Acquisition of AVIVA Poland

Additional information

Munich, March 2021

Allianz Investor Relations App

Apple App Store Google Play Store 1) AVIVAstory CEEsuccess accelerates acquisition Poland Acquisition of AvivaPoland Allianz CEE Market share based on KNF 3Q 2020, Group viewGroup2020,KNF Market 3Qon share based 2015 401 Allianz AVIVAPoland 2016 442 – operating profit (EUR CAGR+10.5% 2017 491 2018 567 2019 631 mn ) 2020 661 pro-forma 2020 886 Ranking Ranking by GPW Allianz Poland L/H Ranking Ranking by GPW Allianz Poland #8 #9 #5 #2 1 1 Pro Allianz Pro Allianz - - forma forma 2

© Allianz SE 2021 Market share based on KNF 3Q 2020, Group viewGroup2020,KNF Market 3Qon share based Allianz to become #5 inPolishmarket #5 become to Allianz Acquisition of AvivaPoland Totalrevenues Key figures Key figures 2020 Poland Allianz P/C L/H Other Total Market position Poland position Market #8 2020 0.5 P/C 0.4 0.1 #7 (EUR bn) (EUR L/H #9 82mn OP Key figures Key figures 2020 franchise Strong Totalrevenues P/C L/H Other Total Market position Poland position Market #5 pro - forma (EUR bn) (EUR 2020 P/C #6 1.3 0.1 0.5 0.7 L/H #2 ~300mn OP Key figures Key figures 2020 AVIVAPoland Totalrevenues P/C Poland L/H Poland Other Total Market position Poland position Market #7 2020 P/C #8 0.7 0.1 0.1 0.6 (EUR bn) (EUR 25% New business New L/H #2 225mn guarantees U/L w/otraditional businessP&H OP 75% 3

© Allianz SE 2021 TransactionEPSand accretive cash 2) 1) Acquisition of AvivaPoland Timeline Price Acquisition impact Group Net income P Netincome before Maverickand as ExpanderLithuania well as AVIVA - GAAP Transactiondetails • • • • • • • • • • competition board approval Closing expected end of 2021, subject to regulatory and Synergies EUR~40mn net of price and immediate dividend payment of EUR>200mn Transaction volume of EUR 2.5bn considering EUR 2.7bn purchase 51% stakes in Banking JV withSantander for Life and Non 100% of AVIVA Pensions and Asset management business 100% of AVIVA Poland Non 100% of AVIVA Poland Life business including subsidiaries Immediate cash generation EPS Operating profit uplift accretion accretion (before / after P - Life Life business tax - GAAP) - 1 life life business KPIs • • • • • • • • • • • • in 1Q 2022 Expected consolidation SII Cash NI 2025e EUR>200mn OP 2025e EUR~300mn OP EUR225mn CR~80% NBM> 10% GPW 0.7bn EUR (80% Life) + +2% / 1% accretion EPS +2% OP from dayone 2% cash 2% cash remittance - ratio impact ~ RoI 2025e ~8% - 6% 2 - p 2 4

© Allianz SE 2021 Additional information Additional 1) Acquisition of AvivaPoland Net income P Netincome before Comments • • • Poland (protection). 2025 High long High growth potential GPW/GDP was ~1% versus >2% in mature markets. Life insurance Low insurance penetration with38 million inhabitants and ~600bn USD GDP. Poland is the largest Central Eastern European market Large market size – - GAAP 2035 between ~6% (savings) and ~8% - term growth potential withexpected CAGR penetration is relativelylow; in 2019 • • • • • AVIVAPoland EUR>200mn, expected synergies EUR~40mn net of tax. Net income 2021e EUR~170mn, net income 2025e Strong profitability years EUR~1bn. immediately in 2021. Expected cash remittance in first five > 95%. More than EUR200mn dividend to be paid High cash generation withexpected remittance ratio High cash generation and partnership with ING. bancassurance JV with Santander (top 3 bank in Poland) Strong tied agents channel (>1,700 agents), long Balanced distribution #3 in retirement and pension business in Poland. Strong footprint in AssetManagement traditional guarantees at Protection and Health at 100% preferred lines of business. New business share of Capital efficient business mix 1   25%. 25%. 75%, 75%, Unit linked without - term 5

© Allianz SE 2021 Disclaimer Disclaimer banking and natural frequency markets Group's the Deviations those Actual assumptions expectations, This following morbidity document expressed results, catastrophes, business, core (in and may : particular and ( business levels i ) severity that performance includes arise the or the subject implied general and are due extent and market of and trends, forward insured to based to the in economic of core figures, changes such known volatility, development credit - (v) looking loss markets, on forward persistency defaults, or and and in events, management's liquidity, events factors statements, - unknown competitive looking (ii) of (vii) including the loss may levels, including, and interest statements performance risks expenses, differ credit such situation (vi) current those and rate but particularly significantly as events), . not resulting levels, uncertainties prospects in (iv) views of the limited mortality financial (iii) Allianz in from from and the the to, or . changes case, measures, acquisitions changes (viii) required forward The No dutyto update currency Allianz apply - looking can to in and disclose laws at be including Group exchange a (xi) statement exacerbated and local, the by assumes regulations, law general regional, and rates, . contained related by most no competitive terrorist national, including obligation notably herein, integration activities and/or conditions tax the save to EUR/USD regulations, . global issues update for any that, level and any exchange information in (x) . each Many information reorganization the impact individual of rate, we these (ix) are of or