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 ...

Investor Relations Release reinhard.lahusen@allianz.com +49 89 3800 17224 christian.lamprecht@allianz.com +49 89 3800 3892 tobias.rupp@allianz.com +49 89 3800 7151 Munich, August 6, 2021 oliver.schmidt@allianz.com +49 89 3800 3963 investor.relations@allianz.com www.allianz.com/investor-relations Allianz stays well on course in second quarter 2021 • Total revenue growth of 10.9 percent in 2Q 2021 • 2Q 2021 operating profit of 3.3 billion euros • 2Q 2021 net income attributable to shareholders up 45.7 percent ...

Financial Data and Key Metrics Changes - The company reported a flat revenue, primarily due to the Property-Casualty and Life Health segments, while Asset Management showed positive development [5] - Operating profit reached €3.3 billion, exceeding the prior period and the full-year outlook of €12 billion [5][7] - Net income was €2.6 billion, benefiting from strong operating performance and no impairments during the quarter [7][47] - The solvency ratio improved by 3 percentage points, reaching 210%, with a pro forma adjustment indicating a 7 percentage point improvement [8][10] Business Line Data and Key Metrics Changes - The Property-Casualty segment experienced a growth rate of -1.6%, attributed to the COVID situation, with expectations for normal growth rates post-COVID [11][12] - The Life segment saw production increase by 8%, with a new business margin improvement of 10 basis points, particularly in Protection & Health [23][24] - The Asset Management segment achieved a record level of €2.4 trillion in assets under management, with strong inflows of €40 billion [35][37] Market Data and Key Metrics Changes - The market conditions were favorable, with interest rates rising, contributing to an 8 percentage point improvement in the solvency ratio [10] - The company noted stable rate momentum in Property-Casualty, with strong rate increases in the industrial business, particularly in Italy [14][15] Company Strategy and Development Direction - The company aims to maintain a cost-income ratio below 67% while considering investments in the business [55] - There is a focus on improving profitability in the Commercial Lines business and a cautious approach to growth in the Property-Casualty segment [12][106] - The company is exploring M&A opportunities while balancing buybacks, maintaining a disciplined approach to capital allocation [78][116] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to 2021, with expectations for continued positive performance despite the challenges posed by COVID [7][51] - The impact of COVID in Q1 was neutral, with expectations for no negative impact on 2021 targets moving forward [119][120] - Management indicated that the combined ratio of 93% in Property-Casualty is a target they are comfortable with, with potential for improvement [95] Other Important Information - The company reported no impairments during Q1, contributing to strong net income [47][33] - The investment margin for the Life segment exceeded €1 billion, with expectations for it to remain at the upper end of the projected range [32][34] Q&A Session Summary Question: Sustainability of AGI's cost-income ratio - Management expects a sustainable cost-income ratio of 61%, with a target of 67% achievable as they invest in the business [55][56] Question: PIMCO's internal asset margins - No changes have been made to the pricing structure for PIMCO's internal assets, with any increases attributed to the inclusion of Allianz Real Estate [60][61] Question: Outlook for Euler Hermes - The underlying combined ratio is better than reported, with expectations for stability in 2021 and 2022 [62][63] Question: Premium growth in P&C - Management clarified that the expected premium growth of 5% to 6% was a forward-looking statement, with actual expectations for flat revenue growth [93][94] Question: M&A strategy - The company continues to pursue a bolt-on M&A strategy, with no changes to its approach [116][117]

1Q 2021 Giulio Terzariol Chief Financial Officer Analyst conference call May 12, 2021 © Allianz SE 2021 CONTENT1GROUP FINANCIAL RESULTS 1Q 2021 2 ADDITIONAL INFORMATION GLOSSARY DISCLAIMER Group financial results 1Q 2021 Group: good start into the year | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|--------|-------------------------------------------------|-------|-------|----------------------------|-------|--------------------------|--------------------- ...

Financial Data and Key Metrics Changes - Allianz reported revenues of €140 billion, an operating profit of €10.8 billion, and a net income of €6.8 billion for 2020, maintaining the dividend flat compared to the previous year [5][6][10] - The solvency ratio improved to 207%, with expectations to remain above 203% even after planned buybacks [9][61] - The return on equity (ROE) was reported at 11.4%, impacted by €1.3 billion due to COVID-19 [10][12] Business Line Data and Key Metrics Changes - The Property and Casualty (P&C) segment faced challenges due to COVID-19, resulting in a combined ratio of 97.4% for Q4 [54][67] - The Life segment achieved an operating profit of €1.4 billion, with a positive COVID impact of €200 million in Q4 [55][79] - Asset Management reported strong performance with an operating profit of nearly €900 million and €30 billion in inflows for the quarter [56][60] Market Data and Key Metrics Changes - Overall growth rates were reported at -1.5%, but adjusted for consolidation and FX effects, growth was at 1.3% [63] - The combined ratio for the P&C segment was 96.3%, with an accident year claims ratio of 68.6% [67][69] - The investment income decreased by €300 million due to lower bond income and reduced equity holdings [72] Company Strategy and Development Direction - Allianz aims to balance strong financial performance with a robust balance sheet, focusing on resilience and stability [9][30] - The company is committed to diversifying income sources away from pure investment income towards fee and loadings, particularly in protection earnings [27][28] - Strategic priorities for 2021 include driving productivity, simplifying products, and reallocating capital from low-performing businesses [50][51] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for 2021, anticipating challenges from COVID-19, a weakened US dollar, and lower interest rates [46][47] - The company aims for an operating profit midpoint of €12 billion for 2021, emphasizing the importance of delivering on commitments [102] - Management highlighted the resilience of the business model and the importance of maintaining customer and employee satisfaction [42][36] Other Important Information - Allianz has made significant investments in technology, enabling a large portion of employees to work from home effectively [38][39] - The company has been recognized for its shareholder-friendly remuneration system and has increased employee share ownership to over 50% [40][41] Q&A Session Questions and Answers Question: Clarification on AGCS reserve increase and outlook for credit insurance - Management noted that the situation for AGCS is better compared to previous years, with less urgency for reserve increases this year [107][109] Question: Outlook for credit insurance as government schemes run off - Management acknowledged the uncertainty in the credit insurance market as government support diminishes, but did not provide specific forecasts [105] Question: Current run rate for AGI's cost-income ratio and future performance fees - Management indicated that AGI's cost-income ratio had many moving parts, and they would provide further insights on future performance fees [105][106]

Analyst conference call | --- | --- | --- | |--------------------------------------------------------------|-------|-------| | February 2021 | | | | Please note: presentations based on 2020 preliminary figures | | | | Allianz Investor Relations App | | | | Apple App Store Google Play Store | | | AGENDA ACEO ASSESSMENT AND OUTLOOK OLIVER BÄTE © Allianz SE 2021 B GROUP FINANCIAL RESULTS 2020 GIULIO TERZARIOL GLOSSARY DISCLAIMER 10 Analyst conference call | --- | --- | |----------------|-------| | | | | | | | ...

3Q 2020 Giulio Terzariol Chief Financial Officer Analyst conference call November 6, 2020 CONTENT 1GROUP FINANCIAL RESULTS 3Q 2020 © Allianz SE 2020 2 GLOSSARY DISCLAIMER 10 Group financial results 3Q 2020 Group: resilient performance in 9M 2020 COVID-19 impact | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|-------------|-----------------------------------------------------------|--------|-------|----------------------------|--------|---------------------- ...

Allianz SE (OTCPK:ALIZF) Q3 2020 Results Earnings Conference Call November 6, 2020 8:00 AM ET Company Participants | --- | |--------------------------------------------| | | | Oliver Schmidt - IR Giulio Terzariol - CFO | | Conference Call Participants | | Jon Hocking - Morgan Stanley | | Michael Huttner - Berenberg | | Peter Eliot - Kepler Cheuvreux | | Andrew Ritchie - Autonomous | | Farooq Hanif - Crédit Suisse | | Vinit Malhotra - Mediobanca | | William Hawkins - KBW | | Nick Holmes - Societe Generale | ...

2Q 2020 Giulio Terzariol Chief Financial Officer Analyst conference call August 5, 2020 CONTENT 1GROUP FINANCIAL RESULTS 2Q 2020 © Allianz SE 2020 2 GLOSSARY DISCLAIMER 10 Group financial results 2Q 2020 Group: resilient performance in 6M 2020 COVID-19 impact | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|-------------|-----------------------------------------------------------|--------|----------------------------|--------|--------------------------|----------- ...

Financial Data and Key Metrics Changes - Overall revenue slightly decreased, primarily due to a slowdown in the Life business, with operating profit reported at €4.9 billion, which would be €6.1 billion when adjusted for COVID impact [6][10] - The net income followed the trajectory of operating profit, with a combined ratio of 96.7%, which adjusts to below 94% when accounting for COVID impact [7][10] - The new business margin stood at 2.9%, reflecting a strong performance despite significantly lower interest rates compared to the previous year [8] Business Line Data and Key Metrics Changes - The Life segment experienced a 13% decline in growth, leading to an operating profit of €1 billion, which is slightly lower than the previous year but close to planned levels [11][30] - In Property-Casualty, the operating profit decreased by €240 million, with a COVID impact of 3.1% on the combined ratio [19][22] - Asset Management saw €20 billion in outflows over six months, but the second quarter showed positive outflows, indicating strong business quality [9][40] Market Data and Key Metrics Changes - The capital situation showed a Solvency II capitalization ratio of 187%, down 3 percentage points from March, but still at a comfortable level [12][14] - The combined ratio for AGCS was reported at 117%, with 18 percentage points attributed to COVID, while Euler Hermes reported a combined ratio over 100% [22][23] Company Strategy and Development Direction - The company is focused on managing solvency ratios without relying on transitional measures, while also adjusting products to fit a low-interest-rate environment [14][47] - There is an emphasis on maintaining a strong new business margin and improving underwriting results despite the challenges posed by COVID [29][47] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding future uncertainties related to COVID, particularly in regions experiencing new outbreaks [53][56] - The company refrained from providing a specific outlook due to ongoing uncertainties, particularly in the U.S. and Australia [56] Other Important Information - The investment income decreased by €100 million compared to the previous year, driven by lower interest rates and reduced dividends [25][27] - The company noted that the impact of COVID on claims is expected to reach €1 billion by year-end, with a conservative approach to reserving [53][69] Q&A Session Summary Question: Remaining uncertainties and claims impact - Management acknowledged uncertainties related to future COVID developments and confirmed an estimated claims impact of €1 billion by year-end [50][53] Question: Asset Management volume mix and margin sustainability - Management indicated that the current fee margin may stabilize at its current level, with no significant competitive pressure expected [51][57] Question: Transitional approval and its implications - Management explained that the decision to apply for transitional approval was based on long-term regulatory considerations and the potential for future restrictions [60][61] Question: COVID claims and reinsurance recoveries - Management clarified that the current claims estimates do not assume recoveries from reinsurers, and the impact of COVID claims is being closely monitored [106] Question: Life investment margin outlook - Management suggested that the life investment margin may remain around 80 basis points or lower, depending on future interest rate conditions [106] Question: Solvency ratio and buyback status - Management confirmed that the solvency ratio would be approximately 190% without the buyback, and indicated that the buyback is unlikely to resume in the near term [80][75]