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