Moving forwardOliver Bäte

Member of the Board of Management

Morgan Stanley European Financials ConferenceLondon, March 19, 2013

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1 2012 results review

2 Strategic priorities in Europe

3 Summary

Moving forward

1Moving forward

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Highlights of the 2012 results

Total revenues increase 2.7 percent to EUR 106.4bn

Solvency I ratio increases by 18%-points to 197%

Operating profit grows 20.8 percent to EUR 9.5bn

Shareholders’ net income doubles to EUR 5.2bn

2012 results review

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Net income

Operating profit

Total revenues

Strong results despite difficult environment

1

)

Internal growth 0.5%, adjusted for F/X and consolidation effects

201220112010

106.4106.5 103.6

+2.7%1

9.58.2 7.9

+20.8%

+95.8%

Key drivers 2012/11 development

2012 results review

Net income almost doubles supported by lower impairments in 2012

Solid growth inProperty-Casualtyand excellent growthin Asset Management

All operating segments contribute to strong operating profit increase

5,053 5,169

5.55.2

2.8

2,545

EUR bn

Net income

Shareholders’ net income

5.12.5

5.2

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Operating profit 2012 (EUR bn)

Total

L/H

AM

Co. &

Con.

P/C

Target range published 02/12

Total AuM up 11.8%Higher investment margin

Strong net inflowsHigher performance fees

CR 96.3%Low NatCat

As expected

Operating profit exceeds target range

4.0

2.0

-0.9

7.7

2.2

5.0

2.8

2.4

-1.1

8.7

4.7

-1.1

9.5

3.0

3.0

Outlook increased

to > 9bn in 10/12

9.0

2012 results review

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Operating profit outlook 2013

7.9

2011

9.5

2012

8.7

1

)

From 2013 onwards restructuring costs will be classified as operating

Outlook 2013

4.3 –

5.1

2.5 –

3.1

2.7 –

3.1

-1.1

to -1.3

+0.5bn

-0.5bn

9.2

2012

adjusted1

9.2

Range of operating profit outlook reflects diversificationDisclaimer: Impact from NatCat, financial markets andglobal economic development not predictable!

Operating profit (EUR bn)

GroupP/C L/H AM CO +

Conso.

2012 results review

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P/C –

solid operating performance

Revenue growth due to both positive price and volume effects

Strong increase in operating profit driven by underwriting result

Combined ratio down by 1.5%-points with significant improvements in Germany, Italy and Reinsurance

NatCat with 1.7%-points combined ratio impact below normalized level

Revenues

(EUR bn)

Operating profit

(EUR mn)

2011 2012

+4.7%

44.8 46.9

2011 2012

+12.5%

4,1964,719

97.8 96.3

Combined ratio (%)

2012 results review

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L/H –

strong performance in challenging environment

Selective growth with focus on margins

Operating profit substantially improved due to rebound of investment margin

New business margin solid at 1.8%

Operating asset base up 10%, operating investment income up 20%

Revenues

(EUR bn)

Operating profit

(EUR mn)

2011 2012

-1.0%

52.9 52.3

2011 2012

+22.1%

2,420

2,955

2.3 1.8

Operating asset base (EUR bn)

431 476

New business margin (%)

2012 results review

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2012e

~2.0%

Business in force

(based on Ø

aggregate

policy reserves)New business

2.6%

1

)

Based on IFRS current interest and similar income (net of interest expenses)2

)

Based on IFRS current interest and similar income (net of interest expenses) + net harvesting and other (operating)3

)

Weighted by aggregate policy reserves

5.3%

Ø

guarantee

new

business3

2012

Reinvest-

ment

yield

F/I 2012

Total2

yield

2012

Ø min. guarantee3

2012

270bp

Covered bonds

10ys mat., ~3.7%

77% A or better

~14%

~28%

Government bonds

16ys maturity, ~3.5%

98% BBB or better

Corporate bonds 10ys mat., ~3.8%

95% BBB or better

~1.7%

190bp

~4%

ABS/MBS

~54%

+ strong buffer EUR 19bn of RfB

equal 5.7% of aggregate policy reserves

~3.6%5.0% Current

yield1

2012 results review

L/H –

resilient margins and strong buffers

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AM –

another excellent year

Growing AuM drive revenuesand profitability

Operating profit on an all-time high and 2nd highest in the Group

Strong 3rd party net inflowsof EUR 113.6bn

Excellent cost-income ratio of 55.6%

Share of outperforming assets at outstanding 96% (PIMCO) / 62% (AllianzGI)

Performance fees substantially above medium-term average

3rd party AuM

(EUR bn)

Operating profit

(EUR mn)

2011 2012

+12.3%

1,2811,438

2011 2012

+33.6%

2,256

3,014

59.0 55.6

Cost-income ratio (%)

38.3 113.6

3rd party net inflows (EUR bn)

2012 results review

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111) Investments for P/C and L/H incl. unit-linked assets; 3rd party assets for AM

2)

AM: excluding performance fees; L/H: before policyholder participation

Interest and similar income plus AM fee and commission income2 (EUR bn)

15.6 16.3 17.5 19.3 20.0 20.4

CAGR 6.0%

20.4

CAGR

Operating asset base1

(EUR bn)

927 9711,186 1,239 1,240 1,133

1,4011,679

10.9%

6.9%

0.6%

CAGR 9.0%

2003 2004 2005 2006 2007 2008 2009 2010

23.0

2,019

2011

24.7

2012

1,811

2003 2004 2005 2006 2007 2008 2009 2010 2011

P/CL/HAM

P/CL/HAM

Investments –

growth in operating asset base mitigates declining yields

26.4

2012

2012 results review

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Conglomerate solvency ratio179% 197%

2011 2012

Economic solvency ratio191% 199%

2011 2012

Capitalization –

strong and resilient

S&P capital adequacy (AA)

2011 2012

Reduced

asset/liability mismatch

Asset duration extended

by one year

Reduced

financial cluster risksExposure1

in strategic

stakes reduced by

more than EUR 2bn2

Reduced

banking debt

Eurozone

bank debt3

reduced by EUR 2.1bn

Spanishgovernment bonds

Exposure3 halvedto EUR 2.6bn

Italiangovernment bondsExposure3 reduced by EUR 3.3bn in H2 2012

Lowerminimum guaranteesØ guarantee for new Life

business lowered by~40bp to 1.7%

1

)

Delta based on fair values as per 31.12.112

)

Includes divestments and hedging 3)

Based on amortized cost

deficit

surplus

2012 results review

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Attractive dividend yield for investors

Healthy capital adequacy in volatile market environment

2008 2009 2010 2011 2012e

DPS (EUR)

3.504.50 4.504.10

2008 2009 2010 2011 2012e

4.501

Payout ratio (%)

Dividend yield (%)2

40 40 40

81

3.3

5.6 5.2 5.1 5.2

2008 2009 2010 2011 2012e

1

)

Proposal2

)

Based on average share price of fiscal year (2012: EUR 87.23)

40

Dividend –

balanced capital management

2012 results review

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1 2012 Group results review

2 Strategic priorities in Europe

3 Summary

Moving forward

Moving forward

2Moving forward

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Quick facts of the Europe1 business division

France

Italy

Belgium

Netherlands

Luxembourg

Greece

Turkey

Strategic priorities in Western Europe

Business division (BD) Western & Southern Europe is composed of7 countries as well as Africa

Substantial contribution toGroup performance for bothtop- and bottom-line

1

)

Full name of the business division is Western & Southern Europe (incl. Africa). All following numbers on the business division cover these 7 countries and Africa

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BD Europe1

delivered exceptional profitability

development during recent years

2012

2,192

1,456

736

2011

1,898

1,144

754

2010

1,538

855

683

2012

1,298

832

466

2011

826

548

278

2010

844

463

381

GPW (EUR bn)

2012

26.4

9.5

16.9

2011

25.6

9.2

16.5

2010

27.8

18.6

9.2

OP (EUR mn) Net income (EUR mn)

28 26 27 21 29 29 17 21 24

+19%2 +24%2

Strategic priorities in Europe

1

)

Full name of the business division is Western & Southern Europe (incl. Africa). Numbers on the business division include Africa and refer to insurance business only2)

CAGR

flat

Contributed ~ 1/4 of the Group’s top-line and profits from the insurance segments

In % of Group P/C & L/H

Life/HealthProperty/Casualty

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Our strategic priorities for 2013-2015

Maintain operating profit stability

Reduce complexity across business entities

Ensure profitable growth across segments

Enhance sustainability in daily business

Strategic priorities in Europe

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Allianz Italy now 2nd largest P/C profit contributor within Allianz Group

Maintain resilient operating profit in P/C Italy, despite difficult market conditions

406413421

899906

FranceGermany AGCSItaly Credit insurance

2012 OP of Allianz top-5 P/C OEs (EUR mn)

Market1Allianz

Avg. CR 2008-2012 (%)

Strategic priorities in Europe

1

)

Based on regulator data for 2008-2011 and own best estimate as of 9M 20122)

Direct business Italy

Strategic priorities Achievement so farGrow in direct channel Genialloyd2

with 20% growth in top-line, with high cost competitiveness

Promote innovation SMS-based FastQuote

application generated 51k new customers

Secure customer satisfaction 88% of customers highly satisfied

P/C Italy’s combined ratio significantly

better than

market

-6.9%p

94.5

101.4

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Excellent operating profitability of Allianz Greece despite crisis

Strong operating profits

(EUR mn)

Strong operating profitability in 2012-

Combined ratio 82.4% -

one of the best in Allianz Group

-

Returns well above cost of capital

Fully de-risked investment portfolio-

Highly rated core EU and supra-national assets

-

Sold remaining GGBs

in 2012

Strong brand and customer satisfaction:-

3rd strongest brand in Greek market-

Market leading NPS

Allianz Greece highly competitive

Strategic priorities in Europe

LifeP/C

2012

23.6

4.5

19.1

18.4

3.1

15.3

19.2

3.7

15.5

14.3

3.3

11.0

2009

11.5

2.0

9.5

2008 2010 2011

-8%-12%-16% -3% -11%

CR vs. Market

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Streamlined governance:joint management functions

Shared expertise:e.g. Dutch claims management, Belgian Life operations, central functions

Shared investments:new IT and pricing tools

Synergies:e.g. joint operating systems andintegrated central functions

Benefits:

BeNeLux

3.4

10.411.5

27.6

3.4 3.0 2.4 2.31.3 1.0 0.8

PLNLATITFRDE CH ES UKBE1

1)

Including Luxembourg

Achieve leading productivity levels through Benelux integration

Allianz 2012 GPW in Europe(EUR bn)

Strategic priorities in Europe

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Superior growth in Turkey …

Total GPW1

growth Allianz Turkey (%)

1)

Including

Life, P/C and Health

2012

Turkey is a high growth market, with double digit GPW growth (above GDP)

Allianz growth significantly higher than the market in 2012

-

Prior to 2012 Allianz focused on profit protection, by intentionally not participating in irrationally low pricing

-

Starting from 2012 Allianz Turkey outperformed market growth, driven by all lines, particularly MotorMarket Allianz

Allianz Turkey picking up momentum

Strategic priorities in Europe

+11%p

16

27

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(2)

(2)(2)

(3)(4)

(6)

(11)(17)

(18)(21)

(21)(24)

(44)

BNP Paribas

Işık

Zurich

Halk

Eureko

AkSompo

Japan

Allianz

Mapfre

G.

Ziraat

Yapı

Kredi

Magdeburger

HDIAxa

Euro

GeneraliKoru

Ray

T Nippon

Güneş

Dubai

Aviva

LibertyErgo

Anadolu

Loss-maker Σ

-181 Profit-maker Σ

104

P/C market net income

AvivaSAHalk

Hayat

Ziraat

L/P

Yapi

Kredi

Anadolu

L/P

Garanti

E

GroupamaAllianz

Metlife

L/P

Finans

Acibadem

Vakif

E

Axa

Hayat

Mapfre G.Y.Demir

Hayar

BNP Paribas Hayat

ING E.Aegon

Asya

L/PCignaErgo L/P

BNP Paribas E

Loss-maker Σ

-44 Profit-maker Σ

200

… combined with outstanding profit, especially in P/C (9M 2012, EUR mn)

Strategic priorities in Europe

L/P market net income

Allianz Turkey’s competitive advantages in P/CBest-in-class U/W capabilities with high level of Straight-Through-Processing State-of-the-art claims handling capabilitiesHigh customer satisfaction: rank 1 in Net Promoter Score for 4 consecutive years

Source: Türkiye

Sigorta

Birliği

–

insurance association of Turkey

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Strategic priorities for enhancing sustainable success( )

Highly relevantRelevantCurrently limited

Strategic relevance:

France Italy Benelux Turkey Greece

L/H margins and

profitable growth

“Digital company”

Growth

Productivity – – – –

Multi access

(new agency model) – ( ) ( )

Commercial/ midcorp ( )

Net Promoter Score Reach “loyalty leader” or “above market” in all segments

Allianz Engagement Survey Further improve in all OEs, across locations and functions

Value

impact

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1 2012 Group results review

2 Strategic priorities in Europe

3 Summary

Moving forward

Moving forward

3Moving forward

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Summary –

moving forward

Taking advantage of

competitive strengthStrong balance sheet

Attractive dividend yield

Proven and well diversified business model

Continuing optimization

EUR 8.7 -

9.7bn operating profit 2013e

Resilient performance in Europe despite headwinds

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Disclaimer

These assessments are, as always, subject to the disclaimer provided below.

Forward-looking statements

The statements contained herein may include prospects, 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. Actual results, performance or events

may differ materially from those expressed or implied in such forward-

looking statements.

Such deviations may arise due to, without limitation, (i) changes of the

general economic conditions and competitive situation, particularly in the

Allianz Group's core business and core markets, (ii) performance

of financial

markets (particularly market volatility, liquidity and credit events) (iii) frequen-

cy and severity of insured loss events, including from natural catastrophes,

and the development of loss expenses, (iv) mortality and morbidity levels and

trends, (v) persistency levels, (vi) particularly in the banking

business, the

extent of credit defaults, (vii) interest rate levels, (viii) currency exchange

rates including the Euro/U.S. Dollar exchange rate, (ix) changes

in laws and

regulations, including tax regulations, (x) the impact of acquisitions, including

related integration issues, and reorganization measures, and (xi) 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.

No duty to updateThe company assumes no obligation to update any information or forward-

looking statement contained herein, save for any information required

to be disclosed by law.