Allianz at A Glance: Oliver Schmidt, Head of Investor Relations

Oliver Schmidt, Head of Investor Relations
Allianz at a Glance
UniCredit German Investment Conference
September 24, 2008
Key figures 2007

Split of operating profit
Asset Management
12%
EUR 765 bn 3rd party AuM
Banking
7%
EUR 8.0 bn net income

EUR 45 bn market cap1
L/H
26%
Asia/Specialties
15%
NAFTA
19%
Germany
37%
Allianz SE 2008
EUR 10.9 bn operating profit
P/C
55%
0809_CL_Unicredit_FINAL.ppt
EUR 100+ bn total revenues
Rest of Europe
29%
1)
As of 19.9.2008
2
Attractive growth opportunities
Substantial profitability potential
Efficient risk management
Strong capital position
Outlook / valuation
Allianz SE 2008
Why to invest in Allianz?
Growth
Climate change
Digitalization
Private pensions
Life, Bancassurance, AM
Medical support
Health insurance
Long-term care
Assistance
Aging population
P/C + Assistance
Risk coverage
and management
P/C
Investments
Asset Management
New channels
Direct / car manufacturers
New products
E.g. motor: pay-per-use
Cost reduction
Economies of scale
Allianz SE 2008
Demography
Globally: well positioned to exploit mega-trends
Growth
Growth markets: strong position to capture

opportunities1
New Europe
10 countries
EUR 4.0bn GPW (+21%)
Latin America
19mn customers (+6%)
4 countries
(75% of total market)
EUR 218mn net income (+25%)

1.5mn customers (+8%)
Asia Pacific
15 countries
15.1mn customers (+9%)
Middle East
Minimum infrastructure
Allianz SE 2008
5 countries
EUR 121mn GPW (+20%)
0.2mn customers
EUR 7.8mn net income (+21%)
1)
All figures refer to 2007

5
Growth
Europe: unique position to benefit from

pension opportunity
Pension market AuM
CAGRe 2004-2015
Austria
7.9%
Belgium
8.2%
France
Italy
10.7%
8.8%
Portugal
Switzerland
Spain
CEE1
6.5%
5.0%
10.4%
19.1%
Top 4 in at least one segment (GPW)
Top 7 in at least one segment (GPW)
Small/no presence
1) CAGR p.a. 2006-2015

Source: AGI estimates
6
Allianz SE 2008
Germany
9.6%
Growth
Germany: quantum leap in financial services

Allianz to keep 1mn banking clients
Up to 300 Allianz banking agencies
Allianz Banking / OLB

product
provider
OLB
customers
0.4mn
Allianz
banking
customers
Enhanced
insurance
distribution
Exclusive 15-year distribution agreement
Dresdner Bank share in new

business (2007 in %)
Client base to increase from 6.3mn to 11mn
12.4%
4.3%
Branches to increase from 900 to ~1,200

Bancassurance volumes expected to more
than double by 2011
Preferred partnership in asset

management
distribution
1mn
plus 17mn
other German
Allianz customers
Purchase of cominvest for EUR 0.7bn

Creating Germanys largest asset manager
AGI and cominvest to become preferred
partner of Commerzbank
OLB1 to become main product and

service provider
EUR 2.4bn
EUR 51mn
P/C
L/H
New premiums
New business
AuM of German asset managers

post transaction (EUR bn)
326
270
187
Allianz SE 2008
Assurbanking
optimized
152
73
36
26
AGI
DB Deka Union Gene- AXA W&W
new Group
rali
1)
Oldenburgische Landesbank
7
Outlook / valuation
Allianz SE 2008
Profitability
Strong focus on profitability

Value
creation
Cross-border
optimization
Industrialization of
insurance changes
anatomy of value
Increasing competitiveness
over local peers
Cross-segment
optimization
Segment
optimization
Improving resilience in
adverse market conditions
2005
2008
2011
Key initiatives
Key initiatives
Key initiatives
3+One
Restructuring
- FFIC
- Dresdner
- AGF
- AGR
3+One
Sustainability
CFI
Local TOM
Eurofficiency
Cross-border
synergies
Growth
initiatives
Global
positioning
Strong capital generation
Allianz SE 2008
2003
Substantial increase in
operational leverage
Profitability
with tangible results in P/C

Combined Ratio in 2000
Combined Ratio in 2007

-11.3%-p
104.0
104.2
104.9
110.4
114.4
90.3
93.6
AIG
Allianz
95.6
95.8
97.1
97.6
ING
AXA
AIG
ING
Zurich
Allianz Generali
AXA
Zurich Generali
Allianz SE 2008
102.9
1) Old definition of combined ratio; based on new definition combined ratio would be ~2%-p higher
Source: Company reports
10
Profitability
and in L/H
Operating Profit1
New business margin (in %)
CAGR
+19%
3.1
3.0
3.0
2.8
2.5
2.1
Zurich
Allianz
Generali
AXA
ING
2004
Allianz SE 2008
1.8
2007
1) L/H
Source: Company reports
11
Profitability
and a clear positive track record

Net income (EUR bn)
despite
EUR 1.3bn
mark downs
Operating Profit (EUR bn)
CAGR 31%
CAGR 29%
10.9
8.0
2.7
4.0
-3.2
n.a.
2002
2007
2003
2007
2003
Return on Risk-Adjusted Capital (%)

+18.3%-p
21.4
12.9
Allianz SE 2008
2002
3.1
2002
2003
2007
12
Outlook / valuation
Allianz SE 2008
13
Risk management
Comprehensive internal steering system
Internal dividend
model
Competition for capital
Balance between capital
generation and growth
initiatives
Incentive system
EVA based management
targets and incentives
Stock based compensation
Bottom line underwriting
targets
Internal capital market
Risk management
Consistent global risk capital
model
Allianz SE 2008
Limit system and stress tests

Quarterly risk capital monitoring
and portfolio review
14
Risk management
Risks well under control
Well diversified business mix
Equity gearing
significantly reduced (%)
Equity gearing significantly down

Negligible subprime exposure
High quality fixed-income

book H1 2008 (EUR bn)
P/C 68.0
-198%-p
94% investment grade
260
61% government/agency,
covered bonds
Asset/Liability: duration matched
Debt securities
Sophisticated reinsurance strategy

against large NatCat
140
62
2002
Banking
L/H
2003
Trust Solution
96% investment grade

2Q 2008:
57%
66% government/agency,
covered bonds
Debt securities
2007
1.25bn
Upside potential exceeding
trust donation
Optimized exposure
- Better market position
231.0
Insurance
975mn
2nd loss Allianz
- Diversified business mix

- Significantly less IB exposure
Allianz SE 2008
- Synergies
Floor no downside risk
275mn
1st loss CoBa
Set up
Closure
15
Outlook / valuation
Allianz SE 2008
16
Capital management
Capital base strengthened and enhanced

Risk capital coverage ratio1 (%)
Shareholders equity (EUR bn)

CAGR 18%
+62%-p
195
2Q 2008:
47.8
21.0
2Q 2008:
184%
40.5
133
28.0
n.a.
2003
2007
2002
2003
2007
2002
Solvency ratio2 (%)

+54%-p
2Q 2008:
157
145%
Allianz SE 2008
103
n.a.
2002
2003
2007
1) Available funds in percent of risk capital

2) Financial conglomerate solvency ratio 2003 pro forma only
17
Capital management
Allianz transparent capital management

Dividend per share (EUR)
FCD solvency ratio

170%
= Allianz cap
150%
= Allianz target
CAGR 30%
5.50
100%
= Minimum requirement
Payout ratio
Clear definition of excess capital
3.80
1.75
= Safety buffer
2.00
1.50
1.50
n.m.
34%
31%
19%
23%
31%
2002
2003
2004
2005
2006
2007
Allianz SE 2008
50%
Sensible payout policy
18
Outlook / valuation
Allianz SE 2008
19
Outlook
Operating earnings impacted by financial crisis,

but still rock-solid
Operating profit 12 months rolling (EUR bn)
11.1
9.2
8.7 10.1
>9
>9
9.3
8.2
1H 2008 Ratios
L/H
AM
Q2
2007
Q2
2008
2.9% NBM
64.4% CIR
Target
2008 2009
Allianz SE 2008
Q2
2006
94.1% CR
P/C
Excluding Banking
Including Banking
20
Outlook
Substantial upside potential1

Analysts recommendations
Sell-side analysts valuations
145
+44%
27%
101
73%
1)
Neutral
Sell
Share price
09/2008
Allianz SE 2008
Buy
Target price1
09/2008
Based on data from Cheuvreux, Citigroup, Deutsche Bank, DZ Bank, FPK, KBW, Merrill Lynch,
UBS, Unicredit, HSBC, Morgan Stanley as of 19.9.2008
21
Outlook
Valuation upside
Allianz SE 2008
Summary why to invest in Allianz!
22
Appendix
.
Investor Relations contacts
Head of
Investor Relations
E-mail:
oliver.schmidt@allianz.com
Susanne Arheit
Tel. +49 (0) 89 3800-3324
Holger Klotz
E-mail:
holger.klotz@allianz.com
Reinhard
Lahusen
E-mail:
susanne.arheit@allianz.com
Andrea Frterer
Tel. +49 (0) 89 3800-6677
E-mail:
Fax:
Tel. +49 (0) 89 3800-17224

E-mail:
reinhard.lahusen@allianz.com
Christian
Lamprecht
Tel. +49 (0) 89 3800-3892

E-mail:
christian.lamprecht@allianz.com
E-mail:
andrea.foerterer@allianz.com
Peter Hardy
Tel. +49 (0) 89 3800-18124
Tel. +49 (0) 89 3800-18180
Stephanie Aldag Tel. +49 (0) 89 3800-17975
E-mail:
peter.hardy@allianz.com
IR Events
investor.relations@allianz.com
+49 (0) 89 3800-3899
E-mail:
stephanie.aldag@allianz.com
Internet (English): www.allianz.com/investor-relations

Internet (German): www.allianz.com/ir
24
Tel. +49 (0) 89 3800-3963
Allianz SE 2008
Oliver Schmidt
3rd quarter results 2008, including Interim Report
26 February 2009
Financial press conference for the 2008 fiscal year
27 February 2009
Analysts conference for the fiscal year 2008 in Munich
13 March 2009
Annual Report 2008
29 April 2009
Annual General Meeting 2009
13 May 2009
1st quarter results 2009, including Interim Report
7 August 2009
2nd quarter results 2009, including Interim Report
9 November 2009
3rd quarter results 2009, including Interim Report
Allianz SE 2008
10 November 2008
Financial calendar 2008/20091
1) For updates please see www.allianz.com/investor-relations

25
Disclaimer
These assessments are, as always, subject to the disclaimer provided below.
The matters discussed herein may also be affected by risks and uncertainties described from time to time in Allianz SEs
filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forwardlooking statement.
No duty to update
The company assumes no obligation to update any information contained herein.
26
Allianz SE 2008
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, (iii) the frequency and severity of insured loss
events, (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 / US 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.
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.

Allianz at A Glance: Oliver Schmidt, Head of Investor Relations

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Allianz at A Glance: Oliver Schmidt, Head of Investor Relations

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Oliver Schmidt, Head of Investor Relations

Key figures 2007

EUR 765 bn 3rd party AuM

EUR 8.0 bn net income

EUR 10.9 bn operating profit

EUR 100+ bn total revenues

Attractive growth opportunities

Substantial profitability potential

Efficient risk management

Strong capital position

Why to invest in Allianz?

Direct / car manufacturers

E.g. motor: pay-per-use

Globally: well positioned to exploit mega-trends

Growth markets: strong position to capture

19mn customers (+6%)

EUR 218mn net income (+25%)

EUR 1.1bn GPW (+13%)

EUR 36mn net income (+22%)

All figures refer to 2007

Europe: unique position to benefit from

1) CAGR p.a. 2006-2015

Germany: quantum leap in financial services

Up to 300 Allianz banking agencies

Allianz Banking / OLB

Exclusive 15-year distribution agreement

Dresdner Bank share in new

Client base to increase from 6.3mn to 11mn

Branches to increase from 900 to ~1,200

Preferred partnership in asset

Purchase of cominvest for EUR 0.7bn

OLB1 to become main product and

AuM of German asset managers

Attractive growth opportunities

Substantial profitability potential

Efficient risk management

Strong capital position

Why to invest in Allianz?

Strong focus on profitability

Strong capital generation

with tangible results in P/C

Combined Ratio in 2007

New business margin (in %)

and a clear positive track record

Operating Profit (EUR bn)

Return on Risk-Adjusted Capital (%)

Attractive growth opportunities

Substantial profitability potential

Efficient risk management

Strong capital position

Why to invest in Allianz?

Comprehensive internal steering system

Internal capital market

Limit system and stress tests

Risks well under control

Well diversified business mix

Equity gearing significantly down

High quality fixed-income

94% investment grade

Asset/Liability: duration matched

Sophisticated reinsurance strategy

96% investment grade

- Diversified business mix