Analyst Presentation

Group financial results 2021 Allianz Investor Relations App Apple App Store Google Play Store 2022 Munich Please note: lianz February 18, 2022 presentations based on 2021 preliminary figures © Al

Content/topics A CEO assessment and outlook Oliver Bäte B Group financial results 2021 Giulio Terzariol Glossary Disclaimer

CEO assessment and outlook 2022 Oliver Bäte Munich, anzli Chief Executive Officer February 18, 2022 © Al

A. CEO ASSESSMENT AND OUTLOOK Content Delivery Transfor- Confidence mation 4 A 2

A. CEO ASSESSMENT AND OUTLOOK Strong underlying result in fiscal 2021 … 149bn 13.4bn 6.6bn +6% +25% -3% Revenues Operating profit Shareholders’ Key figures net income 1.0bn 2021 (EUR) 10.8 209% 10.6% Share buy-back to come in 2022 +13% Target: ≥ 180% Target: ≥ 13% Dividend Solvency II ratio Return on per share1 equity2 1) Proposal 5 2) RoEcalculation excludes unrealized gain/losses on bonds, net of shadow accounting; see definition in glossary A 3

A. CEO ASSESSMENT AND OUTLOOK … and over 3-year target period Operating profit (EUR bn) RoE(%) 13.4bn 13.2% 10.6% 11.5bn 20bn 20bn Target Target Performance CAGR 14.9%1 -3%-p +5% 2018 2021 2018 2021 2 3 NPS (%) IMIX (%) 20bn 71% 78% 74% 84% Target Target Health +10%-p +7%-p 2018 2021 2018 2021 1) RoEadjusted for the provision for the AllianzGI U.S. Structured Alpha matter 2) Percentage reflects share of businesses with NPS (Net Promoter Score) above market average or loyalty leader 6 3) IMIX = Inclusive Meritocracy Index A 4

A. CEO ASSESSMENT AND OUTLOOK Good performance across stakeholders Customers Employees Society USD15bn 30% 25,000 58% of businesses are ~30% of Group OP Chair of UN-convened net- NPS loyalty leaders managed by female CEOs2 E zero asset owner alliance Brand value up 17% >120,000 virtual workplace >25,000 employees and to more than USD 15bn1 users during COVID-19 crisis S family members vaccinated against COVID-19 >20,000 claims (>EUR 1bn) Top 5 in Refinitiv Diversity & New Group department Inclusion Index 2021 Gand supervisory board from flood “Bernd” covered (only insurer in the top 100) committee for ESG topics 1) Source: Interbrand Best Global Brands Ranking 2021 7 2) Including Allianz Leben from 2Q 2022 onwards A 5

A. CEO ASSESSMENT AND OUTLOOK Content Delivery Transfor- Confidence mation 8 A 6

A. CEO ASSESSMENT AND OUTLOOK Allianz value proposition in a nutshell Purpose We secure your future Aspiration The trusted partner for protecting and growing your most valuable assets Promise Careful balance Delivery of benchmark Strong resilience in a across stakeholders results at scale transforming world 9 A 7

A. CEO ASSESSMENT AND OUTLOOK Systematic value capture program … Value = Growth + Margin + Capital creation expansion efficiency 1 Transforming our Life & AM franchise 2 Expanding our P/C leadership position 3 Boosting growth through our scalable platforms 4 Driving verticalization & execution agility 5 Reinforcing capital productivity & resilience 10 A 8

A. CEO ASSESSMENT AND OUTLOOK … driving multiple levers for value creation 1 Transforming our Scale Life/AM Capital productivity Protection & Life & AM franchise convergence of Life in-force health growth 2 Expanding our P/C “Beat the best” Refocus Growth leadership position in retail commercial markets 3 Boosting growth through Customer-facing Operating Digital our scalable platforms platforms platforms marketplaces 4 Driving verticalization & Global operating Customer loyalty Digital execution agility models leadership productivity 5 Reinforcing capital Capital Organizational Tail-risk productivity & resilience efficiency resilience & diversity management 11 A 9

A. CEO ASSESSMENT AND OUTLOOK Transforming our Life & AM franchise Leading franchise1 Life and AM convergence Higher value creation >670bn Integration of Life and AM to Transformation into capital- create higher value for light asset gathering platforms Life reserves customers and shareholders with high RoE and low tail-risk Coordinated go-to-market Higher net flows and stable >2,600bn + for strategic focus areas, = assets for AM, supplementing e.g. ESG and retirement earnings from Life products Assets under management with second revenue source >800bn Joint tail-risk and earnings Higher profitable growth driven volatility management by capital-efficient Life and Proprietary assets alternative AM products 12 1) In EUR A 10

A. CEO ASSESSMENT AND OUTLOOK Example: AZ Life business model transformation Transaction Rationale Reinsurance of Financial impact (EUR)1 • Monetization of Allianz Life earnings Capital release 3.6bn at attractive terms EUR ~30bn • Stronger capital efficiency at to Talcott Resolution RoEAZ Life +6%-p to ~18% Allianz Life and Allianz Group • Enhanced L/H growth through PIMCO/AllianzGI Net income AZ Life strategic access to private capital to become • 4Q 2021 +0.35bn 2 • AM growth opportunity especially • 2022ff p.a. <-0.1bn in private credit and other partner alternative investments SII-ratio AZ Group +9%-p of Sixth Street and Talcott Resolution 1) Subject to regulatory approval 13 2) Netted against positive impact from higher AM fees A 11

A. CEO ASSESSMENT AND OUTLOOK Continuous tail-risk management Selected examples Sales & underwriting Terms Elemental • Terms and conditions: harmonized wording through Allianz Product and Life damage Lab (APL); >100 products designed in APL already conditions back-books • New L/H business: 88% of PVNBP are capital-efficient products • Cyber coverage: elimination of silent cyber, >95% of overall portfolio processed New L/H • MidCorp underwriting: EUR 7bn global GPW business now consistently managed Duration In-force management management Digital • Life back-books: transactions for EUR 38bn of reserves in 2021 Cyber complexity • Duration management: L/H duration matched with coverage Exposure negligible delta of 0.2 management • Exposure management: AGCS portfolio optimized with ~30% capacity reduction vs. 2019 NatCat • NatCat accumulation: Capacity of aggregate reinsurance layer MidCorp accumu- Pandemic increased to EUR 0.5bn from 0.3bn underwriting lation events Operations & IT • Elemental damage: # of data centers reduced from 144 Sales & In-force Operations (2018) to 6 sites with state-of-the-art safety features • Digital complexity: 60% of IT applications to be decommissioned underwriting management & IT • Pandemic events: remote access for >90% of employees 14 A 12

A. CEO ASSESSMENT AND OUTLOOK Content Delivery Transfor- Confidence mation 15 A 13

A. CEO ASSESSMENT AND OUTLOOK Confident profit outlook1 … EUR bn ≥ 14.5 13.4 13.4 +1bn 11.9 -1bn 10.8 11.1 11.5 10.8 10.1 10.4 10.7 9.3 7.8 CAGR 3yr EPS growth2 +5-7% 10yr operating profit growth CAGR +6% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022e . . . 2024 1) Impact from NatCat, financial markets, regulatory action, litigation, F/X and global economic development not predictable 16 2) Based on EUR 21 EPS in 2021. Before IFRS 9/17 accounting changes A 14

A. CEO ASSESSMENT AND OUTLOOK … with attractive & predictable dividend policy1 DPS the higher of Minimum DPS (EUR) 2 50% payout ratio 12.5 or 11.9 11.3 10.8 previous year’s DPS +5% 9.6 Flexible payout of excess capital via share buy-backs 2020 2021 2022 2023 2024 1) Dividend policy subject to sustainable SII ratio >150%. This dividend policy represents the current intention of the board of management and the supervisory board and may be revised in the future. Also, the dividend payment in any given year is subject to specific dividend proposals by the board of management and the supervisory board, each of which may elect to deviate from this dividend policy if appropriate under the then prevailing circumstances, as well as to the decision of the annual general meeting 2) Payout ratio based on shareholders’ net income, adjusted for extraordinary and volatile items of EUR -2.2bn (incl. EUR -2.8bn for the provision for the AllianzGI U.S. Structured Alpha matter, 17 EUR 0.35bn for the impact from U.S. Life back-book management and EUR 0.2bn for higher-than-normal realized gains) A 15

Content/topics A CEO assessment and outlook Oliver Bäte B Group financial results 2021 Giulio Terzariol Glossary Disclaimer

Group financial results 2021 2022 Giulio Terzariol Munich, anzli Chief Financial Officer February 18, 2022 © Al

Content/topics 1 Highlights 2 Additional information

B. GROUP FINANCIAL RESULTS 2021 Group: strong underlying result in 2021 Group Property-Casualty Life/Health Asset Management Total revenues 12M 21 in EUR bn (internal growth vs. prior year in %) 148.5 (+6.1%) 62.3 (+4.1%) 78.3 (+6.8%) 8.4 (+15.9%) Operating profit 12M 21 in EUR mn(vs. prior year in %) 13,400 (+24.6%) 5,710 (+30.6%) 5,011 (+14.9%) 3,489 (+22.3%) Shareholders’ net income Combined ratio New business margin Cost-income ratio (in EUR mn) (in %) (in %) (in %) -2.9% -2.5%-p +0.4%-p -2.7%-p 6,807 6,610 96.3 93.8 2.8 3.2 61.2 58.4 16.48 15.96 1.7 3.1 11.4 10.6 -0.8 -2.6 1,743 2,527 +32.8 +110.1 12M 20 12M 21 12M 20 12M 21 12M 20 12M 21 12M 20 12M 21 1 EPS (in EUR) NatCat impact VNB (EUR mn) 3rd party net flows (EUR bn) RoE(in %) Run-off ratio 21 1) NatCat costs (without reinstatement premiums and run-off) B 3

B. GROUP FINANCIAL RESULTS 2021 Group: strong underlying result in 2021 Comments • Internal growth strong at 6.1% • P/C – good performance Strong internal growth across all segments. Operating profit up 31% due to improved underwriting Consolidation (+0.7%) and F/X (-1.1%) lead to total revenue and investment result. CR down -2.5%-p despite higher growth of 5.7%. NatCat impact (∆ +1.4%-p), driven by better underlying • OP is EUR 1.4bn above FY target range midpoint performance and normalization of run-off. Prior year Operating profit grows by EUR 2.6bn. All operating included ~2%-p negative impact from COVID-19. business segments with double-digit operating profit growth. • L/H – strong performance Prior-year operating profit impacted by COVID-19 Operating profit driven by investment margin (+6%), (EUR -1.3bn). UL management fees (+22%), loadings from reserves • Shareholders’ net income at EUR 6.6bn (+10%) and technical margin (+15%). NBM strong at Higher operating profit (∆ EUR +2.6bn) more than offset by 3.2%. VNB grows 45% to EUR 2.5bn, supported by lower non-OP result (∆ EUR -2.7bn). Non-OP result back-book management. impacted by a provision of EUR 3.7bn (EUR 2.8bn after tax) • AM –outstanding operating performance for the AllianzGI U.S. Structured Alpha matter. Strong result in terms of OP, 3rd party and total AuM. • Adjusted for the provision for the AllianzGI U.S. EUR 110bn 3rd party net inflows with EUR 65bn from Structured Alpha matter RoE at 14.9% PIMCO and EUR 45bn from AllianzGI. • EUR 750mn share buy-back in 2021 • CO –in line with expectations A total of 3.8mn shares were acquired representing 0.9% of Lower operating loss (EUR -0.8bn) mainly due to higher outstanding capital. Number of shares issued at 408.5mn. investment income. 22 B 4

B. GROUP FINANCIAL RESULTS 2021 Group: 4Q OP strong, NI impacted by litigation Group Property-Casualty Life/Health Asset Management Total revenues 4Q 21 in EUR bn (internal growth vs. prior year in %) 38.4 (+5.9%) 14.5 (+10.7%) 21.5 (+1.6%) 2.5 (+15.5%) Operating profit 4Q 21 inEUR mn(vs. prior year in %) 3,509 (+18.0%) 1,551 (+76.1%) 1,264 (-11.6%) 1,035 (+20.8%) Shareholders’ net income Combined ratio New business margin Cost-income ratio (in EUR mn) (in %) (in %) (in %) -116.1% -3.9%-p +0.7%-p -0.5%-p 1,817 97.4 93.5 58.7 58.2 2.7 3.4 -292 1.5 1.3 +0.7 -2.4 521 672 +27.7 +20.6 4Q 20 4Q 21 4Q 20 4Q 21 4Q 20 4Q 21 4Q 20 4Q 21 1 NatCat impact VNB (EUR mn) 3rd party net flows (EUR bn) Run-off ratio 23 1) NatCat costs (without reinstatement premiums and run-off) B 5

B. GROUP FINANCIAL RESULTS 2021 Group: 4Q OP strong, NI impacted by litigation Comments • Internal growth strong at 5.9% • P/C – strong operating profit Strong internal growth across all segments. Operating profit increases by 76%/EUR +0.7bn mainly Consolidation (+0.8%) and F/X (+1.3%) lead to total driven by higher underwriting result (∆ EUR +0.6bn) revenue growth of 7.9%. due to better run-off (∆ -3.1%-p) and lower ER • Business segments with very good operating results (∆ -0.6%-p). Double-digit profit growth in P/C and AM supports total • L/H – very good result operating profit growth of 18.0%. L/H operating profit at Double-digit growth of UL management fees, loadings strong level, prior-year result benefited from favorable from reserves and technical margin. Investment margin investment margin. strong (24bps) but down due to favorable prior-year • Shareholders’ net income at EUR -0.3bn result from net harvesting and other. NBM excellent at 3.4%. VNB grows 29% to EUR 672mn. Improved operating profit (∆ EUR +0.5bn) is more than offset by non-operating result (∆ EUR -3.2bn) which was • AM –excellent operating performance impacted by a provision of EUR 3.7bn (EUR 2.8bn after EUR 21bn 3rd party net inflows, strong AuM driven tax) for the AllianzGI U.S. Structured Alpha matter. revenues and performance fees, favorable F/X. Operating profit increases by 21% to EUR 1,035mn. • Corporate & Other Operating loss at EUR -307mn in line with expectations. 24 B 6

B. GROUP FINANCIAL RESULTS 2021 Group: strong capitalization Shareholders’ equity (EUR bn) Key sensitivities (EUR bn) -2.1% -30% -5.4 80.8 81.6 80.0 Equity markets Unrealized +50bps gains/losses1 22.6 17.6 16.8 -5.8 Retained earnings, Interest rate -50bps +5.7 F/X and undated 29.2 35.2 34.3 subordinated bonds2 on government bonds -3.0 28.9 28.9 28.9 Credit spread +50bps on non-government bonds -3.7 Paid in capital 31.12.20 30.09.21 31.12.21 3 SII capitalization (in %) Key sensitivities +2%-p 207 209 +30% +13%-p 207 Equity markets5 -30% -15%-p 2064 +50bps +4%-p Interest rate SII non-parallel -50bps -5%-p Credit spread +50bps on government bonds -11%-p 31.12.20 30.09.21 31.12.21 on non-government bonds +1%-p 1) Off-balance sheet unrealized gains on real estate, associates and joint ventures attributable to the shareholders amount to EUR 4.8bn as of 31.12.20, EUR 5.0bn as of 30.09.21 and EUR 5.4bn as of 31.12.21 2) Undated subordinated bonds amounted to EUR 2.3bn as of 31.12.20, EUR 4.7bn as of 30.09.21 and EUR 4.7bn as of 31.12.21 3) Including the application of transitional measures for technical provisions, the Solvency II capitalization ratio amounted to 240% as of 31.12.20, to 236% as of 30.09.21 and to 239% as of 31.12.21 4) Pro-forma, taking into account share buy-back of EUR 1.0bn announced in 1Q 2022 25 5) If stress applied to traded equities only, sensitivities would be +6%-p/-6%-p for a +/-30% stress B 7

B. GROUP FINANCIAL RESULTS 2021 Group: strong capitalization Comments • Shareholders’ equity • SII ratio – FY 2021 In FY 2021, shareholders’ equity decreases by Main drivers from 207% to 209%: EUR 0.9bn. Main drivers are + organic capital generation +29%-p (+11%-p after tax/dividend) + s/h net income (EUR +6.6bn, including -2.8bn net of tax + market impact +8%-p driven by SCR relief mainly due to higher provision for the AllianzGI U.S. Structured Alpha matter) interest rates + deeply subordinated RT1 debt (EUR +2.4bn) + regulatory/model changes +3%-p + F/X (EUR +1.2bn) − tax/other -24%-p, thereof -9%-p due to a provision for the − net unrealized losses (EUR -5.9bn) AllianzGI U.S. Structured Alpha matter. − dividends (EUR -4.0bn) − capital management/management actions -14%-p; main − share buy-back (EUR -0.75bn). drivers: life back-book management (+11%-p); dividend accrual • SII sensitivities (-11%-p), acquisitions (-9%-p); net reduction of subdebt and No significant changes compared to 3Q 2021. share buy-back (combined impact -5%-p). In a combined stress scenario, we estimate an additional • SII ratio – 4Q 2021 impact due to cross effects of ~-8%-p compared to the sum Main drivers from 207% to 209%: of the individual sensitivities. + organic capital generation +6%-p (+1.5%-p after tax/dividend) • Transitionals + model changes +3%-p Including transitionals, the Group SII ratio stands at 239%. + capital management/management actions +3%-p; main drivers: Our general capital steering will continue to focus on the life back-book management +10%-p, acquisitions -6%-p SII ratio excluding the application of transitional measures − tax/other -10%-p, thereof -9%-p due to a provision for the for technical provisions. AllianzGI U.S. Structured Alpha matter. 26 B 8

B. GROUP FINANCIAL RESULTS 2021 Group: Solvency II ratio increases to 209% +12.9 +0.0 Own funds 84.9 +0.2 -4.5 86.0 (EUR bn) -7.6 +5.9 +5.1 +3.4 -1.4 P/C AM L/H CO/Conso. 31.12.20 Regulatory/ Operating SII Market Capital mgmt./ Tax/ 31.12.21 model changes earnings impact management other actions SII capitalization 207% +3%-p +29%-p +8%-p -14%-p -24%-p 209% Pre-tax operating capital generation 40.9 +0.4 +0.5 +0.9 41.2 -0.4 -1.2 SCR (EUR bn) 31.12.20 Regulatory/ Business Market Management Other2 31.12.21 1 model changes evolution impact actions 1) Including cross effects and policyholder participation 27 2) Other effects on SCR include diversification effects B 9

B. GROUP FINANCIAL RESULTS 2021 Group: Solvency II ratio increases to 209% Comments • 29%-p SII capital generation pre-tax/dividend • Capital management/management actions SII capital generation net of tax and dividend amounts to Life back-book management e.g. in the U.S. and in +11%-p in FY 2021. Switzerland contributes positively (+11%-p), more than • Operating SII earnings compensated by dividend accrual (-11%-p), acquisitions Operating SII earnings of P/C, L/H and AM are close to (-9%-p, e.g. Aviva Poland, Aviva Italy and Westpac) and net IFRS results. reduction of subordinated capital and share buy-back • Regulatory/model changes (combined impact -5%-p). Overall impact +3%-p. Several model changes and • Tax/other refinements result in a slight decrease of SCR/increase of Own funds reduction driven by taxes (EUR -3.5bn) and a own funds. provision of EUR -3.7bn for the AllianzGI U.S. Structured Alpha matter, the latter without offsetting tax impact in • Market impact Group Own Funds due to transferability restrictions. Overall impact +8%-p mainly due to SCR relief mainly • Outlook driven by higher interest rates. Solvency ratio additionally We currently anticipate an operating capital generation net supported by rising equity markets. of tax and dividend of ~10%-p in 2022. The announced share buy-back of EUR 1.0bn is expected to decrease the SII ratio by ~2%-p. 28 B 10

B. GROUP FINANCIAL RESULTS 2021 Group: strong ESG performance Carbon footprintof prop. investments Carbon footprint of operations Renewable electricity of operations (in mn t CO e1) (in t CO e per employee) (share of total electricity used) 2 2 -25% target -30% target +51%-p target -16% -32% +20%-p 24.92 100% 22.12 18.7 18.7 77% 2.4 57% 49% 1.4 1.7 0.9 2019 2020 2021 2024e 2019 2020 2021 2025e 2019 2020 2021 2023e 1) Carbon footprint measured for listed equities & tradeable corporate bonds. These asset classes represent EUR 257bn or 30% of our total investment portfolio of EUR 849bn (economic view). 29 2) Figures have been restated due to a change in methodology. Before restatement the figures amounted to 25.6 for 2019 and 23.2 for 2020. B 11

B. GROUP FINANCIAL RESULTS 2021 Group: strong ESG performance Comments • Carbon footprint of proprietary investments: -16% • Share of renewable electricity: +20%-p Successful continuation of portfolio decarbonization. 77% share of renewable electricity, up from 57% in 2020, Improvement 2021 vs. 2020 supported by ~4-5%-p from following the “RE100” ambition to be achieved by 2023. COVID-19 shutdowns. Increase vs. 2020 supported by changes in supplied electricity mix and the first time use of offset certificates. • Carbon footprint of operations: -32% Carbon footprint per employee from operations decreased from 1.4 tons CO2e in 2020 to 0.9 in 2021. Both years are impacted by COVID-19-related drop, primarily in business travel. On a normalized basis, emissions decrease from ~2.0 tons/employee in 2020 to ~1.8 tons/employee in 2021, mainly due to an increased share of renewable electricity in own operations. 30 B 12

B. GROUP FINANCIAL RESULTS 2021 P/C: 4% internal growth EUR mn Revenues YTD change on renewals 2021 Total growth Internal growth 2021 Momentum ∆ p.y. ∆ p.y. Total P/C segment 62,272 +4.8% +4.1% +3.6% n.a. Selected OEs Germany 11,080 +1.5% +1.3% +2.0% stable United Kingdom 4,530 +0.2% -3.2% +2.8% positive France 4,477 -1.8% -1.8% +0.5% stable Italy 3,932 +3.6% +0.0% +0.1% stable Australia 3,659 +19.6% +8.2% +4.8% stable Central and Eastern Europe 3,538 +7.9% +8.1% n.a. n.a. Spain 2,517 +8.7% -3.5% +3.6% stable Latin America 2,052 +13.1% +8.1% n.a. n.a. Turkey 927 -7.6% +22.4% n.a. n.a. Global lines AGCS 9,510 +1.8% +4.2% +12.8% stable Allianz Partners 6,168 +15.6% +17.2% +1.1% stable Euler Hermes 2,919 +6.0% +6.9% +4.5% negative 31 B 13

B. GROUP FINANCIAL RESULTS 2021 P/C: 4% internal growth Comments • Internal growth at 4.1% – accelerating in 2H • Australia – price and volume positive Price (+2.2%), volume (+1.4%) and service income Good growth in retail and commercial. Total growth also (+0.6%) contribute. Strong acceleration in 2H with IG of positively impacted by Westpac consolidation and F/X. -1.6% in 1Q, +3.6% in 2Q, +7.2% in 3Q, +10.7% in 4Q. • CEE –good growth from higher volume Allianz Partners, AGCS and CEE are the largest drivers. Romania, Czech Republic and Austria main contributors. Consolidations (+1.5%, mainly from BBVA, SulAmérica, • Spain – lower volume partially offset by price Westpac and AVIVA Italy) and F/X (-0.8%) lead to total Portfolio optimization impacts top-line. BBVA consolidation in growth of +4.8%. Rate change on renewals stable vs. 9M 4Q 2020 drives total growth. 2021 (+3.8%). Internal NPE growth +1.9%. • Turkey – price and volume contribute • Germany –positive price effect Retail MOD (motor own damage) as well as health business. Top-line driven by Privatschutz, MidCorp and SME. Total growth impacted by depreciation of Turkish Lira. • UK – driven by lower volume • AGCS –price effect partially offset by lower volume Decline in retail motor and SME partly offset by growth Fronting business, property and financial lines drive growth. in retail non-motor. Total growth driven by F/X. • Allianz Partners – higher volume and service fees • France – portfolio actions in commercial Strong growth from recovery of U.S. travel business as well as Higher top-line in motor retail overcompensated by favorable development in assistance. commercial lines. • Euler Hermes – mainly driven by higher volume • Italy – lower top-line in motor Economic recovery positively impacts top-line. Growth in commercial offset by decline in motor retail. Aviva Italy consolidated as of 4Q 2021. 32 B 14

B. GROUP FINANCIAL RESULTS 2021 P/C: operating profit at EUR 5.7bn Operating profit drivers (EUR mn) Combined ratio (in %) +30.6% -2.5%-p 96.3 93.8 +1,386 +86 5,710 Loss ratio 69.5 67.0 4,371 -133 1.7 3.1 NatCat impact2 (in %-p) Expense ratio 26.8 26.7 2020 2021 3 Run-off ratio (in %) Operating Underwriting1 Investment Other Operating +1.8%-p profit profit 2.6 2020 ∆ 2021/2020 2021 2021 3,026 2,642 42 0.8 2020 1,639 2,556 175 2020 2021 1) Underwriting result incl. change in reserves 2) NatCat costs (without reinstatement premiums and run-off) 33 3) Positive run-off ratio implies a positive P&L impact from prior year reserve movements B 15

B. GROUP FINANCIAL RESULTS 2021 P/C: operating profit at EUR 5.7bn Comments • Operating profit up 31% • Expense ratio – excellent performance Better underwriting and investment results partially Continued improvements in several OEs (e.g. GER, FRA) offset by lower ‘other’ result which benefited from a partially compensated by negative business mix effect and positive one-off (EUR +0.1bn) in 2020. positive prior-year one-off in the UK. CR improves -2.5%-p despite higher NatCat impact • Run-off – on normal level (∆ +1.4%-p) driven by the attritional LR (∆ -2.1%-p) 2020 impacted by COVID-19 and AGCS reserve and a normalization in run-off from low level in strengthening. 2020. Prior year included EUR 1.1bn negative • 4Q 2021 – strong operating profit of EUR 1.6bn impact from COVID-19. • Combined ratio by customer segment P/C segment 4Q 2020 4Q 2021 ∆ CR in retail (incl. SME and fleet) at 93.1%. Attritional LR 67.7% 67.7% -0.1%-p Commercial CR at 94.7%. NatCat 1.5% 1.3% -0.2%-p • NatCat & weather – above normal Run-off 0.7% -2.4% -3.1%-p Net NatCat losses of EUR 1,637mn/3.1% ER 27.5% 26.9% -0.6%-p significantly above prior year (EUR 880mn/1.7%) CR 97.4% 93.5% -3.9%-p and 10Y FY average of 1.9%. Largest drivers were Underwriting result (EUR mn) 289 841 +191.3% flood and storm events across Europe in summer. Investment result (EUR mn) 607 695 +14.5% Weather related losses (excl. NatCat) at 1.2% Other result (EUR mn) -14 16 n.m. slightly lower than in previous year (1.3%). OP (EUR mn) 881 1,551 +76.1% 34 B 16

B. GROUP FINANCIAL RESULTS 2021 P/C: good underlying performance EUR mn Operating profit Combined ratio NatCat impact on CR 2021 ∆ p.y. 2021 ∆ p.y. 2021 ∆ p.y. Total P/C segment 5,710 +30.6% 93.8% -2.5%-p 3.1%-p +1.4%-p Selected OEs Germany 1,140 -4.7% 93.5% +0.6%-p 7.0%-p +5.7%-p United Kingdom 369 +11.9% 93.2% +2.1%-p 1.2%-p -0.8%-p France 438 -0.5% 95.3% +0.4%-p 1.0%-p -0.1%-p Italy 605 -20.5% 87.6% +3.9%-p 0.8%-p -0.3%-p Australia 307 +140.6% 93.4% -5.9%-p 5.7%-p -0.7%-p Central and Eastern Europe 467 +9.5% 86.9% -0.3%-p 1.7%-p +1.2%-p Spain 169 -22.8% 94.2% +2.5%-p 0.7%-p +0.4%-p Latin America 46 -77.2% 109.1% +8.4%-p 0.0%-p 0.0%-p Turkey 118 -16.4% 108.1% +8.6%-p 0.0%-p 0.0%-p 1 Global lines AGCS 366 n.m. 97.5% -18.0%-p 6.4%-p +2.4%-p Allianz Partners 256 +70.0% 95.6% -1.8%-p 0.0%-p +0.0%-p Euler Hermes 428 +299.2% 73.3% -23.4%-p ̶ ̶̶ 35 1) In 2020 OP for AGCS was at EUR -482mn (∆ EUR +848mn) B 17

B. GROUP FINANCIAL RESULTS 2021 P/C: good underlying performance Comments • Germany –impacted by NatCat • LatAm–OP declines driven by Brazil and Mexico High NatCat losses partially compensated by Motor deterioration in Brazil driven by higher frequency and improvements in attritional LR and ER. inflation following market trend. OP in Mexico benefited from a • UK – CR on good level positive F/X one-off in 2020. Improvement in LR more than offset by higher ER • Turkey – challenging market environment which included a positive one-off in 2020 (~-4%-p). Higher operating profit in local currency more than offset by OP supported by change in internal reinsurance. F/X development. • France – OP stable • AGCS –strict portfolio actions pay off Higher attritional LR partially offset by lower ER. CR significantly improved vs. prior year and also slightly better • Italy – CR remains very strong than 2021 target level of 98%. Higher LR due to normalization of frequency in motor. • Allianz Partners – OP rises sharply • Australia – CR improves substantially Strong top-line and good CR. Favorable claims trend in travel Lower AY LR driven by underlying performance and more than offsets higher ER from change in business mix. better ER. • Euler Hermes – outstanding CR • CEE –profitability on excellent level Historically low claims environment drives favorable run-off Continued improvement of ER (∆ -0.5%-p) partially and lower AY LR. NPE grow 16% driven by economic offset by higher LR. recovery and exit of all relevant state schemes by end of June. • Spain – CR at 94% Increase in attritional LR of MidCorp business, normalization in motor frequency as well as higher 36 NatCat & weather related losses. B 18

B. GROUP FINANCIAL RESULTS 2021 P/C: investment result up 3% Operating investment result1 Current yield Economic reinvestment yield (EUR mn) +3.4% (debt securities; in %) (debt securities; in %) 2,642 2.27 2.10 1.4 1.4 2,556 2020 2021 2020 2021 4 5 2020 2021 Total average asset base Duration (EUR bn) Interest & 3,061 3,151 +90 120.7 5.6 5.6 2 117.3 4.6 4.5 similar income Net harvesting -84 -16 +69 and other3 Investment Assets expenses -421 -493 -73 Liabilities 2020 2021 2020 2021 1) Including policyholder participation 2) Net of interest expenses 4) Asset base includes health business France, fair value option and trading 3) Other comprises fair value option, trading and F/X gains and losses, 5) The durations are based on a non-parallel shift in line with SII yield curves and scaled by Fixed Income 37 as well as policyholder participation assets. Data excludes internal pensions residing in the P/C segment. B 19

B. GROUP FINANCIAL RESULTS 2021 P/C: investment result up 3% Comments • Interest & similar income • Current yield Higher income from equities (∆ EUR +160mn, Reduction in current yield in line with expectations. mainly from private equity investments) which was • Reinvestment yield negatively impacted by COVID-19 in prior year, is Lower reinvestment yield in 9M 2021 fully compensated partially compensated by lower income from debt. by higher yields towards the end of the year. • Net harvesting & other Higher income from assets carried at fair-value. • Investment expenses Driven by larger share of high-yield products with higher fees as well as increased expenses for real estate. 38 B 20

B. GROUP FINANCIAL RESULTS 2021 L/H: successful new business management PVNBP share by line EUR mn 2020 2021 ∆ p.y. PVNBP 61,497 78,650 +27.9% Total L/H segment 2.8 3.2 APE 8,616 9,615 +11.6% Single premium 37,281 45,455 +21.9% Protection & health 5.5 18% 21% 5.4 Recurring premium 4,888 5,069 +3.7% Unit-linked 2.2 21% PVNBP by OE (EUR mn) w/o guarantees 23% 2.5 Other OEs Germany Life 8,945 (+96.5%) 21,841 (-2.0%) Asia Pacific Capital-efficient 2.6 47% 5,953 (+15.6%) products 44% 3.2 USA 13,443 (+36.2%) Germany Health Benelux 3,466 (+46.8%) Guaranteed 1.1 14% 12% 1.1 1,691 (-1.3%) savings & annuities Italy France 2020 2021 13,447 (+55.5%) 9,865 (+42.5%) Preferred LoBs Group financial results 2Q 2021 NBM (in %) 39 B 21

B. GROUP FINANCIAL RESULTS 2021 L/H: successful new business management Comments PVNBP by line PVNBP by OE • Strong new business across preferred lines • Germany Life – new business remains on high level Protection & health increases 52% resp. EUR 5.7bn Good acceptance of modified products. NBM close to target level. supported by one large contract in corporate business. Share of P&H is up to 11% with NBM 6.8%. UL is up by 36%, resp. EUR 4.8bn, driven by various • USA –strong sales performance across all lines All lines with NBM >3%. countries. Higher sales in Italy (∆ EUR +1.5bn) and France (∆ EUR +1.9bn), the latter benefitting from • Asia Pacific – double-digit growth with 5.7% NBM back-book management. UL business grows by 40%. Good growth across Taiwan, Malaysia Capital-efficient business is up by 19%, resp. and the Philippines. EUR 5.4bn, with largest volume expansion in the USA • Italy – back-book management and UL growth (∆ EUR +3.4bn). Higher sales in France (∆ EUR +2.0bn) GS&A up due to renegotiation of contracts in corporate business were supported by back-book management. (EUR 2.8bn). UL sales grow 23%. GS&A is up 15%, resp. EUR 1.3bn, driven by the • France – active back-book management renegotiation of corporate contracts in Italy (EUR 2.8bn). Successful transfer of in-force business (EUR 2.8bn) into newly Adjusted for back-book management total growth is 12% launched product with UL and capital-efficient component. with prior-year sales being affected by lockdown • Other OEs – large contract in corporate business measures. Allianz Re with one large contract (EUR 3.7bn) in corporate P&H • NBM very good at 3.2% business with NBM of 3.4%. Strong recovery of NBM for capital-efficient products. • Germany Health – 1/4 growth and 3/4 model changes NBM for UL and protection & health at very good level. and other 40 B 22

B. GROUP FINANCIAL RESULTS 2021 L/H: operating profit up 15% to EUR 5bn Operating profit by source (EUR mn) Operating profit by line (EUR mn) +14.9% +14.9% +173 5,011 5,011 +284 +246 +583 4,359 910 4,359 -635 781 578 488 1,087 1,452 2,003 2,071 Operating Loadings Investment Technical Expenses Impact of Operating 2020 2021 profit & fees margin margin change profit 2020 in DAC 2021 ∆ 2021/2020 Protection & health 2021 6,888 4,440 1,305 -7,999 377 Unit-linked w/o guarantees 2020 6,605 4,194 1,132 -7,365 -206 Capital-efficient products Guaranteed savings & annuities 41 B 23

B. GROUP FINANCIAL RESULTS 2021 L/H: operating profit up 15% to EUR 5bn Comments • OP is EUR 0.6bn above FY target range midpoint Operating profit by line Operating profit driven by investment margin (+6%), • Protection & health UL management fees (+22%), loadings from reserves Low prior-year result (LTC loss recognition in the U.S.). (+10%) and technical margin (+15%). • UL w/o guarantees • Loadings & fees supported by UL business Operating profit up 19%. Increase driven by higher UL Increase due to higher UL management fees and management fees in Italy. loadings from reserves. • Capital-efficient products • Technical margin – higher contribution from USA Operating profit increases by 34%. Higher contribution from In addition better results from Germany and the U.S. (+34%) and German Life business (+42%). Switzerland. • Guaranteed savings & annuities • Investment margin very good at 87bps Slightly higher operating profit despite declining reserves Investment margin up 6% to EUR 4.4bn, largely driven (-3%). Improvement mainly due to better result from France. by business growth. • 2021 RoE at 13.0% • Expenses – new business growth 4Q 2020 4Q 2021 ∆ Acquisition expenses driven by new business growth. PVNBP (EUR mn) 18,974 19,750 +4.1% Admin expense ratio stable. NBM 2.7% 3.4% +0.7%-p • Impact of change in DAC – new business growth VNB (EUR mn) 521 672 +28.8% Higher capitalization driven by new business growth, Investment margin 33bps 24bps -9bps e.g. USA and France. Lower amortization due to prior- Operating profit (EUR mn) 1,429 1,264 -11.6% year effect (LTC loss recognition in the U.S.). 42 B 24

B. GROUP FINANCIAL RESULTS 2021 L/H: value of new business up 45% EUR mn Value of new business New business margin Operating profit 2021 ∆ p.y. 2021 ∆ p.y. 2021 ∆ p.y. Total L/H segment 2,527 +45.0% 3.2% +0.4%-p 5,011 +14.9% Germany Life 631 -6.0% 2.9% -0.1%-p 1,240 +3.2% USA 530 +121.1% 3.9% +1.5%-p 1,357 +49.7% Asia-Pacific 338 +14.1% 5.7% -0.1%-p 443 +2.9% Italy 264 +82.3% 2.0% +0.3%-p 449 +32.9% France 192 +247.0% 1.9% +1.1%-p 641 +13.7% Germany Health 150 +79.4% 4.3% +0.8%-p 235 +25.3% Central and Eastern Europe 56 +39.9% 4.8% +0.3%-p 223 -2.1% Benelux 45 +20.5% 2.6% +0.5%-p 107 -27.4% Turkey 39 -1.8% 6.7% +0.6%-p 92 +13.6% Spain 31 +29.1% 2.7% +0.1%-p 105 -1.0% Switzerland 17 +33.6% 1.7% +0.4%-p 97 -10.4% 43 B 25

B. GROUP FINANCIAL RESULTS 2021 L/H: value of new business up 45% Comments New business Operating profit • NBM very good at 3.2% • Germany Life – strong performance Improvement driven by better business mix (+0.5%-p). Increase driven by higher technical margin. Most countries with improving or stable NBM. • USA –largest contributor to operating profit • VNB 17% above pre-pandemic level 2019 Strong underlying performance further supported by VNB growth of 45% as result of higher NBM (∆ +0.4%-p) favorable capital markets. and increased new business volume (+28%). • Asia Pacific – good underlying development • VNB multiplier in the range of 3.0-3.5 Higher contribution from Thailand and Taiwan partially offset Conversion to undiscounted operating profit. by Indonesia. Technical result in Indonesia impacted by • Business mix improves claims related to COVID-19. Trend towards products with <100% principal protection • Italy – operating profit driven by higher UL fees continues with good acceptance of modified products Operating profit from UL increases by 42%. Share of UL in across almost all countries. Share of GS&A in new total operating profit is at 72%. business down to 12%. • France – double-digit profit growth • Successful back-book management Increase mainly driven by higher investment margin. Back-book management in Switzerland, France, Italy and • Benelux – Belgium with lower contribution the U.S. included reserves of EUR ~38bn resp. 7% of Lower investment margin due to disposal of back-book and aggregate policy reserves. This results in a capital higher admin expenses. release of EUR ~4bn, uplift for SII-ratio of +11%-p and • Germany Health – better technical and uplift for RoE L/H of +1.4%-p. investment margin 44 B 26

B. GROUP FINANCIAL RESULTS 2021 L/H: investment margin very good at EUR 4.4bn Investment margin Economic reinvestment yield 2020 2021 (debt securities; in %) 1 1.6 1.7 Based on Ø book value of assets (EUR bn) 627 648 Current yield 2.86% 2.96% Based on Ø aggregate policy reserves (EUR bn) 490 510 Current yield 3.66% 3.76% 2020 2021 Net harvesting and other2 0.53% 0.47% 5 Total yield 4.18% 4.23% Duration - Ø min. guarantee3 1.85% 1.76% 11.4 11.5 11.3 11.1 Gross investment margin (in %) 2.34% 2.47% 4 - Profit sharing under IFRS 1.48% 1.60% Investment margin (in %) 0.86% 0.87% Assets Liabilities Investment margin (EUR mn) 4,194 4,440 2020 2021 1) Asset base under IFRS which excludes unit-linked, FVO and trading 4) Includes bonus to policyholders under local statutory accounting and deferred premium refund under IFRS 2) Other comprises fair value option, trading and F/X gains and losses, as well as investment expenses 5) The durations are based on a non-parallel shift in line with SII yield curves and scaled by 45 3) Based on technical interest Fixed Income assets. Data excludes internal pensions residing in the L/H segment. B 27

B. GROUP FINANCIAL RESULTS 2021 L/H: investment margin very good at EUR 4.4bn Comments • Investment margin up 6% • Investment margin very good at 87bps Result of slightly higher investment margin (∆ +1bp to PHP of 79.8% vs. 79.5% in prior year. 87bps) and growth of reserve base (+4.1%). FY level for 2022 expected at ~75bps assuming • Higher current yield normalization of investment income. Current yield based on aggregate policy reserves up • Change in duration by 10bps. Increase driven by higher dividends. Duration of liabilities down mainly due to higher interest • Net harvesting and other in line with expectations rates. • Average minimum guarantee down by 9bps Decline in line with expectations. reflecting continuous switch to capital-efficient products. • Gross investment margin up 13bps to 247bps Result of higher current yield and lower minimum guarantee. 46 B 28

B. GROUP FINANCIAL RESULTS 2021 AM: total AuM increase 9% to EUR 2.6tn Total assets under management (EUR bn) 3rd party AuM split (EUR bn) +9.2% Asset classes Multi-assets Regions Europe 2,609 EUR 206bn (+27.7%) EUR 637bn (+13.5%) 2,389 Equities Asia Pacific -5.2% 642 EUR 205bn (+25.7%) EUR 238bn (+11.5%) Allianz Group Alternatives assets 677 EUR 73bn (+58.4%) 456 4% 12% AllianzGI 374 +21.8% 10% 3rd party AuM +12.9% 10% EUR bn EUR bn 1,510 1,966 32% 1,966 56% PIMCO 1,337 (+14.9%) (+14.9%) 75% Fixed income America 31.12.20 31.12.21 EUR 1,482bn (+10.5%) EUR 1,092bn (+16.4%) 47 B 29

B. GROUP FINANCIAL RESULTS 2021 AM: total AuM increase 9% to EUR 2.6tn Comments • Total AuM up 9% • Investment outperformance Increase due to 15% higher 3rd party assets; AM segment: 91% of 3rd party AuM outperform EUR 110bn 3rd party net inflows as the largest driver, benchmarks on a trailing 3-year basis before fees. followed by EUR 103bn positive F/X impact on total • Alternatives AuM. Total alternative AuM including Allianz assets Decrease of Allianz Group assets reflects reclassification increase by 27% from EUR 182bn end of 2020 to of own AuM to 3rd party AuM due to U.S. life reinsurance EUR 230bn end of 2021, benefitting from EUR 22bn transaction in 4Q 2021. total net inflows. 3rd party alternative AuM rose by Total AuM up by 2%/3rd party AuM up by 5% since end 58% to EUR 73bn. of 3Q 2021. 48 B 30

B. GROUP FINANCIAL RESULTS 2021 AM: EUR 110bn 3rd party net inflows 3rd party assets under management development (EUR bn) 3rd party net flow split (EUR bn) +14.9% Asset Fixed income +62.3 +116.7 1,966 classes +64.6 +27.8 Equities +11.4 1,712 +45.5 Multi-assets +24.8 Alternatives +11.4 Regions America +49.1 +110.1 Europe +41.5 Asia Pacific +19.5 Investment Mutual funds +89.7 31.12.20 Net flows Market & F/X & 31.12.21 vehicles AllianzGI PIMCO dividends other Separate accounts +20.3 in % +2.7% +3.8% +1.6% +6.8% 49 B 31

B. GROUP FINANCIAL RESULTS 2021 AM: EUR 110bn 3rd party net inflows Comments • 3rd party AuM up 15% to EUR 2tn • 3rd party net flows PIMCO: EUR +65bn 3rd party AuM increase by EUR 255bn to a new all-time 3rd party net inflows from fixed income, alternatives and high. Very strong 3rd party net inflows (EUR 110bn) from multi-assets. All regions contribute positively. PIMCO (EUR 65bn) and AllianzGI (EUR 45bn). EUR 11.1bn 3rd party net inflows in 4Q 2021. F/X supports with EUR 92bn; EUR 30bn positive • 3rd party net flows AllianzGI: EUR +45bn reclassification effect from U.S. life reinsurance 3rd party net inflows from all asset classes and regions. transaction. EUR 1,826bn average 3rd party AuM in FY 2021, EUR 9.5bn 3rd party net inflows in 4Q 2021. 10% above FY 2020 level of EUR 1,665bn. 3rd party AuM up 5% since end of 3Q 2021, supported by EUR 20.6bn 3rd party net inflows, U.S. life reinsurance transaction and F/X. 50 B 32

B. GROUP FINANCIAL RESULTS 2021 AM: 14% revenue growth Revenues development (EUR mn) PIMCO (EUR mn) AllianzGI (EUR mn) +14.3% +12.9% +17.7% Internal growth +15.9% +14.1% +20.5% Performance fees 8,396 6,071 AuMdriven & 7,347 633 5,377 475 other revenues1 402 2,333 258 1,983 158 143 6,945 7,762 5,119 5,596 1,839 2,175 3rd party AuM 39.1 39.3 36.9 37.1 47.6 46.7 margin2 (in bps) 2020 2021 2020 2021 2020 2021 1) Thereof other revenues: AM: 2020: EUR -11mn; 2021: EUR -7mn; PIMCO: 2020: EUR -6mn; 2021: EUR +4mn; AllianzGI: 2020: EUR +6mn; 2021: EUR -3mn 51 2) Excluding performance fees and other income B 33

B. GROUP FINANCIAL RESULTS 2021 AM: 14% revenue growth Comments • Segment revenues – up 14% • 3rd party AuM margin – stable Significant revenue increase by EUR 1.0bn due to rising Segment and PIMCO margins stable, AllianzGI margin AuMdriven fees (∆ EUR 814mn/+12%) following higher slightly down by 0.9bps to 46.7bps e.g. due to a average 3rd party AuM (+10%). EUR 178mn AuM driven change in distribution fee structures. revenues from Allianz Real Estate, which was not included in 1Q-3Q 2020 (4Q 2020: EUR 44mn). Strong level of performance fees (EUR 633mn, ∆ EUR 232mn/+58%). 4Q 2021 particularly strong compared to 4Q 2020: EUR 2.5bn operating revenues (+19%), EUR 2.1bn AuM driven revenues (+16%), EUR 370mn performance fees (+45%). 52 B 34

B. GROUP FINANCIAL RESULTS 2021 AM: operating profit up 22% Operating profit drivers (EUR mn) PIMCO +22.3% +14.8% +1,257 +24.5% Internal growth 2,256 2,589 1 3,489 1 2,853 -534 -86 363 Performance fee impact2 228 OP excl. performance fee impact2 58.1 57.4 CIR (in %) +19.1% 3,127 fee impact2 2,625 61.2 58.4 2020 2021 Operating Revenues Expenses F/X effect Operating AllianzGI profit profit +48.9% 2020 2021 932 ∆ 2021/2020 F/X impact -208 +121 626 2021 8,396 -4,906 68.4 60.0 CIR (in %) 2020 7,347 -4,494 2020 2021 1) Including operating loss from other entities of EUR -29mn in 2020 and EUR -32mn in 2021 53 2) Performance fees of PIMCO and AllianzGI (excl. Allianz Capital Partners), net of 30% variable compensation B 35

B. GROUP FINANCIAL RESULTS 2021 AM: operating profit up 22% Comments • Segment – OP at EUR 3.5bn, up 22% • 4Q 2021 – OP up 21% Strong result at both operating entities. Higher revenues drive OP. Favorable F/X. CIR OP grows mainly due to higher average 3rd party AuM improves by 0.5%-p to 58.2%. (+10%), supported by a strong level of performance fees. PIMCO OP up 19% to EUR 763mn, mainly due to Adverse F/X; OP excluding F/X up 25%. higher AuM driven revenues and performance fees. CIR at 58.4%, 2.7%-p better than in FY 2020. AllianzGI OP up 27% to EUR 278mn, mainly due to • PIMCO –OP up 15% higher AuM driven revenues. Significant revenue increase due to higher average 3rd party AuM and higher performance fees. Allianz Real AM segment 4Q 2020 4Q 2021 ∆ Estate contributes positively. Operating revenues (EUR mn) 2,077 2,476 +19.2% CIR at 57.4%, improved by 0.7%-p. Operating profit (EUR mn) 857 1,035 +20.8% • AllianzGI – OP at EUR 932mn, up 49% Average 3rd party AuM (EUR bn) 1,685 1,924 +14.1% OP increase due to higher AuM driven revenues, 3rd party net flows (EUR bn) +27.7 +20.6 -25.8% following 21% higher average 3rd party AuM. 3rd party AuM margin (bps) 39.9 40.5 +0.6bps CIR (%) 58.7% 58.2% -0.5%-p CIR improves significantly by 8.4%-p to 60.0% due to strong revenue growth and supported by the “Excellence through Optimization and Simplicity” program. 54 B 36

B. GROUP FINANCIAL RESULTS 2021 CO: in line with expectations Operating result development and components +55 +23 -20 +0 -772 -831 -7.1% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 2020 2021 ∆ 2021/2020 2021 -836 59 5 0 2020 -891 36 24 0 55 B 37

B. GROUP FINANCIAL RESULTS 2021 CO: in line with expectations Comments • Operating result at EUR -0.8bn Lower operating loss mainly due to higher investment income, reflected in result from Holding & Treasury. Result from Alternative investments declines due to transfer of Allianz Real Estate to Asset Management. 56 B 38

B. GROUP FINANCIAL RESULTS 2021 Group: shareholders’ net income at EUR 6.6bn EUR mn 2020 2021 p.y. Operating profit 10,751 13,400 +2,649 Non-operating items -1,148 -3,880 -2,733 Realized gains/losses (net) 1,458 1,829 +371 Impairments (net) -860 -320 +539 Income from financial assets and liabilities carried at fair value (net) -28 122 +150 Interest expenses from external debt -729 -616 +113 Restructuring and integration expenses -768 -626 +143 Amortization of intangible assets -240 -287 -47 Change in reserves for insurance and investment contracts (net) 27 50 +23 Other -7 -4,033 -4,026 Income before taxes 9,604 9,520 -84 Income taxes -2,471 -2,415 +55 Net income 7,133 7,105 -28 Non-controlling interests -326 -495 -169 Shareholders’ net income 6,807 6,610 -197 Effective tax rate 26% 25% -0%-p Earnings per share (in EUR) 16.48 15.96 -0.52 57 B 39

B. GROUP FINANCIAL RESULTS 2021 Group: shareholders’ net income at EUR 6.6bn Comments • Shareholders’ net income down by EUR 0.2bn • Restructuring expenses Higher operating profit (∆ EUR +2.6bn) more than offset Continued investments in productivity and by non-operating profit (∆ EUR -2.7bn). efficiency, mainly UK, Euler Hermes, France, Germany • Non-OP result down by EUR 2.7bn and Allianz Technology. 40% of restructuring expenses Non-operating result impacted by a provision of (EUR 263mn) refer to decommissioning of legacy IT- EUR 3.7bn for the AllianzGI U.S. Structured Alpha systems. matter reflected in line item Other. • U.S. life back-book management Better harvesting result (∆ EUR +0.9bn) largely driven by Net income impact of EUR +0.35bn. the sale of investments related to U.S. life back-book • Tax rate at good level management and lower impairments. Allianz Group tax rate for FY 2022 expected at ~24%. 58 B 40

B. GROUP FINANCIAL RESULTS 2021 Outlook 2022 – operating profit P/C L/H AM Corp/Cons Group High +10% +1bn Mid-point 6.0 4.8 3.4 -0.8 13.4 Low -10% -1bn +12% Mid-point 2021 5.6 4.4 2.8 -0.8 12.0 Actual 2021 5.7 5.0 3.5 -0.8 13.4 Disclaimer: Impact from NatCat, financial markets, F/X and global economic development not predictable. 59 B 41

Content/topics 1 Highlights 2 Additional information

ADDITIONAL INFORMATION Allianz track record Operating profit 2021: EUR 13.4bn Investment portfolio 2021: EUR 808.5bn By segments1 By regions1 Asset allocation Debt instruments by rating6 Debt instruments 83% AAA 18% P/C Insurance 40% Germany 24% • Government 36% AA 24% L/H Insurance 35% W&S Europe 25% • Covered 8% A 22% Asset Mgmt. 25% USA 27% • Corporate 44% BBB 29% • Other 12% Growth Markets2 10% Equities 12% Non inv. grade 5% Anglo Markets3 5% Real estate5 2% Not rated7 3% Specialty Ins.4 10% Other 3% In EUR 2016 2017 2018 2019 2020 2021 Δ 21/20 CAGR 5yr 8 Income Revenues (bn) 122.4 126.1 132.3 142.4 140.5 148.5 +5.7% +3.9% statement Operating profit (bn) 11.1 11.1 11.5 11.9 10.8 13.4 +24.6% +3.8% Shareholders’ net income (bn) 7.0 6.8 7.5 7.9 6.8 6.6 -2.9% -1.2% Capital Shareholders’ equity (bn) 67.1 65.6 61.2 74.0 80.8 80.0 -1.1% +3.6% Solvency II ratio9 (%) 218% 229% 229% 212% 207% 209% +1%-p – Other 3rd party AuM (tn) 1.36 1.45 1.44 1.69 1.71 1.97 +14.9% +7.6% data Total AuM (tn) 1.87 1.96 1.96 2.27 2.39 2.61 +9.2% +6.8% 10 RoE (%) 12.3% 11.8% 13.2% 13.6% 11.4% 10.6% -0.7%-p – Share Basic earnings per share 15.31 15.24 17.43 18.90 16.48 15.96 -3.2% +0.8% 11 information Dividend per share 7.60 8.00 9.00 9.60 9.60 10.80 +12.5% +7.7% Dividend yield (%)12 4.8% 4.2% 5.1% 4.4% 4.8% 5.2% +0.4%-p – 1) Excl. “Corporate & Other” and consolidation between segments 2) CEE, Asia-Pac, Latin America, Middle East and Africa, Turkey. Austria and AZ Direct allocated to Western and Southern Europe 8) From 2018, total revenues also comprise P/C fee and commission income 3) UK, Ireland, Australia 9) Including the application of transitional measures for technical provisions, 4) Allianz Global Corporate & Specialty, Euler Hermes, Allianz Partners, Allianz Re the Solvency II capitalization ratio amounted to 239% as of 31.12.21 5) Excluding real estate held for own use and real estate held for sale 10) Definition see glossary 6) Excluding seasoned self-originated private retail loans 11) 2021: Proposal 61 7) Mostly mutual funds and short-term investments 12) Divided by year-end share price B 43

ADDITIONAL INFORMATION ESGat Allianz (1/3) Ratings & commitments Governance ESG ratings Sustainability Board st As of 31 December 2020 2021 Advises the Board of Management on all sustainability related matters DJSI/S&P Global 98th percentile Top rank 5 members of Allianz SE Board of Management plus 4 Group Center Heads, representing core 1 responsibilities for ESG topics with respect to insurance business, proprietary investments and 3rd MSCI AAA AAA party investments Sustainalytics² #2 (Diversified insurance #7 (Diversified insurance sub-industry) sub-industry) Sustainability Committee of the Supervisory Board Commitments (selected examples) Monitors the Allianz SE Board of Management’s sustainability strategy, supports ESG-related target setting and fulfillment, assesses on the Non-Financial reporting and advises on Data Ethics 5 members • UN Environment Programme Finance Initiative (UNEP FI) Assessments of insurance and investment transactions for ESG appropriateness • UN-convened Net-Zero Asset Owner Alliance (AOA) Assessed transactions 2020 2021 • UN-convened Net-Zero Insurance Alliance (NZIA) Insurance 430 850 • UN Principles for Responsible Investment (PRI) Investments 65 71 • UN Principles for Sustainable Insurance (PSI) Procurement 101 526 • UN-convened Global Investors for Sustainable Development (GISD) Other 1 0 • Glasgow Financial Alliance for Net-Zero (GFANZ) Total 597 1,447 • Task force on climate-related financial disclosures (TCFD) ESG assessmentresults • Science-based targets initiative (SBTi) • RE100 (Renewable Electricity 100) Share of total number of assessments 2020 2021 • WEF Stakeholder Capitalism Metrics Proceed 60.5% 80.6% Proceed with mitigation or additional conditions 31.8% 14.0% 1) The use by Allianz of any MSCI ESG research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, Do not proceed 7.7% 5.4% trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, 2021Sustainability criteria in Board of Management remuneration or promotion of Allianz by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI. 2) Copyright ©2021 Sustainalytics. All rights reserved. This presentation contains information developed by • Net Promoter Score  Allianz Engagement Survey Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an • Diversity  Leadership quality endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, • Greenhouse gas reduction  Progress net-zero compliant asset allocation until 2050 accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimersRating results amongst peers with similar market cap. New Board of Management sustainability criteria to be proposed at the 2022 AGM. B 44 For details and definitions please see the Allianz Group Sustainability Report 2021, published on 29 April 2022.

ADDITIONAL INFORMATION ESGat Allianz (2/3) Insurance Proprietary investments Revenues from sustainable solutions Proprietary sustainable investments EUR mn 2020 2021 3 EURbn 2020 2021 1 Sustainable insurance solutions 1,025.2 1,022.0 Global Portfolio ESG screened 835 849 Insurance solutions with a sustainability component 367.6 417.6 Sustainable investments 127.0 123.1 Emerging consumer solutions 56.1 45.2 Thereof environmental objectives 115.6 109.9 Total 1,448.9 1,484.7 Thereof social objectives 10.8 12.0 Customers Thereof environmental and social objectives 0.5 1.1 2020 2021 Portfolio Carbon Footprint Number of customers Scope 3 – cat. 15 (financed emissions of the respective portfolios) 20204 20215 (incl. non-consolidated entities and excl. emerging consumers) >100mn 126mn Listed equities (mntCO₂e) 2.2 2.3 2 Tradeable corporate bonds (mn t CO₂e) 20.0 16.4 Emerging consumers (incl. non-consolidated entities) 46mn 62mn Total (mn t CO₂e) 22.1 18.7 Customer satisfaction: businesses with net promotor score above 79% 84% Target: -25% reduction by year end 2024 (baseline 2019) -15.4% -24.9% market (incl. loyalty leaders) Customer satisfaction: share of loyalty leader businesses based on net 60% 58% Exclusions & targets (selected examples) promoter score Proprietary investments Timing Exclusion of controversial weapons Permanently 3rd party investments -25% GHG emissions in listed equities and tradeable corporate bonds By year end 2024 (baseline 2019; scope 1 and 2 emissions of investee companies) ESG-themed investments Coal based business models Phase-out by 2040 EUR bn 2020 2021 Net-zero GHG emissions By 2050 Allianz Global Investors 95.4 184.3 PIMCO 136.5 203.1 For details and definitions please see the Allianz Group Sustainability Report 2021, published on 29 April 2022. 4) Figures have been restated due to a change in methodology. 1) Please note that the figure has been restated due to a change in definition of products. Before restatement the figures amounted to 23.2 for 2020. 2) Due to change in scope, additional 15.5mn insured reported from Indian government-sponsored health schemes. 5) 2021 Carbon Footprint figures impacted by COVID-19 and strong B 45 3) New definition in place since financial year 2021. Previous year numbers were not part of the audit engagement. equity market performance; normalization expected in 2022

ADDITIONAL INFORMATION ESGat Allianz (3/3) Human resources Operations Diversity Greenhouse gasemissions 2020 2021 2020 2021 Total number of employees 150,269 155,411 Scope 1 – direct GHG emissions (t CO e) 28,714 28,699 Women in Allianz SE Supervisory Board 33.3% 33.3% 2 Women in Allianz SE Board of Management 20.0% 20.0% Scope 2 – indirect GHG emissions (market based) (t CO2e) 100,722 54,689 Female share Allianz Executives 32.0% 32.8% Scope 2 – indirect GHG emissions (location based) (t CO2e) 180,826 149,599 Female share in Allianz Senior Executives 25.8% 24.7% Scope 3 – other indirect GHG emissions excl. cat 15 (t CO2e) 73,916 55,359 Female share in Allianz Global Executives 20.3% 24.5% Scopes 1 – 3, GHG emissions total (t CO2e) 203,352 138,746 Total GHG emissions per employee (t CO2e/employee) 1.4 0.9 Female managers1 38.2% 38.6% Overall GHG reduction per employee since 2019 42% 60% Share of women in core business 51.3% 51.6% Female full-time employees 46.3% 46.6% Renewable electricity Female part-time employees 78.9% 79.5% 2020 2021 Health Renewable electricity used (GJ) 854,762 1,001,859 2020 2021 Renewable electricity used as a share of all electricity sources 57% 77% Work related injuries2 n.a. 578 Numbers of hours worked on average of a full-time equivalent 7.7 7.7 Environmental Targets 2022and beyond Training -30% GHG emissions per employee by 2025 (baseline 2019) 2020 2021 100% renewable electricity by 2023 3 Total expenses for employee training (EUR mn) 63 103 3 Training expenses per employee (EUR per employee) 442 716 4 Average training hours per employee (hours) 20.7 34.7 Commitment Further information 2020 2021 Allianz Group Sustainability Report 2021 will be published on 29 April 2022. Employee Engagement Index (employee satisfaction/loyalty) 78% 76% https://www.allianz.com Inclusive Meritocracy Index (business culture) 78% 78% For details and definitions please see the Allianz Group Sustainability Report 2021, published on 29 April 2022. 3) Increase in training expenses driven by methodological adjustment towards industry practice to B 46 1) Includes women functionally responsible for other staff, regardless of level, e.g. division, department and team managers. include overhead expenses EUR +46mn (e.g. digital learning platforms). 2) Data disclosed since 2021. 4) Last year reported as training days per employee; definition adjusted to market practice in 2021. .

ADDITIONAL INFORMATION Financial leverage and cash flow (EUR bn) Leverage ratios Cash flow Financial leverage1 24.5% 25.9% (EUR bn) 2019 2020 2021 Ø 3yr Senior debt leverage2 9.8% 11.9% 6 Net cash remittance 6.8 6.8 6.7 6.8 16.2 of which P/C 4.5 3.1 2.6 3.4 15.5 of which L/H 1.5 2.3 2.8 2.2 78.5 75.3 of which AM 1.8 1.9 1.8 1.8 Net remittance ratio7 91% 86% 98% 92% 3 Shareholders’ equity (adj.) Subordinated bonds4 Senior debt5 9.3 10.8 Dividend coverage ratio8 180% 172% 169% 174% 2020 2021 Actual Actual 1) Senior debt and subordinated bonds divided by the sum of senior debt, subordinated bonds and shareholders’ equity 6) Net cash remittance = cash received from OEs + reinsurance result of holding company - holding costs and 2) Senior debt divided by the sum of subordinated bonds and shareholders' equity interest expenses + other operating cash flow 3) Excluding equity accounted RT1 bonds (2020: EUR 2.3bn, 2021: EUR 4.7bn) 7) Net remittance ratio = net cash remittance/shareholders´ net income (prior year) 4) Subordinated bonds issued or guaranteed by Allianz SE including equity accounted RT1 bonds; nominal value 8) Dividend coverage ratio = net cash remittance/Allianz SE dividend 65 5) Certificated liabilities issued or guaranteed by Allianz SE including money market securities; nominal value B 47

ADDITIONAL INFORMATION Investment portfolio Asset allocation Total: EUR 808.5bn Debt instruments by rating2 (2020: EUR 790.3bn) Debt instruments 83% (86%) AAA 18% Equities 12% (9%) AA 24% 1 Real estate 2% (2%) A 22% Cash/Other 3% (3%) BBB 29% Non-investment grade 5% Not rated3 3% By segment (EUR bn) 5 Assets Liabilities Duration 4 4 11.3 Group P/C L/H 10.4 10.2 11.1 Debt instruments 672.3 94.8 538.3 Equities 95.2 8.4 81.0 5.6 4.5 1 Real estate 16.9 3.1 13.1 Cash/Other 24.1 5.4 11.7 Total 808.5 111.6 644.1 Group P/C L/H 1) Excluding real estate held for own use and real estate held for sale 2) Excluding seasoned self-originated private retail loans 5) The durations are based on a non-parallel shift in line with SII yield curves and 3) Mostly mutual funds and short-term investments scaled by fixed income assets. Internal pensions are included in Group data, while 66 4) Consolidated on Group level they are excluded in P/C and L/H segments B 48

ADDITIONAL INFORMATION Economic reinvestment yields 2021 New F/I Yield Maturity Regional allocation investments in years P/C P/C Government bonds1 49% 1.4% 10 10% Covered2 18% 1.1% 10 18% 50% Corporates 33% 1.4% 8 22% Total F/I 2021 100% 1.4% 9 Europe Emerging markets L/H Government bonds1 48% 1.2% 24 North America Asia Pacific Covered2 18% 1.8% 16 2% Corporates 34% 2.2% 16 L/H 20% Total F/I 2021 100% 1.7% 20 47% 31% EUR bn New investments Current yield Group Real assets 14.7 ~4% Europe Emerging markets North America Asia Pacific 1) Treasuries and government related 67 2) Including ABS/MBS B 49

ADDITIONAL INFORMATION Alternative asset quota of 25% Total Current volume (EUR bn) Average EUR 849bn1 expected return 3 Real estate 59.5 3-6% Infrastructure equity • Current yield: 5.3% 12.6 5-8% • 63% real estate Renewable energy 4.1 93.9 3-6% • EUR 26.1bn gross Allianz 2 11% Private equity 17.7 Total unrealized gains/losses Investment 9-12% 1 universe 2 14% Non-commercial mortgages 34.6 1-2% • Current yield: 3.2% Commercial mortgages 30.1 1.5-3.0% • 55% real estate related Infrastructure debt .2 • EUR 8.1bn gross 20.8 1.5-3.0% unrealized gains/losses Private placements 21.6 118 1-2% • 82% investment grade Alternative equity Other4 • Vast majority LTV largely Alternative debt 11.2 Total 4-7% <65% Total 212.1 176.5 1) Based on economic view. Compared to accounting view it reflects a volume increase due to switch from book to market values and changed asset scope (e.g. including FVO, trading and real estate own-use) 2) Alternative equity denoted in market value, alternative debt in book value 3) Market value of real estate assets including EUR 34.1bn directly held real estate assets (e.g., held for investment, held for own use) and EUR 25.4bn indirectly held real estate assets (e.g., associates and joint ventures, available-for-sale investments). Including minorities on directly held real estate assets (EUR 1.0bn). Associates and joint ventures as well as available-for-sale indirectly held real estate investments are also part of the equity portfolio and fixed income portfolio 68 4) Including distressed assets and middle market lending B 50

ADDITIONAL INFORMATION Fixed income portfolio By type of issuer Total By rating3 EUR 672.3bn Government 36% AAA 18% Covered 8% AA 24% Corporate 44% A 22% thereof Banking 5% BBB 29% 1 BBB+ 9% ABS/MBS 4% Other2 8% BBB 14% BBB- 6% Non-investment grade 5% Not rated4 3% By segment (EUR bn) 39.2 0.0 AFS unrealized gains/losses (EUR bn) 94.8 76.5 L/H 80% 44.4 P/C 14% 538.3 Corporate and other 6% Gross unrealized gains/losses 24.0 14.9 Asset Management 0% Net unrealized gains/losses5 2020 2021 1) Including U.S. agency MBS investments (EUR 3.7bn) 4) Mostly mutual funds and short-term investments 2) Including seasoned self-originated private retail loans and short-term deposits at banks 5) On-balance sheet unrealized gains/losses after tax, 69 3) Excluding seasoned self-originated private retail loans non-controlling interests and policyholders, and before shadow accounting B 51

ADDITIONAL INFORMATION Government bond allocation By region Total By rating 1 EUR 240.5bn France 16% AAA 19% Germany 13% AA 41% Italy 8% A 17% Spain 6% BBB 17% Rest of Europe 23% Non-investment grade 5% USA 8% Not rated 1% Rest of World 18% Supranational 8% By segment (EUR bn) 14.2 0.0 AFS unrealized gains/losses (EUR bn) 33.2 44.6 L/H 80% 24.2 P/C 14% 193.1 Corporate and other 6% Gross unrealized gains/losses 10.0 6.0 Asset Management 0% Net unrealized gains/losses2 2020 2021 1) Government and government related (excl. U.S. agency MBS) 70 2) On-balance sheet unrealized gains/losses after tax, non-controlling interests and policyholders, and before shadow accounting B 52

ADDITIONAL INFORMATION Government bonds (EUR bn) Group L/H P/C Book value % of FI Group Book value % of FI L/H Book value % of FI P/C France 38.5 5.7% 32.7 6.1% 3.2 3.4% Germany 31.2 4.6% 25.9 4.8% 2.8 2.9% Supranational 20.3 3.0% 18.3 3.4% 1.3 1.4% USA 19.3 2.9% 16.7 3.1% 2.5 2.6% Italy 18.4 2.7% 14.4 2.7% 1.9 2.0% Spain 13.8 2.1% 11.5 2.1% 1.4 1.5% Belgium 12.7 1.9% 10.9 2.0% 1.2 1.2% Austria 8.9 1.3% 8.3 1.5% 0.4 0.4% Switzerland 5.5 0.8% 4.3 0.8% 1.2 1.2% Thailand 3.7 0.6% 3.6 0.7% 0.1 0.1% Ireland 3.6 0.5% 3.0 0.6% 0.3 0.3% Mexico 3.0 0.4% 2.7 0.5% 0.3 0.3% Czech Republic 2.6 0.4% 2.1 0.4% 0.5 0.5% Australia 2.6 0.4% 0.0 0.0% 2.5 2.7% Indonesia 2.2 0.3% 2.0 0.4% 0.3 0.3% Netherlands 2.2 0.3% 1.3 0.2% 0.5 0.5% China 2.2 0.3% 2.0 0.4% 0.1 0.1% Malaysia 2.1 0.3% 1.4 0.3% 0.7 0.7% Poland 2.1 0.3% 1.1 0.2% 0.9 0.9% Romania 2.0 0.3% 1.4 0.3% 0.5 0.5% Canada 2.0 0.3% 0.6 0.1% 1.2 1.3% Saudi Arabia 1.9 0.3% 1.8 0.3% 0.2 0.2% Other 39.6 5.9% 27.1 5.0% 9.5 10.0% Total 2021 240.5 35.8% 193.1 35.9% 33.2 35.0% Total 2020 258.5 37.9% 209.5 38.0% 32.9 36.0% 71 B 53

ADDITIONAL INFORMATION Fixed income portfolio: covered bonds By country Total By rating EUR 55.6bn Germany 38% AAA 77% France 15% AA 22% Spain 6% A 0% Italy 5% BBB 1% UK 3% Non-investment grade 0% Rest of World 33% Not rated 0% By segment (EUR bn) 6.0 0.0 AFS unrealized gains/losses (EUR bn) 3.4 10.7 L/H 70% 38.9 1.5 P/C 19% Corporate and other 11% Gross unrealized gains/losses 0.8 0.3 Asset Management 0% Net unrealized gains/losses1 2020 2021 72 1) On-balance sheet unrealized gains/losses after tax, non-controlling interests and policyholders, and before shadow accounting B 54

ADDITIONAL INFORMATION Fixed income portfolio: corporates By sector Total By rating EUR 295.5bn Banking 12% AAA 2% Other financials 15% AA 11% Consumer 20% A 31% Utility 9% BBB 46% Industrial 7% Non-investment grade 7% Communication 8% Not rated1 3% Energy 7% Other 21% By segment (EUR bn) 14.9 0.0 AFS unrealized gains/losses (EUR bn) 25.9 40.8 15.4 L/H 81% 239.9 P/C 14% Corporate and other 5% Gross unrealized gains/losses 11.9 7.7 Asset Management 0% Net unrealized gains/losses2 2020 2021 1) Including Eurozone loans/bonds (1%) 73 2) On-balance sheet unrealized gains/losses after tax, non-controlling interests and policyholders, and before shadow accounting B 55

ADDITIONAL INFORMATION Fixed income portfolio: ABS By type of issuer Total By rating EUR 28.8bn CMBS 45% AAA 61% CMO/CDO 23% AA 23% US Agency 13% A 8% RMBS 2% BBB 6% Auto 2% Non-investment grade 2% Credit Card 0% Not rated 0% Other 16% By segment (EUR bn) 1.5 0.0 AFS unrealized gains/losses (EUR bn) 1.4 5.2 L/H 77% 0.7 P/C 18% 22.1 Corporate and other 5% Gross unrealized gains/losses 1.1 0.5 Asset Management 0% Net unrealized gains/losses1 2020 2021 74 1) On-balance sheet unrealized gains/losses after tax, non-controlling interests, policyholders and before shadow accounting B 56

ADDITIONAL INFORMATION Equity portfolio By region Total By industry EUR 95.2bn1 Germany 6% Consumer 15% Eurozone ex Germany 16% Other financials 14% Europe ex Eurozone 12% Industrial 6% NAFTA 23% Basic materials 2% Rest of World 22% Banking 4% Multinational2 21% Utilities 1% Energy 2% Funds and other3 56% By segment (EUR bn) 5.8 0.1 AFS unrealized gains/losses (EUR bn) 26.2 8.4 L/H 85% 15.5 P/C 9% 81.0 Corporate and other 6% Gross unrealized gains/losses 3.1 5.2 Asset Management 0% Net unrealized gains/losses4 2020 2021 1) Excl. equities designated at fair value through income (EUR 3.3bn) 2) Incl. private equity limited partnership funds (EUR 16.5bn) and mutual stock funds (EUR 2.4bn) 3) Diversified investment funds (EUR 4.1bn); private and unlisted equity (EUR 38.3bn) 75 4) On-balance sheet unrealized gains/losses after tax, non-controlling interests and policyholders, and before shadow accounting B 57

ADDITIONAL INFORMATION Real estate portfolio (incl. own use, market value) By region Total By sectors 1 EUR 59.5bn Germany 21% Office 53% France 16% Residential 15% USA 12% Retail 11% Switzerland 9% Logistics 12% Italy 7% Other/mixed 9% Rest of Eurozone 13% Rest of World 21% By segment (EUR bn) 1.9 0.0 Unrealized gains/losses (EUR bn) 15.1 17.1 11.3 L/H 78% 46.3 P/C 19% Corporate and other 3% Gross unrealized gains/losses 4.7 5.1 Asset Management 0% Net unrealized gains/losses2 2020 2021 1) Market value of real estate assets including EUR 34.1bn directly held real estate assets (e.g., held for investment, held for own use) and EUR 25.4bn indirectly held real estate assets (e.g., associates and joint ventures, available-for-sale investments). Including minorities on directly held real estate assets (EUR 1.0bn). Associates and joint ventures as well as available-for-sale indirectly held real estate investments are also part of the equity portfolio and fixed income portfolio. 76 2) Unrealized gains/losses after tax, non-controlling interests, policy holders and before shadow DAC, based on external and internal real estate valuations B 58

Content/topics 1 Group financial results 2 Additional information Glossary Disclaimer

GLOSSARY Glossary (1) AFS Available for sale: Available-for-sale investments are non-derivative financial assets which have been acquired neither for sale in the near term nor to be held to maturity. They are shown at fair value on the balance sheet. AGCS Allianz Global Corporate & Specialty AllianzGI Allianz Global Investors AM (The Allianz business segment) Asset Management AP Allianz Partners APE Annual premium equivalent: A measure to normalize single premiums to the recurring premiums. It is calculated as the sum of recurring premiums and 10% of single premiums of the respective period. APR Accident insurance with premium refund (“Unfallversicherung mit Beitragsrückzahlung”): Special form of accident insurance where the policyholder, in addition to insurance coverage for accidents, has a guaranteed claim to the refund of premiums, either at the agreed maturity date or in the event of death. Attritional LR Accident year losses less claims arising from natural catastrophes as per our group-level definition (please refer to “NatCat”) divided by premiums earned (net). AuM Assets under management are assets or securities portfolios, valued at current market value, for which Allianz Asset Management companies provide discretionary investment management decisions and have the portfolio management responsibility. They are managed on behalf of third parties as well as on behalf of the Allianz Group. Net flows: Net flows represent the sum of new client assets, additional contributions from existing clients (including dividend reinvestment), withdrawals of assets from and termination of client accounts, and distributions to investors. Market & dividends: Represents current income earned on and changes in fair value of securities held in client accounts. This also includes dividends from net investment income and from net realized capital gains to investors of open-ended mutual funds and closed-end funds. AY LR Accident year loss ratio: Please refer to “LR” (loss ratio). AZ Allianz

GLOSSARY Glossary (2) Bps Basis points: 1 Basis point = 0.01%. CEE Central and Eastern Europe CIR Cost-income ratio: Operating expenses divided by operating revenues CO (The Allianz business segment) Corporate and Other CR Combined ratio: Represents the total of acquisition and administrative expenses (net), excluding one-off effects from pension revaluation, and claims and insurance benefits incurred (net), divided by premiums earned (net). Current yield Represents interest and similar income divided by average asset base at book value. DAC Deferred acquisition costs: The expenses of an insurance company which are incurred in the acquisition of new insurance policies, or the renewal of existing policies, and capitalized in the balance sheet. They include commissions paid, underwriting expenses, and policy issuance costs. Economic reinvestment yield Reflects the reinvestment yield, including F/X hedging costs on non-domestic hard-currency F/X bonds as well as expected F/X losses on non-domestic emerging-market bonds in local currencies. The yield is presented on an annual basis. EIOPA European Insurance and Occupational Pensions Authority EPS Earnings per share: Calculated by dividing the respective period’s net income attributable to shareholders, adjusted for net financial charges related to undated subordinated bonds classified as shareholders' equity, by the weighted average number of shares outstanding (basic EPS). To calculate diluted earnings per share, the number of common shares outstanding and the net income attributable to shareholders are adjusted to include the effects of potentially dilutive common shares that could still be exercised. Potentially dilutive common shares result from share-based compensation plans (diluted EPS). ER Expense ratio: Represents acquisition and administrative expenses (net), excluding one-off effects from pension revaluation, divided by premiums earned (net). F/X Foreign exchange rate FIA Fixed index annuity: Annuity contract under which the policyholder can elect to be credited based on movements in equity or in bond market indices, with the principal remaining protected.

GLOSSARY Glossary (3) FV Fair value: The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FVO Fair-value option: Financial assets and liabilities designated at fair value through income are measured at fair value, with changes in fair value recorded in the consolidated income statement. Goodwill Difference between the cost of acquisition and the fair value of the net assets acquired. Government bonds Government bonds include government and government agency bonds. GPW Gross premiums written: Please refer to “Premiums written/earned” as well as “Gross/net”. Gross/net In insurance terminology the terms “gross” and “net” mean before and after consideration of reinsurance ceded, respectively. In investment terminology the term “net” is used where the relevant expenses have already been deducted. Harvesting Includes realized gains/losses (net) and impairments of investments (net). Held for sale A non-current asset is classified as held for sale if its carrying amount will principally be recovered through a sale transaction rather than continued use. On the date a non-current asset meets the criteria for being considered as held for sale, it is measured at the lower of its carrying amount and its fair value less costs to sell. IFRS International Financial Reporting Standards: As of 2002, the term IFRS refers to the total set of standards adopted by the International Accounting Standards Board. Standards approved before 2002 continue to be referred to as International Accounting Standards (IAS). IMIX Our Inclusive Meritocracy Index (IMIX) measures the progress of the organization on its way towards inclusive meritocracy. This internal index is based on ten items from the Allianz Engagement Survey (AES) which deal with leadership, performance, and corporate culture. Internal growth Total revenue performance excluding the effects of foreign-currency translation as well as of acquisitions and disposals. JV Joint venture KPI Key performance indicator

GLOSSARY Glossary (4) L/H (The Allianz business segment) Life and Health insurance L/H lines of business Guaranteed savings & annuities: Life insurance products linked to life expectancy, offering life and / or death benefits in the form of single or multiple payments to beneficiaries and possibly including financial and non-financial guarantees. Capital-efficient products: Products that are based on the general account but involve a significantly lower market risk, either through comprehensive asset/liability management or through significant limitation of the guarantee. This also includes hybrid products which, in addition to conventional assets, invest in a separate account (unit-linked). Capital-efficient products offer a guaranteed surrender value at limited risk, due to, e.g. precise asset-liability management or market value adjustment. Protection & health: Insurance products covering the risks associated with events that affect an individual’s physical or mental integrity. Unit-linked [products] without guarantees: With conventional unit-linked products, all benefits under the contract are directly linked to the value of a set of assets which are pooled in an internal or external fund and held in a separate account by the insurer. In this constellation, it is the policyholder rather than the insurer who bears the risk. The objective of the “Life/Health operating profit sources” analysis is to explain movements in IFRS results by analyzing underlying drivers of performance, consolidated for the Life/Health business segment. L/H operating profit sources Loadings & fees: Includes premium and reserve-based fees, unit-linked management fees, and policyholder participation in expenses (if and as applicable). Investment margin: Is defined as IFRS investment income, net of expenses, less interest credited to IFRS reserves as well as policyholder participation in the investment result. Expenses: Includes commissions, acquisition, and administration expenses. Technical margin: Comprises risk result (risk premiums less benefits in excess of reserves), lapse result (surrender charges and commission clawbacks) and reinsurance result, all net of policyholder participation (as applicable). Impact of change in DAC: Represents the net impact of the deferral and amortization of both acquisition costs and front-end loadings on operating profit. Includes effects of changes in DAC and URR. LatAm Latin America: South America and Mexico

GLOSSARY Glossary (5) LoB Line of business LR Loss ratio: Represents claims and insurance benefits incurred (net), divided by premiums earned (net). The calendar year (CY) loss ratio includes the results of the prior year’s reserve development in addition to the accident year (AY) loss ratio. LTC Long-term care MCEV Market-consistent embedded value: A measure of the consolidated value of shareholders’ interests in the covered business. It is defined as the excess of the market value of assets over the market value of liabilities as of the valuation date. As such, the MCEV excludes any item not considered shareholder interest, such as the Going Concern Reserve and Surplus Fund. NatCat Accumulation of claims that are all related to the same natural or weather/atmospheric event during a certain period and where the estimated gross loss for the Allianz Group exceeds EUR 20mn. NBM New-business margin: Performance indicator to measure the profitability of new business in the Life/Health business segment. It is calculated as the value of new business, divided by the present value of new-business premiums, both based on the same assumptions to ensure a valid and meaningful indicator. Non-controlling interests Those parts of the equity of affiliates which are not owned by companies of the Allianz Group. NPE Net premiums earned: Please refer to “premiums written/earned” as well as “gross/net”. NPS Net promoter score: A measurement of customers’ willingness to recommend Allianz. Top-down NPS is measured regularly according to global cross-industry standards and allows benchmarking against competitors in the respective markets. OE Operating entity Ogden rate Discount (Ogden) rate is used by British courts to calculate the discounted values of future losses in bodily injury claims paid out as lump- sum payments. It largely impacts motor, but also liability lines. OP Operating profit: Earnings from ordinary activities before income taxes and non-controlling interests in earnings, excluding (if and as applicable for each business segment) all or some of the following items: income from financial assets and liabilities carried at fair value through income (net), realized gains/losses (net), impairments of investments (net), interest expenses from external debt, amortization of intangible assets, acquisition-related expenses, restructuring and integration expenses, and profit/loss of substantial subsidiaries held for sale, but not yet sold.

GLOSSARY Glossary (6) Operating SII earnings Operating SII earnings represent the change in own funds, before tax and dividend accrual, that is attributable to the Allianz Group’s ongoing core operations. As such, operating SII earnings comprise: expected return from existing business, new business value, operating variances and changes in assumptions, and interest expense on external debt. Operating SII earnings exclude the following effects, which are disclosed separately in our analysis of own-funds movements: regulatory / model changes, economic variances driven by changes in capital market parameters, including F/X rates, taxes, non-operating restructuring charges, capital management (e.g. issuance or redemption of subordinated debt, dividend accruals and payments, share buy-back programs), one-off impacts from, e.g., the acquisition and disposal of subsidiaries, changes in transferability restrictions, and tier limits. Own funds The capital eligible to cover the regulatory solvency capital requirement. P/C (The Allianz business segment) Property and Casualty [insurance] PHP Policyholder participation PIMCO Pacific Investment Management Company Group PPE Provision pour participation aux excédents: The portion of the profit participation that is unpaid and has to be credited to policyholders in the future – either by virtue of statutory or contractual obligations or at the insurer’s discretion. Pre-tax operating capital Represents the change in SII capitalization following regulatory and model changes and which is attributable to generation a) changes in own funds as a consequence of operating SII earnings and b) changes in SCR as a consequence of business evolution. Factors such as market developments, dividends, capital management activities, taxes, etc. are not taken into account. Premiums written/earned “Premiums written” refers to all premium revenues recorded in the respective year. (IFRS) “Premiums earned” refers to the part of the premiums written used to provide insurance coverage in that year. In the case of life insurance products that are interest-sensitive (e.g. universal life products) or where the policyholder carries the investment risk (e.g. variable annuities), only the part of the premiums that is used to cover the risk insured and the costs involved is treated as premium income. PVNBP Present value of new business premiums: I.e. the present value of future premiums on new business written during the period in question, discounted at a reference rate. This includes the present value of projected new regular premiums plus the total amount of single premiums received. PVNBP is shown after non-controlling interests, unless otherwise stated.

GLOSSARY Glossary (7) Reinsurance Insurance companies transfer parts of the insurance risk they have assumed to reinsurance companies. Retained earnings In addition to the reserve legally required in the group parent company’s financial statements, this item mainly comprises the undistributed profits of group entities as well as the amounts transferred from consolidated net income. RfB Reserves for premium refunds (“Rückstellungen für Beitragsrückerstattung”): The portion of the surplus that that is to be distributed to policyholders in the future – either by virtue of statutory or contractual obligations or obligations under the company bylaws, or at the insurer’s discretion. RILA Registered index-linked annuities RoE Return on equity – Group: Represents the ratio of net income attributable to shareholders to the average shareholders' equity at the beginning of the period and at the end of the period. The net income attributable to shareholders is adjusted for net financial charges related to undated subordinated bonds classified as shareholders' equity. From the average shareholders' equity undated subordinated bonds classified as shareholders' equity and unrealized gains/losses on bonds net of shadow accounting are excluded. Return on equity P/C OE: Represents the ratio of net income to the average total equity excluding unrealized gains/losses on bonds, net of shadow accounting, deducting goodwill and deducting participations in affiliates not already consolidated in this OE, at the beginning and at the end of the period. Return on equity L/H OE: Represents the ratio of net income to the average total equity excluding unrealized gains/losses on bonds, net of shadow accounting, and deducting goodwill at the beginning and at the end of the period. Run-off ratio The run-off result (result from reserve developments for prior (accident) years in P/C business) as a percentage of premiums earned (net). SII Solvency II SII capitalization Ratio that expresses the capital adequacy of a company by comparing own funds to SCR. SCR Solvency capital requirement SE Societas Europaea: European stock company SFCR Solvency and Financial Condition Report

GLOSSARY Glossary (8) Statutory premiums Gross premiums written from the sales of life and health insurance policies, as well as gross receipts from sales of unit-linked and other investment-related products, in accordance with the statutory accounting principles applicable in the insurer’s home jurisdiction. Total equity The sum of shareholders’ equity and non-controlling interests. Total revenues The sum of P/C total revenues (gross premiums written & fee and commission income), L/H statutory premiums, operating revenues in AM and total revenues in CO (Banking). UFR Ultimate forward rate: The UFR is determined using the EIOPA methodology and guidelines, and is used for extrapolation of periods after the last liquid point defined by the SII regulation. The UFR is calculated for each currency based on expected real rates and inflation for the respective region. The UFR is subject to revision in order to reflect fundamental changes in long term expectations. UL Unit-linked: Please refer to “L/H lines of business”. Unrealized gains/losses (net) Include unrealized gains and losses primarily from available-for-sale investments, net of taxes and of policyholder participation. (as part of shareholders’ equity) URR Unearned revenue reserves: These comprise premium components (other than expense loadings) that refer to future periods. They are reserved and released over the lifetime of the corresponding contracts. VA Variable annuities: The benefits payable under this type of life insurance depend primarily on the performance of the investments in a mutual fund. The policyholder shares equally in the profits or losses of the underlying investments. In addition, the contracts can include separate guarantees, such as guaranteed death, withdrawal, accumulation or income benefits. VNB Value of new business: The additional value to shareholders that results from the writing of new business. The VNB is determined as present value of future profits, adjusted for acquisition expenses overrun or underrun, minus the time value of financial options and guarantees, minus a risk margin, all determined at issue date. Value of new business is calculated at point of sale, interpreted as at beginning of each quarter assumptions. In the case of the USA a more frequent valuation, using updated assumptions, is performed (bi-weekly).

Content/topics 1 Group financial results 2 Additional information Glossary Disclaimer

DISCLAIMER Cautionary note regarding forward-looking statements This document includes forward-looking state- dustry generally, (iv) the frequency and severity Nodutytoupdate ments, such as prospects or expectations, that of insured loss events, including those resulting Allianz assumes no obligation to update any are based on management's current views and from natural catastrophes, and the development information or forward-looking statement con- assumptions and subject to known and unknown of loss expenses, (v) mortality and morbidity tained herein, save for any information we are risks and uncertainties. Actual results, levels and trends, (vi) persistency levels, (vii) the required to disclose by law. performance figures, or events may differ extent of credit defaults, (viii) interest rate levels, significantly from those expressed or implied in (ix) currency exchange rates, most notably the such forward-looking statements. Deviations EUR/USD exchange rate, (x) changes in laws may arise due to changes in factors including, and regulations, including tax regulations, (xi) but not limited to, the following: (i) the general the impact of acquisitions including and related economic and competitive situation in the integration issues and reorganization measures, Allianz’s core business and core markets, (ii) the and (xii) the general competitive conditions that, performance of financial markets (in particular in each individual case, apply at a local, market volatility, liquidity, and credit events), (iii) regional, national, and/or global level. Many of adverse publicity, regulatory actions or litigation these changes can be exacerbated by terrorist with respect to the Allianz Group, other well- activities. knowncompanies and the financial services in-