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