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Asset Management & Allianz Life Allianz Capital Markets Day Asset Management & Allianz Life New York, July 21, 2011 Agenda A Allianz Asset Management – a success story Joachim Faber B RCM & AGI Capital as successful entities in AGI's universe Andreas Utermann C Customer and distribution view Giacomo Campora D Allianz Life – Strength and commitment Jay Ralph E Retirement. Rethink what's ahead Gary C. Bhojwani F Product design and risk management Neil McKay G Financial performance Giulio Terzariol H Positioning our clients to benefit from the multi-speed world Mohamed A. El-Erian Disclaimer Investor Relations contacts © Allianz SE 2011 Allianz © Allianz Asset Management – Capital a success story Markets Joachim Faber Member of the Board of Management Allianz SE Day New York, July 21, 2011 A 1 How we built Allianz’ asset management business 2 Drivers of success 3 Looking forward © Allianz SE 2011 Allianz © A 2 A. Allianz Asset Management – a success story Allianz is one of the leading asset managers worldwide … Highlights1 Thereof PIMCO: 78%2 Total AuM Operating profit One of the world’s largest active asset managers (EUR bn) (EUR mn) CAGR +11% CAGR +12% 1,499 2,013 Strong presence in all major markets worldwide 1,178 971 970 920 1,276 1,322 1,362 904 Complete range of products and styles 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Total net inflows Net income4 89% outperforming assets under management3 (EUR bn) (EUR mn) % AuM bop CAGR +23% +5.0 +1.2 +0.0 +9.6 +9.8 918 Strong brands: AGI5, PIMCO, RCM, AGIC, NFJ 121 91 470 510 395 369 44 11 0 Contributing 22% to Allianz Group’s operating profit 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 © Allianz SE 2011 Allianz © 1) Figures related to end of 2010. Figures in the diagrams – as on 3) 3-year outperformance forth following slides – related to AGI only 4) Net income attributable to shareholders 2) Excluding Corporate / Other 5) “AGI” refers to “Allianz Global Investors” and / or the Allianz Global Investors group of companies A 3 A. Allianz Asset Management – a success story … built on acquisitions at the beginning and strong organic growth in recent years Acquisition Integration Internal growth 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3rd party AuM1: 23 30 3362 564 513 523 550 707 723 725 673 902 1,145 + EUR 228 bn3 July 23, 2001 + EUR 291 bn3 May 5, 2000 + EUR 46 bn3 January, 2009 + EUR 36 bn3 Integration of Allianz January 31, 2001 Asset Management units © Allianz SE 2011 Allianz © 1) In EUR bn as at year-end 2) Segment Asset Management 3) 3rd party AuM in EUR bn as at closing date A 4 A. Allianz Asset Management – a success story Strategic rationale: asset management as integral part of Allianz’ business model … Contribution to Allianz Group's key financials Rationale for AM business AGI’s operating profit share 24% . Added value for 19% insurance assets 15% . Complementary solutions n/a1 for pension market . Attractive financial returns 2001 2005 2009 2010 to shareholders with strong growth AGI RoRAC2 65% . Access to first class 55% investment management 47% skills with deep capital market expertise 24% . Natural hedge to Life insurance business 2001 2005 2009 2010 © Allianz SE 2011 Allianz © 1) Operating profit introduced in 2002 2) Return on risk adjusted capital; for 2001 estimated figure for Asset Management segment A 5 A. Allianz Asset Management – a success story … enabling Allianz to manage majority of assets in-house AuM Allianz Group (EUR bn, 2010) 1,699 thereof 19 other . AGI manages ~98% of Allianz’ 3rd party assets . AGI manages ~66% of 3rd party 1,164 thereof 1,145 AGI Allianz’ own assets, making assets Allianz AGI’s largest client = 1,499 AGI . 81% of AGI assets managed by PIMCO1 Allianz thereof 354 AGI . Other Group assets predominantly Group 535 assets managed through other Allianz thereof 181 other entities, e.g. Allianz Capital Partners, Allianz Real Estate © Allianz SE 2011 Allianz © 1) EUR 1,208bn 3rd party and Group assets managed by PIMCO (including fixed income Germany) A 6 A. Allianz Asset Management – a success story Result: leading position in terms of regional presence1, … Simplified overview Allianz Global Investors Germany Allianz Global Investors Ireland Allianz Global Investors Luxembourg PIMCO Investments Allianz Pension Partners risklab AGI US Retail AGI Capital AGI Capital AGI US Solutions PIMCO RCM US PIMCO Canada PIMCO Japan RCM Japan NFJ 2 AGI Investments Europe AGI Asia Pacific Allianz Global Investors Italia AGI Korea3 Allianz Global Investors France AGI Singapore Allianz Global Investors UK AGI Taiwan PIMCO Europe (UK) PIMCO Asia Pacific RCM UK RCM Asia Pacific PIMCO Australia RCM Australia # of investment professionals4 # of investment professionals4 # of investment professionals4 in USA ~430 in Europe ~430 in Asia Pacific ~160 1) Simplified, as full legal name of entities may vary SE 2011 Allianz © 2) Virtual unit, consisting of AGI France SA, AGI Italia SGR SpA and AGI Europe GmbH (Zurich branch) 3) Joint Venture (50% held by Allianz SE and 50% by AGI Asia Pacific GmbH) 4) As at December 2010 A 7 A. Allianz Asset Management – a success story … in terms of scale, … AuM ranking of world’s largest asset managers (EUR bn) End of 2001 End of 2010 1 State Street 871 1 BlackRock GI 2,654 2 Barclays GI 869 2 AGI 1,499 3 Fidelity1 830 3 State Street GA 1,491 4 Deutsche AM2 817 4 Vanguard3 1,311 5 AXA AM 790 5 Fidelity 1,188 6 AGI 753 6 AXA AM 878 7 Vanguard1 652 7 BoNY Mellon AM 825 8 Merrill Lynch IM 597 8 J.P. Morgan AM4 756 9 Mellon AM 571 9 Capital Group3 743 10 Citigroup AM 494 10 Amundi 710 1) Only U.S. mutual fund AuM 2) AuM from asset and wealth management business 3) Only mutual fund AuM 4) Excluding AuM from private banking business SE 2011 Allianz © Source: Asset figures (“AuM”) for this ranking are derived from several sources incl. publicly available company reports / information and own analysis. Allianz / AGI: AuM related to the engagement as manager of the Federal Reserve's MBS purchase program have been excluded from analysis; exchange rates as at end of 2001 applied: GBP/EUR 0.60905, USD/EUR 0.88623; exchange rates as at end of 2010 applied: USD/EUR 1.34155 A 8 A. Allianz Asset Management – a success story … and in terms of financial success EUR mn, 20101 Net revenues Operating profit CIR (%) BlackRock GI 6,110 2,381 61 AGI 4,879 2,013 59 Franklin 2,855 1,623 43 Amundi 1,517 610 60 AXA AM 3,051 602 80 Morgan Stanley AM 2,105 594 72 BoNY Mellon AM 2,021 574 72 Invesco 1,899 443 77 Schroders 1,161 427 63 UBS Global AM 1,492 370 75 Legg Mason 1,537 314 80 Deutsche AM 1,701 265 84 Ø AGI’s peers: 70 © Allianz SE 2011 Allianz © 1) Peer figures occasionally adjusted for one-offs / extraordinary items A 9 A 1 How we built Allianz’ asset management business 2 Drivers of success 3 Looking forward © Allianz SE 2011 Allianz © A 10 A. Allianz Asset Management – a success story During its first decade AGI’s profit more than quadrupled … Business performance indicators AGI’s first 10 years (2001 = 100) 600 . Allianz started its asset management business as a collection of unrelated acquisitions 500 Operating . Through the evolution in the last profit decade, AGI now serves as an 400 effective and profitable asset management franchise for Allianz 300 . Result: AGI more than quadrupled 200 AuM operating profit while reducing headcount 100 FTE 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 © Allianz SE 2011 Allianz © A 11 A. Allianz Asset Management – a success story … and the productivity per employee more than quintupled Key productivity indicators AGI’s first 10 years (2001 = 100) 600 . Our business is an intellectual Operating capital business, with people being 500 Profit/FTE our most important resource . A key driver of success has been 400 the allocation of human capital to priority activities 300 . Over the decade total headcount Rev/FTE has been reduced by 16% AuM/FTE 200 . Investment management head- count increased by 16% 100 0 . Result: continually increasing productivity in the top quartile 2002 2003 2004 2005 2006 2007 2008 2009 2010 2001 of our peer group © Allianz SE 2011 Allianz © A 12 A. Allianz Asset Management – a success story Success driver “strategy”: a client centric business model … On average, 80% of 3rd party assets out- performing over the last decade Quality “To become the pre-eminent global Almost EUR 500bn asset manager by Client Passed EUR 2bn cumulated net inflows Profitability protecting and trust operating profit mark in the last decade enhancing our clients’ wealth” Size 2nd largest asset manager with AuM at EUR 1.5tn SE 2011 Allianz © A 13 A. Allianz Asset Management – a success story … and strong investment managers Allianz’ investment managers Global PIMCO . Preservation and strengthening of unique investment cultures RCM . Entrepreneurial, autonomous U.S. investment teams supported by leading-edge infrastructure and AGI Capital central service functions Europe . Products cover all major equity and AGI Investments Europe fixed-income investment styles, as well as balanced products and investment solutions Asia AGI Asia Pacific © Allianz SE 2011 Allianz © A 14 A. Allianz Asset Management – a success story Success driver “performance”: an extremely strong track-record … 3rd party account-based asset-weighted outperformance1 (%) Fixed income3 AuM: 875bn2 / 90% of total AuM 92 95 94 76 74 39 1-year AGI AuM: 997bn2 / 89% of total AuM 2006 2007 2008 2009 2010 1Q11 87 90 90 73 74 91 87 83 90 92 40 70% 48 aspiration 1-year 3-year 2006 2007 2008 2009 2010 1Q11 2006 2007 2008 2009 2010 1Q11 Equity AuM: 121bn2 / 84% of total AuM 87 86 81 87 89 70% 4 72 69 aspiration 62 55 58 9 51 3-year 1-year 2006 2007 2008 2009 2010 1Q11 2006 2007 2008 2009 2010 1Q11 79 1) AGI account-based, asset-weighted 3-year investment performance of third party assets vs.
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