A. CEO ASSESSMENT AND OUTLOOK Example: AZ Life business model transformation Transaction Rationale Reinsurance of Financial impact (EUR)1 • Monetization of Allianz Life earnings Capital release 3.6bn at attractive terms EUR ~30bn • Stronger capital efficiency at to Talcott Resolution RoEAZ Life +6%-p to ~18% Allianz Life and Allianz Group • Enhanced L/H growth through PIMCO/AllianzGI Net income AZ Life strategic access to private capital to become • 4Q 2021 +0.35bn 2 • AM growth opportunity especially • 2022ff p.a. <-0.1bn in private credit and other partner alternative investments SII-ratio AZ Group +9%-p of Sixth Street and Talcott Resolution 1) Subject to regulatory approval 13 2) Netted against positive impact from higher AM fees A 11