Allianz (1) © Allianz 2023 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------|-------------------|-------|-------|-------|-------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | Group financial results | | | | IFRS 9/17 | | | | FY 2022 and 1Q 2023 | | | Allianz Investor Relations App | | | | | | | | Apple App Store | Google Play Store | | | | | | Munich May 12, 2023 Allianz (@ This page is intentionally left blank Content/topics Allianz (1) 1 Group financial ...

Financial Data and Key Metrics Changes - The company reported a record profit of €14.2 billion for 2022, significantly exceeding the previous outlook of €13.2 billion, demonstrating strong resilience in a challenging environment [4][38]. - The solvency ratio improved to 201%, indicating a strong capital position, with a focus on reducing volatility and enhancing resilience [7][49]. Business Line Data and Key Metrics Changes - Property and Casualty (P&C) segment achieved an operating profit of €6.2 billion, an 8% increase from the prior period, supported by stable combined ratios and higher investment income [40][59]. - Life/Health segment reported a record operating profit of €5.3 billion, with a strong new business margin of 3.8%, reflecting successful efforts in both in-force and new business [41][61]. - Asset Management generated an operating profit of €3.2 billion, which, while lower than previous periods, was considered resilient given the challenging market conditions [42][72]. Market Data and Key Metrics Changes - The P&C segment experienced a revenue growth of 9.5%, primarily driven by pricing adjustments in response to inflation [50]. - The life segment saw a decline in growth rates, with a reported -17% growth, but adjusted for one-offs, the decline was only -8%, indicating a more stable underlying performance [60]. Company Strategy and Development Direction - The company emphasized a disciplined capital management strategy, committing to returning excess capital to shareholders while maintaining a focus on growth and resilience [9][32]. - There is a clear intention to enhance productivity across all segments, with ongoing efforts to transform the life business from a spread-based to a fee-based model [21][66]. Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2023, projecting an operating profit of €14.2 billion, with specific targets of €7 billion for P&C and €5 billion for Life/Health [75][76]. - The company is preparing for potential challenges in the Asset Management segment due to lower asset bases but remains optimistic about inflows and performance improvements [78]. Other Important Information - The company has committed to addressing the impacts of the Structured Alpha incident, ensuring client compensation and reinforcing risk management practices [14][15]. - A significant focus on sustainability and climate change initiatives was highlighted, with progress reported on commitments to sustainable development goals [29]. Q&A Session Summary Question: Outlook under IFRS 17 and assumptions for Asset Management - Management clarified that the outlook remains consistent across accounting standards, with a focus on conservative assumptions for growth and combined ratios in P&C [80][81]. Question: Cash flow and pricing strategies in challenging markets - Management acknowledged the importance of cash flow and indicated that pricing strategies are being adjusted to improve performance in markets like Spain and the UK [89].

Financial Performance Highlights - Allianz achieved a record operating profit of EUR 142 billion, a 6% increase year-over-year[4] - The Group's total payout to shareholders amounted to approximately EUR 65 billion, including a proposed dividend of EUR 1140 per share and a EUR 2 billion share buyback[4,7,8] - Shareholders' net income increased by 19% to EUR 6738 million[28] - The Group's solvency ratio stood at 201%[4,7] Segment Results - The Property-Casualty segment experienced strong revenue growth of 12% and an operating profit of EUR 62 billion[4,10] - The Life/Health segment achieved a record operating profit of EUR 53 billion[10] - The Asset Management segment reported resilient revenues of EUR 82 billion and a solid operating profit of EUR 32 billion[10] Sustainability and Environmental Targets - The company is ahead of schedule on environmental targets, including a 25% reduction in the carbon footprint of proprietary investments from 2019 to 2022[20] - Renewable electricity usage in operations reached 89% in 2022, progressing towards a 100% target[20] Outlook and Capital Management - The outlook for 2023 anticipates an operating profit of approximately EUR 142 billion, plus or minus EUR 1 billion[23] - The company maintains a disciplined capital management approach, with an average payout ratio of 79%[22]

Allianz SE (OTCPK:ALIZF) Q3 2022 Earnings Conference Call November 10, 2022 8:30 AM ET Company Participants Oliver Schmidt – Head-Investor Relations Giulio Terzariol – Chief Financial Officer Conference Call Participants Andrew Sinclair – Bank of America Andrew Ritchie – Autonomous Peter Eliot – Kepler Cheuvreux Will Hardcastle – UBS Michael Huttner – Berenberg Vinit Malhotra – Mediobanca Ashik Musaddi – Morgan Stanley Dominic O'Mahony – BNP Paribas Exane James Shuck – Citi Oliver Schmidt Yes. Good afternoo ...

Financial Data and Key Metrics Changes - The company reported a revenue growth of 4% for the first half of 2022, primarily driven by strong performance in the Property-Casualty (P&C) segment [3][4] - Operating profit for the first half was EUR 6.7 billion, representing 50% of the annual outlook of EUR 13.4 billion [4] - Net income for the quarter was EUR 1.7 billion, impacted by below-the-line items, but adjusted net income would be closer to EUR 4 billion [7][10] Business Line Data and Key Metrics Changes - In the P&C segment, operating profit reached EUR 1.6 billion, exceeding expectations, with a combined ratio of 93.6% for Q2 [9][18] - The Life segment achieved an operating profit of EUR 1.1 billion, despite a challenging market environment, with a new business margin over 4% [25][23] - Asset management reported an operating profit of EUR 800 million, in line with expectations, but faced outflows of EUR 43 billion, primarily from PIMCO [6][29] Market Data and Key Metrics Changes - The company experienced a solvency ratio of 200%, indicating strong capitalization and resilience to interest rate changes [11] - The asset management segment saw a reduction of EUR 160 billion in assets under management due to market conditions, but the impact was moderated by currency appreciation [30] Company Strategy and Development Direction - The company is focused on maintaining a strong combined ratio and is actively managing pricing strategies to counter inflationary pressures [15][96] - There is an emphasis on capital deployment to create shareholder value, with ongoing buybacks and strategic acquisitions [40][83] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the midpoint of the annual outlook, despite challenging market conditions [39] - The company is prepared for potential inflation impacts and is adjusting reserves accordingly, with a focus on maintaining profitability [60][81] Other Important Information - The company completed a EUR 1 billion share buyback recently, reflecting confidence in its financial position [40] - The impact of the Ukraine situation on underwriting results is estimated at EUR 150 million, with a conservative approach to reserves [116] Q&A Session Summary Question: AGI's pro forma cost-income ratio post-U.S. asset sale - Management expects the cost-income ratio to stabilize around 67% following the Voya transaction, with efforts to improve efficiency [45][46] Question: Pressure on underwriting income from investment income - Management indicated that while investment income is rising, it is not significantly impacting pricing strategies in the P&C business at this time [47][48] Question: Expectations for reserve releases amidst higher inflation - The runoff for the quarter was elevated at 4.3%, with expectations for a normalized rate around 2.5%, but potential for higher due to conservative reserves [50][51] Question: Current status of COVID provisions - Management noted that specific COVID provisions are nearing an end, but reserves for other lines of business remain healthy [53] Question: Competitive landscape in Germany - The German market is competitive but not excessively so, with a combined ratio of 91.3% indicating a stable environment [87][88]

Allianz (1) © Allianz 2022 Group financial results 2022 Allianz Investor Relations App Apple App Store Google Play Store Munich May 12, 2022 Content/topics Allianz (@) 1 Group financial results 1Q 2022 2 Additional information Glossary Disclaimer GROUP FINANCIAL RESULTS 1Q 2022 Group Property-Casualty Life/Health Asset Management Total revenues 1Q 22 in EUR bn (internal growth vs. prior year in %) 44.0 (+3.8%) 21.5 (+6.6%) 20.7 (+1.0%) 2.1 (+6.3%) Operating profit 1Q 22 in EUR mn (vs. prior year in %) 3,238 ...

Financial Data and Key Metrics Changes - The underlying performance in Q1 2022 showed solid growth in revenue, particularly in the Property-Casualty segment, which experienced an internal growth of 6.6% [2][12] - Operating profit decreased slightly compared to the previous year, primarily due to higher natural catastrophes in the Property-Casualty segment [3][19] - Net income was impacted by a charge of EUR1.6 billion related to Structured Alpha, but adjusted net income was EUR2.2 billion, aligning with expectations [6][32] - The solvency ratio decreased by 10 percentage points to approximately 200%, still above the target threshold of 180% [11][32] Business Line Data and Key Metrics Changes - The Property-Casualty segment reported an operating profit of EUR1.4 billion, with a combined ratio showing a deterioration in retail but improvement in commercial lines [14][19][16] - Life segment operating profit remained stable at EUR1.2 billion, with a positive trend in new business margin despite market volatility [20][21] - Asset Management saw a reduction in assets under management by 5%, with negative flows at PIMCO but positive flows at AGI [25][26][29] Market Data and Key Metrics Changes - The market impacts included a 5 percentage point reduction in the solvency ratio due to market movements, inflation, and geopolitical factors [9][10] - The investment income in the Property-Casualty segment increased, with expectations of higher returns due to reinvestments in a favorable rate environment [18][86] Company Strategy and Development Direction - The company is focused on capital management, including a buyback program totaling EUR1.5 billion, reflecting a commitment to shareholder returns [33][32] - There is an emphasis on refining risk management strategies, particularly concerning tail risks and accumulation risks in the P&C segment [65][66] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment, noting that while inflation poses challenges, rate increases are generally aligned with severity and frequency trends [54][56] - The company is monitoring social inflation and litigation finance risks, particularly in the U.S. market, while maintaining a cautious approach [64][63] Other Important Information - The company is actively managing its exposure to Structured Alpha, with ongoing efforts to resolve related issues and ensure timely resolutions [77][76] - The investment margin in the Life segment is expected to remain stable, with potential for improvement depending on market conditions [23][20] Q&A Session Summary Question: Outlook for yield and investment margin guidance - Management indicated that the increase in investment income is partially driven by inflation-linked bonds, with expectations for the investment margin to remain stable or improve depending on market volatility [37][39] Question: Retail motor pricing and operational inflation - Management noted that while there are pressures in the UK market, other regions are seeing positive rate changes, and operational inflation has not yet significantly impacted the expense ratio [53][56] Question: Social inflation and litigation finance - Management acknowledged the importance of monitoring social inflation and indicated that litigation finance is not currently a focus but will be reviewed [64][63] Question: COVID reserve releases and Structured Alpha - Management confirmed that there is potential for further reserve releases related to COVID, and updates on Structured Alpha will be provided as more information becomes available [76][77]

Financial Data and Key Metrics Changes - Revenues increased by 6% to nearly €150 billion, with operating profit rising by 25% compared to the previous year [7][8] - Shareholders' net income slightly decreased due to a €2.8 billion charge related to litigation and structured alpha [8][47] - The solvency ratio for 2021 stands at 209%, even after accounting for structured alpha impacts [9][49] - Return on equity (ROE) is reported at 10.6%, down from 14.9% before the structured alpha charge [9][47] Business Line Data and Key Metrics Changes - Property and Casualty (P&C) segment achieved an operating profit of €5.7 billion, with a combined ratio of 93.8% [46][49] - Life segment reported an operating profit of €5 billion, with a new business margin exceeding 3% [46][64] - Asset management delivered an operating profit of €3.5 billion, with a strong reduction in the cost-to-income ratio [46][76] Market Data and Key Metrics Changes - The P&C segment experienced a growth rate of 4% for the year, recovering from a negative growth in the first quarter [55] - The investment income exceeded expectations, contributing positively to the overall performance [46][49] - The life business is becoming accretive to the solvency ratio development, with strong organic capital generation [50][64] Company Strategy and Development Direction - The company is focused on transforming its balance sheet to be more capital efficient and less volatile, particularly in the life insurance segment [6][10] - There is a commitment to driving growth through a combination of life and asset management, leveraging competitive advantages [24][26] - The company aims to maintain a string of pearls acquisition strategy to strengthen market positions across various regions [42][80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to absorb shocks and reduce volatility in the future [7][9] - The outlook for 2022 is set at €13.4 billion in operating profit, with expectations for continued growth across segments [79][80] - Management emphasized the importance of managing tail risks and improving combined ratios in the P&C segment [34][87] Other Important Information - The company announced a €1 billion share buyback program, expected to be completed by summer 2022 [10][84] - There is a strong focus on ESG initiatives, with progress towards achieving set targets for 2024 and beyond [54][72] Q&A Session Summary Question: Share buyback timing and expectations - The share buyback of €1 billion is expected to be completed by summer 2022 [84] Question: Capital Markets Day targets and baseline - The target for operating profit growth is deemed achievable, with a baseline slightly higher than previously indicated [84] Question: Focus areas in non-life businesses - Turkey's high combined ratio is noted, but the investment income remains strong, indicating operational success [85][87]

Allianz SE (OTCPK:ALIZF) Q3 2021 Earnings Conference Call November 10, 2021 8:30 AM ET Company Participants Giulio Terzariol – Chief Financial Officer Unidentified Company Representative – Unidentified Conference Call Participants Andrew Ritchie – Analyst Peter Eliot – Analyst Michael Huttner – Analyst Fulin Liang – Analyst Will Hardcastle – Analyst William Hawkins – Analyst Dominic O'Mahony – Analyst Vinit Malhotra – Analyst Unidentified Analyst – Analyst Operator [Operator Instructions]. And with that, I ...

Call Start: 08:00 January 1, 0000 9:34 AM ET Allianz SE (OTCPK:ALIZF) Q2 2021 Earnings Conference Call August 6, 2021 08:00 ET Company Participants Oliver Schmidt - Head, Investor Relations Oliver Bäte - Chief Executive Officer Giulio Terzariol - Chief Financial Officer Conference Call Participants Peter Eliot - Kepler Cheuvreux Andrew Ritchie - Autonomous Michael Huttner - Berenberg William Hawkins - KBW Farooq Hanif - Credit Suisse Vinit Malhotra - Mediobanca Ashik Musaddi - JPMorgan Operator Ladies and g ...