Allianz Presentation ML Oct 11

Quality!
Michael Diekmann, Chief Executive Officer Merrill Lynch Banking and Insurance Conference, London, October 2011
Agenda A B C D
Allianz at a glance Dj vu lessons from the crisis European Sovereign Insurance Mechanism (ESIM)
1109_OS_MD Merrill Lynch Conference 2 Allianz SE 2011
Outlook
Allianz at a glance
Segments1,3
Operating profit in % EUR 106bn total revenues1 EUR 1,508bn total AuM2 EUR 8.2bn operating profit1 180% solvency ratio2 EUR 43bn S/H equity2
31% 47% 32% 28% 22% AM P/C
Regions1,3
Operating profit in %
Growth markets Specialty insurance 5% 12% 23%
1109_OS_MD Merrill Lynch Conference Allianz SE 2011
Germany
EUR 44bn market cap2 More than 76mn customers1

L/H Broker markets US, UK, AUS
Western Europe
1) 12/2010 2) 06/2011 3) Relation of positive parts of operating profit
Market positions and brands

Leading P/C insurer globally1 Top 5 in life business globally Top 5 asset manager globally Largest global assistance provider Worldwide leader in credit insurance One of the leading industrial insurers globally Building the leading global automotive provider
1109_OS_MD Merrill Lynch Conference 4 Allianz SE 2011 1) All rankings mentioned on the slide based on 2010 data
Key developments in H1 20111
Strong operating profit despite crisis, slightly below previous year due to high NatCat and negative F/X impact
Total revenues EUR 54.5bn (-2.6%)
Operating profit EUR 4.0bn (-1.8%)
Net income EUR 2.0bn (-28.0%)
1) Percentage changes related to results of first half year 2010
Allianz SE 2011
Shareholders equity EUR 42.6bn (-2.6%)
1109_OS_MD Merrill Lynch Conference
H1
Agenda A B C D
Outlook
My slide shown at this conference in 2003
7 Allianz SE 2011 1109_OS_MD Merrill Lynch Conference
10 years of streamlining
India: Start of JV between Allianz and Bajaj Russia: Acquisition of first stake in ROSNO Acquisition of Dresdner Bank & DIT Merger of Euler & Hermes Formation of Allianz Global Risks Acquisition of Munich Re stake in Allianz Leben Launch of "3+One" Conversion into Allianz SE Minority buyout RAS ICBC: investment and cooperation agreement Foundation of AGCS Announcement of major restructuring in Germany TOM as part of 3+One Minority buyout AGF and AZ Leben Merger and re-branding Italy Allianz Investment Mgmt. (AIM) Turkey: Acquisition of stake in insurance JV Hartford investment Sale of Dresdner Bank (signing) Cominvest acquisition Rebranding AGF to Allianz France Delisting NYSE Initial CPIC investment Agreements with VW, Daimler & BMW 10th anniversary acquisition PIMCO & 20th anniversary East Germany Simplification of holding structures 1109_OS_MD Merrill Lynch Conference Allianz SE 2011 8 Repositioning AGI Merger of Russian OEs
i2s
Start of Sustainability Program and Customer Focus Initiative ADAM becomes Allianz Global Investors
2001
September 11
2002
2003
2004
2005
2006
2007
2008
Earthquake in China Bankruptcy of Lehman Brothers
2009
2010
Earthquakes in Chile and Haiti Historically low interest rates
2011
SARS epidemic in Asia 2nd war in Iraq
Hurricane Katrina
Internet bubble bursting Flood Central Europe
EU initiates Solvency II process Hurricanes in the U.S. and Caribbean Tsunami in Southeast Asia European storm Kyrill U.S. subprime mortgage crisis
Floods in Australia Earthquakes in New Zealand and Japan Political unrest in North Africa European sovereign debt crisis
Allianz well positioned to capture upside potential

1 Stable operating profit1 range 2
Better starting position
Operating asset base
(EUR bn)
FCD2 solvency ratio 180% 120%
Global Lines3 36% 23%
2004
6.3 971
1,681
2005
6.9 2004 H1 2011 2004 H1 2011 2005 H1 2011
2006
9.0
with improved risk profile

Equity gearing5 Banking exposure
(RWA4 EUR bn)
Reinsurance governance
Mega Cat Super Cat Cat bonds, Swaps
2007
10.1
110% 37%
108
Additional Group retention
2008
7.5 2004
9
Retentions of operating entities (OEs)
H1 2011
2004
H1 2011
2009
7.2
4
8.2
and higher profit potential (EUR bn)

Non-controlling interests Combined ratio
98.1% 95.3% 5 year average 3.0%
10y Bund yield

3.5% 5 year average
2010
1.2
2011e
8.0 0.5
0.2
2004
1) Historical reported figures excluding Banking segment in EUR bn 2) Financial Conglomerates Directive 3) Share of Global Lines in operating profit
2010
H1 2011
H1 2011
9
4) Risk Weighted Assets 5) Net equity exposure after tax and policyholder participation as % of NAV
Allianz SE 2011
1
Strong capital
Sound regulatory/economic capital ratios

2002 2007
161% 100% n.a
1H 2011
180%
FCD solvency ratio
Regulatory capital excluding unrealized gains on bonds, but including impairments on Greek sovereign debt Economic capital based on markedto-market sovereign bond portfolio
191%
184%
Economic solvency ratio
100% n.a.
All solvency ratios after 40% net income dividend accrual S&P and A.M. Best ratings affirmed in September 2011
10
Allianz SE 2011
S&P rating
AA negative
AA stable
AA stable
Economic solvency calibrated to 3bps confidence level (Solvency II: 50bps)
1
Strong capital
with moderate sensitivities
FCD solvency ratio 1H 2011 Equities -30% Int. rates -100bp Economic solvency ratio 1H 2011 Equities -30% Int. rates -100bp IFRS S/H equity (EUR bn) 1H 2011 Equities -30% Int. rates -100bp 42.6 39.4 46.3
11
180% 167% 176%1 100% 184% 171% 165%
Equity gearing significantly reduced Regulatory solvency ratio almost immune against interest rate and spread changes Pro-cyclical banking segment discontinued
1) Lower FCD capital driven by change in DAC write-off (shadow DAC) and negative impact from reserve discounting
Allianz SE 2011
1
Strong capital
Sound liquidity
Maturity structure
(EUR bn) 5.5
Senior bonds Subordinated bonds
Mid term financing completed1 - 2011 issuance covers maturities until 2015 - Attractive conditions and intelligent timing - Allianz CoCo structure offers additional protection
0.9
2011 2012
1.5
1.5
1.5
2.0 1.0
2020 2021 2022 2023 2024 2025
2.5
2013
2014
2015
2016
2017
2018
2019
2041
Perpetual
Sensible maturity profile Useful diversification between instruments Over ~EUR 250bn group assets eligible as collateral with central banks2
Duration3 (years)
Assets
1H11 2010 1H11 2010 1H11 2010
Liabilities
4.7 5.5 6.6 6.7 5.7 6.1
Closely matched ALM structure Stable liabilities with long duration profile Limited interest rate sensitivity of operating earnings4 Stable surrender ratios in L/H
P/C L/H Group1

7.4 7.8
3.7 4.0
6.2 6.8
1) Excluding opportunistic transactions 3) Modified duration to allow for asset overhang
2) Amount may vary depending on prevailing regulatory conditions 4) ~ EUR -200mn impact of 100bps lower yield across all asset classes during first 12 months (excluding fair value changes)
2
Sustainable profitability
Balanced portfolio stabilizes operating profit

We delivered
Operating profit1 (EUR bn) and DPS (EUR)
in tough environment
iBoxx EUR overall asset swap spread in bp
5.2
thanks to diversification
OP by business segment in %2
2003 2004 2005 2006 2007 2008 2009 2010 2011e

n.a.
4.0 1.5 6.9 1.8 7.7 2.0 10.4 3.8 10.9 5.5 7.4 3.5 7.2 4.1 8.2 4.5
8.0 0.5
-8 9 11 12 7
60.3 49.0 79.2 115.0
60 58 54 54 55 73 49 47 45
23 21 21 22 26 15 34 31 31
16 12 14 12 12 12 17 22 24
1109_OS_MD Merrill Lynch Conference Allianz SE 2011 13
1.8 -1.1 -3.5 -3.9
0 0 0 0
1) 2)
Historical reported figures Based on historical reported figures excl. Corporate segment and Conso. 2011: H1
Operating profit Dividend per share
Bank P/C
L/H AM
2
Fixed income investment landscape: more than just German Bunds

EMU: 7-10 year corporate bond yields
in %
EMU: Government bond yields

in % 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 2000 2002 2004 2006 2008 2010
12 11 10 9
8 7 6 5 4 3 2 2000 2002 2004 2006 2008 2010
Investment grade
Weighted average yield on 10-year EMU gvt. bonds Yield on German 10-year government bonds
AAA rated German Pfandbrief
BBB rated
Sources: Bloomberg, EcoWin
2
resulting in positive L/H margins despite low interest rates

New business
Business in force
5.5%
0.2%1
270bp
4.9%
Germany Reinvestment yield of 1.5% sufficient to pay all guarantees Government bonds 10ys maturity, ~4.1% 80% A or better
0.2%
~4.2%
Covered bonds 9ys mat., ~4.4% 95% A or better
ITA 11% EM 10% FRA 6% Other 13%
4.5%
4.5%
200bp
2.8% ~30%
~2.2%
~40%
2012e ~2.0%
~30%
Corporate bonds 6ys mat., ~4.1% 92% BBB or better Total2 return 2010 Current3 yield 2010 min. guarantee4 2010 Reinvestment guarantee yield F/I of new 01-06/2011 business4
Based on aggregate policy reserves Based on book value of assets Based on aggregate policy reserves
Harvesting and other Underwriting and expenses
1) 2) 3) 4)
Net of php; in stress scenario higher shareholder share possible Based on IFRS investment + underwriting result Based on IFRS current interest and similar income Weighted by aggregate policy reserves
2
High-quality investment portfolio

High-quality fixed income portfolio
Rating profile2
Conservative asset allocation1

EUR 448.4bn
Cash / Other EUR 6.8bn Real estate EUR 8.6bn Equities EUR 33.4bn 2% 2%
AAA AA A BBB Non-investment grade Not rated3
45% 14% 25% 10% 2% 4%
Debt instruments 89% EUR 399.6bn
1) H1 2011, based on consolidated insurance portfolios (P/C, L/H), Corporate and other 2) Excluding self-originated German private retail mortgage loans 3) Mostly policyholder loans and registered debentures, all of investment grade quality
16
Allianz SE 2011
7%
2
Limited exposure to peripheral sovereign debt

Relative exposure1
100% 100% 100%
Absolute exposure
EUR mn 1H 2011 Ireland Portugal Greece Spain Sub-total

Italy Total
Carrying value 646 780 782 5,077 7,285

29,157 36,442
Unrealized loss (gross) -195

-245 -6 -280 -726

-718 8.1% -1,444 1.6% Carrying value in % of total investments 3.4% 1.7% Unrealized loss (gross) in % of shareholders' equity2 6.3% 3.2% Unrealized loss (gross) in % of required FCD solvency cap.2
All ratios before php and tax!
1) Light grey ratios refer to total exposure (peripherals plus Italy) 2) Ratios slightly overstated, because net unrealized losses are already deducted from S/H equity
2
100.0% 97.5% 95.0% 92.5% 90.0% 87.5% 85.0% 2005
Crisis deserves attention, but dont overlook the positive operative trend
500 400 300 200 100 0
2006 2007 2008 2009 2010 1H 2011
100 80 60 40 20 0 2005 2006 2007 2008 2009 2010 1H 2011
Property/Casualty
Strong accident year profitability Higher retention of profitable business Sound pricing momentum Disciplined cycle management
AY CR ex NatCat Net retention
Life /Health
Consistent reserve growth Solid margins1 Attractively diversified business mix
Technical reserves (EUR bn) - Ihs
OP margin1 (bps) - rhs
1400 1200 1000 800 600 400 200 0 2005 2006 2007 2008 2009 2010 1H 2011
70 68 66 64 62 60 58 56 54 52
Business Steering / Central Functions
Products
Market Management
Distribution
Operations
Asset Management
Strong growth momentum Consistent realization of economies of scale Solid outperformance

1) Operating profit over average technical reserves
3rd p. AuM (EUR bn) - Ihs CIR (bps) - rhs
Corporate
Target Operating Model implemented Improving operational leverage Progressive globalization of scalable businesses
3
Manageable complexity
Continuing optimization of strategic portfolio

Structural improvements
Last 12 months Russia (streamlining) Asset Management (repositioning) Streamlining of holding structures Ongoing AGCS (portfolio consolidation) Latin America (back-office integration) FFIC (IT) Germany (P/C)
Divested and discontinued operations

Last 12 months Banking Hungary Banking Poland Alba (Switzerland) Phenix (Switzerland) Kazakhstan Life Japan1
1) Discontinuation of new business beginning January 2012
Agenda A B C D
Outlook
European sovereign debt crisis: high uncertainty and growing downside risks
Government bond spreads over 10yr
(German government bonds, % points)
22 20 18 16 14 12 10 8 6 4 2 0 May May May
Outsized downward pressure on bank shares
Greece Portugal Ireland Spain Italy
Risk premiums reach record highs Rising tension in the interbank market Stock market crash Pace of economic growth in the Euro area expected to decelerate
Source: EcoWin
Signs of stabilization in the Eurozone periphery

Economic stabilization in EMU periphery?
GDP, index Q1 2008 = 100
105
Decreasing primary deficits reflect consolidation progress, primary balance*, as % of GDP

2011p -5.3 2.1 -1.4 1.0
6 0 -6
2010 Greece Ireland Portugal -4.4 -0.4 1.3 -0.1
100
95
-12 -18 -24
90
85 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2008 2009 2010 2011 -36
*) net lending/borrowing excluding interest payments

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011p
Lower labor costs in Portugal, Greece and Ireland

Total nominal hourly labor costs, index 2008=100
115
Shrinking current account deficits

% of GDP
2 0 -2 -4 -6 -8 -10 -12 -14 -16 -18 -20 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011p
110
105
100
*) working day adjusted except for Ireland

95 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 2008 2009 2009 2010 2010 2011
Ireland
Spain
Greece
Portugal
22
Sources: Eurostat, EU Commission. 2011: own estimates.
Allianz SE 2011
Spain
-30
Eurozone scenarios: gradual fiscal integration or radical change

New measures (Euro summit)
Ongoing slow growth and painful fiscal consolidation
Economic stagnation or double dip recession in 2012
Discretionary decisions and closer fiscal and economic coordination
Political and fiscal union (including Eurobonds)
Dissolution of EURO
Medium to high probability
Low to medium probability
Very low probability
23
Allianz SE 2011
New measures (ECB interventions, EFSF, ESM tools) prevent strong contagion
Greek default and/or serious contagion of bigger EMU countries (Spain, Italy)
Leaving the EU is not the answer

Legal view
Country leaves Euro only Euro and EU
Economic view
Likely impact on peripheral country leaving the EU Extreme pressure on banking system
Positive
Negative
Expulsion extremely arduous, theoretical option only1
Secession
Extremely high funding costs
High tariffs for export in EU
Discontinuation of EU transfers
Devaluation of currency
export
import
24
1) Unanimous consent of all 27 member states required, including the leaving country itself
Allianz SE 2011
Our proposal: the European Sovereign Insurance Mechanism (ESIM)

EUR 1.1tn 0%
Investor 10% Investor 10% 40% 40%
Advantages
Committed funds leveraged up to 3.7 times1 Total coverage up to EUR 2.9tn2 Extension of program does not reduce available funds Terms tailored to specific debtor situations Selected allocation of funds (contrarian to Eurobonds) (Re)enforcement of restructuring targets via pricing and allocation Pricing determined by ESIM (not CDS) Necessary support of banks still possible Feasible within existing legal framework: quick implementation possible Solution of Greeks solvency problem via voluntary exchange of existing bonds into insured bonds above current market values but significantly below par
25
x 2.5
Leverage1
Investor 50%
Investor 50%
100%
Example 1 Example 2
Investors exposure
Insured by ESIM
EFSF (and subsequently ESM) acts as sovereign bond insurer for new funding and exchange offers
1) Lower coverage for selected countries increases leverage, e.g. to 3.7 with 40% coverage for Greece, Portugal and Ireland and 25% for Italy and Spain 2) Current guarantees given to EFSF leveraged via ESIM = EUR 780bn x 3.7 = EUR 2.9tn
Allianz SE 2011
EFSF ESM funds (EUR 440bn)
Agenda A B C D
Outlook
Our strategic priorities

Priorities
Diversification
Growth
Cyclemanagement
Pension opportunity
Multi-channel distribution
BRIC + Global Lines
Financial strength
Competence
Integrity
27
Allianz SE 2011
Operating profitability
Efficiency improvement
Risk management
Investment strategy
Attract & develop best talent
Capital management
Capitalization
Capital allocation
Cash generation
Rating
EUR 7.5 8.5 bn operating profit expected in 2011

Operating profit (EUR bn)
H1 2011 P/C 2.0
4.2 4.8
Outlook published 02/11
H1 2011 Exceptionally high NatCat CR 98.1% Revenues at EUR 27bn

L/H
1.4
2.2 2.8
EUR 2.1bn net inflows EUR 34bn net inflows
AM
1.1
1.8 2.2
CIR 59.0%
Co
-0.4
-0.9 -1.1
As expected
Total
4.0
7.5
8.0 8.5
Please mind the seasonality of the business and our disclaimer1!
1) Disclaimer: Impact from NatCat, financial markets and global economic development not predictable!
Recent stock performance driven by technicalities

Relative performance Allianz versus STOXX Europe 600 Insurance
8% 6% 4% 2% 0% -2% -4% -6% -8% -10%
Short-selling ban limited to FRA, ITA, SPA, BEL only
8% 6% 4% 2% 0% -2% -4% -6% -8% -10%

1109_OS_MD Merrill Lynch Conference Allianz SE 2011
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Source: Thomson Reuters Datastream
29
Summary: Allianz well positioned
Strong market positions and brands Resilient and well diversified business model High-quality investment portfolio Strong capital base
We ll po s Ne itione w N d fo orm r the al

EUR 7.5bn 8.5bn operating profit expected in 2011
Appendix
Investor Relations contacts

Oliver Schmidt Head of Investor Relations Phone +49 89 3800-3963 oliver.schmidt@allianz.com Peter Hardy Holger Klotz
Phone +49 89 3800-18180 peter.hardy@allianz.com
Phone +49 89 3800-18124 holger.klotz@allianz.com
Reinhard Lahusen
Christian Lamprecht
Stephanie Aldag IR Events Phone +49 89 3800-17975 stephanie.aldag@allianz.com

Phone +49 89 3800-17224 reinhard.lahusen@allianz.com
Phone +49 89 3800-3892 christian.lamprecht@allianz.com
Investor Relations Fax +49 89 3800-3899 investor.relations@allianz.com
Internet (English): www.allianz.com/investor-relations (German): www.allianz.com/ir
Financial calendar
November 11, 2011 February 23, 2012 February 24, 2012 March 23, 2012 May 9, 2012 May 15, 2012 August 3, 2012 November 9, 2012 3rd quarter results 2011 Financial press conference for the 2011 fiscal year Analysts conference for the 2011 fiscal year Annual Report 2011 Annual General Meeting Interim Report 1st quarter 2012 Interim Report 2nd quarter 2012 Interim Report 3rd quarter 2012
The German Securities Trading Act ("Wertpapierhandelsgesetz") obliges issuers to announce immediately any information which may have a substantial price impact, irrespective of the communicated schedules. Therefore we cannot exclude that we have to announce key figures of quarterly and fiscal year results ahead of the dates mentioned above. As we can never rule out changes of dates, we recommend checking them on the Internet at www.allianz.com/financialcalendar.
Disclaimer
These assessments are, as always, subject to the disclaimer provided below.
Cautionary Note Regarding Forward-Looking Statements

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on managements current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forwardlooking by reason of context, the words may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Groups core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/ or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general competitive factors, in each case on a local, regional, national and/ or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The company assumes no obligation to update any forward-looking statement.
No duty to update
The company assumes no obligation to update any information contained herein.

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Quality!

EUR 44bn market cap2 More than 76mn customers1

1) 12/2010 2) 06/2011 3) Relation of positive parts of operating profit

Market positions and brands

Key developments in H1 20111

Total revenues EUR 54.5bn (-2.6%)

Operating profit EUR 4.0bn (-1.8%)

Net income EUR 2.0bn (-28.0%)

1) Percentage changes related to results of first half year 2010

Shareholders equity EUR 42.6bn (-2.6%)

1109_OS_MD Merrill Lynch Conference

My slide shown at this conference in 2003

7 Allianz SE 2011 1109_OS_MD Merrill Lynch Conference

SARS epidemic in Asia 2nd war in Iraq

Internet bubble bursting Flood Central Europe

Allianz well positioned to capture upside potential

FCD2 solvency ratio 180% 120%

Global Lines3 36% 23%

6.9 2004 H1 2011 2004 H1 2011 2005 H1 2011

with improved risk profile

Additional Group retention

and higher profit potential (EUR bn)

10y Bund yield

1109_OS_MD Merrill Lynch Conference

Sound regulatory/economic capital ratios

FCD solvency ratio

Economic solvency ratio

1109_OS_MD Merrill Lynch Conference

Economic solvency calibrated to 3bps confidence level (Solvency II: 50bps)

with moderate sensitivities

180% 167% 176%1 100% 184% 171% 165%

1109_OS_MD Merrill Lynch Conference

P/C L/H Group1

1) Excluding opportunistic transactions 3) Modified duration to allow for asset overhang

Balanced portfolio stabilizes operating profit

2003 2004 2005 2006 2007 2008 2009 2010 2011e

1.8 -1.1 -3.5 -3.9

Operating profit Dividend per share

Fixed income investment landscape: more than just German Bunds

EMU: Government bond yields

8 7 6 5 4 3 2 2000 2002 2004 2006 2008 2010

AAA rated German Pfandbrief

Sources: Bloomberg, EcoWin

resulting in positive L/H margins despite low interest rates

Harvesting and other Underwriting and expenses

High-quality investment portfolio

Conservative asset allocation1

AAA AA A BBB Non-investment grade Not rated3

45% 14% 25% 10% 2% 4%

Debt instruments 89% EUR 399.6bn

1109_OS_MD Merrill Lynch Conference

Limited exposure to peripheral sovereign debt

EUR mn 1H 2011 Ireland Portugal Greece Spain Sub-total

Carrying value 646 780 782 5,077 7,285

Unrealized loss (gross) -195

-245 -6 -280 -726

100 80 60 40 20 0 2005 2006 2007 2008 2009 2010 1H 2011

OP margin1 (bps) - rhs

Business Steering / Central Functions

Strong growth momentum Consistent realization of economies of scale Solid outperformance

3rd p. AuM (EUR bn) - Ihs CIR (bps) - rhs

Continuing optimization of strategic portfolio

Divested and discontinued operations