B. GROUP FINANCIAL RESULTS 2021 AM: operating profit up 22% Operating profit drivers (EUR mn) PIMCO +22.3% +14.8% +1,257 +24.5% Internal growth 2,256 2,589 1 3,489 1 2,853 -534 -86 363 Performance fee impact2 228 OP excl. performance fee impact2 58.1 57.4 CIR (in %) +19.1% 3,127 fee impact2 2,625 61.2 58.4 2020 2021 Operating Revenues Expenses F/X effect Operating AllianzGI profit profit +48.9% 2020 2021 932 ∆ 2021/2020 F/X impact -208 +121 626 2021 8,396 -4,906 68.4 60.0 CIR (in %) 2020 7,347 -4,494 2020 2021 1) Including operating loss from other entities of EUR -29mn in 2020 and EUR -32mn in 2021 53 2) Performance fees of PIMCO and AllianzGI (excl. Allianz Capital Partners), net of 30% variable compensation B 35