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