40 5.30 %

2014e tbd

E 27 E

Wrap-up

London, July 4, 2014 ...... to business opportunities opportunities to business access unlimited provide brand and scale skills, Group: Allianz Wrap Building Building One Worldwide Largest Top Top P/C Leading insurer - up Basedon increasingcollaboration cross countryandcross product

3 asset manager globally3 asset 3 insurer Life globally of the leading industrial industrial theleading insurers of global global assistance the leading global automotive global provider theleading leader in in credit leader globally provider

insurance

globally

[email protected] E oliver E  frank.stoffel E  [email protected] E  - - - - mail: mail: mail: mail:

+49 89 3800 89 +49 +49 89 3800 89 +49 +49 89 3800 89 +49 . [email protected]

@allianz.com - - - 3963 18124 17224

IR EventsIR Stephanie Aldag German: English: Internet Hardy Peter Lamprecht C hristian

www.allianz.com/ir www.allianz.com/investor

christian E  stephanie.aldag E  [email protected] E  - - - mail: mail: mail:

+49 89 3800 89 +49 +49 89 3800 89 +49 +49 89 3800 89 +49

[email protected]

- - - - @allianz.com 3892 relations relations 17975 18180

© Allianz SE 2014 Disclaimer These assessments are, as always, subject to the disclaimer below.provided disclaimer the to subject always,as are, assessments These Forward trends, and cy markets Allianz general Such looking statements. may unknown on future The

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