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