Inside Allianz Series #5

Capital management

Dieter Wemmer Chief Financial Officer

London, November 30, 2017 Capitalmanagement Agenda 6 5 4 3 2 1 9 8 7

IFRS 17 Offer Solvency UStax reform L/H business mixshift Capital and cash generation Retention RoE RoE Topics

L/H Group

for for Euler Hermes

Increasing accretion EPS Effective management Positive impact in the medium Profitable growth and capital release Excellent level Strong cash flow Strongly improved to 12.6% Stable, net profit growing Facts

transparency

levers

- term

RoE 10% 12% 14% 16% Average shareholders’equityAverageexcluding accounting changedrestatedfor beenhavefigures 2016 0% 2% 4% 6% 8% 1 Stable Stable

12.6 2009

RoE 12.4 2010 , growing shareholders’ income , growing net and equity unrealized gains/losses on bonds net of shadow accounting shadow of net bondsgains/losses unrealized on %

debt debt crisis Sovereign 2011 6.2 policy. %

RoE

excluding unrealized gains/losses on bonds net of shadow accountingshadow of net bondsgains/losses on unrealized excluding 2012 12.5 %

2013 13.5

13.0 2014 % Shareholders’ net income

12.5 2015

Averageequity %

12.3 2016

% 2 1

(indexed) (indexed)

CAGR 6% 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0

9M 2017ann. 12.4% 13 2018e RoE RoE %

Annualized

2014/2017 24.3% 4.4% Germany Life 2014 2014 L/H

Italy

9M 2017 9M 9M 2017 9M 18.3% 7.4% 7.4%

RoE

(9M annualized)

–

improved to healthy 12.6% to healthy improved 7.5% 9.9% 7.5% 2014 2014 France USA

9M 2017 9M 9M 2017 9M 11.0% 15.1%

15.4% 2014 2014 8.4% Asia Spain

Pacific 9M 2017 9M 9M 2017 9M 21.6% 16.5%

10% 1

10.1% 10.1% 2014 L/H segment

9M 2017 9M 12.6%

leverage Debt

incl.leverage L

/H segment 9M 2017 9M 16.3%

management in at Successful Leveraged

RoE 16.3% - force

Holding costs, debtonexternal costs, including Holdinginterest expenses Includinginternalfinancingandexternal Includingstrategic by i.e. OEs excl.capital growthOEs, AllianzCapitalSE into retainedinternalinternal forby providedgrowth (in EUR) Allianz SE to repatriated Cash 7bn 2013

l iquidity

r eserve

8bn 2014

8bn 2015

–

EUR 40bn over the last last 5 years the over 40bn EUR 2016 9bn

2017e 8bn

0.3

Cash in 40bn 11.1 11.7 8.5 8.4

P/C L/H CO capital Excess AM

Cash use ------14.3 11.0 4.1 3.1 3.0 2.0 1.0

Dividend Internal growth External Share buyback #1 Share buyback #2 Reserve build up Net financing Other 4

growth 3

Net Net income Capital and cash generation generation cash and Capital 7bn

- streaming restrictions streaming for Retained Retained by OEs

50% 50% pay internal internal growth Dividend Cash view Cash - 3.5bn

- out

cash cash flow Assumingnet income EUR7bn 3.5bn Free Free –

excellent

from L/H of EUR ~0.5bn of L/H from 3.5bn available 3.5bn for + potential annual potential + Special Special dividends Share Share buy Dividend ratchet capital release / release capital External External growth cash upstream cash Internal Internal growth

- backs ce ce ratios ratios (w/o excessrepatriation):P/C capital 80

capital 3.5bn Free Free

Capital Capital view - 85%, L/H AM100% 80%, 85%, 50% 50% pay Dividend - 3.5bn - out

generation generation SII capital capital SII ≙ C

~20% 7bn apital

Timing Timing may bybeimpacted up positiveimpact No includes forecast, result improved capital business as of from mix intensity a reduced Traditional products Preferred lines of business L/H 52% 24%

9M 2017 9M –

2013

3.3% 2.1% NBM NBM

profitable growth and capital release capital and growth profitable

streaming streaming 76%

48% restrictions

SCRL/H (illustrative) OP (EUR operating operating profit 2016 reported bn )

4.1

9M 2017 VNB VNB 9M 2017 2016 VNB up up 30% Potential Potential for capital release 1.4

+30%

In operating operating profit

- force

Projected over time

Newbusiness

operating operating profit

Cumulative 5.4

~30% years1 ~30% years6 ~40% years15+

- - 5 15

cash upstream of upstream cash L/H EPS L/H capital capital release 3% EUR for

Potential Potential -

annual annual

~ 5 of 0.5

1 %

growth bn p.a.

Current status of US tax reform tax reform ofUS status Current ( ( Rest Rest of world Ø Ø before before tax 32 29 Profit Profit 2016 76% USA % tax rate) % tax rate)

24%

. . .  2017 tax nominal 20% DTAfrom write 

USD 6 % adverse impact on expected tax rate tax expectedon impact % adverse

0.4bn annual 0.4bn tax rate Profit (Allianz (Allianz USA) Profit Taxpayment - off rate 2019 ff.2019 rate

in 2017 in – tax savingstax

× mid

tax base or 2018 or = -

term impact positive impact term after 35% in 35% after 2019 ff.2019

. . . (worst case) (worst dividends retained 1.2bn USD require would RBC ratio target 330% of Reinstatement factors risk on Required Available

RBC capital down due to lower net to lower due down capital capital up due to due up capital Capital (Allianz Capital (Allianz Life) ratio

available capital required capital tax impact tax

DTAs

Indicativeonly. indicationlimit Noactualsubdebtof rateshock interest After 50bps EURor20% by by8 equities tradedDecreasein exposure II SII

–

SII ratio 3Q 3Q 2017 ratio SII effective management actions available to support ratio support to available actions management effective Target range

180% 220%

- 10bn notional 10bn

IR EQ IR EQ for 2bn for EUR SBB SII ratio 3Q2017 pro - - 5) 4) 50bps 50bps - - 30%/CS +100bps/ 30% As announced on Novemberon As announced20179, exposureBBB in to Reduction

- forma forma

- rated bonds byEUR10bnbonds rated

. . . . ratio SII our support to levers Strong ratio SII Credit derisking EUR of Closing mismatch ALM derisking 20% equity 1bn sub debtissuance 1bn sub

excellent above upper end of target range targetofend upperabove excellent 4

+1 +3 +4 +3 - - - 2% 5 5%

% % - - - - p p p p

Bloomberg consensus Bloomberg Excludingsharestreasury financials rationale/ Strategic Hermes basics timing Euler Euler Hermes Hermes Euler

...... No impact on current 3bn EUR and already announced EUR2bn share buy Allianz SII ratio ~ 2018e P/E of ~16x Cash Market Market cap EUR 4.2bn (pre announcement) share purchase agreements concluded with twolarge Euler Hermes shareholders on November 24, 2017 Allianz already owned 63 World’s largest credit insurer with strong market position A squeeze Tender offer expected to be filed within the next weeks; closing of tender offer expected in 1Q 2018 Strengthening of our positions in our core markets withlow execution risks Profitable deployment of capital in a strategic business with solid operating performance o cash tender offer offer tender cash ffer price: EUR122 per share; 20.7% premium on closing price day before announcement - out is intended in the event our holding reaches 95% - 4% 2 ; immediately ; ca. 1% accretiveEPS - p, p, less than half of our expected annual SII operating capital generation % and 74.34% following purchase of 11.34% of Euler Hermes’ share capital through –

an EPS accretive investment EPS accretive an 1 ,

n et et income 2016 EUR287mn / 9M 2017 228mnEUR

- back back programs

IFRS &

–

increasing transparency increasing . . . General ...... Effective 2021 Replacement of IFRS 4 accounting standard Newmodern insurance Broad acceptance in Continental Europe, Canada and Asia Will render non Higher compatibility withSolvency II Full economic reflection of options and guarantees Transparency about underlying profitability and assumptions Better peer

comparability through harmonization of accounting practice, assumptions and presentation

- GAAP measures such as MCEV partially redundant

. . . Balance sheet (CSM) in Expected and explicit Discounting of held at current values Insurance liabilities to be contractual service

future future risk risk

loss loss adjustment L/H profits shown

reserves

margin

. . . P&L and Split recognition over coverage period No components for P/C and L/H without Consistent revenue definition

front front loading of profits, but investment between

underwriting result

deposit deposit

Giacomo Campora CEO Allianz Bank Italy / CEO elect Allianz Italy

London, November 30, 2017 . . . Life . . . P/C: Market specifics Key data ...... 3) 2) 1) Italy at Italy Allianz ItalyAllianz Market trend Market towardstrend capital financial Challenging thus veryvolatile Strong presence banks of (46%) and post office (17%) Lower non pressure Motor sufferingmarket from prolonged downward 49% market share) with distribution dominated by agents (72%) Mature market, 2017e Allianzestimate 2017e GPW % in Source: Country Insurance Inflation GDP/capita (EUR): GDP ( Population :

Istat EUR) of of

1 2016

rating ( markets markets and low interest rates : GDP (2016)GDP on on average premium (“new normal”)

- penetration 1 a glance motor motor insurance penetration peers EU vs. : 1

business business environment due :

highly concentrated (top 3 players have S&P):

2 (which MarketAllianzsharesfor AGCS, excludingEulerHermes Italy AllianzAssistance and :

add additional add - P/C 2.2%, 2.2%, P/C Life 7.1% BBB light products -

(BBB in in (BBB 2017) 1.0% 1.0% to to volatile

~28,000 1,681bn 60.6mn P/C P/C

- 0.1% market market share2016)in

Market Market shares Market size and growth (GPW, EUR Unipol 21.3

Generali 15.3 2014 128 165 63

12.6 2016

Cattolica 5.4 4

(GPW Mutua Reale CAGR CAGR 5.3

2015 133 170 64 37 , %) - AXA 2.8%

4.8

Zurich 3.6 bn

) 3

Intesa Paolo 20.0 San 2016 120 156 36

Poste 16.6

Vita

yoy Generali 15.0

+4.0%

8.0

2017e 126 162 Unipol 37 68 5.8

Aviva 3.9

Paribas BNP 3.5 Life P/C Life P/C

© Allianz SE 2017 2) 1) Combined Revenues (EUR Allianz Allianz Allianz ItalyAllianz FAs (direct basedindirect FAs April andat FAs (agency 2017as additional generated profit from business Operatingand(excluding AllianzBank insurance 2014 2014 15.5 82.5 27.5 55.0 11.3 4.2

CAGR ratio ratio (%) +2.3% Italy Italy 2015 2015 83.1 16.7 26.6 56.5 11.9 4.8 operating profit of EUR 22mn in 2016, 34mn in 2015 and 9mn 2014)9mn in and 34mn 2015in EUR of in profit 22mn 2016,operating - 4.7%

p bn

(1)

)

2016 2016 27.4 57.4 84.8 14.1 9.5 4.6

ratio Expense ratio Claims Life P/C

))

Investitori (%, w/o look (%, w/o look through profits) New business Operating

1,105 2014 2014

932 173 1.5

SGR, SGR,

which

CAGR+3.9% profit +0.4%

1,343 1,075 2015 2015

268 1.2 m 1

- 4) 3)

argin Life

p (EUR

Pure BA P/C P/C ranking,PureexcludingBA Direct

1,195 2016 2016 channel market market channelshare(sum P/C of direct companies)

1.9 942 254 mn

)

3Q17 2.3% Life P/C

Assimoco Highlights 2014 2007 2006 1995 1987 1966 Keymilestones . . . . . A rating from S&P in 2017 7.2mn customers Front runner in digitalization and product innovation Successful 2 Solid contributor to Group operating profit:   

Assicurazioni Long lasting and successful Direct channel salesforce, ~3,800 bank branches and ~2,300 Large

in P/C, P/C, in 4 Acquisition Acquisition 725 of Milano/ givesbirth to Allianz Spa Merger of RAS, RAS Holding merges with Allianz, forming Allianz SE Allianz buys Lloyd Allianz buys majority a stake RAS in Allianz enters the Italian market agent agent network:

multichannel multichannel distribution th

in Life in Life in 2016

#3 in BAP/C #1 with#1 ~ in

Lloyd 2016 Adriatico ~2,700 ~2,700 agents 31%

Adriatico 4

and Bancassurance 3 Sasa

market market

and CreditRas

( and and Allianz

MiSa platform platform (2016): Unione with share ~18,000 secondary

) agencies from

Vita #3 in BALife market

agreement: agreement: Subalpina 2

FAs Subalpina

CreditRas

UnipolSai

. unrealized gains/losses on debt securities securities DAC)shadowdebt(netgains/losses andunrealizedof on.

Product Product Health 5% Other 5 Traditional Property13% Accident Liability

Italy (2) Italy % 6 9% %

mix (GPW) mix(GPW) 2

Unit - linked 72% linked Motor 61%

Allianz Distribution 12% Pure Direct & brokers Headquarter Banks 4% FAs 34%FAs Agents 11% & Headquarter brokers brokers goodwill; Assistance P/C market 1.0% Assistance (whichshare2016in additionaladd

7 8%

Life %

RoE mix(GPW) refers to Life andLife to

Banks Banks 47% Agents 7 Health

Market Market shares Intesa Unipol Paolo 20.0 21.3 95.6 San

)

Generali Poste 16.6 15.3 92.5 Vita

Generali 15.0 12.6 84.8 2016

Cattolica 93.2 8.0 5.4 1

(GPW

Unipol Mutua Reale 98.8 5.8 5.3 Combined Combined ratio ,

%) Aviva 94.7 AXA 3.9 4.8

Paribas Zurich BNP 90.2 3.5 3.6 (%)

RoE 2

21.0 7.4 2016 (%)

Petros Papanikolaou CEO Central and Eastern Europe

London, November 30, 2017 . . . Market . . . . Key data ( 2) 1) Central and Eastern Europe at a glance at a Europe Eastern and Central Allianz CEE Allianz   Overall attractive growth outlook with Competitive landscape: demand growth small Mostly markets differingwith Internal data based on publiclysources onavailable based data Internal Czech Romania, Republic,Croatia,CEE Hungary,Poland, Slovakia, Bulgariaincl. 7 a insurance Compared to Western Europe, levellow market Insurance Economic Large long but but with long L/H however, P/C many many sub specifics : : population of ~ of population -

impacted impacted regulation by and term Market Market relatively Market to continue Market continue to with solid especially in Life (e.g.PL, CZ) CEE 7 density and growth restarted growth margin pressure in some growth growth potential - scale scale players - term term

1 GPW GPW )

growth potential penetration penetration presents 95mn 95mn Fragmented Fragmented markets above EUR underdeveloped , upside expected

profitability, decreasing growth, 27bn

markets

GPW GPW Poland 1.0% 12.8

7.4 5.5 bycountry

Republic 4,664 Czech - 2.6% 4.9 2.8 2.2

(EUR

bn Hungary 4.2% ) 3.0 1.5 1.4 2

1,560 Romania 9.5%

2.1 1.7

0.4

1,777

Slovakia

1.0% 1.0 1.1 2.1

1,318

Croatia 0.8% % 1.2 0.8

P/C L/H CAGR 2014 CAGR growthMarket

858

0.4

Bulgaria 7.9% 1.0 0.8 -

2016 934

0.2

consolidated based

2017 (CEE 7)2017

on publicly based

available on Total GPW Total GPW EUR2.6bn Total GPW Total GPW EUR2.6bn group Traditional Protection 9% UL P/COther Property Motor Croatia Bulgaria Romania Hungary CzechRep. 18% Poland Slovakia

sources

ownership and , , %)

;

Eastern Europe (1) Europe Eastern

11% 12% 19% 41% 11% 16% 21% 22% 8 6% 6% % 4) 3)

New OEs become part of CEE region as of January1 of CEE New of as region OEs become part L/Hincluding asset Operating profit trend (EUR Revenue trend (EUR 93.3% m 1,676 2,580 2014 2014 299 167 118 857 anagementpensionand

14 47

CAGR +2.5% CAGR CAGR +1.2% CAGR 95.5% 1,732 2,602 2015 2015

277 141 129 818

und businessund

7 52

st , 2018 )

2,641 92.8% 1,836 2016 2016 174 124 756 314

) 16 49

P/C L/H BA P/C L/H BA ratio Combined

. . . . Highlights Financial figures newOEs Ukraine Russia Austria NBM 2016: NBM 2016: 6% products focus realization of Long in Strong position (top 3 in Serving 2016

all the - markets except markets in

term term

on region

~7.4 ~7.4 million , processes and

harmonization benefits benefits expected 1 (EUR (EUR

regional GPW 1,397

189 mn 4

) customers

transformation with overall) Poland of (EUR (EUR organization

101 OP 4 26

from from

0 mn

)

101.1 CR (%) 97.9 94.1

P/C and L/H. Internal data based on publicly available sources; legal entities consolidated based on group ownership;R groupCzechon publicly based sources; legal onentities consolidatedavailable based data Internal L/H. P/C and Compared2015to activities banking representingbusiness, Corporate fund pension and L/Hincludingasset management OP Total regionalincl. holding 2016

1,836 EUR mn 340 249 403 304 361 104

76 Revenues

- ∆ 16 12 14 11

- % 6 1 1 3

174 EUR mn 67 17 23 29 28 14 6

OP P/C 1

- - ∆% 23 21 19 23 16 27 9 -

11 34 15 21 13 10 14 % Market Market share 6

position

# 4 1 2 5 1 3 3 1 /

epu blic incl. incl. blic regular premium market life only EUR mn 805 243 136 113 110 107 26 72 Revenues

- ∆% 30

- - - - 7 2 7 2 4 2 1

L/H & CorporateL/H 140 EUR mn 35 11 22 13 16 19 29

OP 1

- ∆% 15 19 13 41 - 4 2 0 5

21 19 26 % Market Market share / 7 7 3 8 7

position 4

12 # 5 2 4 7 4 1 1

value creation through regional operating model operating regional through creation value

business model business From 2018 From 1 consistent 1 RU AT UA SK RO PL HU CZ HR BG

Unified & simplified Three keyThree Harmonized IT business elements processes products platform

property claims claims retail retail motor & Outcomes 1 1 1 IT

common common common system j ourney product product

Impact 2020e Impact Operating vs. 2016 vs. Revenues +27 +19 % % profit

George Sartorel CEO Allianz Asia Pacific

London, November 30, 2017 . . . . . Allianz . . . . . Highlights 3) 2) 1) Asia Pacific ataglance Asia Pacific Allianz Asia PacificAllianz Insurance penetration = premiums = premiums penetration Insuranceas % of I Limited direct direct Diversified channels across agency, Leading insurer P/C in Malaysia Top 5 Life/Health insurers in Asia’s Offers Life, Health & protection P/C Wide footprint, present in this “lift GDP/capita reaches 15k: Asia markets are approaching Exponential life penetrationinsurance uplift costs presents clear protection gap Ageing demographics and rising class/affluence penetration, rapid urbanization and rising middle Unprecedented demand in Asia from lowstems 2016 (vs Formidable insurance premiums growth, +17% 60% for of global insurance growth World’s fastest nsurancedensity = premiums capita(EUR)per access access foreignfor in Asia and and digital fastest - off” off” point . +0.2 . region & & Thailand

growing markets % in Western -

growing insurance accounts market,

platforms – firms; business firms; healthexcluding

particularly in Southeast Asia,

Malaysia and Laos 9 9 markets

Europe and +5 Indonesia, GDP

out

4 across - banks,

pocket medical

% 5) 4) occurs occurs when LatAm Source: AllianzResearchSource: The in -

9 China th

market market is ( Japan

)

run Database - 2016 GPW by countries off off AZAPfootprint P/C P/C L/H penetration L/H company

density penetration density )

2 2

3 3

+23.1 China 172 237 366 129 1.3 2.4 93

(EUR Taiwan +6.8% 3,235 15.6 248 1.2 76 82 6

)

Thailand +3.9% 185 1.5 3.4 18 79 13 5

Indonesia + 23.3% 0.4 1.3 14 44 15 11

Malaysia +3.7% % 223 115 1.3 2.6 10

7 Total Total L/H P/C

growthvs. Philippines +0.1% 0.5 1.3 14 34 5 3

1 2015

0.4 +17.1% Lanka

0.6 0.5 21 19 Sri (local currency) 1

0.4

+ 0

12.7% Laos n.a n.a 0.4 0.1 8

. .

Asia and the Philippinesthe and

Total GPW Total GPW EUR4.8bn Total GPW Total GPW EUR4.8bn Pacific Pacific (1) Other P/COther Fire Motor L/H Other China T Indonesia Malaysia Taiwan hailand

4) 3)Localcurrency

2014

- 2016; AZAP CAGRAZAP 2016; 85% 13% 17% 17% 19% 32% 6% 3% 7 2% % 1

+7% Operating profit trend (EUR Revenues trend (EUR APE andAPE 95.2% 4,086 4,808 2014 2014 212 155 722 57 +12%

VNB; includePrudentialVNB; Asian peers CAGR +1.5% CAGR CAGR +3.7% CAGR 93.5 5,065 5,839 2015 2015 235 161 774 74

3 3

mn ) 4,820 96.8 4,076 2016 2016

166 745 223 58 mn

, AIA, GreatAIA, ,

)

L/H P/C L/H P/C Eastern ratio Combined

...... Highlights (Indonesia, (Indonesia, Thailand and China) diversification P/C consistentlyhigher health L/H growth in entities most Solid value creation with double our preferred segments strong presence competitors In Southeast Asia, contributor Asia is currently value creation We laid the partnership networks and digital platforms with 2016 – – investments

has has been a

active product shift to good good progress in

for a for more resilient portfolio;

foundation for growth and growth for foundation within Allianz Group 4 . We We .

in growing entities #3 new business #3 new value

and and growshare market in made made into expanding year of we aspire aspire to expand our

than than Group levels grew

product

transition

protection &protection faster faster than -

digit volume

NBM

key . 23

© Allianz SE 2017 3) 2) 1) Allianz Asia PacificAllianz Allianz in Allianz China Total Thailand Taiwan Sri Lanka Philippines Malaysia Laos Indonesia After After minorities Localcurrency; GPW: internalgrowth Koreamarkets, MainSouthexcluding all data 2016

Asia EUR 745 455 129 mn 18 28 41 74 - -

GPW

Pacific Pacific (2)

+30.7 +42.7 - +2.5 n.m. ∆%

- - 11.6 1.3 4.8 - -

5) 4) EUR mn 58 71 - - - 0 3 - - 2 3 8

At At constant includes costs holdingTotal AZAP

OP 1 P/C

- - 13.9 n.m. n.m. n.m. ∆% 89.1 22.6 0.0 currencies - -

11.9% Market Market share / 1.1% 6.0% 1.8% 0.1% 64% % - - -

position

26 13 42

# 5 1 1 - - -

4,076 1,546 EUR 789 458 748 499 mn 29 6 -

GPW

+10.8 +16.9 - -

+7.6 +7.9 +5.6 n.m. ∆% 18.4 42.3 -

EUR 166 mn 75 10 26 89 11 - 1 - 5

+82.0 +34.5 +20.6 - +6.7 n.m. n.m. n.m. ∆% 11.3 -

- 4.7 5.2 2.8 6.7 7.5 4.1 2.7 % - -

NBM

L/H 3 ∆%

+0.6 +0.0 +1.8 +1.1 n.m. - - 2.0 0.2 - -

- p

EUR - 177 mn 23 43 26 58 28 0.4 - -

VNB

3 +45.2 +34.4 +23.9 - -

- n.m. ∆% 20.9 41.7 5.0 - -

2 5

5.5% 1.7% 1.6% 1.5% 6.1% 6.6% 0.1% Market Market share % - - / position /

11 10 55 # 7 9 6 4

- -

© Allianz SE 2017 Promise of Promise Allianz Asia PacificAllianz Asia insurance penetration vs.GDP per capita (2017) 3) 2) 1) Life insurance penetration . . (~60%)growth global ofAsia remains contributor biggest 0% 1% 2% 3% 4% 5% 6% 7% Source: BrookingsSource: middle income as DevelopmentUSD daily of Bank; Asian class and4 defined Autonomous Source: Source:Autonomous the the Philippines potential zone ManySoutheast markets Asian belong to this “lift - whenGDP per capita reaches USD15k Exponential life insurance penetration uplift occurs

several

0 - off” point

Asian markets are approaching this 10 USD 15K USD

Institution

–

and Asian DevelopmentAsian and

Thailand, Malaysia,Indonesia, 20 Asia demands a Asia demands Korea

30 Japan Bank; life life Bank; 40 GDP per capita (USD ’000)(USD capita per GDP

insurance 50 Singapore

penetration: 60 different business business different

policyholder in% of 10 20 30 40 50 60 70 (2017, %) Share of population in middle class Asia 0 . . class Rise in of middle Asia China

byEurope (14%) Asia by2030, followed come class willfrom 65% of worldmiddle (from +30% in China to +107% in Vietnam) growth from 2016 to be 2030willimpressive to purchase life insurance. Middleclass population Higher propensity for Asia’semerging middle class +16

India 2010 +24

- population 20 Indonesia

+17 3 2016

Malaysia

5) 4)

+7 Source: PR Source: Newswire online Source

Philippines 2020 model World (%)World 2030 byclassmiddle

in : “Hootsuite” : ‘We and Social’; whoarepopulationof bought% penetration:

+12 the past month, M month, past the

Thailand 14 7

2030 5

+9 4

Vietnam CISION

65 ∆

- +27

commerce defined as making making commerce via as phonethis purchase defined % Asia

p 2016/30p 2

Total

Asia

+19

(2017, %) E . . . . commerce speed Mobile at grows higher 41 - ID commerce and M 155

Softbank Softbank USD12.5bn valuationat Recent examples fully Market rewards highlydigital attackers, who global Asia faster in Asia than globalaverage M -

commerce commerce consumption growing significantly -

onboarded 38 Pacific predicted to account for half PH

B2CE 85

51 USD10bn TH -

commerce commerce sales by 60

- mobile

60 ZhongAn SG - Growth M of E

commerce growth Asia something - profit profit / market cap commerce commerce penetration (2017

commerce commerce markets 52 MY

31 ); IPO IPO USD1.5bn /

- commerce commerce shoppers ( 2021 72

of USD99bn

45 CN

25 are

World 51 yoy

4 43

)

© Allianz SE 2017 2) 1) Our Allianz Asia PacificAllianz Get Get fit . . . . Excluding CR sample keyAsia peers.incl. OP group peer onBased Asia Asia 9M/2017     executive board Asia Institutionalized Build Transform Solve in 182.9 9M 16 9M %; data excludes South KoreaSouth excludes data%; For joint For joint leadership and execution, built up succession Recruited strategy Asia for CXOs Malaysia Digital agency up set in Taiwan, Thailand, Group Operating Operating profit A

Malaysia sia strategy sia regional capabilities regional legacy book

+21% solvency uplift solvency uplift 9% of

(2016: CR 90.4%) and Laos (2016: CR(2016:82.0%) CRLaos (2016: 90.4%)and , Indonesia agency model – 221.0 9M 17 9M

top

quartile results

Korea

regional execution

517.5 9M 16 9M

- p APE APE (sales)

, +40% APE and VNB VNB andAPE

725.3 9M 17 9M

in EURin

mn ;

Transform . . . New business New business value       150.1 Retail Retail Life Restructure P/C 9M 16 9M 4) 3) Allianz Digital Banca model customer pools ( >16 digital partnerships access to large Successful product shift China, in Taiwan ~45% in unit Healthy product mix ~30% with in protection, Roll out of common platform in region API = API Programming Application Share products transformation +40%

digital model model digital of the cumulated value over2015value cumulated the of

- as

210.4 9M 17 9M - a - - Service linked, NBM 5

eg ,

Uber 118.2 –

12M 16

via data via data science + Interface Combined Combined ratio , Go

% - 9M at achievedalready 2020

- - 109.9 8.3% 9M 17 9M Jek )

12M 17 2

API

2017 . . . Regional franchise

  Smart    Digital   Allianz Customer, One One Invest productivityInvest dividends in future Leverage regional synergies Opportunities Build financial ecosystem beyond insurance Simplicity, modularity, speed Response to changing customer and integrated development Joint go of 2020 of target 37% OP productivity attacker attacker strategy 3

to - market market customer for growth, –

health

; VNB of 2020 of 2020 target 43% regional scale regional , 3

direct

view

- , P/C

to 3 - producer in rd market

needs

VNB largest Group

growth

© Allianz SE 2017 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

and management's

the statements

differ

deviations

expectations Group's

severity (v)

development economic (particularly

- risks

looking statements persistency materially

core and of

contained may

insured

current conditions

business and market uncertainties of

from arise

levels, loss

other

views loss

volatility, expenses, herein those due

and and

(vi)

forward events,

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