Allianz an opportunity

Jay Ralph, Member of the Board of Management Allianz an opportunity Commerzbank German Investment Seminar New York, January 2011

Agenda 1 Allianz at a glance 2 Business operations in the US 3 Summary and outlook 2

Allianz at a glance 1 Split of revenues, operating profit and customers 4 29% 21% 25% EUR 97bn total revenues 1 EUR 1,131bn 3rd party AuM 2 EUR 7.2bn operating profit 1 32% 17% 7.5% Germany 36% 31% 30% 3.9%3.7% 9.5% Central Eastern Europe 168% solvency ratio 2 EUR 40bn market cap 3 Anglo-Broker-Markets Western Europe 4.8% 0.8% 25% More than 75mn customers 1 1.5%1.3% 2.3% Latin America 0.3% 0.2% 0.3% Asia-Pacific Revenues Operating profit Customers Africa, Middle East 7.7%9.8% n/a Specialty insurers 5 1) Figures as per 12/2009 2) 09/2010 3) 12/2010 4) Including non-consolidated companies 5) Allianz Global Corporate & Specialty, Euler Hermes, Mondial Assistance, ART 3

World class operations Excellent business positions 1 Leading P/C insurer globally Top 5 in Life business globally Top 5 asset manager globally Strong rating (AA, stable outlook) 2 Largest global assistance provider Worldwide leader in credit insurance One of the leading industrial insurers globally EULER HERMES Kreditversicherung 1) Based on 2009 data 2) According to S&P 4

with a well diversified business Segments 1 Operating profit in % Regions Operating profit in % Distribution Insurance revenues in % 17% 10% 6% 21% 14% 6% 36% 34% 49% 32% 31% 34% 1% 9% P/C L/H Germany Western Europe Proprietary Tied agents Other prop. networks AM Broker markets US, UK, AUS Direct Specialty insurance Growth markets Third party Brokers and independent IFA Bancassurance Other (thereof car manufacturers 2%) 1) Relation of positive parts of 2009 operating profit 5

Solid investment portfolio (9M2010) Conservative asset allocation High quality fixed income portfolio EUR 444bn Rating profile 1 Cash / Other 1% Real estate 2% Equities 7% EUR 400bn Debt instruments 90% AAA 48% AA 12% A 25% BBB 9% Non-investment grade 2% Not rated 2 4% 1) Excluding seasoned self-originated German private retail mortgage loans 2) Mostly mortgage loans, policyholder loans, registered debentures, all of investment grade quality 6

Solid capitalization current regulation still valid until 2012 Conglomerate solvency 1 (EUR bn) Solvency II: regulatory timeline Available funds Requirement Solvency ratio -2%-p 2010 Q1 Internal model pre-application process opens QIS 5 34.8 164% 21.2 37.6 170% 22.1 37.4 168% 22.3 2011 2012 Q1 Q4 CEIOPS releases QIS5 report European legislation process completed Transposition into national legislation Internal model pre-application process incl. Pillar 2 assessment 31.12.09 30.06.10 30.09.10 2013 Solvency II in force Formal model application 1) Including off-balance sheet reserves (31.12.09: EUR 1,993mn, 30.06.10: EUR 1,986mn, 30.09.10: EUR 1,914mn) pro forma. The solvency ratio excluding off-balance sheet reserves would be 159% as of 30.09.10, 161% as of 30.06.10 and 155% as of 31.12.09. 7

Excellent ratings S&P Moody s A.M. Best AAA AA+ AA AA- Allianz Peer majority AAA Aa1 Aa2 Aa3 Allianz Peer majority A++ A+ A Allianz Peer majority A+ A A- A1 A2 A3 A- B++ BBB+ BBB BBB- BB+ BB BB- B+ B B- CCC+ CCC CCC- CC R AZ best in class Upgraded in July 2007 Report of Sept 2010: - leading positions in major markets - stronger capitalization compared with global multiline peers; very strong financial flexibility - continuously resilient and very strong earnings capacity Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3 Ca C AZ as some other peers with best in class rating Rating on Aa3 level since July 2003 Report of March 2010: - strong European franchise - highly diversified product portfolio, wide range of distribution channels - further credit strength including ALM capabilities B+ B B- C++ C+ C C- D E F AZ together with one peer best in class Rating on A+ level since March 2003 Report of April 2010: - very strong business position - strong capitalization - financial performance improved significantly in 2009 8

Proven strategy Business segments Investments Capital u u Focus on middle-class and corporate clients in P/C, L/H, AM Well diversified by regions and distribution channels u Conservative investment policy, determined by liability structure u Strong capitalization u Very selective M&A u Transparent capital management with clearly defined targets and attractive dividend policy u Excellent Ratings: AA (stable) S&P Aa3 (stable) Moody s A+ (stable) A.M. Best u Subject to finalization of Solvency II requirements! Priorities ( 3+One ): 1 Protect and enhance capital base 2 3 + One Strengthen operating profitability Reduce complexity Increase sustainable competitiveness and shareholder value 9

delivered results We delivered Operating profit 1 (EUR bn) and DPS (EUR) in a tough environment MSCI world financials in % thanks to diversification OP by business segment in % 2 2002-0.5 1.50-23 -133 21 46 33 2003 1.50 4.0 26-8 60 24 16 2004 1.75 6.9 11 9 58 21 12 2005 2.00 7.7 16 11 54 21 15 2006 3.80 10.4 16 12 54 22 11 2007 10.9 5.50-15 7 55 26 12 2008 7.4 3.50-53 73 15 12 2009 9M 2010 1) Historical reported figures 2) Based on historical reported figures excluding Corporate segment 0 6.1 7.2 4.10 Operating profit Dividend per share -4 22 0 49 34 17 44 34 22 Bank P/C L/H AM 10

supported by a growing asset base Euro government yield 1 (%) -1.1%-p 4.9% 4.2% 4.2% 3.5% 3.8% 4.3% 4.4% 4.0% 3.8% Interest and similar income plus AM fee and commission income 3 (EUR bn) CAGR 2.6% 17.1 15.6 16.3 17.5 19.3 20.0 20.4 20.4 17.0 2002 2003 2004 2005 2006 2007 2008 2009 9M 2010 Operating asset base 2 (EUR bn) 889 911 957 CAGR 8.2% 1,173 1,222 1,218 1,127 1,395 2002 2003 2004 2005 2006 2007 2008 2009 9M 2010 1) 12m average Eurozone government benchmarks, bid, 10Y yield 2) Investments for P/C and L/H; third party assets for AM incl. unit-linked assets 3) AM: excluding performance fees; L/H: before policyholder participation CAGR 1,640 9.5% 7.1% 1.1% 2002 2003 2004 2005 2006 2007 2008 2009 9M 2010 AM L/H P/C 11

Allianz ranks among the leading players in many market segments in the US Company Position 1 Description Leading positions 1 Top 5 Asset management #2 net inflows (7.1% market share) Life Insurance Company of North America Top 10 Variable & fixed annuities #1 fixed indexed 2 (21.7% market share) #11 variable 3 (2.4% market share) Top 30 Personal & commercial insurance, crop insurance #1 agriculture business #24 commercial business #29 personal business Global Corporate & Specialty Top 5 Global & specialty insurance #1 marine #4 aviation No. 1 Travel & assistance #1 travel insurance #2 medical assistance & concierge services No. 1 Credit insurance #1 credit insurer (43% market share) 1) Position in the US market as per 31.12.2009 (AZ Life: 30.09.2010) 2) Source: AnnuitySpecs.com Index Report, 3Q 2010 3) Source: Morningstar/MARC 13

which translates into significant shares of US business in Allianz Group results Insurance GPW 1 in % Operating Profit 2 in % 3rd Party AuM in % 12% 28% 59% Group U.S. The U.S. represents excellent opportunities due to large capability and resource base 2009 figures 1) U.S. GPW Allianz Life, Fireman s Fund & AGCS U.S. combined vs. AZ L/H and P/C segment GPW 2) U.S. operating profit AGI/PIMCO, Allianz Life, Fireman s Fund, AGCS U.S., Euler Hermes U.S. vs. AZ Group operating profit 14

Promising opportunities in all major business segments Business opportunities Our strategy & competitive advantages Life Insurance Company of North America Annuities & retirement Entertainment & green insurance Leading provider of fixed indexed annuities VA business: modified product features ensuring reasonable returns at limited risks Uniquely positioned to capture retirement opportunity Cooperation between AGI and AZ Life on joint marketing & product initiatives Strong position in agricultural business Leader in the field of entertainment insurance, covering around 80% of all Hollywood productions Intensified focus on private affluent customers Leader in green insurance and related services Asset management One of the world s largest asset managers, EUR 1.4tn AuMs, thereof 59% managed in the U.S. Comprehensive and constantly evolving range of investment styles and products PIMCO as the global investment authority: excellent reputation, excellent outperformance, excellent profits 15

Attractive dividend policy Dividend per share (EUR) 5.50 3.80 3.50 4.10 Balance between payout and solvency Dividend yield 1 1.9% 2.8% 3.5% 3.3% 5.6% 2.00 Target solvency range 150-170% Current dividend yield ~5% Payout ratio 19% 23% 31% 40% 2 40% 2 2005 2006 2007 2008 2009 1) Based on average share price 2) Based on net income from continued operations, net of minorities 17

Operating profit target range of EUR 6.7-7.7bn: trend towards upper end expected in 2010 Operating profit (EUR bn) 9M 2010 Outlook published 02/10 9M 2010 Target range P/C 3.0 4.0 5.0-0.4% revenue growth 1 CR 97.9% L/H 2.2 2.3 2.8 15.4% revenue growth 1 EUR 7.3bn net inflows AM 1.1 1.3 1.5 EUR 100bn net inflows CIR 57.8% Co -0.7-0.9-1.1 As expected Total 6.1 6.7 7.7 Please mind the seasonality of the business and our disclaimer 2! 1) Internal growth 2) Disclaimer: Impact from NatCat, financial markets and global economic development not predictable! 18

Key takeaways Strong capital base Resilient and well diversified business model Conservative investment portfolio Attractive dividend yield Operating profit outlook on track Attractive & successful business operations in the US 19

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 management s 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 forward-looking 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 Group s 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. 20