B. GROUP FINANCIAL RESULTS 2021 Group: shareholders’ net income at EUR 6.6bn Comments • Shareholders’ net income down by EUR 0.2bn • Restructuring expenses Higher operating profit (∆ EUR +2.6bn) more than offset Continued investments in productivity and by non-operating profit (∆ EUR -2.7bn). efficiency, mainly UK, Euler Hermes, France, Germany • Non-OP result down by EUR 2.7bn and Allianz Technology. 40% of restructuring expenses Non-operating result impacted by a provision of (EUR 263mn) refer to decommissioning of legacy IT- EUR 3.7bn for the AllianzGI U.S. Structured Alpha systems. matter reflected in line item Other. • U.S. life back-book management Better harvesting result (∆ EUR +0.9bn) largely driven by Net income impact of EUR +0.35bn. the sale of investments related to U.S. life back-book • Tax rate at good level management and lower impairments. Allianz Group tax rate for FY 2022 expected at ~24%. 58 B 40