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