Profitable growth in the European home market Repositioning of the Group.

Dear Shareholder, Societas Europaea

If you want to play in the premier league of international financial services providers, you need a As a result of the cross-border merger of RAS into Allianz, Allianz AG will convert to a strong base in your home market. Our home market is Europe. We want to use the measures on which European (Societas Europaea – SE). you will decide today to reposition ourselves in Europe and to strengthen our position as Europe’s leading financial services provider. While our roots are and will remain in , the reality is that today we are a highly inter- national company, represented all around An important cornerstone of this re- the world and with a strong focus on our positioning is the merger of our Italian Situation prior to the reorganization Situation after the reorganization European home market. Our organizatio- subsidiary Riunione Adriatica di Sicurtà nal and legal structures should reflect this 76.3 % S.p.A. (RAS) into Allianz. Why is Allianz Allianz AG RAS Allianz SE reality. taking this step? Allianz 91 % 100 % Allianz The legal form of an SE has many advanta- Lebens- Deutschland AG Italy is the second most important - versicherungs-AG ges for Allianz. It allows cross-border mer- pean market for Allianz, and RAS has an gers like the one we are currently underta- Allianz 100 % 100 % excellent market position there. We want Private Kranken- RAS king with RAS. It gives us the opportunity to strengthen this position and show a versicherung of improving our strong presence because we see the poten- even further, with the Allianz 100 % 99.7 % Lloyd Adriatico tial for further profitable growth in Italy. Versicherungs-AG becoming a more efficient decision-making 99.7 % Lloyd Adriatico body. Employee representatives of our

Moreover, the full acquisition of RAS 100 % Allianz Suisse European subsidiaries will also be repre- enables us to directly reallocate the Versicherungs- sented on the Supervisory Board in the 100 % 30.2 % Allianz Suisse 69.8 % gesellschaft BVB Versicherungs- holdings of operations to Allianz in key gesellschaft future. 100 % Allianz Elementar European markets such as , Versicherungs- and Switzerland. This will allow us to 100 % 49.9 % Allianz Elementar 50.1 % Aktiengesellschaft We are convinced that these measures will Frankfurter Versicherungs- become more flexible while reducing Aktiengesellschaft make us an even stronger Allianz, not only 64.9 % Companhia de complexity and to best capture the growth Seguros in Germany and Italy, but in the whole of Companhia de 64.9 % Allianz Portugal opportunities in these markets. Seguros Europe and worldwide. You as shareholder Allianz Portugal 62.1 % as well as our employees and customers 3.3 % AGF will benefit from a clearer and more syste- 62.1 % matic structure. 51.7 %Companía de 48.3 % AGF Seguros y Reaseguros

48.3 % Companía de 48,3 % Seguros y Reaseguros