Non-financial Statement

To go directly to any chapter, simply click All references to chapters, notes, internet pages, etc. on the headline or the page number. within this report are also linked. CONTENT A _ To Our Investors Pages 1 – 14 2 Letter to the Investors 4 Supervisory Board Report 12 Mandates of the Members of the Supervisory Board 13 Mandates of the Members of the Board of Management B _ Corporate Governance Pages 15 – 52 16 Statement on Corporate Management (part of the Group Management Report) 25 Takeover-Related Statements and Explanations (part of the Group Management Report) 27 Remuneration Report C _ Group Management Report Pages 53 – 116 54 Business Operations 57 Non-Financial Statement 75 Business Environment 77 Executive Summary of 2021 Results 78 Property-Casualty Insurance Operations 80 Life/Health Insurance Operations 83 Asset Management 85 Corporate and Other 86 Outlook 2022 90 Balance Sheet Review 92 Liquidity and Funding Resources 95 Reconciliations 97 Risk and Opportunity Report 116 Integrated Risk and Control System for Financial Reporting D _ Consolidated Financial Statements Pages 117 – 194 118 Consolidated Balance Sheet 119 Consolidated Income Statement 120 Consolidated Statement of Comprehensive Income 121 Consolidated Statement of Changes in Equity 122 Consolidated Statement of Cash Flows NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 125 General Information 145 Notes to the Consolidated Balance Sheet 161 Notes to the Consolidated Income Statement 166 Other Information E _ Further Information Pages 195 – 204 196 Responsibility Statement 197 Independent Auditor’s Report 204 Auditor’s Report

TO OUR INVESTORS A Annual Report 2021 − Allianz Group 1

A _ To our Investors OLIVER BÄTE o Chief Executive Officer 2021 was the second year in which the world had to deal with the ongoing COVID-19 pandemic and its profound economic implications, such as low, even negative “risk-free” interest rates, exuberant equity markets, and record levels of new public debt – to name just a few. 2021 was also another year in which we witnessed the rising impact of climate change. In Germany alone, we recorded the biggest flooding losses for the insurance industry in 100 years! Against this background, your company doubled down on its efforts to grow sustainable value for our customers, our employees and you, our shareholders. And hence, most of our financial performance indicators improved strongly. Our revenues grew by almost 6 % to € 149 bn and our operating profit increased by 25 % to € 13.4 bn. These results were driven by a strong performance across all our businesses. In our Property-Casualty business, we generated solid revenues of € 62.3 bn and an operating profit of € 5.7 bn. Moreover, the combined ratio in the business improved by 2.5 percentage points to 93.8 %, despite the significant natural catastrophe losses. In Life/Health, we grew our operating profit by 15 % to € 5 bn. The value of new business surged by a strong 45 % to € 2.5 bn, showing that we excel at generating returns for customers and shareholders at the same time. We have thus been able to free ourselves from the negative effects of the ultra-low interest rate policy in the eurozone. In Asset Management, we generated an operating profit of € 3.5 bn and our cost-income ratio improved by 2.7 percentage points to 58.4 %. Moreover, total assets under management reached an all-time high of € 2.6 tn by the end of 2021. Third- party inflows at both PIMCO and Allianz Global Investors were very strong at € 110.1 bn, and were driven by all regions and all asset classes. But it wasn’t just operating performance that grew strongly, the health of our institution also once again improved. The loyalty of our customers is reflected in Allianz’s Net Promoter Score (NPSTM), which measures the likelihood of customers recommending Allianz to others. This score has significantly and steadily improved over the last five years. The share of segments outperforming their local market in NPSTM jumped to 84 % – an all-time high. We were once again named the No. 1 global insurance brand by Interbrand. This year, Brand Finance also ranked us as the top globally operating insurance brand and the 30th most valuable brand in the world, giving us a brand strength rating of “extremely strong”. Going forward, our focus must now be to achieve Loyalty Leadership across our franchise and to harness the corresponding economic benefits systematically. Market-leading customer satisfaction is at the heart of sustainable business success and hence our top-most priority. 2 Annual Report 2021 − Allianz Group

A _ To our Investors The strong commitment towards our employees is also paying off. The results of our latest Allianz employee survey show that we have been able to maintain the trust and commitment of our workforce. Our Inclusive Meritocracy Index remained at an all-time high of 78 %, indicating, that at Allianz, we are fostering a culture in which performance and people play an equally important role. Allianz’s results also defy the market trend in 2021 of a strong decline in employee engagement scores. Our compelling people scores also reflect our strong engagement in diversity and inclusion, a key to unlocking organizational performance. Women represent almost a third of our Board of Management, and about 30 % of our total operating profit is led by female CEOs. In 2021, Allianz was featured in the Bloomberg Gender Equality Index for the sixth year in a row. Moreover, we ranked fifth in the respected Refinitiv Diversity & Inclusion Index in 2021, so we are the only German company in the top 20 and the only insurer in the top 100. Beyond the strong trajectory in employee motivation, diversity and inclusion, a strong leadership position on other critical ESG topics, especially climate change, has been a top priority for us. Allianz plays a central role in key alliances and public- private partnerships, such as the United Nations-led Net-Zero Asset Owner Alliance and the World Economic Forum’s Partnership for New Work Standards. Notably, we reinforced our leadership in sustainability, for example by achieving the highest score in our industry in the Dow Jones Sustainability Index for 2021. Furthermore, we have created a dedicated Group Center for ESG, which is responsible for embedding this priority into our core businesses to maximize real-world impact. Unfortunately, all these successes are not properly reflected in our share price performance in 2021, which yielded a total shareholder return of 8.1 %. Our 2021 results were impacted by the various proceedings related to the Structured Alpha funds in the United States, which had to be closed following losses suffered in the wake of market disruptions in early 2020 at the start of the COVID-19 pandemic. Allianz decided to book a provision in the financial statements 2021 in anticipation of settlements with major investors in the Structured Alpha Funds, and in light of current discussions with U.S. governmental authorities. This provision reduces the 2021 Group net income by € 2.8 bn. The settlements address a substantial majority of our Structured Alpha civil litigation exposure and offer fair compensation to investors for their losses. We look forward to fully resolving this matter for the benefit of all parties, and we are determined to learn all that we can from this incident to be smarter, stronger and better as a company. The effort that we have invested over the past several years in streamlining our products, in strengthening our risk awareness culture and in verticalizing our processes will continue with vigor and consequence – not just at Allianz Global Investors U.S., but also across the entire Allianz Group. Nevertheless, Allianz’ solidity and value creation power remains strong and keeps growing, as evidenced in our comfortable Solvency II capitalization and our strong Standard & Poor’s AA rating. We have therefore further raised our capital management ambitions through an improved dividend policy, and we are proposing to raise our dividend for 2021 to € 10.80 per share, an increase of 12.5 %. For 2022 and beyond, we have delineated a clear strategy at our Capital Markets Day on 3 December 2021. At the core, we believe that we can and will leverage the unique scale of Allianz into even higher value creation for our stakeholders, especially you, our shareholders. In a world that looks increasingly fragile and challenged to deal with existential threats to our health, environmental, social and economic future, we at Allianz believe that living up to our purpose “We secure your future” is the only way to reinforce the trust that we need to succeed in a sustainable manner. On behalf of our leadership team and all Allianz employees, we thank you for your trust and ongoing support. Annual Report 2021 − Allianz Group 3

A _ To Our Investors SUPERVISORY BOARD REPORT Ladies and Gentlemen, During the financial year 2021, the Supervisory Board fulfilled all its duties and obligations as laid out in the company statutes and applicable law. It monitored the activities of the company’s Board of Management, dealt with the succession planning for the Board of Management and advised it on business management issues. It also continued to regularly address the situation and impact of the ongoing COVID-19 pandemic in the financial year 2021. In the financial year 2021, the Supervisory Board held six regular meetings as well as three extraordinary meetings. The regular meetings took place in February, March, May, June, September, and December, and the extraordinary meetings took place in August, September and December. The Supervisory Board also adopted a written resolution in October. In all of the regular meetings in the financial year, the Board of Management reported on Group revenues and results as well as business developments in the individual business segments. The Board of Management informed the Supervisory Board on the course of business as well as on the development of Allianz SE and the Allianz Group, including deviations in actual business developments from the planning. In this context, the adequacy of capitalization, the solvency ratio, and the respective risk and stress scenarios were discussed. The annual Allianz SE and the Group’s consolidated financial statements – including the respective auditor‘s reports, the half-yearly as well as the quarterly reports – were reviewed in detail by the Supervisory Board after preparation by the Audit Committee. Other focal points of reporting, in addition to the situation and impact of the COVID-19 pandemic on overall economic conditions as well as on the insurance industry and Allianz employees, were strategic topics including risk strategy and the Board of Management’s planning for both the fiscal year 2022 and the three-year period from 2022 to 2024. Another focus was the ongoing discussion of the civil and administrative proceedings in connection with the AllianzGI U.S. Structured Alpha Funds, especially in the second half of 2021. Cyber risk security and the impact of rising inflation rates on the insurance business were also regularly discussed. Furthermore, the Supervisory Board dealt in depth with personnel matters relating to the Board of Management, as well as succession planning for the Board of Management and Supervisory Board, especially in the context of the upcoming elections to the Supervisory Board in 2022. The Supervisory Board and various committees also discussed appropriate consideration of non-financial targets in the target-setting process for the remuneration of the Board of Management. The Supervisory Board received regular, timely, and comprehensive reports from the Board of Management. The Board of Management’s verbal reports at the meetings were accompanied by written documents, which were sent to each member of the Supervisory Board in time for the relevant meeting. The Board of Management also informed the Supervisory Board in writing about important events that occurred between meetings. The chairmen of the Supervisory and Management Boards had regular discussions about major developments and decisions. The Chairman of the Supervisory Board also had individual discussions with each member of the Board of Management about their respective half-year as well as full-year performance. Also in the financial year 2021, individual and group training sessions were held on the basis of an agreed development plan for continued training of the members of the Supervisory Board, for example on significant developments in information technology, especially cloud services, artificial intelligence and data analytics, as well as on Solvency II and the required reporting obligations relating to non-financial information with regard to environmental, social responsibility and corporate governance (ESG) issues. 4 Annual Report 2021 − Allianz Group

A _ To Our Investors In the meeting of 18 February 2021, the Supervisory Board dealt comprehensively with the provisional financial figures for the financial year 2020 and the Board of Management’s dividend proposal. The appointed audit firm, PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC), Munich, reported in detail on the preliminary results of their audit. In the further course of the meeting, the Supervisory Board also discussed the target achievement of each individual member of the Board of Management and, on this basis, set their variable remuneration for the financial year 2020, subject to the approval of the annual financial statements. As part of this performance assessment, the fitness and propriety of the members of the Board of Management were confirmed. The Supervisory Board also set additional, individual sustainability targets to be achieved by the members of the Board of Management. Next, the Supervisory Board reviewed the remuneration system for the Board of Management and Supervisory Board to be submitted to the Annual General Meeting for approval, and received reports on data protection issues. In the meeting of 4 March 2021, the Supervisory Board discussed and approved the audited annual Allianz SE and consolidated Group financial statements, including market value balance sheets, as well as the Board of Management’s recommendation for the appropriation of earnings for the financial year 2020. The auditors confirmed that there were no discrepancies compared to their February report and issued an auditor’s report without any reservations for the individual and consolidated financial statements. The Supervisory Board also reviewed and approved the non-financial report for both Allianz SE and the Allianz Group, taking into account the report of the external auditor. In addition, the Board of Management submitted its report on risk developments in the financial year 2020. The annual reports from Compliance and Internal Audit were also presented at the meeting. Next, the Supervisory Board reviewed the agenda and proposals for resolution for Allianz SE’s 2021 Annual General Meeting (AGM) and approved the stipulation of the Board of Management for the AGM to be held virtually. Furthermore, at the recommendation of the Audit Committee, the Supervisory Board appointed PwC as auditor for the 2021 individual and consolidated financial statements, the auditor’s review of the 2021 half-yearly financial report, and the audit of the non-financial report. The Supervisory Board further received reports on the sales intensification (push-to-pull) program and on the situation in the industrial insurance business. Finally, the succession planning for the Board of Management was discussed. On 5 May 2021, just before the AGM, the Board of Management briefed the Supervisory Board on business performance in the first quarter of 2021 as well as on the current situation of both the Allianz Group and Allianz SE, in particular with regard to the wider impact of the COVID-19 pandemic and the acquisition of the insurance and asset management business from Aviva in Poland and Lithuania. The Supervisory Board also dealt with the objectives for its composition and matters relating to the Board of Management. At the meeting on 24 June 2021, the Board of Management first reported in detail on the course of business in the financial year 2021 to date and provided an outlook on the expected results for the second quarter and the half- year results. In addition, the Board of Management reported on legal conditions for dividend distributions and the Board’s actions to protect employees in the COVID-19 pandemic, in particular Allianz’s efforts with regard to vaccinations for employees and family members. The Supervisory Board also dealt comprehensively with Allianz Direct as an insurer with uniform market presence, product range and processes, and a common platform. Other topics covered in the report were an overview of Allianz France’s business activities, a status report on cyber risks and cybersecurity at Allianz and a comparative report on key competitors. The Board of Management then reported on the implementation of its 2018 strategy and presented the first part of the strategy presentation for Strategy 2022+ (trends and implications) for discussion. The Supervisory Board also reviewed the objectives for its composition and added the topics of cybersecurity and sustainability to the skills profile. The Supervisory Board further discussed in detail the preparation for the Supervisory Board elections in 2022 and the general succession planning for the Supervisory Board. At an extraordinary meeting on 1 August 2021, the Board of Management informed the Supervisory Board in detail about new developments with respect to administrative investigations in the USA and the ongoing civil proceedings in connection with the Structured Alpha Funds of AllianzGI U.S. LLC. At a further extraordinary meeting on 29 September 2021, the Supervisory Board discussed in detail the decisions on Board of Management personnel scheduled for the next ordinary meeting and heard a report from Ms. Boshnakova on the status of the transformation at Allianz Partners. Annual Report 2021 − Allianz Group 5

A _ To Our Investors At the meeting on 30 September 2021, the Board of Management first reported on the course of business in the financial year 2021 to date and the impact of the COVID-19 pandemic on employees. The meeting focused on the continuation of the presentation on the strategic direction of the Allianz Group and Allianz SE (solo) and on the preparation for Capital Markets Day scheduled for December 2021. In particular, the objectives for the period 2022 – 2024 were discussed in detail. Another focus was the handling of the AllianzGI U.S. Structured Alpha matter, in respect of which the Board of Management gave a detailed progress report on the civil and administrative proceedings and the Supervisory Board had the Board of Management report in detail on the measures it was taking, and the appropriateness of such measures. The Supervisory Board also discussed the IT strategy as well as the self-evaluation of the Supervisory Board required by supervisory law and the development plan drawn up on this basis, as well as the adjustment of its rules of procedure and the objectives for its composition to reflect changed requirements due to the Financial Market Integrity Strengthening Act (FISG). Based on the discussion at the extraordinary meeting on 29 September 2021, the Supervisory Board appointed Dr. Andreas Wimmer to the Board of Management of Allianz SE with effect from 1 October 2021 as the successor for Ms. Jacqueline Hunt, who resigned from office as of 30 September 2021. The Supervisory Board further appointed Ms. Sirma Boshnakova as an additional member of the Board of Management of Allianz SE with effect from 1 January 2022. The Supervisory Board then met without the Board of Management and discussed the succession planning for the Supervisory Board, the strategy presentation given by the Board of Management at the meeting and the AllianzGI Structured Alpha matter. By way of a written resolution on 26 October 2021, for the purposes of clarification, the Supervisory Board assigned the Audit Committee the task of dealing with – and regularly discussing with the Board of Management – the progress of the civil and administrative proceedings concerning the AllianzGI Structured Alpha Funds as well as the measures taken by the Board of Management. It also established a working group of the Audit Committee to advise the Audit Committee and the Supervisory Board on this matter, and engaged an external law firm to advise the Supervisory Board on matters in connection with AllianzGI Structured Alpha. At an extraordinary meeting on 2 December 2021, the Supervisory Board discussed in detail its deliberations on the adjustment of the dividend policy and was told about a potentially imminent reinsurance transaction of the life insurance company in the USA. At the meeting of 16 December 2021, the Board of Management first provided information about the third- quarter results, the further course of business, and the situation of the Allianz Group. Furthermore, the Supervisory Board discussed the planning for the financial year 2022 and the three-year plan for 2022 to 2024, including the strategy for the China business, and also addressed the link between the risk strategy and the business strategy. Also at that meeting, the Supervisory Board discussed in detail the progress of the different proceedings in connection with the AllianzGI Structured Alpha matter. In addition, the Board of Management gave its regular status report on the issue of cyber risk security. The Supervisory Board further addressed the Declaration of Conformity with the German Corporate Governance Code as well as the separate audit of the Remuneration Report, which is to be submitted to the Annual General Meeting for approval for the first time in the financial year 2022. The Supervisory Board also talked to the Board of Management about the possible impact of the current pandemic situation on the preparation and arrangements for the Annual General Meeting in 2022. The Supervisory Board discussed in depth the Board of Management remuneration system and the appropriateness of the Board of Management remuneration. The system of the Supervisory Board remuneration was also reviewed for appropriateness on the basis of an external benchmark analysis. Furthermore, the Supervisory Board set targets for the variable remuneration of the members of the Board of Management for 2022 and debated succession planning for the Board of Management and the allocation of responsibilities within the Board of Management. Finally, the meeting addressed the results of the self-evaluation of the Supervisory Board’s activities (so-called efficiency review), which was conducted in 2021 with the help of an external consultant. The Supervisory Board then met again without the Board of Management and discussed the AllianzGI Structured Alpha matter, the efficiency review and the planning of the Supervisory Board’s work in the financial year 2022 as well as the succession planning for the Board of Management and the Supervisory Board. 6 Annual Report 2021 − Allianz Group

A _ To Our Investors On 16 December 2021, the Board of Management and the Supervisory Board issued the Declaration of Conformity in accordance with § 161 of the German Stock Corporation Act (“Aktiengesetz”). The Declaration was posted on the company website, where it is available to shareholders at all times. Since the submission of the last Declaration of Conformity on 10 December 2020, Allianz SE has complied with all recommendations set out by the German Corporate Governance Code in the version of 16 December 2019, and will continue to comply with them in the future. Further explanations on corporate governance in the Allianz Group can be found in the Statement on Corporate Management. More details on corporate governance are also provided on the Allianz website at https://www.allianz.com/en/about-us/corporate-management/corporate-governance.html. The Supervisory Board has formed various committees in order to perform its duties efficiently. The committees prepare the consultations in plenary sessions as well as the adoption of resolutions. They can also adopt their own resolutions. The composition of the committees can be found in the Statement on Corporate Management. The Standing Committee held six meetings in 2021 and adopted two written resolutions. This committee dealt with corporate governance issues as well as preparations for the establishment of a Sustainability Committee of the Supervisory Board, remuneration of the members of the Supervisory Board, the preparations for the AGM, the Supervisory Board self-evaluation as required by supervisory law and the associated development plan, and the efficiency review of the Supervisory Board, which was conducted in 2021 with the assistance of the external consultant Spencer Stuart. Collective and, if necessary, individual training sessions are continuously carried out as part of the implementation of the development plan. In addition, the Standing Committee has passed resolutions approving the granting of loans to senior executives. At an extraordinary meeting in March, the committee addressed in detail the planned acquisition of business activities from Aviva in Poland and Lithuania, which required the approval of the Standing Committee due to the transaction value. In May and August, the Standing Committee also gave its approval by written resolution to the exclusion of subscription rights in connection with the issue of certain financial instruments (Perpetual Fixed Rate Resettable Restricted Tier 1 bonds). The Board of Management only made use of the approval granted in August. The Personnel Committee held five meetings in 2021 and adopted five written resolutions. At the meetings, the committee discussed in detail the succession planning in the Board of Management, mainly with regard to board appointments due to expire at the end of the financial year 2022. The committee also addressed the departure of Ms. Hunt from the Board of Management and preparations for Dr. Wimmer to be appointed as her successor, as well as the appointment of Ms. Boshnakova as an additional board member with effect from 1 January 2022. Other key topics included the preparatory review of the Board of Management remuneration system for presentation at the AGM, the annual review of the appropriateness of the Board of Management remuneration, target achievement of the Board of Management members for the financial year 2020 and the definition of the targets for the 2022 variable remuneration. The committee also looked at various mandate matters of individual board members and at further succession planning for the Board of Management. The Audit Committee held five meetings in 2021. In the presence of the auditors, the committee discussed both Allianz SE’s annual financial statements and the Allianz Group’s consolidated financial statements, the management reports, the respective solvency statements and the auditor’s reports, as well as the half-yearly financial report. These reviews revealed no reasons for objection. The Board of Management reported on the quarterly results and discussed them in detail with the Audit Committee together with the results of the auditor’s review. One focus of the Audit Committee’s activities was the regular review of the ongoing impact of the COVID-19 pandemic and the effect of natural disasters and weather events, which occurred on a large scale in the last financial year. Furthermore, the committee prepared the engagement of the external auditor and defined key audit areas for the financial year 2021, and conducted an assessment of the quality of the audit. The committee also discussed the awarding of non-audit services to the auditor and approved an updated positive list of pre-approved audit and non-audit services. In two written resolutions, the Audit Committee approved the engagement of the auditor for non-audit services, each of which exceeds a value limit set by the Committee. Annual Report 2021 − Allianz Group 7

A _ To Our Investors In addition, the committee dealt extensively with the compliance system and the internal auditing system, as well as the accounting process and internal financial reporting control mechanisms. At several meetings, the Audit Committee discussed with the Board of Management the effects of the changeover to the new accounting standards IFRS 9 & 17 with its respective effects on Allianz’s accounting from financial year 2023 onwards and the status of the implementation measures for a proper transition to the new standards. At all regular meetings, reports on legal and compliance issues in the Group, operational risks and the work of the Internal Audit department were presented and discussed in detail. Furthermore, the head of the actuarial function (Group Actuarial, Planning & Controlling) presented his annual report. In addition, the Audit Committee discussed the adjustments resulting from the Financial Market Integrity Strengthening Act (FISG), and the internal audit plan for 2022. The Audit Committee held in-depth discussions with the Board of Management on the progress of the civil as well as the administrative proceedings of the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice in the matter of the Structured Alpha Funds of AllianzGI U.S. A separate working group of the Audit Committee was additionally set up for this purpose; this group held four meetings in the reporting year, which were also attended by the lawyers engaged by the Supervisory Board. The Risk Committee held two meetings in 2021. At both meetings, the committee discussed the current risk situation of the Allianz Group and Allianz SE with the Board of Management. In the March meeting, the risk report and other risk-related statements in the annual Allianz SE and consolidated financial statements as well as management and group management reports were reviewed with the auditor and approved. The appropriateness of the early risk recognition system at Allianz SE and Allianz Group and the result of further risk assessments by the auditor were also discussed. The Audit Committee was recommended to include the Risk Report, as presented and discussed, in the Annual Report. At both meetings, the Risk Committee examined the risk strategy in detail, including risk appetite, capital management and the external rating as well as the effectiveness of the risk management system for the Allianz Group and Allianz SE. The committee further looked in detail at the report on Allianz’s own risk and solvency assessment and the changes to the internal Solvency II model, and held discussions with the Board of Management, in particular about transactions with portfolios in the life insurance sector to improve the return on equity and the solvency position. The Risk Committee also focused on the topic of inflation risk and, in this context, Allianz’s exposure in the event of rising inflation rates and the consideration of inflation trends in pricing, as well as on the developments relating to “silent cyber”, i.e., the unintended, implied coverage of cyber risks, especially in the area of commercial insurance. In addition, the consequences of the COVID-19 pandemic were again addressed with regard to the business development and risk situation, the management of reputational risks and accumulation risks as well as the management of non- financial risks. The Risk Committee also dealt extensively with the impact of the AllianzGI Structured Alpha matter on the risk situation at Allianz. In addition, special regulatory topics, such as the EIOPA review of Solvency II, as well as business policy topics were also on the agenda. The Technology Committee held two meetings in the financial year 2021, at which it discussed in detail the reorganization of information technology in the Allianz Group, the IT strategy and, in particular, the strategic IT partners in cloud and IT applications, and in the comprehensive IT transformation. The focus was again on the implementation of the Business Master Platform (BMP) in the context of the Allianz Customer Model (ACM). Another focus of the committee’s activities was dealing with the ever-growing cyber risks and the resulting increase in IT security requirements, as well as Allianz’s use of disruptive technology innovations, e.g., the Internet of Things and Digital Twins. 8 Annual Report 2021 − Allianz Group

A _ To Our Investors The Nomination Committee held one meeting in 2021, at which it reviewed the objectives for the composition of the Supervisory Board and proposed changes to the Supervisory Board in order to adapt to new legal requirements and to expand the skills profile. In particular, it was proposed to amend adequate expertise with respect to technology to explicitly include adequate expertise in cybersecurity as well as to add adequate knowledge in the area of sustainability. The Supervisory Board implemented these proposals in its meeting on 24 June 2021. The committee also reviewed the actual composition of the Supervisory Board. Furthermore, detailed preparations were made for the Supervisory Board elections at the AGM 2022, taking into account the objectives for the composition. The Nomination Committee discussed the general succession planning for the Supervisory Board and proposed the formation of a so-called “Staggered Board”, which has been strongly requested by investors. Beginning with the Annual General Meeting in 2022, the candidates standing for election as shareholder representatives will no longer be elected on the principle of block election with identical terms of office. In the case of new elections for retiring Supervisory Board members, new members shall then each be elected for the term of office stipulated in the Articles of Association, in order to also establish the Staggered Board for the following years. Furthermore, the Nomination Committee has intensively discussed potential candidates to succeed the members of the Supervisory Board who will retire in the coming years. For each retiring member of the Supervisory Board, outstandingly suitable candidates could be identified, each of whom has already declared their willingness to stand for election to the Supervisory Board at the Annual General Meetings in 2024 and 2025. Together with the Board of Management, the Nomination Committee has also agreed concrete measures to prepare the candidates at an early stage for the duties of a member of the Supervisory Board of Allianz SE as well as for the complex business of a globally operating and regulated financial services company. These measures include, for example, the preparation of candidates in the context of a mandate as a member of the supervisory board of a European subsidiary of Allianz SE or other appropriate measures, as well as the early identification of training measures based on the skill profile of the Supervisory Board. In addition, the Nomination Committee addressed the appointment of a further substitute candidate in the event that a Supervisory Board member had to be replaced at short notice. The Sustainability Committee, which was newly established by the Supervisory Board in February 2021, held two meetings in the 2021 financial year. At its constitutive meeting, the committee first dealt with structuring its area of responsibility, which covers the topics of environment, social responsibility and corporate governance, as well as data ethics, the committee’s mode of operation and its interfaces to other committees of the Supervisory Board, in particular the Personnel Committee and the Risk Committee. Key topics in the two meetings included sustainability reporting and the assessment of the Allianz Group by external providers of sustainability indices as well as the discussion of measures to improve the assessment, sustainability ambitions for the future and the implications arising from sustainability regulation. In addition, the committee dealt in detail with the strategy in the area of social responsibility and prepared the setting of sustainability targets for the Board of Management remuneration as well as the corresponding target achievement assessment for the financial year 2021 by the Personnel Committee and the Supervisory Board. The Supervisory Board was informed regularly and comprehensively of the committees’ work. Annual Report 2021 − Allianz Group 9

A _ To Our Investors Overview of the member participation in Supervisory Board and committee meetings for the fiscal year 2021 Publication of details of members’ participation in meetings Presence % Presence % Michael Diekmann 5/5 100 PLENARY SESSIONS OF THE Jean-Claude Le Goaër 5/5 100 SUPERVISORY BOARD Michael Diekmann (Chairman) 9/9 100 Martina Grundler 5/5 100 Gabriele Burkhardt-Berg (Vice Chairwoman) 9/9 100 Jim Hagemann Snabe (Vice Chairman) 9/9 100 RISK COMMITTEE Sophie Boissard 9/9 100 Michael Diekmann (Chairman) 2/2 100 Christine Bosse 9/9 100 Christine Bosse 2/2 100 Dr. Friedrich Eichiner 9/9 100 Dr. Friedrich Eichiner 2/2 100 Jean-Claude Le Goaër 9/9 100 Godfrey Hayward 2/2 100 Martina Grundler 9/9 100 Frank Kirsch 2/2 100 Herbert Hainer 9/9 100 TECHNOLOGY COMMITTEE Godfrey Hayward 9/9 100 Jim Hagemann Snabe (Chairman) 2/2 100 Frank Kirsch 9/9 100 Gabriele Burkhardt-Berg 2/2 100 Jürgen Lawrenz 9/9 100 Michael Diekmann 2/2 100 STANDING COMMITTEE Dr. Friedrich Eichiner 2/2 100 Michael Diekmann (Chairman) 6/6 100 Jürgen Lawrenz 2/2 100 Jean-Claude Le Goaër 6/6 100 NOMINATION COMMITTEE Herbert Hainer 6/6 100 Michael Diekmann (Chairman) 1/1 100 Jürgen Lawrenz 6/6 100 Christine Bosse 1/1 100 Jim Hagemann Snabe 6/6 100 Jim Hagemann Snabe 1/1 100 PERSONNEL COMMITTEE SUSTAINABILITY COMMITTEE Michael Diekmann (Chairman) 5/5 100 Christine Bosse (Chairwoman) 2/2 100 Gabriele Burkhardt-Berg 5/5 100 Sophie Boissard 2/2 100 Herbert Hainer 5/5 100 Gabriele Burkhardt-Berg 2/2 100 Michael Diekmann 2/2 100 AUDIT COMMITTEE Frank Kirsch 2/2 100 Dr. Friedrich Eichiner (Chairman) 5/5 100 Sophie Boissard 5/5 100 Due to a special legal provision that is still applicable to insurance companies for the financial year 2021, the statutory auditor and the auditor for the review of the half-yearly financial report were appointed by the Supervisory Board of Allianz SE and not by the AGM. The Supervisory Board appointed PwC as statutory auditor for the annual Allianz SE and consolidated financial statements as well as for the review of the half-yearly financial report for the financial year 2021. PwC audited the financial statements of Allianz SE and the Allianz Group as well as the respective management reports. They issued an auditor’s report without any reservations. The management reports also each contain the respective non-financial statement. The consolidated financial statements were prepared on the basis of the International Financial Reporting Standards (IFRS) as adopted in the European Union. The annual financial statements of Allianz SE were prepared in accordance with German law and accounting standards. PwC performed a review of the half-yearly financial report. In addition, PwC was also mandated to perform an audit of the market value balance sheet according to Solvency II as of 31 December 2021 for Allianz SE and the Allianz Group. Furthermore, PwC was commissioned to conduct a review with respect to the content of the non-financial statement. 10 Annual Report 2021 − Allianz Group

A _ To Our Investors All Supervisory Board members received the documentation relating to the annual financial statements and the auditor’s reports from PwC on schedule. The preliminary financial statements and PwC’s preliminary audit results were discussed in the Audit Committee on 16 February 2022, as well as in the Supervisory Board’s plenary session on 17 February 2022. The finalized financial statements and PwC’s audit reports (dated 21 February 2022) were reviewed by the Audit Committee on 2 March 2022, and in the Supervisory Board plenary session on 3 March 2022. The auditors participated in the discussions and presented key results from their audit. Particular emphasis was placed on the key audit matters described in the auditor’s report and on the audit procedures performed as well as the treatment of the AllianzGI U.S. Structured Alpha matter. No material weaknesses in the internal financial reporting control process were discovered. There were no circumstances that might give cause for concern about the auditor’s independence. In addition, the market value balance sheets dated 31 December 2021 for both Allianz SE and the Allianz Group as well as the respective PwC reports were reviewed by the Audit Committee and the Supervisory Board. On the basis of its own reviews of the annual Allianz SE and consolidated financial statements, the management and group management reports, and the recommendation for the appropriation of earnings, the Supervisory Board has raised no objections and agreed with the results of the PwC audit. It has also approved the Allianz SE and consolidated financial statements prepared by the Board of Management. The financial statements have thus been formally adopted. The Supervisory Board agrees with the Board of Management’s proposal on the appropriation of earnings. The Supervisory Board would like to express its special thanks to all Allianz Group employees for their great personal commitment over the past fiscal year under the continuing difficult conditions caused by the pandemic. There were no changes in the composition of the Supervisory Board in the fiscal year 2021. Dr. Barbara Karuth-Zelle and Mr. Christopher Townsend were appointed as new members of the Board of Management of Allianz SE with effect from 1 January 2021. They succeeded Dr. Christof Mascher and Mr. Niran Peiris, who left the Board of Management on 31 December 2020. Furthermore, Dr. Andreas Wimmer was appointed to the Board of Management of Allianz with effect from 1 October 2021. He succeeded Ms. Jacqueline Hunt, who resigned from office with effect from 30 September 2021. Ms. Sirma Boshnakova was also appointed as a new member of the Board of Management with effect from 1 January 2022. Munich, 3 March 2022 For the Supervisory Board: Michael Diekmann Chairman Annual Report 2021 − Allianz Group 11

A _ To our Investors MANDATES OF THE MEMBERS OF THE SUPERVISORY BOARD Chairman Chairwoman of the Board of Management of Korian S.A. National Representative Insurances, ver.di Berlin Member of various Supervisory Boards Membership in other statutory supervisory boards Membership in other statutory supervisory boards Membership in other statutory supervisory boards and SE administrative boards in Germany and SE administrative boards in Germany and SE administrative boards in Germany Membership in comparable1 supervisory bodies Member of various Supervisory Boards Membership in other statutory supervisory boards Vice Chairman and SE administrative boards in Germany Member of various Supervisory Boards 1 Membership in other statutory supervisory boards Member of various Supervisory Boards Membership in comparable supervisory bodies and SE administrative boards in Germany Membership in comparable1 supervisory bodies 1 Membership in comparable supervisory bodies Employee of Allianz Insurance plc Member of various Supervisory Boards Membership in other statutory supervisory boards and SE administrative boards in Germany Employee of Allianz Beratungs- und Vertriebs-AG Vice Chairwoman Membership in other statutory supervisory boards Chairwoman of the Group Works Council of Allianz SE and SE administrative boards in Germany Membership in other statutory supervisory boards and SE administrative boards in Germany Employee of Allianz Informatique G.I.E. Membership in comparable1 supervisory bodies Membership in Group bodies Employee of Allianz Technology SE Membership in other statutory supervisory boards and SE administrative boards in Germany Membership in Group bodies 1_Generally, we regard memberships in other supervisory bodies as comparable if the company is listed on a stock exchange or has more than 500 employees. 12 Annual Report 2021 − Allianz Group

A _ To our Investors MANDATES OF THE MEMBERS OF THE BOARD OF MANAGEMENT Chairman of the Board of Management Insurance German Speaking Countries and Investment Management Membership in other statutory supervisory boards Central & Eastern Europe Membership in other statutory supervisory boards and SE administrative boards in Germany Membership in other statutory supervisory boards and SE administrative boards in Germany Membership in Group bodies and SE administrative boards in Germany Membership in Group bodies Membership in Group bodies Insurance Western & Southern Europe Membership in comparable1 supervisory bodies Asia Pacific Membership in Group bodies 1 Membership in comparable supervisory bodies Global Insurance Lines & Anglo Markets, Reinsurance, Middle East, Africa Membership in other statutory supervisory boards and SE administrative boards in Germany Membership in Group bodies Membership in Group bodies Business Transformation, Insurance Iberia & Latin 1 America, Membership in comparable supervisory bodies Allianz Partners Membership in Group bodies Membership in other statutory supervisory boards and SE administrative boards in Germany Membership in Group bodies 1 Insurance Western & Southern Europe, Allianz Direct, Membership in comparable supervisory bodies Allianz Partners Membership in Group bodies Human Resources, Legal, Compliance, 1 Membership in comparable supervisory bodies Mergers & Acquisitions Membership in Group bodies Membership in other statutory supervisory boards and SE administrative boards in Germany Membership in Group bodies 1 Membership in comparable supervisory bodies Asset Management, US Life Insurance Finance, Controlling, Risk 1 Membership in other statutory supervisory boards Membership in comparable supervisory bodies and SE administrative boards in Germany Membership in Group bodies Membership in Group bodies Asset Management, US Life Insurance Membership in other statutory supervisory boards Operations and IT and SE administrative boards in Germany Membership in other statutory supervisory boards Membership in Group bodies and SE administrative boards in Germany Membership in Group bodies 1 Membership in comparable supervisory bodies Membership in Group bodies 1 Membership in comparable supervisory bodies Membership in Group bodies 1_Generally, we regard memberships in other supervisory bodies as comparable if the company is listed on a stock exchange or has more than 500 employees. Annual Report 2021 − Allianz Group 13

A _ To our Investors This page intentionally left blank. 14 Annual Report 2021 − Allianz Group

CORPORATE GOVERNANCE B Annual Report 2021 − Allianz Group 15

B _ Corporate Governance STATEMENT ON CORPORATE MANAGEMENT The Statements on Corporate Management according to §§ 289f and Declaration of Conformity with the 315d of the German Commercial Code (“Handelsgesetzbuch – HGB”) German Corporate Governance Code form part of the Management Report and the Group Management Report, respectively. According to § 317 (2) sentence 6 HGB, the audit Good corporate governance is essential for sustainable business of the disclosures is limited to whether the relevant disclosures have performance. The Board of Management and the Supervisory Board been made. of Allianz SE therefore attach great importance to complying with the recommendations of the German Corporate Governance Code (hereinafter referred to as the “Code”). On 16 December 2021, the Corporate Constitution Board of Management and the Supervisory Board issued the of the European Company (SE) following Declaration of Conformity of Allianz SE with the Code: As a European Company, Allianz SE is subject to special European SE Declaration of Conformity in accordance with § 161 of the German regulations and the German SE Implementation Act (“SE- Stock Corporation Act Ausführungsgesetz”), in addition to the German SE Employee Declaration of Conformity by the Management Board and the Supervisory Board of Involvement Act (“SE-Beteiligungsgesetz”). Notwithstanding, the main Allianz SE with the recommendations of the German Corporate Governance Code features of a German stock corporation – in particular the two-tier Commission in accordance with § 161 of the German Stock Corporation Act (AktG) board system (Board of Management and Supervisory Board) and the principle of equal employee representation on the Supervisory Board Since the last Declaration of Conformity as of December 10, 2020, Allianz SE has complied with all recommendations of the German Corporate – have been maintained by Allianz SE. The Corporate Constitution of Governance Code in the version of December 16, 2019 and will comply with Allianz SE is laid down in its Statutes. The current version of the Statutes them in the future. is available on our website at www.allianz.com/statutes. Munich, December 16, 2021 Allianz SE Regulatory requirements For the Management Board: The regulatory requirements for corporate governance (system of Signed Oliver Bäte Signed Renate Wagner governance) applicable for insurance companies, insurance groups, For the Supervisory Board: and financial conglomerates apply. Specifically, they include the Signed Michael Diekmann establishment and further design of significant control functions (independent risk control function, actuarial function, compliance function, and internal audit) as well as general principles for a sound business organization. These regulatory requirements are applicable In addition, Allianz SE follows all the suggestions of the Code in its throughout the Group in accordance with the principle of 16 December 2019 version. proportionality. The implementation of the regulatory requirements The Declaration of Conformity and further information on is supported by written guidelines issued by the Board of corporate governance at Allianz can be found on our website at Management of Allianz SE. Furthermore, Solvency II requires the www.allianz.com/corporate-governance. publication of qualitative and quantitative information including a market value balance sheet. Details on the implementation of the regulatory requirements for corporate governance by Allianz SE Function of the Board of Management and by the Allianz Group can be found in the Solvency and Financial and the composition and functions of Condition Report of Allianz SE and of the Allianz Group, which are published on our website at www.allianz.com/sfcr. committees Since 1 January 2022, the Board of Management of Allianz SE has eleven members. Its members may not, in general, be older than 62 years of age. The Board of Management is responsible for setting business objectives and the strategic direction, for coordinating and supervising the operating entities, and for implementing and overseeing an efficient risk management system. The Board of Management also prepares the annual financial statements of Allianz SE, the Allianz Group’s consolidated financial statements, the market value balance sheet, and the interim report. 16 Annual Report 2021 − Allianz Group

B _ Corporate Governance The members of the Board of Management are jointly In the financial year 2021, the following Group committees were in responsible for management and for complying with legal place: requirements. Notwithstanding this overall responsibility, the individual members independently head the departments they have Group committees been assigned to. There are divisional responsibilities for business Group committees Responsibilities segments as well as functional responsibilities. The latter include the GROUP COMPENSATION COMMITTEE Designing, monitoring, and improving Finance, Risk Management and Controlling Functions, Investments, Board members of Allianz SE and executives group-wide compensation systems in line Operations and IT, Human Resources, Legal, Compliance, Internal below Allianz SE Board level. with regulatory requirements and submitting an annual report on the monitoring results, Audit, or Mergers & Acquisitions. Business division responsibilities focus along with proposals for improvement. on geographical regions or Global Lines. Rules of procedure specify GROUP INVESTMENT COMMITTEE Specifying the strategic asset allocation for the Board members of Allianz SE and Group to enable consistent implementation by the structure and departmental responsibilities of the Board of Allianz Group executives. the operating units, particularly in relation to Management in more detail. alternative assets, monitoring of performance across all asset classes and ensuring consistent Board of Management meetings are led by the Chairperson. organization of the Investment Management Each member of the Board may request a meeting, providing function and Investment Governance across the Group. notification of the proposed subject. The Board makes decisions by a As of 31 December 2021 simple majority of participating members. In the event of a tie, the Chairperson casts the deciding vote. The Chairperson can also veto decisions, but he/she cannot impose any decisions against the majority The Allianz Group runs its operating entities and business segments via vote. an integrated management and control process. First, the Holding and the operating entities define the business strategies and goals. On this basis, joint plans are then prepared for the Supervisory Board’s In the financial year 2021, the following Board of Management consideration when setting targets for the performance-based committees were in place: remuneration of the members of the Board of Management. For details, please refer to the Remuneration Report. Board committees The Board of Management reports regularly and comprehensively to the Supervisory Board on business development, Board committees Responsibilities GROUP FINANCE AND RISK COMMITTEE Preparing the capital and liquidity planning for the company’s financial position and earnings, planning and Giulio Terzariol (Chairman), the Group and Allianz SE, implementing and achievement of objectives, business strategy, and risk exposure. Details Dr. Klaus-Peter Röhler, overseeing the principles of group-wide capital on the Board of Management’s reporting to the Supervisory Board are Dr. Günther Thallinger, and liquidity management as well as risk Christopher Townsend. standards and preparing risk strategy. laid down in the information rules issued by the Supervisory Board. This includes, in particular, significant individual financing transactions and guidelines for Important decisions of the Board of Management require derivatives, Group financing and internal Group approval by the Supervisory Board. These requirements are stipulated capital management as well as establishing and overseeing a group-wide risk management by law, by the Statutes, or in individual cases by decisions of the Annual and monitoring system including stress tests. General Meeting (AGM). Supervisory Board approval is required, for GROUP IT COMMITTEE Developing and proposing a group-wide IT example, for certain capital transactions, intercompany agreements, Dr. Barbara Karuth-Zelle (Chairwoman), strategy, monitoring its implementation and, Dr. Klaus-Peter Röhler, approving local and group-wide IT investments and the launch of new business segments or the closure of existing Ivan de la Sota, as well as reviewing and overseeing individual Giulio Terzariol, IT projects. ones. Approval is also required for acquisitions of companies and Dr. Günther Thallinger, holdings in companies as well as for divestments of Group companies Christopher Townsend. that exceed certain threshold levels. The Agreement concerning the GROUP MERGERS Managing and overseeing Group M&A Participation of Employees in Allianz SE, in the version dated AND ACQUISITIONS COMMITTEE transactions, including approval of Renate Wagner (Chairwoman), individual transactions within certain June 2021 (hereinafter “SE Agreement”), requires the approval of the Oliver Bäte, thresholds. Supervisory Board for the appointment of the member of the Board of Sergio Balbinot, Giulio Terzariol. Management responsible for employment and social welfare. As of 31 December 2021 The composition of the Board of Management is described in Mandates of the Members of the Board of Management or on our website at www.allianz.com/management-board. A general In addition to Board committees, there are also Group committees. description of the function of the Board of Management can also be They are responsible for preparing decisions for the Board of found there. Management of Allianz SE, submitting proposals for resolutions, and ensuring a smooth flow of information within the Group. Annual Report 2021 − Allianz Group 17

B _ Corporate Governance Diversity concept for the Board of shortfall of the adequate proportion of women on the Management Management and succession planning Board, composed in accordance with the diversity concept. In accordance with the legislation on the implementation of the European guidelines as regards the disclosure of non-financial and Corporate governance practices diversity information (CSR Directive), the diversity concept for the Board of Management, its objectives, implementation, and results achieved are to be reported. The Allianz Group has an effective internal risk and control system for verifying and monitoring its operating activities and business The Supervisory Board adopted the following diversity concept for the processes, in particular financial reporting, as well as compliance with Board of Management of Allianz SE: regulatory requirements. The requirements placed on the internal control system are essential, not only for the resilience and franchise “For the composition of the Management Board, the Supervisory value of the company, but also to maintain the confidence of the Board aims for an adequate ‘Diversity of Minds’. This comprises broad capital market, our customers, and the public. An assessment of the diversity with regard to gender, internationality, and educational as adequacy and effectiveness of the internal control system as part of well as professional background. the System of Governance is conducted regularly in the course of the review of the business organization. For further information on our risk The Supervisory Board assesses the achievement of such target, inter organization and risk principles, please refer to the section “Risk alia, on the basis of the following specific indicators: governance system” in the Risk and Opportunity Report. For further information on our Integrated Risk and Control System for Financial − adequate proportion of women on the Management Board: at Reporting, please refer to the respective chapter. least 30 % by 31 December 2021; In addition, the quality of our internal control system is assessed − adequate share of members with an international background by the Allianz Group’s Internal Audit function. This function conducts (e.g., based on origin or extensive professional experience independent, objective assurance activities, analyzing the structure abroad), ideally with a connection to the regions in which the and efficiency of the internal control system as a whole. In addition, it Allianz Group is operating; also examines the potential for additional value and improvement of − adequate diversity with regard to educational and professional our organization’s operations. Fully compliant with all international background, taking into account the limitations for the Supervisory auditing principles and standards, Internal Audit contributes to the Board by regulatory requirements (fitness).” evaluation and improvement of the effectiveness of the risk management, control, and governance processes. Therefore, internal This diversity concept is implemented in the appointment procedure audit activities are geared towards helping the company to mitigate for members of the Board of Management by the Supervisory Board. risks, and further assist in strengthening its governance processes and For the purpose of long-term succession planning, a list of candidates structures. is prepared and updated on an ongoing basis by the Chairperson of the Board of Management in consultation with the Chairperson of the Supervisory Board. It is ensured that lists of successors will Integrity is at the core of our compliance programs and the basis for comprise appropriate percentages of female candidates as well as of the trust of our customers, shareholders, business partners, and candidates with international experience. The Personnel Committee employees. The Compliance function fosters a corporate culture of takes this into consideration especially in succession planning. The list individual and collective responsibility for ethical conduct and of candidates includes internal and external candidates who generally adherence to the rules by: meet the requirements for a mandate in the Board of Management. In the event of a vacancy on the Board of Management, the Personnel − advising the Board of Management, managers, and employees on Committee, after a thorough examination, recommends a suitable business conduct that is lawful and ethical; candidate to the Supervisory Board plenary session and reports on the − identifying and assessing material compliance risks and selection process and, if necessary, alternative candidates. Prior to an overseeing the implementation of adequate and effective internal appointment to the Board of Management, all members of the controls to mitigate them; Supervisory Board are given the opportunity to meet the candidate in − providing a speak-up facility that employees and third parties can use person. to confidentially report possible illegal or inappropriate behavior; As a result of the increase in the size of the Board of Management − communicating transparently and trustfully with supervisory to 11 members as of 1 January 2022, the three female members of the authorities. Board of Management account for 27.27 % of the total, which is slightly below the target value of 30 %. Since this shortfall is expected to be of The global compliance programs coordinated by Allianz SE’s central a temporary nature only, the Supervisory Board considers it Group Compliance function support our employees, managers, and acceptable. Five members of the Management Board have executive board members to act responsibly and with integrity in all international backgrounds. There is an adequate degree of variety as situations. regards educational and professional backgrounds. The Board of Management of Allianz SE is thus, with the exception of the temporary 18 Annual Report 2021 − Allianz Group

B _ Corporate Governance Moreover, Allianz SE’s central Group Compliance function is Function of the Supervisory Board and responsible – in close cooperation with local compliance functions – the composition and functions of for ensuring the effective implementation and monitoring of the compliance programs within the Allianz Group as well as for committees investigating potential compliance infringements. Furthermore, as a key function, the Compliance function carries out the advisory, risk The German Co-Determination Act (“Mitbestimmungsgesetz”) does identification and assessment, monitoring, and early warning tasks not apply to Allianz SE because it has the legal form of a European required under the Solvency II regime. Company (SE). Instead, the size and composition of the Supervisory Board is determined by general European SE regulations. These Code of Conduct regulations are implemented in the Statutes and via the SE Our Code of Conduct and the internal compliance policies and Agreement. guidelines derived from it provide all employees, managers, and The Supervisory Board comprises twelve members, including six executive board members with clear and practical guidance, shareholder representatives appointed by the AGM. The six employee enabling them to act in line with the values of the Allianz Group. The representatives are appointed by the SE works council. The specific rules of conduct established by the Code of Conduct are binding procedure for their appointment is laid down in the SE Agreement. for all employees worldwide and build the basis for our compliance This agreement stipulates that the six employee representatives must programs. The Code of Conduct is available on our website at be allocated in proportion to the number of Allianz employees in the www.allianz.com/compliance. different countries. The Supervisory Board currently in office includes four employee representatives from Germany and one each from Speak up France and the United Kingdom. According to § 17 (2) of the German A major component of the Allianz Group’s compliance management SE Implementation Act (“SE-Ausführungsgesetz”), the Supervisory system is a speak-up facility that allows employees and third parties Board of Allianz SE shall be composed of at least 30 % women and at to notify the relevant compliance department confidentially about least 30 % men. For the future, the AGM on 5 May 2021 resolved to potential illegal or inappropriate conduct. No employee voicing shorten the regular term of appointment for the Supervisory Board of concerns about irregularities in good faith needs to fear retribution, Allianz SE to four years. even if the concerns later turn out to be unfounded. Third parties can The Supervisory Board oversees and advises the Board of contact the compliance department via an electronic mailbox on our Management on managing the business. It is also responsible for website www.allianz.com/complaint-system. appointing the members of the Board of Management, determining their overall remuneration, succession planning for the Board of Compliance programs Management, and reviewing Allianz SE’s and the Allianz Group’s Allianz SE’s central Group Compliance function has set up annual financial statements. The Supervisory Board’s activities in the internal guidelines for the following identified compliance risk financial year 2021, including an individualized disclosure of the areas: financial crime, market integrity, customer protection, and meeting participation, are described in the Supervisory Board Report. compliance with legal requirements. For further information on The Supervisory Board takes all decisions based on a simple the compliance risk areas, please refer to the Sustainability Report majority. The special requirements for appointing members to the on our website at www.allianz.com/sustainability. Board of Management, as stipulated in the German Co- Determination Act, and the requirement to have a Conciliation Compliance training Committee, do not apply to an SE. In the event of a tie, the casting vote In order to convey the principles of the Code of Conduct and the lies with the Chairperson of the Supervisory Board, who at Allianz SE compliance programs based on these principles, Allianz has must be a shareholder representative. If the Chairperson is not present implemented interactive training programs around the world. These in the event of a tie, the casting vote lies with the vice chairperson from provide practical guidance that enables employees to make their own the shareholder side. A second vice chairperson is elected at the decisions based on internal and external requirements as well as employee representatives’ proposal. ethical principles. Training programs comprise in-person and e- The Supervisory Board regularly reviews the efficiency of its learning training and are delivered in several languages. activities. The review is carried out either on the basis of a self- Training courses to prevent corruption and money laundering are evaluation using a questionnaire or by consulting an external mandatory for all Allianz employees worldwide. The same is true for consultant. The entire Supervisory Board discusses recommendations the antitrust training to exposed employees. Further training exist for for improvements and adopts appropriate measures on the basis of the other compliance programs. recommendations from the Standing Committee. In addition, the fitness and propriety of the individual members of the Supervisory Board are reviewed as part of an annual self-evaluation required by supervisory law, and a development plan for the Supervisory Board is drawn up on this basis. Annual Report 2021 − Allianz Group 19

B _ Corporate Governance Supervisory Board committees Part of the Supervisory Board’s work is carried out by its Supervisory Board committees Responsibilities committees. The Supervisory Board receives regular reports STANDING COMMITTEE – Approval of certain transactions which require the on the activities of its committees. The composition of 5 members approval of the Supervisory Board, e.g., capital – Chairperson: Chairperson measures, acquisitions, and disposals of committees and the tasks assigned to them are regulated by the of the Supervisory Board participations Supervisory Board’s Rules of Procedure, which can be found on (Michael Diekmann) – Preparation of the Declaration of Conformity – Two further shareholder representatives pursuant to § 161 “Aktiengesetz” (German Stock our website at (Herbert Hainer, Jim Hagemann Snabe) Corporation Act) and checks on corporate www.allianz.com/supervisory-board. governance – Two employee representatives (Jürgen – Preparation of the efficiency review of the Lawrenz, Jean-Claude Le Goaër) Supervisory Board AUDIT COMMITTEE – Initial review of the annual Allianz SE and consoli- 5 members dated financial statements, management reports – Chairperson: appointed (including Risk Report) and the dividend proposal, by the Supervisory Board review of half-yearly reports or, where applicable, (Dr. Friedrich Eichiner) quarterly financial reports or statements – Three shareholder – Monitoring of the financial reporting process, representatives (in addition to the effectiveness of the internal control and audit Dr. Friedrich Eichiner: Sophie Boissard, system and legal and compliance issues Michael Diekmann) – Monitoring of the audit procedures, including – Two employee representatives the independence of the auditor and the services (Jean-Claude Le Goaër, Martina Grundler) additionally rendered, awarding of the audit contract and determining the focal points of the audit RISK COMMITTEE – Monitoring of the general risk situation and special 5 members risk developments in the Allianz Group – Chairperson: appointed by the – Monitoring of the effectiveness of the risk Supervisory Board (Michael Diekmann) management system – Three shareholder representatives – Initial review of the Risk Report and other risk- (in addition to Michael Diekmann: related statements in the annual financial Christine Bosse, Dr. Friedrich Eichiner) statements and management reports of Allianz SE – Two employee representatives (Godfrey and the Allianz Group, informing the Audit Hayward, Frank Kirsch) Committee of the results of such reviews PERSONNEL COMMITTEE – Preparation of the appointment of Board of 3 members Management members – Chairperson: Chairperson – Preparation of plenary session resolutions on the of the Supervisory Board (Michael compensation system and the overall Diekmann) compensation of Board of Management members – One further shareholder representative – Conclusion, amendment, and termination of service (Herbert Hainer) contracts of Board of Management members – One employee representative (Gabriele unless reserved for the plenary session Burkhardt-Berg) – Long-term succession planning for the Board of Management – Approval of the assumption of other mandates by Board of Management members NOMINATION COMMITTEE – Setting of concrete objectives for the composition 3 members of the Supervisory Board – Chairperson: Chairperson – Establishment of selection criteria for shareholder of the Supervisory Board (Michael representatives on the Supervisory Board in Diekmann) compliance with the Code’s recommendations on – Two further shareholder representatives the composition of the Supervisory Board (Christine Bosse, Jim Hagemann Snabe) – Selection of suitable candidates for election to the Supervisory Board as shareholder representatives TECHNOLOGY COMMITTEE – Regular exchange regarding technological 5 members developments – Chairperson: appointed by the – In-depth monitoring of the Board of Management’s Supervisory Board (Jim Hagemann technology and innovation strategy Snabe) – Support of the Supervisory Board in monitoring the – Three shareholder representatives implementation of the Board of Management’s (in addition to Jim Hagemann Snabe: technology and innovation strategy Michael Diekmann, Dr. Friedrich Eichiner) – Two employee representatives (Gabriele Burkhardt-Berg, Jürgen Lawrenz) SUSTAINABILITY COMMITTEE – Regular exchange regarding sustainability-related 5 members issues (Environment, Social, Governance – ESG) – Chairperson: appointed by the – Close monitoring of the Management Board’s Supervisory Board (Christine Bosse) sustainability strategy – Three shareholder representatives – Support of the Supervisory Board in the oversight (in addition to Christine Bosse: Sophie of the execution of the sustainability strategy Boissard, Michael Diekmann) – Support of the Personnel Committee of the – Two employee representatives Supervisory Board in the preparation of the ESG- (Gabriele Burkhardt-Berg, Frank Kirsch) related target setting as well as the review of the set targets’ fulfillment for the Management Board’s remuneration As of 31 December 2021 20 Annual Report 2021 − Allianz Group

B _ Corporate Governance diversity concept in accordance with the legislation on the implementation of the European guideline as regards the disclosure of The objectives for the composition of the Supervisory Board in the non-financial and diversity information (CSR Directive) is also included. version of September 2021, as specified to implement legal The objectives for the composition of the Supervisory Board can be requirements and a recommendation by the Code, are set out below. found on our website at www.allianz.com/supervisory-board. In addition to the skills profile for the overall Supervisory Board, the Objectives of Allianz SE’s Supervisory Board regarding its composition “The aim of Allianz SE’s Supervisory Board is to have members who are equipped with the necessary Employee representation within Allianz SE, according to the Agreement concerning the Participation skills and competence to properly supervise and advise Allianz SE’s management. Supervisory Board of Employees in Allianz SE, contributes to the diversity of work experience and cultural background. candidates should possess the professional expertise and experience, integrity, motivation and Pursuant to the provisions of the German SE Participation Act (SEBG), the number of women and commitment, independence, and personality required to successfully carry out the responsibilities of a men appointed as German employee representatives should be proportional to the number of Supervisory Board member in a financial services institution with international operations. women and men working in the German companies. However, the Supervisory Board does not have These objectives take into account the regulatory requirements for the composition of the Supervisory the right to select the employee representatives. Board as well as the relevant recommendations of the German Corporate Governance Code The following requirements and objectives apply to the composition of Allianz SE’s Supervisory (“GCGC”). In addition to the requirements for each individual member, a profile of skills and expertise Board: (“Kompetenzprofil”) as well as a diversity concept are provided for the entire Supervisory Board. I. Requirements relating to the individual members of the Supervisory Board 1. Propriety – attendance at the General Meeting is required; The members of the Supervisory Board must be proper as defined by the regulatory provisions. A – depending on possible membership in one or more of the Supervisory Board Committees, extra person is assumed to be proper as long as no facts are to be known which may cause impropriety. time planning is required for participation in these Committee meetings and to do the necessary Therefore, no personal circumstances shall exist which – according to general experience – lead to preparation for these meetings; this applies in particular for the Audit and Risk Committees; the assumption that the diligent and orderly exercise of the mandate may be affected (in particular, – attendance of extraordinary meetings of the Supervisory Board or of a Committee might be administrative offenses or violation of criminal law, especially in connection with commercial activity). required to deal with special matters. 2. Fitness 5. Retirement age The members of the Supervisory Board must have the expertise and experience necessary for a The members of the Supervisory Board shall, as a rule, not be older than 70 years of age. diligent and autonomous exercise of the Allianz SE Supervisory Board mandate, in particular for 6. Term of membership exercising control of and giving advice to the Management Board as well as for the active support of The continuous period of membership for any member of the Supervisory Board should, as a rule, the development of the company. This comprises in particular: not exceed 12 years. – adequate expertise in all business areas; – adequate expertise in the insurance and finance sector or comparable relevant experience and 7. Former Allianz SE Management Board members expertise in other sectors; Former Allianz SE Management Board members are subject to the mandatory corporate law cooling- – adequate expertise in the regulatory provisions material for Allianz SE (supervisory law, off period of two years. including Solvency II regulation, corporate and capital markets law, corporate governance); According to regulatory provisions, no more than two former Allianz SE Management Board – ability to assess the business risks; members shall be members of the Supervisory Board. – knowledge of accounting and risk management basics. 3. Independence II. Requirements for the entire Supervisory Board The GCGC defines a person as independent who, in particular, does not have any business or 1. Profile of skills and expertise for the entire Supervisory Board personal relations with Allianz SE or its executive bodies, a controlling shareholder, or an enterprise associated with the latter, which may cause a substantial and not merely temporary In addition to the expertise-related requirements for the individual members, the following shall conflict of interest. apply with respect to the expertise and experience of the entire Supervisory Board: The Supervisory Board of Allianz SE states the following with regard to the further specification of – familiarity of members in their entirety with the insurance and financial services sector; independence: – adequate expertise of the entire Board with respect to regulatorily required areas of investment – former members of the Allianz SE Management Board shall not be deemed independent management, insurance actuarial practice, accounting; during the mandatory corporate law cooling-off period. – adequate expertise of the entire Board with respect to technology, including cybersecurity, – members of the Supervisory Board of Allianz SE in office for more than 12 years shall not be employee engagement and sustainability (especially Environment, Social responsibility and deemed independent. Governance as well as data privacy); – regarding employee representatives, the mere fact of employee representation and the existence – at least one member with considerable experience in the insurance and financial services fields; of a working relationship with the company shall not itself affect the independence of the – at least one member with comprehensive expertise in the field of accounting and at least one employee representatives. member with comprehensive expertise in the field of auditing; – at least one member with comprehensive expertise in the field of digital transformation; Applying such definition, at least eight members of the Supervisory Board shall be independent. In – specialist expertise or experience in other economic sectors; case shareholder representatives and employee representatives are viewed separately, at least four – managerial or operational experience. of each should be independent. It has to be considered that the possible emergence of conflicts of interests in individual cases cannot 2. Diversity concept generally be excluded. Potential conflicts of interest must be disclosed to the Chairperson of the To promote an integrative cooperation among the Supervisory Board members, the Supervisory Supervisory Board and will be resolved by appropriate measures. Board strives for an adequate diversity with respect to gender, internationality, different occupational backgrounds, professional expertise, and experience: 4. Time of availability – the Supervisory Board shall be composed of at least 30 % women and at least 30 % men. The Each member of the Supervisory Board must ensure that he/she has sufficient time to dedicate to the representation of women is generally considered to be the joint responsibility of the shareholder proper fulfilment of the mandate of this Supervisory Board position. and employee representatives; In addition to the mandatory mandate limitations and the GCGC recommendation for active – at least four of the members must, on the basis of their origin or function, represent regions or Management Board members of listed companies (max. two mandates), the common capital markets cultural areas in which Allianz SE conducts significant business. requirements shall be considered. For Allianz SE as a Societas Europaea, the agreement concerning the Participation of Employees With regard to the Allianz SE mandate, the members shall take into account that: in Allianz SE provides that Allianz employees from different EU member states are considered in the allocation of employee representatives’ Supervisory Board seats; – at least four, but as a rule six, ordinary Supervisory Board meetings are held each year, each of – in order to provide the Board with the most diverse sources of experience and specialist which requires adequate preparation; knowledge possible, the members of the Supervisory Board shall complement each other with – sufficient time must be set aside for the audit of the annual and consolidated financial statements; respect to their background, professional experience, and specialist knowledge.” Annual Report 2021 − Allianz Group 21

B _ Corporate Governance The Supervisory Board pursues these objectives, and thus also the Dr. Eichiner, Mr. Hainer and Mr. Snabe, are independent within the diversity concept, when nominating candidates for shareholder meaning of the objectives (see No. I.3). With four female and eight male representatives. As employee representatives are appointed according Supervisory Board members, the current legislation for equal to different national provisions, there is only limited potential participation of women and men in leadership positions (statutory influence to the selection of employee representatives. The Supervisory gender quota of 30 %) is being met. In addition, the Supervisory Board Board of Allianz SE is currently composed in accordance with these has five members with international backgrounds. The skills profile is objectives, including the diversity concept. According to the also met by all current members of the Supervisory Board. Based on the assessment by the Supervisory Board, all shareholder objectives regarding its composition, the Supervisory Board of representatives, i.e., Ms. Boissard, Ms. Bosse as well as Mr. Diekmann, Allianz SE has developed the following skill matrix. Supervisory Board of Allianz SE: skill matrix Burkhardt- Diekmann Snabe Boissard Bosse Eichiner Hainer Berg Le Goaër Grundler Hayward Kirsch Lawrenz Tenure Joined Board in 2017 2014 2017 2012 2016 2017 2012 2018 2016 2017 2018 2015 Regulatory Personal requirement ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ appro- (Fit & Proper) priate- Independence1 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ness No Overboarding1 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Diversity Gender male male female female male male female male female male male male Nationality German Danish French Danish German German German French German British German German Accounting ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Insurance Actuarial ✓ - ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Practice Investment ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Management Expertise Technology ✓ ✓ ✓ ✓ ✓ - ✓ ✓ ✓ - ✓ ✓ Digital ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Transformation Employee ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Engagement Sustainability ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ - ✓ ✓ North America ✓ ✓ - - ✓ ✓ - - - - - - Regional Growth ✓ ✓ - - ✓ ✓ - - - - - - Expertise Markets Europe (EU) ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Criteria met. Expertise criteria based on yearly self-assessment. Tick means at least “Good knowledge” and implies the capacity to understand the relevant matters well, and to take educated decisions. Good knowledge may result from existing qualifications and from the training measures regularly attended by all members of the Supervisory Board. On a scale from A-E this requires at least grade B. 1_According to German Corporate Governance Code. The current composition of the Supervisory Board can be found in the Supervisory Board Report. In addition, the composition of the Supervisory Board as well as a general description of the functions of the Supervisory Board and its committees can be found on our website at www.allianz.com/supervisory-board. There you will also find the CVs of the members of the Supervisory Board. 22 Annual Report 2021 − Allianz Group

B _ Corporate Governance Directors’ dealings We inform our shareholders, financial analysts, the media, and the general public about the company’s situation on a regular basis Members of the Board of Management and the Supervisory Board as and in a timely manner. The annual financial statements of Allianz SE, well as persons closely associated with them, are obliged by the E.U. the Allianz Group’s consolidated financial statements, and the Market Abuse Directive to disclose to both Allianz SE and the German respective management reports are publicly available within 90 days Federal Financial Supervisory Authority any transactions involving of the end of each financial year. Additional information is provided in shares or debt securities of Allianz SE or financial derivatives or other the Allianz Group’s half-yearly financial reports and quarterly instruments based on them, as soon as the value of the securities statements. Information is also made available at the AGM, at acquired or divested by the member amounts to twenty thousand telephone conferences for analysts and journalists, and on the euro or more within a calendar year. These disclosures are published Allianz Group’s website. Our website also provides a financial on our website at calendar listing the dates of major publications and events, such as www.allianz.com/directorsdealings. annual reports, half-yearly financial reports, and quarterly statements, AGMs, and analyst conference calls as well as financial Annual General Meeting press conferences. You can find the 2022 financial calendar on our website at Shareholders exercise their rights at the AGM. When adopting www.allianz.com/financialcalendar. resolutions, each share carries one vote. Shareholders can follow the AGM’s proceedings on the internet and be represented by proxies. These proxies exercise voting rights exclusively on the basis of Information in accordance with the instructions given by the shareholder. Shareholders are also able to cast German Act on Equal Participation of their votes via the internet in the form of online voting. Allianz SE regularly promotes the use of online services. Women and Men in Executive The AGM elects the shareholder representatives of the Supervisory Positions in the Private and the Public Board and approves the actions taken by the Board of Management and the Supervisory Board. It decides on the appropriation of net Sector earnings, capital transactions, the approval of intercompany agreements, also on the approval of the remuneration system This section outlines the targets set for Allianz SE and the other presented by the Supervisory Board for the members of the Board of companies of the Allianz Group in Germany that are subject to co- Management and the remuneration of the Supervisory Board, as well determination (the “subsidiaries concerned”) for the Supervisory as changes to the company’s Statutes. Resolutions of the AGM shall be Board, the Board of Management, and the two management levels passed, unless mandatory legal provisions require otherwise, by a below the Board of Management. simple majority of the valid votes cast. In accordance with European Article 17 (2) of the German SE Implementation Act stipulates that regulations and the Statutes, changes to the Statutes require a two- as of 1 January 2016, the share of women and men among the thirds majority of votes cast, which at the same time represents the members of the Supervisory Board of Allianz SE must each total up to majority of the capital stock represented at the time of the resolution, in at least 30 %. The Supervisory Board currently in office fulfills this case less than half of the share capital is represented in the AGM. Each requirement as it includes four women (33 %) and eight men (67 %). year, an ordinary AGM takes place at which the Board of Management In August 2017, the Supervisory Board set a target for the and the Supervisory Board give an account of the preceding financial percentage of women on Allianz SE’s Board of Management at 30 % year. For special decisions, the German Stock Corporation Act to be achieved by 31 December 2021. As of 31 December 2021, the provides for the convening of an extraordinary AGM. percentage of women on Allianz SE’s Board of Management decreased to 20 % due to the resignation of Ms. Hunt from the Management Board. In light of the appointment of Ms. Boshnakova Accounting and auditing as member of the Board of Management as of 1 January 2022, and the resulting increase in the size of the Board of Management to 11 The Allianz Group prepares its accounts according to § 315e of the members, the percentage of women on the Board of Management German Commercial Code (“Handelsgesetzbuch – HGB”) on the basis increased to 27.27 %. of the International Financial Reporting Standards (IFRS) adopted by As regards the proportion of women on the first and second the European Union. The annual financial statements of Allianz SE are management levels below the Board of Management, the Board of prepared in accordance with German law and accounting rules. Management of Allianz SE has set a target of 20 % and 30 %, In compliance with the special legal provisions that applied to respectively, to be met by 31 December 2021. As of insurance companies until fiscal year 2021, the auditor of the annual 31 December 2021, this target was met for the first management level, with a percentage of women of 29 financial statements and of the half-yearly financial report have been %, but could not be met on the appointed by the Supervisory Board, not the AGM. In the future, such second level with a percentage of 26 %. The first two management appointment will be the responsibility of the AGM. The audit of the levels below the Board of Management comprise a very small financial statements covers the individual financial statements of comparative group of executives. No suitable female candidates Allianz SE and the consolidated financial statements of the could be identified for the very few positions that became vacant in Allianz Group. the period considered. Annual Report 2021 − Allianz Group 23

B _ Corporate Governance In the longer term, Allianz aims to place women in at least 30 % of the positions at these two management levels throughout the Group. With regard to the Supervisory Boards of the subsidiaries concerned, the target quotas for eight out of nine subsidiaries concerned were set at 30 % and the target quota for the remaining subsidiary concerned was set at 33 % for 31 December 2021. Seven of the nine subsidiaries reached this target as of 31 December 2021. The target quotas for the respective Board of Management of the subsidiaries concerned were between 20 % and 30 % (24 % on average) for 31 December 2021 and were met by seven of the nine companies as of 31 December 2021. For the two management levels below the Board of Management, the respective Boards of Management of the subsidiaries concerned had set target quotas between 17 % and 33 % (23 % on average) for 31 December 2021 for the first management level and target quotas between 20 % and 33 % (26 % on average) for 31 December 2021 for the second management level below the Board of Management. As of 31 December 2021, the targets were met by seven of the nine subsidiaries concerned at the first management level, while six of the nine companies met the targets set for the second management level. Despite increased efforts to promote women in the Allianz Group and also at the individual subsidiaries, it was not possible to achieve the targets in these cases, as it was not always possible to identify suitable female candidates for all vacant positions. Allianz continues to work to achieve these targets. 24 Annual Report 2021 − Allianz Group

B _ Corporate Governance TAKEOVER-RELATED STATEMENTS AND EXPLANATIONS The following information is provided pursuant to § 289a and § 315a of representative. A Vice Chairperson who is an employee representative the German Commercial Code (“Handelsgesetzbuch – HGB”) and has no casting vote (§ 8 (3) of the Statutes). § 176 (1) of the German Stock Company Act (“Aktiengesetz – AktG”). Amendments to the Statutes are governed by Article 59 SE Regulation, § 179 AktG, and the Statutes. § 13 (4) of the Statutes of Allianz SE stipulates that, unless mandatory law requires otherwise, As of 31 December 2021, the share capital of Allianz SE was changes to the Statutes require a two-thirds majority of the votes cast € 1,169,920,000. It was divided into 408,457,873 registered and fully at a General Meeting or, if at least one half of the share capital is paid-up shares with no par value. All shares carry the same rights and represented, a simple majority of the votes cast. Where the law obligations. Each no-par value share carries one vote. requires a majority in capital for a shareholder resolution, a simple majority of the capital represented at the General Meeting is sufficient, provided this is in line with legal requirements. The Supervisory Board may alter the wording of the Statutes (§ 179 (1) AktG and § 10 of the Statutes). Shares may only be transferred with the consent of the company. An approval duly applied for may only be withheld if it is deemed necessary in the company’s interest on exceptional grounds. The applicant will be informed of the reasons. The Board of Management is authorized to issue shares as well as to Shares acquired by employees of the Allianz Group as part of the acquire and use treasury shares as follows: employee stock purchase plan are generally subject to a three-year lock-up period. During the lock-up period, employees can exercise It may increase the company’s share capital on or before 8 May 2023, their voting rights. with the approval of the Supervisory Board, by issuing new registered no-par value shares against contributions in cash and/or in kind, on one or more occasions: Allianz SE is not aware of any direct or indirect interests in the share − Up to a total of € 334,960,000 (Authorized Capital 2018/I): In case capital that exceed 10 of a capital increase against cash contribution, the Board of % of the voting rights. Management may exclude the shareholders’ subscription rights for these shares with the consent of the Supervisory Board (i) for fractional amounts, (ii) in order to safeguard the rights pertaining There are no shares with special rights conferring powers of control. to holders of convertible bonds or bonds with warrants, including mandatory convertible bonds, and (iii) in the event of a capital increase of up to 10 %, if the issue price of the new shares is not significantly below the stock market price. The Board of Management may furthermore exclude the shareholders’ subscription rights with the consent of the Supervisory Board in the The appointment and removal of members of Allianz SE’s Board of event of a capital increase against contributions in kind. Management is governed by Articles 9 − Up to a total of € 15,000,000 (Authorized Capital 2018/II): The (1), 39 (2) and 46 of the SE Regulation, §§ 84, 85 AktG, § 24 (3) and § 47 No. 1 German Insurance shareholders’ subscription rights are excluded. New shares may Supervision Act (“Versicherungsaufsichtsgesetz – VAG”), and the only be issued to employees of Allianz SE and its Group Statutes. According to the Statutes, the Board of Management shall companies. consist of at least two persons; the Supervisory Board determines the number of any additional members (§ 5 (1) of the Statutes). The The company’s share capital is conditionally increased by up to members of the Board of Management are appointed by the € 250,000,000 (Conditional Capital 2010/2018). This conditional Supervisory Board for a term of up to five years; reappointment is capital increase will only be carried out to the extent that the holders permitted for a maximum of five years in each case (§ 5 (3) of the of convertible bonds, bonds with warrants, convertible participation Statutes). A simple majority of the votes cast in the Supervisory Board rights, participation rights, and subordinated financial instruments is required to appoint members of the Board of Management. In the issued against cash by Allianz SE or its subsidiaries, based on the case of a tie vote, the Chairperson of the Supervisory Board, who authorizations granted by the General Meeting on 5 May 2010 or pursuant to Article 42 of the SE Regulation must be a shareholder 9 May 2018, exercise their conversion or option rights, or to the extent representative, shall have the casting vote (§ 8 (3) of the Statutes). If the that conversion obligations from such bonds are fulfilled, and to such Chairperson does not participate in the vote, the Vice Chairperson extent that treasury shares or shares from authorized capital are not shall have the casting vote, provided he or she is a shareholder used for such purpose. Annual Report 2021 − Allianz Group 25

B _ Corporate Governance Under an authorization by the General Meeting on 9 May 2018, − Bilateral credit agreements in some cases provide for termination the Board of Management may, until 8 May 2023, buy back Allianz rights in the event of a change of control, mostly defined as the shares corresponding to up to 10 % of the lower of (i) the share capital acquisition of at least 30 % of the voting rights within the meaning at the moment of the shareholder resolution and (ii) the share capital of § 29 (2) of the German Takeover Act (“Wertpapiererwerbs- und at the moment of the buy-back, and to use those shares for other Übernahmegesetz – WpÜG”). Where such termination rights are purposes (§ 71 (1) No. 8 AktG). Together with other treasury shares that exercised, the respective credit lines have to be replaced by new are held by Allianz SE, or which are attributable to it under §§ 71a et credit lines under conditions then applicable. seq. AktG, such shares may not exceed 10 % of the share capital at any − Under the Allianz Equity Incentive Program, Restricted Stock Units time. The shares acquired pursuant to this authorization may be used, (RSUs) – i.e., virtual Allianz shares – are granted to senior under exclusion of the shareholders’ subscription rights, for any legally management of the Allianz Group worldwide as a stock-based admissible purposes, in particular those specified in the authorization. remuneration component. The conditions for these RSUs contain Furthermore, the acquisition of treasury shares under this change-of-control clauses, which apply when a majority of the authorization may also be carried out using derivatives, provided such voting share capital in Allianz SE is directly or indirectly acquired derivatives do not relate to more than 5 % of the share capital. by one or more third parties who do not belong to the Domestic or foreign banks that are majority-owned by Allianz SE Allianz Group, and which provide for an exception from the usual may buy and sell Allianz shares for trading purposes (§ 71 (1) No. 7 and vesting and exercise periods. In line with the relevant general (2) AktG) under an authorization of the General Meeting valid until conditions, the company will release the RSUs to plan participants 8 May 2023. The total number of shares acquired thereunder, together on the day of the change of control, without observing any vesting with treasury shares held by Allianz SE or attributable to it under period that would otherwise apply. The cash amount payable per §§ 71a et seq. AktG, shall at no time exceed 10 % of the share capital of RSU must equal or exceed the average market value of the Allianz Allianz SE. share and the price offered per Allianz share in a preceding tender offer. By providing for the non-application of the vesting period in the event of a change of control, the terms take into account the fact that the conditions influencing the share price are substantially different when there is a change of control. The following essential agreements of the company are subject to a change-of-control condition following a takeover bid: − Our reinsurance contracts, in principle, include a clause under which both parties to the contract have an extraordinary termination right, if and when the counterparty merges with another entity or its ownership or control situation changes materially. Agreements with brokers regarding services connected with the purchase of reinsurance cover also provide for termination rights in case of a change of control. Such clauses are standard market practice. − Allianz SE is also party to various bancassurance distribution agreements for insurance products in various regions. These distribution agreements normally include a clause under which the parties have an extraordinary termination right in the event of a change of control of the other party’s ultimate holding company. − Shareholder agreements and joint ventures to which Allianz SE is a party often contain change-of-control clauses that provide, as the case may be, for the termination of the agreement, or for put or call rights that one party can exercise with regard to the joint venture or the target company, if there is a change of control of the other party. − The framework agreements between Allianz SE and the subsidiaries of various car manufacturers relating to the distribution of car insurance by the respective car manufacturers each include a clause under which each party has an extraordinary termination right in case there is a change of control of the other party. 26 Annual Report 2021 − Allianz Group

B _ Corporate Governance REMUNERATION REPORT The Remuneration Report describes the structure and arrangements of the remuneration system for the Board of Management and the In addition to the situation and impact of the global COVID-19 Supervisory Board of Allianz SE. It explains the application of the pandemic on overall economic conditions, as well as on the insurance remuneration system in the financial year 2021, using detailed and industry and Allianz employees, other key issues included the risk individualized specifications on the remuneration of current and strategy and the Board of Management’s planning for both the former members of the Board of Management and the Supervisory financial year 2022 and the three-year period from 2022 to 2024. Board. Cyber risk security and the impact of rising inflation rates on the The report was created jointly by the Board of Management and insurance business were also regularly discussed. Furthermore, the the Supervisory Board, and takes into consideration the requirements Supervisory Board dealt in depth with personnel matters relating to of § 162 of the German Stock Corporation Act (AktG), and the the Board of Management as well as succession planning for the recommendations of the German Corporate Governance Code in its Board of Management and Supervisory Board, especially in the currently valid version. context of the upcoming elections to the Supervisory Board in 2022. It was also decided to allow the auditor to carry out a The Supervisory Board and various committees also discussed comprehensive, content audit of the Remuneration Report above and appropriate consideration of non-financial targets in the target-setting beyond the legal requirements of § 162(3) AktG. process for the Board of Management remuneration. The Personnel Committee of the Supervisory Board has closely followed the business development from the viewpoint of potential Review of the financial year target achievement at Group level and individual remuneration targets for the first half of the year and at year-end. Another focal point was the ongoing discussion of the lawsuit and official proceedings in The Supervisory Board had resolved minor adjustments to the connection with the AllianzGI U.S. Structured Alpha Funds, particularly remuneration system for members of the Board of Management with in the second half of 2021 and with regards to the target achievement effect from 1 January 2021. These comprise primarily the introduction for the financial year. Besides the quantitative targets for the financial of requirements or recommendations of the German Stock year 2022, the non-financial targets and appropriateness of the Corporation Act and the German Corporate Governance Code. The remuneration of the Board of Management were discussed. Changes details of these adjustments are described in the section “Other in the Board of Management were also prepared and implemented. Remuneration Principles”, “Deviation From The Remuneration System” and “Remuneration Adjustments”. The Supervisory Board also resolved to adjust the target Remuneration of the Allianz SE Board remuneration and the maximum remuneration of the Chairperson of of Management the Board of Management, to ensure the appropriateness of the remuneration. The remuneration system adjusted on this basis was presented to the Annual General Meeting under agenda item 5 for approval on Remuneration is designed to be appropriate compared to peers, given 5 May 2021. The Annual General Meeting approved the system for the the Allianz Group’s range of business activities, operating environment, remuneration of the members of the Board of Management with a and business results achieved. The aim is to ensure and promote majority of 87.14 %. The remuneration system applies to all members sustainable and value-oriented management of the company that is of the Board of Management who were active in the financial year in line with our corporate strategy. The key principles are as follows: 2021. − Support of the Group’s strategy: The design of variable compensation, and in particular of performance targets, reflects the business strategy and sustainable long-term development of Barbara Karuth-Zelle and Christopher Townsend have been members the Allianz Group. of the Board of Management since 1 January 2021. They assumed − Alignment of pay and performance: The performance-based departmental responsibility from Dr. Christof Mascher and Niran variable component of the board members’ remuneration forms a Peiris, both of whom retired from the Board of Management as of 31 significant portion of the overall remuneration, corresponding to December 2020. 70 % of the target compensation. Effective 1 October 2021, Andreas Wimmer was appointed to the − Sustainability of performance and alignment with shareholder Board of Management. He assumed responsibility for the Asset interests: A major part of the variable remuneration reflects Management division and Allianz Life in the U.S. from Jacqueline Hunt, longer-term performance, with deferred payout (64 %), and is who is acting as strategic advisor to the Chairperson of the Board of linked to the absolute and relative performance of the Allianz Management as of this date. Remuneration for the new members of share. the Board of Management was set at the same level as the other ordinary members of the Board of Management. Annual Report 2021 − Allianz Group 27

B _ Corporate Governance and selected international companies (including, for example, the top The Board of Management’s remuneration is decided upon by the positions in the STOXX Europe 600 Insurance), taking into account the entire Supervisory Board, based on proposals prepared by the company’s position, as well as the Allianz Group’s long-term Supervisory Board’s Personnel Committee. If required, the Supervisory performance, relative size, complexity, and internationality. Board may seek outside advice from independent external The benchmarking against the DAX companies in December consultants. The Personnel Committee and the Supervisory Board already took into account the extension of the peer group from 30 to consult with the Chairperson of the Board of Management in 40 companies. The outcome of the horizontal comparison is that assessing the performance and remuneration of Board of Allianz SE is well above 75th percentile relative to size (revenue, Management members. The Chairperson of the Board of number of employees, and market capitalization) compared to the Management is generally not involved in the discussion about their DAX companies. Accordingly, the total remuneration of the members own remuneration. The Supervisory Board designs the remuneration of the Board of Management is orientated on the upper quartile of the system for the members of the Board of Management in accordance remuneration of the peer companies. with the requirements of the German Stock Corporation Act (AktG) in its currently valid version as well as with regulatory requirements and Vertical appropriateness the recommendations of the German Corporate Governance Code, This comparison is based on the total direct compensation of a while ensuring clarity and comprehensibility. Feedback from investors member of the Board of Management and the average direct is also considered. compensation of an employee of the German Allianz companies. The Supervisory Board’s decision in December is based on the factor resulting from this comparison for the previous financial year. For the financial year 2020, the factor for the Chairperson of Board of Based on the remuneration system, the Supervisory Board determines Management to employee was “66”, and the factor for a regular board the target total compensation, and regularly reviews the member to employee was “36”. For the financial year 2021, the appropriateness of the remuneration. This is based on both a respective factor for the Chairperson of Board of Management to horizontal comparison (i.e., with peer companies) and a vertical employee is “70” and the factor regular board member to employee is comparison (in relation to Allianz employees). Again, the Supervisory “41”. Board’s Personnel Committee develops respective recommendations, if necessary with the assistance of external consultants. The structure, weighting, and level of each remuneration The following diagram provides an overview of the structure and component should be adequate and appropriate. amount of the target remuneration of the members of the Board of Management in the financial year 2021. Horizontal appropriateness The Supervisory Board regularly benchmarks the remuneration of the Board of Management of Allianz SE against other DAX companies 28 Annual Report 2021 − Allianz Group

B _ Corporate Governance Pension contribution To provide competitive and cost-effective retirement and disability benefits, company contributions to the defined-contribution pension Fixed remuneration plan “My Allianz Pension” are invested with a guarantee for the The fixed remuneration components comprise the base salary, contributions paid, but no further interest guarantee. perquisites, and pension contributions. They serve to provide a Each year, the Supervisory Board decides whether a budget is competitive remuneration to attract and retain Board of Management provided and, if so, to what extent. The current pension contribution members, whose experience and skills enable them to develop and generally represents 15 % of the target compensation of the board successfully implement the Allianz Group’s strategy. They secure a members. reasonable level of income in line with market conditions, and promote Apart from cases of occupational or general disability for medical a management of the company that is commensurate with risk. reasons, the earliest age a pension can be drawn is 62. Should board membership cease before the retirement age is reached, accrued Base salary pension rights are maintained if vesting requirements are met. The base salary, which is not performance-related, is paid in twelve Members of the Board of Management may have additional equal monthly installments. pension entitlements under former pension plans based on previous positions in the Allianz Group or due to membership of the Board of Perquisites Management prior to 2015. Payments of social insurance Perquisites mainly consist of contributions to accident and liability contributions abroad required by Allianz in individual cases may also insurances, tax consultant fees and the provision of a company car and give rise to additional pension entitlements. further individual perquisites if applicable. Perquisites are not linked to performance. Each member of the Board of Management is Performance-based remuneration responsible for paying the income tax due on these perquisites. The The performance-based variable remuneration includes the short- Supervisory Board regularly reviews the level of perquisites; a term annual bonus and long-term share-based remuneration. The contractual annual cap applies. If an appointment to the Board of composition aims to balance short-term performance, longer-term Management requires a change of residence, relocation expenses are success and sustained value creation. The Supervisory Board ensures reimbursed to an appropriate extent. that the targets for the variable remuneration are challenging, sustainable and ambitious. Annual Report 2021 − Allianz Group 29

B _ Corporate Governance Annual bonus occur if the supervisory authority (BaFin) requires this in accordance The annual bonus provides incentives for profitable growth and with its statutory powers. further developing the operating business by successfully implementing the business objectives for the respective financial year. Payout cap In doing so, the overall responsibility for reaching the Group targets as In accordance with § 87a (1) sentence 2 (1) AktG and the well as the individual performance with regard to the operational recommendations of the German Corporate Governance Code, the responsibilities of the individual members of the Board of Supervisory Board has determined a remuneration cap. Management are taken into consideration. Thus, the actual payout for the underlying financial year, The annual bonus is derived by multiplying the target comprising the base salary, variable remuneration and pension service achievement factor by the target amount for the annual bonus, and is cost, will be capped at maximum € 11,750 thou for the Chairperson of paid out in cash after the end of the relevant financial year, with the Board of Management, and at € 6,000 thou for a regular member payment limited to a maximum of 150 % of the target amount. of the Board of Management. If the remuneration for the financial year exceeds this amount, compliance with the maximum limit will be Long-term incentive – LTI ensured by reducing the payout of the long-term variable The long-term, share-based compensation is oriented mainly towards remuneration accordingly. the sustainable increase in the enterprise value. Taking the share price This payout cap principle was introduced for the first time for the performance in absolute and relative terms as a basis, it encourages financial year 2019. Given that the actual amount of the paid out long- combining the interests of the shareholders with those of the members term variable remuneration cannot be determined until after vesting of the Board of Management. and the final sustainability assessment, compliance with the payout Other stakeholder aspects are taken into consideration by setting cap will be reported on for the first time in the Remuneration Report strategic sustainability targets, whose achievement forms the basis for for the financial year 2024. the final assessment at the end of the four-year contractual vesting period. Deviation from the remuneration system Almost two thirds (64 %) of the variable remuneration is share- The Supervisory Board can deviate temporarily from the remuneration based, so as to adequately reflect the long-term performance of the system in exceptional circumstances in accordance with the statutory company in the Board of Management remuneration. requirements (§ 87a (2) AktG), if this is necessary in the interests of the long-term welfare of the company. The assessment may take into Additional remuneration principles account both macroeconomic and company-related exceptional circumstances, such as impairment of the long-term viability and Shareholding obligation and shareholding exposure profitability of the company. The deviation requires a prior proposal by The members of the Board of Management are obliged to build up the Personnel Committee. the following degree of share ownership within three years: The components of the remuneration system from which deviations may be made in exceptional cases include in particular the − Chairperson of the Board of Management: two times base salary, base salary, the annual bonus and the long-term incentive (LTI), i.e., € 3,822 thou, including their relationship to each other, their respective assessment − Regular Board of Management member: one time base salary, bases where applicable, the target setting and target achievement i.e., € 975 thou. assessment principles, and the determination of any payout and payment dates. The duration of the deviation shall be determined by Holding is required for the entire term of service on the Board of the Supervisory Board at its due discretion, but should not exceed a Management. Shares will be acquired through mandatory pay period of four years. In a crisis situation, for example, this principle is component conversion. In case of a base salary increase, the intended to allow the appointment of a new board member, e.g., with shareholding obligation increases accordingly. The holding obligation crisis management expertise, with a remuneration structure that ceases with the end of the mandate. temporarily deviates from the remuneration structure. In combination with the virtual shares (RSU) accumulated over In the financial year 2021, the Supervisory Board did not make four years through the LTI plan, the Allianz SE Board of Management use of the option to deviate from the remuneration system. has significant economic exposure to the Allianz stock: It amounts to approx. 800 % of base salary for the Chairperson and approx. 700 % of base salary for a regular board member. Malus/clawback Variable remuneration components may not be paid, or payment may be restricted, in the case of a significant breach of the Allianz Code of Conduct or regulatory Solvency II policies or standards, including risk limits. In the same way, variable remuneration components already paid may be subject to a clawback for three years after payout. Additionally, a reduction or cancellation of variable remuneration may 30 Annual Report 2021 − Allianz Group

B _ Corporate Governance Remuneration adjustment Transition payment The Supervisory Board is also entitled to take appropriate account of Board members appointed before 1 January 2010 are eligible for a extraordinary unforeseeable developments when determining the transition payment after leaving the Board of Management. The amount of the variable remuneration components. This rule takes up transition payment comprises an amount corresponding to the most a recommendation of the German Corporate Governance Code and recent base salary (paid for a period of six months), plus a one-time allows for the adjustment of the remuneration in rare unforeseeable payment of 25 % of the target variable remuneration at notice date. exceptional cases. Where an Allianz pension is due at the same time, such pension is Conceivable cases of application include, for example, significant deducted from the monthly transition payments. In the event of a changes in accounting rules, or in the tax or regulatory framework, as contractually agreed non-compete clause, the remittance of the well as catastrophic events not yet known at the time of target setting. transitional payment will be offset against the payment resulting from The application of this rule may also lead to a reduction in the variable the non-compete clause. remuneration. The Supervisory Board may also adjust the target remuneration Miscellaneous of the members of the Board of Management, insofar as this is appropriate to ensure that the remuneration of the Chairperson of the Internal and external board appointments Board of Management or a regular member of the Board of When a member of the Board of Management simultaneously holds Management is appropriate with regard to their duties and an appointment at another company within the Allianz Group or their performance. In doing so, it shall take into account the comparison of joint ventures with outside partners, the full amount of the respective the Board of Management remuneration horizontally and vertically. remuneration is transferred to Allianz SE. The aim of this rule is to moderately adjust Board of Management In recognition of related benefits to the organization, and subject remuneration on the basis of horizontal and vertical salary trends, and to prior approval by the Supervisory Board of Allianz SE, board thus to avoid major salary increases. members are also allowed to accept a limited number of non- It does not constitute an automatic adjustment, but requires a executive supervisory roles at appropriate external organizations. In justified decision by the Supervisory Board in each case. Such a these cases, 50 % of the remuneration received is paid to Allianz SE. moderate adjustment of the target remuneration does not in itself The respective board member will retain the full remuneration for represent a significant change to the remuneration system. These that position only if the Allianz SE Supervisory Board classifies the adjustments or deviations must be justified in detail in the respective appointment as a personal one (ad personam). Any remuneration remuneration report for the financial year. The remuneration report is paid by external organizations will be itemized in those organizations’ prepared in accordance with ARUG II and submitted to the Annual annual reports; its level will be determined by the governing body of General Meeting for approval. the relevant organization. In the financial year 2021, the Supervisory Board did not make use of the option to adjust the remuneration. Termination of service Board of Management contracts are limited to a period of five years. For new appointments, a shorter period of up to three years is provided based on the recommendation by the German Corporate Governance Code. Severance payment cap Payments for early termination to board members with a remaining term of contract of more than two years are capped at twice the annual compensation, consisting of the last financial year’s base salary and 100 % of the variable target compensation. If the remaining term of contract is less than two years, the payment is pro-rated for the remaining term of the contract. Contracts do not contain provisions for any other cases of early termination of Board of Management service. In the event of a contractually agreed non-compete clause, a severance payment is offset against compensation resulting from the non-compete clause in case of premature termination of service. Annual Report 2021 − Allianz Group 31

B _ Corporate Governance attributable to shareholders, each at 50 %. The resulting target achievement is adjusted by an individual contribution factor (ICF) in Target achievement factor to determine the the range of 0.8 to 1.2, which reflects both the results of the business variable remuneration division and the performance of the individual board member. If In line with the overarching strategic objective “simplicity wins”, the targets are not met, the variable compensation can be reduced to calculation of variable remuneration follows a simple system. The zero. If targets are significantly exceeded, the target achievement is annual bonus and LTI allocation are based on only two Group financial limited to 150 %. targets for the relevant financial year: operating profit and net income Group financial targets The minimum, target, and maximum values for the Group The Group financial targets are based on equally weighted targets for financial targets are set annually by the Supervisory Board. These are Group operating profit and Group net income attributable to documented for the respective next financial year and published ex- shareholders. Adjustments are only applied to acquisitions and post in the remuneration report. disposals that account for more than 10 % of the Group’s operating profit or net income attributable to shareholders, or that have a value- Individual performance indicators adding effect from a risk management perspective (e.g., portfolio The Group financial target achievement is multiplied by the ICF for transfers) and were not yet known at the time the plan was prepared. each board member. The ICF is based on an assessment by the This regulation is intended to prevent meaningful transactions from Allianz SE Supervisory Board, resting upon KPIs reflecting the having a negative impact on the remuneration of the Management respective board member’s area of responsibility and their personal Board. contribution. Operating profit highlights the underlying performance of ongoing core operations. − Business division targets: For board members with business- Net income attributable to shareholders is the profit after tax and related division responsibilities, the contribution to the financial non-controlling interests (minorities). Furthermore, the net income performance considers various indicators of profitability (e.g., forms the basis for the dividend payout and for the return on equity operating profit and net income) and productivity (e.g., expense calculation. Both key performance indicators (KPIs) are important ratio) for the respective business division. For board members with steering parameters for the Allianz Group and therefore reflect the a functional focus, division-specific performance targets are level of implementation of the Group’s strategy. determined based on their key responsibilities, and qualitatively The Group’s financial target achievement is limited to a maximum assessed. of 150 % and can drop to zero. 32 Annual Report 2021 − Allianz Group

B _ Corporate Governance − Non-financial targets (incl. sustainability targets): Customer Determining the individual contribution factor (ICF) satisfaction (for example, Net Promoter Score (NPS)) and The Supervisory Board determines the ICF for each member of the employee satisfaction (for example, Allianz Engagement Survey) Board of Management based on the fulfillment of the individual are taken into account in the non-financial targets. The performance indicators. Most of the performance indicators are management qualities, including strategic properties, are also provided with quantitative criteria, and therefore offer a sufficiently assessed. The review of the individual management qualities concrete basis for the combined assessment. assesses behavioral aspects, such as customer orientation, The individual indicators are not weighted on a percentage basis, personnel management, corporate behavior, and credibility (for so that the ICF is not determined on the basis of a formulaic example, social responsibility, integrity, diversity). The following calculation. This allows the Supervisory Board to take appropriate elements were taken into account in 2021 with regard to consideration of the individual criteria and to react appropriately to sustainability/climate protection: changes in priorities during the year. Since the performance is determined without a specified weighting, the ICF covers a narrow − Decarbonizing the Allianz Group’s business operations and range of 0.8 to 1.2. increasing the share of renewable energy in order to reduce carbon emissions by 30 % by 2025, against a 2019 baseline. Long-term incentive (LTI) design − Decarbonizing the investment portfolio in line with the Asset The long-term, share-based compensation component makes up the Owner Alliance (AOA) with the interim target of reducing largest portion of variable compensation. It promotes alignment with emissions in listed equities and corporate bonds asset classes shareholders and reflects the sustainable implementation of the by 25 % by year-end 2024 (baseline year 2019). company’s long-term strategy. The LTI is based on the performance in − Securing the strong sustainability position in three leading absolute and relative terms (i.e., versus competitors) of the Allianz sustainability indices. share. Furthermore, the long-term development of KPIs is reflected in the deferred sustainability assessment following the four-year Additional information can be found in the Non-Financial Statement contractual vesting period. for the Allianz Group and Allianz SE. − Grant and contractual vesting period: The LTI is granted annually − The RSU allocation value is based on the ten-day-average in the form of virtual Allianz shares, so-called restricted stock units Xetra closing price of the Allianz stock following the annual (RSUs). The number of RSUs to be granted corresponds to the LTI financial media conference1. As RSUs are virtual stock without allocation amount, divided by the allocation value of an RSU at dividend payments, the relevant share price is reduced by the grant: net present value of the expected future dividend payments during the four-year contractual vesting period. − The LTI allocation amount is derived by multiplying the LTI target amount by the annual bonus achievement factor, and capped at maximum 150 % of the target level. 1_For accounting purposes, the determination of the fair value of RSUs is based on an option pricing model the volatility of the peer index, their correlation, and the expected dividends. The value of the RSUs used taking into account additional input parameters, including the term structure of interest rates and the for the board members’ compensation may deviate from this IFRS value, as a simplified calculation expected relative performance of the Allianz share price compared to the peer index. For the latter, method was applied to increase transparency and traceability. simulation techniques are applied at the valuation date to determine the volatility of the Allianz stock, Annual Report 2021 − Allianz Group 33

B _ Corporate Governance The LTI grant is followed by a contractual vesting period of four years. − At the end of the contractual vesting period, the difference After that period, the LTI amount to be paid is determined based on between the Allianz TSR and the Index TSR is determined in the relative performance of the Allianz share, the relevant share price, percentage points; the result is multiplied by “2”: As the and the results of the sustainability assessment. comparison with competitors and the market is of outstanding importance, the outperformance/underperformance is − Relative performance versus peers: Besides the absolute share- weighted twofold. price development, the LTI payout takes the relative performance − To determine the factor, 100 percentage points are added to of the Allianz share into account. The total shareholder return the result. Example: 1 percentage point outperformance (TSR) of the Allianz share is benchmarked against the TSR of the results in a relative performance factor of 102 %; 1 percentage STOXX Europe 600 insurance index by reflecting the relation of point underperformance results in a relative performance the total performance of the Allianz share (“Allianz TSR”) and the factor of 98 %. total performance of the STOXX Europe 600 insurance index (“Index TSR”) between the start and end of the four-year In order to avoid incentivizing excessive risk-taking, the relative TSR contractual vesting period. The payout is based on the TSR performance factor is limited: it can vary between zero (for performance factor, which is calculated as follows: underperformance of the index by - 50 percentage points or lower) and 200 % (for outperformance of the index by minimum + 50 percentage points or higher). − Sustainability assessment: Prior to the payout of each LTI tranche, − Allianz share performance, payout, and cap: Following the end of the Supervisory Board determines, following a preliminary the four-year contractual vesting period, the granted RSUs are assessment by the Personnel Committee and the external auditor, settled in cash, based on the ten-day average Xetra closing price whether there are any sustainability-related concerns regarding a of the Allianz SE share following the annual financial media full payout. If so, payment of the tranche may be canceled in full conference in the year the respective RSU plan vests, multiplied by or in part. the relative TSR performance factor, and adjusted by the sustainability assessment, if necessary. The relevant share price is Subject of the sustainability assessment are: capped at 200 % of the grant price. Likewise, the relative TSR performance factor is capped at a maximum of 200 %. Taking into − compliance breaches, account the overall compensation cap (€ 6,000 thou for a regular − balance sheet issues, such as reserve strength, solvency, board member and € 11,750 thou for the Chairperson of the indebtedness, and ratings, Board of Management), the LTI payout in relation to the LTI target − KPIs entailed in the individual board members’ targets, such as – which deviates from the individual LTI component caps – is NPS, employee satisfaction, and climate targets. limited to 272 %. The assessment is made applying a comparable basis; i.e., any Outstanding RSU holdings are forfeited should a board member leave regulatory changes, changes in accounting regulations, or at their own request or be terminated for important cause. changes in calculation methods for the KPIs in question are taken into account. 34 Annual Report 2021 − Allianz Group

B _ Corporate Governance Illustrative examples: LTI payout: performance exceeds expectation (scenario 1) Illustrative example for RBM % Number RSUs € thou Initial grant based on: •LTI target 1,463 •LTI allocation amount: annual bonus achievement factor applied to LTI target 110 1,609 •RSU grant (listed share price: € 240, share price relevant to the calculation of the allocation: € 190 (= reduced by the net present value of estimated 8,470 future dividends of € 50)) LTI payout at vesting based on: •RSUs x share price at vesting (€ 298) 2,524 •TSR relative performance factor: 2 x (TSR Allianz: 45 % – TSR Stoxx Europe 600 Insurance: 40 %) + 100 % 110 Payout 2,776 LTI payout: performance remains below expectation (scenario 2) Illustrative example for RBM % Number RSUs € thou Initial grant based on: •LTI target 1,463 •LTI allocation amount: annual bonus achievement factor applied to LTI target 90 1,317 •RSU grant (listed share price: € 240, share price relevant to the calculation of the allocation: € 190 (= reduced by the net present value of estimated 6,930 future dividends of € 50)) LTI payout at vesting based on: •RSUs x share price at vesting (€ 226) 1,566 •TSR relative performance factor: 2 x (TSR Allianz: 15 % – TSR Stoxx Europe 600 Insurance: 40 %) + 100 % 50 Payout 783 Annual Report 2021 − Allianz Group 35

B _ Corporate Governance Application of the remuneration The provision recorded in Q4 2021 for proceedings relating to the system in the financial year Structured Alpha Funds significantly reduced net income attributable to shareholders and thus also the target achievement of the net income attributable to shareholders. With net income attributable to shareholders of € 6.61 bn, the target of € 7.20 bn was not reached, resulting in a target achievement of 83.60 %. Without the very strong Financial Group targets and target achievement operating performance and the positive effect from the Allianz Life The degree of target achievement for the Group's financial targets is reinsurance agreement in the USA, the target achievement for net calculated as the simple average of the target achievement of the income attributable to shareholders would have been even lower. operating profit for the year and the net income for the year Overall, this results in an achievement rate for the Group's attributable to shareholders. At € 13.4 bn, the operating profit target financial targets of 103.47 %. The Supervisory Board did not exercise of € 12.0 bn was exceeded as all business units achieved strong any discretion in determining the Group's financial target growth, resulting in a target achievement of 123.33 % for operating achievement. profit. Group financial target achievement level 2021 Group financial target achievement 2019-2021 Group financial target achievement Operating profit Net income Achievement level combined in % Financial year 2019 2020 2021 2019 2020 2021 2019 2020 2021 Bonus curve 0 % - Floor in € bn 5.80 6.00 6.00 3.80 4.00 3.60 100 % - Target in € bn 11.50 12.00 12.00 7.50 7.90 7.20 150 % - Max in € bn 14.35 15.00 15.00 9.35 9.85 9.00 Target achievement 108.72 75.58 103.47 Achievement level in € bn 11.86 10.75 13.40 7.91 6.81 6.61 Achievement level in % 106.24 79.19 123.33 111.19 71.97 83.60 Weight in % 50.00 50.00 50.00 50.00 50.00 50.00 36 Annual Report 2021 − Allianz Group

B _ Corporate Governance Individual performance indicators and application Dr. Barbara Karuth-Zelle has very quickly lived up to her new role of the individual contribution factor as member of the Board of Management, already making a positive In order to calculate the annual bonus, the target achievement level of and important contribution in her first year. Under her leadership, the the Group’s financial targets is multiplied by the individual contribution Allianz Group has made considerable progress in further harmonizing factor (ICF), which is determined for each board member by the and centralizing its IT operations. Productivity, for example, once again Supervisory Board in line with the target achievement of the individual increased. Despite the numerous group-wide transformation agreement on the financial and non-financial targets. initiatives, IT costs remained in line with expectations. The IT stability The financial performance of the Board of Management, based was maintained at a high level and the IT security of the Allianz Group on the operating business, has to be rated as very strong for the was improved further. The very positive development of employee financial year 2021. The solvency stabilized at a good level. Almost all satisfaction in her area of responsibility is also worth mentioning. business divisions made a positive contribution and some have The Supervisory Board expects further progress, especially in significantly exceeded the target level. synchronizing the global and local measures taken to implement the The Iberia & Latin America region and the non-operating business Business Master Platform, and the consistent alignment of personnel of the Asset Management are the exception. Consequently, the development to the new requirements. The topic of cybersecurity must Group’s target achievement level is negatively impacted almost always be at the forefront in a dynamic environment. exclusively by these divisions. With a strong contribution to earnings by the operating entities in The strong performance overall was achieved on a sustainable Western Europe, Sergio Balbinot once again made a material basis. As in the financial year 2020, both customers and employees contribution to the Group's very good operating result. Thanks to the once again awarded the Board of Management a very good rating in acquisition of the Italian property-casualty insurance entity from the the financial year 2021, as revealed by the indicators such as Net Aviva Group, he further reinforced Allianz’s strong position in Italy. In Promoter Score, Inclusive Meritocracy Index, and Work Well Index addition to Allianz’s leadership among the Asian insurance units, the Plus. authorization it was granted to establish an insurance asset The environmental target set for reducing CO2 emissions was also clearly exceeded. As a result, the overall determination of the individual management company is another very positive issue. Allianz is contribution factor (ICF) for the Board of Management was 1. therefore the first company in China to be able to establish a fully Compared to the previous year, this includes a flat-rate discount of foreign-owned insurance asset management enterprise on the around 10 percentage points, which was agreed with each individual Chinese market. From a Group perspective, the approval from the member of the Board of Management as a result of the Structured China Banking and Insurance Regulatory Commission (CBIRC) to Alpha proceedings. acquire the shareholdings in Allianz China Life Insurance from joint As CFO, Giulio Terzariol was responsible for a considerable share venture Partner Citic Trust is of great importance. Allianz is now the of the strong operating profit of over € 13 bn. He worked consistently sole owner of this company. on the Allianz Group’s S&P rating, the solvency ratio, and liquidity, For the financial year 2022, the Supervisory Board expects which he reinforced through very good capital management, such as internal and external growth potential, where appropriate, to be successful transactions with closed life insurance policies. Mr. Terzariol realized in the Asia region, as well as further optimization of the was also convincing in his communication of the new financial targets business operations. on the Capital Markets Day and of the preparations for the Renate Wagner made a positive contribution to earnings with the introduction of IFRS 9/17. functional units she leads – Human Resources, Legal, Compliance, The Supervisory Board expects further progress to be made in Privacy & Data Protection, and M&A. It is particularly worth mentioning 2022 on accumulation control, the management of potential the second-highest result in the history of the group-wide employee reputational risks, and in monitoring and managing the survey “Allianz Engagement Survey”, which reflects the high level of transformation and IT activities. employee satisfaction with the management of the still persistent Dr. Günther Thallinger achieved a performance that exceeded pandemic in 2021. Contrary to the market trend, employee satisfaction expectations in investment management, for which he was remained at a high level in 2021. Another positive factor is the responsible. Capital efficiency was significantly increased in the implementation of acquisitions despite adverse conditions, for Life/Health business segment through a series of capital measures. In example in Italy and Poland, and groundbreaking transactions with 2021 the return on equity in this segment was 13.0 %. Dr. Thallinger also various closed life insurance portfolios as well as the good played a significant role in further structuring and implementing the collaboration with the U.S. authorities in resolving the events Allianz Group‘s sustainability ambitions with regard to environmental, surrounding the AllianzGI U.S. Structured Alpha Funds. social and governance (ESG) issues, whereby it achieved the leading The Supervisory Board expects that, aside from economies of position among the insurance companies in the Dow Jones scale, M&A transactions will also contribute to the new technological Sustainability Index Ranking 2021. The Group Center for sustainability challenges. The HR division has to focus strongly on developing and was set up successfully and pro-actively supported the work of the supporting talent within the Group, with regard to the changing newly-established Sustainability Committee of the Supervisory Board. requirements. The Supervisory Board expects to make further efforts in consistently realizing potential in the area of health insurance, especially through new cross-border digital initiatives as well as strengthening the competitive position as an investor in global capital markets, especially in non-listed assets. Annual Report 2021 − Allianz Group 37

B _ Corporate Governance Dr. Klaus-Peter Röhler successfully steered the Allianz The quantitative performance of the companies in the Iberia & Deutschland AG companies through a challenging year with a steady Latin America region led by Iván de la Sota fell short of expectations. hand. The implementation of the reorganization of Allianz in Germany, The Supervisory Board expects a visible improvement here, in terms of together with the very good results of the employee survey at the same profitability and technical excellence. It is worth mentioning the time, is positive. Despite the severe natural disasters of summer 2021, promising start of the joint venture with Banco Bilbao Vizcaya Allianz Deutschland AG achieved very solid results. In addition to the Argentaria (BBVA) in Spain, the integration of the SulAmérica business strong contributions to earnings from Switzerland and the region in Brazil, and the successful transactions of the Allianz X unit in Central and Eastern Europe, the acquisition of Aviva’s life and promising FinTech companies. The Supervisory Board assesses as very property-casualty business, as well as Aviva Poland’s pension and positive the further successful steps taken towards developing and asset management businesses, further expanded the strong position implementing a uniform, cross-border product and IT platform of the Allianz companies in the region. Dr. Röhler had a material strategy as well as in the claims processing of Allianz Group. impact on the group-wide improvement in the Group’s property Allianz Life Insurance Company of North America (Allianz Life) as insurance performance indicators in the retail business. well as AllianzGI and PIMCO showed a strong operating performance The Supervisory Board continues to expect strong growth above during the time Jacqueline Hunt was responsible until the market trend in the region Central and Eastern Europe. It also 30 September 2021. Also positive was the successful completion of the expects consistent development of the digitalization process in the reinsurance agreement for a $ 35 billion fixed index annuity portfolio German companies in particular as well as timely improvements in by AZ Life, which significantly improved the Allianz Group's return on customer satisfaction in property insurance, in order to become the equity and strengthened the Allianz Group's regulatory capital market leader here too. position. In the case of AllianzGI and PIMCO, in particular, the record Dr. Andreas Wimmer quickly familiarized himself with the business inflows of assets under management had a positive impact. division he assumed on 1 October 2021, while also continuing to The non-financial targets also showed a good performance of successfully manage Allianz Lebensversicherungs-AG. In addition to Mrs. Hunt and her contribution went beyond her divisional his commitment to processing the Structured Alpha proceedings and responsibilities. his contribution to the life insurance portfolio transaction in the United Mrs. Hunt has been an excellent member of the Board of States, his convincing presentation of Allianz’s future life insurance Management and there is no evidence of any wrongdoing by her in strategy at the Capital Markets Day in December was a positive factor. connection with Structured Alpha. However, the net income impact of Besides processing the potential measures arising from the the provision for Structured Alpha has been reflected in her ICF of 0.8. Structured Alpha proceedings, the Supervisory Board expects Dr. Overall, Oliver Bäte acted prudently and with confidence, Wimmer to take further steps in implementing the life insurance providing his Board of Management team with the right impetus in strategy and continuing the strategy in asset management. what was once again a difficult environment, so that the Allianz Group Chris Townsend has integrated into the management team and could consistently meet its operating targets beyond expectations. Mr. the broader Allianz community fast and with positive impact. Under his Bäte presented the Allianz Group’s new strategy and ambition for leadership and via Global Commercial, the Group’s Commercial 2022 – 2024 with great conviction at the Capital Markets Day and the business, incl. AGCS, benefited from reduced volatility. Global Supervisory Board now expects consistent implementation of this Commercial installed a segment-focus steering approach across the strategy. Mr. Bäte convinced analysts and investors alike with the new Group to address the significant market potential in Mid-Corp. The dividend strategy and the announcement of AZ Life’s groundbreaking AGCS turnaround shows substantial progress, delivering an transactions in the United States. He was once again a great role underwriting profit, and Euler Hermes successfully exited the State model to the entire Allianz management in 2021. Support Schemes and was able to increase profits in 2021. Australia delivered on the re-platforming of the new Business Master Platform with positive results. The strong indices of the annual employee engagement survey within the units under Chris Townsend’s responsibility were encouraging. The Supervisory Board expects further improvement in the Mid- Corp business, and tangible progress in the transformation of the companies in the UK and Australia. 38 Annual Report 2021 − Allianz Group

B _ Corporate Governance Potential impact of the legal disputes in the USA on Board of Management remuneration The legal disputes in the USA will, in addition to the negative impact on net income attributable to shareholders of the Asset Management division and the Group as a whole, because of failure of this element to meet the financial targets for the 2021 financial year, and through the agreement to a 10 percentage point discount on the individual contribution factor of all board members, also have negative implications for the bonus of the entire Board of Management. The distribution of the LTI in 2022 will be reduced, as well as the bonus payment. Furthermore, the legal disputes in the USA could also potentially have a clearly negative effect on the Board of Management’s long- term incentive. The long-term incentive is based on Allianz SE’s share price performance in absolute and relative terms. Following publication of the ad hoc announcement on 1 August 2021, the Allianz share fell by 8 % and at year-end 2021 traded only +3.5 % higher than at the start of the year. In the relative development (including dividends), the STOXX Europe 600 Insurance rose by +21 % compared to the +8 % performance of the Allianz share in 2021. The 12 % points underperformance is reflected with a factor of 2 in the Board of Management’s long-term incentive and could potentially reduce the payout by up to -25 %. Each long-term incentive plan has a four-year term. The relative performance achieved before 1 January 2021 or the future relative performance until the payment date are not taken into account in this exemplary analysis as at the reporting date of 31 December 2021. The relative performance in the reporting year impacts the long-term incentive from the 2020 and 2021 plans.1 The Supervisory Board and the Board of Management have initiated reviews in conjunction with the Structured Alpha subject as well as commissioning independent advisors to conduct external investigations. The various examinations were not yet concluded at the time of preparing this Remuneration Report. There are no findings so far of possible breaches of duty by the Board of Management. According to the remuneration system for members of the Board of Management, the Supervisory Board may wholly or partially reduce the annual bonus and/or LTI allocation amount or payout (malus) in the case of a significant breach of the Allianz Code of Conduct or other compliance provisions. If a breach of compliance is committed and/or infringed prior to payment of the annual bonus or the long-term incentive but is not identified until after payout, the Supervisory Board may wholly or partially reclaim the annual bonus or long-term incentive paid out (clawback). The Supervisory Board makes its decision on the basis of its professional judgment. In particular, the severity and impact of the breach, degree of culpability and any financial loss or reputational damage to the company that has occurred or is impending must be taken into account. 1_The relative performance is only reflected since the system conversion in performance year 2019. Annual Report 2021 − Allianz Group 39

B _ Corporate Governance Overview target achievement and variable remuneration for the financial year. The following table shows the amounts for annual payout and LTI- allocation resulting from the target achievement of the financial year as well as the target, minimum and maximum amount of the variable compensation components. Target achievement and variable remuneration of the members of the Board of Management for the financial year € thou (total might not sum up due to rounding) Target achievement Annual bonus LTI allocation1 Board member Group Target financial achieve- perfor- ment mance ICF factor Target Min Max Payout Target Min Max Allocation Active board members in 2021 % 0.8-1.2 % € thou € thou € thou € thou € thou € thou € thou € thou Oliver Bäte 2021 103.47 1.06 109.68 1,593 - 2,390 1,748 2,867 - 4,301 3,145 Appointed: 01/2008; CEO since 05/2015 2020 75.58 1.17 88.43 1,422 - 2,133 1,257 2,559 - 3,839 2,263 2019 108.72 1.13 122.85 1,422 - 2,133 1,747 2,559 - 3,839 3,144 Sergio Balbinot 2021 103.47 1.06 109.68 813 - 1,220 892 1,463 - 2,195 1,605 Appointed: 01/2015 2020 75.58 1.16 87.67 813 - 1,220 713 1,463 - 2,195 1,283 2019 108.72 1.11 120.68 813 - 1,220 981 1,463 - 2,195 1,766 Jacqueline Hunt 2021 103.47 0.80 82.78 813 - 1,220 673 1,463 - 2,195 1,211 07/2016 until 09/2021 2020 75.58 1.14 86.16 813 - 1,220 700 1,463 - 2,195 1,261 2019 108.72 1.10 119.59 813 - 1,220 972 1,463 - 2,195 1,750 Dr. Barbara Karuth-Zelle 2021 103.47 1.04 107.61 813 - 1,220 875 1,463 - 2,195 1,574 Appointed: 01/2021 2020 - - - - - - - - - - - 2019 - - - - - - - - - - - Dr. Klaus-Peter Röhler 2021 103.47 1.05 108.64 813 - 1,220 883 1,463 - 2,195 1,589 Appointed: 04/2020 2020 75.58 1.15 86.92 611 - 917 531 1,100 - 1,650 956 2019 - - - - - - - - - - - Ivan de la Sota 2021 103.47 0.98 101.40 813 - 1,220 824 1,463 - 2,195 1,483 Appointed: 04/2018 2020 75.58 1.11 83.89 813 - 1,220 682 1,463 - 2,195 1,227 2019 108.72 0.95 103.28 813 - 1,220 840 1,463 - 2,195 1,511 Giulio Terzariol 2021 103.47 1.04 107.61 813 - 1,220 875 1,463 - 2,195 1,574 Appointed: 01/2018 2020 75.58 1.14 86.16 813 - 1,220 700 1,463 - 2,195 1,261 2019 108.72 1.07 116.33 813 - 1,220 946 1,463 - 2,195 1,702 Dr. Günther Thallinger 2021 103.47 1.04 107.61 813 - 1,220 875 1,463 - 2,195 1,574 Appointed: 01/2017 2020 75.58 1.14 86.16 813 - 1,220 700 1,463 - 2,195 1,261 2019 108.72 1.07 116.33 813 - 1,220 946 1,463 - 2,195 1,702 Christopher Townsend 2021 103.47 1.04 107.61 813 - 1,220 875 1,463 - 2,195 1,574 Appointed: 01/2021 2020 - - - - - - - - - - - 2019 - - - - - - - - - - - Renate Wagner 2021 103.47 1.05 108.64 813 - 1,220 883 1,463 - 2,195 1,589 Appointed: 01/2020 2020 75.58 1.14 86.16 813 - 1,220 700 1,463 - 2,195 1,261 2019 - - - - - - - - - - - Dr. Andreas Wimmer2 2021 103.47 1.00 103.47 205 - 308 226 369 - 554 407 Appointed: 10/2021 2020 - - - - - - - - - - - 2019 - - - - - - - - - - - 1_Derived by multiplying the LTI target amount by the total target achievement factor. 2_Annual bonus and LTI allocation pro rata for three months. Payout determined using the weighted average of the target achievement of Allianz Lebensversicherungs-AG (126.5 %: 110 % company target achievement and 1.15 ICF) with a weighting of 30 % and the Allianz SE target achievement with a weighting of 70 %. 40 Annual Report 2021 − Allianz Group

B _ Corporate Governance The following table shows the development of the RSU portfolios of the members of the Board of Management in the financial year. The number of RSUs granted under the former Allianz Equity Incentive (AEI – until and including the allocation for financial year 2018) and under the current Long Term Incentive (LTI – from financial year 2019) are displayed separately. The reported RSU portfolios can include RSUs which have been granted prior to the appointment as member of the Board of Management of Allianz SE. The decisive price of the Allianz share at the time of payout was € 203.13. RSU portfolio development in financial year Development in financial year Number of Number of RSUs Number of Number of Number of RSUs on allocated in RSUs settled in RSUs forfeited RSUs on Board member RSU plan 1.1.2021 March 2021 March 2021 in 2021 31.12.2021 Oliver Bäte LTI/ RSU 19,588 13,972 - - 33,560 AEI/RSU 30,347 - 11,038 - 19,309 Sergio Balbinot LTI/ RSU 11,001 7,919 - - 18,920 AEI/RSU 19,360 - 7,359 - 12,001 Jacqueline Hunt (until 09/2021) LTI/ RSU 10,902 7,783 - - 18,685 AEI/RSU 15,175 - 3,417 - 11,758 Dr. Barbara Karuth-Zelle LTI/ RSU - - - - - AEI/RSU 8,018 2,945 2,278 - 8,685 Dr. Klaus-Peter Röhler LTI/ RSU - 5,900 - - 5,900 AEI/RSU 18,394 1,809 4,017 - 16,186 Ivan de la Sota LTI/ RSU 9,415 7,578 - - 16,993 AEI/RSU 12,177 - 3,200 - 8,977 Giulio Terzariol LTI/ RSU 10,604 7,783 - - 18,387 AEI/RSU 10,445 - 2,599 - 7,846 Dr. Günther Thallinger LTI/ RSU 10,604 7,783 - - 18,387 AEI/RSU 14,163 - 2,826 - 11,337 Christopher Townsend LTI/ RSU - - - - - AEI/RSU - - - - - Renate Wagner LTI/ RSU - 7,783 - - 7,783 AEI/RSU 5,159 - 1,341 - 3,818 Dr. Andreas Wimmer (since 10/2021) LTI/ RSU - - - - - AEI/RSU 4,808 4,250 1,452 - 7,606 Annual Report 2021 − Allianz Group 41

B _ Corporate Governance Under the shareholding requirements, members of the Board of Management must build share ownership within three years. The following table shows the values of the share ownership and RSU portfolios, and their proportion of base salary. Shareholding exposure as of 31 December 2021 Proportion of Share- total portfolio ownership value of base in € thou 1 2 portfolio RSU portfolio Total portfolio salary in % Board members active in financial year Oliver Bäte 3,802 9,734 13,536 708 Sergio Balbinot 1,086 5,760 6,846 702 Jacqueline Hunt - 5,671 5,671 582 Dr. Barbara Karuth-Zelle - 1,644 1,644 169 Dr. Klaus-Peter Röhler 314 4,131 4,445 456 Ivan de la Sota 1,086 4,799 5,885 604 Giulio Terzariol 1,086 4,806 5,892 604 Dr. Günther Thallinger 1,806 5,530 6,616 679 Christopher Townsend - - - - Renate Wagner 471 2,073 2,544 261 Dr. Andreas Wimmer - 1,400 1,400 144 1_Based on the XETRA closing price of the Allianz share as of 30 December 2021. Shareholdings as of 31 December 2021: Oliver Bäte: 18,309 shares; Sergio Balbinot, Ivan de la Sota, Giulio Terzariol and Dr. Günther Thallinger: 5,230 shares each. Renate Wagner: 2,270 shares, Dr. Klaus-Peter Röhler: 1,513 shares. As part of the share ownership guideline, the first acquisition for Dr. Barbara Karuth-Zelle and Christopher Townsend will take place in 2022, and for Dr. Andreas Wimmer in 2023. 2_Based on fair value of RSU portfolio as of 31 December 2021 shown in the table reporting the share-based compensation. The determination of the LTI fair values is based on an option pricing model taking into account additional input parameters, including the term structure of interest rates and the expected relative performance of the Allianz share price compared to the peer index. For the latter, simulation techniques are applied at the valuation date to determine the volatility of the Allianz stock, the volatility of the peer index and their correlation. 42 Annual Report 2021 − Allianz Group

B _ Corporate Governance In 2021, the Allianz Group paid € 5 mn (2020: € 6 mn) to increase Company contributions to the current pension plan “My Allianz reserves for pensions and similar benefits for active members of the Pension” are generally 15 % of total target direct compensation, Board of Management. As of 31 December 2021, reserves for reduced by an amount covering the death and occupational or pensions and similar benefits for active members of the Board of general disability risk. They are invested in a fund with a guarantee on Management amounted to € 33 mn (2020: € 35 mn). the contributions paid, but no further interest guarantee. Reserves for current pension obligations and accrued pension For members with pension rights under the now frozen defined rights for former members of the Board of Management totaled benefit plan, the above contribution rates are reduced by 19 % of the € 201 mn (2020: € 171 mn). expected annual pension from that frozen plan. Individual pensions: 2021 and 2020 € thou (total might not sum up due to rounding) 1 Current pension plan Previous pension plans Total 2 3 2 3 2 3 Board members SC DBO SC DBO SC DBO Oliver Bäte 2021 878 4,830 172 5,494 1,050 10,324 2020 812 3,765 229 5,638 1,041 9,403 Sergio Balbinot 2021 465 2,885 2 45 467 2,930 2020 464 2,354 8 46 472 2,400 4 2021 344 - - - 344 - Jacqueline Hunt 2020 458 1,720 - - 458 1,720 Dr. Barbara Karuth-Zelle 2021 353 1,115 45 1,091 398 2,206 2020 - - - - - - Dr. Klaus-Peter Röhler 2021 461 1,826 79 2,466 540 4,292 2020 346 1,302 44 2,519 390 3,821 Ivan de la Sota 2021 462 1,708 73 635 535 2,343 2020 462 1,197 98 617 560 1,814 Giulio Terzariol 2021 461 1,950 104 1,481 565 3,431 2020 462 1,427 94 1,464 556 2,891 Dr. Günther Thallinger 2021 465 2,484 83 1,779 548 4,263 2020 464 1,927 71 1,933 535 3,860 Christopher Townsend 2021 412 417 - - 412 417 2020 - - - - - - Renate Wagner 2021 464 1,182 63 247 527 1,429 2020 464 683 13 265 477 948 Dr. Andreas Wimmer 2021 42 836 9 289 51 1,125 2020 - - - - - - 1_Previous closed and frozen plans, including transition payment for Oliver Bäte. 2_SC = service cost. Service costs are calculatory costs for the DBO related to the business year reported. 3_DBO = Defined Benefit Obligation, end of year. The figures show the obligation for Allianz resulting from defined benefit plans, taking into account realistic assumptions with regard to interest rate, dynamics and biometric probabilities. 4_As Jacqueline Hunt`s service as a member of the Board of Management ended on 30 September 2021, her employer-financed DBO of € 2,215 thou as of 31 December 2021 is taken into account under the former board members. Annual Report 2021 − Allianz Group 43

B _ Corporate Governance The amounts for the annual bonus and LTI allocation reported here result from the achievement of the targets for the financial year. The following tables show the individual remuneration of the members The information therefore directly depicts the correlation between of the Board of Management who were active in the reporting year, remuneration and business development. for the 2021 and 2020 financial years. These compensation components correspond with the The table “Remuneration In The Financial Year” features the components in the column “Actual Grant” in previous remuneration remuneration awarded and due in accordance with § 162 (1) reports. sentence 1 AktG. It includes the payments made in the financial year Furthermore, the remuneration for the financial year is decisive for for base salary, perquisites, and other remuneration. For the variable reviewing the retention of the general payout cap of € 11,750 thou for remuneration, the components for performance fully rendered in the the Chairperson of the Board of Management and € 6,000 thou for a financial year are reported. This requirement is met in case the regular member. It is reviewed prior to the payout in 2026 and 2025 of applicable performance criteria are fulfilled and conditions the LTI tranches allocated for the financial year 2021 and 2020, and subsequent and suspensive have been met or have ceased to exist. For reported in the remuneration report for the respective financial year. the financial year 2021, this is the annual bonus that refers to the 2021 Furthermore, the pension expenses in the financial year are listed performance period and is paid out in March 2022. For the share- in both tables, even if these are not regarded as remuneration based renumeration, the payout of the RSU allocation of the Allianz awarded and due in accordance with § 162 AktG. Finally, in addition to Equity Incentive (AEI) for the financial year 2016, which vested in the the absolute amounts, the share of the individual remuneration financial year 2021, is reported. components relative to the total remuneration is stated. This interpretation of the awarding concept corresponds to the The information provided for by the Stock Corporation Act on definition of the payout in the remuneration reports of previous years. remuneration awarded and due to former members of the Board of The information in the table “Remuneration In The Financial Year” is Management is shown in a separate table for the sake of clarity. therefore consistent with the details in the column “Payout” in previous The following diagram presents the allocation of the remuneration reports. remuneration components in the two tables, using the financial year The additional table “Renumeration For The Financial Year” goes 2021 as an example: above and beyond the requirements of § 162 AktG. It includes the contributions to base salary and perquisites made in the respective financial year as well as the annual bonus for the respective financial year and the allocation amount of the share-based remuneration for the financial year. 44 Annual Report 2021 − Allianz Group

B _ Corporate Governance Remuneration in the financial year Furthermore, the pension expenses in the financial year are listed, even The following table shows the remuneration awarded and due in if these are not regarded as remuneration awarded and due in accordance with § 162 AktG. It includes the payments made in the accordance with § 162 AktG. financial year for base salary and perquisites, the annual bonus that refers to the performance period of the financial year and the payout amount of the share-based remuneration, that vested in the financial year. Individual remuneration: 2021 and 2020 € thou (total might not sum up due to rounding) Fixed compensation Variable short-term Variable long-term Total compen- sation Pension Share-based acc. § service Board members Base salary Perquisites Annual bonus compensation Other compensation 162 AktG cost Total Board members active in in % of in % of in % of in % of in % of financial year € thou TC € thou TC € thou TC € thou TC € thou TC € thou € thou € thou Oliver Bäte 2021 1,911 32 11 - 1,748 30 2,242 38 - - 5,912 1,050 6,961 Appointed: 01/2008; CEO since 05/2015 2020 1,706 32 11 - 1,257 23 2,375 44 - - 5,350 1,041 6,391 Sergio Balbinot 2021 975 28 91 3 892 26 1,495 43 - - 3,453 467 3,920 Appointed: 01/2015 2020 975 27 74 2 713 20 1,883 52 - - 3,644 472 4,116 1 Jacqueline Hunt 2021 975 41 14 1 673 29 694 29 - - 2,357 344 2,700 Appointed: 07/2016; end of service 09/2021 2020 975 57 23 1 700 41 - - - - 1,699 458 2,156 Dr. Barbara Karuth-Zelle 2021 975 52 11 1 875 47 - - - - 1,861 398 2,258 Appointed: 01/2021 2020 - - - - - - - - - - - - - Dr. Klaus-Peter Röhler 2021 975 52 30 2 883 47 - - - - 1,888 540 2,428 Appointed: 04/2020 2020 731 57 23 2 531 41 - - - - 1,285 390 1,675 Ivan de la Sota 2021 975 54 15 1 824 45 - - - - 1,814 535 2,349 Appointed: 04/2018 2020 975 57 60 3 682 40 - - - - 1,717 560 2,277 Giulio Terzariol 2021 975 52 20 1 875 47 - - - - 1,870 565 2,435 Appointed: 01/2018 2020 975 58 18 1 700 41 - - - - 1,694 556 2,250 Dr. Günther Thallinger 2021 975 53 2 - 875 47 - - - - 1,852 548 2,400 Appointed: 01/2017 2020 975 58 2 - 700 42 - - - - 1,678 535 2,212 Christopher Townsend 2021 975 51 53 3 875 46 - - - - 1,903 412 2,315 Appointed: 01/2021 2020 - - - - - - - - - - - - - Renate Wagner 2021 975 52 25 1 883 47 - - - - 1,883 527 2,410 Appointed: 01/2020 2020 975 57 32 2 700 41 - - - - 1,708 477 2,185 Dr. Andreas Wimmer 2021 244 52 2 - 226 48 - - - - 472 51 522 Appointed: 10/2021 2020 - - - - - - - - - - - - - 1_For reasons of clarity, Jacqueline Hunt`s complete remuneration in the financial year is reported here. Her pro-rated base salary for the period from 1 January to 30 September 2021 is € 731 thou. The pro-rated annual bonus amount for this time period is € 503 thou. Compliance with the maximum remuneration principles on payouts for share-based remuneration in the financial year 2021 In the financial year 2021, the RSU tranches for the financial year 2016, allocated in March 2017, were paid out to Oliver Bäte, Sergio Balbinot and Jacqueline Hunt. According to the remuneration system applicable at the time of the allocation, the RSU payout is capped at 200 % above the grant price. During the term of the AEI/RSU 2017 tranche, the decisive price of the Allianz share rose from € 165.55 to € 203.13. The increase, and therefore the payout, remained significantly below this cap. Annual Report 2021 − Allianz Group 45

B _ Corporate Governance Remuneration for the financial year The following table shows the remuneration for the financial year. It contains the variable remuneration amounts resulting directly from the target achievement of the financial year: the payout amount of the annual bonus and the allocation amount of the LTI grant for the financial year. Individual remuneration: 2021 and 2020 € thou (total might not sum up due to rounding) Fixed compensation Variable short-term Variable long-term Total Pension Share-based compen- service Board members Base salary Perquisites Annual bonus compensation Other compensation sation cost Total Board members active in in % of in % of in % of in % of in % of financial year € thou TC € thou TC € thou TC € thou TC € thou TC € thou € thou € thou Oliver Bäte 2021 1,911 28 11 - 1,748 26 3,145 46 - - 6,815 1,050 7,864 Appointed: 01/2008; CEO since 05/2015 2020 1,706 32 11 - 1,257 24 2,348 44 - - 5,323 1,041 6,364 Sergio Balbinot 2021 975 27 91 3 892 25 1,605 45 - - 3,563 467 4,030 Appointed: 01/2015 2020 975 31 74 2 713 23 1,345 43 - - 3,107 472 3,578 Jacqueline Hunt 2021 975 34 14 1 673 23 1,211 42 - - 2,874 344 3,217 Appointed: 07/2016; end of service 09/2021 2020 975 32 23 1 700 23 1,324 44 - - 3,023 458 3,481 Dr. Barbara Karuth-Zelle 2021 975 28 11 - 875 25 1,574 46 - - 3,435 398 3,833 Appointed: 01/2021 2020 - - - - - - - - - - - - - Dr. Klaus-Peter Röhler 2021 975 28 30 1 883 25 1,589 46 - - 3,478 540 4,018 Appointed: 04/2020 2020 731 32 23 1 531 23 1,017 44 - - 2,302 390 2,692 Ivan de la Sota 2021 975 30 15 - 824 25 1,483 45 - - 3,298 535 3,832 Appointed: 04/2018 2020 975 32 60 2 682 23 1,290 43 - - 3,007 560 3,567 Giulio Terzariol 2021 975 28 20 1 875 25 1,574 46 - - 3,444 565 4,009 Appointed: 01/2018 2020 975 32 18 1 700 23 1,322 44 - - 3,016 556 3,572 Dr. Günther Thallinger 2021 975 28 2 - 875 26 1,574 46 - - 3,426 548 3,974 Appointed: 01/2017 2020 975 33 2 - 700 23 1,322 44 - - 3,000 535 3,535 Christopher Townsend 2021 975 28 53 2 875 25 1,574 45 - - 3,477 412 3,889 Appointed: 01/2021 2020 - - - - - - - - - - - - - Renate Wagner 2021 975 28 25 1 883 25 1,589 46 - - 3,472 527 4,000 Appointed: 01/2020 2020 975 32 32 1 700 23 1,324 44 - - 3,032 477 3,508 Dr. Andreas Wimmer 2021 244 28 2 - 226 26 407 46 - - 879 51 929 Appointed: 10/2021 2020 - - - - - - - - - - - - - Jacqueline Hunt resigned from her office as member of the Board of Management with effect from 1 October 2021. The remuneration principles of the employment contract remain unchanged until the end of the employment contract as at 31 December 2022. For the sake of clarity, the amounts are therefore reported for the full financial year 2021 in the tables above. 46 Annual Report 2021 − Allianz Group

B _ Corporate Governance Remuneration awarded and due in the financial remuneration. According to § 162 (5) AktG, the reporting is at year 2021 for former members of the Board of individual employee level for up to 10 years after the end of the Management financial year in which the board member in question has ended their The following table shows the components awarded and due to activity. Remuneration awarded and due totaling € 4 mn were former members of the Board of Management in accordance with awarded in the financial year 2021 to 13 members of the Board of § 162 AktG in the financial year 2021, and their relative share of total Management that had left before this period. Individual remuneration: 2021 € thou (total might not sum up due to rounding) Share-based compensation Pensions Other compensation Total in % of in % of in % of Former members of the Board of Management € thou total € thou total € thou total € thou Dr. Christof Mascher (until 12/2020) 1,324 91 128 9 - - 1,452 Dr. Axel Theis (until 03/2020) 1,481 84 292 16 - - 1,773 Dr. Helga Jung (until 12/2019) 1,352 100 - - 2 - 1,354 Dr. Dieter Wemmer (until 12/2017) 1,452 94 92 6 - - 1,544 Dr. Werner Zedelius (until 12/2017) 1,452 76 467 24 - - 1,919 Dr. Maximilian Zimmerer (until 12/2016) 1,495 64 858 36 - - 2,353 Manuel Bauer (08/2015) - - 132 100 - - 132 Michael Diekmann (04/2015) - - 658 100 - - 658 Clement Booth (12/2014) - - 147 100 - - 147 Dr. Paul Achleitner (05/2012) - - 337 100 - - 337 Annual Report 2021 − Allianz Group 47

B _ Corporate Governance It must be noted with regard to the Board of Management The following overview compares the annual development of the remuneration from 2017 to 2018 that the payout for the mid-term remuneration of the members of the Board of Management, the bonus (MTB) for 2016 - 2018 is reported in the financial year 2018. average remuneration of the employees, and selected earnings The year-on-year change in Sergio Balbinot’s remuneration in parameters over the last five financial years. 2020 is largely attributable to the fact that he received a payout from The remuneration of the members of the Board of Management the share-based compensation for the first time in this year. presented in the table corresponds to the total remuneration Jacqueline Hunt received the share-based compensation for the rewarded and due in the respective financial year. The earnings first time in the financial year 2021. The significant change from 2020 development is shown using the two key performance indicators for to 2021 in Dr. Klaus-Peter Röhler’s remuneration is explained by the the Group’s financial target achievement – operating profit and net fact that he joined the Board of Management during the year, so the income, as well as net income as reported in the individual financial remuneration reported for 2020 is pro rata only. statements of Allianz SE. The workforce of the German companies of Remuneration awarded and due to former members of the Board the Allianz Group is used to present the average employee of Management for the financial years following their departure remuneration on the basis of full-time equivalents. comprises mainly pension payments, share-based compensation payouts and other remuneration. Comparative presentation Development of Board of Management compensation, profit and average compensation of employees Change Change Change Change 2017 to 2018 to 2019 to 2020 to Financial year 2017 2018 in % 2018 2019 in % 2019 2020 in % 2020 2021 in % 2021 Board of management compensation in € thou Board members active in financial year Oliver Bäte 4,361 121 9,634 (47) 5,058 6 5,350 11 5,912 Sergio Balbinot 1,704 181 4,793 (58) 2,030 80 3,644 (5) 3,453 Jacqueline Hunt (end of service 09/2021) 1,691 145 4,135 (52) 1,967 (14) 1,699 39 2,357 Dr. Barbara Karuth-Zelle - - - - - - - - 1,861 Dr. Klaus-Peter Röhler - - - - - - 1,285 47 1,888 Ivan de la Sota - - 1,967 (7) 1,833 (6) 1,717 6 1,814 Giulio Terzariol - - 2,622 (26) 1,946 (13) 1,694 10 1,870 Dr. Günther Thallinger 1,609 122 3,568 (46) 1,926 (13) 1,678 10 1,852 Christopher Townsend - - - - - - - - 1,903 Renate Wagner - - - - - - 1,708 10 1,883 Dr. Andreas Wimmer (appointed: 10/2021) - - - - - - - - 472 Former members Dr. Christof Mascher (end of service 12/2020) 3,854 55 5,989 (44) 3,356 (2) 3,285 (56) 1,452 Niran Peiris (end of service 12/2020) - - 2,662 (35) 1,730 (13) 1,507 - - Dr. Axel Theis (end of service 03/2020) 1,662 185 4,729 (58) 1,988 21 2,405 (26) 1,773 Dr. Helga Jung (end of service 12/2019) 3,279 93 6,313 (50) 3,135 (54) 1,428 (5) 1,354 Dr. Dieter Wemmer (end of service 12/2017) 3,505 6 3,724 (56) 1,655 15 1,902 (19) 1,544 Dr. Werner Zedelius (end of service 12/2017) 3,337 22 4,083 (35) 2,640 (14) 2,268 (15) 1,919 Profit development in € bn Operating profit 11.10 4 11.51 3 11.86 (9) 10.75 25 13.40 Net income attributable to shareholders 6.80 10 7.46 6 7.91 (14) 6.81 (3) 6.61 Net income acc. Allianz SE financial statement 3.67 46 5.36 (14) 4.60 - 4.61 16 5.35 Average employee compensation in € thou Average compensation based on full-time equivalent 85 (2) 83 4 86 (6) 81 4 84 Individual contribution factor (ICF) structure In determining the targets for 2022, even greater account was taken New board members of the increased importance of sustainability issues. In addition to Effective 1 January 2022, Sirma Boshnakova was appointed to the group-wide sustainability targets, individual environmental, social and Board of Management. Her remuneration has been set at the same governance targets were set for each member of the Board of level as the other regular members of the Board of Management. Management for their respective areas of responsibility. 48 Annual Report 2021 − Allianz Group

B _ Corporate Governance In order to take better account of this when assessing the target of the Board of Management, in particular. The remuneration was achievement, the individual contribution factor was also restructured proposed at the usual committee remuneration level of € 50 thou for with effect from 1 January 2022. the Chairperson and € 25 thou for a regular member. In the future, the ICF will comprise three categories, namely the The Annual General Meeting approved these proposals with a Group’s financial targets, the strategic priorities, and the sustainability majority of 97.56 %. targets, which are described in detail. The new structure of the individual contribution factor will be explained in detail in the Fixed annual remuneration remuneration report for the financial year 2022. The remuneration of a Supervisory Board member consists of a fixed cash amount paid pro rata temporis after the end of the respective quarter of the business year for services rendered over that period. In Remuneration of the Allianz SE 2021, each regular Supervisory Board member received a fixed Supervisory Board compensation amounting to € 125 thou per year. The Chairperson received € 250 thou, each Vice Chairperson received € 187.5 thou. The remuneration of the Supervisory Board is governed by the Statutes of Allianz SE and the German Stock Corporation Act (AktG). Committee-related remuneration The structure of the Supervisory Board’s remuneration is regularly The Chairperson and members of the Supervisory Board committees reviewed with regard to its compliance with German, European, and receive additional committee-related remuneration. The committee- international corporate governance recommendations and related remuneration is as follows: regulations. − The set total remuneration reflects the scale and scope of the duties of the members of the Board of Management, and is appropriate to the company’s activities, and business and financial situation. The contribution to the long-term development of the company by the monitoring activity of the Supervisory Board is also reflected. − The remuneration structure takes into account the individual functions and responsibilities of Supervisory Board members, such Attendance fees and expenses as chair, vice chair, or committee mandates. In addition to the fixed and committee-related remuneration, − The remuneration structure allows proper oversight of business as members of the Supervisory Board receive an attendance fee of well as independent decisions on executive personnel and € 1,000 for each Supervisory Board or committee meeting they attend. remuneration. Should several meetings be held on the same or consecutive days, the − In view of the size, complexity and the Allianz Group’s long-term attendance fee will only be paid once. In addition, the Supervisory performance, the level of the remuneration for the Supervisory Board members are reimbursed for their out-of-pocket expenses and Board is based on the upper quartile of the Supervisory Board the VAT payable on their Supervisory Board service. The company remuneration of the companies reported in the DAX. provides insurance coverage and technical support to the Supervisory Board members to an extent reasonable for carrying out their Supervisory Board duties. The remuneration for the Supervisory Board of Allianz SE provides for a fixed remuneration. Supervisory Board members who had only served on the Supervisory Board during part of the financial year receive one twelfth of the remuneration for each month of service commenced. This shall apply accordingly for membership of Supervisory Board committees. The Supervisory Board’s Remuneration System was presented to the Annual General Meeting of Allianz SE on 5 May 2021 for approval. The inclusion of remuneration for members of the Nomination Committee was also proposed. The remuneration is set at € 25 thou for the Chairperson and € 12.5 thou for a regular member, which is half of the usual committee remuneration. This remuneration takes into account the increased tasks in the selection of suitable candidates for the election of shareholder representatives on the Supervisory Board as well as the increased selection frequency due to the proposed shortening of the term of office of shareholder representatives on the Supervisory Board from five to four years. In the financial year 2021, the Supervisory Board also set up a Sustainability Committee, to closely monitor the sustainability strategy Annual Report 2021 − Allianz Group 49

B _ Corporate Governance The following table shows the remuneration awarded and due in accordance with § 162 AktG. It comprises the fixed remuneration, committee remuneration and attendance fees as well as their relative share of the total remuneration. Individual remuneration: 2021 and 2020 € thou (total might not sum up due to rounding) Total 1 Committees Committee remu- Members of the Supervisory Board Fixed remuneration remuneration Attendance fees neration A N P R S T SU in % of in % of in % of Members active in financial year € thou total € thou total € thou total € thou Michael Diekmann 2021 250.0 47 272.9 51 8.0 2 530.9 M C C C C M M (Chairperson) 2020 250.0 51 225.0 46 11.0 2 486.0 M C C C C M Jim Hagemann Snabe 2021 187.5 68 87.5 32 1.0 - 276.0 M M C (Vice Chairperson) 2020 187.5 70 75.0 28 4.0 2 266.5 M M C Gabriele Burkhardt-Berg 2021 187.5 72 72.9 28 1.0 - 261.4 M M M (Vice Chairperson) 2020 187.5 78 50.0 21 3.0 1 240.5 M M Sophie Boissard 2021 125.0 62 72.9 36 3.0 1 200.9 M M 2020 125.0 70 50.0 28 3.0 2 178.0 M Christine Bosse 2021 125.0 60 83.3 40 1.0 - 209.3 M M C 2020 125.0 82 25.0 16 3.0 2 153.0 M M Dr. Friedrich Eichiner 2021 125.0 45 150.0 54 3.0 1 278.0 C M M 2020 125.0 44 150.0 53 6.0 2 281.0 C M M Jean-Claude Le Goaër 2021 125.0 62 75.0 37 3.0 1 203.0 M M 2020 125.0 62 75.0 37 3.0 1 203.0 M M Martina Grundler 2021 125.0 71 50.0 28 1.0 1 176.0 M 2020 125.0 70 50.0 28 4.0 2 179.0 M Herbert Hainer 2021 125.0 71 50.0 28 1.0 1 176.0 M M 2020 125.0 69 50.0 28 5.0 3 180.0 M M Godfrey Robert Hayward 2021 125.0 83 25.0 17 - - 150.0 M 2020 125.0 82 25.0 16 2.0 1 152.0 M Frank Kirsch 2021 125.0 72 47.9 28 1.0 1 173.9 M M 2020 125.0 81 25.0 16 4.0 3 154.0 M Jürgen Lawrenz 2021 125.0 71 50.0 28 1.0 1 176.0 M M 2020 125.0 70 50.0 28 4.0 2 179.0 M M Total 2021 1,750.0 62 1,037.5 37 24.0 1 2,811.5 - - - - - - - 2020 1,750.0 66 850.0 32 52.0 2 2,652.0 - - - - - - - Legend: C = Chairperson of the respective committee, M = Member of the respective committee 1_Abbreviations: A = Audit, N = Nomination, P = Personnel, R = Risk, S = Standing, T = Technology, SU = Sustainability 50 Annual Report 2021 − Allianz Group

B _ Corporate Governance The earnings development is shown using the two key performance The following overview compares the annual development of the indicators for the Group’s financial target achievement – operating remuneration of the members of the Supervisory Board, the average profit and net income as well as net income as reported in the remuneration of the employees, and selected earnings parameters individual financial statements of Allianz SE. The workforce of the over the last five financial years. The remuneration of the members of German companies of the Allianz Group is used to present the average the Supervisory Board presented in the table corresponds to the total employee remuneration on the basis of full-time equivalents. remuneration awarded and due in the respective financial year. Comparative presentation Development of Supervisory Board compensation, profit and average compensation of employees Change Change Change Change 2018 to 2019 to 2020 to 2017 to 2019 in 2020 in 2021 in Financial year 2017 2018 in % 2018 % 2019 % 2020 % 2021 Supervisory Board compensation in € thou Active members in financial year Michael Diekmann 257.0 88 484.0 - 484.0 - 486.0 9 530.9 Jim Hagemann Snabe 194.5 38 268.5 - 268.5 (1) 266.5 4 276.0 Gabriele Burkhardt-Berg 137.1 48 202.8 20 243.5 (1) 240.5 9 261.4 Sophie Boissard 97.1 88 183.0 1 184.0 (3) 178.0 13 200.9 Christine Bosse 132.8 17 156.0 - 156.0 (2) 153.0 37 209.3 Dr. Friedrich Eichiner 192.7 47 283.0 - 284.0 (1) 281.0 (1) 278.0 Jean-Claude Le Goaër - - 83.5 150 209.0 (3) 203.0 - 203.0 Martina Grundler 145.3 26 183.0 (1) 182.0 (2) 179.0 (2) 176.0 Herbert Hainer 96.4 89 182.0 (1) 181.0 (1) 180.0 (2) 176.0 Godfrey Robert Hayward 83.0 88 156.0 - 156.0 (3) 152.0 (1) 150.0 Frank Kirsch - - 52.0 200 156.0 (1) 154.0 13 173.9 Jürgen Lawrenz 137.8 31 181.0 - 181.0 (1) 179.0 (2) 176.0 Former members Rolf Zimmermann (end of service 08/2018) 196.2 (17) 162.3 - - - - - - Jean-Jacques Cette (end of service 07/2018) 145.3 (28) 105.1 - - - - - - Dante Barban (end of service 05/2017) 53.0 - - - - - - - - Dr. Wulf Bernotat (end of service 05/2017) 106.4 - - - - - - - - Prof. Dr. Renate Köcher (end of service 05/2017) 52.2 - - - - - - - - Dr. Helmut Perlet (end of service 05/2017) 152.2 - - - - - - - - Profit development in € bn Operating profit 11.10 4 11.51 3 11.86 (9) 10.75 25 13.40 Net income attributable to shareholders 6.80 10 7.46 6 7.91 (14) 6.81 (3) 6.61 Net income acc. Allianz SE financial statement 3.67 46 5.36 (14) 4.60 - 4.61 16 5.35 Average employee compensation in € thou Average compensation based on full-time equivalent 85 (2) 83 4 86 (6) 81 4 84 Annual Report 2021 − Allianz Group 51

B _ Corporate Governance Mr. Jürgen Lawrenz did not receive any remuneration for his service on the Supervisory Board of Allianz Technology SE. All current employee representatives of the Supervisory Board, except for Ms. Martina Grundler, are employed by Allianz Group companies and receive market-based remuneration for their services. 52 Annual Report 2021 − Allianz Group

GROUP MANAGEMENT REPORT C Annual Report 2021 − Allianz Group 53

C _ Group Management Report BUSINESS OPERATIONS Allianz Group structure Most of our insurance markets are served by local Allianz companies. However, some business lines – such as Allianz Global Allianz SE and its subsidiaries (the Allianz Group) offer property- Corporate & Specialty (AGCS), Allianz Partners (AP), and Euler Hermes casualty insurance, life/health insurance, and asset management – are run globally. products and services in over 70 countries, with the largest of our operations located in Europe. The Allianz Group serves 126 million private and corporate customers1. Allianz SE, the parent company of Asset management the Allianz Group, has its headquarters in Munich, Germany. The Allianz Group’s structure reflects both our business segments Our two major asset management entities, PIMCO and AllianzGI, and geographical regions. Business activities are organized by product operate under the governance of Allianz Asset Management (AAM). and type of service, based on how these are strategically managed: We are one of the largest asset managers in the world that actively insurance activities, asset management activities, and corporate and manages assets. Our offerings cover a wide range of equity, fixed other activities. Due to differences in the nature of products, risks, and income, cash, and multi-assets products as well as a strongly growing capital allocation, insurance activities are further divided into the two number of alternative investment products, such as real estate, categories property-casualty and life/health. In accordance with the infrastructure debt/equity, real assets, liquid alternatives, and solution Board of Management’s responsibilities, each of the insurance business. Our core markets are the United States, Canada, Germany, categories is grouped into regional reportable segments. In 2021, the France, Italy, the United Kingdom, and the Asia-Pacific region. Allianz Group had 11 reportable segments. Allianz Group structure – Corporate and Other business segments and reportable segments2 The Corporate and Other business segment’s activities include the management and support of the Allianz Group’s businesses through PROPERTY-CASUALTY LIFE/HEALTH its central Holding functions, Banking and Alternative as well as Digital – German Speaking Countries and – German Speaking Countries and Investments. The Holding functions manage and support the Group’s Central & Eastern Europe Central & Eastern Europe businesses through its strategy, risk, corporate finance, treasury, – Western & Southern Europe and – Western & Southern Europe and Asia Pacific Asia Pacific financial reporting, controlling, communication, legal, human – Iberia & Latin America, Allianz Partners, – Iberia & Latin America resources, technology, and other functions. Our Banking operations, and Allianz Direct – USA – Global Insurance Lines & Anglo Markets, – Global Insurance Lines & Anglo Markets, which place a primary focus on retail clients, support our insurance Middle East, and Africa Middle East, and Africa business and complement the products we offer in Italy, France, and ASSET MANAGEMENT CORPORATE AND OTHER Bulgaria. Digital Investments identifies and invests in digital growth – Asset Management – Corporate and Other companies for the Allianz Group. Insurance operations We offer a wide range of property-casualty and life/health insurance products to both retail and corporate customers. For the Property- Casualty business segment, these include motor, accident, property, general liability, travel insurances, and assistance services. The Life/Health business segment offers savings and investment-oriented products in addition to life and health insurance. We are the leading property-casualty insurer worldwide and rank among the top five in the life/health insurance business.3 Our key markets (in terms of premiums) are Germany, France, Italy, and the United States. 1_Including non-consolidated entities with Allianz customers. 3_Based on currently available peer data. Final peer analysis first available after publication of this Annual 2_For further information on organizational changes, please refer to the Executive Summary of 2021 Report, due to the ongoing peers’ full year reporting season. Allianz has defined for ourselves a group of Results. comparable peers with similar business mix and global footprint, which includes AIG, AXA, Chubb, Generali and Zurich. 54 Annual Report 2021 − Allianz Group

C _ Group Management Report Worldwide presence and business segments Market presence of our business operations1 Insurance German Speaking Countries, Insurance Central & Eastern Europe U.S. life insurance  Germany  United States  Switzerland Global Insurance Lines & Anglo Markets, Insurance Middle East, and Africa Central & Eastern Europe Global Insurance Lines & Anglo Markets  Austria  United Kingdom  Bulgaria  Australia  Croatia  Ireland  Allianz Global Corporate &  Czech Republic Specialty  Hungary  Euler Hermes  Lithuania  Reinsurance  Poland Middle East  Romania  Egypt  Slovakia  Lebanon  Russia  Saudi Arabia  Ukraine Africa Insurance Western & Southern Europe, and Asia Pacific  Cameroon Europe  Ghana  Italy  Ivory Coast  Greece  Kenya  Turkey  Madagascar  France  Morocco  Belgium  Nigeria  The Netherlands  Senegal  Luxembourg Asset Management Asia Pacific North and Latin America  China  United States 2  Hong Kong  Canada  Indonesia  Brazil 2  Japan Europe  Laos  Germany  Malaysia  France  Pakistan  Italy  Philippines  Ireland  Singapore  Luxembourg  Sri Lanka  Spain  Taiwan  Switzerland  Thailand  Belgium  India  The Netherlands Insurance Iberia & Latin America, Allianz Partners, and Allianz Direct  United Kingdom Iberia  Sweden  Spain Asia Pacific  Portugal  Japan Latin America  Hong Kong  Argentina  Taiwan  Brazil  Singapore  Colombia  China  Mexico  Australia Allianz Partners  Allianz Partners Allianz Direct  Allianz Direct  Property-Casualty  Life/Health  Banking  Retail Asset Management  Institutional Asset Management 1_This overview is based on our organizational structure as of 31 December 2021. 2_Property-Casualty business belongs to Allianz Global Corporate & Specialty. Annual Report 2021 − Allianz Group 55

C _ Group Management Report Our steering Non-financial key performance indicators (KPIs) are used to assess the organizational health of Allianz and are reflected in the annual bonus of the Board of Management. In line with our strategy “simplicity at scale”, customer centricity and employee engagement Allianz SE has a divisional board structure based on functional and are reflected in the Net Promoter Score (NPS3) and the Inclusive business responsibilities. Business-related divisions reflect our business Meritocracy Index. For further information on non-financial KPIs, as segments Property-Casualty, Life/Health, Asset Management, and well as an overview of the development and expected development Corporate and Other. In 2021, they were overseen by five board of these non-financial KPIs, please refer to the Non-Financial members. The following divisions focus on Group functions and come Statement. with business-related responsibilities: Chairperson of the Board of Management; Finance, Controlling and Risk; Investment Management; Operations and Allianz Services; Human Resources, Legal, Compliance and M&A; and Business Transformation1. For further information on Board of Management members and their responsibilities, please refer to Mandates of the Members of the Board of Management. The Allianz Group steers its operating entities and business segments via an integrated management and control process. It begins with the definition of a business-specific strategy and goals, which are discussed and agreed upon between the Holding and operating entities. Based on this strategy, our operating entities prepare three- year plans, which are then aggregated to form the financial plans for the business divisions and for the Allianz Group as a whole. This plan also forms the basis for our capital management. The Supervisory Board approves the plan and sets corresponding targets for the Board of Management. The performance-based remuneration of the Board of Management is linked to short-term and long-term targets to ensure effectiveness and emphasize sustainability. For further details about our remuneration structure, including target setting and performance assessment, please refer to the Remuneration Report (which no longer forms part of the Management Report). We continuously monitor our business performance against these targets through monthly reviews – which cover key operational and financial metrics – to ensure we can move quickly and take appropriate measures in the event of negative developments. The Allianz Group uses operating profit and net income as key financial performance indicators across all its business segments. Other indicators include segment-specific figures, such as the combined ratio for Property-Casualty, return on equity2 and new business margins for Life/Health, and the cost-income ratio for Asset Management. For a comprehensive view of our business segment performance, please refer to the respective chapters on the following pages. Besides performance steering, we also have a risk-steering process in place, which is described in the Risk and Opportunity Report. 1_This member of the Board of Management also oversees Insurance Iberia & Latin America and Allianz 3_NPS is a measurement of customers’ willingness to recommend Allianz. Top-down NPS is measured Partners. regularly according to global cross-industry standards and allows benchmarking against competitors in 2_Excluding unrealized gains/losses on bonds net of shadow accounting. the respective markets. 56 Annual Report 2021 − Allianz Group

C _ Group Management Report NON-FINANCIAL STATEMENT About the report Corporate sustainability governance This section has been compiled in accordance with the Corporate Social and strategy Responsibility (CSR) Directive Implementation Act (E.U. Directive We create sustainable economic value by pursuing a long-term 2014/95/EU). It focuses on the concepts and key performance indicators approach to environmental stewardship, social responsibility and (KPIs) that reflect our most material sustainability issues. The KPIs corporate governance. This is critical to our business success as we included are: Net Promoter Score (NPS); Inclusive Meritocracy Index deliver on our promises to our stakeholders – in particular our (IMIX); environmental indicators – greenhouse gas (GHG) emissions customers, employees, investors and communities. We continually per employee and percentage of renewable electricity; the carbon adapt our business strategy and sustainability approach to address footprint of our proprietary investment portfolio for listed equities and evolving and emerging issues to deliver on our purpose “We secure corporate bonds; and the E.U. taxonomy eligibility indicators for our your future”. underwriting, proprietary investments and third-party assets. Emerging consumers is no longer considered to be one of the material topics and is not covered in this report. As the Group's parent company, the ultimate responsibility for all The concepts contained in this report are in line with the content matters relating to sustainability resides with the Board of of our Group Sustainability Report 2021, which is compiled in Management of Allianz SE. To support the Board of Management in accordance with the standards set out by the Global Reporting its respective decision-making process, Allianz SE has established a Initiative (GRI) and will be published on 29 April 2022. dedicated Group Sustainability Board (known until January 2022 as This non-financial section of our 2021 Annual Report covers the the Group ESG Board) as an advisor on all matters around entire Allianz Group and also includes the relevant non-financial sustainability. It is composed of members of the Board of information for Allianz SE. All measures, activities and key figures refer Management of Allianz SE and Group Center heads, and meets at to the 2021 financial year (1 January 2021 to 31 December 2021). least quarterly. The core responsibilities of the Group Sustainability Where appropriate, we compare our targets set in the previous year Board are: Preparing the overall framework for sustainability for the with the achievements from this year and define our targets for next Allianz Group, aligning sustainability (ESG) integration into the Allianz year. Unless otherwise stated, we use the control principle defined by Group’s business processes with Allianz as an organization (operations the International Financial Reporting Standards when determining and organization) and Allianz as a financial institution (investment, the scope of our reporting for the Allianz Group. insurance, asset management) as well as related internal and external This non-financial statement is an integral part of the communication. Furthermore, it assumes responsibility for the management report and, as such, is subject to the statutory audit of oversight and steering of overarching sustainability matters, such as PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft. topics concerning the climate, society and governance. Any references to information published outside the Group The work of the Group Sustainability Board is also supported by Management Report and Allianz SE's Management Report are corporate functions and operating entities, which implement supplementary, do not form an integral part of this non-financial sustainability matters in their activities. information, and are not subject to any assurance engagement (unless As a further measure to strengthen sustainability matters within specified in the respective document). the Allianz Group, in 2021, the Supervisory Board of Allianz SE established its Sustainability Committee to oversee ESG issues, to advise the Board of Management on ethical standards concerning the Company description usage of data (Data Ethics), and to monitor the Board of Management’s sustainability strategy. It supports with sustainability- We provide property-casualty and life/health insurance as well as related target setting and performance reviews for Board of asset management products and services to our customers around the Management remuneration. world. In our activities as a financial services provider, we take sustainability-related risks such as climate change into consideration Other Board of Management committees play an important role in and pursue opportunities from sustainability trends. We describe our decision-making processes: management approach to these matters in this section. For further information on our business model, see our − The Group Finance and Risk Committee oversees risk Business Operations chapter, and our Group Sustainability Report 2021, management and monitoring, including sustainability risk. section 01.2 https://www.allianz.com/en/sustainability.html. − The Group Underwriting Committee monitors the underwriting business and related risk management, including sustainability- related matters. − The Group Investment Committee focuses on fundamental investment-related topics, including sustainability-related matters Annual Report 2021 − Allianz Group 57

C _ Group Management Report In 2021, the variable component of the board members´ remuneration (individual contribution factor) considered a range of sustainability- To make a positive impact on society, we must understand and related targets: respond to the changing context in which we operate. Our materiality assessment enables us to stay on top of trends, and to align our − Decarbonization of Allianz operations: 14 percent reduction of approach, reporting and strategy with the sustainability issues that are greenhouse gas (GHG) emissions per employee by 2021 from a most important to our stakeholders and our businesses. We have 2019 baseline. recognized six relevant stakeholder groups: customers, employees, − 70 percent of all electricity consumed in 2021 to be renewable. NGOs, media, rating agencies, and some of our peers performing the − Develop operative implementation plan to reach minus 25 best in terms of their materiality assessments, according to one leading percent CO2 emissions (Scope 1 & 2 of investee companies sustainability rating. according to GHG Protocol), absolute reduction on public equity We consider the outcomes of the materiality assessment in our and listed corporate debt by year-end 2024 from a 2019 baseline. sustainability approach, strategy and reporting. This drives us to focus − Strong sustainability positioning in three major sustainability on the risks, opportunities, issues and impacts that matter most to our ratings: DJSI/S&P Global, MSCI, Sustainalytics. key stakeholders and which we have the ability to influence. Our most recent assessment was carried out in 2021 in line with Targets and achievements: sustainability ratings the GRI standard. Our improved approach used an increasing number Rating Targets 2021 Achievements 2021 Targets 2022 of data sources as well as data points within these sources. DJSI/S&P Top 5 Top rank (2020: Top 5 Global 98th percentile) We identified 19 material issues which were prioritized as having either MSCI1 AA - AAA AAA (2020: AAA) AA - AAA high or medium importance. Topics are ranked and presented in a materiality matrix according to German Commercial Code Sustainalytics Top 5 diversified #7 diversified Top 5 diversified 2 insurance sub- insurance sub- insurance sub- (“Handelsgesetzbuch – HGB”) requirements and based on industry industry (2020: #2 industry stakeholder views on their importance to society and to our business. diversified sub- The highest rated topics for all stakeholders were: insurance industry) − climate change, − On top of these specific sustainability-related targets, other non- − ethics and responsible business, financial factors, such as customer satisfaction (NPS) and − cybersecurity. employee engagement (IMIX), also contribute to board members´ remuneration. For additional details on how the materiality analysis process was performed as well as how the most relevant topics are covered For further details about the targets and achievements, please refer to throughout our business activities, please refer to our Group the respective chapters. These KPIs are also used for steering local Sustainability Report 2021, section 05.3 entities. For further details about the remuneration system of the 3 Group Sustainability Report . Allianz Group, please refer to the ”Variable Remuneration System” in the Remuneration Report of the Group Annual Report 2021. In January 2021, responsibility for the sustainability agenda was Our 2025 ambition is to move Allianz from a leading company to a assigned by the Board of Management of Allianz SE to the new Global sustainability shaper of the financial services sector and beyond. Our Sustainability function. Global Sustainability leads, coordinates, sustainability strategy drives how we run our business with our supports, and/or orchestrates the Allianz’s Group Centers and employees, how we manage our portfolios, and how we target our operating entities to effectively integrate the Group’s strategic activities to have a positive influence on our industry to create real sustainability approach and policies into their business processes. world economic, social and environmental impact. As of the reporting cycle 2021, responsibility for sustainability reporting shifted from Global Sustainability to Group Accounting and We deliver our ambition by fully integrating three main themes in our Reporting, which collaborates closely with Global Sustainability to sustainability approach: produce this report. In June 2021, a Sustainable Operations function was established within Group Operations and IT. The new department − Environmental (E) – low-carbon economy, climate change and will strengthen the sustainability approach of operating entities with a decarbonization primary focus on IT infrastructure and applications, facility − Social (S) – social impact management, procurement, and business travel. − Governance (G) – sustainability business integration 1_The use by Allianz of any MSCI ESG research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, and/or its third-party suppliers (third-party data) and are provided for informational purposes only. It trademarks, service marks or index names herein, does not constitute a sponsorship, endorsement, does not constitute an endorsement of any product or project, nor investment advice and is not recommendation, or promotion of Allianz by MSCI. MSCI services and data are the property of MSCI or warranted to be complete, timely, accurate or suitable for a particular purpose. Its use is subject to its information providers, and are provided as-is and without warranty. MSCI names and logos are conditions available at https://www.sustainalytics.com/legal-disclaimers. Rating results amongst peers trademarks or service marks of MSCI. with similar market cap 2_Copyright ©2021 Sustainalytics. All rights reserved. This presentation contains information developed by 3_Group Sustainability Report will be available as of 29 April 2022 on www.allianz.com/sustainability. Sustainalytics (www.sustainalytics.com). Such information and data is proprietary of Sustainalytics 58 Annual Report 2021 − Allianz Group

C _ Group Management Report We continued to make sustainability a priority in many dimensions of − We have restricted proprietary investments in coal-based business our business in 2021. Our new sustainability structure and governance models and related property-casualty insurance business. Our also emphasizes our sustainability strategy and goals in our criteria for the exclusion of coal-based business models were compensation structures and incentive systems for managers. further expanded in May 2021. Furthermore, we have also sections 01.3 and 05.5 excluded oil sands-based business models since May 2021.1 Group Sustainability Report. − ESG integration in property-casualty insurance is carried out through the application of ESG guidelines and processes. We ground our strategy in proactive risk management to detect and − Further ESG-related measures include our systematic address risks across the businesses. Group risk is responsible for this engagement with investee companies as well as ESG process. We have not identified any remaining principal risks resulting considerations in our selection and management of asset from our operations, business activities, and business relations that managers. could have severe adverse effects on material non-financial matters. Any potential risks and impacts identified throughout our risk In 2021, we continued our project to further strengthen ESG risk assessment have been addressed by the respective concepts we have management by improving the way we identify ESG-related risks in in place, which we describe in this report. transactions (Property-Casualty insurance, proprietary investments, As a global insurer, investor and asset manager, understanding procurement). sustainability issues allows us to reduce risks and capture opportunities The data related to our ESG integration approach is included in in underwriting, claims, proprietary investment management, and our Group Sustainability Report 2021. An in-depth overview of our asset management. For information on climate-related risks and approach and processes to integrating ESG is published in the Allianz opportunities, please refer to the Risk and Opportunity Report. Our ESG Integration Framework at www.allianz.com/esg-framework. concepts for all other matters for which reporting is required will be In our Asset Management business segment, AllianzGI and addressed in subsequent chapters. The ESG approach provides part of PIMCO have developed and implemented entity-specific processes to the foundation for these concepts and is managed by Global manage risks and capture opportunities from ESG issues. For Sustainability. proprietary assets that AllianzGI and PIMCO manage on behalf of other Allianz Group entities, group-level requirements are observed in combination with the asset management entities’ specific approaches. The types of ESG risks Allianz considers to be material in its insurance sections 02.3 Group Sustainability Report. and investment activities are summarized in the Allianz ESG Integration Framework. We published the fourth version of the Framework in 2021. Environmental matters ESG risks can turn into legal risks, reputational risks, supply chain and business disruption risks, quality, operational, human-rights, This section describes the impact of environmental matters on our financial, and/or investment risks for Allianz, its customers, and/or its business activities and relationships as well as the impact of the invested companies. ESG topics are integrated in our insurance, Allianz’s activities and relationships on the environment. Furthermore, investment, and asset management businesses through multiple we describe our concepts for managing these impacts and related instruments. They include internal standards, guidelines, and achievements. processes, such as the Allianz Standard for Reputational Risk and Issue Management (AS RRIM), the Allianz Standards for P&C Underwriting (ASU), and the Allianz ESG Functional Rule for Within our global sustainability approach, the pillar “Low carbon Investments (EFRI). economy, climate change and decarbonization” addresses climate change and environmental issues. Both were identified as top risks in An overview of the Group’s key ESG integration processes is described our materiality analysis. As a company dealing with risk, managing below: impact on environmental matters – and their impact on us – is a key element of our business approach. − ESG risks are managed through the ESG-sensitive business Not only is climate change a major risk for societies and guidelines outlined in the AS RRIM, in underwriting, proprietary economies, it also directly affects our business, from our insurance investments in non-listed asset classes and operations. products to our proprietary and third-party investments, and to our − For investments in listed asset classes, the Allianz ESG scoring company’s operations. We are tackling climate change challenges by approach (defined in EFRI) is applied to manage related risks. promoting the transition to a low carbon economy through our − For proprietary investments, Allianz has excluded investments in investments and insurance solutions. In addition, we actively manage companies involved in controversial weapons since 2011. emissions from our operations in line with the Target-Setting Protocol Additionally, we do not provide insurance cover for activities of the UN-convened Net-Zero Asset Owner Alliance (AOA). related to such weapons. 1_Please refer to the target and achievement table in the Environmental Matters section. Annual Report 2021 − Allianz Group 59

C _ Group Management Report Climate Change Strategy We are engaging with oil and gas companies to encourage them The Allianz Group Climate Change Strategy encourages solutions for to set net-zero emissions by 2050 targets for Scope 1 and 2 emissions. tomorrow’s climate. Besides caring for our customers through our By 2025, we aim for at least 50 percent of our assets under insurance products, we leverage our position as one of the world’s management in the oil and gas sector to have set these targets. largest insurers and institutional investors to help drive the transition to a low-carbon economy. We do this with our own activities, and we Anticipating climate risks contribute to various public/private partnerships. Our Climate Change Strategy aims to anticipate the risks of a changing Climate protection is an integral part of our core business. By climate. We systematically consider climate and sustainability criteria committing to net-zero GHG emissions by 2050, we have set long-term in our insurance and investment business. In 2021, we reviewed our climate targets in line with the 1.5°C ambition of the Paris Climate approach to identifying and managing climate change risks and Agreement for our proprietary investments, our insurance, and opportunities. Using internal models and external tools, we perform operations. The Allianz SE Board of Management’s remuneration is sensitivity and scenario analyses with time horizons extending to 2050, tied to the attainment of climate-related targets, among other things, and with global warming scenarios ranging from 1.5°C to 4°C. which include the successful execution of our Climate Change For more details on climate scenario analyses, see section 04.4 Strategy. . www.allianz.com/sustainability Climate targets for proprietary investments In pursuing our investment business, we consider climate-related criteria As a member of the AOA, we are committed to reducing the GHG such as carbon emissions, energy efficiency, vulnerability to climate emissions of our proprietary investments to net-zero by 2050. As an change, and opportunities in clean tech as part of our ESG integration intermediary target, we aim to reduce our emissions in our listed approach for listed and non-listed assets. We also systematically equities and tradeable corporate bonds by 25 percent by year-end engage with investee companies exposed to high ESG risks, offering 2024 compared to 2019. For this purpose, we systematically measure advice and encouraging them to define and pursue their own climate the carbon footprint of our listed equity (2021: 2.261 mn t CO₂e; 2020: strategies in line with the latest scientific findings. unaudited 2.192 mn t CO₂e) and tradeable corporate bonds (2021: For further insights into the Allianz Group´s ESG engagement 16.431 approach, please refer to our Group Sustainability Report 2021, mn t CO₂e; 2020: unaudited 19.95² mn t CO₂e) portfolio, and disclose the absolute and relative (2021: unaudited -24.91%; 2020: section 02.2.1 www.allianz.com/sustainability. unaudited -15.4%)3 portfolio carbon footprint values. Furthermore, our real estate portfolio's emissions will be aligned with science-based As part of our decarbonization strategy, we commit to fully 1.5°C pathways by 2025. We have also set emissions reduction and withdrawing from coal-based business models across our proprietary engagement targets in line with 1.5-degree pathways for our investment and Property-Casualty portfolios by 2040 at the infrastructure portfolio. latest. For further details on our targets and our carbon footprint, please For further information on our coal policy, please refer refer to our Group Sustainability Report 2021, section 05.7. to our “Statement on Coal-Based Business Models” To complement our portfolio climate targets for investments, we https://www.allianz.com/content/dam/onemarketing/azcom/Allia have set targets for two of the highest-emitting industries as well, nz_com/responsibility/documents/Allianz-Statement-coal-based- namely utilities, and oil and gas. business-models.pdf For more information on our current state of progress, please see Utilities section 02.2.1 of our Group Sustainability Report 2021 Complementing our coal phase-out commitment by gradually www.allianz.com/sustainability. increasing our investments in renewables and following at least the necessary annual growth rate of 5.85% as proposed by the Caring for the climate-vulnerable International Renewable Energy Agency (IRENA) as a minimum. We support our customers to reduce climate-related risks and minimize damage, compensating those who have suffered losses and Oil and gas insuring low-carbon developments. We prioritize collaboration with Supporting the commitment set out by the industry-led Oil & Gas our peers, governments and civil society to manage climate risks and Climate Initiative (OGCI) to limit the emission intensity for Scope 1 to “close the protection gap” in the most vulnerable parts of society. and 2 emissions of oil and gas companies in their exploration and We are piloting new approaches that combine insurance production business (“upstream”) to less than 20kg CO₂e per barrel of offerings with resilience-strengthening measures. For instance, oil, and aligning our oil and gas exposure on average-listed equity and approaches to incentivizing risk reduction include dedicated training corporate bonds portfolio to this intensity level. and advice as well as risk-differentiated premium structures. Key initiatives include the InsuResilience Global Partnership, Insurance Development Forum (IDF), the Munich Climate Insurance Initiative (MCII) and the Geneva Association Global Partnership. Since 2018, we 1_2021 carbon footprint figures impacted by COVID-19 and strong equity market performance; normalization expected in 2022. 2_Figures have been restated due to a change in methodology. 3_Figures have been restated due to a change in methodology, resulting in a lower baseline. 60 Annual Report 2021 − Allianz Group

C _ Group Management Report have implemented disaster risk management and transfer projects through our strategic alliance with the German Development Agency (GIZ). Enabling the net-zero economy Promoting the transition to a low-carbon economy and playing our part in limiting global warming to 1.5°C are among our key concerns, while at the same time offering business opportunities as an investor but also as an insurer. We provide insurance solutions for renewable energy and energy-efficiency solutions. We also invest in low-carbon technologies such as renewables and energy efficiency. We work with policymakers and regulators to support sustainable financing and achieve the goals laid down in the Paris Climate Agreement. We also promote transparency through climate-related disclosures by aligning our strategy and reporting with the recommendations of the G20 Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD), and expecting the same from our investee companies and commercial clients. For more details on the TCFD, please refer to our Group Sustainability Report 2021 section 04 www.allianz.com/sustainability. Annual Report 2021 − Allianz Group 61

C _ Group Management Report Targets and achievements: Climate Change Strategy Topic Targets 2021 Achievements 2021 Targets 2022 and beyond Decarbonizing our investments Set long-term and intermediary climate We have set long-term and As an intermediary target, we aim to targets (by year-end 2024) for intermediary climate targets (see also reduce our emissions in listed equities proprietary investments in line with Targets 2022 and beyond). We are and tradeable corporate bonds by 25 % 1.5ºC, based on AOA framework for working towards our first intermediate by year-end 2024, compared to the 2019 target setting. year-end 2024 target as part of our baseline. The fully owned real estate “net-zero by 2050” commitment for our portfolio will be in line with scientifically proprietary investment portfolio. based 1.5-degree pathways by 2025. Unaudited 24.9 %1 emission reduction We also set emission reduction and (baseline 2019) engagement targets for our infrastructure portfolio in line with 1.5- degree pathways. Phase out of coal-based business − Fully phase out coal-based business In 2021, we tightened our coal − Fully phase out coal-based business models models across our proprietary approach in both proprietary models across our proprietary investments and P&C portfolios by investments and Property-Casualty investments and Property-Casualty 2040 at the latest, in line with the underwriting by also restricting portfolios by 2040 at the latest. 1.5ºC pathway. companies that plan new thermal coal − Reduce threshold for coal-based − Engage with companies in assets or still have a major coal business models for P&C insurance as proprietary investment as well as business in place (5 gigawatts of well as investment portfolios from P&C portfolios to move away from installed coal capacity or 10 million current 30 % to 25 % as of coal. tons mined annually). 31 December 2022. For further insights into our divestments, please refer to our Group Sustainability Report 2021, section 04. Net-Zero Asset Owner Alliance − Further increase the number of Together with our partners at the AOA, − Work across all dimensions of the members and assets under we achieved the following: Alliance commitment and Target- management. − Grew to 65 members across three Setting Protocol − Develop inaugural Target-Setting continents with > USD 10 tn AUM. − By 2023: Disclosure of quantitative Protocol. − Developed 2nd version of the Target- joint AOA report. − Engage with policy-makers, Setting Protocol. regulators, sectors and companies. − Conducted engagements with policy- makers, regulators, energy agencies, sectors and companies. − Published a number of position papers and statements. − Published first AOA progress report. Net-Zero Insurance Alliance We will actively contribute to the Allianz co-founded the UN-convened − Transitioning all operational and establishment of the UN-convened Net- Net-Zero Underwriting Alliance attributable GHG emissions from its Zero Underwriting Alliance alongside alongside other insurance firms around insurance and reinsurance other insurance firms around the world. the world. underwriting portfolios to net-zero GHG emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels. − Launch of the NZIA Target-Setting Protocol is expected at the latest in January 2023. First individual intermediate targets for 2030 are expected to be released by mid-2023 at the latest. 1_2021 carbon footprint figures impacted by COVID-19 and strong equity market performance; normalization expected in 2022. Figures have been restated due to a change in methodology, resulting in a lower baseline. 62 Annual Report 2021 − Allianz Group

C _ Group Management Report Environmental management of our operations Further, we include environmental factors in our sourcing and We manage the most significant environmental impacts of our procurement processes, seeking to raise suppliers’ and contractors’ operations and aim to continuously improve our environmental awareness and action on climate change and the environment. In performance. Allianz strives to be a role model in the insurance 2021, we made Energy Sourcing a strategic priority and established industry in delivering its own targets on environmental protection and central governance and expertise within the Sustainable Operations climate change. For our operations, this means specifically: office. Our group-wide environmental management system (EMS) − Reduce the amount and carbon intensity of the energy consumed provides standards and controls, supports environmental data by our operations, in particular through energy-efficient planning, collection, and promotes transparent reporting on environmental construction and operation of buildings, sourcing green electricity, impacts across our operations. It guides us in monitoring and and using carbon-efficient vehicles, managing our use of resources. − Reduce the environmental impact of our business travel, − Use resources – in particular paper and water – efficiently, − Minimize the environmental impact of waste by avoiding, reducing, re-using, and recycling it as appropriate. Targets and achievements: environmental management of our operations Topic Targets 2021 Achievements 2021 Targets 2022 and beyond GHG emissions per employee Reduce carbon emissions by 30 % per − Our carbon footprint per employee was Reduce carbon emissions by 30 % per employee by 2025, against a 2019 0.9 tons (2020: 1.4). This represents a 60 employee by 2025, against a 2019 baseline. baseline. % reduction (2020: 42 %), against a 2019 baseline. − This reduction was mainly the result of increasing the share of renewable power in our energy mix, delivering a structured approach to energy management, and reduced business travel resulting from COVID-19. We expect to include GHG emissions from remote and hybrid working within the scope of our reporting to reflect upcoming infrastructure changes. Renewable electricity Source 100 % renewable electricity for our The share of renewable electricity in total Source 100 % renewable electricity for our operations by 2023. electricity used was 77 % (2020: 57 %). This operations by 2023. was mainly achieved through a combination of strategic discussions with suppliers on “green tariffs”, expanding the use of on-site renewable technologies and first-time use of “unbundled”1 renewable Energy Attribute Certificates. The scope of our environmental reporting includes all entities that, at the time of writing the reports, have been part of Allianz for at least a full reporting year. In 2021, we collected environmental data for entities corresponding to 96 % of our total employee base.2 This permits performance monitoring as well as the comparison and benchmarking of entities based on comparable system boundaries. GHG values reported refer to the sum of Scopes 1, 2, and 3 as defined in the Greenhouse Gas (GHG) Protocol. GHG emissions considered under Scope 3 include business travel, paper use, and energy-related emissions such as transmission and distribution losses. Scope 2 emissions are calculated applying market-based factors. 1_In locations where no direct renewable energy solution is available, we partly purchase Energy Attribute 2_The data is based on meter readings or invoice amounts (where available), and entities’ own estimations. Certificates (EACs) issued to renewable electricity generators operating within the same market Wherever the necessary data cannot be determined in this way and with reasonable effort, it is boundary as the claimant. extrapolated – either for entire entities or for part(s) of them – based on the relevant headcount. Annual Report 2021 − Allianz Group 63

C _ Group Management Report Social matters Information on our Tax Strategy and our approach to taxes is provided to stakeholders through section 03.5 of the Group This section describes the impact of social matters on our business Sustainability Report 2021, and the Tax Transparency Report 2021. activities and relationships and the impact of the Allianz Group´s For further insights into our concepts, see section 01.4 of our activities and relationships on society. We describe the concepts and Group Sustainability Report 2021 www.allianz.com/sustainability. achievements related to the management of these impacts with a focus on social impact and responsible consumer/sales policies. Social impact Our Social Impact Strategy aligns with our company purpose “We Secure Your Future”, and we continued to evolve our Next Generation We believe business can only thrive as part of an equitable society. Strategy throughout 2021. We decided to prioritize United Nations With our global footprint, Allianz has an opportunity to create positive Sustainable Development Goal 8 (Decent work and economic growth) impact using its expertise as an investor and insurer around the world. for our group-wide corporate citizenship activities. Our long-term approach as an investor and insurer is an opportunity We are committed to strengthening our efforts for our two main to offer measures that can mitigate future risks and shape societies for beneficiary groups – next generations (children and youth) and people generations, for example through pension systems, environmental and with disabilities, in alignment with the Allianz Group´s global diversity climate protection. As a global insurer, we uphold the principle of and inclusion strategy. solidarity. Pooling risks is at the heart of our business model, and we In the first half of 2022, we aim to publish our renewed Social have a keen interest in supporting stable communities. This also Impact Strategy and will set targets for 2022 and beyond. We are also includes taxes, which are a meaningful contribution to the economic in the process of developing detailed guidance and financial support and social development of the countries in which we operate. We have for local entities to embed our global to local approach. a role to play in ensuring next generations can overcome the economic For more information on our Social Impact, please see and social impacts of the pandemic and other systematic social risks. section 03.1 of our Group Sustainability Report 2021 www.allianz.com/sustainability. Targets and achievements: societal impact Topic Targets 2021 Achievements 2021 Targets 2022 Social Impact Strategy Continue with the implementation of In 2021, we continued to evolve our Continue with the implementation of the the new strategy. Social Impact Strategy and approach. new strategy and roll out of the impact We published our Guidance on measurement framework. Corporate Citizenship Activities and Guidance on Social Impact Measurement for Corporate Citizenship Activities. Corporate citizenship activities Continue to contribute to society In 2021, the Allianz Group contributed Continue to contribute to society through corporate giving and through Corporate Giving and through corporate giving and employee employee volunteering in alignment employee volunteering as well as volunteering in alignment with our with our strategy. activities through its 12 corporate strategy. foundations. We had corporate Identify and launch activities that would citizenship activities benefiting be supported through the Allianz Social communities worldwide. We launched Impact Fund. the Allianz Social Impact Fund to foster OEs to carry out local activities in line with our strategy. Long-term global partnerships Increase the resilience and equal In 2021, our partnership with SOS CVI Continued review of our global opportunities of children and young with a focus on Emergency partnership and development of a people in 2021 by focusing specifically Preparedness & Response and Youth partnership framework for local on Emergency Preparedness & Employability programs (e.g., Corporate Citizenship activities. Response and Youth Employability YouthCan!) continued. As planned, the programs. partnership came to an end after six years at the end of 2021. 64 Annual Report 2021 − Allianz Group

C _ Group Management Report Responsible consumer / sales Our Voice of the Customer program applies a holistic and Our strong reputation is built on customers’, shareholders’, employees’ standardized methodology to monitor and improve the customer and the general public’s trust in our integrity. This trust hinges on the journey by collecting real-time qualitative and quantitative feedback. quality of our products, the information and advice we provide to our After each point of contact a customer has with Allianz, they are invited customers, and the personal conduct and capabilities of our sales to state their satisfaction on a five-star scale at predefined touchpoints employees and representatives. along five customer journeys. We use insights from Voice of the The Allianz Group Code of Conduct (CoC) is at the core of our Customer, NPS, and other customer feedback to improve our products, corporate culture. The Code emphasizes that fairness towards services and processes, both globally and locally. We analyze data to customers and transparent communication about our products and prioritize and implement structural improvements. As most complaints services, including their limitations, maximizes our chances to earn across customer journeys and markets are related to the speed of our customers’ long-standing trust. This is expressed through our Global processes, we are continuously working to improve this globally Sales Compliance Framework program which specifies standardized through the Allianz Customer Model (ACM). processes and controls for communication, monitoring and review, and The ACM is our end-to-end global business model, putting the is regularly updated to reflect regulatory developments. customer at the center of our business and enabling Allianz to be The Allianz Standard for Sales Compliance is our consolidated simple, digital and scalable. Simplifying and harmonizing our business customer protection framework. In addition to providing ground rules globally means transforming the whole value chain: products, sales, for compliant and ethical sales practices across the Allianz Group, it claims and operations. ACM was initially designed for Retail Property lays down a set of key principles to ensure fairness, transparent and Casualty lines, and then extended to Health, Life, B2B2C, Mid information and value to customers – including distributors’ Corp, Large Corporate and Reinsurance. We are scaling ACM via the remuneration, product oversight and governance activities – and Business Master Platform (BMP) to digitalize the business outlines the specific sales compliance risks our business segments face. requirements. ACM aims to give our customers, agents and partners the Since 2006, we have used the Net Promoter Score (NPS) as our same experience when interacting with Allianz, wherever they are in key metric for measuring customer loyalty through customer the world. willingness to recommend Allianz. As of 2022, we will switch to digital For more information on our approach to customer responsibility NPS tracking to measure customer loyalty continuously, eliminating and compliance, please see section 02.5 of our Group Sustainability seasonality and deepening our understanding of customers’ Report 2021 www.allianz.com/sustainability. sentiment. Additionally, this new measurement will set higher standards (e.g., broader set of competitors), therefore we have adjusted our digital NPS targets accordingly. Our Group ambition is to reach 50 percent of loyalty leaders by 2024. Targets and achievements: responsible consumer / sales Topic Targets 2021 Achievements 2021 Targets 2022-2024 Global NPS performance For over 75 % of Allianz Group business - 48 out of 57 measured segments have - Digital NPS tracking. segments to outperform their local been either above local market or - Our Group ambition is to reach 50 % market (meaning either above market or Loyalty Leaders, resulting in a share of 1 Loyalty Leader position). 84 % (2020: 79 %). loyalty leaders by 2024 . - 33 out of 57 measured segments have been Loyalty Leaders, resulting in a share of 58 % (2020: 60 %). 1_Digital NPS tracking allows us to measure customer loyalty continuously and against a broader set of competitors. This new measurement will set higher standards therefore we have adjusted our digital NPS targets accordingly. Annual Report 2021 − Allianz Group 65

C _ Group Management Report Cybersecurity As part of our Privacy Risk Management, we consider the identification and management of privacy risks as an integral part of This section describes the impact of cybersecurity on our business our operational processes. Privacy risks are also included in our activities and relationships as well as the impact of the Allianz Group´s Integrated Risk and Control System (IRCS). For so-called high- activities and relationships with regard to IT topics as a whole. In exposure processes that use personal data, we carry out Privacy addition, we describe the concepts and achievements related to the Impact Assessments (PIAs) to allow early identification of high-risk management of these impacts with a focus on information security, areas and ensure they are appropriately managed over the project data privacy and data ethics. lifecycle. Privacy champions have been appointed across Allianz Group companies and are now dedicating a portion of their time to Information security deal with privacy related topics. In 2021, we developed a global Information security is assessed and tracked as one of the top risks privacy risk and controls “blueprint” to support local compliance faced by Allianz, and is closely managed along eight key risk indicators efforts with the APS across the entire Allianz Group. The blueprint across the Allianz Group. Performance against these indicators is provides a tool for identifying data privacy risks in local business reported quarterly to the Board of Management and Supervisory processes and addressing those risks by mapping them to standard Board. controls. The Allianz Information Security governance framework is robust We monitor privacy governance activities and processes across and comprises multiple layers of corporate rules and processes. An our operating entities through a robust process, which includes site overall policy establishes core principles, roles and responsibilities as visits, reviews of program documents, interviews and expert challenge well as the organizational framework for information security within calls. During the pandemic, site visits were replaced with virtual the Allianz Group. Measures to prevent cyber incidents are prioritized meetings without any loss in efficacy. along the threat landscape. They are implemented at a global level For more information on our commitment to data privacy, please and supplemented locally where required, together with the local see section 03.2.1 of our Group Sustainability Report 2021 Information Security Officers (ISOs) that exist in all Allianz operating www.allianz.com/sustainability. entities. Specific measures to improve security controls are continuously evaluated and developed with priorities assigned on a Data ethics global, regulatory and risk-based basis. Allianz values data as a key asset and strives to position itself as a Measures focus on five key risk areas: reducing the likelihood of leading player in leveraging data in the most compliant and ethical incidents; increasing detection likelihood; reducing damage from way, both as an insurer and an investor. We set up the Allianz Data incidents; streamlining compliance; and training/educating the Ethics Project in response to the increasing regulatory initiatives and organization to further improve security awareness. All employees are public debate on data ethics and AI worldwide, to strengthen the required to participate in at least quarterly cyber-awareness training. internal governance framework for AI, and to position Allianz in the Allianz also participates in governmental, industry and regulatory field. global/regional initiatives to support the security of the overall digital In 2021, we established a Data Advisory Board (DAB) which ecosystem. covers data ethics and selected data-related topics on a more permanent basis. The DAB consists of representatives from operating Data privacy entities and functions, including Data Analytics, Data Architecture, Protecting our customers’ data and maintaining trust in our processes Privacy and Regulatory Affairs. Its objectives include elevating data are top priorities. Our customers, employees and other stakeholders ethics-related topics in governance and decision-making processes, expect us to treat their data with the utmost care and we take this and positioning Allianz as a leading insurer and investor in the Ethical responsibility extremely seriously. We are committed to protecting and Effective usage of Data and Artificial Intelligence/Analytics. customer privacy and we cooperate closely with other stakeholders In addition, newly developed Allianz Practical Guidance for AI involved in the update and modernization of European privacy was rolled out in various operating entities, accompanied by a legislation, including industry associations, members of parliament dedicated communication and training program for relevant and authorities. Our group-wide privacy program ensures compliance employees. with all relevant data privacy laws and regulations. All data privacy Privacy & Ethics Impact Assessments were introduced to identify matters are overseen by Group Data Privacy. and address AI-specific risks. They were updated in 2021 and have The Allianz Privacy Framework (APS) is our global standard for been applied since 2022. With these measures, data scientists, data privacy. It defines rules and principles for collecting and business and control functions dealing with AI solutions are supported processing personal data, and includes a global standard for data to embed “Ethics by Design” in our organization, and oversee privacy, a privacy impact assessment and risk management process, challenges and risks in the area of AI. integration with information security standards and practices, and dedicated training programs for employees. Digital privacy guidelines provide guidance on privacy-related topics that affect digital projects, both for privacy by design as part of new-product and service design processes, and for privacy by default - this means that wherever individuals are given choices on the use and sharing of their personal data, default settings restrict the disclosure. 66 Annual Report 2021 − Allianz Group

C _ Group Management Report Targets and achievements: cybersecurity Topic Targets 2021 Achievements 2021 Targets 2022 Information security executive Define and include information security Target objectives for all OEs included Further upgrade targets and risk accountability targets for all responsible board key information security risk indicators indicator monitoring, linking them to members, including local Operating in addition to targets for strategic quantified risk exposure and roll-out of Entities (OEs) to ensure appropriate programs related to information global cyber-risk management strategy. focus on securing Allianz. security. Additionally, a mechanism was devised to ensure a direct link between information security standing and reward. Data privacy & data ethics Privacy Champions will be appointed in Privacy Champions were appointed Deploying new data privacy controls for all business units that process personal across Allianz Group companies and supplier management concerning the data across Allianz Group companies. are now dedicating a portion of their pre-selection, contracting, ongoing Privacy Champions are employees who time to deal with privacy-related topics. monitoring, and off-boarding of data dedicate a portion of their time to We developed a global privacy risk processors. dealing with privacy-related topics, and controls “blueprint” to support Deploying a rigorous new training including PIAs, records of processing local compliance efforts with the APS program for privacy professionals and activities, data incidents, and data across the entire Allianz Group. The privacy champions. access requests. blueprint provides a tool for identifying Rollout of the AI Practical Guidance to data privacy risks in local business all EU Renewal Agenda Committee processes and addressing those risks (RACO) Operating Entities. by mapping them to standard controls. Annual Report 2021 − Allianz Group 67

C _ Group Management Report Human rights matters In 2021, we strengthened our approach by publishing a Human Rights Policy embedded in the Allianz Group ESG Integration Respect for human rights is a minimum standard for responsible Framework. We continue to apply ESG and Human Rights Guidelines business within and beyond our direct operations. This is an across all business lines and core processes dealing with insurance, expectation that is reflected by expanding legislation and applied investment and procurement decisions. As a corporate insurer and across our global operations. This section describes the impact of investor, our human rights due diligence process forms part of our human rights issues on our business activities and relationships, and overall ESG approach, which is integrated into our broader risk the impact of the Allianz Group´s activities and relationships on human management system. Please refer to our ESG approach for further rights issues. We also describe the concepts and achievements related details on the concepts. to the management of those impacts. As we are a financial services We require all our vendors to meet fair labor requirements and provider, these concepts mainly relate to insurance transactions, practices to prevent modern slavery and ensure compliance with proprietary investments, and our supply chain, and are managed by UDHR and the Allianz Group Vendor Code of Conduct. Vendors with Global Sustainability. a spend volume greater than € 250,000 undergo a vendor integrity screening that is based on the requirements laid down in the Allianz Global Standard for Procurement. In 2021, we revised the screening We aim to identify, prevent and mitigate adverse human rights questionnaire with additional human rights questions. Screening data impacts linked to our business activities and operations including our and information in compliance with the Code of Conduct forms part of supply chain. The United Nations Universal Declaration of Human our procurement KPI reporting. Rights (UDHR) and the United Nations Guiding Principles on Business Further details can be found in the Allianz Group Vendor Code of and Human Rights (UNGP) provide a framework for responsible Conduct. business operations and activities. We are committed to respecting these standards and have been participating in the U.N. Global We take an active stance against modern slavery and human Compact (UNGC) since 2002, which, through its ten principles, covers trafficking, and pursue a risk-based approach across our business and human rights, labor standards, environmental protection and anti- supply chain. The Allianz Group Modern Slavery Statement, last corruption. We annually communicate our progress against these published in June 2021, confirms that no incident of modern slavery, principles. Internally, Global Sustainability is the responsible function human trafficking, or child labor has been found involving any of the for overseeing human rights matters. However, implementation of Allianz Group entities over the past year. certain processes and actions is taken up by various group functions, For further details on the Allianz Group’s referral process and our including procurement, risk management, HR and compliance, among Human Rights Guideline, see the Allianz ESG Integration Framework others. See our latest U.N. Global Compact annual communication . https://www.allianz.com/esg-framework. To manage our human rights impacts, we must look across each of our roles as an insurer and investor, as an employer, as a company, including our supply chain, and as a corporate citizen. For each of these roles, we have embedded different processes to manage human rights risks and act on opportunities to drive positive change. Targets and achievements: human rights matters Topic Targets 2021 Achievements 2021 Targets 2022 Modern Slavery Act Continue to report on human − No issues were raised in regard to human Continue to report on human rights issues as rights issues as defined in the rights issues in accordance with the defined in the (UK) Modern Slavery Act. Modern Slavery Act. Modern Slavery Act in 2021. − Allianz Group Modern Slavery Statement was updated in mid-2021. 68 Annual Report 2021 − Allianz Group

C _ Group Management Report Employee matters local regulations. We have also significantly reduced business travel compared to 2019. This section describes our employees’ impact on our business activities and relationships, and vice versa. We describe the concepts, actions Business as usual and achievements in managing these impacts. All employee matters are managed by the Group HR function. Allianz Engagement Survey The annual Allianz Engagement Survey (AES) is our formal employee platform for gathering employee feedback and promoting a high- Delivering our purpose “We secure your future” starts with 155,4111 performance culture. The results of the AES are directly linked to the employees who are part of our diverse and global workforce. Our performance targets for the Group’s Board of Management. This year purpose anchors our Group strategy, employee value proposition, we achieved our second-best result in the Allianz Group´s history. brand promise and customer experience principles, and it drives our One part of the AES is the Inclusive Meritocracy Index (IMIX). It decisions and actions. We held our second global Purpose & Strategy measures our progress in building a culture where both people and Day in autumn 2021 to engage our employees on our purpose. performance matter, as we seek to enable employees to unlock their A diverse workforce enables us to understand and fulfill the needs full potential. The IMIX score comprises 10 AES questions covering the of our equally diverse customer base. Allianz fosters a culture and areas of leadership, performance and corporate culture. working environment where people and performance matter, and where everyone has a voice. We take a strong stance regarding Targets and achievements: employee matters employee engagement, diversity and inclusion, and gender equality. Topic Targets 2021 Achievements 2021 Targets 2022-2024 We focus on managing talent, rewarding personal achievements and IMIX 73 % plus 78 % (2020: 78 %) 75 % plus promoting employee rights. The health, safety, and well-being as well as the training and development of our employees is of utmost importance. Diversity & Inclusion Our response to the COVID-19 pandemic In 2021, we rolled out two new policies that underpin the Allianz Code We continue to closely monitor the impact of COVID-19 on our global of Conduct: the Allianz Diversity and Inclusion Policy describes our workforce. The pandemic cast a spotlight on the importance of health rationale for diversity and inclusion (D&I) and how we foster diversity and mental well-being, and we introduced various measures to in all its forms, and the Allianz Anti-Harassment Policy outlines our support employees and meet our business needs during the crisis. global zero tolerance standard against sexual and other harassment These have included help/advisory lines for physical and mental and discrimination. health issues, preventative health measures, and special support for More than 20 CEOs and board members from Allianz entities working parents, such as additional leave to enable parents to take around the globe are part of the Global Inclusion Council, which has care of unexpected childcare needs. been in place since 2007. It oversees the implementation of our D&I Convinced that vaccination will help the return to more normality strategy built around three pillars: Employees, Customers, and Brand soon, Allianz has conducted vaccination campaigns in 2021. In and Reputation. addition, Allianz booster shot campaigns have started. We take a strong stance to increase the diversity of our leadership and management, and set new targets and ambitions for December New ways of working 2024 that extend beyond gender representation and cover the In 2021, we have introduced more flexible, collaborative and agile dimensions of generations, nationality and ethnicity, LGBTQ+ and ways of working that empower our employees, customers and disability. For more information, please see section 02.4.1 of our Group organization. These new Ways of Working (WOW) aim to enhance Sustainability Report 2021 and our D&I website employee engagement, productivity and innovation, resulting in https://www.allianz.com/en/about-us/strategy- simpler and prompter service offerings for our customers, resilience to values/diversity.html protect us from future crises, and a faster and flatter organization and culture. COVID-19 required us to respond rapidly to unexpected We promote employee networks to raise awareness, support situations and new priorities. The challenges increased the pace of employees, advocate for change and help shape the D&I agenda. At change with respect to how we work together and engage with each the global level, three new global networks were established in 2021 other and our stakeholders. bringing the total to five, each focused on a key priority for D&I: The focus areas for our WOW standards are centered across five categories: 1. Flexible work & Reduced travel, 2. Digital tools, 3. Health − Allianz NEO – gender inclusion, & Well-being, 4. Learning, 5. Organization & Culture. For instance, − Allianz Pride – LGBTQ+ inclusion, employees across the globe have the opportunity to spend a minimum − Allianz Engage – generations inclusion, of 40 percent of their working hours working from home (depending − Allianz GRACE – ethnicity and cultural inclusion, on the position, e.g., mobile worker, office worker, etc.) and the − Allianz Beyond – disability inclusion. opportunity to work up to 25 days a year abroad in accordance with 1_Total employees (core and non-core business). Annual Report 2021 − Allianz Group 69

C _ Group Management Report Strategic workforce planning Compliance/anti-corruption and The purpose behind the strategic workforce planning initiative is to bribery matters understand what the transition to a digital future means for Allianz and its people, and how we can equip our workforce with the skills they This section describes the impact of ethics, responsible business and need for the future. Our strategic workforce planning approach compliance matters on the Allianz Group´s activities, and relationships compares workforce supply by job profile against projected workforce and the impact of the Allianz Group´s activities and relationships on demand over the next five years to prepare our people for the future. compliance. The concepts and achievements related to the As of 2021, strategic workforce planning is now a structured annual management of these impacts are described with a focus on the process integrated within the annual planning process. As a result, compliance management system, anti-corruption and bribery matters. major upskilling and reskilling initiatives are rolled-out to prepare our All compliance matters are overseen by the Group Compliance team. workforce for the future. Learning & development Our Compliance Management System (CMS) helps ensure Learning and development is a key differentiator in the financial compliance with internationally recognized laws, rules and services industry. We focus on promoting lifelong learning through our regulations, and to promote a culture of integrity in order to safeguard global #learn initiative, and offer our employees one hour each week the company's reputation. We take a proactive stance, working with dedicated to learning. We employ a wide range of learning and organizations such as the German Institute for Compliance and the development approaches, including on-the-job learning, mentoring Global Insurance Chief Compliance Officers Forum (CCO Forum) to and coaching, classroom training, peer circles, and digital/mobile enhance our understanding of compliance issues and to share best learning. We have targeted programs in place in key areas, including practices. property and casualty, life and health, IT, strategy, finance, Compliance risk is part of the operational risk category, as laid communications, market management and operations. In 2021, we down in the Allianz Integrated Risk and Control System (IRCS). OEs in continued #lead: a leadership development initiative for all Allianz scope of IRCS are defined by Group Risk. They are required to conduct people leaders around the globe. The program aims to set a minimum an annual compliance risk assessment based on Group-defined risk standard for all people leaders with an equal focus on hard and soft scenarios. Together with the Compliance Assurance of Risks and skills, in order to ensure the balance between the IQ (intelligence Effectiveness (CARE), they form the annual cycle of our integrated quotient) and EQ (emotional quotient) of our leaders. compliance risk scoping and assessment activities. In 2021, the Compliance Function underwent a transformation in Employee health and well-being the way it assesses Group and local compliance departments. Review Our goal is to maintain and improve employee health and well-being procedures have been expanded to confirm adequate compliance by providing a global framework with minimum requirements for all scope and skills, to confirm compliance with global programs and Allianz entities to support our new Ways of Working. Based on a pulse local specificities, and to reinforce a compliance-by-default and by- survey, we merged the Work Well Program into four Minimum Health design mindset. This holistic approach was rolled out in the second half Requirements to drive action. The Minimum Health Requirements for of 2021 through the CARE program, a self-assessment exercise all operating entities are: reinforced with compliance reviews; completed and coordinated by Group Compliance. 1. Access to professional psychological support for all employees Compliance Reviews are supplemented by Targeted Reviews worldwide, which assess the implementation status and effectiveness of programs 2. Training people leaders to maintain health and well-being in their such as Antitrust, Customer Protection, etc. The benefit of this multi- teams, faceted review and confirmation strategy is that operating entities are 3. Touch points to collect employee feedback on their health and monitored more frequently and are engaged in more holistic well-being, assurance activities. 4. Meeting Free Calendar Days @Allianz. An online tool for compliance issues management provides an overview of issues detected in the course of the above activities. It Health and well-being managers at each operating entity are requires reporting on mitigating activities as well as on follow-up responsible for driving activities to implement the Minimum Health procedures, including a review of actions undertaken and Requirements. We also rolled out the Allianz health app – Well documented in the tool. Together. The aim of this app is to combine the topics of health and The information gathered through the issue management tool sustainability under one holistic platform to motivate our employees provides the primary basis of reports to the Group Board and the to exercise more, live more healthily and – at the same time – protect Allianz SE Supervisory Board’s Audit Committee. An Integrity the environment. Committee, chaired by Group Compliance, reviews all activities and issues related to misconduct and/or violations of internal/external rules and regulations, and Code of Conduct infractions, including reports of actions to follow up on whistleblowing cases. 70 Annual Report 2021 − Allianz Group

C _ Group Management Report In 2021, the following key areas of compliance risk were identified and Allianz takes a zero-tolerance approach to fraud and corruption. aligned with the Group’s top-risk assessment procedures, coordinated We are committed to complying fully with local and international by the Group’s Risk Management function: anticorruption and anti-bribery laws. Our aim is to go beyond complying with the minimum standards of the law, such as the Allianz − regulatory change monitoring, Anti-Corruption Program which sets high standards for a − customer protection, comprehensive and consistent group-wide approach in every − financial crime (money laundering and economic sanctions). jurisdiction. The program requires that employees and certain third parties with whom Allianz does business are prohibited from offering, As part of our global compliance program, we follow international accepting, paying or authorizing any bribe or any other form of standards and applicable laws related to corruption and bribery, corruption, be it with the private sector or with government officials. money laundering and terrorism financing, trade and financial Anti-corruption training is compulsory for all employees, with sanctions, capital markets, data privacy, customer protection, antitrust, online and classroom training delivered in multiple languages. and other relevant compliance risk areas. We thoroughly investigate As a matter of course, the development in the ongoing allegations of violations of laws as well as of breaches of Allianz- proceedings in connection with the Allianz GI U.S. LLC Structured Alpha specific rules. The obligations laid down in our various compliance funds would also be monitored by the compliance function and programs have been derived from the Allianz Group Code of Conduct considered as part of the regular reassessment of compliance risks. and detailed in various Allianz standards – specifically, the Economics Any findings will also be reflected in the continuous improvement of Sanctions, Anti-Money Laundering, Antitrust, Data Privacy, Capital our Compliance Management System and compliance processes. Markets Compliance and Anti-Corruption Standards. Targets and achievements: compliance/anti-corruption and bribery matters Topic Target 2021 Achievements 2021 Targets 2022 Compliance Complete the cycle of the − Roll-out of CARE program. − Complete the cycle of the integrated integrated compliance risk scoping − Completed the 2021 integrated compliance risk scoping and assessment and assessment activities as part of compliance risk scoping and assessment activities as part of the company’s IRCS the company’s IRCS process. activities as part of the company’s IRCS. process in 2022. Continue to enhance the − Continue to enhance the effectiveness of effectiveness of local compliance local compliance organizations by organizations by enriching our enriching our compliance reviews, to compliance reviews, to bolster bolster further the governance and further the governance and processes of underlying compliance processes of underlying organizations across our OEs. compliance organizations across our OEs. E.U. Taxonomy Regulation Economic activities that are not recognized by the E.U. Taxonomy Delegated Acts as substantially contributing to one of the E.U.’s climate The E.U. Taxonomy Regulation (2020/852) is a “green” classification and environmental objectives are not necessarily environmentally system that translates the E.U.’s climate and environmental objectives harmful or unsustainable. And not all activities that could generally into criteria for specific economic activities for investment purposes. make a substantial contribution to the environmental objectives are The regulation came into effect this year and Allianz is reporting already part of the E.U. Taxonomy Delegated Acts. Rather, the first against it for the first time. Delegated Act (namely, the Climate Delegated Act) under the E.U. taxonomy sets criteria for economic activities in the sectors that are most relevant for achieving climate neutrality and delivering on E.U. Taxonomy recognizes as “green”, or “environmentally sustainable”, climate change objectives. This includes sectors such as energy, economic activities that make a substantial contribution to at least one forestry, manufacturing, transport and buildings. of the E.U.’s climate and environmental objectives, while at the same At this stage, the regulation has only established “Technical time not significantly harming any of these objectives and meeting Screening Criteria” for (a) climate change mitigation and (b) climate minimum social safeguards. It is a transparency tool that will introduce change adaptation, which are laid out in the Climate Delegated Act. mandatory disclosure obligations on some undertakings (namely, the Criteria for the four remaining environmental objectives will follow in a ones in scope of the Non-Financial Reporting Directive (NFRD) and future Delegated Act, in line with the mandates outlined in the Corporate Sustainability Reporting Directive (CSRD) prospectively) Taxonomy Regulation. and financial market participants. The disclosure of the proportion of In addition, extensions of the Taxonomy Regulation with view to taxonomy-aligned activities will allow for the comparison of (a) economic activities that do not have a significant impact on companies and investment portfolios. In addition, it can guide market environmental sustainability and economic activities that significantly participants in their investment decisions. Nevertheless, the E.U. harm environmental sustainability, as well as (b) regarding other Taxonomy is not a mandatory list of economic activities for investors to sustainability objectives, such as social objectives, may follow at a later invest in. Nor does it set mandatory requirements on environmental stage. performance for companies or for financial products. Investors are free to choose what to invest in. Annual Report 2021 − Allianz Group 71

C _ Group Management Report Furthermore, the Disclosures Delegated Act requires the E.U. Commission to review the application of this regulation by 30 June Non-life insurance (and thereof eight Solvency II Lines of Business 2024, and to assess in particular the need for any further amendments (LoBs)) is one economic activity in scope of the Taxonomy Regulation with regard to the inclusion of (a) exposures to central governments (“taxonomy-eligible”), as it is generally deemed as able to have a and central banks in the numerator and denominator of key positive enabling function with a view to climate change adaptation. performance indicators of financial undertakings, and (b) exposures In the non-life insurance business, the Allianz Group is active in all to undertakings that do not publish a non-financial statement the eight LoBs that can generally be considered as eligible under the pursuant to Articles 19a or 29a of Directive 2013/34/EU in the Taxonomy Regulation; the same applies for the Allianz Group’s numerator of key performance indicators of financial undertakings. reinsurance business accepted from external counterparties. Namely Overall, this means that the Taxonomy Regulation will evolve reinsurance business of eligible insurance activities can be considered further over the next years, translating into an extension of the as Taxonomy-eligible. The extent to which individual contracts include expected screening and reporting scope alongside various protection against climate-related perils (e.g., flood events or hail dimensions. storms) depends on the individual demand and the requirements of the customer’s typical situation or unique risk exposure. Risk analysis and product advice is an integral part of our sales process and we are For a transitional period of two years, a simplified approach applies pursuing the objective to close insurance coverage gaps as far as for the financial sector. In this context, only eligibility has to be possible. reported. This means that we only report on (investments into) economic activities which are in scope of the Taxonomy Regulation, i.e., We integrate climate protection into our core business. We embed the described in the Climate Delegated Act; irrespective of whether that management of risks and opportunities resulting from climate change economic activity meets any or all of the technical screening criteria in our overall business strategy. Measures include developing and laid down therein. adjusting financial products and services, updating policies and Thus, taxonomy eligibility of an economic activity implies that processes, setting targets and limits, managing our operational respective Technical Screening Criteria are available and the activity climate footprint, and engaging with internal and external could generally make a substantial contribution to one of the stakeholders. As a treaty reinsurer of external clients, we consider the environmental objectives of the taxonomy. Whether an activity is climate-related strategies of these insurance companies as part of our taxonomy-eligible, or not, provides no indication about how green or underwriting process in order to determine our reinsurance business environmentally sustainable that activity is. This will only be possible strategy. with the future alignment KPI. The information about taxonomy eligibility in our underwriting Taxonomy alignment of an activity goes beyond taxonomy portfolio is an indication of the scope of our activities that can eligibility. It implies that an activity complies with the requirements generally be assessed against the specific technical screening criteria defined specifically for this particular activity in the Technical for taxonomy-alignment applying to (re-)insurers, and therefore have Screening Criteria of the taxonomy. For example, to be “taxonomy- the potential to provide a substantial contribution to the aligned” under the current taxonomy, an activity has to fulfill the environmental objective of climate change adaptation. An LoB must specific criteria that determine when an economic activity makes a contain at least one policy with terms related to the treatment of substantial contribution to the climate objectives as outlined in the climate perils to be considered as taxonomy-eligible. On the one hand, Climate Delegated Act. Going forward, an activity has to fulfill the the Allianz Group offers policies in the LoBs of “other motor insurance“, Technical Screening Criteria, the “do no significant harm” criteria, and “marine, aviation and transport insurance” and “fire and damage to the minimum social safeguards linked to this activity to be taxonomy- property insurance”, where protection against climate perils is explicitly aligned. Taxonomy alignment has to be reported by financial included. On the other hand, the Allianz Group offers policies that are undertakings from the financial year 2023 onwards. based on a general protection approach, thus covering all risks, including (yet, not explicitly referring to) climate perils in the five remaining LoBs “medical expense insurance”, “income protection The Disclosures Delegated Act specifies the disclosure obligations insurance”, “workers’ compensation insurance”, “motor vehicle liability under Art. 8 of the Taxonomy Regulation. insurance” and “assistance”. Allianz generally considers both types of LoBs as eligible under the Taxonomy Regulation, as they all comprise In order to ensure comparability of the Taxonomy information with the policies that cover against climate perils. The most material eligible Group's financial disclosure, we report for each of our material LoBs are “fire and other damage to property insurance”, “motor vehicle financial activities. Consequently, Allianz Group will report on the liability insurance” and “other motor insurance”. following activities: − non-life insurance, − proprietary investments, and − third-party investments. 72 Annual Report 2021 − Allianz Group

C _ Group Management Report Based on this assessment, in our non-life insurance and As a result, the taxonomy eligibility share for the Allianz Group’s reinsurance business, 79 % of the P&C gross written premiums are proprietary investments is only based on controlled listed or unlisted taxonomy-eligible and 21 % of the P&C gross written premiums are assets and debt instruments in scope, that are held by our (internal) taxonomy non-eligible for the financial year 2021.1 Taxonomy asset managers, or other subsidiaries (e.g., real estate investments or eligibility does not give an indication of the degree to which the Allianz mortgages. Due to the limited information value of the Taxonomy Group’s non-life insurance activities can be considered as taxonomy- information at this stage, we disclose additional information on the aligned, but reflects the structure of the Allianz Group’s underlying sustainability of our proprietary investments portfolio at Group-level business and future screening scope with respect to a substantial based on the definition of “Sustainable Investments” as per the contribution to climate change adaptation at a broad level. Sustainable Finance Disclosure Regulation (SFDR). For more information, please refer to our Group Sustainability Report 2021, section 02.2. For investments, the Taxonomy Regulation currently limits the scope of As to third-party assets, as the Allianz Group would in all cases which investments could generally be considered as “taxonomy- need data from investees, no screening for and reporting on taxonomy eligible” to exposures to undertakings that are obliged to publish non- eligibility is possible at this stage except with regard to our exposure to financial information pursuant to Article 19a or 29a of Directive mortgages. However, the table below provides insights into the 2013/34/EU. This means that for taxonomy reporting as an investor, respective asset classes, where the exposure to undertakings, which the Allianz Group can only consider economic activities of investees in are obliged to publish non-financial information pursuant to Article scope of the NFRD that are, thus, obliged to disclose under Art. 8 of the 19a or 29a of Directive 2013/34/EU, represents the part for which a Taxonomy Regulation. This includes activities of controlled screening for taxonomy eligibility based on data reported by investees subsidiaries, for which we can perform our own assessment of the can take place going forward. underlying economic activities, given that the Allianz Group itself is in scope of the NFRD. On the other hand, several asset classes, which are material for Allianz Group, cannot be considered taxonomy-eligible as Taxonomy eligibility does not assess alignment of the Allianz Group’s of now, such as sovereign bonds or non-E.U. investments. This applies underwriting or investment activities, i.e., it does not serve as a proxy of for both proprietary and third-party assets. how sustainable our activities are. Numbers reported in the table For investments, a look-through approach applies. However below and in the section “Underwriting” above describe the structure investors’ reporting for the financial year 2021 could only be based on of the Allianz Group’s non-life insurance and investment portfolio and estimates due to the fact that investees have not yet disclosed define the scope of future Taxonomy alignment assessment applying taxonomy eligibility. According to the latest implementation guidance Taxonomy Regulation as of the balance sheet date. Due to the limited by the European Commission, such estimated values may only be number of economic activities in scope of the Taxonomy so far, and the reported on a voluntary basis and must not form part of the focus on a subset of investees and asset classes, the eligibility figures mandatory disclosures. Considering the limited reliability of estimated for investment activities are rather small compared to the whole taxonomy eligibility information at this stage, the Allianz Group will not investment portfolio. The foreseen enrichment of the Technical report voluntary data for the financial year 2021. Screening Criteria for further environmental objectives, potential extensions of the Taxonomy Regulation, and implementation of Taxonomy eligibility can at this stage only relate to climate change guidance might have a significant impact on Taxonomy eligibility mitigation and climate change adaptation (or both). classification in the future. 1_Based on unconsolidated LoB information. Annual Report 2021 − Allianz Group 73

C _ Group Management Report Eligibility for proprietary investments & third-party assets for financial year 2021 Allianz Group reporting under the Taxonomy Taxonomy KPIs for insurance undertakings Taxonomy KPIs for asset managers Regulation Allianz Group proprietary investments Allianz Group third-party investments € bn Monetary amounts Monetary amounts Ratios (relative to total B/S assets) (voluntary reporting) Ratios (relative to total AuM) (voluntary reporting) Total B/S Assets / Total AuM n/a 1,139.4 n/a 1,966.4 Exposures to central governments, central banks and supranational issuers 18.1 % 206.1 26.3 % 517.6 Other B/S assets not covered by the KPI (reinsurance assets, DAC, deferred taxes, other assets, intangible assets) 13.2 % 149.9 n/a n/a Total assets covered by the KPI (coverage ratio) 68.8 % 783.5 73.7 % 1,448.7 Non-eligible exposures (relative to coverage ratio) 1) Exposures not covered by the Taxonomy Regulation (screening for taxonomy eligibility not (yet) possible) Derivatives 1.5 % 11.5 0.3 % 3.9 Exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU4 45.7 % 358.1 62.8 % 909.9 Other exposures (e.g., cash, externally managed funds1 5 ) 31.0 % 243.0 4.4 % 63.4 2) Exposures covered by the Taxonomy Regulation (screening for taxonomy eligibility possible from financial year 2022) Exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU1 12.0 % 94.0 15.5 % 224.9 Total non-eligible 90.2 % 706.6 83.0 % 1,202.1 Eligible exposures (relative to coverage ratio) AZ Group own assets that are funding economic activities that are taxonomy- 2 3 3 eligible (based on turnover) 1.6 % 12.3 n/a n/a Other exposures (mortgages)2 8.2 % 64.6 17.0 % 246.7 Total eligible 9.8 % 76.9 17.0 % 246.7 1_A part of these exposures is taxonomy-eligible, but no reported data on the amount is available at this stage; as from financial year 2022, this part will be assessed for taxonomy-eligibility based on reported data. 2_As the screening for taxonomy eligibility can only be based on reported data, for financial year 2021, only investments where Allianz Group has direct control (e.g., real estate investments) could be assessed. 3_As to third-party assets, as the Allianz Group would in all cases need data from investees, no screening for and reporting on Taxonomy eligibility is possible at this stage. 4_Thereof not subject to NFRD for proprietary investments: € 258.0 bn and for third-party investments € 381.9 bn. Thereof investments where no data was available for proprietary investments: € 100.0 bn and for third-party investments € 528.0 bn. 5_Not subject to NFRD or no final assessment possible. Thereof cash for proprietary investments: € 24.2 bn. Cash for third-party investments € 25.4 bn. 74 Annual Report 2021 − Allianz Group

C _ Group Management Report BUSINESS ENVIRONMENT 1 Economic environment 2021 Business environment 2021 for the The second year of the COVID-19 pandemic differed from the previous insurance industry year in one key aspect: Effective vaccines against the virus became For insurance companies, 2021 was a mixed year. On the one hand, available, marking the start of an unprecedented global vaccination the strong economic upswing, increased risk awareness of both campaign. By year-end 2021, a total of over 9 billion vaccine doses had households and companies, and rising prices (especially in commercial been administered. While this did not end the pandemic – viral mutations lines) all created a tailwind for premium income. On the other hand, and rising case rates continued to keep the world on tenterhooks – it several factors weighed on profitability. First and foremost, the insured helped mitigate its economic impact: Containment measures became less losses of natural catastrophes: Globally, 2021 was one of the most stringent; both people and companies increasingly learned to live with the expensive years ever; for German insurers, it was the most costly due virus. to the flood disaster in the summer. At the same time, the COVID-19 This was reflected in global growth figures: After the sharp slump pandemic caused further losses – in particular, excess mortality in in 2020 (-3.4 %), the world’s GDP increased by 5.3 % in 2021, the many countries – as well as burdens from rising inflation. In some strongest growth in almost 50 years. All regions benefited from this sectors, prices for commodities, materials and parts increased strong recovery; however, while growth rates in North America, Europe, significantly, making claims settlement more expensive, for example in and Asia averaged more than 5 %, GDP growth in Africa was only 3 % – motor and property. Last but not least, virtually unchanged low interest not least due to the sluggish progress of vaccination. rates continued to be a very challenging environment for investments. The downside of the recovery was a rise in prices. Fueled by generous Sustainability finally became the guiding business maxim in 2021. fiscal packages and record-high savings, a boom in consumer durables This no longer relates solely to environmental issues, although these set in – a consequence of ongoing restrictions for contact-intensive continue to dominate. But at the same time, customers, employees services. In many cases, the surging demand overstretched the supply and the general public, for example, expect companies to be side, leading to bottlenecks and parts shortages, which – together with committed to diversity and to combating inequality as well. rising energy prices – caused a sharp increase in inflation. Towards the Looking at the premiums development in 2021, in the property- end of 2021, this forced many central banks to start withdrawing their casualty sector we observed increased premium growth, reflecting the extremely expansive monetary policy or at least to announce normalization of business in the wake of the economic upturn. corresponding steps. The U.S. Federal Reserve Bank reduced its bond Commercial lines in particular continued to benefit from rising prices. purchases; the European Central Bank held out the prospect of doing so That said, profitability remained under pressure: In addition to the in 2022. factors reported for previous years – on the one hand, declining The markets remained largely unimpressed by the emerging turn investment income due to persistently low yields; on the other hand, in interest rates. Supported by strong corporate earnings and capital rising claims due to the climate-induced increase in natural inflows, the stock markets rushed from record to record. The U.S. market, catastrophes – 2021 brought on another negative factor: The rapid rise as measured by the market-wide S&P 500 index, set the pace with a in inflation significantly increased costs in some lines of business, 27 % gain; European stocks (Euro STOXX 50) were close behind at 21 %. especially property and motor. This strong performance was also due to the subdued reaction of rates In the life sector, premium income recovered strongly in 2021, due to the strong pick-up in growth and inflation. Yields on 10-year to the growing demand for risk products: Many households were keen benchmark bonds remained at a very low level by historical standards, to close their insurance gap with regard to mortality risks; at the same rising just slightly to 1.5 % in the United States and -0.2 % in Europe by time, savings products benefited from both the favorable year-end 2021. As a result, financing conditions for governments and development of the markets and the high level of household savings. companies remained extremely favorable. In terms of profitability, the interest rate environment remained the biggest challenge in 2021, further compounded by significantly increased mortality in some markets. 1_At the date of the publication of this report, not all general market data for the year 2021 used in the chapter Business Environment was final. Also, please note that the information provided in this chapter is based on our estimates. Annual Report 2021 − Allianz Group 75

C _ Group Management Report Business environment 2021 for the asset management industry The asset management industry continued to deliver high returns in 2021, as the global economy further recovered from the COVID-19 pandemic. Constructive investor sentiment was supported by stimulus from monetary and fiscal authorities despite rising inflation rates. Equities performed particularly well, with the MSCI World Index rising by 21.8 % in 2021, reaching another record level. For bonds, the interest rate volatility made for a challenging environment, with asset selection being the key to achieving higher returns. Although active investments still accounted for the greatest share of assets under management globally, growth in both passive and alternative investments continued. Similarly, the societal focus on carbon emissions and the need to transition to a low-carbon economy led to continued growth in ESG-compliant offerings (ESG = Environment, Social, Governance). During 2021, asset managers continued to invest in digitalization as an additional enabler for client interaction as well as for operational efficiency. Technology has become even more important to drive customer engagement, alpha generation, and regulatory as well as tax reporting. 76 Annual Report 2021 − Allianz Group

C _ Group Management Report EXECUTIVE SUMMARY OF 2021 RESULTS the disposal of Allianz Popular S.L. in Spain, while in 2021 the impact from a reinsurance transaction in the United States positively impacted Key figures Allianz Group1 the non-operating result8 by € 0.4 bn. Income taxes decreased by € 55 mn to € 2,415 mn, as a 2021 2020 Delta consequence of lower profit before tax. The effective tax rate Total revenues2 € mn 148,511 140,455 8,056 Operating profit3 € mn 13,400 10,751 2,649 decreased to 25.4 % (2020: 25.7 %), mostly due to lower local taxes. Net income3 € mn 7,105 7,133 (28) While operating profit increased, the decrease in our non- thereof: attributable to shareholders € mn 6,610 6,807 (197) operating result led to a slight reduction in our net income. Solvency II capitalization ratio4 % 209 207 1 %-p Shareholders’ equity9 decreased by € 0.9 bn to € 80.0 bn. Key Return on equity5 % 10.6 11.4 (0.7) %-p drivers included a net income attributable to shareholders of € 6.6 bn, Earnings per share € 15.96 16.48 (0.52) the issuance of undated subordinated bonds of € 2.4 bn, and higher Diluted earnings per share € 15.83 16.32 (0.48) foreign currency translation adjustments of € 1.2 bn. These effects were offset by a € 4.0 bn dividend payout, € 750 mn for the purchase of 3.8 million own shares10 as well as lower unrealized gains and losses 2,3,4,5 (net) of € 5.9 bn. Earnings summary Our Solvency II capitalization ratio was strong at 209 11 % . For a more detailed description of the results generated by each individual business segment (Property-Casualty, Life/Health, Asset In 2021, the Allianz Group’s total revenues increased by 6.1 % on an Management, and Corporate and Other), please consult the respective internal basis6 compared to the previous year. All our business chapters on the following pages. segments contributed to this growth. Our Life/Health business segment strongly increased its sales in the United States and Italy, and our Property-Casualty business segment owed its revenue increase to both Other information higher prices and volume growth. Our Asset Management business segment recorded higher assets under management (AuM) driven revenues as well as an increase in performance fees. In the course of the year, there were only some minor reallocations Our operating profit increased significantly by 24.6 % compared to between reportable segments. 2020, which was negatively impacted by COVID-19. All our business segments registered strong operating profit growth. In Asset Management, it was due to higher average AuM and continued cost Other parts of the Group Management control. Our Property-Casualty business segment saw a higher Report underwriting result despite the increase in claims from natural catastrophes. In our Life/Health business segment, the increase in The Group Management Report also includes the following sections: operating profit was due to higher reserve loadings and an improved − Statement on Corporate Management, and investment and technical margin. In our Corporate and Other business − Takeover-Related Statements and Explanations. segment, the operating result improved, largely due to higher investment income. Our operating investment result increased by € 1,450 mn to € 25,084 mn, mostly as a result of significantly lower impairments. Our non-operating result decreased by € 2,733 mn, increasing its loss to € 3,880 mn, due to a provision for litigation expenses of € 3,687 mn in the Asset Management business segment for Structured Alpha7. We recorded a higher non-operating investment result, which had been noticeably affected by COVID-19-related market impacts in the previous year. In addition, in 2020 we recorded realized gains from 1_For further information on Allianz Group figures, please refer to note 4 to the Consolidated Financial 6_Internal total revenue growth excludes the effects of foreign currency translation as well as acquisitions Statements. and disposals. For a reconciliation of nominal total revenue growth to internal total revenue growth for 2_Total revenues comprise Property-Casualty total revenues (gross premiums written, and fee and each of our business segments and the Allianz Group as a whole, please refer to the chapter commission income), Life/Health statutory gross premiums written, operating revenues in Asset Reconciliations. Management, and total revenues in Corporate and Other (Banking). 7_For further information on Structured Alpha, please refer to note 37 to the Consolidated Financial 3_The Allianz Group uses operating profit and net income as key financial indicators to assess the Statements. performance of its business segments and of the Group as a whole. 8_For further information on the reinsurance transaction, please refer to note 8 to the Consolidated 4_Figures as of 31 December. Figures exclude the application of transitional measures for technical Financial Statements. provisions. Increase is only 1 %-p due to rounding. 9_For further information on shareholders‘ equity, please refer to the Balance Sheet Review. 5_Represents the ratio of net income attributable to shareholders to the average shareholders’ equity at 10_For further information on the share buy-back program, please refer to note 19 to the Consolidated the beginning of the period and at the end of the period. The net income attributable to shareholders is Financial Statements. adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ 11_Including the application of transitional measures for technical provisions, the Solvency II capitalization equity. From the average shareholders’ equity undated subordinated bonds classified as shareholders’ ratio amounted to 239 % as of 31 December 2021. For further information, please refer to the Risk and equity and unrealized gains/losses on bonds net of shadow accounting are excluded. Opportunity Report. Annual Report 2021 − Allianz Group 77

C _ Group Management Report PROPERTY-CASUALTY INSURANCE OPERATIONS with a strong profitability focus, led to negative volume effects across all lines of business. Key figures Property-Casualty1,2,3,4,5 2021 2020 Delta Operating profit Total revenues2 € mn 62,272 59,412 2,859 Operating profit € mn 5,710 4,371 1,339 Net income € mn 4,113 2,605 1,508 Operating profit € mn 3 Loss ratio % 67.0 69.5 (2.5) %-p 4 2021 2020 Delta Expense ratio % 26.7 26.8 (0.1) %-p Combined ratio5 % 93.8 96.3 (2.5) %-p Underwriting result 3,026 1,639 1,386 Operating investment income (net) 2,642 2,556 86 1 Other result 42 175 (133) Operating profit 5,710 4,371 1,339 6 Total revenues 1_Consists of fee and commission income/expenses and other income/expenses. On a nominal basis, we recorded a strong increase in total revenues of 4.8 % compared to the previous year. We registered a strong increase in our operating profit. While most of This included unfavorable foreign currency translation effects to it was driven by the underwriting result, our operating investment the amount of € 481 mn7, and positive (de)consolidation effects of income also contributed positively. € 904 mn. On an internal basis, our revenues rose by 4.1 %, driven by a The increase in underwriting result was due to a recovery from the positive price effect of 2.2 %, a positive volume effect of 1.4 % and a negative COVID-19 effects that had weighed on our 2020 results, positive service effect of 0.6 %. combined with a higher contribution from run-off – only partly offset by higher claims from natural catastrophes – as well as some The following operations contributed positively to internal growth: improvements on the expenses side. Overall, our combined ratio Allianz Partners: Total revenues were € 6,168 mn, an internal improved by 2.5 percentage points to 93.8 %. growth of 17.2 %: this was largely owed to positive volume effects in our U.S. travel business and higher service fees in our assistance Underwriting result business. € mn AGCS: Total revenues went up 4.2 % on an internal basis, totaling 2021 2020 Delta € 9,510 mn. Key drivers were price increases in our fronting business, Premiums earned (net) 53,054 51,631 1,423 property, and financial lines. Accident year claims (36,938) (36,314) (624) Australia: Total revenues amounted to € 3,659 mn, an internal Previous year claims (run-off) 1,374 431 942 growth of 8.2 %, driven by price and volume increases. Claims and insurance benefits incurred (net) (35,565) (35,883) 318 Acquisition and administrative expenses (net) (14,186) (13,846) (340) The following operations weighed on internal growth: Change in reserves for insurance and United Kingdom: Total revenues went down 3.2 % on an internal investment contracts (net) (without expenses 1 basis, totaling € 4,530 mn. Main reasons were shrinking volumes in our for premium refunds) (278) (263) (15) Underwriting result 3,026 1,639 1,386 SMC (small and medium companies) insurance business, due to the 1_Consists of the underwriting-related part (aggregate policy reserves and other insurance reserves) of “change in COVID-19 pandemic, as well as strong competitive dynamics in our reserves for insurance and investment contracts (net)”. For further information, please refer to note 26 to the motor insurance business. Consolidated Financial Statements. France: Total revenues amounted to € 4,477 mn, an internal decrease of 1.8 %. Much of it was due to a volume decline in our commercial property and liability insurance business. Our accident year loss ratio8 stood at 69.6 %, an improvement of Spain: Total revenues fell to € 2,517 mn, a 3.5 % decrease on an 0.7 percentage points compared to the previous year. Losses from internal basis. Market conditions were difficult overall and, together natural catastrophes were € 1,637 mn, compared to € 880 mn in 2020. This translates into a negative effect of 1.4 percentage points on our 1_For further information on Property-Casualty figures, please refer to note 4 to the Consolidated Financial 6_We comment on the development of our total revenues on an internal basis, which means figures have Statements. been adjusted for foreign currency translation and (de-)consolidation effects to provide more 2_Total revenues in Property-Casualty also include fee and commission income. comparable information. 3_Represents claims and insurance benefits incurred (net), divided by premiums earned (net). 7_Based on the average exchange rates in 2021 compared to 2020. 4_Represents acquisition and administrative expenses (net), divided by premiums earned (net). 8_Represents claims and insurance benefits incurred (net) less previous year claims (run-off), divided by 5_Represents the total of claims and insurance benefits incurred (net) plus acquisition and administrative premiums earned (net). expenses (net), divided by premiums earned (net). 78 Annual Report 2021 − Allianz Group

C _ Group Management Report combined ratio, as the impact from natural catastrophes increased Other result1 from 1.7 percentage points in 2020 to 3.1 percentage points in 2021. € mn Without the losses from natural catastrophes, our accident year 2021 2020 Delta loss ratio would have improved by 2.1 percentage points to 66.5 %. Fee and commission income 1,998 1,640 358 Other income 11 152 (140) The following operations contributed positively to the development of Fee and commission expenses (1,955) (1,617) (338) our accident year loss ratio: Other expenses (13) (1) (12) AGCS: 1.4 percentage points, due to the absence of negative Other result 42 175 (133) COVID-19 impacts in 2021 and strict portfolio actions. Reinsurance: 0.5 percentage points, due to the absence of negative COVID-19 impacts in 2021. Our other result worsened, mostly because the previous year’s result had benefited from the sale of an owner-occupied property in The following operations weighed on the development of our accident Germany. year loss ratio: Germany: 0.5 percentage points. The increase resulted from the severe impact of natural catastrophes in 2021. Net income Brazil: 0.3 percentage points, driven by a deteriorating situation in the motor market. Our net income increased by a significant € 1,508 mn, as both our Italy: 0.2 percentage points. This increase was due to motor operating and our non-operating results improved. The € 321 mn rise market competitiveness, and the absence of motor frequency benefits in non-operating profit was largely due to the higher non-operating induced by the COVID-19 pandemic in 2021. investment result. Our positive run-off result was € 1,374 mn – after € 431 mn in 2020 – translating into a run-off ratio of 2.6 %. Reserve releases mainly stemmed from our operations in Credit, Reinsurance, Australia as well as Central and Eastern Europe. Acquisition and administrative expenses amounted to € 14,186 mn in 2021, after totaling € 13,846 mn in the previous year. Our expense ratio improved by 0.1 percentage points to 26.7 %, due to continued improvements across several operations, partially compensated by changes in business mix and a positive prior year one-off from our operations in the United Kingdom. Operating investment income (net) € mn 2021 2020 Delta Interest and similar income (net of interest expenses) 3,151 3,061 90 Operating income from financial assets and liabilities carried at fair value through income (net) (55) (28) (27) Operating realized gains (net) 215 131 84 Operating impairments of investments (net) (25) (141) 116 Investment expenses (493) (421) (73) 1 Expenses for premiums refunds (net) (150) (45) (105) Operating investment income (net)2 2,642 2,556 86 1_Refers to policyholder participation, mainly from APR business (accident insurance with premium refunds), reported within “change in reserves for insurance and investment contracts (net)”. For further information, please refer to note 26 to the Consolidated Financial Statements. 2_The operating investment income (net) of our Property-Casualty business segment consists of the operating investment result – as shown in note 4 to the Consolidated Financial Statements – and expenses for premium refunds (net) (policyholder participation). Our operating investment income (net) increased slightly, mainly driven by higher interest and similar income (net of interest expenses). Annual Report 2021 − Allianz Group 79

C _ Group Management Report LIFE/HEALTH INSURANCE OPERATIONS Present value of new business 5 Key figures Life/Health1,2,3 premiums (PVNBP) Our PVNBP grew by € 17,117 mn, totaling € 82,565 mn. Most of the 2021 2020 Delta increase was due to higher sales volumes for fixed index annuities in Statutory premiums2 € mn 78,348 74,044 4,304 the United States, and back-book management in Italy and France. Operating profit € mn 5,011 4,359 652 Other factors included increased volumes from unit-linked products in Net income € mn 4,170 3,766 404 Italy, and a large reinsurance treaty at Allianz Reinsurance. Positive Return on equity3 % 13.0 12.8 0.2 %-p effects were partly offset by lower sales volumes for capital-efficient products in the German life business. 4 Present value of new business premiums (PVNBP) by lines of business Statutory premiums % 2021 2020 Delta On a nominal basis, our statutory premiums went up by 5.8 %. This Guaranteed savings & annuities 12.2 13.6 (1.4) includes both unfavorable foreign currency translation effects Protection & health 20.8 17.4 3.3 (€ 766 mn) and positive (de-)consolidation effects (€ 48 mn). On an Unit-linked without guarantee 25.2 24.4 0.8 internal basis, statutory premiums grew by 6.8 % – or € 5,022 mn – to Capital-efficient products 41.9 44.6 (2.7) € 79,021 mn. Total 100.0 100.0 - Statutory premiums in the German life business totaled € 23,868 mn, a 9.0 % decrease on an internal basis that was largely driven by lower single premium sales in our business with capital- Operating profit efficient products. In the German health business, statutory premiums went up to € 3,895 mn – a 4.1 % increase on an internal basis – which was due to strong new business premiums in the comprehensive healthcare coverage as well as premium adjustments. In the United States, statutory premiums rose to € 13,214 mn, a Operating profit by profit sources 37.9 € mn % increase on an internal basis. Most of it was attributable to higher sales of fixed index annuity products as well as of non- 2021 2020 Delta traditional variable-annuity products. Loadings and fees 6,888 6,605 284 In Italy, statutory premiums grew to € 14,021 mn, or 12.3 % on an Investment margin 4,440 4,194 246 internal basis. This was predominantly due to stronger sales for unit- Expenses (7,999) (7,365) (635) linked without guarantee products. Technical margin 1,305 1,132 173 In France, statutory premiums increased to € 7,783 mn, a 5.1 % Impact of changes in DAC 377 (206) 583 rise on an internal basis. It was largely attributable to higher sales of Operating profit 5,011 4,359 652 hybrid products. In the Asia-Pacific region, statutory premiums went up to € 6,972 mn. Most of this rise – 15.7 % increase on an internal basis – was due to sales increases for unit-linked products in Indonesia, Taiwan Our operating profit increased strongly. Key drivers were higher sales and the Philippines. for non-traditional variable-annuity products with higher reserve loadings, an improved investment margin, and the previous year’s loss recognition in the United States. Other factors included increased unit-linked management fees in Italy, an improved investment margin in France, and a better technical margin for the German life and health business. The positive development was partly offset by a write-off for an administrative system in Benelux. Furthermore, higher acquisition costs were largely compensated by the capitalization of deferred acquisition costs. 1_For further information on Allianz Life/Health figures, please refer to note 4 to the Consolidated Financial 4_In this section, our comments in the following section on the development of statutory gross premiums Statements. written refer to values determined “on an internal basis”, i.e., adjusted for foreign currency translation 2_Statutory premiums are gross premiums written from sales of life and health insurance policies as well as and (de-) consolidation effects, in order to provide more comparable information. gross receipts from sales of unit-linked and other investment-oriented products, in accordance with the 5_PVNBP before non-controlling interests. statutory accounting practices applicable in the insurer’s home jurisdiction. 6_The purpose of the analysis of Life/Health operating profit sources is to explain movements in IFRS results 3_Represents the ratio of net income to the average total equity, excluding unrealized gains/losses on by analyzing underlying drivers of performance, consolidated for the Life/Health business segment. bonds, net of shadow accounting, at the beginning of the period and at the end of the period. 80 Annual Report 2021 − Allianz Group

C _ Group Management Report Loadings and fees1 Investment margin2 Loadings and fees Investment margin € mn € mn 2021 2020 Delta 2021 2020 Delta Loadings from premiums 4,182 4,229 (47) Interest and similar income 19,569 18,022 1,546 Loadings from reserves 1,826 1,655 171 Operating income from financial assets and Unit-linked management fees 880 721 159 liabilities carried at fair value through income (net) (2,088) 33 (2,121) 1 Loadings and fees 6,888 6,605 284 Operating realized gains/losses (net) 7,461 8,687 (1,227) Interest expenses (417) (117) (300) Loadings from premiums as % of statutory Operating impairments of investments (net) (986) (4,466) 3,480 premiums 5.3 5.7 (0.4) Loadings from reserves as % of average Investment expenses (1,993) (1,681) (311) 1,2 1 reserves 0.3 0.3 0.0 Other (1,507) (185) (1,321) Unit-linked management fees as % of Technical interest (8,992) (9,081) 89 average unit-linked reserves2,3 0.5 0.5 0.1 Policyholder participation (6,607) (7,019) 411 1_Aggregate policy reserves and unit-linked reserves. Investment margin 4,440 4,194 246 2_Yields are pro rata. 3_Unit-linked management fees, excluding asset management fees, divided by unit-linked reserves. 2,3 Investment margin in basis points 87 86 1 1_"Other" comprises the delta of out-of-scope entities, on the one hand, which are added here with their respective operating profit and different line item definitions compared to the financial statements, such as interest paid on Loadings from premiums decreased, due to increased policyholder deposits for reinsurance, fee and commission income, and expenses excluding unit-linked management fees on the participation on the expense result – which has improved, as shown in other hand. 2_Investment margin divided by the average of current end-of-period and previous end-of-period aggregate policy this line item – in our German life business. Stronger sales of protection reserves. & health products in the United States and Italy partly offset this 3_Yields are pro rata. development. Loadings from reserves went up, mostly due to an increased reserves base for both capital-efficient products and protection & health products in the United States as well as higher Our investment margin went up in 2021. In the United States, positive reserve volumes in our German life business. In relation to reserves, developments included an improved spread margin, higher volumes loadings remained stable. Unit-linked management fees also grew, and realized gains in our non-traditional variable-annuity products. due to an increase in assets under management as well as higher This was partly offset by our fixed index annuity businesses. In France, performance fees mainly in Italy. we benefited from lower impairments, higher gains for currency translation and higher interest income. Asia-Pacific contributed positively due to an investment disposal and higher realizations. 1_Loadings and fees include premium and reserve-based fees, unit-linked management fees, and 2_The investment margin is defined as IFRS investment income net of expenses, less interest credited to policyholder participation in expenses. IFRS reserves and policyholder participation (including policyholder participation beyond contractual and regulatory requirements mainly for the German life business). Annual Report 2021 − Allianz Group 81

C _ Group Management Report Expenses1 the long-term care business, and positive true-ups in both our fixed index and our variable-annuity businesses in the United States. Expenses € mn 2021 2020 Delta Acquisition expenses and commissions (5,864) (5,458) (407) Operating profit by lines of business Administrative and other expenses (2,135) (1,907) (228) € mn Expenses (7,999) (7,365) (635) 2021 2020 Delta Guaranteed savings & annuities 2,071 2,003 68 Acquisition expenses and commissions as % Protection & health 910 781 129 1 of PVNBP (7.1) (8.3) 1.2 Unit-linked without guarantee 578 488 90 Administrative and other expenses as % of average reserves2,3 (0.3) (0.3) 0.0 Capital-efficient products 1,452 1,087 364 Operating profit 5,011 4,359 652 1_PVNBP before non-controlling interests. 2_Aggregate policy reserves and unit-linked reserves. 3_Yields are pro rata. Acquisition expenses and commissions went up as sales volumes The operating profit in our guaranteed savings & annuities line of increased, particularly in our U.S. non-traditional variable-annuity business increased, largely attributable to France, where higher products and our fixed index annuity products. In addition, product investment income drove up the investment margin. Another key factor transfers and specific distribution channels in France drove up costs was the disposal of our participation in Thailand. The positive trend there. The increase was partly offset by lower sales from capital- was partly offset by a write-off for an administrative system in efficient products in our German life business. Administrative and Benelux. The operating profit in the protection & health line of other expenses went up due to a write-off for an administrative system business increased. Key drivers included a prior year loss recognition in Benelux, and in Germany as a result of a reallocation between in our U.S. long-term care business as well as a reserve release and a acquisition and administrative expenses as well as higher higher investment margin in our German health business. A lower restructuring and IT expenses. technical margin in Indonesia had a partially offsetting effect. Our operating profit in the unit-linked without guarantee line of business Technical margin2 went up. Most of the growth resulted from increased unit-linked Our technical margin increased, particularly because of a positive management fees in Italy. Finally, the higher operating profit in our lapse and reinsurance margin in the United States. The release of capital-efficient products line of business was primarily due to our pandemic-related claim reserves in Germany also contributed to the non-traditional variable-annuities business in the United States, where margin increase. Higher claims in Asia-Pacific, particularly in the technical and investment margin as well as the reserve loadings all Indonesia, partly offset the positive development. improved. The growth in our German life business was another contributing factor. Impact of change in deferred acquisition costs (DAC)3 Net income Impact of change in DAC € mn Our net income increased by € 404 mn. This was attributable to the 2021 2020 Delta higher operating profit in 2021. The non-operating result decreased, Capitalization of DAC 2,139 1,745 394 mainly due to reduced realized gains compared to last year, where the Amortization, unlocking, and true-up of DAC (1,762) (1,951) 189 disposal of Allianz Popular S.L. in Spain and debt investments in Impact of change in DAC 377 (206) 583 France led to a high result. On the other hand, the non-operating impact of € 0.4 bn from a reinsurance transaction in our fixed index annuity portfolio in the United States, as well as hyperinflation impacts in Lebanon, positively impacted the non-operating result. The impact of change in DAC turned positive with a high result, largely due to our business in the United States. Higher capitalization in line with higher sales in our business with fixed indexed and non-traditional Return on equity variable-annuity products had caused a favorable effect for this year. Additional drivers included stronger unit-linked product sales in Our return on equity went up slightly by 0.2 percentage points to Taiwan and Indonesia and higher deferrable costs in France. 13.0 %. Amortization decreased, dominated by a prior year loss recognition in 1_Expenses include acquisition expenses and commissions (excluding commission clawbacks, which are 3_The impact of change in DAC includes effects of the change in DAC, unearned revenue reserves (URR), allocated to the technical margin) as well as administrative and other expenses. and the value of business acquired (VOBA). It represents the net impact of deferral and amortization of 2_The technical margin comprises the risk result (risk premiums less benefits in excess of reserves less policy- acquisition costs and front-end loadings on operating profit, and therefore deviates from the IFRS holder participation), the lapse result (surrender charges and commission clawbacks) and the financial statements. reinsurance result. 82 Annual Report 2021 − Allianz Group

C _ Group Management Report ASSET MANAGEMENT Negative effects from consolidation, deconsolidation, and other adjustments reduced total AuM by € 11.0 bn. This amount is 1 predominantly made up of € 6.5 bn of third-party AuM, transferred Key figures Asset Management from AllianzGI to the new strategic partner Virtus Investment Advisers 2021 2020 Delta in the first quarter of 2021. Operating revenues € mn 8,396 7,347 1,049 Favorable foreign currency translation effects totaled € 103.4 bn. Operating profit € mn 3,489 2,853 636 For the most part, they stemmed from PIMCO’s AuM. 2 Cost-income ratio % 58.4 61.2 (2.7) %-p Net income (loss) € mn (191) 1,973 (2,164) Total assets under management as of 31 December € bn 2,609 2,389 220 Third-party assets under management thereof: Third-party assets under management as of 31 December € bn 1,966 1,712 255 As of 31 As of 31 December December 2021 2020 Delta Third-party assets under management € bn 1,966 1,712 14.9% Assets under management Business units' share PIMCO % 76.8 78.1 (1.3) %-p AllianzGI % 23.2 21.9 1.3 %-p Composition of total assets under management Asset classes split € bn Fixed income % 75.4 78.3 (3.0) %-p Equities % 10.4 9.5 0.9 %-p As of As of Multi-assets % 10.5 9.4 1.1 %-p 31 December 31 December Type of asset class 2021 2020 Delta Alternatives % 3.7 2.7 1.0 %-p Fixed income 1,929 1,848 81 Investment vehicle split1 Equities 229 181 48 Mutual funds % 58.5 57.9 0.5 %-p Multi-assets1 220 178 42 Separate accounts % 41.5 42.1 (0.5) %-p Alternatives 230 182 49 Regional allocation2 Total 2,609 2,389 220 America % 55.5 54.8 0.8 %-p 1_The term “multi-assets” refers to a combination of several asset classes (e.g. bonds, stocks, cash and real property) Europe % 32.4 32.8 (0.4) %-p used as an investment. Multi-asset class investments increase the diversification of an overall portfolio by distributing Asia Pacific % 12.1 12.4 (0.4) %-p investments over several asset classes. Overall three-year rolling investment outperformance3 % 91 79 12 %-p In 2021, net inflows3 of total assets under management (AuM) 1_Mutual funds are investment vehicles (in the United States, investment companies subject to the U.S. code; in Germany, amounted to € 108.3 bn (2020: € 41.4 bn) – and third-party net inflows vehicles subject to the “Standard-Anlagerichtlinien des Fonds” Investmentgesetz) where the money of several individual investors is pooled into one account to be managed by the asset manager, e.g. open-end funds, closed-end were € 110.1 bn (2020: € 32.8 bn). The full year’s net inflows were funds. Separate accounts are investment vehicles where the money of a single investor is directly managed by the attributable to both PIMCO (€ 57.7 bn total and € 64.6 bn third-party) asset manager in a separate dedicated account (e.g. public or private institutions, high net worth individuals, and corporates). and AllianzGI (€ 50.6 bn total and € 45.5 bn third-party). 2_Based on the location of the asset management company. Overall, positive effects from market and dividends4 totaled 3_Three-year rolling investment outperformance reflects the mandate-based and volume-weighted three-year investment success of all third-party assets that are managed by Allianz Asset Management’s portfolio-management € 19.2 bn. Of these, positive effects of € 40.4 bn came from AllianzGI units. For separate accounts and mutual funds, the investment success (valued on the basis of the closing prices) is and were mainly related to equity, while € 21.2 bn negative effects compared with the investment success prior to cost deduction of the respective benchmark, based on various metrics. For some mutual funds, the investment success, reduced by fees, is compared with the investment success of the were attributable to PIMCO and due exclusively to fixed-income median of the respective Morningstar peer group (a position in the first and second quartile is equivalent to assets, while all other asset classes developed positively. outperformance). The overall three-year rolling investment outperformance improved significantly after the substantial market dislocations driven by COVID-19, and is now at a very high level. 1_For further information on our Asset Management figures, please refer to note 4 to the Consolidated Financial Statements. 2_Represents operating expenses divided by operating revenues. 3_Net flows represent the sum of new client assets, additional contributions from existing clients – including dividend reinvestment – withdrawals of assets from and termination of client accounts, and distributions to investors. 4_Market and dividends represents current income earned on the securities held in client accounts as well as changes in the fair value of these securities. This also includes dividends from net investment income and from net realized capital gains to investors of both open-ended mutual funds and closed-end funds. Annual Report 2021 − Allianz Group 83

C _ Group Management Report Operating revenues Asset Management business segment information € mn Our operating revenues increased by 14.3 % on a nominal basis. This 2021 2020 Delta development was driven by higher average third-party AuM – at both Performance fees 633 402 232 PIMCO and AllianzGI – due to strong net inflows, favorable foreign Other net fee and commission income 7,770 6,956 814 currency translation effects as well as overall positive market effects. Other operating revenues (7) (11) 3 On an internal basis1, operating revenues grew by 15.9 %. Operating revenues 8,396 7,347 1,049 After a challenging performance environment in 2020, we recorded higher performance fees – mainly at PIMCO. Administrative expenses (net), excluding acquisition-related expenses (4,906) (4,494) (413) Other net fee and commission income rose, driven by increased Operating expenses (4,906) (4,494) (413) average third-party AuM. Operating profit 3,489 2,853 636 Operating profit Our operating profit increased by 22.3 % on a nominal basis, as growth Net income in operating revenues far exceeded an increase in operating expenses. On an internal basis1, our operating profit went up by The decrease in our net income to a loss of € 191 mn was driven by a 24.5 %, which was predominantly due to higher average third-party provision for litigation expenses for Structured Alpha2. AuM. The nominal increase in administrative expenses was driven by PIMCO, where a positive business development led to higher personnel expenses. AllianzGI also contributed to the increase to a minor extent due to investments in business growth. Our cost-income ratio went down as a consequence of stronger growth in operating revenues and a lower increase in operating expenses, compared to the previous year. 1_Operating revenues/operating profit adjusted for foreign currency translation and (de-)consolidation 2_For further information on Structured Alpha, please refer to note 37 to the Consolidated Financial effects. Statements. 84 Annual Report 2021 − Allianz Group

C _ Group Management Report CORPORATE AND OTHER A substantial decrease in our net loss was largely due to both a significantly higher non-operating investment result as well as an Key figures Corporate and Other1 improvement in our operating result. However, a lower income tax € mn result had a partly offsetting effect. 2021 2020 Delta Operating revenues 3,341 2,969 372 Operating expenses (4,113) (3,800) (313) Operating result (772) (831) 59 Net loss (964) (1,216) 252 Earnings summary Our operating result improved in 2021, as the operating investment result went up compared to the previous year. Administrative expenses remained almost stable. 1_For further information on Corporate and Other figures, please refer to note 4 to the Consolidated Financial Statements. Annual Report 2021 − Allianz Group 85

C _ Group Management Report OUTLOOK 2022 1 Overview: 2021 results versus previous year’s outlook 2021 results versus previous year’s outlook for 2021 Outlook 2021 – as per Annual Report 2020 Results 2021 Allianz Group Operating profit of € 12.0 bn, plus or minus € 1 bn. Operating profit was € 13.4 bn, exceeding the upper end of our target range. Protect shareholder value while continuing to provide attractive Return on equity (RoE)1 amounted to 10.6 % (2020: 11.4 %) including a negative 4.2 %-pt impact from a returns and dividends. litigation provision for Structured Alpha. Dividend proposal is € 10.80 (2020: € 9.60) per share and is an increase of 12.5 % compared to 2020. As part of our policy to return capital to shareholders on a flexible basis, Allianz SE ran a share buy-back program of € 750 mn in 2021. Selective profitable growth. Total revenues increased by 6.1 % on an internal basis, compared to 2020. The increase was supported by all segments. Property-Casualty Revenue growth of approximately 6 % of which 1 % come from Total revenues increased by 5 %. Internal growth of 4.1 % was mainly driven by Allianz Partners due to our acquisitions in Spain. recovery from the COVID-19 pandemic. Operating profit of € 5.6 bn, plus or minus 10 %. Operating profit of € 5.7 bn was well within our target range, despite above-normal natural catastrophe impacts weighing on our underwriting result. Combined ratio of approximately 93 %. Combined ratio was at 93.8 %, missing our target. Our accident year loss was strongly impacted by natural catastrophes, which was compensated by a higher run-off level as well as an ongoing strong and even slightly improved expense ratio. Pressure on operating investment income (net) to continue, due to Operating investment income (net) slightly increased, driven mainly by higher interest and similar income. reinvestments in a consistently low interest rate environment. Life/Health Continue to focus on profitable growth; keep developing capital- Revenues of € 78.3 bn were above the forecast range. Stronger sales in the United States and favorable efficient products; expand to new markets. Revenues expected to momentum for unit-linked products in Italy were only partly offset by slower growth of capital-efficient be in the range of € 67.0 bn to € 73.0 bn. products in Germany. Operating profit of € 4.4 bn, plus or minus 10 %. At € 5.0 bn, our operating profit was above range, driven by positive contributions from the United States and a strong performance on unit-linked products in Italy. RoE2 between 10.0 % and 13.0 %. 13.0 % RoE2 is at the upper end of the outlook range. Pressure on investment income due to low interest rates and Operating investment result was € 21.5 bn. Lower impairments and higher interest and similar income were continued capital market volatility. partly offset by lower trading and realized gains. Asset Management Moderate increase in AuM driven by slight positive market return Total AuM recorded 9.2 % growth, supported by very strong third-party net inflows of € 110 bn, positive combined with third-party net inflows at PIMCO and AGI. currency effects of € 103 bn, and moderate market growth of € 19 bn. Operating profit € 2.8 bn, plus or minus 10 %. Operating profit amounted to € 3.5 bn, driven by higher AuM-driven fees reflecting strong AuM growth. Cost-income ratio approximately 62 %. At 58.4 %, the cost-income ratio is clearly below 62 %. 1_Represents the ratio of net income attributable to shareholders to the average shareholders' equity at the beginning of the period and at the end of the period. The net income attributable to shareholders is adjusted for net financial charges related to undated subordinated bonds classified as shareholders' equity. From the average shareholders' equity undated subordinated bonds classified as shareholders' equity and unrealized gains/losses on bonds net of shadow accounting are excluded. 2_Represents the ratio of net income to the average total equity, excluding unrealized gains/losses on bonds, net of shadow accounting, at the beginning of the period and at the end of the period. 1 2 addition, the different approaches of central banks are expected to Economic outlook influence international capital flows and exchange rates. The global economic recovery following the COVID-19 crisis is continuing in 2022. However, it is going to lose momentum overall and will also be distributed quite unevenly, not least due to differences in the pace of vaccination which cause the gap between industrialized and emerging countries to widen further. Overall, we expect the global economy to grow by 4.1 % in 2022. While the United States and the eurozone are expected to achieve 3.9 % and 4.1 % respectively, growth in China will cool to 5.2 %, the lowest rate in over 30 years (apart from the slump in the COVID-19 year 2020). Supply bottlenecks and parts shortages are likely to continue to weigh on production and prices, with no improvement expected before the second half of 2022. In view of persistent inflation, central banks will probably withdraw more of their expansionary monetary policy measures; first interest rate hikes are expected in the United States, albeit not in the eurozone. Even if financing conditions remain generous overall, volatility in the stock markets is expected to increase in 2022. The same goes for the bond markets, where a slight rise in interest rates and a slight widening of spreads is to be expected. In 1_For more detailed information on the previous year’s outlook for 2021, please see the Annual Report 2_The information presented in the sections “Economic Outlook”, “Insurance Industry Outlook”, and “Asset 2020 from page 73 onwards. Management Industry Outlook” is based on our own estimates. 86 Annual Report 2021 − Allianz Group

C _ Group Management Report In this outlook, the downside risks predominate. First and Asset management industry outlook foremost, the COVID-19 pandemic itself is by no means "defeated" yet: The lack of herd immunity, especially in poorer countries, may allow Ongoing supply chain disruptions and higher inflation around the new variants to emerge at any time, leading to more waves of globe have led investors to become more cautious. As described, 2022 contagion. At the same time, economic policy faces the difficult is likely to be another year of great volatility, and the asset challenge of managing the transition to a "post-pandemic" world – management industry will have to navigate a complex environment. that is, the normalization of monetary policy and the scaling back of Adding to this, profitability in the asset management industry fiscal crisis support – smoothly, without causing any major market continues to be affected by ongoing flows into passive products as distortions. Add to this the fact that, after two years of the COVID-19 well as margin pressure in traditional active investments. The pandemic, its burdens are unevenly distributed among population strengthening of regulatory oversight and reporting will be an groups, social peace appears increasingly fragile in many countries additional burden on profitability across the sector. In view of these and, last but not least, geopolitical tensions have further increased developments, we expect the trend towards industry consolidation to across the board. persist, accompanied by growing cost awareness. On the other hand, we see ample opportunities in the area of active asset management, particularly in alternative and ESG (Environment, Social, Governance) Insurance industry outlook investment strategies. Digital channels, such as robo-advisory platforms, will also continue to gain traction. All told, we expect The global insurance market is expected to develop positively overall further nominal growth in the asset management sector, along with a in 2022. Essentially, the same drivers are still at work as in 2021: the continued focus on efficient operations and strong investment continued economic recovery (especially in the industrialized performance. countries), increased risk awareness among households and companies, and rising prices, especially in commercial lines. At the same time, the investment environment remains very challenging due Overview: outlook and assumptions to stronger market movements; although the expected slight rise in 2022 for the Allianz Group interest rates could be a first step out of the low-interest-rate trough and lead to an improvement in investment returns. Outlook 2022 2022 will also be marked by accelerated digitization, with the aim ALLIANZ GROUP Operating profit of € 13.4 bn, plus or minus € 1 bn. of simplifying and scaling up processes, and offering customers simple, Protect shareholder value while continuing to provide attractive returns fast, easy-to-grasp solutions. In the context of sustainability, social and dividends. aspects will play an increasingly important role, not least against the Selective profitable growth. backdrop of growing inequality due to the COVID-19 crisis. This offers PROPERTY-CASUALTY Revenue growth of 3 % to 5 %, of which 1 % will come from our acquisition of Aviva in Italy and Poland. the insurance industry opportunities to position itself as a partner for Operating profit of € 6.0 bn, plus or minus 10 %. strengthening social resilience. At the same time, it is important to pay Combined ratio of approximately 93 %. more attention to the potential reputational risks arising from growing Pressure on operating investment income (net) to continue, due to social, political, and cultural demands on companies in general and reinvestments in a consistently low interest rate environment. on insurance companies in particular. LIFE/HEALTH Continue to focus on profitable growth; keep developing capital-efficient products; expand to new markets. Revenues expected to be in the range In the non-life sector, premium growth will probably continue of € 70.0 bn to € 80.0 bn. slightly below the previous year's level. Commercial lines should Operating profit of € 4.8 bn, plus or minus 10 %. continue to benefit from rising prices, albeit to a lesser extent; RoE between 10.0 % and 13.0 %. investment income could increase slightly, although financial market Pressure on investment income due to low interest rates and continued capital market volatility. risks should not be underestimated. Also, the gradual return to ASSET MANAGEMENT Moderate increase in AuM driven by slight positive market return normality will allow claims volumes to return to pre-crisis levels, combined with third-party net inflows at PIMCO and AllianzGI. especially in the motor business. Operating profit € 3.4 bn, plus or minus 10 %. In the life sector, the recovery in premium income is also expected Cost-income ratio around 60 % to continue in 2022, although it is unlikely that the previous year’s growth levels will be reached again. As before, a key driver of this outlook is a greater awareness of the need for risk protection and increased savings in the wake of the COVID-19 crisis. The expected Our outlook assumes no significant deviations from our underlying slight rise in interest rates could also stimulate the demand for savings assumptions – specifically: products. Profitability should improve as well, considering the expected slight improvement in investment income as well as the − continuation of global economic recovery, decline in excess mortality that will follow the successful vaccination − interest rates to remain at the current level, campaign. − The impact of a 100 basis point increase (decrease) in interest rates would be largely neutral on the expected operating profit in the first year that follows the rate change. − no major disruptions in the capital markets, Annual Report 2021 − Allianz Group 87

C _ Group Management Report − no disruptive fiscal or regulatory interference or major litigation, normalized levels. In 2022, we envisage a combined ratio of − level of claims from natural catastrophes at expected average approximately 93 %. The underlying assumption is that the aggregate levels, effect of improvements in pricing, claims management, and − an average U.S. dollar-to-euro exchange rate of 1.19. productivity will compensate for any inflation in underlying claims. As for impacts from natural catastrophes, despite the highly volatile − A 10 % weakening (strengthening) of the U.S. dollar, compared nature of such catastrophes in recent years, we assume claims to to the assumed exchange rate of 1.19 to the euro, would have continue at comparable levels going forward. a negative (positive) effect on operating profits of As the low-interest-rate environment is likely to persist, investment approximately € 0.5 bn. income will remain under pressure due to the rather short investment spans in our Property-Casualty business segment. Going forward, we For further information on our ambitions for the period 2022 - 2024, will continue to actively adapt our investment strategy to changing please see section “Our business aspirations” in the Risk and market conditions. Opportunity Report. Overall, we expect our 2022 operating profit to be € 6.0 bn, plus or minus 10 % (2021: € 5.7 bn). Management’s assessment of expected revenues and earnings for At € 5.0 bn, the operating profit of our Life/Health business segment was above target range in 2021. For 2022, we expect an operating 2022 profit of around € 4.8 bn, plus or minus 10 %. One of the key performance indicators used in the financial In 2021, our total revenues were € 148.5 bn, a 5.7 % increase on a steering of Life/Health is RoE. In 2022, we expect it to be between nominal and a 6.1 % increase on an internal basis1, compared to 2020. 10.0 % and 13.0 % (2021: 13.0 %). For 2022, we envisage overall moderate growth, resulting from growth Allianz continuously works to make the Life/Health business in Property-Casualty, moderate growth in Asset Management, model more resilient to market volatility, for instance, by adjusting our combined with rather stable revenues in Life/Health, owing to our products to market needs while keeping them in line with our strategy. selective focus on profitable growth. Going forward, we will continue to pursue profitable growth and to Our operating profit was € 13.4 bn in 2021. For 2022, we envisage improve our capital-efficient products – always with a strong strong performance in all business segments and an overall operating customer focus – while exploring new market opportunities and profit of € 13.4 bn, plus or minus € 1.0 bn. building on our strong track record of product innovation. In addition, Our net income attributable to shareholders was € 6.6 bn in 2021. we will continue to actively manage both our new and our in-force Consistent with our disclosure practice in the past, and given the business through continuous price reviews, expense management, susceptibility of our non-operating results to capital market asset/liability management, crediting strategies, and reinsurance developments, we refrain from providing a precise outlook for net solutions. As in past years, this should allow us to mitigate the impacts income. However, seeing as our outlook presumes no major of difficult market conditions, in particular negative interest rates, and disruptions in our capital markets, we anticipate a higher net income achieve our profitability targets. for 2022 that supports our dividend policy. With regard to the current uncertainties pertaining to the ongoing proceedings in connection with the Structured Alpha funds please refer to note 37 to the For 2022, we envisage overall moderate third-party net inflows and Consolidated Financial Statements. market returns at both PIMCO and AllianzGI, following this past year of very high inflows. Margins and performance fees should remain relatively stable, resulting in modest operating revenue growth. We In this business segment, we expect revenues to increase by 3 to 5 % in further assume the U.S. dollar will remain relatively stable, compared 2022 (2021: 5 %), of which 1 % will be contributed by our acquisition of to 2021. All things considered, we expect our 2022 operating profit to Aviva in Italy and Poland. Organic growth will be supported by be € 3.4 bn, plus or minus 10 % (2021: € 3.5 bn). favorable price and volume effects. Our cost-income ratio should be around 60 % in 2022 (2021: At Allianz Partners, where we have pooled our B2B2C activities, 58.4 %) as we continue to invest in business growth. Over the mid-term, we expect revenue growth to pick up (subject to the further develop- we expect to grow further, also depending on the market ment of the COVID-19 pandemic). Further growth is likely to happen development. in Germany and Brazil, as well as in Asian markets such as China. We believe that the rise in prices we saw in a number of markets in 2021 will continue in 2022. That said, we will continue to focus on In this business segment, we recorded an operating loss of € 0.8 bn in achieving strong underwriting results by adhering to our strict 2021. For 2022, we envisage an operating loss at a similar level: 0.8 bn underwriting discipline, as we have in previous years, and we will be plus or minus 10 %. prepared to accept a lower top line if we fail to achieve target margins. Our combined ratio was 93.8 % in 2021, below target. This was due to the fact that impacts from natural catastrophes were above 1_Operating revenues adjusted for foreign currency translation and (de)consolidation effects. 88 Annual Report 2021 − Allianz Group

C _ Group Management Report Non-financial key performance Management’s overall assessment of indicators the Allianz Group’s current economic As outlined in the “Our Steering” section in our Business Operations situation chapter we have set ourselves non-financial targets as well. For further information on the past and expected development of these non- At the date of issuance of this Annual Report, and based on current financial KPIs, please refer to the Non-Financial Statement. information regarding natural catastrophes and capital market trends – in particular foreign currency, interest rates, and equities – the Board of Management has no indication of the Allianz Group facing any major adverse developments. Financing, liquidity development, and capitalization The Allianz Group enjoys a very robust liquidity position and excellent Cautionary note regarding forward- financial strength as well as a healthy business mix and global looking statements diversification, allowing us to maintain high performance despite the fact that the COVID-19 pandemic brought challenges for our This document includes forward-looking statements, such as prospects industrial insurance segment. The Allianz Group’s Solvency II or expectations, that are based on management's current views and capitalization is well above regulatory requirements. assumptions and subject to known and unknown risks and As a result, we have full access to financial markets and are in a uncertainties. Actual results, performance figures, or events may differ position to raise financing at low cost. We are determined to maintain significantly from those expressed or implied in such forward-looking our financial flexibility, which is supported by both the prudent steering statements. of our liquidity resources, and our well-balanced debt maturity profile. Deviations may arise due to changes in factors including, but not We are managing our portfolios with great diligence, in order to limited to, the following: (i) the general economic and competitive ensure that the Group has sufficient resources to back its solvency situation in the Allianz’s core business and core markets, (ii) the capital and liquidity needs. In addition, we will continue to monitor the performance of financial markets (in particular market volatility, sensitivity of our Solvency II capitalization ratio with regard to liquidity, and credit events), (iii) adverse publicity, regulatory actions or changes in interest rates and spreads, by continuing to ensure litigation with respect to the Allianz Group, other well-known prudent asset/liability management and life product design. companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting 1 from natural catastrophes, and the development of loss expenses, (v) Expected dividend development mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency Allianz management is committed to have shareholders participate in exchange rates, most notably the EUR/USD exchange rate, (x) the economic development of the Allianz Group through dividend changes in laws and regulations, including tax regulations, (xi) the payments. Through prudent capital management, the Allianz Group impact of acquisitions, including and related to integration issues and aims to maintain a healthy balance between achieving attractive reorganization measures, and (xii) the general competitive conditions yields and investing in profitable growth. Of the Group’s net income that, in each individual case, apply at a local, regional, national, attributable to shareholders, we will continue to pay out 50 % as a and/or global level. Many of these changes can be exacerbated by regular dividend, however, adjusted for extraordinary and volatile terrorist activities. items. Furthermore, Allianz Group’s objective is to pay a dividend per share of at least 5 % above the amount of the previous year. For 2021, the Allianz SE Board of Management and the Supervisory Board No duty to update propose a dividend of € 10.80 per share. In addition, as part of our policy to return capital to shareholders Allianz assumes no obligation to update any information or forward- on a flexible basis, Allianz SE executed six share buy-back programs looking statement contained herein, save for any information we are with an aggregate volume of € 9 bn in the period from 2017 to 2021. required to disclose by law. All of the above is subject to our sustainable Solvency II capitalization ratio above 150 % – which is considerably below our year-end 2021 level of 209 %2, and which is 30 percentage points below our minimum ambition of 180 % for the Solvency II capitalization ratio. 1_This represents management’s current state of planning and may be revised in the future. Also, note that 2_Including the application of transitional measures for technical provisions, the Solvency II capitalization the decision regarding dividend payments in any given year is subject to specific dividend proposals by ratio amounted to 239 % as of 31 December 2021. the Management and Supervisory Boards, each of which may elect to deviate, if and as appropriate, under the then prevailing circumstances, as well as to the approval of the Annual General Meeting. Annual Report 2021 − Allianz Group 89

C _ Group Management Report BALANCE SHEET REVIEW 1 Shareholders’ equity Total assets and total liabilities Shareholders’ equity As of 31 December 2021, total assets amounted to € 1,139.4 bn and € mn total liabilities were € 1,055.2 bn. Compared to year-end 2020, total assets and total liabilities increased by € 79.4 bn and € 79.8 bn, As of As of 31 December 31 December respectively. 2021 2020 Delta The following section focuses on our financial investments in debt Shareholders' equity instruments, equities, real estate, and cash, as these reflect the major Paid-in capital 28,902 28,928 (26) developments in our asset base. Undated subordinated bonds 4,699 2,259 2,440 Retained earnings 32,784 31,371 1,414 Foreign currency translation adjustment (3,223) (4,384) 1,161 Unrealized gains and losses (net) 16,789 22,648 (5,859) The following portfolio overview covers the Allianz Group’s assets held Total 79,952 80,821 (870) for investment, which are largely driven by our insurance businesses. Shareholders’ equity increased due to the issuance of undated subordinated bonds of € 2.4 bn, higher foreign currency translation adjustments (€ 1.2 bn), and net income attributable to shareholders of € 6.6 bn. The dividend payout in May 2021 (€ 4.0 bn), the share buy- back program2 with an amount of € 750 mn, and the lower unrealized gains and losses (net) of € 5.9 bn offset this increase and led in total to a decrease of the shareholders’ equity of € 0.9 bn. Asset allocation and fixed income portfolio overview As of As of As of As of 31 December 31 December 31 December 31 December 2021 2020 Delta 2021 2020 Delta Type of investment € bn € bn € bn % % %-p Debt instruments, thereof: 672.3 682.4 (10.1) 83.1% 86.3% (3.2) Government bonds 240.5 258.5 (17.9) 35.8% 37.9% (2.1) Covered bonds 55.6 66.7 (11.1) 8.3% 9.8% (1.5) Corporate bonds 259.6 249.5 10.1 38.6% 36.6% 2.1 Banks 36.0 35.9 0.1 5.3% 5.3% 0.1 Other 80.6 71.8 8.8 12.0% 10.5% 1.5 Equities 95.2 73.1 22.1 11.8% 9.3% 2.5 Real estate 16.9 14.3 2.6 2.1% 1.8% 0.3 Cash/other 24.1 20.5 3.6 3.0% 2.6% 0.4 Total 808.5 790.3 18.3 100.0% 100.0% - Compared to year-end 2020, our overall asset portfolio increased by excl. the eurozone. They represented 41.6 %, 29.6 % and 11.7 % of € 18.3 bn, mainly in our equities. our portfolio shares. Our well-diversified exposure to debt instruments decreased Our exposure to equities increased due to market movements compared to year-end 2020, mainly due to market movements. About and purchases. 91 % of the debt portfolio was invested in investment-grade bonds and loans.3 Our government bonds portfolio contained bonds from France, Germany, the United States, and Italy, representing 16.0 %, 12.9 %, 8.0 % and 7.7 % of our portfolio shares. Our corporate bonds portfolio contained bonds from the United States, the eurozone, and Europe 1_This does not include non-controlling interests of € 4,270 mn and € 3,773 mn as of 31 December 2021 and 31 December 2020, respectively. For further information, please refer to note 19 to the Consolidated Financial Statements. 2_For further information, please refer to note 19 to the Consolidated Financial Statements. 3_Excluding self-originated German private retail mortgage loans. For 3 %, no ratings were available. 90 Annual Report 2021 − Allianz Group

C _ Group Management Report Property-Casualty liabilities As of 31 December 2021, the business segment’s gross reserves for loss and loss adjustment expenses as well as discounted loss reserves amounted to € 78.2 bn, compared to € 72.8 bn at year-end 2020. On a net basis, our reserves, including discounted loss reserves, increased 1 from € 62.0 bn to € 65.8 bn. Life/Health liabilities Life/Health reserves for insurance and investment contracts increased by € 21.0 bn to € 617.1 bn. A € 21.2 bn increase (before foreign currency translation effects) in aggregate policy reserves was driven by our operations in Germany (€ 11.8 bn) and the United States (€ 11.0 bn before foreign currency translation effects). Reserves for premium refunds decreased by € 9.8 bn (before foreign currency translation effects), due to lower unrealized gains to be shared with policyholders. Foreign currency translation effects increased the balance sheet value by € 9.6 bn, mainly due to the stronger U.S. dollar (€ 8.3 bn). Off-balance sheet arrangements In the normal course of business, the Allianz Group may enter into arrangements that do not lead to the recognition of assets and liabilities in the Consolidated Financial Statements under IFRS. Since the Allianz Group does not rely on off-balance sheet arrangements as a significant source of revenue or financing, our off-balance sheet exposure to loss is immaterial relative to our financial position. The Allianz Group enters into various commitments including loan commitments, purchase obligations, and other commitments. For more details, please refer to note 37 to the Consolidated Financial Statements. The Allianz Group has also entered into contractual relationships with various types of structured entities. They have been designed in such a way that their relevant activities are directed by means of contractual arrangements rather than voting or similar rights. Typically, structured entities have been set up in connection with asset-backed financing and certain investment fund products. For more details on our involvement with structured entities, please refer to note 35 to the Consolidated Financial Statements. Please refer to the Risk and Opportunity Report for a description of the main concentrations of risk and other relevant risk positions. Regulatory capital adequacy For details on the regulatory capitalization of the Allianz Group, please refer to our Risk and Opportunity Report. 1_For further information about changes in the reserves for loss and loss adjustment expenses for the Property-Casualty business segment, please refer to note 14 to the Consolidated Financial Statements. Annual Report 2021 − Allianz Group 91

C _ Group Management Report LIQUIDITY AND FUNDING RESOURCES Organization Within our Asset Management operations, the most important sources The Allianz Group’s liquidity management is based on policies and of liquidity are fees generated from asset management activities. guidelines approved by the Allianz SE Board of Management. These are primarily used to cover operating expenses. Allianz SE and each of the operating entities are responsible for managing their respective liquidity positions, while Allianz SE provides central cash pooling for the Group. Capital allocation is managed by Liquidity management and funding of Allianz SE for the entire Group. This structure allows the efficient use of Allianz SE liquidity and capital resources, and enables Allianz SE to achieve the desired liquidity and capitalization levels for the Group and its The main responsibility for managing the funding needs of operating entities. Allianz Group, maximizing access to liquidity sources and optimizing the trade off between borrowing costs, balancing the maturity profile, and the choice between senior and subordinated funding instruments, Liquidity management of our lies with Allianz SE. We therefore comment on the liquidity and funding operating entities resources of Allianz SE in the following sections. Restrictions on the transferability of capital within the Group mainly result from the capital maintenance rules under applicable corporate laws as well as from the regulatory solvency capital requirements for regulated Group Major sources of liquidity for our operational activities are companies. primary and reinsurance premiums received, reinsurance receivables collected, investment income, and proceeds generated from the maturity or sale of investments. These funds are mainly used to pay Allianz SE ensures adequate access to liquidity and capital for our claims arising from the Property-Casualty insurance business and operating entities. The main sources of liquidity available for related expenses, life policy benefits, surrenders and cancellations, Allianz SE are dividends received from subsidiaries and external acquisition costs, and operating costs. funding raised in the capital markets. Liquidity resources are defined We receive a large part of premiums before payments of claims as readily available assets – specifically cash, money market securities, or policy benefits are required, generating solid cash flows from our and highly liquid fixed income securities. Our funds are primarily insurance operations. This allows us to invest the funds in the interim to used for interest payments on our debt funding, operating costs, create investment income. internal and external growth investments, and dividends or share buy- Our insurance operations also carry a high proportion of liquid backs to our shareholders. investments, which can be converted into cash to pay for claims. Generally, our investments in fixed-income securities are sequenced to mature when funds are expected to be needed. Allianz SE’s access to external funds depends on various factors such The overall liquidity of our insurance operations depends on as capital market conditions, access to credit facilities, credit ratings, capital market developments, interest rate levels, and our ability to and credit capacity. The financial resources available to Allianz SE in realize the market value of our investment portfolio to meet insurance the capital markets for short-, mid- and long-term funding needs are claims and policyholder benefits. Other factors affecting the liquidity described below. In general, mid- to long-term financing is covered by of our Property-Casualty insurance operations include the timing, issuing senior bonds, subordinated bonds or ordinary no-par value frequency, and severity of losses underlying our policies and policy shares. renewal rates. In our Life operations, liquidity needs are generally influenced by trends in actual mortality rates compared to the Share capital assumptions underlying our life insurance reserves. Market returns, As of 31 December 2021, the issued share capital as registered at the crediting rates, and the behavior of our life insurance clients – for Commercial Register was € 1,169,920,000. This was divided into example, regarding the level of surrenders and withdrawals – can 408,457,873 no-par value shares. As of 31 December 2021, the also have significant impacts. Allianz Group held 238,720 (2020: 247,489 ) own shares. Allianz SE has the option to increase its share capital according to authorizations provided by the AGM. The following table outlines Allianz SE’s capital authorizations as of 31 December 2021: 92 Annual Report 2021 − Allianz Group

C _ Group Management Report 1 Capital authorizations of Allianz SE Senior and subordinated bonds issued or guaranteed by Allianz SE Expiry date of Weighted- Capital authorization Nominal amount the authorization Interest average As of 31 December Nominal value Carrying value expenses interest rate2 Authorized Capital 2018/I1 € 334,960,000 8 May 2023 € mn € mn € mn % Authorized Capital 2018/II2 € 15,000,000 8 May 2023 2021 Conditional Capital Senior bonds 9,643 9,589 165 2.0 3 2010/2018 € 250,000,000 8 May 2023 Subordinated bonds (debt) 10,847 10,864 453 3.8 1_For issuance of shares against contribution in cash and/or in kind, with the authorization to exclude shareholders’ subscription rights. Total bonds (debt) 20,490 20,453 617 3.0 2_For issuance of shares to employees, with the exclusion of shareholders’ subscription rights. Subordinated bonds 3_To cover convertible bonds, bonds with warrants, convertible participation rights, participation rights, and 3 subordinated financial instruments, each with the authorization to exclude shareholders’ subscription rights. (equity) 4,698 4,699 69 3.0 Total bonds (equity) 4,698 4,699 69 3.0 2020 For further information on our share capital and regarding Senior bonds 8,088 8,036 158 1.8 authorizations to issue and repurchase shares, please refer to the Subordinated bonds chapter Takeover-Related Statements and Explanations (debt) 13,929 13,974 565 4.2 (part of the Group Management Report). Total bonds (debt) 22,017 22,010 723 3.3 Subordinated bonds Long-term debt funding (equity) 2,272 2,272 - 3.0 Total bonds (equity) 2,272 2,272 - 3.0 As of 31 December 2021, Allianz SE had senior and subordinated bonds with a variety of maturities outstanding, reflecting our focus on 1_For further information on Allianz SE debt (issued or guaranteed) as of 31 December 2021, please refer to note 18 to the Consolidated Financial Statements. long-term financing. As the cost and availability of external funding 2_Based on nominal value. may be negatively affected by general market conditions or by 3_Interest paid (not part of the Consolidated Income Statement). matters specific to the financial services industry or the Allianz Group, we seek to reduce refinancing risk by actively steering the maturity profile of our funding structure. The following table details the long-term debt issuances and redemptions/buy-backs of Allianz SE during 2021 and 2020: 1 Maturity structure of Allianz SE’s senior and subordinated bonds € mn Issuances and redemptions of Allianz SE’s senior and subordinated Contractual maturity date bonds As of 31 December Up to 1 year 1 – 5 years Over 5 years Total € mn Issuance net of 2021 Redemptions/ redemptions/ As of 31 December 1 1 2 3 Issuances buy-backs buy-backs Senior bonds 1,500 2,999 5,091 9,589 Subordinated bonds 2021 4 (debt) - - 10,864 10,864 Senior bonds 1,500 - 1,500 Total bonds (debt) 1,500 2,999 15,955 20,453 Subordinated bonds (debt) - 3,235 (3,235) Subordinated bonds 5 Subordinated bonds (equity) 2,303 - 2,303 (equity) - - 4,699 4,699 Total bonds (equity) - - 4,699 4,699 2020 2020 Senior bonds 1,250 1,250 - Senior bonds - 2,745 5,291 8,036 Subordinated bonds (debt) 1,000 - 1,000 Subordinated bonds Subordinated bonds (equity) 2,272 - 2,272 (debt) - - 13,974 13,974 1_Based on nominal value. Total bonds (debt) - 2,745 19,265 22,010 Subordinated bonds (equity) - - 2,272 2,272 Total bonds (equity) - - 2,272 2,272 Funding in non-euro currencies enables us to diversify our investor 1_Based on carrying value. base or to take advantage of favorable funding costs in those markets. 2_Senior bonds of € 0.7 bn and € 0.3 bn were issued in the fourth quarter of 2021. Funds raised in non-euro currencies are incorporated in our general 3_A senior bond of € 0.5 bn was issued in the fourth quarter of 2021. 4_Subordinated bonds of € 1.1 bn, USD 1.0 bn, € 0.8 bn and € 0.5 bn were redeemed in 2021. hedging strategy. As of 31 December 2021, approximately 19.6 % 5_Includes the issuance of a dual tranche RT1 bond (€ 1.25 bn and USD 1.25 bn) in the third quarter of 2021. (2020: 18.1 %) of the long-term debt was issued or guaranteed by Allianz SE in currencies other than the euro. Interest expenses on senior bonds increased, mainly due to higher funding costs on average in 2021. For subordinated bonds, the decrease of interest expenses was driven by lower funding costs on average in 2021. Annual Report 2021 − Allianz Group 93

C _ Group Management Report 1 Currency allocation of Allianz SE’s senior and subordinated bonds Allianz Group consolidated cash flows € mn As of 31 December Euro Non-euro Total Annual changes in cash and cash equivalents 2021 € mn Senior and subordinated bonds (debt and 2021 2020 Delta equity) 20,250 4,938 25,188 Net cash flow provided by operating 2020 activities 25,124 32,049 (6,925) Senior and subordinated bonds (debt and Net cash flow used in investing activities (19,783) (28,870) 9,086 equity) 19,896 4,393 24,289 Net cash flow provided by/used in financing activities (3,786) (1,390) (2,395) 1_Based on nominal value. Change in cash and cash equivalents1 1,771 1,031 741 1_Includes effects of exchange rate changes on cash and cash equivalents of € 216 mn and € (758) mn in 2021 and 2020, respectively. Short-term debt funding Available short-term funding sources are the Medium-Term Note Program and the Commercial Paper Program. Money market securities slightly increased in the use of commercial paper, compared Net cash flow provided by operating activities decreased in 2021 by to the previous year-end. Interest expenses on money market securities € 6.9 bn to € 25.1 bn. This figure comprises net income plus decreased, mainly due to lower funding costs on average in 2021. adjustments for non-cash charges, credits, and other items included in net earnings, as well as cash flows related to the net change in Money market securities of Allianz SE operating assets and liabilities. Net income after adding back non- cash charges and similar items increased by € 1.8 bn to € 12.8 bn in Interest Average 2021. Operating cash flows from net changes in operating assets and Carrying value expense interest rate As of 31 December € mn € mn % liabilities dropped to € 12.3 bn. This was mainly driven by net cash outflows from assets and liabilities held for trading (after net cash 2021 inflows in 2020), particularly from our Life/Health business operation Money market securities 1,198 (3) (0.3) in Germany. 2020 Net cash outflow used in investing activities decreased by Money market securities 1,170 5 0.5 € 9.1 bn to € 19.8 bn. The main driver was lower net cash outflows from available-for-sale investments, particularly in our Life/Health business operations in Germany and France and at Allianz SE. Moreover, we recorded lower net cash outflows from loans and advances to banks The Group maintained its A-1+/Prime-1 ratings for short-term and customers. This was partly compensated by the acquisitions of issuances. We can therefore continue funding our liquidity under the Westpac’s general insurance business, Aviva Italy and the business Euro Commercial Paper Program at an average rate for each tranche operations of Aviva Group Poland resulting in a total cash outflow (net below Euribor, and under the U.S. Dollar Commercial Paper Program of cash acquired) of € 3.2 bn. at an average rate for each tranche below U.S. Libor. Net cash outflow provided by/used in financing activities Further potential sources of short-term funding that allow the increased by € 2.4 bn in 2021 and amounted to € 3.8 bn. The increase Allianz Group to fine-tune its capital structure are letter of credit was largely driven by net cash outflows from our refinancing activities facilities and bank credit lines. (after net cash inflows in 2020) mainly due to the redemption of subordinated bonds in 2021. Higher net cash inflows from liabilities to banks and customers partly offset this effect. Cash and cash equivalents increased by € 1.8 bn, mainly stemming from our Life/Health business segment in the United States. For further information on the above, please refer to our Consolidated Statement of Cash Flows. 94 Annual Report 2021 − Allianz Group

C _ Group Management Report RECONCILIATIONS The analysis in the previous chapters is based on our Consolidated Composition of total revenue growth Financial Statements and should be read in conjunction with them. In addition to our figures stated in accordance with the International We believe that an understanding of our total revenue performance is Financial Reporting Standards (IFRS), the Allianz Group uses enhanced when the effects of foreign currency translation as well as operating profit and internal growth to enhance the understanding acquisitions, disposals, and transfers (or “changes in scope of of our results. These additional measures should be viewed as consolidation”) are analyzed separately. Accordingly, in addition to complementary to, rather than a substitute for, our figures determined presenting nominal total revenue growth, we also present internal according to IFRS. growth, which excludes these effects. For further information, please refer to note 4 to the Consolidated Financial Statements. Reconciliation of nominal total revenue growth to internal total revenue growth % Composition of total revenues Changes in Foreign Internal scope of currency Nominal growth consolidation translation growth Total revenues comprise gross premiums written, and fee and 2021 commission income in Property-Casualty; statutory premiums in Property-Casualty 4.1 1.5 (0.8) 4.8 Life/Health; operating revenues in Asset Management; and total Life/Health 6.8 0.1 (1.0) 5.8 revenues in Corporate and Other (Banking). Asset Management 15.9 1.5 (3.1) 14.3 Corporate and Other 18.0 - - 18.0 Composition of total revenues Allianz Group 6.1 0.7 (1.1) 5.7 € mn 2021 2020 2020 Property-Casualty (1.5) 3.7 (1.8) 0.4 PROPERTY-CASUALTY Life/Health (2.6) 0.2 (0.7) (3.1) Total revenues 62,272 59,412 Asset Management 3.6 0.6 (1.6) 2.6 consisting of: Corporate and Other 2.5 - - 2.5 Gross premiums written 60,273 57,772 Allianz Group (1.8) 1.6 (1.2) (1.3) Fee and commission income 1,998 1,640 LIFE/HEALTH Statutory premiums 78,348 74,044 ASSET MANAGEMENT Operating revenues 8,396 7,347 consisting of: Net fee and commission income 8,403 7,358 Net interest and similar income (12) (15) Income from financial assets and liabilities carried at fair value through income (net) 2 3 Other income 3 2 CORPORATE AND OTHER thereof: Total revenues (Banking) 289 245 consisting of: Interest and similar income 60 63 Income from financial assets and liabilities carried at fair 1 value through income (net) 2 2 Fee and commission income 666 561 Interest expenses, excluding interest expenses from external debt (23) (22) Fee and commission expenses (423) (359) Consolidation effects within Corporate and Other 6 - CONSOLIDATION (794) (593) Allianz Group total revenues 148,511 140,455 1_Includes trading income. Annual Report 2021 − Allianz Group 95

C _ Group Management Report Life/Health insurance operations Impact of change in Deferred Acquisition Costs (DAC) “Impact of change in DAC” includes the effects of changes in DAC, The reconciling item scope comprises the effects from out-of-scope unearned revenue reserves (URR), and value of business acquired entities in the profit sources reporting compilation. Operating profit (VOBA). As such, it is the net impact of the deferral and amortization from operating entities that are out of scope is included in the of acquisition costs and front-end loadings on operating profit. investment margin. Currently, 23 entities – comprising the vast majority URR capitalized: capitalization amount of unearned revenue of Life/Health total statutory premiums – are in scope. reserves (URR) and deferred profit liabilities (DPL) for FAS 97 LP. URR amortized: total amount of URR amortized includes Expenses scheduled URR amortization, true-up, and unlocking. Expenses include acquisition expenses and commissions as well as Both capitalization and amortization are included in the line item administrative and other expenses. premiums earned (net) in the Group income statement. The delta shown as definitions in acquisition expenses and Policyholder participation is included in “Change in our commissions represents commission clawbacks, which are allocated to reserves for insurance and investment contracts (net)” in the Group the technical margin. The delta shown as definitions in administrative income statement. and other expenses mainly represents restructuring charges, which are stated in a separate line item in the Group income statement. Reconciliation to Notes to the Consolidated Financial Statements € mn Acquisition, administrative, capitalization, and amortization of DAC 2021 2020 € mn 1 Acquisition expenses and commissions (5,864) (5,458) 2021 2020 Operating administrative and other expenses1 (2,135) (1,907) 1 Non-Operating administrative and other expenses (36) - Acquisition expenses and commissions (5,864) (5,458) Definitions 15 12 Capitalization of DAC2 2,139 1,745 Scope (142) (129) Operating amortization, unlocking, and true-up of DAC1 (1,762) (1,951) Acquisition costs incurred (5,992) (5,575) Non-Operating amortization, unlocking, and true-up of DAC (228) - Capitalization of DAC1 2,139 1,745 Acquisition and administrative expenses (7,887) (7,571) Definition: URR capitalized 702 642 Definitions 602 691 2 Scope (228) (302) Definition: policyholder participation 1,039 1,078 Scope 54 30 Commissions and profit received on reinsurance business ceded 195 131 Capitalization of DAC 3,934 3,494 Administrative expenses on reinsurance business ceded 11 9 1 2 Operating amortization, unlocking, and true-up of DAC (1,762) (1,951) Acquisition and administrative expenses (net) (7,307) (7,042) Non-Operating amortization, unlocking, and true-up of DAC (228) - 1_As per Group Management Report. Definition: URR amortized (254) (79) 2_As per notes to the Consolidated Financial Statements. 2 Definition: policyholder participation (1,093) (1,127) Scope (7) (36) Amortization, unlocking, and true-up of DAC (3,345) (3,194) Commissions and profit received on reinsurance business ceded 195 131 3 Acquisition costs (5,208) (5,144) Operating administrative and other expenses1 (2,135) (1,907) Non-Operating administrative and other expenses (36) - Definitions 194 166 Scope (133) (166) Administrative expenses on reinsurance business ceded 11 9 3 Administrative expenses (2,100) (1,898) 1_As per Group Management Report. 2_For German Speaking Countries, policyholder participation on revaluation of DAC/URR capitalization/amortization. 3_As per notes to the Consolidated Financial Statements. 96 Annual Report 2021 − Allianz Group

C _ Group Management Report RISK AND OPPORTUNITY REPORT Target and strategy of risk Our risk management system is based on the following four pillars: management − Risk identification, assessment and underwriting: A robust system Allianz aims to ensure that the Group is adequately capitalized at all of risk identification, assessment and underwriting forms the times and that all related undertakings at least meet their respective foundation for adequate risk management decisions. Supporting regulatory capital requirements for the benefit of both shareholders activities include standards for underwriting, valuation methods, and policyholders. individual transaction and new product approvals, In addition, we take the requirements of rating agencies into emerging/operational/top risk assessments, liquidity risk and account. While capital requirements imposed by regulators constitute scenario analyses, amongst others. a binding constraint, meeting rating agencies’ capital requirements − Risk strategy and risk appetite: Our risk strategy defines our risk and maintaining strong credit ratings are strategic business objectives appetite in line with our business strategy. It ensures that rewards of the Allianz Group. are appropriate based on the taken risks and the required capital. We closely monitor the capital position and risk concentrations of It also ensures that delegated decision-making bodies work in line the Group and its related undertakings, and apply regular stress tests with our overall risk-bearing capacity and strategy. (including standardized, historical, and reverse stress test scenarios as − Risk reporting and monitoring: Our comprehensive qualitative well as monthly stress and scenario analyses focusing on current and and quantitative risk monitoring and reporting framework possible future developments). These analyses allow us to take provides management with the transparency needed to assess appropriate measures to preserve our continued capital and solvency whether our risk profile remains within the approved limits and to strength. For example, the risk capital reflecting the risk profile and the identify emerging issues and risks quickly. For example, risk cost of capital is an important aspect that is considered in business dashboard and limit utilization reports as well as scenario decisions. Furthermore, we ensure a close alignment of the risk and analyses and stress tests are regularly prepared and business strategy by the fact that business decisions to achieve our set communicated. targets are taken within the determined risk appetite and in line with − Communication and transparency: Transparent risk disclosure the risk strategy. The implemented sound processes to steer the provides the basis for communicating our strategy and business and assess and manage associated risks ensure a continuous performance to internal and external stakeholders, ensuring a alignment of the risk and business strategy, and enable us to detect sustainable positive impact on valuation and financing. It also and address any potential deviations. strengthens the risk awareness and risk culture throughout the In addition, our liquidity risk management framework ensures that entire Group. all legal entities in scope are responsible for managing their liquidity risks and maintaining a sufficient liquidity position under both market and business conditions (expected as well as stressed). Our business aspirations The Board of Management of Allianz SE has defined the following Risk governance system objectives for Allianz Group’s medium-term strategy, building on the success of the efforts to simplify the company, with the motto “Simplicity at Scale”: As a provider of financial services, we consider risk management to be a core competency and an integral part of our business. Our risk − Outperform: We seek to move ahead of our competitors, both management framework covers all operations and subsidiaries within traditional businesses and disruptors, to drive profitable growth. the Group in proportion to the inherent risks of their activities, ensuring − Transform: We seek to become simpler and deeply digital, and to that risks across the Group are consistently identified, analyzed, put – in addition to the customer – scalability at the heart of our assessed, and adequately managed. The key elements of our risk actions. management framework are: − Rebalance: We seek to build leading positions in large, profitable, and fast-growing geographies as well as in new areas of business. − Promotion of a strong risk management culture, supported by a An increased focus will be placed on an organic rebalancing of the robust risk governance structure. business mix. − Consistent and proportional application of an integrated risk capital framework to protect our capital base and support These objectives have been translated into clear ambitions for the effective capital management. period 2022 to 2024. With regard to financial performance, we strive − Integration of risk considerations and capital needs into for a return on equity (excluding unrealized gains/losses on bonds) of management and decision-making processes by attributing risk more than 13 %, while growing our earnings per share from € 21 and allocating capital to business (expected baseline full year 2021, as communicated in the Allianz segments, products, and strategies. Annual Report 2021 − Allianz Group 97

C _ Group Management Report Capital Markets Day 2021) to approximately € 251 by 2024 (reflecting − Building on a strong customer base, we have a close customer a compound annual growth rate of 5 % to 7 %). understanding upon which we are building global loyalty To ensure the sustainability of our performance, we have set leadership. ourselves non-financial targets that reflect strong underlying − In fast-growing regions, including Asia-Pacific, we are well organizational health: For customer loyalty, our ambition is for more positioned to capture growth opportunities from increasing than 50 % of the business segments of our entities to be or become customer demand for Health & Protection and Asset Management rated by their customers as a “loyalty leader” in terms of the digital Net products and services. Promoter Score (dNPS). In terms of employee engagement, our − Building on our strong footprint in Europe, we aim to profit from ambition is to score above 75 % on the Inclusive Meritocracy Index. At ongoing consolidations. the same time, we have also set the target to become a clear leader in sustainability and diversity. In a continuously evolving market where the demands of customers constantly change, our knowledge of the industry and our expertise in Our business strategy product development and risk management offers us great To implement these strategic objectives, we continue to drive initiatives opportunities to create timely customer-focused solutions. For further addressing the five dimensions of our Renewal Agenda: Customer details on opportunities envisaged by the Allianz Group in the various Centricity, Digital by Default, Technical Excellence, Growth Engines segments, please refer to Outlook 2022. and Inclusive Meritocracy. To realize our growth ambition and accelerate our value creation, we have defined five additional strategic areas of focus: Supervisory Board and Board of Management − Transforming the Life/Health and Asset Management franchise: Allianz Group’s approach to risk governance permits integrated Fully address protection and savings needs and accelerate management of local and global risks and ensures that our risk transformation to a capital efficient model, both leveraging our profile remains consistent with both our risk strategy and our capacity strengths in Asset Management. to bear risks. − Expanding our Property & Casualty leadership position: Beat the Within our risk governance system, the Supervisory Board and best players in each market, building on productivity gains and Board of Management of Allianz SE have both Allianz SE and group- scale, in retail motor and beyond. wide responsibilities. The Board of Management formulates business − Boosting growth through scalable platforms: Scale our customer- objectives and a corresponding risk strategy; the core elements of the facing platforms and build new operating platforms to grow our risk framework are set out in the Allianz Group Risk Policy and business volume and margin. approved by the Board of Management. The Supervisory Board − Deepening the global vertical integration and execution of advises, challenges, and supervises the Board of Management in the agility: Verticalize operating models across lines of business to execution of its management activities. The following committees unleash value from our skills and scale. support the Board and the Supervisory Board on risk issues: − Reinforcing capital productivity and resilience: Retain industry- leading financial strength and unlock further value creation Supervisory Board Risk Committee potential through an improved risk/return profile and an active The Supervisory Board Risk Committee reports to the Supervisory management and reduction of tail risk exposure. Our focus on Board, where the information and the findings are discussed with the capital resilience is matched with a focus on talent development Board of Management. It monitors the effectiveness of the Allianz risk and diversity that also strengthens our organizational resilience. management framework. Furthermore, it focuses on risk-related developments as well as general risks and specific risk exposures and Allianz SE’s Board of Management has also defined a strategy for the ensures that the business strategy is aligned with the risk strategy. management of risks. This risk strategy places particular emphasis on For more information, please refer to the paragraph “Risk ensuring the integrity of the Allianz brand and reputation, remaining Committee” in the Supervisory Board Report. solvent even in the event of extremely adverse scenarios, maintaining sufficient liquidity to meet financial obligations, and providing resilient Group Finance and Risk Committee profitability. The Group Finance and Risk Committee (GFRC) provides oversight of the Group’s and Allianz SE’s risk management framework, acting as a Opportunities primary early-warning function by monitoring the Allianz Group’s and Our financial strength renders us resilient against market stress, and Allianz SE’s risk profiles as well as the availability of capital. The GFRC our ongoing transformation creates capabilities allowing us to profit also ensures that an adequate relationship between return and risk is from new opportunities in a fast-changing business environment. For maintained. Additionally, the GFRC defines risk standards, is the limit- example: setting authority within the framework set by the Board of Management, and approves major financing and capital − We are continuously simplifying our products and processes, management transactions. Finally, the GFRC supports the Board of harmonizing them across our businesses to consequently exploit Management with recommendations regarding the capital structure, economies of scale. 1_Mid-point of our EPS target range. 98 Annual Report 2021 − Allianz Group

C _ Group Management Report capital allocation, liquidity position, and investment strategy, including A risk function, headed by a Chief Risk Officer which is strategic asset allocation for the different business segments. independent from business line management, is established by the related undertakings. A local Risk Committee supports both the Board Overall risk organization and roles in risk management of Management and the Chief Risk Officer by acting as the primary A comprehensive system of risk governance is achieved by setting risk controlling body. standards related to organizational structure, risk strategy and Consistent implementation of the Group’s risk management appetite, limit systems, documentation, and reporting. These framework in the related undertakings, including regular dialogue standards ensure the accurate and timely flow of risk-related between the Group and the entity, is ensured, for example, through information and a disciplined approach towards decision-making and Group Risk representation on local Risk Committees and through execution at both the global and local levels. regular assessment of the appropriateness of the local risk As a general principle, the responsibility for the First Line of management framework and performance of the Chief Risk Officers Defense rests with business managers in the related undertaking. They by Group Risk. Moreover, the Group Chief Risk Officer must be are responsible for both the risks taken and the returns from their consulted on decisions regarding the staffing, objectives, and decisions. The Second Line of Defense is made up of independent performance evaluation of local Chief Risk Officers. global oversight functions including Risk, Actuarial, Compliance, and Legal, which support the Board in defining the risk frameworks within Other functions and bodies which the business can operate. Group Audit forms the Third Line of In addition to Group Risk and the local risk functions, legal, Defense, independently and regularly reviewing risk governance compliance, and actuarial functions established at both the Group implementation, compliance with risk principles, performing quality and the entity levels constitute additional components of the Second reviews of risk processes, and testing adherence to business standards, Line of Defense. including the internal control framework. Group Legal and Group Compliance seek to mitigate legal risks with support from other departments. The objectives of both functions Group Risk management function are to ensure that laws and regulations are observed, to react Group Risk is managed by the Group Chief Risk Officer and supports appropriately to all impending legislative changes or new court Allianz SE’s Board of Management, including its committees, by rulings, to attend to legal disputes and litigation, and to provide legally performing various analyses, communicating risk management appropriate solutions for transactions and business processes. In related information, and preparing and implementing committee addition, Group Compliance – in conjunction with Group Legal and decisions. other experts involved – is responsible for integrity management, Group Risk also supports the Board of Management in which aims to protect the Allianz Group as well as our related developing the risk management framework – which covers risk undertakings and employees from regulatory risks. governance, risk strategy and appetite – and risk monitoring and Group Actuarial, Planning and Controlling contributes towards reporting. Group Risk’s operational responsibility encompasses assessing and managing risks in line with regulatory requirements, in assessing risks and monitoring limits and accumulations of specific particular for those risks whose management requires actuarial risks across business lines, including natural and human-caused expertise. The range of tasks includes, amongst others, the calculation (regulatory terminology: man-made) disasters and exposures to and monitoring of technical provisions, technical actuarial assistance financial markets and counterparties. in business planning, reporting and monitoring of the results, and Group Risk strengthens and maintains the Group’s risk network supporting the effective implementation of the risk management through regular and close interaction with the management of related system. undertakings and with other key stakeholders such as the local finance, risk, actuarial, underwriting, and investment departments. A strong group-wide risk network enables the Allianz Group to influence Risk-based steering and risk risk culture across the Group, identify risks at an early stage, and make 1 management aware of these risks. management The Allianz Group is exposed to a variety of risks through its core Related undertakings insurance and asset management activities, including market, credit, Related undertakings are responsible for their own risk management, underwriting, business, operational, strategic, liquidity, and including adherence to both external requirements (for example, reputational risks. those imposed by local regulators) and internal standards. Their As an integrated financial services provider, we consider Boards of Management are responsible for setting and approving a diversification across different business segments and regions to be an local risk strategy − supporting the Group’s risk strategy − during the important element in managing our risks efficiently, as it limits the annual Strategic and Planning Dialogues with the Group and for economic impact of any single event and contributes to relatively ensuring adherence to their risk strategy. stable results. Our aim is to maintain a balanced risk profile without any disproportionately large risk concentrations and accumulations. 1_This section contains specific risk disclosures as required by IFRS 4 and IFRS 7 relating to the Notes to the Consolidated Financial Statements. Annual Report 2021 − Allianz Group 99

C _ Group Management Report With Solvency II being the regulatory regime relevant for the using the standard formula, the market risk is based on aggregating Group as of 1 January 2016, our risk profile is measured and steered the losses under specified standard formula shock scenarios. based on our approved Solvency II internal model1. We have Strategic asset allocation benchmarks and risk limits, including introduced a target solvency ratio range in accordance with financial VaR, stand-alone interest rate and equity sensitivity limits, Solvency II, based on pre-defined stress scenarios for both the Group and foreign exchange exposure limits, are defined for the Group, and related undertakings, supplemented by ad-hoc scenarios, Allianz SE, and other related undertakings. Limits are closely historical and reverse stress tests, and sensitivity analyses. monitored and, if a breach occurs, countermeasures are implemented In addition, central elements of Allianz’s dividend policy are linked which may include escalation to the respective decision-making to Solvency II capitalization based on the internal model. This helps us bodies and/or the closing of positions. to ensure a consistent view on risk steering and capitalization in line Furthermore, we have put in place standards for hedging with the Solvency II framework. activities, due to the exposure to fair-value options embedded in our Allianz steers its portfolio taking a comprehensive view at risk and life insurance products. In addition, we optimize our in-force portfolio return, which is based on the internal model and is supported by through transactional levers, such as divesting discontinued products scenario analyses. Risk and concentrations are actively restricted by and businesses partly or entirely, structural levers, such as adjusting the limits based on our internal model, and there is a comprehensive product mix, and operational levers, such as partnering with specialists analysis of the return on risk capital2 (RoRC). The RoRC is an indicator for managing these books of legacy products, also called life back for new business that allows us to identify profitable lines of business books. and products on a sustainable basis, reflecting the capital Finally, guidelines are provided by the Group regarding certain commitment over the lifetime of the products, and is a key criterion for investments, new investment products, and the use of derivatives. capital allocation decisions. Compliance with these guidelines is controlled by the risk and As a consequence, the internal model is fully integrated in controlling functions at Allianz SE and the other operating entities. business steering, and its application satisfies the so-called “use test” requirement, under Solvency II. Interest rate risk Allianz is a liability-driven investor. We may suffer an economic loss in the event of falling interest rates as we reinvest maturing assets at As an inherent part of our insurance operations, we collect premiums lower rates prior to the maturity of liability contracts, if the duration of from our policyholders and invest them in a wide variety of assets; the our assets is shorter than our liabilities. This risk is higher for long-dated resulting investment portfolios back the future claims payments and life investment and savings products as well as for internal pensions, benefits to our customers. In addition, we also invest shareholders’ with a significant part of the Life/Health business segment’s interest capital, which is required to support the business. Finally, we use rate risk coming from Western Europe, mainly from traditional life derivatives, mostly to hedge our portfolio against adverse market insurance products with guarantees. Conversely, opportunities may movements (for example, protective puts) or to reduce our arise when interest rates increase, as this may result in returns from reinvestment risk (for example, by using forwards, swaps, or reinvestments being higher than the guaranteed rates. Interest rate swaptions). Asset/liability management (ALM) decisions are taken risk is managed within our asset/liability management process and based on the internal model, considering both the risks and the returns controlled via interest rate sensitivity and duration mismatch limits for on the financial market. the Group and the local entities. As the fair values of our investment portfolios and liabilities depend on the changes observed in the financial markets, we are Inflation risk exposed to the risk of adverse financial market developments. The As an insurance company, we are exposed to changing inflation rates, long-dated liabilities in our Life/Health business segment and those predominantly due to our Property-Casualty insurance obligations but attributable to internal pensions contribute to interest rate risk, in also due to inflation-indexed internal pension obligations. While particular when they cannot be fully matched by available inflation assumptions are taken into account in our product investments due to long maturities. In addition, we are also exposed to development and pricing, unexpected rising rates of inflation will adverse changes in equity and real estate prices, credit spread levels, increase both future claims and expenses, leading to higher liabilities; inflation, implied volatilities, and currencies, which might impact the conversely, if future inflation rates were to be lower than assumed, value of our portfolios. liabilities would be lower than anticipated. The risk that inflation rates To measure these market risks, real-world stochastic models3 for deviate from inflation assumptions is incorporated in our internal the relevant risk factors are calibrated using historical time series to model. Potential severe structural breaks are monitored via historical generate possible future market developments. After the scenarios for and ad-hoc stress tests. all the risk factors are generated, the asset and liability positions are revalued under each scenario. The worst-case outcome of the sorted portfolio profit and loss distribution at a certain confidence level (99.5 %) defines the market Value at Risk (VaR). For entities modeled 1_From a formalistic perspective, the German Supervisory Authority deems our model to be “partial” to entities that use the internal model, or descriptions focusing on processes with respect to the internal because not all of our entities use the internal model. Some of our smaller entities report under the model components. standard formula and others under the deduction and aggregation approach. Without loss of generality, 2_The return on risk capital is defined as the present value of future real-world profits on the capital we might use the term internal model in the following chapters, e.g., in case of descriptions also referring requirement (including buffer to regulatory requirements) held at the local level. 3_Internal pensions are evaluated and modeled based on deterministic models, following IAS 19 principles. 100 Annual Report 2021 − Allianz Group

C _ Group Management Report Equity risk Insurance-focused Allianz entities may hold equity investments to Credit risk is measured as the potential economic loss in the value of diversify their portfolios and to take advantage of expected long-term our portfolio that would result from either changes in the credit quality returns. Strategic asset allocation benchmarks, investment and equity of our counterparties (“migration risk”) or the inability or unwillingness sensitivity limits are used to monitor and manage these exposures. In of a counterparty to fulfill contractual obligations (“default risk”). addition, equity investments fall within the scope of the credit risk platform to avoid single-name risk concentrations. Risks from changes The Group’s credit risk profile originates from three sources: our in equity prices are normally associated with decreasing share prices investment portfolio, our credit insurance business, and our external and increasing equity price volatilities. As stock markets might also reinsurance. increase, opportunities may arise from equity investments in those events. − Investment portfolio: Credit risk results from our investments in fixed-income bonds, loans, derivatives, cash positions, and Credit spread risk receivables whose value may decrease depending on the credit Fixed-income assets such as bonds may lose value if credit spreads quality of the obligor. However, losses due to credit events can be widen. However, our risk appetite for credit spread risk takes into shared with the policyholder for certain life insurance products. account the underlying economics of our business model: As a liability- − Credit insurance: Credit risk arises from potential claim payments driven investor, we typically hold fixed-income assets until maturity. on limits granted by Euler Hermes to its policyholders. Euler This implies that we are less affected economically by short-term Hermes insures its policyholders against credit risk associated with changes in market prices. In our capacity as a long-term investor, this short-term trade credits advanced to policyholder’s clients. When gives us the opportunity to invest in bonds yielding spreads over the the client of the policyholder is unable to meet its payment risk-free return and earning this additional yield component. obligations, Euler Hermes indemnifies the loss to the policyholder. − Reinsurance: Credit risk arises from potential losses from non- Currency risk recoverability of reinsurance receivables or due to default on Allianz SE and the other related undertakings of the Allianz Group benefits under in-force reinsurance treaties. Our reinsurance typically invest in assets which are denominated in the same currency partners are carefully selected by a dedicated team. Besides as their liabilities. However, some foreign currency exposures are focusing on companies with strong credit profiles, we may also allowed to support portfolio diversification and tactical investment require letters of credit, cash deposits, or other financial measures decisions. Our largest exposure to foreign currency risk comes from our to further mitigate our exposure to credit risk. ownership of non-euro entities: Whenever the euro strengthens, the euro equivalent net asset value of our foreign subsidiaries will The internal credit risk capital model takes into account the major decline from an Allianz Group and Allianz SE perspective; however, at determinants of credit risk for each instrument, including exposure at the same time the capital requirements in euro will decrease, partially default, rating, seniority, collateral, and maturity. Additional mitigating the total impact on Allianz Group and Allianz SE parameters assigned to obligors are migration probabilities and capitalization. Based on Allianz Group’s foreign exchange obligor asset correlations reflecting dependencies within the portfolio. management limit framework, currency risk is monitored and Ratings are assigned to single obligors using a clearly defined managed at the levels of Allianz Group, Allianz SE, and the other assignment process. Central components of this assignment process operating entities of the Allianz Group. are long-term ratings from external rating agencies, and internal rating models in case of specific internal investment strategies. If Real estate risk available, a dynamic adjustment using market-implied ratings and Despite the risk of decreasing real estate values, real estate is a the most recent qualitative information available is applied. suitable addition to our investment portfolio due to good The loss profile of a given portfolio is obtained using a Monte diversification benefits as well as to the contribution of relatively Carlo simulation, taking into account interdependencies and exposure predictable, long-term cash flows. concentrations per obligor segment. The loss profiles are calculated at Allianz’s Group Investment Committee has defined a framework different levels of the Allianz Group, and then fed into the internal for standard transactions for real estate equity and commercial real model at each level for further aggregation across sources of risk to estate loan investments. These standards outline diversification derive diversified credit risk. targets, minimum-return thresholds, and other qualitative and Our credit insurance portfolio is modeled by Euler Hermes, based quantitative requirements. All transactions that do not meet these on a proprietary model component which is a local adaptation of the standards or have a total investment volume (including costs) central internal credit risk model. Euler Hermes’ loss profile is exceeding a defined threshold must be reviewed individually by Group integrated in the Group’s internal credit risk model to capture the Risk and other Group center functions. In addition, all applicable limits concentration and diversification effects. must be respected, in particular those resulting from strategic asset To ensure effective credit risk management, credit VaR limits are allocation as well as its leeways and risk limits, with regards to an derived from our internal risk capital framework, and rating bucket investing entity’s portfolio. benchmarks are used to define our risk appetite for exposures in the lower investment-grade and non-investment-grade area. Annual Report 2021 − Allianz Group 101

C _ Group Management Report Our group-wide country and obligor group limit management These loss distributions are then used within the internal model to framework (CRisP1) allows us to manage counterparty concentration calculate potential losses with a predefined confidence level of 99.5 %. risk, covering both credit and equity exposures at the Group and operating-entity levels. This limit framework forms the basis for Reserve risk discussions on credit actions and provides notification services Reserve risk represents the risk of adverse developments in best- featuring the quick and broad communication of credit-related estimate reserves over a one-year time horizon, resulting from decisions across the Group. fluctuations in the timing and/or amount of claims settlement. We Clearly defined processes ensure that exposure concentrations estimate and hold reserves for claims resulting from past events that and limit utilizations are appropriately monitored and managed. The have not yet been settled. In case of unexpected developments, we setting of country and obligor exposure limits from the Group’s would experience a reserve gain or loss dependent on the perspective (i.e., the maximum concentration limit) takes into account assumptions applied for the estimate. the Allianz Group’s portfolio size and structure as well as our overall Similar to premium risk, reserve risk is calculated based on risk strategy. actuarial models. The reserve distributions derived are then used within the internal model to calculate potential losses based on a predefined confidence level of 99.5 %. Apart from risks from internal pensions, underwriting risk consists of In order to reduce the risk of unexpected reserve volatility, premium and reserve risks in the Property-Casualty2 business segment Allianz SE and the other related undertakings of Allianz Group as well as biometric risks in the Life/Health3 business segment, and constantly monitor the development of reserves for insurance claims underwriting risks are not relevant for the Asset Management business on a line-of-business level. In addition, related undertakings generally segment and our banking operations. conduct annual reserve uncertainty analyses based on similar methods used for reserve risk calculations. The Allianz Group performs Property-Casualty regular independent reviews of these analyses and Group Our Property-Casualty insurance businesses are exposed to premium- representatives participate in the local reserve committee meetings. risk-related adverse developments in the current year’s new and renewed business as well as to reserve risks related to the business in Life/Health force. Underwriting risks in our Life/Health operations (biometric risks) include mortality, disability, morbidity, and longevity risks. Mortality, Premium risk disability, and morbidity risks are associated with an unexpected As part of our Property-Casualty business operations, we receive increase in the occurrence of death, disability, or medical claims. premiums from our customers and provide insurance protection in Longevity risk is the risk that the reserves covering life annuities and return. Premium risk is the risk that actual claims for the business in the pension products might not be sufficient due to longer life current year develop adversely relative to expected claims ratios. expectancies of the insured. Premium risk can be mitigated by reinsurance as well as by technical Life/Health underwriting risk arises from profitability being lower excellence in underwriting. Assessing risks as part of the underwriting than expected. As profitability calculations are based on several process is therefore a key element of our risk management framework. parameters – such as historical loss information and assumptions on There are clear underwriting limits and restrictions which are defined inflation, mortality, or morbidity – realized parameters may differ from centrally and applied across the Group. the ones used for underwriting. For example, higher-than-expected Premium risk is subdivided into three categories: natural inflation may lead to higher medical claims in the future. However, catastrophe risk, terror risk, and non-catastrophe risk including man- beneficial deviations are also possible; for example, a lower morbidity made catastrophes. rate than expected will most likely result in lower claims in income Premium risk is estimated based on actuarial models that are protection products. used to derive loss distributions. Non-catastrophe risks are modeled We measure these risks within our internal model, distinguishing, using frequency and severity models for large losses and aggregate where appropriate, between risks affecting the absolute level and loss distribution models for attritional losses. Natural disasters such as trend development of the actuarial assumptions on the one hand and earthquakes, storms, and floods represent a significant challenge for pandemic risk scenarios on the other. Depending on the nature and risk management due to their high accumulation potential for higher complexity of the risks involved, our health business is represented in return periods. For natural catastrophe risks, we use special modeling the internal model according to Property-Casualty or Life/Health techniques which combine portfolio data (geographic location, calculation methods and is therefore included in the relevant Property- characteristics of insured objects, and their values) with simulated Casualty and Life/Health figures accordingly. However, most of our natural disaster scenarios to estimate the magnitude and frequency of health business is attributable to the Life/Health business segment. potential losses. Where such stochastic models do not exist, we use deterministic, scenario-based approaches to estimate potential losses. Similar approaches are used to evaluate risk concentrations for terror and man-made catastrophes, including losses from cyber incidents and industrial concentrations. 1_Credit Risk Platform 3_Life/Health is also referred to as Life. 2_Property-Casualty is also referred to as Non-Life. 102 Annual Report 2021 − Allianz Group

C _ Group Management Report Allianz has developed a consistent operational risk management Business risks include cost risks and policyholder behavior risks. They framework, which is applied across the Group based on are mostly driven by the Life/Health business and to a lesser extent by proportionality and focuses on the early recognition and proactive the Property-Casualty business. Cost risks are associated with the risk management of material operational risks. The framework defines that expenses incurred in administering policies are higher than roles and responsibilities as well as management processes and expected or that new business volume decreases to a level that does methods: Local risk managers at Allianz SE and at the other operating not allow Allianz to absorb its fixed costs. Business risk is measured entities of the Allianz Group, in their capacity as Second Line of relative to baseline plans. Defense, identify and evaluate relevant operational risks and control For the Life/Health business, policyholder behavior risks are risks deficiencies via a dialogue with the First Line of Defense, report related to unpredictable, adverse behavior of policyholders in operational risk events in a central database, and ensure that the exercising their contractual options, such as, for instance, early framework is implemented in their respective operating entity. termination of contracts, surrenders, partial withdrawals, renewals, This framework triggers specific mitigating control programs. For and annuity take-up options. example, compliance risks are addressed with written policies and Assumptions on policyholder behavior are set in line with dedicated compliance programs monitored by compliance functions accepted actuarial methods and based on own historical data, where across the Allianz Group. The risk of financial misstatement is available. If there is no historical data, assumptions are based on mitigated by a system of internal controls covering financial reporting. industry data or expert judgment. These are used as a basis to Outsourcing risks are covered by our Outsourcing Policy, Service Level determine the economic impact of policyholder behavior under Agreements, and Business Continuity and Crisis Management different scenarios within our internal model. programs to protect critical business functions from these events. Cyber risks are mitigated through investments in cybersecurity, cyber insurance that Allianz buys from third-party insurers, and a variety of Operational risks refer to losses resulting from inadequate or failed ongoing control activities. internal processes, human errors, system failures, and external events, and can stem from a wide variety of sources, including the following: − “Clients, Products and Business Practices”: potential losses due to There are risks which, due to their nature, cannot be adequately a failure to meet the professional obligations or from the design of addressed or mitigated by setting aside dedicated capital. These risks products. Examples include misselling, non-compliance with are therefore not considered in the internal model. For the internal or external requirements related to products, anti-trust identification, analysis, assessment, monitoring, and management of behavior, data protection, sanctions and embargoes, etc. These these risks we also use a systematic approach, with risk assessment losses tend to be less frequent but, when they occur, can have high generally based on qualitative criteria or scenario analyses. The most financial impact. important of these other risks are strategic, liquidity, and reputational − “Execution, Delivery, and Process Management”: potential losses risk. arising from transaction or process management failures. Examples include interest and penalties from non-payment or Strategic risk underpayment of taxes or losses associated with broker and agent Strategic risk is the risk of a decrease in the company’s value that will distribution processes. These losses tend to be of a relatively higher arise from adverse management decisions on business strategies and frequency but with little financial impact (although single large- their implementation. loss events can occur). Strategic risks are identified and evaluated as part of the Group’s − Other operational risks including, for example, internal or external Top Risk Assessment process, and discussed in various Board of fraud, financial misstatement risk, a cybersecurity incident causing Management-level committees (for example, GFRC). We also monitor business disruption or fines, a potential failure at our outsourcing market and competitive conditions, capital market requirements, partners causing a disruption to our working environment, etc. regulatory conditions, etc., to decide if strategic adjustments are necessary. The Group’s operational risk capital is dominated (by more than 80 %) The most important strategic risks are directly addressed through by the risk of potential losses within the categories “Clients, Products, Allianz’s Renewal Agenda, which focuses on five themes: True and Business Practices” and “Execution, Delivery, and Process Customer Centricity, Digital by Default, Technical Excellence, Growth Management”. With regard to the largest category “Clients, Products, Engines, and Inclusive Meritocracy. Progress on mitigating strategic and Business Practices”, key external drivers are changes in laws and risks and meeting the Renewal Agenda objectives is monitored and regulations. Internal drivers reflect potential failures of internal evaluated in the course of the Strategic and Planning Dialogues processes. These drivers are considered in the local scenario analyses. between the Allianz Group and the related undertakings. Operational risk capital is calculated using a scenario-based approach based on expert judgment as well as internal and external operational loss data. The estimates for frequency and severity of potential loss events for each material operational risk category are assessed and used as a basis for our internal model calibration. Annual Report 2021 − Allianz Group 103

C _ Group Management Report Liquidity risk Environmental, Social and Governance (ESG) issues may emerge Liquidity risk is defined as the risk that current or future payment in all risk categories. The management of the reputational risk aspects obligations cannot be met or can only be met on the basis of adversely is supported by a dedicated Group ESG Board and Global altered conditions. Liquidity risk can arise primarily if there are Sustainability Office1, which help steer the integration of ESG aspects mismatches in the timing of cash in- and outflows. into core investment and insurance activities. Significant ESG and Each legal entity of the Allianz Group manages liquidity risk other reputational risks identified in the course of business are locally, using asset/liability management systems designed to ensure escalated to experts from Group Communications and Reputation, that assets and liabilities are adequately matched. Local investment Group Risk, and Global Sustainability for assessment and decision- strategies particularly focus on the quality of the investments and making, with the GFRC acting as the ultimate escalation/decision- ensure a significant portion of liquid assets (for example, high-rated making body. government bonds or covered bonds) in the portfolios. In the course of For further details on our key ESG integration processes, please liquidity planning, liquidity sources (for example, cash from refer to the sections “ESG Integration Approach” and “Climate Change investments and premiums) and liquidity needs (for example, Strategy” in the Non-Financial Statement. payments due to insurance claims and expenses) are reconciled under a best-estimate plan, as well as under adverse idiosyncratic and Climate change systemic liquidity scenarios, to allow for a group-wide consistent view Climate change has the potential to materially affect the global on liquidity risk. These analyses are performed at legal entity level and economy and our business, especially in the long run. Risks arising from are monitored by the Group. climate change can already be seen today and their relevance will An identical liquidity stress-testing framework is applied at increase over the mid- and long-term. Allianz SE. Major contingent liquidity requirements arise mainly from market risk scenarios for Allianz SE and its subsidiaries, from the non- The most significant risks that have a material impact on our business, availability of external capital markets, and from reinsurance risk or we expect will have in the future, are: scenarios for Allianz SE. In addition, the cash position of the Group cash pool investment − Physical risks: These can for instance be acute and chronic, such as portfolio is monitored and forecast on a daily basis and is subject to an rising temperatures, extreme weather events, rising sea levels, absolute minimum liquidity threshold and an absolute target liquidity intensifying heatwaves and droughts, or a change in vector-borne threshold. Both thresholds are defined for the Allianz SE cash pool in diseases, with impacts on property, life or health. order to be protected against short-term liquidity crises. − Transitional risks: These risks result from the cross-sectoral The liquidity planning process addresses future potential liquidity structural change stemming from the transition towards a low- needs and aims to manage available liquidity sources in an efficient carbon economy. Transitional risks include changes in climate and effective manner. The annual and high-level three-year cash flow policy, technology, or market sentiment, and the impact of this on plan for Allianz SE and the Holding and Treasury reportable segment the market value of financial assets as well as the impact from of Allianz SE reflects the overall operating, financing, and investing climate change litigation. strategy of the Allianz Group. The annual liquidity plan for Allianz SE and for the Holding and Treasury reportable segment is subject to the These risks impact Allianz’s business in two key ways: approval of the Board of Management. Liquidity planning is constantly monitored and regularly reported to the Board of − As an insurer providing insurance policies, e.g., covering fatality Management via the GFRC. and health impacts, property damage or litigation claims, and through changes in the sectors and business models it underwrites. Reputational risk − As a large-scale institutional investor with significant stakes in Allianz’s reputation as a well-respected and socially aware provider of various economies, companies, infrastructure, and real estate that financial services is influenced by our behavior in a range of areas such might be affected by the physical impact of climate change and as product quality, corporate governance, financial performance, by the transition to a low-carbon economy. This can directly customer service, employee relations, intellectual capital, and influence the ability of assets to generate long-term value. corporate responsibility. Reputational risk is the risk of an unexpected drop in the value of We address immediate risks from climate change factors following the the Allianz SE share price, the value of the in-force business, or the management approach for the primary underlying risks (i.e., financial value of future business caused by a decline in our reputation in risks, premium or reserve risks, reputational risks, etc.), e.g., building on internal or external stakeholders’ judgment. our long-term expertise in the modeling of extreme weather events or The identification and assessment of reputational risks is part of analyzing emission profiles of our proprietary investments. For the annual Top Risk Assessment process. As part of this process, senior example, the carbon footprint of our investee companies reported in management approves the risk management strategy for the most our climate disclosure serves as a starting point for an analysis of the significant risks facing the company, including those with a potentially exposure to emissions pricing. Our commitment to align our severe reputational impact. proprietary investment portfolio to 1.5°C climate scenarios is an effective means to address our transition risk exposure over the years. As another example, as part of our reputational risk management we 1_The Allianz Group Environmental, Social, Governance (ESG) Board and the Global Sustainability Office environmental, social, and governance aspects in corporate governance and decision-making processes are constituted as advisors to the Board of Management of Allianz SE and will further elevate at the Allianz Group. In 2022, the Group ESG Board was renamed as the Group Sustainability Board. 104 Annual Report 2021 − Allianz Group

C _ Group Management Report review and evaluate social and environmental effects, including The risk capital required is defined as the difference between the climate change issues, arising from our business activities and business current portfolio value and the portfolio value under adverse relations through the ESG business integration approach described conditions at the 99.5 % confidence level. As we consider the impacts above. of a negative or positive event on all risk sources and covered On a forward-looking basis, we consider risks from climate businesses at the same time, diversification effects across products and change factors under emerging risks, where we closely monitor the regions are taken into account. The results of our Monte Carlo development of the risk landscape supported by selective analyses on simulation allow us to analyze our exposure to each source of risk both our portfolios. In this regard we are developing different approaches separately and in aggregate. We also analyze several pre-defined towards scenario analysis to further educate our understanding of stress scenarios representing historical events, reverse stress tests, and how climate change risks may unfold in the future. adverse scenarios relevant for our portfolio. Furthermore, we conduct Climate change also creates opportunities – be it in connection ad-hoc stress tests on a monthly basis to reflect current political and with financing a low-carbon and climate-resilient future, e.g., by financial developments and to analyze specific non-financial risks investing in renewable energy, energy efficiency in real estate, and more closely. electric vehicle infrastructure, or by providing insurance solutions to protect against physical climate impacts and to support low-carbon Coverage of the risk capital calculations business models. The Allianz Group’s internal model to calculate our Solvency Capital For more information on the impact of Allianz’s activities on the Requirement (SCR) covers all major insurance operations2. This climate, please refer to the section “Environmental Matters” in the includes both relevant assets (including fixed-income, equities, real Non-Financial Statement. estate, and derivatives) and liabilities (including the run-off of all current and planned technical provisions as well as deposits, issued 1 debt and other liabilities). For with-profit products in the Life/Health Internal risk capital framework business segment, the options and guarantees embedded in insurance contracts – including policyholder behavior – are taken We define internal risk capital as the capital required to protect us into account. against unexpected, extreme economic losses, and which forms the Smaller related undertakings in the European Economic Area basis for determining our Solvency II regulatory capitalization. On a which are not covered by the internal model are reflected with their quarterly basis, we calculate and consistently aggregate internal risk standard formula results. At the Group level, the Solvency Capital capital across all business segments. We also project risk capital Requirements for smaller insurance undertakings outside the requirements regularly between reporting periods in times of financial European Economic Area with only immaterial impact on the Group’s market turbulence. risk profile are accounted for by means of book value deduction3 . Risk capital related to our European banking operations is allocated to the Corporate and Other business segment and For the management of our risk profile and solvency position, we utilize calculated based on the approach applied by banks in accordance an approach that reflects the Solvency II rules in that it comprises our with the local requirements resulting from the Basel regulation (Basel approved internal model covering all major insurance operations. standards). As the impact on the Group’s total Solvency Capital Other entities are reflected based on standard formula results, others Requirement is minor, risk management for the banking operations is under the deduction and aggregation approach as well as on sectoral not discussed in greater detail. or local requirements for non-insurance operations, in accordance with For our Asset Management business segment, we assign internal the Solvency II framework. risk capital requirements based on sectoral regulatory capital requirements. The Asset Management business is affected mainly by Internal model operational risks. However, since most of our Asset Management Our internal model is based on a VaR approach using a Monte Carlo business is not located in the eurozone, at Group level its participation simulation. Following this approach, we determine the maximum loss value bears a foreign exchange rate risk. Our Asset Management in portfolio value in scope of the model within a specified timeframe operations are covered by local risk functions which are running risk- (“holding period”, set at one year) and probability of occurrence controlling processes, including qualitative risk assessments, set up by (“confidence level”, set at 99.5 %). We simulate risk events from all risk the respective entities. In addition, Allianz Asset Management GmbH categories (“sources of risk”) modeled, and calculate the portfolio provides oversight over the local activities through its control functions value based on the net fair value of assets minus liabilities, including and ensures that the reporting and assurance requirements as defined risk-mitigating measures such as reinsurance contracts or derivatives, by Allianz Group are met. Due to the particular importance of under each scenario. operational risks for the Asset Management business, a key task for the local risk management functions in the related entities is a regular monitoring of the internal controls attached to material processes, which is part of the Integrated Risk and Control System. Additional examples for these qualitative assessments include Top Risk Assessments, as well as challenged self-assessments of the maturity of 1_This section contains specific risk disclosures as required by IFRS 4 and IFRS 7 relating to the Notes to the 3_Under book value deduction, the book value of the respective entity is deducted from eligible Own Funds Consolidated Financial Statements. of the Group. 2_Allianz Life Insurance Company of North America is based on third-country equivalence. Annual Report 2021 − Allianz Group 105

C _ Group Management Report the local risk management systems, and the adherence to the risk Diversification and correlation assumptions policy framework. Key results of the qualitative risk assessments are Our internal model considers concentration, accumulation, and reported to the Group on a regular basis. Unlike the insurance correlation effects when aggregating results at the Group level. The business, which is balance sheet sensitive, our Asset Management is resulting diversification reflects the fact that all potential worst-case mainly a cash flow business. Therefore, the solvency position of the losses are not likely to materialize at the same time. As we are an Asset Management business segment is also analyzed through the integrated financial services provider offering a variety of products impact of pre-defined material stress scenarios on the operating profit. across different business segments and geographic regions, These are one component in a system of key risk indicators, which are diversification is key to our business model. regularly monitored and benchmarked to risk limits as far as possible Diversification typically occurs when looking at combined risks and reasonable. that are not, or only partly, interdependent. Important diversification In view of the above, Allianz’s risk capital framework covers all factors include regions (for example, windstorm in Australia vs. material and quantifiable risks. Risks not specifically covered by the windstorm in Germany), risk categories (for example, market risk vs. internal model include strategic, liquidity, and reputational risks. underwriting risk), and subcategories within the same risk category (for example, commercial vs. personal lines of property and casualty risk). Ultimately, diversification is driven by the specific features of the investment or insurance products in question and their respective risk Risk-free rate and volatility adjustment exposures. For example, an operational risk event at an Australian When calculating the fair values of assets and liabilities, the entity can be considered to be highly independent of a change in assumptions regarding the underlying risk-free yield curve are crucial credit spreads for a French government bond held by a German entity. in determining and discounting future cash flows. For liability Where possible, we derive correlation parameters for each pair of valuation, we apply the methodology provided by the European market risks through statistical analysis of historical data, considering Insurance and Occupational Pensions Authority (EIOPA) as part of its observations over more than a decade. In cases where historical data technical documentation (EIOPA-BoS-20/109) to extrapolate the risk- or other portfolio-specific observations are insufficient or unavailable, free interest rate curves beyond the last liquid tenor.1 correlations are set by the Correlation Settings Committee, which In addition, we adjust the risk-free yield curves by a volatility combines the expertise of risk and business experts in a well-defined adjustment (VA) in most markets where a volatility adjustment is and controlled process. In general, when using expert judgment we set defined by EIOPA and approved by the local regulator. This is done to the correlation parameters to represent the joint movement of risks better reflect the underlying economics of our business, as the cash under adverse conditions. Based on these correlations, we use an flows of our insurance liabilities are largely predictable. The industry-standard approach, the Gaussian copula, to determine the advantage of being a long-term investor is the opportunity to invest in dependency structure of quantifiable sources of risk within the applied bonds yielding spreads over the risk-free return and earning this Monte Carlo simulation. additional yield component over the duration of the bonds. Being a long-term investor mitigates much of the risk of having to sell debt Actuarial assumptions instruments at a loss prior to maturity. Our internal model also includes assumptions on claims trends, liability We take account of this by applying the volatility adjustment to inflation, mortality, longevity, morbidity, policyholder behavior, mitigate the credit spread risk, which we consider to be less meaningful expenses, etc. We use our own internal historical data for actuarial for long-term investors than the default risk. Allianz also models the assumptions wherever possible, additionally considering volatility adjustment dynamically within our approved internal model, recommendations from the insurance industry, supervisory authorities, which differs from the static EIOPA VA concept applied in the standard and actuarial associations. The derivation of our actuarial formula. For risk capital calculations, we assume a dynamic movement assumptions is based on generally accepted actuarial methods. of the volatility adjustment broadly consistent with the way the VA Within our internal risk capital and financial reporting framework, would react in practice; however, we base the movement on our own comprehensive processes and controls exist for ensuring the reliability portfolio rather than the EIOPA portfolio. To account for this deviation, of these assumptions. Allianz applies a more conservative, reduced application ratio for the dynamic volatility adjustment. Validation is performed regularly to verify the appropriateness and prudency of the approach. As the internal model is based on a 99.5 % confidence level, there is a low statistical probability of 0.5 % that actual losses could exceed this Valuation assumptions: replicating portfolios threshold at the Group level in the course of one year. We replicate the liabilities of our Life/Health insurance business. This We use model and scenario parameters derived from historical technique enables us to represent all product-related options and data, where available, to characterize future possible risk events. If guarantees, both contractual and discretionary, by means of standard future market conditions were to differ substantially from the past, for financial instruments. In the risk calculation, we use the replicating example, in an unprecedented crisis or as a possible result of severe portfolio − together with a Least Square Monte Carlo approach for structural breaks resulting from climate change, our VaR approach risks that are not covered by the replication − to determine and revalue might be too conservative or too liberal in ways that are difficult to these liabilities under all potentially adverse Monte Carlo scenarios. predict. In order to mitigate reliance on historical data, we complement our VaR analysis with stress testing. 1_Due to late availability of EIOPA’s publication, the risk-free interest rate term structure used may differ slightly from the one published by EIOPA. 106 Annual Report 2021 − Allianz Group

C _ Group Management Report Furthermore, we validate the model and parameters through meaningful mark-to-market approach. For such assets we apply a sensitivity analyses, independent internal peer reviews, and, where mark-to-model approach. For some of our liabilities, the accuracy of appropriate, independent external reviews, focusing on methods for their values also depends on the quality of the actuarial cash flow selecting parameters and control processes. To ensure that the model estimates. Despite these limitations, we believe the estimated fair is validated adequately, we have established an Independent values are appropriately assessed. Validation Unit (IVU) within Group Risk, responsible for validating our internal model within a comprehensive model validation process. Any limitations identified during the validation process are remedied after In 2021, our internal model was further enhanced based on regulatory consultation with the Group regulator. Overall, we believe that our developments, model validation results, and the feedback received in validation efforts are effective and that the model adequately the course of our consultations with regulators. assesses the risks to which we are exposed. The net impact of regulatory and model changes on the The construction and application of the replicating portfolios Solvency II risk capital of the Group in 2021 was € (0.4) bn. This mentioned are subject to the set of replicating instruments that are reduction in SCR is mainly driven by the introduction of several major available and might be too simple or restrictive to capture all factors model changes affecting Allianz Group companies in the Life/Health affecting the change in value of liabilities. As with other model segment, together with a reduction of the ultimate forward rate (UFR) components, the replication framework is subject to independent by 15 basis points and a regulatory model change impacting the third validation and to suitability assessments as well as to stringent data country equivalent capital requirements. and process quality controls. Therefore, we believe that our liabilities In all subsequent sections, the figures including model changes are adequately represented by the replicating portfolios. will form the basis for the movement analyses of our risk profile in 2021. Since the internal model takes into account the change in the As our general capital steering continues to focus on the Solvency II economic fair value of our assets and liabilities, it is crucial to estimate ratio impacts excluding the application of transitional measures for the market value of each item accurately. For some assets and technical provisions, the figures in the following table exclude liabilities it may be difficult, if not impossible – notably in distressed transitional measures unless specifically stated. financial markets – to either obtain a current market price or apply a Allianz Group: Impact of regulatory and model changes – allocated risk according to the risk profile (total portfolio before non-controlling interests) € mn Market risk Credit risk Underwriting risk Business risk Operational risk Diversification Total 1 2 1 2 1 2 1 2 1 2 1 2 1 2 As of 31 December 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 Property-Casualty 4,414 4,439 2,334 2,334 11,299 11,300 754 749 1,530 1,530 (6,922) (6,843) 13,409 13,508 Life/Health 20,760 21,264 3,234 3,241 652 652 2,294 2,255 1,446 1,442 (4,510) (4,534) 23,875 24,321 Corporate and Other 1,604 1,609 527 526 214 207 - - 363 363 (583) (651) 2,125 2,054 Total Group 26,778 27,313 6,095 6,101 12,165 12,159 3,048 3,004 3,339 3,335 (12,015) (12,028) 39,409 39,883 Tax (5,816) (5,879) Capital add-on 798 970 Third country equivalent 3,529 3,326 Sectoral requirement 2,650 2,650 Total Group 40,570 40,950 1_2020 risk profile figures adjusted based on the 2021 model changes impact. 2_2020 risk profile figures as reported previously. In 2021, the impact of model changes to our internal model concerned Business risk the following risk categories: The small increase in the business risk of Allianz Group was mainly driven by a major model change at the German health company Market risk Allianz Private Krankenversicherungs-Aktiengesellschaft. The overall decrease in market risk is almost exclusively driven by the net impact of several major model changes at the German Life/Health Capital add-ons companies Allianz Lebensversicherungs-Aktiengesellschaft and The reduction in the risk capital add-on for Allianz Group by € 0.2 bn to Allianz Private Krankenversicherungs-Aktiengesellschaft, together € 0.8 bn (2020: € 1.0 bn) is mainly driven by a decrease in the with the reduction of the UFR. These resulted in a decrease in the replication add-on reflecting a replication portfolio model change, market risk of Allianz Group by € 0.5 bn to € 26.8 bn (2020: € 27.3 bn). together with a lower add-on for cross effects primarily resulting from model changes at Allianz Lebensversicherungs-Aktiengesellschaft. Credit risk, underwriting risk and operational risk Model changes in 2021 did not have material impacts on net credit Third country equivalence risk, underwriting risk and operational risk. The capital requirements for Allianz Group companies under third country equivalent regimes increased by € 0.2 bn to € 3.5 bn (2020: Annual Report 2021 − Allianz Group 107

C _ Group Management Report € 3.3 bn). This is caused by a regulatory change in the risk based mechanisms are applied to ensure adherence to Allianz’s capital (RBC) factors for Allianz Life of North America. underwriting standards and monitor the quality of the portfolio and underwriting process. The underwriting processes must Impact of model changes on eligible Group own support sustainable and profitable business, secure consistency, funds align with the risk appetite of the Group and of the operating The regulatory and model changes in 2021 resulted in a € 0.2 bn entities as well as avoid undesired and/or excessive risks and increase of Own Funds which was mainly driven by the adjustment of accumulations. The full economic consequences of a pandemic the UFR, an economic scenario generator model change, and several event such as COVID-19 are uninsurable. The required capital for major model changes at the German Life/Health companies Allianz an effective protection against such an accumulation of risks Lebensversicherungs-Aktiengesellschaft and Allianz Private would require premium rates that are unattractive for the Krankenversicherungs-Aktiengesellschaft. Transferability deduction of customers, if not unaffordable. In addition, a pandemic affects surplus funds at Allianz Lebensversicherungs-Aktiengesellschaft and multiple factors such as business interruption, impact on global Allianz Private Krankenversicherungs-Aktiengesellschaft in the capital markets, increase in medical costs, and mortality. amount of € (0.4) bn from model-related SCR changes are further − Other non-financial risks: These risks are inherent to the Group’s offsetting the model changes. core business and need to be carefully managed via continuous improvements in risk identification, risk assessment, and control Impacts of transitional measures environments. This occurs through elements of the Group Risk The continued application of transitional measures on technical management framework such as the Top Risk Assessment (TRA), provisions for Allianz Lebensversicherungs-Aktiengesellschaft and Integrated Risk and Control System (IRCS), Reputational Risk Allianz Private Krankenversicherungs-Aktiengesellschaft resulted in Management Framework, and Liquidity Risk Management. an increase in the Own Funds of € 12.4 bn at the Group level. Allianz risk profile and management Financial markets are characterized by historically low interest rates 1 and risk premiums, causing some investors to look for higher-yielding assessment – and potentially higher-risk – investments. In addition to sustained low interest rates, there are several other factors that may lead to increasing market volatility. These include the challenges of Allianz’s core business as a global insurer and asset manager implementing long-term structural reforms in key eurozone countries; predominantly exposes it to a variety of risks such as underwriting risks, tensions in the relationship between the United Kingdom and the financial market and credit risks, and several other non-financial risks European Union following the exit of the United Kingdom from the (i.e., operational, reputational, liquidity, and strategic risks). The union; the uncertainty about future monetary and fiscal policies; rising execution of the Renewal Agenda may impact the potential severity populism; amplified geopolitical tensions and economic nationalism or likelihood of these existing risks, contribute towards concentrations amid the pandemic, including a worsening of the Russia-Ukraine of certain types of risk, or potentially even give rise to new risks within situation or a deterioration of the U.S.-China relationship; and a given risk category. However, from a broad perspective, the overall disruptions in global supply chains, which weigh on global trade with risk profile of Allianz has remained and is expected to remain stable. the potential of prompting long-term structural shifts in global supply “Stable” in this context means a relatively high exposure to market and chains. credit risks, a moderate exposure to underwriting risks, and a modest Another potential source of higher market volatility is the exposure to operational, business, and other risks (i.e., measured as a uncertainty around whether the currently observed higher rates of share of the Allianz Group’s Solvency II risk capital). Please refer to inflation are transitory, and the associated timing and extent of section “Solvency II Regulatory Capitalization” for further details. corresponding central bank policy measures. To support the development of a risk appetite and a risk The increasing reliance on digital technologies which has been management framework for these core risks, the Allianz Group has greatly accelerated by the COVID-19 pandemic – to ensure business elaborated the following risk management philosophy: continuity and enhance efficiency and competitiveness – increases the risk of technology obsolescence, cyberattacks, data breaches, system − Financial risks: Allianz Group’s ultimate objective is to assure that failures as well as the risk of non-compliance with increasing financial risk taking is in line with risk-bearing capacity at the regulation covering IT-related business processes. Group and legal entity level, and that it creates shareholder equity. The ongoing uncertainty around the evolution of the COVID-19 To manage financial risk effectively and avoid accumulated losses pandemic remains a significant risk. Full economic recovery is not in times of financial crisis, it is essential to clearly identify, measure, expected to occur until the health concerns are forcefully and credibly monitor, and control the risks inherent in the investment portfolios removed, i.e., highly effective medication is available or herd immunity and in insurance products, including the development of new is achieved. The timing and progress remain uncertain, and residual products. risks will remain such as further virus mutations, emerging side effects, − Underwriting risks: Exposures to these risks are required to serve length of the immunity from vaccination, and a lasting refusal to take customers and generate shareholder value. Quality control vaccines by too large a part of the population, as most authorities do 1_This section contains specific risk disclosures as required by IFRS 4 and IFRS 7 relating to the Notes to the Consolidated Financial Statements. 108 Annual Report 2021 − Allianz Group

C _ Group Management Report not intend to make vaccination compulsory. Renewed or modified containment (lockdown) measures risk delaying economic recovery, The management feels comfortable with the Group’s overall risk with significant credit implications in some industries. The pace and profile, and confident that the effectiveness of its risk management timing of recovery, the overall economic cost, and credit implications framework meets both the challenges of a rapidly changing will depend on an effective transition to post-COVID policies, as less environment and day-to-day business needs. This confidence is based supportive fiscal packages could hurt employment and the solvency on several factors: of small or more exposed businesses. Therefore, we continue to closely monitor political and financial − Due to its effective capital management, the Allianz Group is well developments as well as the global trade situation to manage our capitalized and has met its internal, rating agency, and regulatory overall risk profile to specific event risks. solvency targets as of 31 December 2021. Allianz remains one of the most highly rated insurance groups in the world, as reflected by our external ratings. Our approved internal model has been applied since the beginning of − The Group has a conservative investment profile and disciplined 2016 when Solvency II became effective. There is some uncertainty business practices in the Property-Casualty, Life/Health, and Asset about future regulatory requirements resulting from the potential Management business segments, leading to sustainable introduction of future global capital requirements and from the operating earnings with a well-balanced risk-return profile. current Solvency II review. − Allianz is well positioned to deal with potentially adverse future The frameworks for potential future capital requirements for events such as the ongoing COVID-19 pandemic – due to our Internationally Active Insurance Groups (IAIGs) and Global strong internal limit framework, stress testing, internal model, and Systemically Important Insurers (G-SIIs) are yet to be finalized by the risk management practices. International Association of Insurance Supervisors (IAIS) and the − Finally, the Group has the additional advantage of being well- Financial Stability Board (FSB).In addition, the European Commission diversified, both geographically and across a broad range of is conducting a review of the Solvency II directive as foreseen in businesses and products. European legislation. The review covers an extensive list of topics from − As a matter of course, the pending AllianzGI U.S. Structured Alpha a wide variety of areas, from capital requirements to reporting, to matter will be constantly monitored and will be covered by our proportionality and to insurance recovery and resolution, for regular risk reassessments. Any learnings from this matter will also which EIOPA provided technical advice to the European be reflected in the continuous improvement of our risk Commission in December 2020, suggesting amendments in each management processes. area. Based on this and further input from stakeholders, the European Commission published its legislative proposal in September 2021. Based on the information available to us at the moment of report While following the EIOPA advice in general, the European completion, we expect the Group to continue to be sufficiently commission introduced some changes. In particular, the proposal capitalized and compliant with both the regulatory Solvency Capital includes a phase-in until year 2032 for the new interest rates Requirement and minimum consolidated Group Solvency Capital extrapolation, and a less conservative approach for calculating the Requirement. However, we are carefully monitoring the further risk margin of the technical provisions. The legislative proposal is development of the COVID-19 pandemic and managing our subject to trilogue negotiations at the European level before changes portfolios to ensure that the Group and its entities have sufficient to the directive become effective. A further transposition into national resources to meet their solvency capital needs. law will be required, so that final implementation is expected for 2025. In this context, the Allianz Group is actively participating in discussions with the European Commission, EIOPA, local regulators, Insurance The Allianz Group’s Own Funds and capital requirements are based on Europe, and the GDV. the market value balance sheet approach, which is consistent with the Therefore, future Solvency II capital requirements are expected to economic principles of Solvency II1. Our regulatory capitalization is change as result of the review of the Solvency II framework. Concrete shown in the following table. effects of the Solvency II review for the Group, however, can only be assessed after final results have been made available. 1 Allianz Group: Solvency II regulatory capitalization Finally, the potential for a multiplicity of different regulatory regimes, capital standards, and reporting requirements will increase As of 31 December 2021 2020 operational complexity and costs. Own Funds € bn 86.0 84.9 Capital requirement € bn 41.2 40.9 Capitalization ratio % 209 207 1_Excluding the application of transitional measures for technical provisions 1_Own Funds and capital requirement are calculated under consideration of volatility adjustment and yield curve extension, as described in section “Risk-free rate and volatility adjustment”. Annual Report 2021 − Allianz Group 109

C _ Group Management Report In the second quarter of 2020, Allianz had been granted approval for the application of transitionals on technical provisions for the two entities Allianz Lebensversicherungs-Aktiengesellschaft and Allianz Private Krankenversicherungs-Aktiengesellschaft. Including the application of transitional measures for technical provisions, the Own Funds and SCR as of 31 December 2021 amounted to € 98.4 bn and € 41.2 bn leading to a Solvency II ratio of 239 %. Our general capital steering, however, continues to focus on the previous approach, i.e., excluding the application of transitional measures for technical provisions. Consequently, the figures in all subsequent sections exclude transitional measures unless otherwise stated. The following table summarizes our Solvency II regulatory capitalization ratios disclosed over the course of the year 2021: Allianz Group: Solvency II regulatory capitalization ratios % 31 Dec 2021 30 Sept 2021 30 Jun 2021 31 Mar 2021 31 Dec 2020 Capitalization ratio 209 207 206 210 207 Compared to year-end 2020, our Solvency II capitalization ratio increased by 1 percentage point to 209 % (2020: 207 %)1 since the slight increase in the Solvency II Capital Requirement was overcompensated by the increase of the Own Funds. The increase in the Solvency II ratio was mainly driven by the operating Solvency II capital generation and business evolution (29 percentage points), positive market developments such as the rise in interest rates (8 percentage points), as well as regulatory and model changes (3 percentage points). Taxes and other changes contributed negatively ((24) percentage points), of which (9) percentage points result from the recognition of a provision for the pending AllianzGI U.S. Structured Alpha matter. An additional net partial offset came from (capital) management actions ((14 ) percentage points). Dividend accrual, new equity investments, as well as M&A transactions – such as the acquisitions of AVIVA Poland, AVIVA S.p.A. and the Westpac General Insurance portfolio – contributed to the negative offset, whereas life back book reinsurance transactions, for example by Allianz Life of North America and Allianz Suisse, supported a higher Solvency II ratio. 1_Increase is only 1%-pt due to rounding (2020: 207.4%; 2021: 208.6%) 110 Annual Report 2021 − Allianz Group

C _ Group Management Report The following table presents the sensitivities of our Solvency II Quantifiable risks and opportunities by capitalization ratio under certain standard financial market scenarios. 1 risk category Allianz Group: Solvency II regulatory capitalization ratio sensitivities This Risk and Opportunity Report outlines the Group’s risk figures, % reflecting its risk profile based on pre-diversified risk figures and Group As of 31 December 2021 2020 diversification effects. Base capitalization ratio 209 207 At the Allianz Group, we measure and steer risk based on an Interest rates up by 0.5 %1 213 214 approved internal model which quantifies the potential adverse Interest rates down by 0.5 %1 204 198 developments of Own Funds. The results provide an overview of how Equity prices up by 30 % 222 222 our risk profile is distributed over different risk categories, and Equity prices down by 30 % 194 193 determine the regulatory capital requirements in accordance with Combined scenario: Solvency II. Equity prices down by 30 % Interest rate down by 0.5 %1 With the exception of the Asset Management business segment, Credit spreads up by 0.5 % 171 161 all business segments are exposed to the full range of risk categories. 1_Non-parallel interest rate shifts due to extrapolation of the yield curve beyond the last liquid point in line with As mentioned earlier, the Asset Management business segment is Solvency II rules. predominantly exposed to operational risks. In addition, there is some exposure to market risks and to a lesser extent to credit risks. The risk capital for the Asset Management business segment is allocated to The presented sensitivity analyses are based on defined variations of sectoral requirement. specific parameters and describe the resulting development of our The pre-diversified risk figures reflect the diversification effect Solvency II capitalization under such idealized scenarios (e.g., within each modeled risk category (i.e., market, credit, underwriting, decrease in interest rates by 50 basis points). The observed business, and operational risk), but do not include the diversification developments will, however, typically materialize in a more complex effects across risk categories. Group diversified risk figures also capture way (e.g., interest rates are typically not decreasing in a parallel shift the diversification effect across all risk categories. manner along the term structure). Therefore, sensitivities are to be interpreted in a way such that they provide valuable information on areas to which our capitalization is particularly sensitive together with an indication of the estimated magnitude. The actual observed developments in the capitalization can, however, be more or less pronounced depending on the specific realized circumstances. Our comprehensive stress testing framework is regularly analyzed in order to identify potential enhancements to support the explanatory power of stress tests conducted in light of our risk profile. The Allianz Group is a financial conglomerate within the scope of the Financial Conglomerate Directive (FCD). The FCD does not impose a materially different capital requirement on Allianz Group compared to Solvency II. 1_This section contains specific risk disclosures as required by IFRS 4 and IFRS 7 relating to the Notes to the Consolidated Financial Statements. Annual Report 2021 − Allianz Group 111

C _ Group Management Report The Group diversified risk is broken down as follows: Allianz Group: Allocated risk according to the risk profile (total portfolio before non-controlling interests) € mn Market risk Credit risk Underwriting risk Business risk Operational risk Diversification Total 1 1 1 1 1 1 1 As of 31 December 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Property-Casualty 5,357 4,414 2,388 2,334 12,083 11,299 503 754 1,442 1,530 (6,291) (6,922) 15,482 13,409 Life/Health 18,578 20,760 2,727 3,234 619 652 3,370 2,294 1,424 1,446 (5,199) (4,510) 21,518 23,875 Corporate and Other 1,962 1,604 477 527 184 214 - - 438 363 (865) (583) 2,196 2,125 Total Group 25,896 26,778 5,592 6,095 12,887 12,165 3,872 3,048 3,304 3,339 (12,356) (12,015) 39,195 39,409 Tax (4,877) (5,816) Capital add-on 914 798 Third country equivalent 3,212 3,529 Sectoral requirement 2,761 2,650 Total Group 41,205 40,570 1_2020 risk profile figures adjusted based on the 2021 model changes impact. The following sections explain the evolution of our risk profile per Switzerland and France. Business evolution also contributed to a modeled risk category. All risks are presented on a pre-diversified basis higher risk capital, driven by the net earned premiums in the Property- and concentrations of single sources of risk are discussed accordingly. Casualty business segment and new business in the Life/Health As of 31 December 2021, the Group-diversified risk capital, which segment. Other effects such as model and assumptions updates and reflects our risk profile before considering non-controlling interests, a lower tax relief further contributed to the increment. This was amounted to € 41.2 bn (2020: € 40.6 bn). This represents a slight partially compensated by risk capital relief from market increase in the diversification benefit – before tax – of 0.8 % to 24.0 %. developments, especially the rise in interest rates. The € 0.6 bn increase in the Solvency II Capital Requirement was partially due to the net effect of management actions. In this context, the acquisition of new business in Poland (Aviva Poland), Australia (the The following table presents our group-wide risk figures related to general insurance business of Westpac), Italy (Aviva Italy S.p.A.), and market risks by business segment and source of risk. new equity investments led to higher capital requirements. These were partially compensated by risk mitigating measures such as life back book reinsurance transactions of Allianz Group companies in the U.S., Allianz Group: Risk profile – market risk by business segment and source of risk (total portfolio before tax and non-controlling interests) pre-diversified, € mn Interest rate Inflation Credit spread Equity Real estate Currency Total 1 1 1 1 1 1 1 As of 31 December 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Property-Casualty (474) (469) (2,077) (2,518) 3,302 3,563 2,873 2,346 1,384 1,341 348 151 5,357 4,414 Life/Health 586 1,013 (706) (428) 7,767 10,678 9,330 7,950 1,759 1,601 (159) (53) 18,578 20,760 Corporate and Other 160 238 (371) (425) 306 424 1,572 1,127 126 121 170 119 1,962 1,604 Total Group 272 782 (3,154) (3,372) 11,375 14,665 13,775 11,423 3,270 3,063 359 218 25,896 26,778 Share of total Group pre-diversified risk 44.3 % 45.9 % 1_2020 risk profile figures adjusted based on the 2021 model changes impact. The Group’s total pre-diversified market risk decreased by € 0.9 bn, which was mainly driven by lower credit spread risk in the Life/Health business segment due to exposure reductions from back book transactions, rising interest rates and higher policyholder participations. The decrease in market risk was further supported by lower interest rate risk, mainly reflecting the relief from higher interest rates for the Life/Health business. These two relief effects for market risk were partially compensated by a rise in equity risk, together with a lower relief from inflation risk, and higher real estate and currency risks. The increase in equity and real estate risks mainly affected the Life/Health segment and was driven by stronger markets and additional equity investments. The changes in inflation risk are driven by diversification effects. 112 Annual Report 2021 − Allianz Group

C _ Group Management Report Interest rate risk Credit risk – investments As of 31 December 2021, our interest-rate-sensitive investments As of 31 December 2021, the credit risk arising from our investment excluding unit-linked business – amounting to a market value of portfolio accounted for 79.1 % (2020: 81.5 %) of our total Group pre- € 451.2 bn (2020: € 486.5 bn)1 – would have gained € 54.2 bn (2020: diversified internal credit risk5. € 58.6 bn) or lost € 46.1 bn (2020: € 49.8 bn)2 in value in the event of Credit risk in the Life/Health business segment is primarily driven interest rates shifting by -100 and + by long-term assets covering long-term liabilities. Typical investments 100 basis points, respectively. However, these impacts would have been partially offset by are government bonds, senior corporate bonds, covered bonds, self- policyholder participation. In addition, the Solvency II Own Funds originated mortgages and loans, and a modest amount of derivatives. effect is much more limited due to our active duration management, In the Property-Casualty business segment, fixed-income securities limiting the duration mismatch of the Group to 0.2 years, representing tend to be short- to mid-term, due to the nature of the business, which Solvency II liabilities of shorter duration than assets. explains the lower credit risk in this segment. The counterparty credit risk arising from derivatives is low, since Equity risk derivatives usage is governed by the group-wide internal guideline for As of 31 December 2021, our investments excluding unit-linked collateralization of derivatives, which stipulates master netting and business that are sensitive to changing equity markets – amounting to collateral agreements with each counterparty and requires high- a market value of € 89.2 bn3 (2020: € 66.6 bn) – would have lost quality and liquid collateral. In addition, Allianz closely monitors € 23.1 bn4 (2020: € 17.9 bn) in value assuming equity markets had counterparties’ credit ratings and exposure movements. declined by 30 %. However, this impact would have been partially offset by policyholder participation. Real estate risk As of 31 December 2021, about 5.6 % (2020: 5.4 %) of the total pre- diversified risk was related to real estate exposures. The following table presents our group-wide risk figures for credit risks by business segment. Allianz Group: Risk profile – allocated credit risk by business segment (total portfolio before tax and non-controlling interests) pre-diversified As of 31 December 1 2021 2020 Property-Casualty € mn 2,388 2,334 Life/Health € mn 2,727 3,234 Corporate and Other € mn 477 527 Total Group € mn 5,592 6,095 Share of total Group pre-diversified risk % 9.6 10.4 1_2020 risk profile figures adjusted based on the 2021 model changes impact. Throughout 2021, there were no material events with regard to credit migration risk and default risk. The overall credit risk for the Allianz Group decreased by € 0.5 bn to € 5.6 bn (2020: € 6.1 bn). This was mainly driven by the higher interest rate environment compared to the previous year, which generally decreased credit risk exposures, thereby reducing credit risk. This also contributed to an increase in the loss-absorbing capacity of technical provisions in the traditional life business, which also decreased the credit risk after considering policyholder participation. 1_The stated market value includes all assets whose market value is sensitive to interest rate movements 5_Additionally, 8.5 % (2020: 8.7 %) of our total Group pre-diversified internal credit risk is allocated to (excluding unit-linked business) reflecting the Solvency II framework, and therefore is not based on receivables, potential future exposure for derivatives and reinsurance, and other off-balance sheet classifications given by accounting principles. exposures. 2_The effects do not consider policyholder participation. 3_The stated market value includes all assets whose market value is sensitive to equity movements (excluding unit-linked business) reflecting the Solvency II framework, and therefore is not based on classifications given by accounting principles. 4_The effect does not consider policyholder participation. Annual Report 2021 − Allianz Group 113

C _ Group Management Report As of 31 December 2021, the rating distribution of our fixed- income portfolio based on issue (instrument) ratings was as follows: Rating distribution of Allianz Group’s fixed-income portfolio1 – fair value € bn Type of issuer Government / Covered bond Corporate Banks ABS / MBS Short-term loan Other Total agency As of 31 December 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 AAA 45.5 49.5 42.6 47.7 3.3 3.2 2.7 3.0 17.5 19.1 0.1 0.0 - - 111.7 122.5 AA 99.8 111.5 12.4 18.2 27.6 24.3 3.5 4.3 6.7 6.2 0.6 0.6 0.1 0.1 150.8 165.3 A 40.2 43.4 0.3 0.4 73.5 71.1 19.4 19.0 2.3 0.9 0.5 0.5 0.9 0.0 137.1 135.3 BBB 41.6 41.9 0.3 0.4 126.7 124.8 9.5 8.2 1.6 1.2 0.4 0.4 0.9 1.7 181.1 178.7 BB 7.5 6.7 - - 13.1 10.5 0.5 1.0 0.1 0.1 0.0 0.0 0.0 0.0 21.2 18.4 B 4.3 3.6 - - 6.0 4.0 0.2 0.2 0.2 0.1 0.1 0.0 0.2 0.0 11.0 8.0 CCC 0.4 0.3 - - 0.1 0.2 0.0 0.0 0.1 0.1 - 0.0 - - 0.6 0.6 CC 0.0 0.0 - - - 0.0 0.0 0.0 0.1 0.1 - - - - 0.1 0.1 C 0.0 0.0 - - 0.1 - - - 0.0 0.0 - - - - 0.1 0.0 D 0.0 0.0 - - 0.0 0.1 - - 0.0 0.0 - - - - 0.1 0.1 Not rated 1.3 1.5 0.1 0.1 9.2 11.2 0.1 0.2 0.1 0.1 0.3 0.2 10.4 7.2 21.5 20.4 Total 240.5 258.5 55.6 66.7 259.6 249.5 36.0 35.9 28.8 28.1 2.2 1.8 12.5 9.1 635.2 649.5 1_In accordance with practice adhered to in our Group Management Report, figures stated include investments of Banking and Asset Management. Table excludes private loans. Stated market values include investments not in scope of the Solvency II framework. Credit risk – credit insurance Talcott Resolution Life Insurance Company, a U.S. life insurer with a As of 31 December 2021, 10.5 % (2020: 8.6 %) of our total Group pre- “BBB” S&P rating. The economic reinsurance exposure to General diversified internal credit risk was allocated to Euler Hermes credit Electric was further reduced in 2021 by increasing the amount of trust insurance exposures. assets and obtaining credit protection. Credit risk – reinsurance 1 Reinsurance recoverables by rating class As of 31 December 2021, 1.9 % (2020: 1.2 %) of our total Group pre- € bn diversified internal credit risk was allocated to reinsurance exposures. As of 31 December 2021 2020 Of the Allianz Group’s reinsurance recoverables, 90.2 % (2020: AAA 0.06 0.02 75.5 %) were distributed among reinsurers that had been assigned an AA+ to AA- 6.11 5.67 investment-grade rating; 9.5 A+ to A- 30.99 3.24 % (2020: 24.4 %) were non-rated reinsurance recoverables, the remaining 0.3 % (2020: 0.1 %) were BBB+ to BBB- 15.07 8.03 towards non-investment grade reinsurers. The movements in the Non-investment grade 0.16 0.01 reinsurance exposure are mainly due to an expanded reinsurance Not assigned 5.51 5.49 Total 57.90 22.46 program. For substantial single-name reinsurance exposures or exposures to non-rated captives, risk-mitigating techniques such as 1_Represents gross exposure for external reinsurance, broken down by rating classes. collateral agreements or funds-withheld concepts are in place. In particular, in 2021, Allianz Life of North America and Allianz Suisse Lebensversicherungs-Aktiengesellschaft executed life back book transactions and entered reinsurance relationships ceding a total of The following table presents the pre-diversified risk calculated for € 35.1. bn of gross life and annuity reserves. The business partners underwriting risks associated with our insurance business. include Resolution Re Ltd, a Bermuda-based reinsurance company with an “A3” Moody’s rating (equivalent to an “A-“ S&P rating), and 114 Annual Report 2021 − Allianz Group

C _ Group Management Report 1 Allianz Group: Risk profile – allocated underwriting risk by business segment and source of risk (total portfolio before non-controlling interests) pre-diversified, € mn Premium natural catastrophe Premium terror Premium non-catastrophe Reserve Biometric Total 2 2 2 2 2 2 As of 31 December 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Property-Casualty 985 805 12 17 4,527 4,194 6,441 6,116 118 167 12,083 11,299 Life/Health - - - - - - - - 619 652 619 652 Corporate and Other - - - - - - - - 184 214 184 214 Total Group 985 805 12 17 4,527 4,194 6,441 6,116 921 1,033 12,887 12,165 Share of total Group pre-diversified risk 22.05 % 20.83 % 1_As risks are measured in an integrated approach and on an economic basis, internal risk profile takes reinsurance effects into account. 2_2020 risk profile figures adjusted based on the impact of the 2021 model changes. During 2021, the total Group pre-diversified underwriting risk capital Contributions from the Property-Casualty and the Corporate and increased by € 0.7 bn. Other business segments are generated by the longevity risk of the internal pension schemes they contain. Property-Casualty Due to effective product design and the diversity of our products, The increase in Property-Casualty underwriting risk was mainly driven there were no significant concentrations of underwriting risks within by exposure and model updates in premium non-catastrophe and our Life/Health business segment. reserve risk. Overall, the underwriting risk profile for the Allianz Group is not expected to change much, as we do not plan to significantly change The risk capital contribution of business risk increased by € 0.8 bn our underwriting standards (Allianz Standard for P&C Underwriting) or compared to the previous year. This is mainly driven by the impact of our risk appetite with regards to natural catastrophe, man-made, or the improved market environment on the lapse mass risk for the terror risks and our corresponding retrocession reinsurance strategy. German life insurance portfolio. The loss ratios for the Property-Casualty business segment are presented in the following table: Overall, the operational risk capital showed a stable risk profile. The 1 slight decrease in risk capital was driven by the regular annual update Property-Casualty loss ratios for the past ten years % of local parameters. The decrease is largely due to a regulatory 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 triggered carve-out of a French Group company from the internal Loss ratio 67.0 69.5 68.0 66.0 66.5 65.6 66.2 66.0 65.9 68.3 model. Loss ratio excluding natural catastrophes 63.9 67.8 66.5 64.0 64.2 64.2 64.6 65.1 63.0 66.6 The risk capital reflecting requirements for Allianz Group companies 1_Represents claims and insurance benefits incurred (net), divided by premiums earned (net). under third country equivalent regimes decreased by € 0.3 bn to € 3.2 bn (2020: € 3.5 bn). The main reason for this is that Allianz Life of North America reinsured $ 35 bn of liabilities of its fixed index annuity The top five perils contributing to the natural catastrophe risk as of book. 31 December 2021 were: windstorms in Europe, tropical cyclones in the USA, floods in Germany, tropical cyclones and earthquakes in Australia. Detailed information regarding the Allianz Group’s liquidity risk exposure, liquidity, and funding – including changes in cash and cash Life/Health equivalents – is provided in Liquidity and Funding Resources and in The underwriting risk capital contribution of biometric risk decreased notes 12, 18 and 33 to the Consolidated Financial Statements. As can by € 0.1 bn compared to the previous year. This is mainly due to in-force be inferred from the section on the management of liquidity risks, while optimization strategies reducing the overall longevity exposure while these are quantified and monitored through regular stress test being marginally offset by an increase in mortality risk from new reporting as well as properly managed, they are not quantified for risk business. capital purposes. Annual Report 2021 − Allianz Group 115

C _ Group Management Report INTEGRATED RISK AND CONTROL SYSTEM FOR FINANCIAL REPORTING The following information is provided pursuant to § 289 (4) and − Preventive and detective key controls addressing financial § 315 (4) of the German Commercial Code (“Handelsgesetzbuch – reporting risks have been put in place to reduce the likelihood HGB”). and impact of financial misstatements. When a potential risk In line with both our prudent approach to risk governance and materializes, actions are taken to reduce the impact of the compliance with regulatory requirements, we have created a financial misstatement. Given the strong dependence of financial framework and processes to identify and mitigate the risk of material reporting processes on information technology systems, we errors in our Consolidated Financial Statements (this also includes have also implemented IT controls. our market value balance sheet and risk capital calculation risks). The − Last but not least, we focus on ensuring that controls are Integrated Risk and Control System (IRCS) is regularly reviewed appropriately designed and effectively executed to mitigate and updated. It covers three buckets of risks: financial reporting risks, risks. We have set consistent process and documentation compliance risks, and other operational risks (including IT risks). The IT requirements across the Allianz Group for elements such as the controls are based on COBIT 5 and include, for example, controls design of key controls and evidence of their execution as well for access right management, project and change management. In as related control design and effectiveness testing procedures. addition, our Entity Level Control Assessment (ELCA) framework We conduct an annual assessment of our internal control system contains controls to monitor the effectiveness of our system of to maintain and continuously enhance its effectiveness. Group governance. Audit and local internal audit functions ensure that the overall quality of our control system is subject to regular control testing, in order to assure reasonable design and operating The accounting and consolidation processes we use to produce our effectiveness. Internal Audit does so through a comprehensive Consolidated Financial Statements are based on a central risk-based approach that assesses the key controls of the consolidation and reporting IT solution and local general ledger company’s internal procedures and processes, including local solutions. The latter are largely harmonized throughout the Group, and group-internal controls over financial reporting risks, using standardized processes, master data, posting logics, and from an integrated perspective. interfaces for data delivery to the Holding. Access rights to accounting systems are managed according to strict authorization procedures. Accounting rules for the classification, valuation, and disclosure of The Group center functions, the Group Disclosure Committee, and our all items in the balance sheet, the income statement, and notes related operating entities support the Allianz SE Board of Management to to the annual and interim financial statements are defined primarily in ensure the completeness, accuracy, and reliability of our Consolidated our Group accounting manual. Internal controls are embedded in the Financial Statements. accounting and consolidation processes to safeguard the accuracy, The Group Disclosure Committee ensures that the board completeness, and consistency of the information provided in our members are made aware of all material information that could affect financial statements. our disclosures, and assesses the completeness and accuracy of the information provided in the quarterly statements, half-year and annual financial reports as well as in the Solvency II qualitative Our approach can be summarized as follows: reports1. In 2021, the Group Disclosure Committee met on a quarterly basis before the quarterly statements and financial reports were − We use a centrally developed risk catalog which is linked to issued. In addition, the Group Disclosure Committee reviewed and individual accounts. This risk catalog is reviewed on a yearly basis approved the Solvency II qualitative reports prior to issuance. and is the starting point for the definition of the Group’s as well as Subsidiaries within the scope of our control system are individually the operating entities’ scope of financial reporting risks. The responsible for adhering to the Group’s internal governance and methodology is described in our IRCS Guideline. In the course of control policy and for creating local Disclosure Committees that are the scoping process, both materiality and susceptibility to a similar to the Group-level committee. The entities’ CEOs and CFOs misstatement are considered simultaneously. In addition to the provide periodic sign-offs to the management of Allianz SE, quantitative calculation, we also consider qualitative criteria, such certifying the effectiveness of their local systems of internal control as the expected increase in business volume or the complexity of as well as the completeness, accuracy, and reliability of financial data transactions. reported to the Holding. − Based on the centrally provided risk catalog, our local entities identify risks that could lead to material financial misstatements. 1_Solvency and Financial Condition Report and Regular Supervisory Report. 116 Annual Report 2021 − Allianz Group

CONSOLIDATED FINANCIAL STATEMENTS D Annual Report 2021 − Allianz Group 117

D _ Consolidated Financial Statements CONSOLIDATED BALANCE SHEET Consolidated balance sheet € mn As of 31 December Note 2021 2020 ASSETS Cash and cash equivalents 24,214 22,443 Financial assets carried at fair value through income 5 19,604 21,191 Investments 6 663,649 656,522 Loans and advances to banks and customers 7 124,079 116,576 Financial assets for unit-linked contracts 158,346 137,307 Reinsurance assets 8 56,731 20,170 Deferred acquisition costs 9 23,756 21,830 Deferred tax assets 32 1,910 1,006 Other assets 10 48,264 45,573 Non-current assets and assets of disposal groups classified as held for sale 3 145 1,790 Intangible assets 11 18,732 15,604 Total assets 1,139,429 1,060,012 LIABILITIES AND EQUITY Financial liabilities carried at fair value through income1 20,891 24,079 Liabilities to banks and customers 12 15,468 14,722 Unearned premiums 13 27,501 25,341 Reserves for loss and loss adjustment expenses 14 86,974 80,897 Reserves for insurance and investment contracts 15 632,061 611,096 Financial liabilities for unit-linked contracts 16 158,346 137,307 Deferred tax liabilities 32 5,626 8,595 Other liabilities 17 86,596 49,005 Liabilities of disposal groups classified as held for sale 3 - 1,134 Certificated liabilities 18 10,788 9,206 Subordinated liabilities 18 10,956 14,034 Total liabilities 1,055,207 975,417 Shareholders’ equity 79,952 80,821 Non-controlling interests 4,270 3,773 Total equity 19 84,222 84,594 Total liabilities and equity 1,139,429 1,060,012 1_Include mainly derivative financial instruments. 118 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements CONSOLIDATED INCOME STATEMENT Consolidated income statement € mn Note 2021 2020 Gross premiums written 86,063 82,986 Ceded premiums written (7,567) (6,752) Change in unearned premiums (net) (840) (520) Premiums earned (net) 20 77,656 75,714 Interest and similar income 21 23,137 21,395 Income from financial assets and liabilities carried at fair value through income (net) 22 (2,008) (69) Realized gains/losses (net) 23 9,423 10,256 Fee and commission income 24 13,998 12,049 Other income 24 163 Total income 122,230 119,508 Claims and insurance benefits incurred (gross) (62,926) (61,818) Claims and insurance benefits incurred (ceded) 5,804 4,728 Claims and insurance benefits incurred (net) 25 (57,121) (57,091) Change in reserves for insurance and investment contracts (net) 26 (13,716) (12,976) Interest expenses 27 (1,159) (999) Loan loss provisions (11) (15) Impairments of investments (net) 28 (1,331) (5,467) Investment expenses 29 (1,962) (1,640) Acquisition and administrative expenses (net) 30 (31,422) (26,644) Fee and commission expenses 31 (5,000) (4,024) Amortization of intangible assets (307) (260) Restructuring and integration expenses (666) (788) Other expenses (15) - Total expenses (112,710) (109,905) Income before income taxes 9,520 9,604 Income taxes 32 (2,415) (2,471) Net income 7,105 7,133 Net income attributable to: Non-controlling interests 495 326 Shareholders 6,610 6,807 Basic earnings per share (€) 41 15.96 16.48 Diluted earnings per share (€) 41 15.83 16.32 Annual Report 2021 − Allianz Group 119

D _ Consolidated Financial Statements CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Consolidated statement of comprehensive income € mn 2021 2020 Net income 7,105 7,133 Other comprehensive income Items that may be reclassified to profit or loss in future periods Foreign currency translation adjustments Reclassifications to net income - (38) Changes arising during the year 1,280 (2,221) Subtotal 1,280 (2,259) Available-for-sale investments Reclassifications to net income (1,772) (241) Changes arising during the year (4,149) 5,117 Subtotal (5,921) 4,877 Cash flow hedges Reclassifications to net income (61) (47) Changes arising during the year (96) 122 Subtotal (157) 75 Share of other comprehensive income of associates and joint ventures Reclassifications to net income - - Changes arising during the year 181 (111) Subtotal 182 (110) Miscellaneous Changes arising during the year 111 (27) Subtotal 111 (27) Items that may never be reclassified to profit or loss Changes in actuarial gains and losses on defined benefit plans (393) (165) Total other comprehensive income (4,897) 2,391 Total comprehensive income 2,207 9,524 Total comprehensive income attributable to: Non-controlling interests 337 285 Shareholders 1,871 9,238 For further information on the income taxes associated with different components of other comprehensive income, please see note 32. 120 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Consolidated statement of changes in equity € mn Foreign Undated currency Unrealized Share- Non- subordinated Retained translation gains and holders' controlling Paid-in capital bonds earnings adjustments losses (net) equity interests Total equity Balance as of 1 January 2020 28,928 - 29,577 (2,195) 17,691 74,002 3,363 77,364 Total comprehensive income1 - - 6,471 (2,189) 4,956 9,238 285 9,524 Paid-in capital - - - - - - - - Treasury shares - - 25 - - 25 - 25 Transactions between equity holders - 2,259 (750) - - 1,509 319 1,827 Dividends paid2 - - (3,952) - - (3,952) (194) (4,146) Balance as of 31 December 2020 28,928 2,259 31,371 (4,384) 22,648 80,821 3,773 84,594 Total comprehensive income1 - - 6,444 1,285 (5,859) 1,871 337 2,207 Paid-in capital - - - - - - - - Treasury shares - - (2) - - (2) - (2) Transactions between equity holders3 (26) - (1,045) - - (1,071) 474 (597) Undated subordinated bonds4 - 2,440 (28) (124) - 2,288 - 2,288 Dividends paid2 - - (3,956) - - (3,956) (314) (4,270) Balance as of 31 December 2021 28,902 4,699 32,784 (3,223) 16,789 79,952 4,270 84,222 1_Total comprehensive income in shareholders’ equity for the year ended 31 December 2021 comprises net income attributable to shareholders of € 6,610 mn (2020: € 6,807 mn). 2_In the second quarter of 2021, a dividend of € 9.60 (2020: € 9.60) per qualifying share was paid to the shareholders. 3_For further information regarding the share buy-back program 2021, please refer to note 19. 4_For further information regarding the undated subordinated bonds, please refer to note 18. Annual Report 2021 − Allianz Group 121

D _ Consolidated Financial Statements CONSOLIDATED STATEMENT OF CASH FLOWS Consolidated statement of cash flows € mn 2021 2020 SUMMARY Net cash flow provided by operating activities 25,124 32,049 Net cash flow used in investing activities (19,783) (28,870) Net cash flow used in financing activities (3,786) (1,390) Effect of exchange rate changes on cash and cash equivalents 216 (758) Change in cash and cash equivalents 1,771 1,031 Cash and cash equivalents at beginning of period 22,443 21,075 Cash and cash equivalents reclassified to assets of disposal groups held for sale and disposed of in 2020 - 337 Cash and cash equivalents at end of period 24,214 22,443 CASH FLOW FROM OPERATING ACTIVITIES Net income 7,105 7,133 Adjustments to reconcile net income to net cash flow provided by operating activities Share of earnings from investments in associates and joint ventures (305) (112) Realized gains/losses (net) and impairments of investments (net) of: Available-for-sale and held-to-maturity investments, investments in associates and joint ventures, real estate held for investment, loans and advances to banks and customers, non-current assets and disposal groups classified as held for sale (8,092) (4,930) Other investments, mainly financial assets held for trading and designated at fair value through income 6,915 (4,765) Depreciation and amortization 2,525 2,244 Loan loss provisions 11 15 Interest credited to policyholder accounts 7,084 5,580 Other non-cash income/expenses (2,440) 5,854 Net change in: Financial assets and liabilities held for trading (5,678) 4,190 Reverse repurchase agreements and collateral paid for securities borrowing transactions (1,980) (689) Repurchase agreements and collateral received from securities lending transactions (917) 792 Reinsurance assets (1,385) (2,318) Deferred acquisition costs 2,754 (201) Unearned premiums 1,261 381 Reserves for loss and loss adjustment expenses 4,346 4,869 Reserves for insurance and investment contracts 13,676 14,702 Deferred tax assets/liabilities (358) 341 Other (net) 604 (1,035) Subtotal 18,019 24,916 Net cash flow provided by operating activities 25,124 32,049 CASH FLOW FROM INVESTING ACTIVITIES Proceeds from the sale, maturity or repayment of: Financial assets designated at fair value through income 4,751 3,689 Available-for-sale investments 178,723 160,053 Held-to-maturity investments 118 262 Investments in associates and joint ventures 942 869 Non-current assets and disposal groups classified as held for sale 301 349 Real estate held for investment 1,045 806 Loans and advances to banks and customers (purchased loans) 5,922 3,980 Property and equipment 131 125 Subtotal 191,932 170,134 122 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements CONSOLIDATED STATEMENT OF CASH FLOWS – CONTINUED Consolidated statement of cash flows € mn 2021 2020 Payments for the purchase or origination of: Financial assets designated at fair value through income (5,594) (3,807) Available-for-sale investments (188,456) (179,986) Held-to-maturity investments (225) (279) Investments in associates and joint ventures (1,525) (2,005) Non-current assets and disposal groups classified as held for sale (37) (72) Real estate held for investment (1,563) (2,043) Fixed assets from alternative investments (48) (19) Loans and advances to banks and customers (purchased loans) (1,745) (2,380) Property and equipment (1,363) (1,429) Subtotal (200,557) (192,022) Business combinations (note 3): Proceeds from sale of subsidiaries, net of cash disposed - 721 Acquisitions of subsidiaries, net of cash acquired (3,172) (857) Change in other loans and advances to banks and customers (originated loans) (7,817) (6,844) Other (net) (170) (2) Net cash flow used in investing activities (19,783) (28,870) CASH FLOW FROM FINANCING ACTIVITIES Net change in liabilities to banks and customers 1,454 659 Proceeds from the issuance of certificated liabilities and subordinated liabilities 4,593 5,719 Repayments of certificated liabilities and subordinated liabilities (6,299) (4,615) Proceeds from the issuance of undated subordinated bonds classified as shareholders' equity 2,303 2,272 Net change in lease liabilities (396) (409) Transactions between equity holders (1,034) (644) Dividends paid to shareholders (4,270) (4,146) Net cash from sale or purchase of treasury shares 2 (67) Other (net) (138) (159) Net cash flow used in financing activities (3,786) (1,390) SUPPLEMENTARY INFORMATION ON THE CONSOLIDATED STATEMENT OF CASH FLOWS Income taxes paid (from operating activities) (3,018) (2,691) Dividends received (from operating activities) 3,653 2,285 Interest received (from operating activities) 17,871 17,829 Interest paid (from operating activities) (1,090) (1,074) SIGNIFICANT NON-CASH TRANSACTIONS U.S. reinsurance transaction1 Reinsurance assets 31,309 - Unearned premiums 1,480 - Deferred tax assets/liabilities 393 - Other non-cash income/expenses (946) - Other (net) (24,824) - Available-for-sale investments (7,404) - Loans and advances to banks and customers (8) - 1_A reinsurance transaction in the United States without impacting the cashflows led to adjustments in the following positions. For further information, please refer to note 8. Annual Report 2021 − Allianz Group 123

D _ Consolidated Financial Statements Cash and cash equivalents € mn As of 31 December 2021 2020 Balances with banks payable on demand 10,102 10,188 Balances with central banks 3,807 3,658 Cash on hand 72 64 Treasury bills, discounted treasury notes, similar treasury securities, bills of exchange and checks 6,863 5,847 Reverse repurchase agreements (due in three months or less) 3,370 2,685 Total 24,214 22,443 Changes in liabilities arising from financing activities € mn Liabilities to Certificated and banks and subordinated customers liabilities Lease liabilities Total As of 1 January 2020 8,894 22,448 2,791 34,132 Net cash flows 659 1,104 (409) 1,354 Non-cash transactions Changes in the consolidated subsidiaries of the Allianz Group 42 - (83) (42) Foreign currency translation adjustments (28) (22) (88) (138) Fair value and other changes (8) (289) 514 217 As of 31 December 2020 9,559 23,241 2,725 35,525 Net cash flows 1,454 (1,706) (396) (649) Non-cash transactions Changes in the consolidated subsidiaries of the Allianz Group (16) - 13 (3) Foreign currency translation adjustments 22 12 67 101 Fair value and other changes 15 197 383 594 As of 31 December 2021 11,034 21,744 2,790 35,568 124 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS GENERAL INFORMATION 1 _ Nature of operations and basis of deferred acquisition costs on property & casualty contracts, non- presentation current assets and assets of disposal groups classified as held for sale, and liabilities of disposal groups classified as held for sale. The accompanying consolidated financial statements present the The following balances are generally considered to be non- operations of Allianz SE with its registered office in Königinstrasse 28, current: investments, deferred tax assets, intangible assets, and 80802 Munich, Germany, and its subsidiaries (the Allianz Group). deferred tax liabilities. Allianz SE is recorded in the Commercial Register of the municipal All other balances are mixed in nature (including both current and court in Munich under the number HRB 164232. non-current portions). They have been prepared in conformity with International Financial Reporting Standards (IFRS), as adopted under European Principles of consolidation Union (E.U.) regulations in accordance with § 315e (1) of the German Commercial Code (HGB). Within these consolidated financial Scope of consolidation and consolidation procedures statements, the Allianz Group has applied all standards and In accordance with IFRS 10, the Allianz Group’s consolidated financial interpretations issued by the IASB and endorsed by the E.U. that are statements include the financial statements of Allianz SE and its compulsory as of 31 December 2021. subsidiaries. Subsidiaries are usually entities where Allianz SE, directly In accordance with the provisions of IFRS 4, insurance contracts or indirectly, owns more than half of the voting rights or similar rights are recognized and measured on the basis of accounting principles with the ability to affect the returns of these entities for its own benefit. generally accepted in the United States of America (US GAAP) as at For some subsidiaries where the Allianz Group does not hold a first-time adoption of IFRS 4 on 1 January 2005. majority stake, management has assessed that the Allianz Group The consolidated financial statements have been prepared as of controls these entities. The Allianz Group controls these entities based and for the year ended 31 December 2021. The Allianz Group’s on either distinctive rights stipulated by shareholder agreements presentation currency is the euro (€). Amounts are rounded to the between the Allianz Group and the other shareholders in these nearest million (€ mn) unless otherwise stated. companies or voting rights held by the Allianz Group which are The consolidated financial statements were authorized for issue sufficient to direct the relevant activities unilaterally. by the Board of Management on 21 February 2022. There are some entities where the Allianz Group holds a majority The Allianz Group offers property-casualty insurance, life/health stake but where management has assessed that the Allianz Group insurance, and asset management products and services in over 70 does not control these entities because it has no majority represent- countries. ation in the governing bodies and/or it requires at least the confirmative vote of another investor to pass any decisions over 2 _ Accounting policies, significant relevant activities. For certain entities, voting or similar rights are not the dominant estimates, and new accounting factor of control, such as when voting rights relate to administrative pronouncements tasks only and returns are directed by means of contractual arrangements, as is the case mainly for investment funds managed by Allianz Group internal asset managers. For investment funds managed by Allianz Group entities on the basis of contractual arrangements the Allianz Group considers an exposure to variability The following paragraphs describe important accounting policies as from the aggregate economic interests (consisting of fees and direct well as significant estimates and assumptions that are relevant for the interests in the investments funds) of more than 30 % as indicative for Allianz Group’s consolidated financial statements. Estimates and control, unless there is evidence to the contrary, for example if the assumptions particularly influence the inclusion method as well as the investment funds’ financial and operating policies are largely accounting treatment of financial instruments and insurance predetermined or other parties engaged in the investment funds have contracts, goodwill, litigation provisions, pension liabilities and similar substantive spin-off rights. obligations, and deferred taxes. Significant estimates and assumptions are explained in the respective paragraphs. Business combinations and measurement of non-controlling The Allianz Group’s consolidated balance sheet is not presented interests using a current/non-current classification. The following balances are Where newly acquired subsidiaries are subject to business combin- generally considered to be current: cash and cash equivalents, ation accounting, the provisions of IFRS 3 are applied. Non-controlling Annual Report 2021 − Allianz Group 125

D _ Consolidated Financial Statements interests in the acquiree that are present ownership interests and Assets and liabilities measured or disclosed at fair value in the entitle their holders to a proportionate share of the acquiree's net consolidated financial statements are measured and classified in assets in the event of liquidation are generally measured at the non- accordance with the fair value hierarchy in IFRS 13, which categorizes controlling interest’s proportionate share of the acquiree’s identifiable the inputs to valuation techniques used to measure fair value into net assets. three levels. Level 1 inputs of financial instruments traded in active markets are Associates and joint arrangements based on unadjusted quoted market prices or dealer price quotations Associates are entities over which the Allianz Group can exercise for identical assets or liabilities on the last exchange trading day prior significant influence. In general, if the Allianz Group holds 20 % or more to or at the reporting date, if the latter is a trading day. of the voting power in an investee but does not control the investee, it Level 2 applies if the market for a financial instrument is not active is assumed to have significant influence. Investments in associates are or when the fair value is determined by using valuation techniques generally accounted for using the equity method. based on observable input parameters. Although the Allianz Group’s share in some entities is below 20 %, Level 3 applies if not all input parameters that are significant to management has assessed that the Allianz Group has significant the entire measurement are observable in the market. Accordingly, the influence over these entities because it is sufficiently represented in the fair value is based on valuation techniques using non-market governing bodies that decide on the relevant activities of these entities. observable inputs. Valuation techniques include the discounted For certain investment funds in which the Allianz Group holds a cashflow method, comparison to similar instruments for which stake of above 20 %, management has assessed that the Allianz Group observable market prices exist and other valuation models. has no significant influence because it is not represented in the Appropriate adjustments are made, for example, for credit risks. governing bodies of these investment funds or their investment activities For fair value measurements categorized as level 2 and level 3, are largely predetermined. the Allianz Group uses valuation techniques consistent with the three Pursuant to IFRS 11, investments in joint arrangements have to be widely used valuation techniques listed in IFRS 13: classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. The Allianz Group − Market approach: Prices and other relevant information has assessed the nature of all its joint arrangements and determined generated by market transactions involving identical or them to be joint ventures in most cases. Those are generally comparable assets or liabilities. accounted for using the equity method. − Cost approach: Amount that would currently be required to The Allianz Group accounts for investments in associates and joint replace the service capacity of an asset (replacement cost). arrangements with a time lag of no more than three months. Income − Income approach: Conversion of future amounts such as cash from investments in associates and joint arrangements – excluding flows or income to a single current amount (present value distributions – is included in interest and similar income. Accounting technique). policies of associates and joint arrangements are generally adjusted where necessary to ensure consistency with the accounting policies There is no one-to-one connection between valuation technique and adopted by the Allianz Group. hierarchy level. Depending on whether valuation techniques are For further information, please refer to note 44. based on significant observable or unobservable inputs, financial instruments are classified in the fair value hierarchy. Foreign currency translation Estimates and assumptions of fair values and hierarchies are Foreign currency translation generally follows the guidance set forth in particularly significant when determining the fair value of financial IAS 21. Income and expenses from subsidiaries that have a functional instruments for which at least one significant input is not based on currency other than Allianz Group’s presentation currency (Euro) are observable market data (classified as level 3 of the fair value translated to Euro at the quarterly average exchange rate. Foreign hierarchy). The availability of market information is determined by the currency gains and losses arising from foreign currency transactions relative trading levels of identical or similar instruments in the market, are reported in income from financial assets and liabilities carried at with emphasis placed on information that represents actual market fair value through income (net), except when the gain or loss on a non- activity or binding quotations from brokers or dealers. monetary item measured at fair value is recognized in other The degree of judgment used in measuring the fair value of comprehensive income. In this case, any foreign exchange component financial instruments closely correlates with the use of non-market of that gain or loss is also recognized in other comprehensive income. observable inputs. The Allianz Group uses a maximum of observable inputs and a minimum of non-market observable inputs when Financial instruments measuring fair value. Observability of input parameters is influenced by various factors such as type of the financial instrument, whether a Recognition and derecognition market is established for the particular instrument, specific transaction Financial assets are generally recognized and derecognized on the characteristics, liquidity, and general market conditions. If the fair trade date, i.e., when the Allianz Group commits to purchase or sell value cannot be measured reliably, amortized cost is used as a proxy securities. for determining fair values. For further information, please refer to note 3 4. Measurement at fair value The Allianz Group carries certain financial instruments at fair value and discloses the fair value of all financial instruments. 126 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements Impairments Real estate held for investment An available-for-sale equity security is considered to be impaired if Real estate held for investment is carried at cost less accumulated there is objective evidence that the cost may not be recovered. Such depreciation and impairments. Real estate held for investment is evidence is deemed to exist if there is a significant or prolonged decline depreciated on a straight-line basis over its useful life, with a maximum in the fair value of the security. The Allianz Group’s policy considers a of 50 years, and regularly tested for impairment. decline to be significant if the fair value is below the weighted average cost by more than 20 %. A decline is considered to be prolonged if the Fixed assets from alternative investments fair value is below the weighted average cost for a period of more than These assets are carried at cost less accumulated depreciation and nine consecutive months. If an available-for-sale equity security is impairments. They are depreciated on a straight-line basis over their impaired, any further declines in the fair value at subsequent reporting useful life, with a maximum of 35 years, and regularly tested for dates are recognized as impairments. impairment. Hedge accounting Financial assets and liabilities for unit-linked Derivative financial instruments designated as hedging instruments in contracts hedge accounting relationships are included in the line items Other Financial assets for unit-linked contracts are recorded at fair value, assets and Other liabilities. Freestanding derivatives are included in with changes in fair value recognized in the income statement the line items Financial assets held for trading or Financial liabilities together with the offsetting changes in fair value of the corresponding held for trading. financial liabilities for unit-linked contracts. They are included in the For further information on derivatives, please refer to note 3 line item Income from financial assets and liabilities carried at fair 3. value through income (net). Cash and cash equivalents Cash and cash equivalents include balances with banks payable on Reinsurances assets demand, balances with central banks, cash on hand, treasury bills to Assets and liabilities related to reinsurance are reported on a gross the extent they are not included in financial assets held for trading, and basis. Reinsurance assets include balances expected to be recovered checks and bills of exchange that are eligible for refinancing at central from reinsurance companies. The amount of reserves ceded to banks, subject to a maximum term of three months from the date of reinsurers is estimated in a manner consistent with the claim liability acquisition. associated with the reinsured risks. To the extent that the assuming reinsurers are unable to meet their obligations, the respective ceding Financial assets and liabilities carried at fair value insurers of the Allianz Group remain liable to their policyholders for the through income portion reinsured. Consequently, allowances are made for receivables Financial assets and liabilities carried at fair value through income on reinsurance contracts which are deemed uncollectible. include financial assets and liabilities held for trading as well as financial assets and liabilities designated at fair value through income. Deferred acquisition costs While the former category includes trading instruments and financial derivatives, the latter category is mainly designated at fair value to Deferred acquisition costs (DAC) avoid accounting mismatches. Costs that vary with and are directly related to the acquisition and renewal of insurance contracts and investment contracts with Investments discretionary participation features are deferred by recognizing a DAC asset. At inception, DAC is tested to ensure that it is recoverable over Available-for-sale investments the life of the contracts. Subsequently, loss recognition tests at the end Available-for-sale investments comprise debt and equity instruments of each reporting period ensure that the DAC is covered by future that are designated as available-for-sale or do not fall into the other profits. measurement categories. Realized gains and losses on those For short-duration, traditional long-duration, and limited- instruments are generally determined by applying the average cost payment insurance contracts, DAC is amortized in proportion to method at the subsidiary or the portfolio level. premium revenue recognized. For universal life-type and participating life insurance contracts as well as investment contracts with Funds held by others under reinsurance contracts assumed discretionary participation features, DAC is generally amortized over Funds held by others under reinsurance contracts assumed relate to the life of a book of contracts based on estimated gross profits (EGP) cash deposits to which the Allianz Group is entitled, but which the or estimated gross margins (EGM), respectively. ceding insurer retains as collateral for future obligations of the Acquisition costs for unit-linked investment contracts are deferred Allianz Group. The cash deposits are recorded at the amount due on in accordance with IFRS 15, if the costs are incremental. For non-unit- repayment, less any impairment for balances that are deemed not to linked investment contracts accounted for under IAS 39 at amortized be recoverable. cost, acquisition costs that meet the definition of transaction costs under IAS 39 are considered in the aggregate policy reserves. Investments in associates and joint ventures For details on the accounting for investments in associates and joint Present value of future profits (PVFP) ventures, please see the section principles of consolidation. The value of an insurance business or an insurance portfolio acquired is measured by the PVFP, which is the present value of net cash flows Annual Report 2021 − Allianz Group 127

D _ Consolidated Financial Statements anticipated in the future from insurance contracts in force at the date interest in the acquiree held by the direct parent in excess of the fair of acquisition. It is amortized over the life of the relevant contracts. values assigned to the identifiable assets acquired and liabilities assumed. Goodwill is accounted for at the acquiree in the acquiree’s Deferred sales inducements functional currency. There is an at least annual evaluation whether it is Sales inducements on non-traditional insurance contracts are deferred deemed recoverable. and amortized using the same methodology and assumptions as for Further explanations on the impairment test for goodwill and its deferred acquisition costs. significant assumptions as well as respective sensitivity analyses are given in note 1 1. Shadow accounting For insurance contracts and investment contracts with discretionary Insurance, investment and reinsurance contracts participation features, shadow accounting is applied to DAC, PVFP, and deferred sales inducements, in order to include the effect of Insurance and investment contracts unrealized gains or losses in the measurement of these assets in the Insurance and investment contracts with discretionary participation same way as it is done for realized gains or losses. Accordingly, the features are accounted for under the insurance accounting provisions assets are adjusted with corresponding charges or credits recognized of US GAAP, as have been applied at first-time adoption of IFRS 4 on directly in other comprehensive income as a component of the related 1 January 2005, wherever IFRS 4 does not provide specific guidance. unrealized gain or loss. When the gains or losses are realized, they are Investment contracts without discretionary participation features are recognized in the income statement through recycling, and prior accounted for as financial instruments in accordance with IAS 39. adjustments due to shadow accounting are reversed. Reinsurance contracts Other assets The Allianz Group’s consolidated financial statements reflect the effects Other assets primarily consist of receivables, accrued dividends, of assumed and ceded reinsurance contracts. Assumed reinsurance interest, rent and deferred compensation amounts as well as leased or premiums, commissions, and claim settlements, as well as the own used real estate, software and equipment. Depreciation is reinsurance element of technical provisions, are accounted for in generally computed using the straight-line method over the estimated accordance with the conditions of the reinsurance contracts, and in useful lives of the assets. The right-of-use assets related to leased consideration of the original contracts for which the reinsurance was property and equipment are depreciated generally over the lease concluded. When the reinsurance contracts do not transfer significant term. insurance risk, deposit accounting is applied as required under the The table below summarizes estimated useful lives for real estate related reinsurance accounting provisions of US GAAP or under IAS 39. held for own use, software, and equipment. Liability adequacy tests Estimated useful lives (in years) Liability adequacy tests are performed for each insurance portfolio, based on estimates of future claims, costs, premiums earned, and Years proportionate expected investment income. For short-duration Real estate held for own use max. 50 contracts, a premium deficiency is recognized if the sum of expected Software 2-13 claim costs and claim adjustment expenses, expected dividends to Equipment 2-10 policyholders, DAC, and maintenance expenses exceeds related unearned premiums while considering anticipated investment income. For long-duration contracts, a premium deficiency is recognized, Intangible assets and goodwill if actual experience regarding investment yields, mortality, morbidity, Intangible assets with finite useful lives are measured at cost less terminations, or expense indicates that existing contract liabilities, accumulated amortization and impairments. along with the present value of future gross premiums, will not be The table below summarizes estimated useful lives and the sufficient to cover the present value of future benefits and to recover amortization methods for each class of intangible assets with finite DAC. useful lives. Unearned premiums Estimated useful lives (in years) and amortization methods For short-duration insurance contracts, such as most of the property and casualty contracts, premiums to be earned in future years are Useful lives Amortization method recorded as unearned premiums. These premiums are earned in Long-term distribution agreements straight-line considering contractual subsequent periods in relation to the insurance coverage provided. 10 – 20 terms Acquired business portfolios in proportion to the consumption of Amounts charged as consideration for origination of certain long- 1 – 31 future economic benefit duration insurance contracts (i.e., initiation or front-end fees) are Customer relationships straight-line or in relation to reported as unearned revenues and, as such, included in unearned 4 – 40 customer churn rates premiums. These fees are recognized using the same amortization methodology as DAC, including shadow accounting. For business combinations, goodwill is recognized in the amount of the consideration transferred plus the amount of any non-controlling 128 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements Reserves for loss and loss adjustment expenses mortality and morbidity benefits related to non-traditional contracts Reserves are established for the payment of losses and loss with annuitization options and unit-linked insurance contracts. For adjustment expenses (LAE) on claims which have occurred but are not contracts with a discretionary participation feature, the whole contract yet settled. Reserves for loss and loss adjustment expenses fall into two is classified as one liability rather than separately recognizing the categories: case reserves for reported claims and reserves for incurred participation feature. but not reported losses (IBNR). Insurance contract features not closely related to the underlying Case reserves for reported claims are based on estimates of insurance contracts are bifurcated from the insurance contracts and future payments that will be made with respect to these claims, accounted for as derivatives in line with IFRS 4 and IAS 39. The including LAE relating to such claims. These estimates reflect the embedded derivatives separated from certain life insurance and informed judgment of claims personnel based on general insurance annuity contracts are recognized as financial liabilities held for trading. reserving practices and knowledge of the nature and value of a The assumptions used for aggregate policy reserves are specific type of claim. These case reserves are regularly re-evaluated determined using current and historical client data, industry data, and, in the ordinary course of the settlement process and adjustments are in the case of assumptions for interest rates, reflect expected earnings made as new information becomes available. on assets which back the future policyholder benefits. The information IBNR reserves are established to recognize the estimated cost of used by Allianz Group’s actuaries in setting such assumptions includes, losses that have occurred but where the Allianz Group has not yet but is not limited to, pricing assumptions, available experience studies, been notified. IBNR reserves, similar to case reserves for reported and profitability analyses. claims, are established to recognize the estimated costs, including The average interest rate assumptions per operating entity used expenses, necessary to bring claims to final settlement. The in the calculation of deferred acquisition costs and aggregate policy Allianz Group relies on its past experience, adjusted for current trends reserves are as follows: and any other relevant factors, in estimating IBNR reserves. IBNR reserves are estimates based on actuarial and statistical Interest rate assumptions projections of the expected cost of the ultimate settlement and ad- % ministration of claims. The analyses are based on facts and Traditional circumstances known at the time, predictions of future events, long-duration Participating insurance life insurance estimates of future inflation, and other societal and economic factors. contracts contracts Trends in claim frequency, severity, and time lag in reporting are Deferred acquisition costs 2.5 – 6.0 1.6 – 3.9 examples of factors used in projecting the IBNR reserves. IBNR Aggregate policy reserves 2.5 – 6.0 0.0 – 4.3 reserves are reviewed and revised periodically, as additional information becomes available and actual claims are reported. Reserves for loss and loss adjustment expenses are not The Allianz Group has recognized all rights and obligations related to discounted, except when payment amounts are fixed and timing is issued insurance contracts according to its accounting policies, and reasonably determinable. thus has not separately recognized an unbundled deposit component in respect of any of its insurance contracts. Reserves for insurance and investment contracts Non-unit-linked investment contracts without discretionary parti- Reserves for insurance and investment contracts include aggregate cipation features are accounted for under IAS 39. The aggregate policy reserves, reserves for premium refunds, and other insurance policy reserves for those contracts are initially recognized at fair value, reserves. or the amount of the deposit by the contract holder, net of the transaction costs, that are directly attributable to the issuance of the Aggregate policy reserves contract. Subsequently, those contracts are measured at amortized The aggregate policy reserves for participating life insurance contracts cost using the effective interest method. are calculated using the net level premium method based on For contracts where the policyholder has the option to transfer the assumptions for mortality, morbidity, and interest rates that are amounts invested in unit-linked funds to non-unit-linked funds, the guaranteed in the contract or used in determining the policyholder insurance contract is reported in both aggregate policy reserves and dividends (or premium refunds). financial liabilities for unit-linked contracts based upon the investment For traditional long-duration insurance contracts, such as election at the reporting date. traditional life and health products, aggregate policy reserves are computed using the net level premium method, based on best-estimate Reserves for premium refunds assumptions adjusted for a provision for adverse deviation for mortality, Reserves for premium refunds include the amounts allocated under morbidity, expected investment yields, surrenders, and expenses at the the relevant local statutory/contractual regulations or, at the entity’s policy inception date, which remain locked in thereafter unless a discretion, to the accounts of the policyholders and the amounts premium deficiency occurs. resulting from the differences between these IFRS-based financial The aggregate policy reserves for universal life-type insurance statements and the local financial statements (latent reserves for contracts are equal to the account balance, which represents premiums premium refunds), which will reverse and enter into future profit received and investment return credited to the policy, less deductions participation calculations. Unrealized gains and losses recognized for for mortality costs and expense charges. The aggregate policy reserve available-for-sale investments are recognized in the latent reserves for also includes reserves for investment contracts with discretionary premium refunds to the extent that policyholders will participate in participation features as well as for liabilities for guaranteed minimum such gains and losses on the basis of statutory or contractual Annual Report 2021 − Allianz Group 129

D _ Consolidated Financial Statements regulations when they are realized, based on and similar to shadow Stage two: The Allianz Group Actuarial function forms an opinion accounting. The latent profit participation rates are significant on the adequacy of the reserves proposed by the local entities. The accounting estimates, which take into account legal and/or Allianz Group Actuarial function challenges the operating entities’ contractual obligations or – in some jurisdictions – the common selection through their continuous interaction with local teams and market practice. The profit participation allocated to participating quarterly attendance in the local reserve committees. The ability to form policyholders or disbursed to them reduces the reserves for premium a view on reserve adequacy is further enabled by regular reviews of the refunds. local reserving practices. Such reviews consist of an evaluation of the reserving process as well as of the appropriateness and consistency of Reserving process the assumptions, and an analysis of the movements of the reserves. For the business segments Life/Health and Property-Casualty, the Significant findings from these reviews are communicated in the central oversight process around reserve estimates includes the setting Allianz Group Reserve Committee to initiate actions where necessary. of group-wide standards and guidelines, regular site visits, as well as regular quantitative and qualitative reserve monitoring. Other liabilities The oversight and monitoring of the Allianz Group’s reserves culminate in quarterly meetings of the Allianz Group Reserve Pensions and similar obligations Committee, which is the supervising body that governs all significant Pensions and similar obligations are measured at present value and reserves. It particularly monitors key developments across the presented net of plan assets by applying the provisions of IAS 19. For a Allianz Group affecting the adequacy of reserves. reliable estimate of the obligations owed to employees, the Life/Health reserves are subject to estimates and assumptions, Allianz Group makes estimates (actuarial assumptions) about especially on the life expectancy and health of an insured individual demographic variables (such as employee turnover and mortality) (mortality, longevity, and morbidity risk) and on the development of and financial variables (such as discount rates, inflation rates, interest rates and investment returns (asset-liability mismatch risk). compensation increases, pension increases, and rates of medical cost These assumptions also have an impact on the presentation of costs trends) for each material pension plan separately, considering the arising from the origination of insurance business (acquisition costs circumstances in the individual countries. and sales inducements) and the value of acquired insurance business Further explanations and sensitivity calculations are given in (PVFP). To ensure consistency in the application of actuarial methods note 39. and assumptions in the Life/Health reserving process, the Allianz Group has designed a two-stage reserving process: Share-based compensation plans Stage one: Life/Health reserves are calculated by qualified local The share-based compensation plans of the Allianz Group are staff experienced in the subsidiaries’ business. Actuaries in the local classified as either equity-settled or cash-settled plans. Where equity- entities also conduct tests of the adequacy of the premiums and reserves settled plans involve equity instruments of Allianz SE, a corresponding to cover future claims and expenses (liability adequacy tests). The increase in shareholders’ equity is recognized. Where equity-settled process follows group-wide standards for applying consistent and plans involve equity instruments of subsidiaries of the Allianz Group, the plausible assumptions. The appropriateness of the reserves and their corresponding increase is recognized in non-controlling interests. compliance with group-wide standards is confirmed by the local actuary. Where expected tax deductions differ, in terms of amount and timing, Stage two: The Allianz Group Actuarial function regularly reviews from the cumulative share-based payment expense recognized in profit the local reserving processes, including the appropriateness and or loss, deferred taxes are recognized on temporary differences. consistency of the assumptions, and analyzes the movements of the Further explanations are given in note 40. reserves. Any adjustments to the reserves and other insurance-related reporting items are reported to and analyzed together with the Financial liabilities for puttable financial instruments Allianz Group Reserve Committee. The Allianz Group records financial liabilities where non-controlling Property-Casualty reserves are set by leveraging the use of shareholders have the right to put their financial instruments back to actuarial techniques and educated judgment. A two-stage process the Allianz Group (puttable instruments). If these non-controlling exists for the setting of reserves in the Allianz Group: shareholders still have present access to the risks and rewards Stage one: Property-Casualty reserves are calculated by local associated with the underlying ownership interests, the non-controlling reserving actuaries at the Allianz operating entities. The reserves are set interests remain recognized, and profit and loss is allocated between based on a thorough analysis of historical data, enhanced by inter- controlling and non-controlling interests. The financial liabilities for actions with other business functions (e.g., Underwriting, Claims and puttable instruments are generally required to be recorded at the Reinsurance). Actuarial judgment is applied where necessary, especially redemption amount, with changes recognized in equity where the in cases where data is unreliable, scanty, or unavailable. The judgment non-controlling shareholders have present access to risks and rewards of Property-Casualty actuaries is based on past experience of the of ownership and in the income statement in all other cases. As an characteristics of each line of business, the current stage of the exception, for puttable instruments that are to be classified as equity underwriting cycle, and the external environment in which the subsidiary instruments in the separate or individual financial statements of the operates. The reserves are proposed to a local reserve committee, issuer in accordance with IAS 32.16A-16B and are to be presented as whereat the rationale of the selections is discussed and subsequently liabilities in the consolidated financial statements of the Allianz Group documented. A final decision on the reserve selection is made in the instead of non-controlling interests, valuation changes of these reserve committee. Local actuaries are responsible for their compliance liabilities are always recognized in the income statement. This is the with the Group Actuarial Standards and Guidelines. 130 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements case for puttable instruments issued by mutual funds controlled but Interest and similar income and interest expenses not wholly owned by the Allianz Group. Interest income and interest expenses are recognized on an accrual basis using the effective interest method. This line item also includes Lease liabilities dividends from available-for-sale equity securities as well as income The Allianz Group has elected not to recognize right-of-use assets and from investments in associates and joint ventures. Dividends are lease liabilities for short-term leases and leases of low-value assets. recognized in income when the right to receive the dividend is Furthermore, the Allianz Group does not recognize right-of-use assets established. and lease liabilities for car leases. The expenses relating to the short- term leases and leases of low-value assets including car leases are Income from financial assets and liabilities carried expensed on a straight-line basis over the lease term. at fair value through income (net) For further information on these expenses, please refer to note 3 8. Income from financial assets and liabilities carried at fair value through income (net) includes all investment income as well as rea- Certificated liabilities and subordinated liabilities lized and unrealized gains and losses from financial assets and Certificated liabilities and subordinated liabilities are subsequently liabilities carried at fair value through income. In addition, commissions measured at amortized cost, using the effective interest method to attributable to trading operations and related interest expenses as amortize the premium or discount to the redemption value over the life well as refinancing and transaction costs are included in this line item. of the liability. Foreign currency gains and losses on monetary items are also reported within income from financial assets and liabilities carried at fair value Equity through income (net). Issued capital represents the mathematical per-share value received at the issuance of shares. Additional paid-in capital represents the Fee and commission income premium exceeding the issued capital received at the issuance of Fee and commission income primarily consists of asset management shares. fees which are recognized when the service is provided. For those fees, Retained earnings comprise the net income of the current year the service is considered to be provided periodically. Performance fees and of prior years not yet distributed, treasury shares, amounts may not be recognized as fee income before the respective recognized in other comprehensive income, and any amounts directly benchmark period is completed. Before its completion, the obligation recognized in equity according to IFRS. to pay the fee is conditional, the fund performance is regularly not Please refer to the section above for an explanation of foreign reliably estimable, and the related service is not fully performed. In any currency changes that are recognized in equity. The effective portion case, performance-related fees from alternative investment products of gains and losses of hedging instruments designated as hedges of a (carried interest) are not recognized as revenue prior to the date of the net investment in a foreign operation is recognized in foreign currency official declaration of distribution by the fund. The transaction price for translation adjustments. asset management services is determined by the fees contractually Unrealized gains and losses (net) include unrealized gains and agreed. losses from available-for-sale investments and from derivative financial instruments that meet the criteria for cash flow hedge Lease income accounting. Lease income from operating leases (excluding receipts for services Undated subordinated debt comprises Restricted Tier 1 notes provided such as insurance and maintenance which are recognized that do not qualify as financial liabilities under IFRS. The instruments directly as income) is recognized on a straight line basis over the lease are classified as shareholders’ equity and any related interest charges term even if the receipts are not on such a basis, for example upfront are classified as distributions from shareholders’ equity. The notes are payments. measured at their historical value or their closing value as regards exchange rates. The corresponding foreign exchange differences are Claims and insurance benefits incurred recognized as foreign currency translation adjustments in equity. These expenses consist of claims and insurance benefits incurred Non-controlling interests represent equity in subsidiaries, not during the period, including benefit claims in excess of policy account attributable directly or indirectly, to Allianz SE as parent. balances and interest credited to policy account balances. Furthermore, it includes claims handling costs directly related to the Premiums processing and settlement of claims. Reinsurance recoveries are Premiums for short-duration insurance contracts are recognized as deducted from claims and insurance benefits. revenues over the period of the contract in proportion to the amount of insurance protection provided. Premiums for long-duration Income taxes insurance contracts are recognized as earned when due. Current income taxes are calculated based on the respective local Revenues for universal life-type and investment contracts taxable income and local tax rules for the period. In addition, current represent charges assessed against the policyholders’ account income taxes presented for the period include adjustments for balances for front-end loads, net of the change in unearned revenue uncertain tax payments or tax refunds for periods not yet finally liabilities and cost of insurance, surrenders, and policy administration, assessed, excluding interest expenses and penalties on the and are included within premiums earned (net). underpayment of taxes. In the event that amounts included in the tax Premiums ceded for reinsurance are deducted from premiums return are considered unlikely to be accepted by the tax authorities written. (uncertain tax positions), a provision for income taxes is recognized. The Annual Report 2021 − Allianz Group 131

D _ Consolidated Financial Statements amount is based on the best possible assessment of the tax payment on an instrument-by-instrument basis, in a way that aligns with how the expected. Tax refund claims from uncertain tax positions are entity expects those assets to be classified on initial application of recognized when it is probable that they can be realized. IFRS 9. The Allianz Group intends to apply the classification overlay, Deferred tax assets and liabilities are calculated for temporary including the impairment requirements of IFRS 9, consistently to all differences between the tax bases and the financial statement carrying eligible financial instruments. amounts, including differences from consolidation, unused tax loss IFRS 17 provides comprehensive guidance on accounting for carry-forwards, and unused tax credits. The measurement of deferred insurance contracts issued, reinsurance contracts held, and investment tax assets has to take into account estimates on the availability of future contracts with discretionary participation features. It introduces three taxable profits. This includes the character and amounts of taxable new measurement models, reflecting a different extent of policyholder future profits, the periods in which those profits are expected to occur, participation in investment performance or overall insurance entity and the availability of tax planning opportunities. The Allianz Group performance. The general measurement model, also known as the recognizes a valuation allowance for deferred tax assets when it is building block approach, consists of the fulfillment cash flows and the unlikely that a corresponding amount of future taxable profit will be contractual service margin. The fulfillment cash flows represent the available against which the deductible temporary differences, tax loss risk-adjusted present value of an entity’s rights and obligations to the carry forwards and tax credits can be utilized. policyholders, comprising estimates of expected cash flows, Further explanations are given in note 3 discounting, and an explicit risk adjustment for non-financial risk. The 2. contractual service margin represents the unearned profit from in- force contracts that an entity will recognize as it provides services over the coverage period. The variable fee approach is a mandatory Recently adopted accounting pronouncements modification of the general measurement model regarding the The following amendments and revisions to existing standards treatment of the contractual service margin in order to accommodate became effective for the Allianz Group’s consolidated financial direct participating contracts. The premium allocation approach is a statements as of 1 January 2021: simplified approach an entity may choose to use when certain criteria are met. − IFRS 9, IAS 39, IFRS 4 and IFRS 16, Interest Rate Benchmark Measurement is not carried out at the level of individual contracts, Reform (Phase 2), but on the basis of groups of contracts. To build groups of contracts, an − IFRS 4, Extension of the Temporary Exemption from Applying entity first needs to define portfolios which include contracts with IFRS 9. similar risks that are managed together. These portfolios are to be subdivided into groups of contracts on the basis of profitability and Regarding IBOR Reform, the transition to alternative benchmark rates annual cohorts. On 23 November 2021, the E.U. Commission endorsed affects two components, the risk-free rates for discounting cash flows IFRS 17 into EU law. The requirement to form annual cohorts in derivative transactions (e.g., Eonia in Europe) as well as the short- (IFRS 17.22) is subject to an optional exemption in the E.U. term floating rate leg in many transactions (e.g., 6-month-Euribor in endorsement: The E.U. Commission grants E.U. users the right to choose Europe). whether or not to apply the requirement in IFRS 17.22 for certain Overall the risks involved in transitions for Allianz as a group are contracts. Allianz will not make use of this exemption and apply not material from an economic perspective as for the Allianz Group IFRS 17 as issued by the IASB. the derivatives are fully migrated in the meantime due to the already In the statement of financial position, DAC and insurance-related implemented transition of the risk-free discount rate in major currency receivables will no longer be presented separately, but as part of the blocks. For cash instruments the transition of the risk-free discount rate, insurance liabilities. This will lead to a reduction in total assets, offset but also the transition of the reference rate is relevant. In EUR where by a reduction in total liabilities, with only limited impact on equity. the majority of the holdings are, the transition not only of the risk-free discount rate but also of the reference rate Euribor has already happened. The USD Libor transition will happen mid of 2023. For non-life insurance contracts, the Allianz Group expects that a large All other changes had no material impact on the Allianz Group's part of the business qualifies for the premium allocation approach financial results or financial position. eligibility (probably >95 %). For operational reasons, some of the entities which have both Recently issued accounting pronouncements premium allocation approach eligible business and general measurement model business will implement the general IFRS 17, Insurance Contracts measurement model for their whole business. From a P&L and KPI In May 2017, the IASB issued IFRS 17, Insurance Contracts. In addition, perspective, the general measurement model and premium allocation the IASB issued further amendments to IFRS 17 in June 2020 and approach lead to almost identical results, and the Allianz Group does December 2021. The effective date of the standard was postponed not plan general measurement model specific KPIs for the Property- until 1 January 2023. The latest amendment issued by the IASB on Casualty segment. 9 December 2021 adds a transition option that permits an entity to The main changes for non-life insurance contracts comprise the apply a classification overlay in the comparative periods presented on mandatory discounting of loss reserves, a higher transparency of loss- initial application of IFRS 17. The overlay allows all financial assets, making portfolios due to more granular onerous contract testing, and including those held in respect of activities not connected to contracts the introduction of the risk adjustment for non-financial risk. within the scope of IFRS 17, to be classified in the comparative periods, Furthermore, IFRS 17 will change the presentation of insurance 132 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements contract revenue; a gross written premium will no longer be presented income statement, the release of the contractual service margin and in the statement of comprehensive income. Insurance contract revenue the risk adjustment for non-financial risk will become the main is defined in such a way as to achieve comparability with the revenue components for the operating profit of the L/H business. of other industries and, in particular, investment components may not Next to the qualitative impacts described above, the be recognized as part of insurance contract revenue. The (net) Allianz Group is currently assessing the quantitative impact of the combined ratio will remain the main KPI for the Property-Casualty application of IFRS 17. The final figures will also depend on the segment and will be defined as the sum of insurance service expenses application of the transition approaches. IFRS 17 has to be applied and the reinsurance result, divided by insurance revenue. retrospectively unless this is impracticable. In this case, an entity can Generally, the Allianz Group expects only limited impacts on the choose between a modified retrospective approach or a fair value underwriting result. There will be a positive impact from the approach. The objective of the modified retrospective approach is to discounting of loss reserves, but this effect is expected to be low given use reasonable and supportable information available without undue the current interest rate environment. While the operating investment cost or effort to achieve the closest possible outcome to full income (i.e., interest and dividends) will remain almost unchanged, the retrospective application. To the extent a retrospective determination interest accretion on historic loss reserves will notably decrease the is not possible, certain modifications are allowed. Under the fair value investment result. IFRS 17 contains an accounting policy option to approach, the contractual service margin of a group of contracts at recognize changes in financial parameters either in profit or loss or in transition is determined as the difference between the fair value of this other comprehensive income. This so-called “OCI option” can be group at transition determined in accordance with IFRS 13 and the exercised at the level of individual portfolios. The Allianz Group corresponding IFRS 17 fulfillment cash flow measures at transition. generally will make use of this option. Under this option, loss reserves Although the IFRS 17 implementation project has made are discounted for profit or loss with locked-in interest rates from the significant progress, as of the date of the publication of these respective accident years, and the discounting effect needs to be consolidated financial statements, it is not practicable to reliably recognized as interest accretion in the investment result until reserves quantify the effects on the Allianz Group’s consolidated financial expire. The Allianz Group further expects only limited impact on equity statements. at transition due to the offsetting impacts from discounting and risk adjustment for the measurement of loss reserves. IFRS 9, Financial Instruments IFRS 9, Financial Instruments, issued by the IASB in July 2014, fully replaces IAS 39 and provides a new approach on how to classify For long-duration life insurance contracts, IFRS 17 is expected to have financial instruments based on their cash flow characteristics and the a significant impact on actuarial modeling, as more granular cash flow business model under which they are managed. Furthermore, the projections and regular updates of all assumptions will be required, standard introduces a new forward-looking impairment model for either resulting in profit or loss, or impacting the contractual service debt instruments and provides new rules for hedge accounting. margin. It can be assumed that the main impact from IFRS 9 will arise from The Allianz Group expects that direct participating business, the new classification rules leading to more financial instruments where the rules on profit sharing are defined by legal/contractual being measured at fair value through income as well as the new rights, will qualify for the variable fee approach eligibility (approx. 2/3 impairment model. Interdependencies with IFRS 17 will need to be of present value of future cash flows in the Life/Health segment). considered to assess the ultimate combined impact of both standards. Indirect participating business, where the payments to the The amendments to IFRS 4, Applying IFRS 9 Financial Instruments policyholder depend on the investment performance but there are no with IFRS 4 Insurance Contracts, issued in September 2016, allow fixed rules on how the performance is passed on to the policyholders, entities that issue insurance contracts within the scope of IFRS 4 to as well as non-participating business, i.e., business without defer the implementation of IFRS 9 until 1 January 2021 under certain policyholder participation, including savings and risk business, will be circumstances. However, together with the Amendments to IFRS 17 accounted for under the general measurement model. The that were issued in June 2020, the IASB also published “Extension of Allianz Group will continue to have unit-linked investment contracts (to the Temporary Exemption from Applying IFRS 9 (Amendments to be accounted for under IFRS 9) and unit-linked insurance contracts, IFRS 4)” to defer the fixed expiry date in IFRS 4 for the temporary which are contracts with significant insurance risk, e.g., via death or exemption from applying IFRS 9 to annual periods beginning on or other insurance riders. The Allianz Group expects unit-linked insurance after 1 January 2023. contracts to be eligible for the variable fee approach. Given the strong interrelation between the measurement of direct In the statement of financial position, the Allianz Group expects participating insurance contracts and the underlying assets held, the an increase of the insurance liabilities as these will be discounted with Allianz Group has decided to use the option to defer the full current rates and will contain an explicit future profit margin with the implementation of IFRS 9 until IFRS 17 becomes effective. contractual service margin. Current IFRS equity contains the In order to qualify for the temporary exemption, an entity has to shareholder share (net of tax) of unrealized capital gains in other prove that its activities are predominantly connected to insurance as comprehensive income. A portion of these gains will be part of the of 31 December 2015. Under the amended IFRS 4, this condition is met insurance liabilities accounted for under the variable fee approach. if the insurer carries significant liabilities arising from contracts within These effects will result in a decrease of equity for the Life/Health the scope of IFRS 4. Significant insurance-related liabilities are given, segment in particular. Due to the shift to a valuation of insurance among others, if the percentage of the total carrying amount of liabilities at current fulfillment value, the Allianz Group expects to liabilities connected with insurance relative to the total carrying measure the underlying investments generally at fair value. In the amount of all liabilities is greater than 90 %. A reassessment at a Annual Report 2021 − Allianz Group 133

D _ Consolidated Financial Statements subsequent annual reporting date is required if, and only if, there was Financial assets under IFRS 9 classification rules a change in the entity's activities during the annual period that ended € mn on that date. Financial assets that meet the 1 As of 31 December 2021 SPPI criterion All other financial assets As of 31 December 2015, the Allianz Group‘s total carrying Fair value Fair value amount of liabilities connected with insurance amounted to € 722 bn, change during change during which represented more than 90 % of its total liabilities of € 783 bn. the reporting the reporting Fair value period Fair value period Thereof, non-derivative investment contract liabilities measured at fair Cash and cash value through income applying IAS 39 amounted to € 107 bn, mostly equivalents 24,214 20 - - consisting of financial liabilities for unit-linked contracts. Other Debt securities insurance-related liabilities amounted to € 40 bn and included mainly Government and government agency other liabilities (e.g., payables as well as employee-related liabilities) bonds 241,278 (17,513) 3,667 (206) as well as subordinated liabilities and financial liabilities carried at fair Covered bonds 59,767 (3,229) 2,486 (332) value through income related to certain derivatives. No change in the Corporate bonds 284,323 (6,860) 16,046 (41) activities of the Allianz Group occurred subsequently that would have MBS/ABS 26,263 (582) 2,589 (6) required a reassessment. Other debt securities 40,654 (1,169) 13,357 1,386 The following table provides an overview of the fair values as of Subtotal 652,285 (29,353) 38,145 801 31 December 2021 and the amounts of change in the fair values Equity securities - - 83,115 11,014 during the reporting period separately for financial assets that meet Financial assets for unit- linked contracts - - 158,346 9,972 the SPPI criterion and for all other financial assets: Derivative financial instruments - - 11,521 2,522 Other 20,013 - - - Total 696,512 (29,333) 291,127 24,309 1_Excluding any financial asset that meets the definition of held for trading in IFRS 9 or that is managed and whose performance is evaluated on a fair value basis. Financial assets that meet the SPPI criterion are those with contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount out- standing. The following table provides information about the credit risk exposures for financial assets with contractual terms that meet the SPPI criterion. It includes the carrying amounts applying IAS 39 (in the case of financial assets measured at amortized cost before adjusting for any impairment allowances): 1 Carrying amounts of financial assets that meet the SPPI criterion by rating € mn Government and Cash and cash government Covered Corporate Other debt As of 31 December 2021 equivalents agency bonds bonds bonds MBS/ABS securities Other Investment grade AAA - 45,486 41,541 6,101 15,882 4,478 - AA - 99,634 12,134 30,530 6,381 11,626 - A - 39,996 251 91,693 2,144 11,611 - BBB - 40,819 336 132,813 1,357 6,482 - Non-investment grade - 11,981 - 14,752 452 957 - Not rated 24,214 182 52 6,760 47 3,004 20,013 Total 24,214 238,098 54,314 282,649 26,263 38,158 20,013 1_Excluding any financial asset that meets the definition of held for trading in IFRS 9 or that is managed and whose performance is evaluated on a fair value basis. The fair values of financial assets included in the table above that are linked contracts that are recorded at fair value through income under non-investment grade, and thus do not have low credit risk as of IAS 39 as well as under IFRS 9. 31 December 2021, approximately equal the respective carrying The Allianz Group’s investments in associates and joint ventures amounts. The same also applies to non-rated financial assets. that are insurance entities also apply the temporary exemption of The publicly available IFRS 9 information disclosed by some applying IFRS 9 to the extent they qualify. All other investments in subsidiaries that already apply IFRS 9 is not material from the associates and joint ventures held by the Allianz Group had already Allianz Group’s perspective. Furthermore, the vast majority of the adopted IFRS 9 as of 1 January 2018. The impact of adopting or financial instruments of these subsidiaries are financial assets for unit- 134 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements deferring the application of IFRS 9 for the investments in associates or The amounts recognized as of the acquisition date for major joint ventures is not material for the Allianz Group. classes of identifiable assets acquired and liabilities assumed were as follows: Further amendments and interpretations In addition to the aforementioned accounting pronouncements Identifiable assets acquired and liabilities assumed recently issued, the following amendments and revisions to standards € mn and interpretations have been issued by the IASB but are not yet effective for or have not been adopted early by the Allianz Group. Cash and cash equivalents 30 Investments 173 Further amendments and interpretations Reinsurance assets 51 Deferred tax assets 5 Standard/Interpretation Effective date Other assets 244 IFRS 3, Updating a Reference to the Conceptual Annual periods beginning on or after Intangible assets (excluding goodwill) 259 Framework 1 January 2022 Total identifiable assets 762 IAS 16, Property, Plant and Equipment: Proceeds Annual periods beginning on or after Unearned premiums 234 before Intended Use 1 January 2022 IAS 37, Onerous Contracts – Cost of Fulfilling a Annual periods beginning on or after Reserves for loss and loss adjustment expenses 127 Contract 1 January 2022 Deferred tax liabilities 68 Annual Improvements to IFRS Standards 2018– Annual periods beginning on or after Other liabilities 34 2020 cycle (Amendments to IFRS 1, IFRS 9, IFRS 1 January 2022 Total identifiable liabilities 463 16 and IAS 41) IAS 1, Classification of Liabilities as Current or Annual periods beginning on or after Total identifiable net assets 299 Non-current 1 January 2023 IAS 1, Disclosure of Accounting Policies, and IFRS Annual periods beginning on or after Practice Statement 2, Making Materiality 1 January 2023 Judgements IAS 8, Changes in Accounting Estimates and Annual periods beginning on or after The other assets acquired include receivables for premiums with a fair Errors: Definition of Accounting Estimates 1 January 2023 value of € 233 mn. The gross amount recorded of these receivables is IFRS 17, Initial Application of IFRS 17 and IFRS 9 Annual periods beginning on or after € 233 mn and none are expected to be uncollectible. – Comparative Information 1 January 2023 The following table summarizes the total consideration transferred and the goodwill recognized at the acquisition date: The envisaged application of the amendments to IFRS 17 in 2023 is Total consideration transferred and determination of goodwill described in more detail in the section “Recently issued accounting € mn pronouncements - IFRS 17, Insurance Contracts” above. Beyond that, the further amendments and interpretations are not Cash consideration 457 expected to have a material impact on the financial position and Contingent and other consideration 32 financial results of the Allianz Group. Early adoption is generally Less: Total identifiable net assets (299) allowed but not intended by the Allianz Group. Goodwill 190 3 _ Consolidation and classification as held for sale The potential undiscounted amount of all future payments that Allianz Group could be required to make under the contingent consideration arrangements is between 0 and € 79 mn. The total goodwill of € 190 mn arising from the acquisition consists largely of economies of scale and synergies expected from Westpac General Insurance, Sydney combining the operations of the acquired general insurance business On 2 December 2020, the Allianz Group concluded an agreement to with Allianz Australia Insurance Limited. The efficiency of both acquire 100 % of the general insurance business of Westpac Banking companies combined will enhance the competitiveness of Allianz, Corporation (Westpac) and to enter into a new 20-year exclusive allowing a more sustainable growth in an intensely competitive and agreement for the distribution of general insurance products to concentrated Australian insurance market. Westpac customers in consideration for € 457 mn. Additional future None of the goodwill is deductible for income tax purposes. payments are contemplated in the agreement, including an amount The revenue (net earned premium) included in the consolidated of € 16 mn paid in the fourth quarter of 2021 due to the achievement income statement of Allianz Group contributed by the general of integration milestones as well as variable payments conditional on insurance business acquired since the acquisition date until the attainment of certain targets in future periods. The transaction was 31 December 2021 was € 165 mn. The general insurance business completed on 1 July 2021. acquired also contributed a net loss of € 26 mn over the same period. The new distribution arrangement with Westpac allows the Had the general insurance business acquired been consolidated Allianz Group to increase its share in the Australian consumer from 1 January 2021, the consolidated income statement of the Allianz insurance market by providing a wider range of Allianz general Group would have included revenue (net earned premium) of insurance products to Westpac customers. € 325 mn and net income of € 16 mn. Annual Report 2021 − Allianz Group 135

D _ Consolidated Financial Statements Aviva Italy, Milan support functions as well as the value of the assembled workforce On 4 March 2021, the Allianz Group concluded an agreement to acquired that is not separately identified and recognized. acquire 100 % of Aviva Italia S.p.A., the non-life insurance company of None of the goodwill is deductible for income tax purposes. the Aviva Group in Italy, in consideration for a purchase price of The revenue (net earned premium) included in the consolidated € 330 mn. The transaction was completed on 1 October 2021 and the income statement of Allianz Group contributed by Allianz Viva S.p.A. company name changed to Allianz Viva S.p.A. effective 1 December from the acquisition date to 31 December 2021 was € 104 mn. Allianz 2021. Viva S.p.A. also contributed a net loss of € 3 mn over the same period. Allianz Viva S.p.A. comprises a non-life insurance portfolio, Had Allianz Viva S.p.A. been consolidated from 1 January 2021, equally split between motor and non-motor business segments, with the consolidated income statement of the Allianz Group would have annual gross premiums of around € 400 mn. In total, nearly 500 agents included revenue (net earned premium) of € 392 mn and net income have joined Allianz Group alongside their customer base and related of € 2 mn. employees. Upon completion, the market share of Allianz Group in the Italian non-life market grew by approximately 1 percentage point, Business operations of Aviva Group in Poland and consolidating its position as the third largest player in the non-life Lithuania insurance market in Italy. On 26 March 2021, the Allianz Group concluded an agreement to The amounts recognized as of the acquisition date for major purchase 100 % of the life and non-life insurance operations as well as classes of identifiable assets acquired and liabilities assumed were as pension and asset management business in Poland and Lithuania follows: from the Aviva Group, and to acquire each 51 % stake in Aviva’s life and non-life bancassurance co-operations with Santander in consideration Identifiable assets acquired and liabilities assumed for a net purchase price of € 2.6 bn. The transaction was completed on € mn 30 November 2021. Through the acquisition, Allianz will double its revenues in the Cash and cash equivalents 83 attractive Polish insurance market and achieve a well-balanced Investments 621 business mix between property/casualty and life insurance. In addition, Reinsurance assets 48 the strong tied agents’ network and the long-term bancassurance joint Other assets 84 venture with Santander will bolster Allianz’s distribution footprint and Intangible assets (excluding goodwill) 85 market position. Total identifiable assets 921 The amounts recognized as of the acquisition date for major Financial liabilities carried at fair value through income 1 classes of identifiable assets acquired and liabilities assumed were as Unearned premiums 215 follows: Reserves for loss and loss adjustment expenses 402 Reserves for insurance and investment contracts 5 Deferred tax liabilities 3 Identifiable assets acquired and liabilities assumed Other liabilities 66 € mn Total identifiable liabilities 692 Total identifiable net assets 229 Cash and cash equivalents 126 Financial investments carried at fair value through income 746 Investments 698 Loans and advances to banks and customers 10 The other assets acquired include receivables from policyholders and Financial assets for unit-linked contracts 2,427 other receivables with a fair value of € 59 mn. The gross amount Reinsurance assets 28 recorded of these receivables is € 65 mn, of which € 6 mn is expected Deferred tax assets 8 to be uncollectible. Other assets 134 The following table summarizes the total consideration Intangible assets (excluding goodwill) 772 Total identifiable assets 4,949 transferred and the goodwill recognized at the acquisition date: Financial liabilities carried at fair value through income 6 Unearned premiums 137 Total consideration transferred and determination of goodwill Reserves for loss and loss adjustment expenses 149 € mn Reserves for insurance and investment contracts 868 Financial liabilities for unit-linked contracts 2,427 Cash consideration 330 Deferred tax liabilities 186 Less: Total identifiable net assets (229) Other liabilities 257 Goodwill 101 Total identifiable liabilities 4,030 Total identifiable net assets 919 The total goodwill of € 101 mn arising from the acquisition represents mainly future economic benefits Allianz Group expects to realize The other assets acquired include receivables from customers and through revenue synergies and cost savings from consolidating other receivables with a fair value of € 112 mn. The gross amount 136 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements recorded of these receivables is € 125 mn, of which € 13 mn is expected to be uncollectible. The following table summarizes the total consideration Non-current assets and disposal groups classified as held for sale transferred and the goodwill recognized at the acquisition date: € mn As of 31 December 2021 2020 Total consideration transferred and determination of goodwill Assets of disposal groups classified as held for sale € mn Closed book portfolio of Allianz Benelux - 1,377 Other disposal groups - 15 Cash consideration 2,623 Subtotal - 1,392 Plus: Non-controlling interests 122 Non-current assets classified as held for sale Less: Total identifiable net assets (919) Real estate held for investment 125 397 Goodwill 1,826 Real estate held for own use 20 - Associates and joint ventures 1 1 Subtotal 145 398 Total 145 1,790 Liabilities of disposal groups classified as held for sale For the year ended 31 December 2021, acquisition-related costs in the Closed book portfolio of Allianz Benelux - 1,125 amount of € 47 mn were included in administrative expenses. Other disposal groups - 10 The components of non-controlling interests have been measured Total - 1,134 at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. The total goodwill of € 1,826 mn arising from the acquisition is largely attributable to the tied agents’ network, future customer Closed book portfolio of relationships and synergies from the optimization of cost structures. Allianz Benelux S.A., Brussels None of the goodwill is deductible for income tax purposes. Effective 1 April 2021, the Allianz Group disposed of a closed book The revenue (net earned premium) included in the consolidated portfolio covering classical life retail insurances together with mort- income statement of the Allianz Group contributed by the business gage loans of Allianz Benelux S.A., Brussels, allocated to the reporta- operations of Aviva Group in Poland and Lithuania from the ble segment Western & Southern Europe and Asia Pacific acquisition date to 31 December 2021 was € 44 mn. The business (Life/Health). This portfolio had been classified as held for sale since operations of Aviva Group in Poland and Lithuania also contributed a 31 December 2020. Until its disposal on 1 April 2021, no impairment net income of € 13 mn over the same period. loss had been recognized in connection with this transaction. Upon Had the business operations of Aviva Group in Poland and closing of the sale, the Allianz Group recognized a loss of € 46 mn, in- Lithuania been consolidated from 1 January 2021, the consolidated cluded in the line realized gains/losses (net) of the consolidated in- income statement of the Allianz Group would have included revenue come statement. (net earned premium) of € 510 mn and net income of € 136 mn. 4 _ Segment reporting In 2020, the Allianz Group acquired 100 % of SulAmérica Seguros de Automóveis e Massificados S.A., Rio de Janeiro, 90 % of ControlExpert Holding B.V., Amsterdam, and 50 % plus one share in the newly formed The business activities of the Allianz Group are organized by product venture BBVA Allianz Seguros y Reaseguros, S.A., Madrid. For more and type of service: insurance activities, asset management activities, information, please see Annual Report 2020 note 4. and corporate and other activities. Due to differences in the nature of products, risks, and capital allocation, insurance activities are further divided into the business segments Property-Casualty and Life/Health. In accordance with the responsibilities of the Board of Management, each of the insurance business segments is grouped into the following reportable segments: − German Speaking Countries and Central & Eastern Europe, − Western & Southern Europe and Asia Pacific, − Iberia & Latin America and Allianz Partners, − USA (Life/Health only), − Global Insurance Lines & Anglo Markets, Middle East and Africa. Both asset management as well as corporate and other activities represent separate reportable segments. In total, the Allianz Group has identified 11 reportable segments in accordance with IFRS 8. The types of products and services from which the reportable segments derive revenues are described below. Annual Report 2021 − Allianz Group 137

D _ Consolidated Financial Statements Property-Casualty In the business segment Property-Casualty, reportable segments offer The Allianz Group uses operating profit to evaluate the performance a wide variety of insurance products to both private and corporate of its reportable segments as well as of the Allianz Group as a whole. customers, including motor liability and own damage, accident, Operating profit highlights the portion of income before income taxes general liability, fire and property, legal expense, credit, and travel that is attributable to the ongoing core operations of the Allianz Group. insurance. The Allianz Group considers the presentation of operating profit to be useful and meaningful to investors because it enhances the Life/Health understanding of the Allianz Group’s underlying operating performance In the business segment Life/Health, reportable segments offer a and the comparability of its operating performance over time. comprehensive range of life and health insurance products on both an Effective 1 January 2021, the Allianz Group has complemented its individual and a group basis, including annuities, endowment and operating profit definition by excluding income taxes related term insurance, unit-linked and investment-oriented products, as well incidental benefits/expenses, and one-time effects from significant as full private health, supplemental health, and long-term care reinsurance transactions with disposal character. These items are not insurance. attendant to the Allianz Group’s sustainable performance. Therefore, the Allianz Group believes that the amended definition of operating Asset Management profit provides more relevant information for investors. In addition, this The reportable segment Asset Management operates as a global year, the Allianz Group recognized for the first time material litigation provider of institutional and retail asset management products and expenses and - in application of the general definition of operating services to third-party investors. It also provides investment profit - specified that those expenses are presented outside operating management services to the Allianz Group’s insurance operations. The profit as these items are not attendant to the Allianz Group’s products for retail and institutional customers include equity and fixed- sustainable performance. income funds as well as multi-assets and alternative products. The To better understand the ongoing operations of the business, the United States, Canada, Europe, and the Asia-Pacific region represent Allianz Group generally excludes the following non-operating effects: the primary asset management markets. − income from financial assets and liabilities carried at fair value Corporate and Other through income (net), The reportable segment Corporate and Other includes the − realized gains/losses (net), management and support of the Allianz Group’s businesses through − impairments of investments (net), its strategy, risk, corporate finance, treasury, financial reporting, − interest expenses from external debt, controlling, communication, legal, human resources, technology, and − specific acquisition and administrative expenses (net), consisting of other functions. Furthermore, it includes the banking activities in acquisition-related expenses (from business combinations), income France, Italy, and Bulgaria, as well as digital investments. taxes related incidental benefits/expenses, litigation expenses, and one-time effects from significant reinsurance transactions with disposal character, Prices for transactions between reportable segments are set on an − amortization of intangible assets, arm’s length basis in a manner similar to transactions with third parties. − restructuring and integration expenses, and Lease transactions are accounted for in accordance with IFRS, except − profit (loss) of substantial subsidiaries classified as held for sale. for intra-Group lease transactions which are classified as operating leases (i.e., off-balance sheet treatment by lessee) for internal and The following exceptions apply to this general rule: segment reporting purposes. Transactions between reportable segments are eliminated in the consolidation. Financial information is − In all reportable segments, income from financial assets and recorded based on reportable segments; cross-segmental country- liabilities carried at fair value through income (net) is treated as specific information is not determined. operating profit if the income relates to operating business. At the Allianz Group, the existing contracts between Group − For life/health insurance business and property-casualty entities in the financial year generally represent the basis for the insurance products with premium refunds, all items listed above presentation of the amounts in the segment reporting. However, in are included in operating profit if the profit sources are shared with individual cases, the internal reporting can differ from the contractual policyholders. There is one exception from this general rule with view. In 2021, this was in particular relevant for the internal charging regard to policyholder participation in extraordinary tax benefits of IT service contracts between the reportable segments Iberia & Latin and expenses: as IFRS require that the consolidated income America and Allianz Partners and Corporate and Other. The deviation statement presents all tax effects in the line item income taxes, even between management and contractual view amounted to € 129 mn when they belong to policyholders, the corresponding expenses for in 2021. The deviation increased the operating result of the reportable premium refunds are shown as non-operating as well. segment Iberia & Latin America and Allianz Partners by € 129 mn, whereas the operating result of the reportable segment Corporate and Other is decreased respectively. 138 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements Operating profit should be viewed as complementary to, and not as a substitute for, income before income taxes or net income as determined in accordance with IFRS. Only minor reallocations between the reportable segments have been made. Annual Report 2021 − Allianz Group 139

D _ Consolidated Financial Statements Business segment information – consolidated balance sheet € mn Property-Casualty Life/Health As of 31 December 2021 2020 2021 2020 ASSETS Cash and cash equivalents 4,806 4,961 12,427 10,907 Financial assets carried at fair value through income 930 754 18,279 20,320 Investments 114,223 109,040 528,211 526,165 Loans and advances to banks and customers 11,773 10,987 111,827 105,209 Financial assets for unit-linked contracts - - 158,346 137,307 Reinsurance assets 14,718 12,713 42,059 7,535 Deferred acquisition costs 5,099 4,876 18,657 16,953 Deferred tax assets 1,081 886 945 744 Other assets 29,913 29,670 21,330 21,282 Non-current assets and assets of disposal groups classified as held for sale 47 85 92 1,701 Intangible assets 6,232 5,531 4,735 2,599 Total assets 188,822 179,502 916,908 850,722 Property-Casualty Life/Health As of 31 December 2021 2020 2021 2020 LIABILITIES AND EQUITY Financial liabilities carried at fair value through income 331 140 20,485 23,858 Liabilities to banks and customers 1,225 1,252 5,235 5,209 Unearned premiums 21,163 19,681 6,356 5,679 Reserves for loss and loss adjustment expenses 73,425 68,171 13,571 12,763 Reserves for insurance and investment contracts 15,203 15,263 617,109 596,074 Financial liabilities for unit-linked contracts - - 158,346 137,307 Deferred tax liabilities 2,529 3,011 4,749 6,807 Other liabilities 24,898 23,562 47,121 17,797 Liabilities of disposal groups classified as held for sale - 10 - 1,125 Certificated liabilities - - - - Subordinated liabilities 47 12 65 68 Total liabilities 138,821 131,102 873,036 806,686 140 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements Asset Management Corporate and Other Consolidation Group 2021 2020 2021 2020 2021 2020 2021 2020 1,130 953 5,973 5,791 (122) (170) 24,214 22,443 224 65 591 460 (421) (409) 19,604 21,191 135 76 115,351 111,997 (94,272) (90,756) 663,649 656,522 129 51 6,333 6,014 (5,984) (5,685) 124,079 116,576 - - - - - - 158,346 137,307 - - - - (47) (77) 56,731 20,170 - - - - - - 23,756 21,830 1,145 166 765 782 (2,025) (1,571) 1,910 1,006 6,714 5,011 8,223 8,033 (17,915) (18,422) 48,264 45,573 1 1 6 4 - - 145 1,790 7,514 7,301 250 172 - - 18,732 15,604 16,992 13,624 137,492 133,253 (120,785) (117,089) 1,139,429 1,060,012 Asset Management Corporate and Other Consolidation Group 2021 2020 2021 2020 2021 2020 2021 2020 - - 523 490 (448) (409) 20,891 24,079 100 43 12,101 11,129 (3,193) (2,910) 15,468 14,722 - - - - (17) (18) 27,501 25,341 - - - - (23) (37) 86,974 80,897 - - (122) (98) (129) (144) 632,061 611,096 - - - - - - 158,346 137,307 (15) 22 389 325 (2,025) (1,571) 5,626 8,595 9,373 4,453 30,922 29,140 (25,717) (25,947) 86,596 49,005 - - - - - - - 1,134 - - 13,441 11,883 (2,653) (2,677) 10,788 9,206 - - 10,864 13,974 (20) (20) 10,956 14,034 9,458 4,518 68,119 66,843 (34,226) (33,732) 1,055,207 975,417 Total equity 84,222 84,594 Total liabilities and equity 1,139,429 1,060,012 Annual Report 2021 − Allianz Group 141

D _ Consolidated Financial Statements Business segment information – total revenues and reconciliation of operating profit (loss) to net income (loss) € mn Property-Casualty Life/Health 2021 2020 2021 2020 Total revenues1 62,272 59,412 78,348 74,044 Premiums earned (net) 53,054 51,631 24,602 24,083 Operating investment result Interest and similar income 3,264 3,182 19,569 18,022 Operating income from financial assets and liabilities carried at fair value through income (net) (55) (28) (2,088) 33 Operating realized gains/losses (net) 215 131 7,461 8,687 Interest expenses, excluding interest expenses from external debt (113) (121) (417) (117) Operating impairments of investments (net) (25) (141) (986) (4,466) Investment expenses (493) (421) (1,993) (1,681) Subtotal 2,792 2,602 21,546 20,478 Fee and commission income 1,998 1,640 1,813 1,500 Other income 11 152 4 11 Claims and insurance benefits incurred (net) (35,565) (35,883) (21,557) (21,208) Operating change in reserves for insurance and investment contracts (net)2 (428) (308) (13,382) (12,711) Loan loss provisions - - - - Operating acquisition and administrative expenses (net) (14,186) (13,846) (7,043) (7,042) Fee and commission expenses (1,955) (1,617) (919) (712) Operating amortization of intangible assets - - (20) (20) Operating restructuring and integration expenses - - (40) (20) Other expenses (13) (1) (3) - Reclassifications - - 9 (1) Operating profit (loss) 5,710 4,371 5,011 4,359 Non-operating investment result Non-operating income from financial assets and liabilities carried at fair value through income (net) (103) 68 233 57 Non-operating realized gains/losses (net) 725 490 644 738 Non-operating impairments of investments (net) (174) (577) (54) (144) Subtotal 448 (20) 822 651 Non-operating change in reserves for insurance and investment contracts (net) - - 50 27 Interest expenses from external debt - - - - 3 Non-operating acquisition and administrative expenses (net) (83) - (264) - Non-operating amortization of intangible assets (213) (163) (40) (44) Non-operating restructuring and integration expenses (424) (409) (66) (60) Reclassifications - - (9) 1 Non-operating items (272) (592) 493 575 Income (loss) before income taxes 5,438 3,778 5,504 4,934 Income taxes (1,325) (1,173) (1,334) (1,168) Net income (loss) 4,113 2,605 4,170 3,766 Net income (loss) attributable to: Non-controlling interests 113 96 206 160 Shareholders 4,000 2,509 3,964 3,606 1_Total revenues comprise gross premiums written and fee and commission income in Property-Casualty, statutory gross premiums in Life/ Health, operating revenues in Asset Management, and total revenues in Corporate and Other (Banking). 2_For the year ended 31 December 2021, includes expenses for premium refunds (net) in Property-Casualty of € (150) mn (2020: € (45) mn). 3_Include, if applicable, acquisition-related expenses, income taxes related incidental benefits/expenses, litigation expenses, and one-time effects from significant reinsurance transactions with disposal character. Until 2020, all positions except acquisition-related expenses were shown within operating acquisition and administrative expenses (net). 142 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements Asset Management Corporate and Other Consolidation Group 2021 2020 2021 2020 2021 2020 2021 2020 8,396 7,347 289 245 (794) (593) 148,511 140,455 - - - - - - 77,656 75,714 9 10 432 343 (137) (163) 23,137 21,395 2 3 17 (45) (5) (3) (2,130) (41) - - - - (81) (20) 7,594 8,798 (21) (25) (120) (169) 127 161 (544) (270) - - - - - - (1,011) (4,608) - - (133) (112) 657 575 (1,962) (1,640) (10) (13) 196 18 560 549 25,084 23,634 10,602 9,190 2,886 2,671 (3,301) (2,953) 13,998 12,049 3 2 7 - (2) (1) 24 163 - - - - - - (57,121) (57,091) - - - - 44 17 (13,766) (13,003) - - (11) (15) - - (11) (15) (4,906) (4,494) (1,230) (1,221) (33) (35) (27,398) (26,637) (2,199) (1,833) (2,619) (2,284) 2,693 2,421 (5,000) (4,024) - - - - - - (20) (20) - - - - - - (40) (20) - - - - - 1 (15) - - - - - - - 9 (1) 3,489 2,853 (772) (831) (38) (1) 13,400 10,751 6 1 (15) (150) 2 (3) 122 (28) 95 - 350 221 16 9 1,829 1,458 - - (92) (138) - - (320) (860) 100 1 243 (68) 18 6 1,631 570 - - - - - - 50 27 - - (616) (729) - - (616) (729) (3,701) (8) 24 - - - (4,024) (8) (15) (16) (19) (18) - - (287) (240) (48) (171) (89) (128) - - (626) (768) - - - - - - (9) 1 (3,663) (194) (457) (942) 18 6 (3,880) (1,148) (174) 2,659 (1,228) (1,773) (20) 5 9,520 9,604 (17) (686) 264 557 (3) - (2,415) (2,471) (191) 1,973 (964) (1,216) (23) 5 7,105 7,133 159 110 16 (40) - - 495 326 (350) 1,863 (981) (1,176) (23) 6 6,610 6,807 Annual Report 2021 − Allianz Group 143

D _ Consolidated Financial Statements Reconciliation of reportable segments to Allianz Group figures € mn Total revenues Operating profit (loss) Net income (loss) 2021 2020 2021 2020 2021 2020 German Speaking Countries and Central & Eastern Europe 16,507 16,108 1,844 1,858 1,496 1,258 Western & Southern Europe and Asia Pacific 12,196 12,081 1,478 1,646 1,129 1,108 Iberia & Latin America and Allianz Partners 12,256 11,051 521 680 232 357 Global Insurance Lines & Anglo Markets, Middle East and Africa 26,471 27,047 1,867 188 1,261 (118) Consolidation (5,158) (6,875) - (1) (5) - Total Property-Casualty 62,272 59,412 5,710 4,371 4,113 2,605 German Speaking Countries and Central & Eastern Europe 31,078 33,113 1,794 1,725 1,222 1,186 Western & Southern Europe and Asia Pacific 31,924 29,498 1,734 1,561 1,234 1,205 Iberia & Latin America 1,446 1,419 166 159 122 606 USA 13,214 9,915 1,357 907 1,428 820 Global Insurance Lines & Anglo Markets, Middle East and Africa 1,179 1,034 70 49 249 (21) Consolidation and Other (493) (936) (111) (41) (86) (30) Total Life/Health 78,348 74,044 5,011 4,359 4,170 3,766 Asset Management 8,396 7,347 3,489 2,853 (191) 1,973 Corporate and Other 289 245 (772) (831) (964) (1,216) Consolidation (794) (593) (38) (1) (23) 5 Group 148,511 140,455 13,400 10,751 7,105 7,133 144 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements NOTES TO THE CONSOLIDATED BALANCE SHEET 5 _ Financial assets carried 6 _ Investments at fair value through income Investments € mn Financial assets carried at fair value through income As of 31 December 2021 2020 € mn As of 31 December 2021 2020 Available-for-sale investments 625,250 621,777 Held-to-maturity investments 2,749 2,563 Financial assets held for trading Funds held by others under reinsurance contracts assumed 838 770 Debt securities 708 599 Investments in associates and joint ventures 15,416 14,570 Equity securities 63 45 Real estate held for investment 16,923 14,294 Derivative financial instruments 11,190 15,463 Fixed assets from alternative investments 2,473 2,548 Subtotal 11,961 16,107 Total 663,649 656,522 Financial assets designated at fair value through income Debt securities 4,275 2,569 Equity securities 3,264 2,418 Loans 103 97 Subtotal 7,643 5,084 Total 19,604 21,191 Available-for-sale investments € mn As of 31 December 2021 2020 Unrealized Unrealized Unrealized Unrealized Amortized cost gains losses Fair value Amortized cost gains losses Fair value Debt securities Corporate bonds 260,903 18,761 (1,867) 277,797 253,234 29,655 (238) 282,651 Government and government agency bonds1 202,542 27,087 (2,882) 226,748 199,267 44,740 (187) 243,820 MBS/ABS 28,157 804 (149) 28,812 26,654 1,466 (98) 28,023 Other 9,493 2,671 (57) 12,106 7,542 1,279 (82) 8,740 2 Subtotal 501,094 49,323 (4,955) 545,462 486,697 77,141 (604) 563,234 Equity securities 53,609 26,626 (447) 79,788 43,053 15,891 (400) 58,543 Total 554,703 75,948 (5,402) 625,250 529,750 93,031 (1,004) 621,777 1_As of 31 December 2021, fair value and amortized cost of bonds from countries with a rating below AA amount to € 92,825 mn (2020: € 95,096 mn) and € 86,440 mn (2020: € 82,202 mn), respectively. 2_As of 31 December 2021, fair value and amortized cost of debt securities with a contractual maturity of less than one year amount to € 41,816 mn (2020: € 38,472 mn) and € 37,378 mn (2020: € 36,403 mn), respectively. Held-to-maturity investments € mn As of 31 December 2021 2020 Unrealized Unrealized Unrealized Unrealized Amortized cost gains losses Fair value Amortized cost gains losses Fair value Government and government agency bonds 2,546 171 (73) 2,644 2,322 273 (4) 2,591 Corporate bonds1 202 41 - 243 241 52 - 293 Total2 2,749 212 (73) 2,887 2,563 325 (4) 2,884 1_Also include corporate mortgage-backed securities. 2_As of 31 December 2021, fair value and amortized cost of debt securities with a contractual maturity of less than one year amount to € 202 mn (2020: € 116 mn) and € 200 mn (2020: € 114 mn), respectively. Annual Report 2021 − Allianz Group 145

D _ Consolidated Financial Statements Real estate held for investment Debt securities € mn Total unrealized losses amounted to € 5,028 mn as of 2021 2020 31 December 2021. The Allianz Group holds a large variety of Cost as of 1 January 17,873 16,390 government and government agency bonds and corporate bonds, Accumulated depreciation as of 1 January (3,579) (3,341) mostly of or domiciled in OECD countries. Carrying amount as of 1 January 14,294 13,049 In general, the credit risk of government and government agency Additions 946 1,854 bonds is rather moderate since they are backed by the fiscal capacity Changes in the consolidated subsidiaries of the Allianz Group 1,856 189 of the issuers, who typically hold an investment-grade country- and/or Disposals and reclassifications into non-current assets and assets of disposal groups classified as held for sale (563) (382) issue-rating. During 2021, interest rates of most government and Reclassifications 604 (9) government agency bonds held by Allianz Group increased. This Foreign currency translation adjustments 145 (21) development led to an increase in unrealized losses on government Depreciation (317) (284) and government agency bonds of € 2,764 mn. Impairments (63) (115) The unrealized losses on the Allianz Group’s investments in Reversals of impairments 23 13 government and government agency bonds are spread over several Carrying amount as of 31 December 16,923 14,294 countries. Accumulated depreciation as of 31 December 3,991 3,579 For the majority of corporate bonds, the issuer/issues have an Cost as of 31 December 20,914 17,873 investment-grade rating. The increase in unrealized losses of € 1,629 mn compared to 31 December 2020 is due to increasing interest rates. The main impact from unrealized losses on corporate bonds comes from the financial, utilities and consumer sector. Based on a detailed analysis of the underlying securities, the Fixed assets from alternative investments Allianz Group did not consider these investments to be impaired as of € mn 31 December 2021. 2021 2020 Cost as of 1 January 3,965 3,868 Equity securities Accumulated depreciation as of 1 January (1,416) (1,152) As of 31 December 2021, unrealized losses amounted to € 447 mn, Carrying amount as of 1 January 2,548 2,716 reflecting an increase of € 47 mn compared to 31 December 2020. The Additions 48 129 unrealized losses concern equity securities that did not meet the Foreign currency translation adjustments 9 (17) criteria of the Allianz Group’s impairment policy for equity instruments Depreciation (169) (169) as described in note 2. Impairments (31) (111) Reversals of impairments 68 - Carrying amount as of 31 December 2,473 2,548 Accumulated depreciation as of 31 December 1,563 1,416 As of 31 December 2021, loans to associates and joint ventures Cost as of 31 December 4,036 3,965 amounted to € 2,720 mn (2020: € 2,457 mn). Associates and joint ventures € mn 2021 2020 7 _ Loans and advances to banks and Share of earnings 305 111 Share of other comprehensive income 182 (110) customers Share of total comprehensive income 487 1 Loans and advances to banks and customers € mn As of 31 December 2021 2020 Short-term investments and certificates of deposit 2,056 1,824 Loans 116,304 111,100 Other 5,797 3,720 Subtotal 124,157 116,644 Loan loss allowance (79) (67) Total1 124,079 116,576 1_Includes loans and advances to banks and customers due within one year of € 14,733 mn (2020: € 11,057 mn). 146 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements 8 _ Reinsurance assets programs in place. Allianz SE participates with up to 100 % on an arm’s length basis in these cessions, in line with local requirements. The risk Reinsurance assets coming from these cessions is also limited by external retrocessions. € mn Reinsurance involves credit risk and is subject to aggregate loss limits. Reinsurance does not legally discharge the respective Allianz As of 31 December 2021 2020 company from primary liability under the reinsured policies. Although Unearned premiums 2,216 1,810 the reinsurer is liable to this company to the extent of the business Reserves for loss and loss adjustment expenses 13,033 11,274 Aggregate policy reserves 41,276 6,917 ceded, the Allianz company remains primarily liable as the direct Other insurance reserves 206 169 insurer for all the risks it underwrites, including the share that is Total 56,731 20,170 reinsured. The Allianz Group monitors the financial condition of its reinsurers on a regular basis and reviews its reinsurance arrangements periodically in order to evaluate the reinsurer’s ability to fulfill its obligations to the Allianz Group companies under existing and The increase in the reinsurance assets is largely due to a reinsurance planned reinsurance contracts. The Allianz Group’s evaluation criteria, transaction in the United States. In the fourth quarter of 2021 Allianz Life which include the degree of creditworthiness, capital levels, and Insurance Company of North America reinsured reserves of USD 36 bn marketplace reputation of its reinsurers, are such that the from the fixed index annuity portfolio. The transaction is expected to Allianz Group believes that its reinsurance credit risk is not significant, improve the return on equity and strengthen the regulatory capital and historically has not experienced noteworthy difficulty in collecting position for the Allianz Group. The effects from the transaction are mainly claims from its reinsurers. Additionally, and as appropriate, the reflected in following balance sheet positions. The reinsurance assets Allianz Group may also require letters of credit, deposits, or other increased by € 31 bn, this increase is fully reflected in the changes in financial guarantees to further minimize its exposure to credit risk. In aggregate policy reserves ceded to reinsurers. The deposits retained for certain cases, however, the Allianz Group does establish an allowance reinsurance ceded, which are included in other liabilities, increased by for doubtful amounts related to reinsurance as appropriate, although € 25 bn. In contrast, the investments decreased by € (7) bn, resulting from this amount was not significant as of 31 December 2021 and 2020. the asset derecognition for certain parts of the portfolio. Furthermore the deferred acquisition costs decreased by € (2) bn. 9 _ Deferred acquisition costs Changes in aggregate policy reserves ceded to reinsurers are as follows: Changes in aggregate policy reserves ceded to reinsurers Deferred acquisition costs € mn € mn As of 31 December 2021 2020 2021 2020 Deferred acquisition costs Carrying amount as of 1 January 6,917 5,260 Property-Casualty 5,099 4,876 Foreign currency translation adjustments 634 (390) Life/Health 18,224 16,550 Changes recorded in the consolidated income statement (687) 303 Subtotal 23,323 21,426 Other changes 34,411 1,744 Deferred sales inducements 234 190 Carrying amount as of 31 December 41,276 6,917 Present value of future profits 199 213 Total 23,756 21,830 The reserves for loss and loss adjustment expenses ceded to reinsurers Changes in deferred acquisition costs in the business segment Property-Casualty amounted to € 12,029 mn € mn (2020: € 10,471 mn) as of 31 December 2021. Their change is shown 2021 2020 in the respective table in note 14 . Carrying amount as of 1 January 21,830 24,777 The Allianz Group reinsures a share of the risks it underwrites in an Additions 7,113 9,845 effort to manage its exposure to losses and events, and to protect its Changes in the consolidated subsidiaries capital resources. For natural catastrophe events, the Allianz Group of the Allianz Group 2 22 has a centralized program in place that pools exposures from its Foreign currency translation adjustments 773 (984) subsidiaries by internal reinsurance agreements. Allianz SE limits Changes in shadow accounting 3,852 (2,308) exposures in this portfolio through external reinsurance. For other risks, Amortization (9,814) (9,523) the subsidiaries of the Allianz Group have individual reinsurance Carrying amount as of 31 December 23,756 21,830 Annual Report 2021 − Allianz Group 147

D _ Consolidated Financial Statements 10 _ Other assets Other assets € mn As of 31 December 2021 2020 Receivables Policyholders 7,580 7,214 Agents 4,574 4,592 Reinsurance 5,110 3,604 Other 7,114 6,092 Less allowances for doubtful accounts (832) (788) Subtotal 23,546 20,715 Tax receivables Income taxes 2,124 1,986 Other taxes 2,370 2,310 Subtotal 4,494 4,296 Accrued dividends, interest, and rent 5,716 5,955 Prepaid expenses 996 793 Derivative financial instruments used for hedging that meet the criteria for hedge accounting, and firm commitments1 331 1,134 Property and equipment Real estate held for own use 2,847 2,914 Software 3,377 3,340 Equipment 1,179 1,240 Right-of-use assets 2,338 2,332 Subtotal 9,741 9,827 Other assets2 3,441 2,853 Total3 48,264 45,573 1_Mainly level 2 for fair value measurement. 2_Includes € 1,359 mn (2020: € 989 mn) assets for deferred compensation programs which are mainly level 2 for fair value measurement. 3_Includes other assets due within one year of € 40,839 mn (2020: € 38,166 mn). Property and equipment € mn 2021 2020 Real estate Real estate held for Right-of-use held for Right-of-use own use Software Equipment assets own use Software Equipment assets Cost as of 1 January 3,902 9,383 3,849 3,099 3,874 8,850 4,008 2,838 Accumulated depreciation/amortization as of 1 January (988) (6,043) (2,609) 767 (1,025) (5,667) (2,629) 423 Carrying amount as of 1 January 2,914 3,340 1,240 2,332 2,848 3,183 1,379 2,416 Additions 112 998 254 421 238 939 297 660 Changes in the consolidated subsidiaries of the Allianz Group 1 11 5 13 - 9 4 (83) Disposals and reclassifications into non-current assets and assets of disposal groups classified as held for sale (25) (85) (30) (41) (21) (39) (45) (160) Reclassifications (103) 10 (8) (33) (41) 9 (5) (16) Foreign currency translation adjustments 16 9 29 47 (36) (26) (36) (61) Depreciation/Amortization (77) (815) (311) (392) (74) (724) (344) (410) Impairments - (96) (1) (7) - (9) (10) (13) Reversals of impairments 10 5 - - - - - - 1 2 3 Carrying amount as of 31 December 2,847 3,377 1,179 2,338 2,914 3,340 1,240 2,332 3 Accumulated depreciation/amortization as of 31 December 917 6,660 2,711 1,182 988 6,043 2,609 767 Cost as of 31 December 3,764 10,038 3,889 3,520 3,902 9,383 3,849 3,099 1_As of 31 December 2021, assets pledged as security and other restrictions on title were € 93 mn (2020: € 90 mn). 2_As of 31 December 2021, includes € 2,883 mn (2020: € 2,870 mn) for self-developed software and € 494 mn (2020: € 470 mn) for software purchased from third parties. 3_Consists mainly of real estate. 148 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements 11 _ Intangible assets Intangible assets Allocation principles € mn For the purpose of impairment testing, the Allianz Group has allocated 1 84 As of 31 December 2021 2020 goodwill to CGUs . These CGUs represent the lowest level at which Goodwill 15,945 13,489 goodwill is monitored for internal management purposes. Distribution agreements1 1,164 995 2 CGUs in the Property-Casualty business segment are: Customer relationships 886 603 Other3 737 517 Total 18,732 15,604 − Insurance German Speaking Countries, including Germany and Switzerland, 1_Primarily includes the long-term distribution agreements with Banco Bilbao Vizcaya Argentaria, S.A., Santander Aviva Life and Commerzbank AG. − Insurance Western & Southern Europe, including Belgium, France, 2_Primarily results from business combinations. Greece, Italy, Luxembourg, the Netherlands, and Turkey, 3_Primarily includes acquired business portfolios and brand names. − Insurance Asia, − Insurance Iberia & Latin America, including, Mexico, Portugal, South America, and Spain, − Insurance Central & Eastern Europe, including Austria, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Goodwill Slovakia, and Ukraine, € mn − Global Insurance Lines & Anglo Markets, Middle East and Africa, 2021 2020 including Australia, Ireland, the United Kingdom, Middle East and Cost as of 1 January 13,781 13,499 Africa, Accumulated impairments as of 1 January (292) (292) − Specialty Lines I, including Allianz Re, Allianz Global Corporate & Carrying amount as of 1 January 13,489 13,207 Specialty and Credit Insurance, and Additions 2,196 692 − Specialty Lines II, including Allianz Partners and Allianz Direct. Disposals - - Foreign currency translation adjustments 260 (410) Impairments - - CGUs in the Life/Health business segment are: Carrying amount as of 31 December 15,945 13,489 Accumulated impairments as of 31 December 292 292 − Insurance German Speaking Countries, including Germany and Cost as of 31 December 16,237 13,781 Switzerland, − Insurance Western & Southern Europe, including Belgium, France, Greece, Italy, Luxembourg, the Netherlands, and Turkey, − Insurance Central & Eastern Europe, including Austria, Bulgaria, 2021 Croatia, Czech Republic, Hungary, Lithuania, Poland, Romania, Additions are mainly related to goodwill arising from the acquisitions Russia, Slovakia, and Ukraine, of business operations of Aviva Group in Poland, Lithuania, and Italy, − Global Insurance Lines & Anglo Markets, Middle East and Africa, and Westpac General Insurance, Sydney. including Australia, Ireland, the United Kingdom, Middle East and For further information, please see note 3. Africa, and − US Life Insurance. 2020 Additions are mainly related to goodwill arising from the acquisitions The business segment Asset Management is represented by the CGU of SulAmérica Seguros Automóveis e Massificados S.A, Rio de Janeiro, Asset Management, mainly including Allianz Global Investors and ControlExpert Holding B.V., Amsterdam, and BBVA Allianz Seguros y PIMCO. Reaseguros S.A., Madrid. The business segment Corporate and Other mainly includes For further information, please see Annual Report 2020 note 4. Digital Investments. 84_The following paragraphs only include the CGUs that contain goodwill. Annual Report 2021 − Allianz Group 149

D _ Consolidated Financial Statements The carrying amounts of goodwill are allocated to the business segment, the Market Consistent Embedded Value (MCEV) Allianz Group’s CGUs as of 31 December 2021 and 2020 as follows: and a multiple of the Market Consistent Value of New Business is used. MCEV is an industry-specific valuation method to assess the current Allocation of carrying amounts of goodwill to CGUs value of the in-force portfolio. The Allianz Group uses an economic € mn balance sheet approach to derive the MCEV, which is directly taken As of 31 December 2021 2020 out of the market value balance sheet (MVBS) as determined using PROPERTY-CASUALTY Solvency II guidance. In cases where no adequate valuation reflecting Insurance German Speaking Countries 590 588 a long-term view in line with management judgment and market Insurance Western & Southern Europe 1,149 1,083 experience could be derived from market-consistent methodology, the Insurance Asia 148 148 Appraisal Value can be derived from a Traditional Embedded Value Insurance Iberia & Latin America 358 406 (TEV). This was the case for the CGU US Life Insurance in 2021. Insurance Central & Eastern Europe 483 300 In the Corporate and Other business segment, the Value in use in Global Insurance Lines & Anglo Markets, Middle East and the Digital Investments is derived by using the discounted cash flow Africa 1,429 1,148 and multiple method. Discounted cash flows are calculated based on Specialty Lines I 38 38 the companies‘ business plan as well as an estimate of sustainable Specialty Lines II 340 336 returns and eternal growth rates (terminal value). The discounted Subtotal 4,535 4,047 earnings value is calculated by discounting the future earnings using LIFE/HEALTH an appropriate discount rate. For the multiple method, transactions Insurance German Speaking Countries 967 961 and revenues of comparable companies are used. Insurance Western & Southern Europe 624 628 Insurance Central & Eastern Europe 1,701 56 Significant assumptions Global Insurance Lines & Anglo Markets, Middle East and In determining the business plans, certain key assumptions were made Africa 15 15 US Life Insurance 468 456 in order to project future earnings. Subtotal 3,775 2,116 For entities included in the CGUs of the Property-Casualty business segment, the business plans are mainly based on key ASSET MANAGEMENT 7,453 7,214 assumptions including expense ratio, loss ratio, investment income, risk CORPORATE AND OTHER 182 112 capital, market share, premium rate changes, and taxes. The bases for Total 15,945 13,489 determining the values assigned to the key assumptions are current market trends and earnings projections. The discount rate is based on the capital asset pricing model Valuation techniques (CAPM) and appropriate eternal growth rates. The assumptions, The recoverable amounts for all CGUs are determined on the basis of including the risk-free interest rate, market risk premium, segment value in use calculations. The Allianz Group applies generally beta, and leverage ratio used to calculate the discount rates, are acknowledged valuation principles to determine the value in use. generally consistent with the parameters used in the Allianz Group’s For all CGUs in the Property-Casualty business segment and for planning and controlling process. The discount rates and eternal the CGU Asset Management, the Allianz Group mainly uses the growth rates for the CGUs in the Property-Casualty business segment discounted earnings method to derive the value in use. Generally, the are as follows: basis for the determination of the discounted earnings value is the business plan (“detailed planning period”) as well as the estimate of Discount rates and eternal growth rates for the CGUs 1 the sustainable returns and eternal growth rates, which can be in the Property-Casualty business segment assumed to be realistic on a long-term basis (“terminal value”) for the % operating entities included in the CGU. The discounted earnings value 2021 2020 is calculated by discounting the future earnings using an appropriate Eternal growth Eternal growth Discount rate rate Discount rate rate discount rate. The business plans applied in the value in use Insurance German calculations are the results of the structured management dialogues Speaking Countries 7.6 0.4 7.4 0.4 between the Board of Management of Allianz SE and the operating Insurance Western & entities in connection with a reporting process integrated into these Southern Europe 9.4 2.4 8.8 1.8 dialogues. Generally, the business plans comprise a planning horizon Insurance Asia 11.1 4.4 10.6 4.4 of three years and are based on the current market environment. Insurance Iberia & Latin America 11.7 3.5 10.5 2.8 The terminal values are largely based on the expected profits of Insurance Central & the final year of the detailed planning period. Where necessary, the Eastern Europe 9.2 1.7 8.8 1.5 planned profits are adjusted to reflect long-term sustainable earnings. Global Insurance Lines & Anglo Markets, Middle The financing of the assumed eternal growth in the terminal values is East and Africa 8.6 1.0 8.2 0.8 accounted for by appropriate profit retention. Specialty Lines I 7.8 0.9 7.7 0.9 For all CGUs in the Life/Health business segment, the value in use Specialty Lines II 7.9 0.6 7.9 0.5 is mainly based on an Appraisal Value method, which is derived from 1_The table provides an overview of weighted key parameters on CGU level of the country-specific discount rates and the Embedded Value and New Business Value calculation. As a eternal growth rates used. starting point for the impairment test for the CGUs in the Life/Health 150 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements For entities included in the CGUs of the Life/Health business segment, For the Digital Investments included in the Corporate and Other the MCEV is in general the excess of assets over liabilities of the MVBS business segment, the bases for determining the values assigned to according to the Solvency II requirements. Assets and liabilities the key assumptions are current market trends and earnings included in the MVBS are measured at their market value as of the projections. The discount rate is based on the capital asset pricing reporting date. Technical provisions are an essential part of the model (CAPM) and appropriate eternal growth rates. The discount liabilities included in the MVBS, and generally consist of the best rate and the eternal growth rates are calculated in line with market estimate plus a risk margin. The best estimate corresponds to the practice and are subject to company-specific factors, its development probability-weighted average of future cash flows considering the time status and the markets in which the company operates. value of money, using the relevant risk-free interest rate term structure. The calculation of the best estimate is based on assumptions made for Sensitivity analysis demographic factors (e.g., mortality, morbidity, lapse/surrender rates), Sensitivity analyses were performed with regard to discount rates and expense allowances, taxation, assumptions on market conditions for key value drivers of the business plans. market consistent projections (e.g., reference rates, volatilities) as well For the CGUs in the Property-Casualty business segment and for as investment strategy and asset allocation of the entity. The risk the CGU Asset Management, sensitivity analyses were performed with margin ensures that the value of the technical provisions is equivalent respect to the long-term sustainable combined ratios and cost-income to the amount that the entity would be expected to require in order to ratios. For all CGUs discounted earnings, value sensitivities still take on and meet the insurance and reinsurance obligations. exceeded their respective carrying amounts – however for the CGU Reference rates used for the calculation of the best estimate Insurance Asia in the business segment Property-Casualty, an increase follow EIOPA specifications for the Solvency II guidance. of 0.5 % points in the discount rate and/or the combined ratio results in The following table provides an overview of the reference rates the recoverable amount of the CGU getting close to its respective for the CGUs in the Life/Health business segment: carrying value. In the Life/Health business segment, sensitivity analyses were Reference rates for the CGUs in the Life/Health business segment performed based on MCEV sensitivity testing on the reference rate. The analyses have shown that in case of an increase in reference rates CGUs in the Life/Health Reference rate for entities by 50 basis points, the appraisal value of each CGU still exceeds its business segment with Appraisal Value based on MCEV Insurance German Euro swap curve minus 10 bps (2020: 10 bps) credit risk adjustment plus 3 carrying amount. Speaking Countries bps (2020: 7 bps) volatility adjustment In the Corporate and Other business segment, a sensitivity CHF swap curve minus 10 bps (2020: 10 bps) credit risk adjustment plus 4 analysis was performed with respect to interest rates for the Digital bps (2020: 9 bps) volatility adjustment Insurance Western & For those entities reporting in Euro: Investments. The analysis has shown that in case of an increase in the Southern Europe Euro swap curve minus 10 bps (2020: 10 bps) credit risk adjustment plus 3 interest rates by 50 basis points and under consideration of a holding bps (2020: 7 bps) volatility adjustment Insurance Central & For those entities reporting in Euro: period usual for the asset class, the recoverable amount approximates Eastern Europe Euro swap curve minus 10 bps (2020: 10 bps) credit risk adjustment plus 3 its carrying value. bps (2020: 7 bps) volatility adjustment For other entities: Local swap curve minus 10 bps (2020: 10 bps) credit risk adjustment plus volatility adjustment for the following currencies only [CZK: 21 bps (2020: 10 bps), HUF: 8 bps (2020: 2 bps), PLN: 17 bps (2020: 4 bps)] 12 _ Liabilities to banks and customers Global Insurance Lines For those entities reporting in Euro: & Anglo Markets, Euro swap curve minus 10 bps (2020: 10 bps) credit risk adjustment plus 3 Middle East and Africa bps (2020: 7 bps) volatility adjustment Liabilities to banks and customers US Life Insurance Local swap curve minus 10 bps (2020: 17 bps) credit risk adjustment plus € mn 23 bps (2020: 27 bps) volatility adjustment As of 31 December 2021 2020 Payable on demand and other deposits 1,474 1,263 Repurchase agreements and collateral received from securities lending transactions and derivatives 4,434 5,164 The new-business value calculation is based on a best estimate of one Other 9,561 8,296 year of value of new business, multiplied by a factor (multiple) to Total1 15,468 14,722 capture expected future new business. The best estimate of new 1_Consists of liabilities to banks and customers due within one year of € 13,227 mn (2020: € 12,674 mn), 1 - 5 years of business is generally derived from the achieved value of new business. € 1,133 mn (2020: € 1,359 mn), and over 5 years of € 1,108 mn (2020: € 689 mn). The new business multiple accounts for the risk and the growth associated with future new business in analogy to the discount rate and the growth rate in a discounted earnings method. For all CGUs in the Life/Health business segment other than CGU US Life Insurance, a multiple of not more than ten times the value of new business is applied. For entities included in the CGU of the Asset Management business segment, key assumptions include assets under management growth, cost-income ratio, and risk capital. The key assumptions are based on the current market environment. The discount rate for the CGU Asset Management is 10.2 % (2020: 9.5 %) and the eternal growth rate is 0.9 % (2020: 0.8 %). Annual Report 2021 − Allianz Group 151

D _ Consolidated Financial Statements 13 _ Unearned premiums Unearned premiums € mn As of 31 December 2021 2020 Property-Casualty 21,163 19,681 Life/Health 6,356 5,679 Consolidation (17) (18) Total 27,501 25,341 14 _ Reserves for loss and loss adjustment expenses As of 31 December 2021, the reserves for loss and loss adjustment expenses of the Allianz Group totaled € 86,974 mn (2020: € 80,897 mn). The following table reconciles the beginning and ending reserves for the Property-Casualty business segment for the years ended 31 December 2021 and 2020. Change in the reserves for loss and loss adjustment expenses in the Property-Casualty business segment € mn 2021 2020 Gross Ceded Net Gross Ceded Net As of 1 January 68,171 (10,471) 57,700 65,414 (9,496) 55,918 Balance carry forward of discounted loss reserves 4,603 (346) 4,258 4,552 (348) 4,204 Subtotal 72,774 (10,817) 61,958 69,965 (9,844) 60,122 Loss and loss adjustments expenses incurred Current year 41,698 (4,760) 36,938 40,321 (4,007) 36,314 Prior years (1,396) 23 (1,374) (255) (176) (431) Subtotal 40,302 (4,737) 35,565 40,066 (4,183) 35,883 Loss and loss adjustments expenses paid Current year (19,383) 796 (18,587) (17,607) 503 (17,104) Prior years (17,982) 2,843 (15,139) (18,171) 2,017 (16,154) Subtotal (37,365) 3,639 (33,726) (35,778) 2,520 (33,258) Foreign currency translation adjustments and other changes1 1,842 (399) 1,443 (1,708) 691 (1,017) Changes in the consolidated subsidiaries of the Allianz Group 680 (100) 581 229 (1) 228 Subtotal 78,234 (12,413) 65,821 72,774 (10,817) 61,958 Ending balance of discounted loss reserves (4,808) 384 (4,424) (4,603) 346 (4,258) As of 31 December 73,425 (12,029) 61,397 68,171 (10,471) 57,700 1_Include effects of foreign currency translation adjustments for prior year's claims of gross € 1,257 mn (2020: € (1,639) mn) and of net € 900 mn (2020: € (1,105) mn), and for current year claims of gross € 172 mn (2020: € (409) mn) and of net € 128 mn (2020: € (275) mn). Prior years’ net loss and loss adjustment expenses incurred reflect the such as asbestos and environmental claims. The origin year of losses is changes in estimation charged or credited to the consolidated income taken into consideration by analyzing each line of business by accident statement in each year with respect to the reserves for loss and loss year. While this determines the estimates of reserves for loss and LAE adjustment expenses established as of the beginning of that year. by accident year, the effect in the consolidated income statement in During the year ended 31 December 2021, additional income of the respective calendar year combines the accident year loss ratio for € 1,374 mn (2020: € 431 mn) net was recorded in the Property- the current year with the favorable or adverse development from prior Casualty business segment in respect of losses occurring in prior years. years (run-off). During the year ended 31 December 2021, this amount, expressed as Although discounted loss reserves have been reclassified to a percentage of the net balance of the beginning of the year, was 2.2 % “Reserves for insurance and investment contracts” in the balance (2020: 0.7 %). sheet, the underlying business development of these non-life reserves is still considered in the loss ratio. Therefore the tables below show the loss development by accident year including the business development of discounted loss reserves. The analysis of loss and LAE reserves by actuaries and management is The run-off triangle, also known as the “loss triangle”, is a tabular conducted by line of business and separately for specific claim types representation of loss-related data (such as payments, loss reserves, 152 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements ultimate losses) in two time-related dimensions. One of these is the Group results. The run-off triangles are not prepared on a currency- calendar year, the other is the accident year (year of loss occurrence). adjusted basis. This means all figures are translated from the Run-off triangles – as the basis for measuring loss reserves – express respective local currency into the Allianz Group presentation currency how the loss reserves change over the course of time due to payments (euro), consistently using the exchange rates applicable at the made and new estimates of the expected ultimate loss at the respective reporting date. This ensures that the reserves reconcile with respective reporting date. reserves in the consolidated balance sheet. The data is only presented on a net basis, as this is considered to be more meaningful in order to represent the retained impact on Loss payments for the individual accident years (per calendar year, net) Loss payments for the individual accident years (per calendar year, net) € mn Accident year 2012 Calendar year and prior 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total 2012 27,828 27,828 2013 13,530 15,449 28,979 2014 6,283 7,009 15,410 28,702 2015 4,326 1,850 7,564 16,291 30,031 2016 4,054 1,004 2,007 7,929 16,409 31,403 2017 2,273 710 1,022 2,261 7,842 16,669 30,778 2018 2,571 389 707 1,119 2,484 7,976 17,084 32,330 2019 1,447 314 490 788 1,044 2,753 8,524 18,105 33,465 2020 1,130 222 302 584 938 1,278 2,883 8,818 17,104 33,258 2021 1,008 175 232 379 639 770 1,329 3,054 7,552 18,587 33,726 Reserves for loss and loss adjustment expenses for the individual accident years at the respective reporting date (net) Reserves for loss and loss adjustment expenses for the individual accident years at the respective reporting date (net) € mn Accident year 2012 As of 31 December and prior 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total 2012 55,807 55,807 2013 39,488 13,957 53,445 2014 33,303 7,101 15,215 55,619 2015 28,367 5,182 7,585 16,358 57,492 2016 23,400 3,894 5,262 7,991 16,708 57,254 2017 19,174 2,815 3,891 5,407 8,454 16,573 56,314 2018 16,107 2,352 2,954 4,114 5,424 8,327 17,081 56,358 2019 14,403 2,001 2,341 3,413 4,403 6,049 8,751 18,762 60,122 2020 12,969 1,725 1,956 2,642 3,466 4,387 5,873 9,646 19,294 61,958 2021 12,068 1,517 1,760 2,246 2,837 3,720 4,942 6,939 10,708 19,081 65,821 Annual Report 2021 − Allianz Group 153

D _ Consolidated Financial Statements Ultimate loss for the individual accident years at the respective reporting date (net) Ultimate loss for the individual accident years at the respective reporting date (net) € mn Accident year 2012 Calendar year and prior 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total 2012 83,635 2013 80,846 29,407 2014 80,944 29,560 30,625 2015 80,333 29,490 30,560 32,649 2016 79,420 29,206 30,244 32,211 33,116 2017 77,467 28,837 29,896 31,888 32,705 33,242 2018 76,972 28,764 29,665 31,713 32,158 32,972 34,165 2019 76,715 28,726 29,542 31,801 32,182 33,447 34,358 36,867 2020 76,410 28,672 29,460 31,613 32,183 33,063 34,363 36,570 36,398 2021 76,518 28,640 29,496 31,596 32,193 33,167 34,762 36,917 35,364 37,668 1 3 Surplus 7,117 766 1,129 1,053 923 75 (597) (49) 1,034 - 11,452 Reduction/(increase) 2 3 2021 versus 2020 (108) 32 (36) 17 (10) (104) (398) (347) 1,034 - 80 1_Includes effects from foreign currency translation adjustments and other changes. 2_The total development 2021 to 2020 of € 80 mn represents the cumulative surplus from re-estimating the ultimate loss for prior year claims. Considering foreign currency translation adjustments of net € 900 mn as well as changes in the consolidated subsidiaries of the Allianz Group and other changes of in total € 394 mn, this leads to an effective run-off of net € 1,374 mn, which can be found in the table "Change in reserves for loss and loss adjustment expenses" within this note. 3_Presentation not meaningful. Calendar year premiums earned and ultimate loss ratios for the individual accident years at the respective reporting date (net) Calendar year premiums earned and ultimate loss ratios for the individual accident years at the respective reporting date (net) Premiums earned (net) Accident year 2013 2014 2015 2016 2017 2018 2019 2020 2021 € mn % % % % % % % % % 2013 42,047 69.9 2014 43,759 70.3 70.0 2015 46,430 70.1 69.8 70.3 2016 46,588 69.5 69.1 69.4 71.1 2017 47,242 68.6 68.3 68.7 70.2 70.4 2018 48,305 68.4 67.8 68.3 69.0 69.8 70.7 2019 51,328 68.3 67.5 68.5 69.1 70.8 71.1 71.8 2020 51,631 68.2 67.3 68.1 69.1 70.0 71.1 71.2 70.5 2021 53,054 68.1 67.4 68.1 69.1 70.2 72.0 71.9 68.5 71.0 The ultimate loss of an accident year comprises all payments made for that accident year up to the reporting date, plus the loss reserves at the reporting date. Given complete information regarding all losses Further risk disclosure requirements of IFRS 4 in connection with IFRS 7 incurred up to the reporting date, the ultimate loss for each accident- are reflected in the following sections of the Risk and Opportunity year period would remain unchanged. In practice, however, the Report within the Group Management Report: ultimate loss (based on estimates) is exposed to fluctuations that reflect the increase in knowledge regarding the loss cases. The loss − Internal risk capital framework, ratio presented above deviates from the reported loss ratio because − Risk-based steering and risk management, the ultimate loss in the table above is based on the sum of the − Underwriting risk in the section Quantifiable risks and payments plus the loss reserves, not the incurred loss as stated in the opportunities by risk category. consolidated income statement. This means that effects like changes in consolidated subsidiaries, foreign currency translation and unwinding of discounted loss reserves are presented differently. As of 31 December 2021, the reserves for loss and loss adjustment expenses in the Property-Casualty business segment, which are expected to be due in 2022 amounted to € 21,000 mn, while those 154 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements expected to be due between 2023 and 2026 amounted to € 24,482 mn and those expected to be due after 2026 amounted to € 20,338 mn. Reserves for premium refunds € mn 15 _ Reserves for insurance and 2021 2020 Amounts already allocated under local statutory investment contracts or contractual regulations As of 1 January 18,036 17,508 Foreign currency translation adjustments 13 (3) Reserves for insurance and investment contracts Changes in the consolidated subsidiaries € mn of the Allianz Group 1 - As of 31 December 2021 2020 Changes 406 531 Aggregate policy reserves 537,876 507,184 As of 31 December 18,456 18,036 Reserves for premium refunds 93,476 103,170 Latent reserves for premium refunds Other insurance reserves 709 741 As of 1 January 85,134 72,273 Total 632,061 611,096 Foreign currency translation adjustments 182 (52) Changes in the consolidated subsidiaries of the Allianz Group - (5) Changes due to fluctuations in market value (12,726) 11,381 Changes due to valuation differences charged to income 2,430 1,537 As of 31 December 75,020 85,134 Aggregate policy reserves Total 93,476 103,170 € mn 2021 2020 As of 1 January 507,184 497,558 Balance carry forward of discounted loss reserves (4,603) (4,552) Subtotal 502,581 493,006 Foreign currency translation adjustments 9,454 (10,220) The Allianz Group’s Life/Health business segment provides a wide Changes in the consolidated subsidiaries variety of insurance and investment contracts to individuals and groups of the Allianz Group 871 (38) Changes recorded in the consolidated income statement 749 1,587 in over 30 countries around the world. Individual contracts include both Premiums collected 30,567 31,181 traditional contracts and unit-linked contracts. Without taking Separation of embedded derivatives 2,031 1,356 policyholder participation into account, traditional contracts generally Interest credited 7,084 5,580 incorporate significant investment risk for the Allianz Group, while unit- Dividends allocated to policyholders 1,907 1,845 linked contracts generally result in the contract holder assuming the Releases upon death, surrender, and withdrawal (20,384) (21,192) investment risk. Traditional contracts include life, endowment, annuity, Policyholder charges (1,833) (1,760) and health contracts. Traditional annuity contracts are issued in both Portfolio acquisitions and disposals (801) 17 deferred and immediate types. In addition, the Allianz Group’s life Other changes1 842 1,219 insurance operations in the United States issue a significant amount of Subtotal 533,068 502,581 equity-indexed deferred annuities. In certain markets, the Allianz Group Ending balance of discounted loss reserves 4,808 4,603 also issues group life, group health, and group pension contracts. As of 31 December 537,876 507,184 As of 31 December 2021 and 2020, the Allianz Group’s reserves 1_Mainly relate to insurance contracts, when policyholders change their contract from an unit-linked to an universal life- for insurance and investment contracts for the business segment type contract. Life/Health are summarized per reportable segment as follows: Concentration of insurance risk in the Life/Health business segment per reportable segment € mn As of 31 December 2021 2020 Reserves for Financial Reserves for Financial insurance and liabilities for insurance and liabilities for investments unit-linked investments unit-linked contracts contracts Total contracts contracts Total German Speaking Countries and Central & Eastern Europe 367,549 16,785 384,334 359,708 11,802 371,510 Western & Southern Europe and Asia Pacific 121,182 118,652 239,834 127,173 104,404 231,577 Iberia & Latin America 7,620 2,044 9,665 8,047 1,500 9,546 USA 123,704 20,241 143,945 104,413 19,164 123,577 Global Insurance Lines & Anglo Markets, Middle East and Africa 2,428 624 3,052 2,585 437 3,021 Consolidation and Other (5,376) - (5,376) (5,850) 1 (5,849) Total 617,109 158,346 775,454 596,074 137,307 733,382 Annual Report 2021 − Allianz Group 155

D _ Consolidated Financial Statements The majority of the Allianz Group’s Life/Health business segment In addition, the operations in these markets may also have significant operations are conducted in Western Europe. Insurance laws and mortality and expense margins. However, the Allianz Group’s regulations in Europe have historically been characterized by legal or Life/Health operations in Switzerland and Belgium have high contractual minimum participation of contract holders in the profits of guaranteed minimum interest rates on older contracts in their the insurance company issuing the contract. In particular, life insurance portfolios and, as a result, may be sensitive to declines in investment business in Germany, Switzerland, and Austria, which comprises rates or a prolonged low interest rate environment. In 2021, significant approximately 53 % (2020: 54 %) of the Allianz Group’s reserves for parts of said portfolios have been sold or reinsured. insurance and investment contracts as of 31 December 2021, includes Further risk disclosure requirements of IFRS 4 in connection with a substantial level of policyholder participation in all sources of profit, IFRS 7 are reflected in the following sections of the Risk and including mortality/morbidity, investment, and expense. As a result of Opportunity Report within the Group Management Report: this policyholder participation, the Allianz Group’s exposure to insur- ance, investment, and expense risk is mitigated. − Internal risk capital framework, Furthermore, all of the Allianz Group’s annuity policies issued in − Risk-based steering and risk management, the United States meet the criteria for classification as insurance − Underwriting risk in the section Quantifiable risks and contracts under IFRS 4 because they include options for contract opportunities by risk category. holders to elect a life-contingent annuity. These contracts currently do expose the Allianz Group to a certain longevity risk, however, adverse developments can be counteracted by using the flexible crediting As of 31 December 2021, benefits for insurance and investment options on the in-force book. Additionally, many of the Allianz Group’s contracts which are expected to be due in 2022 amounted to € 62 bn, traditional contracts issued in France and Italy do not incorporate while those expected to be due between 2023 and 2026 amounted to significant insurance risk, although they are accounted for as insurance € 204 bn, and those expected to be due after 2026 amounted to contracts because of their discretionary participation features. € 1,599 bn. Similarly, a significant portion of the Allianz Group’s unit-linked The resulting total benefits for insurance and investment contracts contracts in France and Italy do not incorporate significant insurance in the amount of € 1,865 bn include contracts where the timing and risk. amount of payments are considered fixed and determinable, as well As a result of the considerable diversity in types of contracts as contracts which have no specified maturity dates and may result in issued, including the offsetting effects of mortality risk and longevity a payment to the contract beneficiary, depending on mortality and risk inherent in a combined portfolio of life insurance and annuity morbidity experience and the incidence of surrenders, lapses, or products, the geographic diversity of the Allianz Group’s Life/Health maturities. Furthermore, the amounts are undiscounted and do not business segment and the substantial level of policyholder include any expected future premiums; therefore they significantly participation in mortality/morbidity risk in certain countries in Western exceed the reserves for insurance and investment contracts presented Europe, the Allianz Group does not believe its Life/Health segment has in the consolidated balance sheet. any significant concentrations of insurance risk, nor does it believe its For contracts without fixed and determinable payments, the net income or shareholders’ equity is highly sensitive to insurance risk. Allianz Group has made assumptions in estimating the undiscounted The Allianz Group’s Life/Health business segment is exposed to cash flows of contractual policy benefits including mortality, morbidity, significant investment risk as a result of guaranteed minimum interest interest crediting rates, policyholder participation in profits, and future rates being included in most of its non-unit-linked contracts. The lapse rates. These assumptions represent current best estimates and weighted average guaranteed minimum interest rates of the Allianz may differ from the estimates used to establish the reserves for Group’s largest operating entities in the business segment Life/Health, insurance and investment contracts in accordance with the Allianz comprising 86 % (2020: 86 %) of the aggregate policy reserves in this Group’s established accounting policy. Due to the uncertainty of the business segment in 2021, can be summarized by country as follows: assumptions used, the amount presented could be materially different from the actual incurred payments in future periods. Weighted average guaranteed minimum interest rates of life insurance entities As of 31 December 2021 2020 Aggregate Aggregate Guaranteed policy Guaranteed policy rate reserves rate reserves % € bn % € bn Germany 1.7 228.5 1.8 218.3 United States 0.4 123.6 0.5 104.3 France 0.3 54.2 0.3 56.0 Italy 1.0 27.6 1.3 28.8 Switzerland 1.4 12.4 1.5 12.0 Belgium 1.4 6.8 1.9 7.1 In most of these markets, the effective interest rates earned on the investment portfolio exceed these guaranteed minimum interest rates. 156 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements 16 _ Financial liabilities for unit-linked contracts Financial liabilities for unit-linked contracts € mn 2021 2020 As of 1 January 137,307 132,168 Foreign currency translation adjustments 1,192 (3,016) Changes in the consolidated subsidiaries of the Allianz Group 2,987 (930) Premiums collected 26,375 21,490 Interest credited 13,129 5,330 Releases upon death, surrender, and withdrawal (17,873) (13,702) Policyholder charges (2,522) (2,159) Portfolio acquisitions and disposals (1,289) (5) Reclassifications1 (960) (1,867) As of 31 December2 158,346 137,307 1_These reclassifications mainly relate to insurance contracts when policyholders change their contracts from an unit- linked to an universal life-type contract. 2_Consists of € 102,855 mn (2020: € 86,340 mn) unit-linked insurance contracts, and € 55,491 mn (2020: € 50,967 mn) unit-linked investment contracts. 17 _ Other liabilities Other liabilities € mn As of 31 December 2021 2020 Payables Policyholders 5,560 4,741 Reinsurance 4,335 2,846 Agents 2,645 2,055 Subtotal 12,540 9,642 Payables for social security 435 397 Tax payables Income taxes 2,519 1,812 Other taxes, interest, and penalties 2,255 1,983 Subtotal 4,774 3,795 Accrued interest and rent 365 457 Unearned income 593 551 Provisions Pensions and similar obligations 11,185 10,725 Employee related 3,099 2,774 Share-based compensation plans 361 367 Restructuring plans 274 306 Other provisions1 6,070 2,040 Subtotal 20,988 16,211 Deposits retained for reinsurance ceded2 31,221 3,903 Derivative financial instruments used for hedging that meet the criteria for hedge accounting, and firm commitments3 994 245 Financial liabilities for puttable financial instruments 2,615 2,072 Lease liabilities 2,790 2,725 Other liabilities 9,281 9,005 Total4 86,596 49,005 1_Includes € 3,687 mn for a litigation provision for Structured Alpha. For further information, please refer to note 37. 2_For further information on the deposits retained for reinsurance ceded, please refer to note 8. 3_Mainly level 2 for fair value measurement. 4_Includes other liabilities due within one year of € 47,286 mn (2020: € 33,237 mn). Annual Report 2021 − Allianz Group 157

D _ Consolidated Financial Statements 18 _ Certificated and subordinated liabilities Certificated and subordinated liabilities € mn Contractual maturity date As of As of 31 December 31 December Up to 1 year 1 - 5 years Over 5 years 2021 2020 Senior bonds 1,500 2,999 5,091 9,589 8,036 Money market securities 1,198 - - 1,198 1,170 Total certificated liabilities 2,698 2,999 5,091 10,788 9,206 Subordinated bonds - - 10,911 10,911 13,989 Subordinated loans1 - - 45 45 45 Total subordinated liabilities - - 10,956 10,956 14,034 1_Relates to subordinated loans issued by subsidiaries. Bonds outstanding as of 31 December 2021 mn ISIN Year of issue Currency Notional amount Coupon in % Maturity date Certificated liabilities Allianz Finance II B.V., Amsterdam DE000A1G0RU9 2012 EUR 1,500 3.500 14 February 2022 DE000A19S4U8 2017 EUR 750 0.250 6 June 2023 3-months Euribor + DE000A3KY367 2021 EUR 300 100 bps 22 November 2024 Non-interest DE000A28RSQ8 2020 EUR 500 bearing 14 January 2025 DE000A2RWAX4 2019 EUR 750 0.875 15 January 2026 Non-interest DE000A3KY342 2021 EUR 700 bearing 22 November 2026 DE000A19S4V6 2017 EUR 750 0.875 6 December 2027 DE000A1HG1K6 2013 EUR 750 3.000 13 March 2028 DE000A2RWAY2 2019 EUR 750 1.500 15 January 2030 DE000A28RSR6 2020 EUR 750 0.500 14 January 2031 DE000A180B80 2016 EUR 750 1.375 21 April 2031 DE000A3KY359 2021 EUR 500 0.500 22 November 2033 DE000A1HG1L4 2013 GBP 750 4.500 13 March 2043 Subordinated liabilities Allianz SE, Munich DE000A1RE1Q3 2012 EUR 1,500 5.625 17 October 2042 DE000A14J9N8 2015 EUR 1,500 2.241 7 July 2045 DE000A2DAHN6 2017 EUR 1,000 3.099 6 July 2047 XS1556937891 2017 USD 600 5.100 30 January 2049 DE000A2YPFA1 2019 EUR 1,000 1.301 25 September 2049 DE000A254TM8 2020 EUR 1,000 2.121 8 July 2050 DE000A1YCQ29 2013 EUR 1,500 4.750 Perpetual bond DE000A13R7Z7 2014 EUR 1,500 3.375 Perpetual bond XS1485742438 2016 USD 1,500 3.875 Perpetual bond DE000A289FK7 2020 EUR 1,250 2.625 Perpetual bond US018820AA81/ USX10001AA78 2020 USD 1,250 3.500 Perpetual bond DE000A3E5TR0 2021 EUR 1,250 2.600 Perpetual bond US018820AB64/ USX10001AB51 2021 USD 1,250 3.200 Perpetual bond 158 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements 19 _ Equity which Allianz SE or its Group companies have issued against cash payments according to the resolutions of the Annual General Meeting Equity (AGM) on 5 May 2010 or 9 May 2018, are exercised or the conversion € mn obligations under such bonds are fulfilled, and only to the extent that the conversion or option rights or conversion obligations are not As of 31 December 2021 2020 serviced through treasury shares or through shares from authorized Shareholders' equity capital. Issued capital 1,170 1,170 Additional paid-in capital 27,732 27,758 Undated subordinated bonds 4,699 2,259 Retained earnings1 32,784 31,371 Foreign currency translation adjustments (3,223) (4,384) Number of issued shares outstanding 2 Unrealized gains and losses (net) 16,789 22,648 2021 2020 Subtotal 79,952 80,821 Non-controlling interests 4,270 3,773 Number of issued shares outstanding as of 1 January 412,045,639 416,577,182 Total 84,222 84,594 Changes in number of treasury shares 8,769 348,188 Cancellation of issued shares (3,835,255) (4,879,731) 1_As of 31 December 2021, includes € (32) mn (2020: € (30) mn) related to treasury shares. Number of issued shares outstanding as of 31 2_As of 31 December 2021, includes € 341 mn (2020: € 494 mn) related to cash flow hedges. December 408,219,153 412,045,639 Treasury shares1 238,720 247,489 Total number of issued shares 408,457,873 412,293,128 1_Thereof 238,720 (2020: 247,489) own shares held by Allianz SE. Issued capital as of 31 December 2021 amounted to € 1,170 mn, divided into 408,457,873 fully paid registered shares. The shares have no-par value but a mathematical per-share value as a proportion of the issued capital.1 The Board of Management and the Supervisory Board propose that the net earnings (“Bilanzgewinn”) of Allianz SE of € 5,021,299,514.59 for the 2021 fiscal year shall be appropriated as As of 31 December 2021, Allianz SE had authorized capital with a follows: notional amount of € 335 mn for the issuance of new shares until 8 May 2023 (Authorized Capital 2018/I). The shareholders’ − Distribution of a dividend of € 10.80 per no-par share entitled to a subscription rights can be excluded for capital increases against dividend: € 4,408,766,852.40 contribution in kind. For a capital increase against contributions in − Unappropriated earnings carried forward: € 612,532,662.19. cash, the subscription rights can be excluded: (i) for fractional amounts, (ii) if the issue price is not significantly below the market The proposal for appropriation of net earnings reflects the 238,720 price and the shares issued under exclusion of the subscription rights treasury shares held directly and indirectly by the company as of pursuant to § 186 (3) sentence 4 of the German Stock Corporation Act 31 December 2021. Such treasury shares are not entitled to the (Aktiengesetz) do not exceed 10 % of the share capital, and (iii) to dividend pursuant to § 71b of the German Stock Corporation Act the extent necessary to grant a subscription right for new shares to (AktG). Should there be any change in the number of shares entitled to the holders of bonds that carry conversion or option rights or the dividend by the date of the Annual General Meeting, the above provide for mandatory conversion. The subscription rights for new proposal will be amended accordingly and presented for resolution shares from the Authorized Capital 2018/I and the Conditional on the appropriation of net earnings at the Annual General Meeting, Capital 2010/2018 may only be excluded for the proportionate with an unchanged dividend of € 10.80 per each share entitled to dividend. amount of the share capital of up to € 117 mn (corresponding to 10 % of the share capital at year-end 2021). In addition, Allianz SE has authorized capital (Authorized Capital 2018/II) for the issuance of new shares against contributions in cash As of 31 December 2021, Allianz SE held 238,720 (2020: 247,489) until 8 May 2023. The shareholders’ subscription rights are excluded. treasury shares. Of these, 38,720 (2020: 47,489) were held for The new shares may only be offered to employees of Allianz SE and covering future subscriptions by employees in Germany and abroad its Group companies. As of 31 December 2021, the Authorized Capital in the context of Employee Stock Purchase Plans, whereas 200,000 2018/II amounted to € 15 mn. (2020: 200,000) were held as a hedge for obligations from the Allianz Equity Incentive Program. In 2021, 676,669 (2020: 748,482) treasury shares were As of 31 December 2021, Allianz SE had conditional capital totaling transferred to employees of Allianz SE and its subsidiaries in Germany € 250 mn (Conditional Capital 2010/2018). This conditional capital and abroad. There have been no grants for free shares. The 47,489 increase will only be carried out if conversion or option rights attached residual treasury shares earmarked for these purposes of Employee to convertible bonds, bonds with warrants, convertible participation Stock Purchase Plans were fully consumed. In addition, 667,900 rights, participation rights, and subordinated financial instruments, treasury shares were acquired from the market. As in the previous years, no capital increase for the purpose of Employee Stock 1_Mathematical per-share value € 2.86 (rounded). Annual Report 2021 − Allianz Group 159

D _ Consolidated Financial Statements Purchase Plans was carried out in 2021. Employees of the details on how Allianz Group manages its capital, please refer to the Allianz Group purchased approximately 75 section “Target and strategy of risk management” of the % of the shares of the Risk and purchase plan at a reference price of € 197.82 (2020: € 167.76) per Opportunity Report. share and were allocated one additional share per three shares With Solvency II being the regulatory regime relevant for the purchased, which is equivalent to a discount of approximately 25 Group as of 1 January 2016, the risk profile is measured and steered %. The shares were sold to employees at a mean price of € 148.37 (2020: based on the approved Solvency II internal model1. The Allianz Group € 125.82). As of 31 December 2021, the remaining treasury shares of has introduced a target Solvency ratio range in accordance with Allianz SE held for covering subscriptions by employees in the context Solvency II, based on pre-defined stress scenarios for both the Group of the Employee Stock Purchase Plans of Allianz SE and its subsidiaries and related undertakings, supplemented by ad-hoc scenarios, in Germany and abroad amounted to 38,720 shares. historical and reverse stress tests, and sensitivity analyses. In the year ending 31 December 2021, the total number of The Allianz Group’s Own Funds are composed of the eligible Own treasury shares of Allianz SE decreased by 8,769 (2020: a decrease Funds relating to the Group of internal model and standard formula of 348,188), which corresponds to € 25,116.49 (2020: € 988,015.75) entities, the sectoral Own Funds of entities from other financial sectors, or 0.002 % (2020: 0.08 %) of issued capital as of 31 December 2021. as well as the equivalent Own Funds of entities included via the The treasury shares of Allianz SE and its subsidiaries represented deduction and aggregation (D&A) method. The eligible Own Funds € 0.7 mn (2020: € 0.7 mn) or 0.06 % (2020: 0.06 %) of the issued capital relating to the Group of internal model and standard formula entities as of 31 December 2021. essentially consist of the MVBS excess of assets over liabilities plus qualifying subordinated liabilities, less deductions for foreseeable dividends as well as further deductions relating, for example, to In its meeting on 5 August 2021, the Board of Management of transferability restrictions. Allianz SE resolved to carry out a share buy-back program in an Based on the information available to the Allianz Group as of the amount of up to € 750 mn within a period between August 2021 and end of December 2021 and with a Solvency II capitalization of 209 % 31 December 2021 (Share Buy-Back Program 2021) based on the (2020: 207 %), it is expected that the Group continues to be sufficiently authorization granted by the Annual General Meeting on 9 May 2018. capitalized and compliant with both the regulatory Solvency Capital In the period between 18 August 2021 and 22 October 2021, a total Requirement and the minimum consolidated Group Solvency Capital of 3,835,255 treasury shares with a market value of € 749,998,846.69 Requirement. For further information on Solvency II capitalization, were acquired for an average price of € 195.55. please refer to the section “Solvency II regulatory capitalization” of the All of the treasury shares acquired within the Share Buy-Back Risk and Opportunity Report. Program 2021 have been redeemed according to the simplified The Allianz Group is a financial conglomerate within the scope of procedure without reduction of the share capital. the Financial Conglomerates Directive (FCD). The FCD does not impose a materially different capital requirement on Allianz Group compared to Solvency II. The Allianz Group’s insurance subsidiaries (including Allianz SE) Non-controlling interests prepare individual financial statements based on local laws and € mn regulations. The local regulations establish additional restrictions on As of 31 December 2021 2020 the minimum level of capital and the amount of dividends that may be Unrealized gains and losses (net) 201 354 paid to shareholders. The respective local minimum capital Share of earnings 495 326 requirements are based on various criteria including, but not limited to, Other equity components 3,575 3,093 the volume of premiums written or claims paid, amount of insurance Total 4,270 3,773 reserves, investment risks, credit risks, and underwriting risks. As of 31 December 2021, the Allianz Group believes that there are no outstanding regulatory capital or compliance matters that would have material adverse effects on the financial position or the results of operations of the Allianz Group. For further information on the The Allianz Group’s capital requirements primarily depend on the type Structured Alpha matter please refer to note 37. of business that it underwrites, the industry and geographic locations Some insurance subsidiaries of the Allianz Group are subject to in which it operates, and the allocation of the Allianz Group’s regulatory restrictions on the amount of dividends that can be remitted investments. During the Allianz Group’s annual planning and strategic to Allianz SE without prior approval by the appropriate regulatory dialogs with its related undertakings, internal capital requirements are body. These restrictions require that a company may only pay determined through business plans regarding the levels and timing of dividends up to an amount in excess of certain regulatory capital capital expenditures and investments. These plans also form the basis levels, or based on the levels of undistributed earned surplus or current for the Allianz Group’s capital management. Resilience under stress year income or a percentage thereof. Allianz Group’s Board of conditions is also considered when determining the internal capital Management believes that these restrictions will not affect the ability requirements of the Group. The regulators impose minimum capital of Allianz SE to pay dividends to its shareholders in the future. requirements on the Group and its related undertakings. For further 1_From a formalistic perspective, the German Supervisory Authority deems the model to be “partial” generality, the term internal model might be used in the following chapters, e.g., in case descriptions also because not all of the related entities are using the internal model. Some of the smaller entities report referring to entities that use the internal model, or descriptions focusing on processes with respect to the under the standard formula and others under the deduction and aggregation approach. Without loss of internal model components. 160 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements NOTES TO THE CONSOLIDATED INCOME STATEMENT 20 _ Premiums earned (net) 22 _ Income from financial assets and liabilities carried at fair value Premiums earned (net) through income (net) € mn Property- Casualty Life/Health Consolidation Group Income from financial assets and liabilities 2021 carried at fair value through income (net) Premiums written € mn Gross 60,273 25,884 (94) 86,063 2021 2020 Ceded (6,794) (867) 94 (7,567) Income from financial assets and liabilities held for Net 53,479 25,018 - 78,497 trading (net) (6,784) 4,983 Change in unearned Income from financial assets and liabilities premiums (net) (425) (416) - (840) designated at fair value through income (net) 631 218 Premiums earned Income from financial liabilities for puttable financial (net) 53,054 24,602 - 77,656 instruments (net) (317) (140) 1 Foreign currency gains and losses (net) 4,462 (5,130) 2020 Total (2,008) (69) Premiums written 1_These foreign currency gains and losses arise subsequent to initial recognition on all assets and liabilities denominated Gross 57,772 25,315 (101) 82,986 in a foreign currency that are monetary items and not measured at fair value through income. Ceded (6,163) (690) 101 (6,752) Net 51,609 24,625 - 76,234 Change in unearned premiums (net) 22 (542) - (520) Premiums earned 23 _ Realized gains/losses (net) (net) 51,631 24,083 - 75,714 Realized gains/losses (net) € mn 2021 2020 21 _ Interest and similar income REALIZED GAINS Available-for-sale investments Equity securities 3,019 4,440 Interest and similar income Debt securities 6,341 6,838 € mn Subtotal 9,360 11,277 2021 2020 Other 1,650 1,443 Dividends from available-for-sale investments 3,664 2,260 Subtotal 11,010 12,721 Interest from available-for-sale investments 13,792 13,575 Interest from loans to banks and customers 3,553 3,676 REALIZED LOSSES Rent from real estate held for investment 1,092 1,007 Available-for-sale investments Other 1,035 877 Equity securities (284) (1,731) Total 23,137 21,395 Debt securities (1,114) (639) Subtotal (1,398) (2,370) Other (189) (95) Subtotal (1,587) (2,465) Total 9,423 10,256 Annual Report 2021 − Allianz Group 161

D _ Consolidated Financial Statements 24 _ Fee and commission income 26 _ Change in reserves for insurance and investment contracts (net) Fee and commission income € mn 2021 2020 Change in reserves for insurance and investment contracts (net) € mn PROPERTY-CASUALTY Property- Consoli- Fees from credit and assistance business 1,532 1,225 Casualty Life/Health dation Group Service agreements 467 415 2021 Subtotal 1,998 1,640 Gross (418) (13,355) 30 (13,743) LIFE/HEALTH Ceded (10) 23 14 27 Investment advisory 1,622 1,345 Net (428) (13,332) 44 (13,716) Service agreements 191 155 2020 Subtotal 1,813 1,500 Gross (320) (12,965) 30 (13,255) ASSET MANAGEMENT Ceded 12 281 (13) 279 Management and advisory fees 9,566 8,336 Net (308) (12,684) 17 (12,976) Loading and exit fees 370 389 Performance fees 633 402 Other 33 63 Subtotal 10,602 9,190 27 _ Interest expenses CORPORATE AND OTHER Service agreements 2,219 2,001 Investment advisory and banking activities 666 670 Interest expenses Subtotal 2,886 2,671 € mn 2021 2020 CONSOLIDATION (3,301) (2,953) Liabilities to banks and customers (99) (83) Total 13,998 12,049 Deposits retained for reinsurance ceded (340) (88) Certificated liabilities (162) (159) Subordinated liabilities (455) (565) Other (103) (104) Total (1,159) (999) 25 _ Claims and insurance benefits incurred (net) Claims and insurance benefits incurred (net) 28 _ Impairments of investments (net) € mn Property- Consoli- Casualty Life/Health dation Group Impairments of investments (net) € mn 2021 2021 2020 Gross (40,302) (22,697) 73 (62,926) Impairments Ceded 4,737 1,140 (73) 5,804 Available-for-sale investments Net (35,565) (21,557) - (57,121) Equity securities (1,077) (4,549) 2020 Debt securities (315) (493) Gross (40,066) (21,799) 46 (61,818) Subtotal (1,391) (5,041) Ceded 4,183 591 (46) 4,728 Other (139) (439) Net (35,883) (21,208) - (57,091) Subtotal (1,530) (5,481) Reversals of impairments 199 14 Total (1,331) (5,467) 162 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements 29 _ Investment expenses 31 _ Fee and commission expenses Investment expenses Fee and commission expenses € mn € mn 2021 2020 2021 2020 Investment management expenses (1,019) (905) Expenses from real estate held for investment (630) (447) PROPERTY-CASUALTY Expenses from fixed assets from alternative investments (314) (288) Fees from credit and assistance business (1,546) (1,242) Total (1,962) (1,640) Service agreements (409) (375) Subtotal (1,955) (1,617) LIFE/HEALTH Investment advisory (726) (605) 30 _ Acquisition and Service agreements (192) (108) Subtotal (919) (712) administrative expenses (net) ASSET MANAGEMENT Commissions (2,189) (1,794) Acquisition and administrative expenses (net) Other (10) (38) € mn Subtotal (2,199) (1,833) 2021 2020 CORPORATE AND OTHER Service agreements (2,209) (1,931) PROPERTY-CASUALTY Investment advisory and banking activities (410) (353) 1 Acquisition costs (10,583) (10,359) Subtotal (2,619) (2,284) Administrative expenses (3,686) (3,487) Subtotal (14,269) (13,846) CONSOLIDATION 2,693 2,421 Total (5,000) (4,024) LIFE/HEALTH Acquisition costs (5,208) (5,144) Administrative expenses (2,100) (1,898) Subtotal (7,307) (7,042) ASSET MANAGEMENT 32 _ Income taxes Personnel expenses (3,149) (2,805) Non-personnel expenses2,3 (5,458) (1,696) Subtotal (8,607) (4,501) Income taxes € mn CORPORATE AND OTHER 2021 2020 Administrative expenses (1,206) (1,221) Current income taxes (3,636) (2,264) Subtotal (1,206) (1,221) Deferred income taxes 1,221 (207) Total (2,415) (2,471) CONSOLIDATION (33) (35) Total (31,422) (26,644) 1_Include € 1,043 mn (2020: € 904 mn) ceded acquisition costs. 2_Include € 102 mn (2020: € 57 mn) changes in assets and € (102) mn (2020: € (57) mn) changes in liabilities related to certain deferred compensation programs, entirely offsetting each other. 3_Include € (3,687) mn expenses for a litigation provision for Structured Alpha. For further information, please refer to During the year ended 31 December 2021, current income taxes note 37. included expenses of € 10 mn (2020: € 55 mn) related to prior years, deferred income taxes included income of € 3 mn (2020: € 18 mn) related to prior years. Of the deferred income taxes for the year ended 31 December 2021, income of € 1,385 mn (2020: expenses of € 70 mn) is attributable to the recognition of deferred taxes on temporary differences, and expenses of € 156 mn (2020: € 129 mn) are attributable to tax losses carried forward. Changes of applicable tax rates due to changes in tax law lead to deferred tax expenses of € 8 mn (2020: € 8 mn). For the years ended 31 December 2021 and 2020, the income taxes relating to components of other comprehensive income consist of the following: Annual Report 2021 − Allianz Group 163

D _ Consolidated Financial Statements Income taxes relating to components of other comprehensive income The reconciling item “other effects” includes expenses of € 6 mn € mn (2020: € 17 mn) related to the write-down of deferred tax assets on 2021 2020 temporary differences and tax credits. Deferred tax income increased by Items that may be reclassified to profit or loss in future periods € 1 mn (2020: € 1 mn) due to the reversal of write-down of deferred tax Foreign currency translation adjustments 148 (155) assets on temporary differences and tax credits. Available-for-sale investments 2,489 (2,018) The tax rates used in the calculation of the Allianz Group’s Cash flow hedges 74 (26) deferred taxes are the applicable national rates, which in 2021 ranged Share of other comprehensive income of associates and joint from 10.0 % to 45.0 %, with changes to tax rates that had already been ventures 16 (16) Miscellaneous 166 (7) adopted in Argentina, Brazil, Colombia, the Netherlands, and the Items that may never be reclassified to profit or loss United Kingdom by 31 December 2021 taken into account. Changes in actuarial gains and losses on defined benefit Deferred tax assets on losses carried forward are recognized to plans 170 78 the extent to which it is more likely than not that sufficient future Total 3,063 (2,145) taxable profits will be available for realization. Entities which suffered a tax loss in either the current or the preceding period recognized deferred tax assets in excess of deferred tax liabilities amounting to The recognized income taxes for the year ended 31 December 2021 € 483 mn (2020: € 363 mn), as there was convincing other evidence are € 102 mn (2020: € 123 mn) above the expected income taxes, that sufficient future taxable profit will be available. which are determined by multiplying the respective income before income taxes with the applicable country-specific tax rates. The following table shows the reconciliation from the expected income taxes to the effectively recognized income taxes for the Allianz Group. Deferred tax assets and liabilities The Allianz Group’s reconciliation is a summary of the individual € mn company-related reconciliations, which are based on the respective As of 31 December 2021 2020 country-specific tax rates taking into consideration consolidation DEFERRED TAX ASSETS effects with an impact on the Group result. The applicable tax rate Financial assets carried at fair value through income 38 111 used in the reconciliation for domestic Allianz Group companies Investments 22,850 14,648 includes corporate tax, trade tax, and the solidarity surcharge, and Deferred acquisition costs 1,160 2,098 amounted to 31.0 % (2020: 31.0 %). Other assets 1,860 1,239 The effective tax rate is determined on the basis of the effective Intangible assets 192 221 income tax expenses on income before income taxes. Tax losses carried forward 1,589 1,544 Insurance reserves 48,632 44,215 Effective tax rate Pensions and similar obligations 5,381 5,168 € mn Other liabilities 3,079 2,141 2021 2020 Total deferred tax assets 84,780 71,383 Income before income taxes 9,520 9,604 Non-recognition or valuation allowance for deferred tax assets Applied weighted income tax rate 24.3% 24.4% on tax losses carried forward (761) (712) Expected income taxes 2,313 2,348 Effect of netting (82,110) (69,665) Trade tax and similar taxes 102 216 Net deferred tax assets 1,910 1,006 Net tax-exempt income (74) (183) DEFERRED TAX LIABILITIES Effects of tax losses (1) 27 Financial assets carried at fair value through income 969 651 Other effects 76 63 Investments 44,241 42,266 Effective income taxes 2,415 2,471 Deferred acquisition costs 6,781 7,338 Effective tax rate 25.4% 25.7% Other assets 1,881 2,336 Intangible assets 1,563 908 Insurance reserves 28,755 21,276 Pensions and similar obligations 2,996 3,023 Other liabilities 550 461 For the year ended 31 December 2021, the write-down of deferred Total deferred tax liabilities 87,736 78,260 taxes on tax losses carried forward increased the tax expenses by Effect of netting (82,110) (69,665) € 82 mn (2020: € 46 mn). The reversal of write-down of deferred tax Net deferred tax liabilities 5,626 8,595 assets on tax losses carried forward resulted in deferred tax income of Net deferred tax assets (liabilities) (3,717) (7,589) € 12 mn (2020: € 0 mn). Due to the use of tax losses carried forward, for which deferred tax assets had previously been written off, the current income tax expenses decreased by € 0 mn (2020: € 1 mn). Deferred tax income increased by € 71 mn (2020: € 19 mn) due to the use of tax losses carried forward, for which deferred tax assets had previously been written off. The aforementioned effects are shown in the reconciliation statement as “effects of tax losses”. 164 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements Taxable temporary differences associated with investments in Allianz Group companies for which no deferred tax liabilities are recognized, as the Allianz Group is able to control the timing of their reversal, and which will not reverse in the foreseeable future, amounted to € 1,966 mn (2020: € 1,866 mn). Deductible temporary differences arising from investments in Allianz Group companies for which no deferred tax assets are recognized, as it is not probable that they will reverse in the foreseeable future, amounted to € 438 mn (2020: € 41 mn). Tax losses carried forward at 31 December 2021 of € 6,284 mn (2020: € 6,417 mn) resulted in the recognition of deferred tax assets to the extent that there is sufficient certainty that the unused tax losses will be utilized. At the reporting date, this prerequisite was considered not fulfilled for a partial amount of € 2,895 mn (2020: € 2,755 mn). According to tax legislation as of 31 December 2021, an amount of € 2,620 mn (2020: € 2,484 mn) of these tax losses may be carried forward indefinitely, whereas an amount of € 275 mn (2020: € 271 mn) of these tax losses carried forward will expire over the next 20 years if not utilized. Tax losses carried forward are scheduled according to their expiry periods as follows: Tax losses carried forward € mn 2021 2022 24 2023-2024 24 2025-2026 44 2027-2031 495 >10 years 1,118 Unlimited 4,578 Total 6,284 Annual Report 2021 − Allianz Group 165

D _ Consolidated Financial Statements OTHER INFORMATION 33 _ Derivative financial instruments Derivative financial instruments € mn As of 31 December 2021 2020 Maturity by notional amount Notional Notional principal Positive fair Negative fair principal Positive fair Negative fair Up to 1 year 1 - 5 years Over 5 years amounts values values amounts values values Interest rate contracts 34,675 26,647 89,378 150,700 928 (266) 138,013 1,541 (117) Equity/index contracts 327,733 20,604 19,558 367,895 9,969 (19,964) 333,707 13,530 (23,733) Foreign exchange contracts 130,949 2,482 2,016 135,447 560 (1,646) 116,701 1,493 (471) Other 2,287 27,947 826 31,060 64 (9) 26,479 34 (2) Total 495,644 77,680 111,778 685,102 11,521 (21,885) 614,900 16,598 (24,323) thereof OTC1 400,621 74,578 111,778 586,977 10,245 (21,779) 524,572 15,738 (24,223) thereof exchange-traded 95,023 3,102 - 98,125 1,276 (106) 90,328 860 (100) 1_Consists mainly of equity/index contracts and foreign exchange contracts. The table shows the fair value and notional amounts of all freestanding negative fair value of € 0.4 bn (2020: total positive fair value of derivatives, as well as derivatives for which hedge accounting is applied € 0.2 bn). by the Allianz Group, as of 31 December 2021 and 2020 respectively. The notional principal amounts indicated in the table are cumulative, Fair value hedges as they include the absolute value of the notional principal amounts of The Allianz Group uses fair value hedges to hedge the exposure to derivatives with positive and negative fair values. Although these changes in the fair value of financial assets and financial liabilities due notional principal amounts reflect the degree of the Allianz Group’s to movements in interest or exchange rates and to hedge its equity involvement in derivative transactions, they do not represent amounts portfolio against equity market risk. As of 31 December 2021, the exposed to risk. Further information on the use of derivatives to hedge derivative financial instruments used for the related fair value hedges risk can be found in the sections on market and credit risk of the Risk of the Allianz Group had a total negative fair value of € 256 mn (2020: and Opportunity Report, which forms part of the Group Management total positive fair value of € 58 mn). Report. Cash flow hedges During the year ended 31 December 2021, cash flow hedges were As of 31 December 2021, freestanding derivatives, which are included used to hedge the exposure to the variability of cash flows arising from in the line item financial assets and liabilities held for trading, had a interest rate or exchange rate fluctuations as well as inflation. As of notional principal amount of € 658.1 bn (2020: € 586.9 bn) as well as 31 December 2021, the derivative instruments utilized had a total a positive fair value of € 11.2 bn (2020: € 15.5 bn), and a negative fair negative fair value of € 40 mn (2020: total positive fair value of value of € 20.9 bn (2020: € 24.1 bn). Out of the total allocated to € 620 mn). the freestanding derivatives, € 122.2 bn (2020: € 111.6 bn) of the The ineffectiveness that arises from cash flow hedges is immaterial. notional principal relate to annuity products. Annuity products are equity-indexed or contain certain embedded options or guarantees Hedges of net investment in foreign operations which are considered embedded derivatives under IAS 39. For these As of 31 December 2021, the Allianz Group hedged part of its foreign embedded derivatives, the notional principal amounts included in the currency net investments through the issuance of several foreign table refer to the account value of the related insurance contracts. The currency denominated liabilities and the use of forward sales. The total total negative fair value of these embedded derivatives amounts to negative fair value in 2021 was € 367 mn (2020: total positive fair € 12.9 bn (2020: € 12.4 bn). Further information on the fair value value of € 212 mn). measurement of these derivatives can be found in note 34 . The Allianz Group enters into enforceable master netting arrangements and similar arrangements mainly for derivatives As of 31 December 2021, derivatives, which form part of hedge transactions. None of these enforceable master netting accounting relationships and which are included in the line items other arrangements or similar arrangements meet the requirements for assets and other liabilities, had a notional amount of € 27.0 bn (2020: offsetting in line with IAS 32. € 28.0 bn) as well as a positive fair value of € 0.3 bn (2020: € 1.1 bn) Credit risk associated with netting arrangements is further and a negative fair value of € 1.0 bn (2020: € 0.2 bn). These hedging mitigated by collateral. For further information on collateral, please instruments mainly include foreign exchange rate forwards with a total 166 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements refer to note 34. The maximum credit risk exposure is represented by the carrying amount of the financial assets. 34 _ Fair values and carrying amounts of financial instruments Certain risk disclosure requirements of IFRS 7 are reflected in the following sections of the Risk and Opportunity Report within the Group Management Report: − Risk-based steering and risk management, − Internal risk capital framework, − Allianz risk profile and management assessment, − Market risk, credit risk, and liquidity risk in the section Quantifiable risks and opportunities by risk category. The following table compares the carrying amount and fair value of the Allianz Group’s financial assets and financial liabilities: Fair values and carrying amounts of financial instruments € mn As of 31 December 2021 2020 Carrying Carrying amount Fair value amount Fair value FINANCIAL ASSETS Cash and cash equivalents 24,214 24,214 22,443 22,443 Financial assets held for trading 11,961 11,961 16,107 16,107 Financial assets designated at fair value through income 7,643 7,643 5,084 5,084 Available-for-sale investments 625,250 625,250 621,777 621,777 Held-to-maturity investments 2,749 2,887 2,563 2,884 Investments in associates and joint ventures 15,416 20,149 14,570 17,706 Real estate held for investment 16,923 28,763 14,294 25,094 Loans and advances to banks and customers 124,079 138,234 116,576 138,198 Financial assets for unit-linked contracts 158,346 158,346 137,307 137,307 FINANCIAL LIABILITIES Financial liabilities held for trading 20,891 20,891 24,079 24,079 Liabilities to banks and customers 15,468 15,481 14,722 14,768 Financial liabilities for unit-linked contracts 158,346 158,346 137,307 137,307 Financial liabilities for puttable financial instruments 2,615 2,615 2,072 2,072 Certificated liabilities 10,788 11,611 9,206 10,409 Subordinated liabilities 10,956 11,547 14,034 15,039 As of 31 December 2021, fair values could not reliably be measured for equity investments with carrying amounts totaling € 110 mn (2020: € 98 mn). These investments are primarily investments in privately held corporations and partnerships. During the year ended 31 December 2021, such investments with carrying amounts of € 91 mn (2020: € 93 mn) were sold. The gains and losses from these disposals were immaterial. Annual Report 2021 − Allianz Group 167

D _ Consolidated Financial Statements The following financial assets and liabilities are carried at fair value on a recurring basis: − financial assets and liabilities held for trading, − financial assets and liabilities designated at fair value through income, − available-for-sale investments, − financial assets and liabilities for unit-linked contracts, and − financial liabilities for puttable financial instruments. The following table presents the fair value hierarchy for financial instruments carried at fair value in the consolidated balance sheet as of 31 December 2021 and 2020: Fair value hierarchy (items carried at fair value) € mn As of 31 December 2021 2020 1 2 3 1 2 3 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total FINANCIAL ASSETS Financial assets carried at fair value through income Financial assets held for trading 1,579 10,381 1 11,961 1,029 15,070 8 16,107 Financial assets designated at fair value through income 6,282 768 593 7,643 3,983 798 303 5,084 Subtotal 7,861 11,149 595 19,604 5,012 15,868 311 21,190 Available-for-sale investments Corporate bonds 12,171 230,675 34,951 277,797 12,986 240,154 29,511 282,651 Government and government agency bonds 15,943 210,121 684 226,748 15,431 227,551 839 243,820 MBS/ABS 30 28,001 781 28,812 35 27,703 284 28,023 Other 344 1,194 10,568 12,106 569 973 7,197 8,740 Equity securities 46,153 437 33,197 79,788 36,483 433 21,628 58,543 Subtotal 74,642 470,429 80,180 625,250 65,504 496,814 59,459 621,777 Financial assets for unit-linked contracts 120,768 36,070 1,508 158,346 103,746 32,260 1,302 137,307 Total 203,270 517,647 82,283 803,200 174,262 544,941 61,071 780,274 FINANCIAL LIABILITIES Financial liabilities held for trading 313 7,815 12,763 20,891 202 11,573 12,304 24,079 Financial liabilities for unit-linked contracts 120,768 36,070 1,508 158,346 103,746 32,260 1,302 137,307 Financial liabilities for puttable financial instruments 2,128 98 389 2,615 1,662 106 305 2,072 Total 123,209 43,983 14,660 181,852 105,609 43,939 13,910 163,458 1_Quoted prices in active markets. 2_Market observable inputs. 3_Non-market observable inputs. Financial assets carried at fair value through Available-for-sale investments income Debt securities Financial assets held for trading Debt securities include corporate and government and government This position mainly includes derivative financial instruments. The fair agency bonds, MBS/ABS, and other debt securities. value of these derivatives is mostly determined based on the income The valuation techniques for these debt securities are similar. The approach, using present value techniques and the Black-Scholes- fair value is determined using the market and the income approach. Merton model. Primary inputs for the valuation include volatilities, Primary inputs for the market approach are quoted prices for identical interest rates, yield curves, and foreign exchange rates observable at or comparable assets in active markets where comparability between commonly quoted intervals. In some cases, it is determined based on the the security and the benchmark defines the fair value level. The income market approach. approach in most cases means that a present value technique is applied where either the cash flows or the discount curve is adjusted Financial assets designated at fair value through income to reflect credit risk and/or liquidity risk. Depending on the The fair value is mainly determined based on net asset values for funds observability of these risk parameters in the market, the security is and using the market approach. classified as level 2 or level 3. 168 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements Level 3 investments are mainly priced based on the income assumption for all fixed index annuities and variable annuities could approach. The primary non-market observable input used in the lead to a change in fair value of the embedded derivatives of up to discounted cash flow method is an option-adjusted spread taken 3.3 %. A 10 % change of the surrender assumption for all fixed index from a set of benchmark securities with similar characteristics. A annuities and variable annuities could lead to a change in fair value significant yield increase of the benchmark securities in isolation of the embedded derivatives of up to 3.5 %. could result in a decreased fair value, while a significant yield decrease could result in an increased fair value. However, a 10 % Quantitative description of non-market observable input(s) used for stress of the main non-market observable inputs has only the level 3 portfolios immaterial impact on fair value. Non-market observable Description input(s) Range Equity securities Fixed index annuities Annuitizations 0 % - 25 % For level 2, the fair value is mainly determined using the market Surrenders 0 % - 25 % 1 approach or net asset value techniques for funds. For certain private Mortality n/a equity investments, the funds are priced based on transaction prices Withdrawal benefit election 0 % - 50 % using the cost approach. As there are only few holders of these funds, Variable annuities Surrenders 0.5 % - 35 % 1 the market is not liquid and transactions are only known to Mortality n/a participants. 1_Mortality assumptions are mainly derived from the Annuity 2000 Mortality Table. Level 3 mainly comprise private equity fund investments as well as alternative investments of the Allianz Group, and in most cases are delivered as net asset values by the fund managers. These net asset Financial liabilities for puttable financial values are calculated using material, non-public information about instruments the respective private equity companies. The Allianz Group has only Financial liabilities for puttable financial instruments are generally limited insight into the specific inputs used by the fund managers, required to be recorded at the redemption amount with changes hence a sensitivity analysis is not applicable. The fund’s asset manager recognized in income or equity. The fair value is based on the net asset generally prices the underlying single portfolio companies in line with value or the use of present value techniques. the International Private Equity and Venture Capital Valuation (IPEV) guidelines, using discounted cash flow (income approach) or multiple Significant transfers of financial instruments methods (market approach). For certain investments, the capital carried at fair value invested is considered to be a reasonable proxy for the fair value. In In general, financial assets and liabilities are transferred from level 1 these cases, sensitivity analyses are also not applicable. to level 2 when their liquidity, trade frequency, and activity are no longer indicative of an active market. The same policy applies Financial assets for unit-linked contracts conversely for transfers from level 2 to level 1. For level 2, the fair value is determined using the market or the income Transfers into/out of level 3 may occur due to a reassessment of approach. Valuation techniques applied for the income approach input parameters. mainly include discounted cash flow models as well as the Black- Scholes-Merton model. Financial liabilities for unit-linked contracts are valued based on their corresponding assets. Financial liabilities held for trading This position mainly includes derivative financial instruments. For level 2, the fair value is determined using the income or the market approach. Valuation techniques applied for the income approach mainly include discounted cash flow models as well as the Black-Scholes-Merton model. Main observable input parameters include volatilities, yield curves observable at commonly quoted intervals, and credit spreads observable in the market. For level 3, the fair value is determined using the income or the market approach. Valuation techniques applied for the income approach mainly include discounted cash flow models. A significant proportion of level 3 liabilities represent derivatives embedded in certain life insurance and annuity contracts. Significant non-market observable input parameters include mortality rates and surrender rates. A significant decrease (increase) in surrender rates, in mortality rates, or in the utilization of annuitization benefits could result in a higher (lower) fair value. For products with a high death benefit, surrender rates may show an opposite effect. A significant decrease (increase) in withdrawal benefit election could result in a lower (higher) fair value. A 10 % change of the mortality Annual Report 2021 − Allianz Group 169

D _ Consolidated Financial Statements Reconciliation of level 3 financial instruments The following tables show reconciliations of the financial instruments carried at fair value and classified as level 3: Reconciliation of level 3 financial assets € mn Financial Available-for- Available-for- assets carried sale sale Financial at fair value investments – investments – assets for unit- through Debt Equity linked 1 income securities securities contracts Total Carrying value (fair value) as of 1 January 2021 311 37,831 21,628 1,302 61,072 Additions through purchases and issues 190 9,096 8,510 366 18,161 Net transfers into (out of) level 3 2 303 (108) (25) 173 Disposals through sales and settlements (338) (2,970) (2,284) (171) (5,764) Net gains (losses) recognized in consolidated income statement 296 285 81 38 700 Net gains (losses) recognized in other comprehensive income - 453 6,440 - 6,893 Impairments - (102) (432) - (534) Foreign currency translation adjustments 7 1,221 106 - 1,334 Changes in the consolidated subsidiaries of the Allianz Group 127 866 (744) - 249 Carrying value (fair value) as of 31 December 2021 595 46,983 33,197 1,508 82,283 Net gains (losses) recognized in consolidated income statement held at the reporting date 15 325 (1) 36 376 1_Primarily include corporate bonds. Reconciliation of level 3 financial liabilities € mn Financial Financial liabilities for Financial liabilities for puttable liabilities held unit-linked financial for trading contracts instruments Total Carrying value (fair value) as of 1 January 2021 12,304 1,302 305 13,910 Additions through purchases and issues 705 366 71 1,142 Net transfers into (out of) level 3 - (25) - (25) Disposals through sales and settlements (1,220) (171) (10) (1,402) Net losses (gains) recognized in consolidated income statement 85 38 22 145 Foreign currency translation adjustments 889 - - 889 Changes in the consolidated subsidiaries of the Allianz Group - - 1 1 Carrying value (fair value) as of 31 December 2021 12,763 1,508 389 14,660 Net losses (gains) recognized in consolidated income statement held at the reporting date (300) 36 22 (242) 170 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements Certain financial assets are measured at fair value on a non-recurring basis when events or changes in circumstances indicate that the carrying amount may not be recoverable. If financial assets are measured at fair value on a non-recurring basis at the time of impairment, or if fair value less cost to sell is used as the measurement basis under IFRS 5, corresponding disclosures can be found in note 28. Fair value hierarchy (items not carried at fair value) € mn As of 31 December 2021 2020 1 2 3 1 2 3 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total FINANCIAL ASSETS Held-to-maturity investments 1,271 1,616 - 2,887 1,169 1,711 5 2,884 Investments in associates and joint ventures 62 800 19,287 20,149 1 584 17,121 17,706 Real estate held for investment - - 28,763 28,763 - - 25,094 25,094 Loans and advances to banks and customers 6,547 57,750 73,936 138,234 5,943 66,046 66,209 138,198 Total 7,880 60,166 121,986 190,032 7,112 68,341 108,429 183,883 FINANCIAL LIABILITIES Liabilities to banks and customers 8,340 3,612 3,529 15,481 8,674 3,335 2,760 14,768 Certificated liabilities - 11,419 192 11,611 - 10,231 178 10,409 Subordinated liabilities - 11,547 - 11,547 - 15,039 - 15,039 Total 8,340 26,578 3,721 38,638 8,674 28,605 2,938 40,216 1_Quoted prices in active markets. 2_Market observable inputs. 3_Non-market observable inputs. Held-to-maturity investments Liabilities to banks and customers For level 2 and level 3, the fair value is mainly determined based on Level 1 mainly consists of highly liquid liabilities, e.g., payables on the market approach using quoted market prices, and the income demand. The fair value for liabilities in level 2 and level 3 is mainly approach using deterministic discounted cash flow models. derived based on the income approach, using future cash flows discounted with risk-specific interest rates. Main non-market Investments in associates and joint ventures observable inputs include credit spreads. In some cases, the carrying For level 2 and level 3, fair values are mainly based on the income amount (amortized cost) is considered to be a reasonable estimate of approach, using a discounted cash flow method or net asset values the fair value. as provided by third-party vendors. Certificated liabilities and subordinated liabilities Real estate held for investment For level 2, the fair value is mainly determined based on the market Fair values are mostly determined using the market or the income approach, using quoted market prices, and based on the income approach. Valuation techniques applied for the market approach, using present value techniques. For level 3, fair values approach include market prices of identical or comparable assets in are mainly derived based on the income approach, using markets that are not active. The fair values are either calculated deterministic cash flows with credit spreads as primary non-market internally and validated by external experts or derived from expert observable inputs. In some cases, the carrying amount (amortized appraisals with internal controls in place to monitor these valuations. cost) is considered to be a reasonable estimate for the fair value. Loans and advances to banks and customers For loans and advances to banks and customers, quoted market prices As of 31 December 2021, the Allianz Group substantially retained all are rarely available. Level 1 mainly consists of highly liquid advances, the risks and rewards from the ownership of transferred assets. There e.g., short-term investments. The fair value for these assets in level 2 have not been any transfers of financial assets that were and level 3 is mainly derived based on the income approach using derecognized in full or partly in which Allianz continues to control the deterministic discounted cash flow models. transferred assets. Transfers of financial assets mainly relate to securities lending and repurchase agreement transactions. Financial assets transferred in the context of repurchase agreement and securities lending transactions are mainly available-for-sale debt and Annual Report 2021 − Allianz Group 171

D _ Consolidated Financial Statements equity securities for which substantially all of the risks and rewards are In the following sections, the business activities involving retained. As of 31 December 2021, the carrying amount of the assets unconsolidated structured entities are described. transferred for securities lending transactions amounted to € 10,803 mn (2020: € 11,352 mn). For repurchase agreements, the Investments in asset-backed securities (ABS) and carrying amount of the assets transferred amounted to € 1,118 mn mortgage-backed securities (MBS) issued by (2020: € 908 mn) and the carrying amount of the associated liabilities securitization vehicles amounted to € 1,122 mn (2020: € 906 mn). The Allianz Group acts as an investor in ABS- or MBS-issuing securitization vehicles that purchase pools of assets including commercial mortgage loans (CMBS), auto loans, credit card The carrying amounts of the assets pledged as collateral are displayed receivables, and others. These securitization vehicles refinance the in the following table: purchase of assets by issuing tranches of ABS or MBS whose repayment is linked to the performance of the assets held by the Assets pledged as collateral vehicles. € mn Securitization vehicles invested in by the Allianz Group have As of 31 December 2021 2020 generally been set up by third parties. Furthermore, the Allianz Group Collaterals without right to resell or repledge has neither transferred any assets to these vehicles nor has it provided Investments 12,975 12,106 any further credit enhancements to them. Other 5 5 Income derived from investments in securitization vehicles mainly Subtotal 12,980 12,111 includes interest income generated from ABS and MBS, as well as Collaterals with right to resell or repledge realized gains and losses from disposals of these securities. Investments 6,288 7,090 Within the asset management business, the Allianz Group acts as Subtotal 6,288 7,090 asset manager for some securitization vehicles. The assets under Total 19,268 19,201 management of these vehicles amounted to € 1,304 mn as of 31 December 2021 (2020: € 1,517 mn). Some of the affected vehicles have been set up by the Allianz Group, others by third parties. In this Financial assets are pledged as collateral as part of sales and context, the role of the Allianz Group is limited to asset management. repurchases, securities borrowing, and transactions with derivatives, Income derived from the management of securitization vehicles under terms that are usual and customary for such activities. comprises asset management fees. In addition, as part of these transactions, the Allianz Group has received collateral that it is permitted to sell or repledge in the Investments in investment funds absence of default. As of 31 December 2021, the Allianz Group Considering the broad variety of investment funds across different received collateral consisting of fixed income and equity securities with jurisdictions, the classification of investment funds as structured entities a fair value of € 13,601 mn (2020: € 14,187 mn), which the based on the definition in IFRS 12 is judgmental. As a general rule, the Allianz Group has the right to sell or repledge. For the years ended management of relevant activities of an investment fund is delegated 31 December 2021 and 2020, no previously received collateral was to the fund manager via asset management agreements. In contrast, sold or repledged by the Allianz Group. influence from investors on the relevant activities of investment funds is usually either precluded by legal or regulatory provisions or not 35 _ Interests in unconsolidated deemed substantial. Investment funds are generally subject to stringent regulatory structured entities requirements from financial authorities in all jurisdictions across the world. Comprehensive regulation of funds protects fund investors and also helps to limit investment risk. These mechanisms result in a legal set-up of funds that the Allianz Group has to accept as investor and which may lead to a classification as structured entities under IFRS 12. Under IFRS 12, a structured entity is defined as an entity that has been With regard to investment activities, income mainly includes designed so that voting rights or similar rights held by an investor are distributions from the funds as well as realized gains and losses from not the dominant factor in deciding who controls the entity, such as disposals. when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. Asset management activities The Allianz Group engages in some business activities that involve Within the asset management business, investment funds are the use of entities that meet the above-mentioned definition of established and managed to accommodate retail and institutional structured entities. Primarily, the Allianz Group is involved with such clients’ requirements to hold investments in specific asset classes, entities due to its investment activities associated with its insurance market segments, or regions. Within the insurance business, business and due to its asset management activities. Furthermore, policyholder money is partly invested in investment funds managed by structured entities are used by the Allianz Group to source out certain Allianz’s group-internal asset managers. Investment funds managed risks to investors as part of its reinsurance business. Generally, the by Allianz Group may include mutual funds, special funds, and other classification of an entity as a structured entity may require significant funds. judgement. 172 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements Income derived from the management of investment funds Of this investment fund exposure of the Allianz Group, investments of mainly includes asset management fees and performance-based fees. € 12.0 bn (2020: € 11.3 bn) relate to listed investment funds, whereas Investment funds launched by group-internal asset managers investments of € 48.4 bn (2020: € 30.2 bn) relate to unlisted can be considered to be sponsored by the Allianz Group. As a sponsor, investment funds. the Allianz Group is involved in the legal set-up and marketing of As of the reporting date, the Allianz Group has receivables from internally managed investment funds through its asset management unconsolidated investment funds, which are mainly due in return for subsidiaries. This may include providing seed capital to the funds and asset management services, amounting to € 1,298 mn (2020: providing administrative services to ensure the investment funds’ € 1,056 mn). Furthermore, the Allianz Group has entered operation. Investment funds managed by group-internal asset commitments to invest in private equity funds and further financial managers can be reasonably associated with the Allianz Group. The instruments of up to € 30,604 mn as of 31 December 2021 (2020: use of the Allianz name for investment funds is another indicator that € 25,017 mn). the Allianz Group has acted as a sponsor for the respective funds. The carrying amounts in the tables listed above correspond to an Information on the management fees generated in the asset aggregated amortized cost amount of € 47,842 mn (2020: management business is disclosed in note 24. € 36,425 mn). In a very extreme scenario, this amortized cost amount represents the maximum exposure to loss for the Allianz Group from these investments. In the reporting period, the Allianz Group has not provided any financial or other support to these entities, nor does it have the intention to provide such support in the future. Interests in asset-backed securities (ABS) and Besides the investments in investment funds described above, the mortgage-backed securities (MBS) issued by Allianz Group also holds investment funds to fund unit-linked securitization vehicles insurance contracts. However, these holdings are held on behalf and for the benefit of unit-linked policyholders only. For that reason, these Carrying amounts of ABS and MBS investments by type of category holdings are not included in the table above. As of 31 December 2021, € mn the volume of unit-linked assets amounted to € 158,346 mn (2020: As of 31 December 2021 2020 € 137,307 mn). Any exposure to loss on these investments is solely CMBS 12,840 13,079 borne by the unit-linked policyholder. CMO/CDO 6,727 6,394 U.S. Agency 3,747 3,919 Auto 457 677 36 _ Related party transactions Other 5,089 4,005 Total1,2 28,861 28,074 1_Comprises mainly investments. 2_Thereof rated AAA or AA € 24,300 mn (2020: € 25,357 mn). Detailed information on the remuneration of the Board of Management and Supervisory Board according to the German Stock The carrying amounts in the tables listed above correspond to an Corporation Act (AktG) and the recommendations of the German aggregated amortized cost amount of € 28,207 mn (2020: Corporate Governance Code are disclosed in the Remuneration € 26,711 mn). In a very extreme scenario, this amortized cost amount Report. The following descriptions are made in accordance with represents the maximum exposure to loss for the Allianz Group from IAS 24.17 and IAS 24.18. these investments. In the reporting period, the Allianz Group has not The remuneration of the Board of Management consists of a fixed provided any financial or other support to these entities, nor does it remuneration component and a performance-based remuneration intend to provide such support in the future. component: Investments in investment funds − The fixed remuneration component comprises the base salary, perquisites (e.g., contributions to accident and liability insurances, Investments in investment funds by asset class tax consultant fees and a company car) and pension contributions. € mn The pension contributions of the company to the current pension As of 31 December 2021 2020 plan “My Allianz Pension” are generally 15 % of total target direct Private equity funds 30,257 19,037 compensation. Debt funds 12,383 9,695 − The performance-based variable remuneration includes the short- Property funds 11,405 7,774 term annual bonus and long-term share-based remuneration. The Stock funds 4,287 3,440 long-term, share-based compensation (Long-Term Incentive – LTI) Other funds 2,099 1,617 is based on the performance in absolute and relative terms (i.e., Total1 60,430 41,563 versus competitors) of the Allianz share. Furthermore, the long- 1_Comprises mainly investments. term development of key performance indicators is reflected in the deferred sustainability assessment following the four-year contractual vesting period. Annual Report 2021 − Allianz Group 173

D _ Consolidated Financial Statements The following table shows the remuneration of the Board of proceedings in which Allianz Group companies are involved are in Management: particular the following: In September 2015 and in January 2017, two separate putative Remuneration of the Board of Management (expenses of the year) class action complaints were filed against Allianz Life Insurance € mn Company of North America ("Allianz Life") making allegations similar As of 31 December 2021 2020 to those made in prior class actions regarding the sale of Allianz Life's 1 Short-term employee benefits 21 18 annuity products, including allegations of breach of contract and Post-employment benefits 5 6 violation of California unfair competition law. In one matter, the Court Share-based payment 19 21 denied class certification. The case, which continued as an individual Total 45 45 action, was settled between the parties with no effect on Allianz 1_Includes base salary, perquisites as well as short-term annual bonus. Group's financial position. The ultimate outcome of the remaining case cannot yet be determined. Since July 2020, multiple complaints have been filed in U.S. Existing provisions are mainly related to post-employment benefits Federal Courts and also in certain U.S. State Courts against Allianz and share-based payment. As of 31 December 2021, reserves for Global Investors U.S. LLC (“AllianzGI U.S.”) and in certain complaints, pensions and similar benefits for active members of the Board of against certain of AllianzGI U.S.’s affiliates, including Allianz SE and Management amounted to € 33 mn (2020: € 35 mn). Provisions for Allianz Asset Management GmbH (“Affiliate Allianz Defendants”), in share-based payment amounted to € 38 mn (2020: € 27 mn). connection with losses suffered by investors in AllianzGI U.S.’s The remuneration for the Supervisory Board of Allianz SE consists Structured Alpha funds (“Funds”) during the COVID-19 related market of a fixed remuneration, committee-related remuneration as well as downturn. The actions brought to date have included institutional attendance fees and reimbursement of expenses. These are investor plaintiffs and individual plaintiffs, with certain plaintiffs considered as short-term employee benefits. For the year ended asserting claims on behalf of putative classes. An investment 31 December 2021, the remuneration of the members of the consultant has also asserted third-party claims against AllianzGI U.S.. Supervisory Board was € 3 mn (2020: € 3 mn). Plaintiffs in the currently pending 26 actions have alleged losses of approximately USD 6.3 bn. In addition to the complaints filed to date, other investors in the Funds, or other third parties, may bring similar Transactions between Allianz SE and its subsidiaries that are to be actions. Plaintiffs in these actions have dismissed without prejudice all deemed related parties have been eliminated in the consolidation and claims against Affiliate Allianz Defendants, including Allianz SE and are not disclosed in the notes. Allianz Asset Management GmbH, with only one exception where Business relations with joint ventures and associates are set on an Allianz Global Investors Distributors LLC is kept as a defendant next to arm’s length basis. AllianzGI U.S.. AllianzGI U.S. continues to defend against the Due to reinsurance agreements with the joint venture Enhanzed allegations contained in the complaints. Reinsurance Ltd., Allianz SE recognized reinsurance assets and Upon request from the U.S. Securities and Exchange Commission deposits retained for reinsurance ceded amounting to each € 2.1 bn (“SEC”), AllianzGI U.S. has provided substantial information to the SEC for the year ended 31 December 2021. in connection with an SEC investigation of the Funds, and Allianz is fully cooperating with the SEC's ongoing investigation. In addition, the U.S. Department of Justice (“DOJ”) is continuing its 37 _ Litigation, guarantees, and other investigation concerning the Funds, and AllianzGI U.S. is also fully contingencies and commitments cooperating with the DOJ in the investigation and is continuing its own review of the matter. On 1 August 2021, in light of the DOJ investigation and based on information then available to Allianz, the Board of Management of Allianz Group companies are involved in legal, regulatory, and Allianz SE reassessed the Structured Alpha matter and came to the arbitration proceedings in Germany and a number of foreign conclusion, as also announced by Ad-hoc disclosure, that there is a jurisdictions, including the United States. Such proceedings arise in the relevant risk that the matters relating to the Funds could materially ordinary course of business, including, amongst others, their activities impact future financial results of Allianz Group. as insurance, banking and asset management companies, employers, In light of the discussions with plaintiffs and U.S. Governmental investors and taxpayers. While it is not feasible to predict or determine Authorities concerning the Structured Alpha matter and in anticipation the ultimate outcome of such proceedings, they may result in of settlements with major investors in the Funds Allianz decided, as substantial damages or other payments or penalties or result in announced by Ad-hoc disclosure on 17 February 2022, to recognize a adverse publicity and damage to the Allianz Group’s reputation. As a provision of € 3.7 bn for the fourth quarter of 2021. The provision result, such proceedings could have an adverse effect on the Allianz reflects the elements of the expected obligation in the Structured Group’s business, financial condition and results of operations. Apart Alpha matter, for which, as of today, a reliable estimate could be from the proceedings discussed below, Allianz SE is not aware of any determined. Final settlements with major investors were reached threatened or pending legal, regulatory or arbitration proceedings shortly thereafter and Allianz believes that these settlements represent which may have, or have had in the recent past, significant effects on a substantial majority of the Structured Alpha civil litigation exposure. its and/or the Allianz Group’s financial position or profitability. Material Discussions with remaining plaintiffs, the DOJ as well as the SEC are ongoing, and the timing and nature of any global or coordinated 174 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements resolution of these matters is not certain. Therefore, as of today, the inclusion of the contributions to the mandatory insurance scheme total financial impact of the Structured Alpha matter cannot be mentioned above for a limited period of time, and assuming that no reliably estimated and it is expected that additional expenses will be other life insurer is exempted from payments, the aggregate incurred before these matters are finally resolved. Such additional outstanding commitment of Allianz Lebensversicherungs-AG and its expenses also cannot reliably be estimated and consequently are not subsidiaries to the insurance guarantee scheme and to Protektor is included in the provision. Allianz expects that the disclosure of € 2,671 mn (2020: € 2,449 mn). additional information could have a negative impact on its position in the ongoing discussions and therefore, in accordance with IAS 37.92, management refrains from providing further details on the provision recognized as well as on any contingent liabilities. Guarantees € mn As of 31 December 2021 2020 Financial guarantees 71 81 Indemnification contracts 109 106 Performance guarantees 54 23 Total 234 210 Commitments € mn As of 31 December 2021 2020 Commitments to acquire interests in associates and available- for-sale investments 30,604 25,017 Debt investments 6,087 7,067 Other 6,560 5,416 Total 43,251 37,500 Any material contingent liabilities resulting from litigation matters are captured in the litigation section above. Pursuant to §§ 221 et seq. of the German Insurance Supervision Act (Versicherungsaufsichtsgesetz – VAG), mandatory insurance guarantee schemes (“Sicherungsfonds”) for life insurers as well as for health insurers are implemented in Germany, which are financed through their member undertakings. The insurance guarantee scheme for life insurers levies annual contributions and, under certain circumstances, special contributions. As of 31 December 2021, the future liabilities of Allianz Lebensversicherungs-AG and its subsidiaries to the insurance guarantee scheme pursuant to the SichLVFinV amount to annual contributions of € 15.7 mn (2020: € 19.5 mn) and potential special contributions of, in principle, € 295 mn (2020: € 270 mn) per year. In addition, Allianz Lebensversicherungs-AG and some of its subsidiaries have assumed a contractual obligation to provide, if required, further funds to Protektor Lebensversicherungs-AG (“Protektor”), a life insurance company that has assumed the task of the mandatory insurance guarantee scheme for life insurers. Such obligation is, in principle, based on a maximum of 1 % of the sum of the net underwriting reserves with deduction of payments already provided to the insurance guarantee scheme. As of 31 December 2021, and under Annual Report 2021 − Allianz Group 175

D _ Consolidated Financial Statements 38 _ Lease arrangements The Allianz Group occupies property in many locations under various long-term leases and has entered into various leases covering the long-term use of data processing equipment and other office equipment. As of 31 December 2021, the maturities for lease liabilities were as follows: Maturities for lease liabilities € mn As of 31 December 2021 2020 Future Present value Future minimum of minimum minimum Present value lease lease lease of minimum payments Interest payments payments Interest lease payments Less than one year 447 44 403 507 40 467 Between one and five years 1,310 121 1,189 1,184 113 1,071 More than five years 1,316 118 1,198 1,310 123 1,187 Total 3,072 282 2,790 3,001 276 2,725 For the year ended 31 December 2021, the total cash outflow for 39 _ Pensions and similar obligations leases amounted to € 583 mn. Retirement benefits in the Allianz Group, which are granted to For the year ended 31 December 2021, the lease income for operating employees and in Germany also to agents, are either in the form of leases amounted to € 1,107 mn. defined benefit or defined contribution plans. For defined benefit The Allianz Group leases out its investment properties (see note 6 plans, the beneficiary is granted a defined benefit by the employer or ) under operating leases because they do not transfer substantially all via an external entity. In contrast to defined contribution of the risks and rewards incidental to the ownership of the assets. arrangements, the future cost to the employer of a defined benefit Investment property comprises a number of commercial properties plan is not known with certainty in advance. that are leased to third parties. The Allianz Group provides competitive and cost-effective As of 31 December 2021, the maturities for the future minimum retirement and disability benefits using risk-appropriate vehicles. The lease payments of operating leases were as follows: plans may vary from country to country due to the different legal, fiscal and economic environments. Operating leases - maturities for the future minimum lease payments Risks typically associated with defined benefit plans are biometric € mn risks such as longevity, disability, and death as well as economic risks As of 31 December 2021 such as interest rates, inflation and compensation increases. New One year and less 994 plans are primarily based on contributions and may include, in some Between 1 and up to 2 years 866 cases, guarantees such as the preservation of contributions or Between 2 and up to 3 years 793 minimum interest rates. Between 3 and up to 4 years 649 In the Pension Task Force, the heads of Group HR, Group Between 4 and up to 5 years 609 Accounting and Reporting, Group Treasury and Corporate Finance, More than 5 years 2,138 Group Actuarial, Planning & Controlling, Group Risk and AIM met four Total 6,047 times to provide global governance and pre-align pension-related topics such as risk management and Solvency II prior to relevant Group Committee meetings. Each of the pension plans in Germany, the U.K. and Switzerland contributes more than 5 % to the Allianz Group’s defined benefit obligation or its plan assets. As the Allianz Retirement and Death Benefits Fund in the U.K. closed from 1 July 2015 to future accrual and the plans in Switzerland are nearly negligible from a risk perspective, except a minor liquidity risk due to the “Freizügigkeitsleistung”, only the defined benefit plans in Germany are described in more detail regarding key risks and regulatory environment. 176 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements Most active German employees participate in contribution- based plans using different vehicles to cover the base salary both below and above the German social security ceiling (GSSC). Since 1 January 2015, the Allianz Group contributes for new entrants and for the majority of contribution-based pension plan beneficiaries above the GSSC to the low-risk pension plan “My Allianz Pension”, where only contributions are preserved. For salaries above the GSSC, the Allianz Group decides each year whether and to which extent a budget for the contribution-based pension plans is provided. Independently of this decision, an additional risk premium is paid to cover death and disability. Generally the accruals of the contribution- based pension plans are wholly funded, whereas the grandfathered plans are funded to a minor extent. On retirement, the accumulated capital is paid as a lump sum or converted to a lifetime annuity. Employees who joined Allianz before 1 January 2015 participate in the Allianz Versorgungskasse VVaG (AVK), financed through employee contributions, and the Allianz Pensionsverein e.V. (APV), which is financed by the employer. Both pension funds provide pension benefits for the base salary up to the GSSC, are wholly funded along local regulatory requirements, and were closed to new entrants, effective 31 December 2014. AVK and APV are legally separate administered pension funds with trustee boards being responsible for the investment of the assets and the risk management. AVK is subject to German insurance regulation. The assets of the contribution-based pension plans are allocated to a trust (Methusalem Trust e.V.) and managed by a board of trustees. For the AVK, the annual minimum interest rate guaranteed is 1.75 % – 3.50 %, depending on the date of joining the Allianz Group, and for the closed part of the contribution- based pension plan it is 2.75 %. There is also a partly funded defined benefit pension plan for agents (VertreterVersorgungsWerk, VVW), which has been closed for new entrants since 31 December 2011. A part of the pension plan serves as a replacement for the compensatory claim of agents according to German Commercial Code (§ 89b). VVW is similar to a final salary benefit plan, and pension increases are broadly linked to inflation. Pension increases apart from AVK and APV are guaranteed at 1 % p.a. at a minimum. Depending on legal requirements, some pension increases are linked to inflation. In AVK, the complete surplus share of the retirees is used to increase their pension. The period in which a retirement benefit can be drawn is usually between the ages of 60 and 67. Disability benefits are granted until retirement pension is paid. In the case of death under the previous plans, surviving dependents normally receive 60 % (widow/widower) and 20 % (per child) of the original employee’s pension, in total not to exceed 100 %. Under the “My Allianz Pension” plan, the surviving dependents receive the capital accrued. Additionally, the Allianz Group offers a deferred compensation program, “Pensionszusage durch Entgeltumwandlung (PZE)”, for active employees. Within some boundaries they convert at their discretion parts of their gross income and, in exchange, receive a pension commitment of equal value. PZE is qualified as a defined benefit plan with small risk exposure. Annual Report 2021 − Allianz Group 177

D _ Consolidated Financial Statements The following table sets out the changes in the defined benefit obligation, in the fair value of plan assets, in the effect of the asset ceiling as well as in the net defined benefit balance for the various Allianz Group defined benefit plans: Reconciliation of defined benefit obligation, fair value of plan assets, effect of asset ceiling, and net defined benefit balance € mn 1 Defined benefit obligation Fair value of plan assets Effect of asset ceiling Net defined benefit balance I II III (I-II+III) 2021 2020 2021 2020 2021 2020 2021 2020 Balance as of 1 January 26,450 26,483 16,130 16,226 50 44 10,370 10,302 Current service costs 481 477 - - - - 481 477 Interest expenses 213 286 - - - - 213 286 Interest income - - 137 183 - - (137) (183) Other2 (24) (109) - - - - (24) (109) Expenses recognized in the consolidated income statement 670 655 137 183 - - 533 472 Actuarial (gains)/losses due to Changes in demographic assumptions (25) 20 - - - - (25) 20 Changes in financial assumptions 40 867 - - - - 40 867 3 Experience adjustments 443 47 - - - - 443 47 Return on plan assets greater/(less) than interest income on plan assets - - (130) 680 - - 130 (680) Change in effect of asset ceiling in excess of interest - - - - 13 7 13 7 Remeasurements recognized in the consolidated statement of comprehensive income (before deferred taxes) 458 933 (130) 680 13 7 601 259 Employer contributions - - 451 352 - - (451) (352) Plan participants' contributions 119 115 119 115 - - - - Benefits paid (813) (786) (483) (467) - - (331) (319) Acquisitions and divestitures - 18 - 7 - - - 11 4 Settlement payments/assets distributed on settlement - (846) - (845) - - - (1) Foreign currency translation adjustments 200 (122) 226 (124) 3 - (23) 2 Changes in the consolidated subsidiaries of the Allianz Group 11 - 20 4 - - (9) (4) Balance as of 31 December5 27,095 26,450 16,471 16,130 67 50 10,691 10,370 thereof assets - - - - - - (494) (354) thereof liabilities - - - - - - 11,185 10,725 Thereof allotted to: Germany 21,970 21,301 11,324 11,204 - - 10,646 10,096 United Kingdom 1,775 1,761 1,969 1,903 - - (194) (142) Switzerland 1,545 1,530 1,836 1,652 67 50 (224) (71) 1_The asset ceiling is determined by taking into account the reduction of future contributions. 2_Includes for 2020 past service cost of € 113 mn in the United Kingdom due to a change in indexation of pension payments. 3_Includes for 2021 for Germany € 123 mn due to higher pension commitments because of inflation and € 321 mn due to higher valuation reserves. 4_Includes for 2020 € 833 mn in the Netherlands and € 12 mn in Colombia due to plan settlements. 5_As of 31 December 2021, € 6,583 mn (2020: € 6,448 mn) of the defined benefit obligation is wholly unfunded, while € 20,513 mn (2020: € 20,002 mn) is wholly or partly funded. participant is about 89.6 As of 31 December 2021 and 2020, post-retirement health benefits (2020: 89.4) years, and of a currently 65-year- were immaterial. old male plan participant about 86.8 (2020: 86.7) years. An increase in life expectancy by one year would lead to an increase of the defined Assumptions benefit obligation by € 848 mn (2020: € 821 mn). The assumptions for the actuarial computation of the defined benefit The weighted average values of the assumptions for the obligation and the recognized expenses depend on the circumstances Allianz Group’s defined benefit plans used to determine the defined in the country where the plan has been established. benefit obligation and the recognized expenses are as follows: The calculations are based on current actuarially calculated mortality tables, projected turnover depending on age and length of service, and internal Allianz Group retirement projections. Although this represents the best estimate as of today, considering a further increase in life expectancy could be reasonable. The weighted average life expectancy of a currently 65-year-old female plan 178 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements Assumptions for defined benefit plans Asset allocation of plan assets % € mn As of 31 December 2021 2020 As of 31 December 2021 2020 Discount rate 1.2 0.8 Equity securities This includes the following country rates: Quoted 1,569 1,302 Germany Non-quoted 13 3 long duration 1.2 0.8 Debt securities short duration 0.9 0.5 Quoted 4,564 4,858 United Kingdom 1.9 1.3 Non-quoted 2,880 3,494 Switzerland 0.3 0.3 Real estate1 962 900 1,2 Rate of compensation increase 1.8 1.8 Annuity contracts 4,954 4,065 1 Rate of pension increase 1.9 1.3 Life insurance investment products 1,249 1,168 Rate of medical cost trend 2.9 0.9 Other 279 341 Total 16,471 16,130 1_Real estate, annuity contracts and life insurance investment products are generally non-quoted. 2_Includes as of 31 December 2021 € 647 mn in the United Kingdom due to a buy-in. The recognized expenses are recorded based on the assumptions of the corresponding previous year. The discount rate assumption is the most significant risk for the The bulk of the plan assets are held by Allianz Versorgungskasse defined benefit obligation. It reflects market yields at the balance VVaG, Munich, which is not part of the Allianz Group. Plan assets do sheet date of high-quality fixed income investments corresponding to not include any real estate used by the Allianz Group, and include only the currency and duration of the liabilities. In the eurozone, the € 3.3 mn (2020: € 3.1 mn) of its own transferable financial instruments. decision for the discount rate is based on AA-rated financial and In addition to the plan assets of € 16.5 bn (2020: € 16.1 bn), the corporate bonds, and a standardized cash flow profile for a mixed Allianz Group has dedicated assets at Group level amounting to population. € 9.6 bn as of 31 December 2021 (2020: € 9.7 bn), which are likewise The range for the sensitivity calculations was derived by analyzing managed according to Allianz ALM standards. the average volatility over a five-year period. An increase in the discount rate by 50 basis points would lead to Contributions a decrease of € 1.7 bn (2020: € 1.8 bn) in the defined benefit For the year ending 31 December 2022, the Allianz Group expects to obligation, whereas a decrease in the discount rate by 50 basis points contribute € 276 mn to its defined benefit plans (2020: € 271 mn for would lead to an increase of € 2.0 bn (2020: 2.0 bn). the year ending 31 December 2021), and to pay € 412 mn directly to An increase of pre-retirement benefit assumptions (e.g., a salary participants in its defined benefit plans (2020: € 363 mn for the year increase) of 25 basis points would have an effect of € 68 mn (2020: ending 31 December 2021). € 73 mn) on the defined benefit obligation. However, the increase of post-retirement assumptions (e.g., inflation-linked increases of pension payments) of 25 basis points would increase the defined benefit Defined contribution plans are funded through independent pension obligation by € 604 mn (2020: € 586 mn). funds or similar organizations. Contributions fixed in advance (e.g., based on salary) are paid to these institutions and the beneficiary’s Plan assets/Asset liability management (ALM) right to benefits exists against the pension fund. The employer has no Based on the estimated future cash flows of € 916 mn for 2022, obligation beyond payment of the contributions. € 928 mn for 2023, € 956 mn for 2024, € 960 mn for 2025, € 997 mn for During the year ended 31 December 2021, the Allianz Group 2026, and € 4,915 mn for 2027 – 2031, the weighted duration of the recognized expenses for defined contribution plans of € 316 mn (2020: defined benefit obligation is 16.6 (2020: 17.4) years. Based on the € 311 mn). Additionally, the Allianz Group paid contributions for state liability profiles of the defined benefit obligation and on the regulatory pension schemes of € 348 mn (2020: € 329 mn). funding requirements, the Allianz Group uses stochastic asset liability models to optimize the asset allocation from a risk-return perspective. Due to a well-diversified portfolio of approximately 135,000 40 _ Share-based compensation plans (2020: 135,000) plan participants, no reasonable uncertainty is expected with regard to future cash flows that could affect the liquidity of the Allianz Group. The following chart shows the asset allocation: The AEI plan is granted in the form of restricted stock units (RSUs) and is part of the variable compensation component for the plan beneficiaries. The RSU granted to a plan participant obligates the Allianz Group to pay in cash the ten-day average Xetra closing price of the Allianz SE share on the vesting day, or to convert one RSU into one Allianz SE share. The Allianz Group can choose the settlement method for each unit. The payout is capped at a 200 % share price growth above the grant price. Annual Report 2021 − Allianz Group 179

D _ Consolidated Financial Statements The RSUs are subject to a contractual vesting period of four years The fair value of the index-linked RSUs is calculated as the present and the payout per RSU is fixed on the last day of the contractual value of the expected future payout, taking into account the link vesting period, which ends on the tenth trading day following the between share price performance and relative performance compared annual financial media conference in the year the respective AEI plan to the index as well as the relevant caps and thresholds as defined in expires. the payout formula. The expected future payout is determined on the In addition, upon the death of a plan participant, a change of basis of observable market data as of the valuation date and market control or notice for operational reasons, the RSUs vest immediately standard simulation techniques. and are exercised by the company. The following table shows the assumptions used in calculating the The RSUs are virtual stocks without dividend payments and with fair value of the index-linked RSUs at grant date: a capped payout. The fair value is calculated by subtracting the net present value of expected future dividend payments until maturity as Assumptions of LTI plans well as the fair value of the cap from the prevailing share price as of Year of issue1 2 the valuation date. The cap is valued as a European short call option, 2022 2021 2020 using prevailing market data as of the valuation date. Share price € 224.16 203.13 202.46 The following table shows the assumptions used in calculating the Average dividend yield of Allianz SE share % 5.1 5.1 5.2 fair value of the RSUs at grant date: Average interest rate % (0.3) (0.5) (0.6) Expected volatility of the Assumptions of AEI plans Allianz SE share price % 20.3 20.9 19.2 Expected volatility of the index % 17.0 17.9 15.8 Year of issue1 2 Expected correlation of the 2022 2021 2020 Share price € 224.16 203.13 202.46 Allianz SE share price and index % 92.8 94.0 90.1 Average dividend yield of 1_The LTI RSUs are granted as part of the remuneration of the respective prior year. Allianz SE share % 5.1 5.1 5.2 2_The assumptions for RSU grants delivered in March 2022 are based on best estimate. Average interest rate % (0.3) (0.5) (0.6) Expected volatility of the Allianz SE share price % 20.3 20.9 19.2 The index-linked RSUs are accounted for as cash-settled plans 1_The AEI RSUs are granted as part of the remuneration of the respective prior year. because the Allianz Group settles in cash. Therefore, the Allianz Group 2_The assumptions for RSU grants delivered in March 2022 are based on best estimate. accrues the fair value of the RSUs as compensation expenses over the IFRS vesting period. During the year ended 31 December 2021, the Allianz Group recognized compensation expenses related to the LTI The RSUs are accounted for as cash-settled plans because the plans of € 11 mn (2020: € 16 mn). Allianz Group intends to settle in cash. Therefore, the Allianz Group As of 31 December 2021, the Allianz Group recorded provisions of accrues the fair value of the RSUs as compensation expenses over the € 22 mn (2020: € 19 mn) for these index-linked RSUs in other liabilities. IFRS vesting period. During the year ended 31 December 2021, the Allianz Group recognized compensation expenses related to the AEI plans of € 132 mn (2020: € 98 mn). In 2008, AllianzGI L.P. launched a management share-based payment As of 31 December 2021, the Allianz Group recorded provisions of incentive plan for certain senior-level executives and affiliates of € 338 mn (2020: € 346 mn) for these RSUs in other liabilities. PIMCO LLC. Participants in the plan are granted options to acquire an own class of equity instruments (M-units), which vest in one-third increments on approximately the third, fourth, and fifth anniversary of Under the LTI plan, awards are granted in the form of index-linked the option grant date. Upon vesting, options will automatically be restricted stock units (RSUs) which are part of the remuneration policy1 exercised in a cashless transaction, provided they are in the money. for the members of the Allianz SE’s Board of Management. Participants may elect to defer the receipt of M-units through the M- RSUs granted to the members of the Board of Management unit Deferral Plan until termination of their service at the latest. With obligate Allianz SE to pay per RSU a cash amount equal to the ten-day the M-unit Plan, participants can directly participate in PIMCO’s average Xetra closing price of the Allianz SE share on the last day of the performance. Class M-units are non-voting common equity with contractual vesting period, multiplied by a performance factor which limited information rights. They bear quarterly distributions equal to a reflects the total performance of the Allianz stock relative to the total pro-rata share of PIMCO’s net distributable income. Deferred M-units performance of the STOXX Europe 600 Insurance Index during the four- have a right to receive a quarterly cash compensation equal to and in year contractual vesting period. lieu of quarterly dividend payments. The contractual vesting period ends on the tenth trading day A maximum of 250,000 M-units are authorized for issuance under following the annual financial media conference in the year the the M-unit Plan. respective RSU award expires. The payout per RSU is subject to a 200 According to an amendment of the PIMCO LLC Class M-unit Plan, % share price cap relative to the share price at the grant date and a 200 no new M-unit options will be issued after 14 March 2020. Already % cap applied to the performance factor. In addition, there is a cap issued and outstanding M-unit options remain valid and continue as is. applicable to the total compensation including the LTI payout and The fair value of the underlying M-unit options was measured various other compensation components. using the Black-Scholes option pricing model. Volatility was derived in 1_For detailed information regarding the LTI plans and the remuneration policy for the members of the Allianz SE’s Board of Management, please see the Remuneration Report. 180 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements part by considering the average historical and implied volatility of a shares. From 2018 onwards, the employees receive one bonus share selected group of peers. The expected life of one granted option was for three shares bought. For the year ended 31 December 2021, these calculated based on treating the three vesting tranches (one third in bonus shares had an equivalent value of € 33 mn (2020: € 28 mn). years 3, 4, and 5) as three separate awards. The following table provides the assumptions used in calculating the fair value of the M-unit options at grant date: The Allianz Group has other local share-based compensation plans, including share option and employee share purchase plans, none of Assumptions of Class M-Unit plan which, individually or in the aggregate, are material to the consolidated financial statements. 2021 2020 Weighted-average fair value of options granted € - 719.44 Assumptions: 41 _ Earnings per share Expected return (in years) - 3.84 Expected volatility % - 25.1 Expected dividend yield % - 11.1 Earnings per share are generally calculated by dividing net income Risk-free rate of return % - 0.6 attributable to shareholders by the weighted-average number of shares outstanding. According to IFRS, the net income attributable to shareholders was adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity. For The number and weighted-average exercise price of the M-unit 2021, the Allianz Group recognized net financial charges of € 50 mn. options outstanding and exercisable are as follows: For the calculation of diluted earnings per share, the nominator and denominator are adjusted for the effects of potentially dilutive Reconciliation of outstanding M-unit options shares. These effects arise from various share-based compensation plans of the Allianz Group. 2021 2020 Weighted- Weighted- Earnings per share Number of average Number of average options exercise price options exercise price € mn € € 2021 2020 Outstanding as of 1 Net income attributable to shareholders – basic 6,560 6,807 January 148,726 11,993.37 153,400 12,019.69 Effect of potentially dilutive shares (42) (44) Granted - - 29,802 14,552.74 Net income attributable to shareholders – Exercised (41,017) 11,402.94 (27,775) 9,453.45 diluted 6,518 6,762 Forfeited (5,478) 13,382.08 (6,701) 11,781.75 Outstanding as of 31 Weighted-average number of shares outstanding – basic 410,924,074 412,927,486 December 102,231 13,480.70 148,726 11,993.37 Potentially dilutive shares 764,967 1,536,909 Exercisable as of 31 Weighted-average number of shares December - - - - outstanding – diluted 411,689,041 414,464,395 Basic earnings per share (€) 15.96 16.48 As of 31 December 2021, the aggregate intrinsic value of share Diluted earnings per share (€) 15.83 16.32 options outstanding was € 681 mn (2020: € 600 mn). As of 31 December 2021, the M-unit options outstanding have an exercise price between € 10,379.88 and € 15,657.76, and a weighted- 42 _ Other information average remaining contractual life of 1.93 years. The share options settled by delivery of PIMCO LLC shares are accounted for as equity-settled plans. Therefore, PIMCO LLC measures the total compensation expense to be recognized for the equity- As of 31 December 2021, the Allianz Group employed 155,411 (2020: settled shares based on their fair value as of the grant date. The total 150,269) people, thereof 39,720 (2020: 39,768) in Germany. The compensation expense is recognized over the vesting period. average total number of employees for the year ended During the year ended 31 December 2021, the Allianz Group 31 December 2021 was 152,840. recorded compensation expenses of € 10 mn (2020: € 14 mn) related to these share options. The Allianz Group offers Allianz SE shares in 41 countries to entitled employees at favorable conditions. The shares have a minimum holding period of three to five years. During the year ended 31 December 2021, the number of shares sold to employees under these plans was 676,669 (2020: 748,482). During the year ended 31 December 2021, employees were granted - (2020: 74,873) free Annual Report 2021 − Allianz Group 181

D _ Consolidated Financial Statements PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft Personnel expenses (PwC GmbH) is the external auditing firm for the Allianz Group. € mn For services rendered by PwC GmbH and the worldwide member 2021 2020 firms of PricewaterhouseCoopers International Limited (PwCIL), the Salaries and wages 10,587 9,942 following fees were recognized in the fiscal year: Social security contributions and employee assistance 1,553 1,439 Expenses for pensions and other post-retirement benefits 1,199 1,129 PwC fees Total 13,339 12,509 € mn PwCIL thereof: PwC GmbH 2021 2020 2021 2020 Audit services 53.7 45.6 15.9 13.8 Other attestation services 5.8 4.0 2.3 1.4 Tax services 2.0 3.3 0.1 0.4 Other services 12.4 6.5 1.6 2.7 On 16 December 2021, the Board of Management and the Total 73.8 59.3 19.9 18.3 Supervisory Board of Allianz SE issued the Declaration of Conformity with the German Corporate Governance Code required by § 161 AktG and made it permanently available on the company’s website. Audit services primarily relate to services rendered for the audit of the Allianz Group’s consolidated financial statements, the audit of the statutory financial statements of Allianz SE and its subsidiaries, the As of 31 December 2021, the Board of Management is comprised of audit of the Allianz Group’s Solvency II market value balance sheet as ten members. The following values reflect the full Board of well as those of Allianz SE and its subsidiaries. In addition, a review of Management active in the respective year. the Allianz Group’s consolidated interim financial statements was The sum of the total remuneration of the Allianz SE Board of performed. Management for 2021, excluding pension service cost, amounts to Tax services primarily refer to tax compliance services, other € 39 mn (2020: € 32 mn). services mainly refer to consulting services. The equity-related remuneration in 2021 is comprised of 97,2081 (2020: 81,5612) Restricted Stock Units (RSUs). RSUs with a total fair value of € 17.9 mn (2020: € 13.9 mn) were 43 _ Subsequent events granted to the Board of Management for the year ended 31 December 2021. In 2021, former members of the Board of Management and their dependents received remunerations and other benefits totaling In February 2022, Allianz SE has started a new share buy-back € 10 mn (2020: € 8 mn), while reserves for current pension obligations program with a volume of up to € 1.0 bn. Allianz SE will cancel all and accrued pension rights totaled € 201 mn (2020: € 171 mn). repurchased shares. The total remuneration for all Supervisory Board members, including attendance fees, amounted to € 2.8 mn (2020: € 2.7 mn). As of 31 December 2021, there were no outstanding loans For further information on the Structured Alpha matter please refer to granted by Allianz Group companies to members of the Board of note 37. Management or the Supervisory Board. Board of Management and Supervisory Board compensation by individual is included in the Remuneration Report. 1_The relevant share price used to determine the final number of RSUs granted is only available after the 2_The disclosure in the Annual Report 2020 was based on a best estimate of the RSU grants. The figures sign-off of the Annual Report by the external auditors, thus numbers are based on a best estimate. shown here for 2020 now include the actual fair value as of the grant date (5 March 2021). The value therefore differs from the amount disclosed last year. 182 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements 44 _ List of participations of the Allianz Group as of 31 December 2021 according to § 313 (2) HGB % % % 1 1 1 owned owned owned Allianz Kunde und Markt GmbH, Munich 100.0 Allianz X GmbH, Munich 100.0 GERMANY Allianz LAD Fonds, Frankfurt am Main 100.0 3 Allianz ZWK Nürnberg GmbH & Co. KG, Stuttgart 100.0 Consolidated affiliates Allianz Leben Direkt Infrastruktur GmbH, Munich 100.0 Allvest GmbH, Munich 100.0 abracar GmbH, Munich 100.0 Allianz Leben Infrastrukturfonds GmbH, Munich 100.0 APK Infrastrukturfonds GmbH, Munich 100.0 ACP GmbH & Co. Beteiligungen KG II, Munich 0.0 2 Allianz Leben Private Equity Fonds 2001 GmbH, APK-Argos 75 Vermögensverwaltungsgesellschaft ACP Vermögensverwaltung GmbH & Co. KG Nr. 4, Munich 100.0 mbH, Munich 100.0 Munich 100.0 Allianz Leben Private Equity Fonds Plus GmbH, APK-Argos 85 Vermögensverwaltungsgesellschaft ACP Vermögensverwaltung GmbH & Co. KG Nr. 4a, Munich 100.0 mbH, Munich 100.0 Munich 100.0 Allianz Lebensversicherungs-Aktiengesellschaft, APK-Argos 95 Vermögensverwaltungsgesellschaft ACP Vermögensverwaltung GmbH & Co. KG Nr. 4c, Stuttgart 100.0 mbH, Munich 100.0 Munich 100.0 Allianz LFE Fonds, Frankfurt am Main 100.0 3 APKV Direkt Infrastruktur GmbH, Munich 100.0 ACP Vermögensverwaltung GmbH & Co. KG Nr. 4d, Allianz L-PD Fonds, Frankfurt am Main 100.0 3 APKV Infrastrukturfonds GmbH, Munich 100.0 Munich 100.0 ADAC Autoversicherung AG, Munich 51.0 Allianz NM 28 GmbH & Co. KG, Stuttgart 93.3 APKV Private Equity Fonds GmbH, Munich 100.0 ADEUS Aktienregister-Service-GmbH, Munich 79.6 Allianz of Asia-Pacific and Africa GmbH, Munich 100.0 APKV-Argos 74 Allianz ONE - Business Solutions GmbH, Munich 100.0 Vermögensverwaltungsgesellschaft mbH, Munich 100.0 ADVANIA GmbH, Hamburg 60.0 APKV-Argos 84 AfricaGrow GP GmbH, Munich 100.0 Allianz Partners Deutschland GmbH, Aschheim 100.0 Vermögensverwaltungsgesellschaft mbH, Munich 100.0 AGCS Infrastrukturfonds GmbH, Munich 100.0 Allianz Pension Direkt Infrastruktur GmbH, Munich 100.0 ARE Funds APK GmbH, Munich 100.0 AGCS-Argos 76 Allianz Pension Partners GmbH, Munich 100.0 ARE Funds APKV GmbH, Munich 100.0 Vermögensverwaltungsgesellschaft mbH, Munich 100.0 Allianz Pension Service GmbH, Munich 100.0 ARE Funds AZL GmbH, Munich 100.0 AGCS-Argos 86 Allianz Pensionsfonds Aktiengesellschaft, Stuttgart 100.0 ARE Funds AZV GmbH, Munich 100.0 Vermögensverwaltungsgesellschaft mbH, Munich 100.0 Allianz Pensionskasse Aktiengesellschaft, Stuttgart 100.0 ALIDA Grundstücksgesellschaft mbH & Co. KG, AREF III GER 1 GmbH, Frankfurt am Main 100.0 Hamburg 94.8 Allianz PK-PD Fonds, Frankfurt am Main 100.0 3 AREF III GER 2 GmbH, Frankfurt am Main 100.0 Allianz AADB Fonds, Frankfurt am Main 100.0 3 Allianz PKV-PD Fonds, Frankfurt am Main 100.0 3 AREF III GER GmbH & Co. KG, Frankfurt am Main 100.0 Allianz ADAC AV Fonds, Frankfurt am Main 100.0 3 Allianz Private Equity GmbH, Munich 100.0 Ashmore Emerging Market Corporates, Frankfurt Allianz Africa Holding GmbH, Munich 100.0 Allianz Private Equity Partners Verwaltungs GmbH, am Main 100.0 3 Munich 100.0 atpacvc Fund GmbH & Co. KG, Munich 100.0 Allianz AKR Fonds, Frankfurt am Main 100.0 3 Allianz Private Krankenversicherungs- atpacvc GmbH, Munich 100.0 Allianz ALD Fonds, Frankfurt am Main 100.0 3 Aktiengesellschaft, Munich 100.0 Allianz APAV Fonds, Frankfurt am Main 100.0 3 Allianz ProzessFinanz GmbH, Munich 100.0 atpacvc GP GmbH, Munich 100.0 Allianz Asset Management GmbH, Munich 100.0 Allianz PV-RD Fonds, Frankfurt am Main 92.4 3 Atropos Vermögensverwaltungsgesellschaft mbH, Munich 100.0 Allianz AZL Vermögensverwaltung GmbH & Co. Allianz PV-WS Fonds, Frankfurt am Main 92.4 3 KG, Munich 100.0 Auros II GmbH, Munich 100.0 Allianz Re Asia Fonds, Frankfurt am Main 100.0 3 Allianz Beratungs- und Vertriebs-AG, Munich 100.0 AV8 Ventures II GmbH & Co. KG, Munich 100.0 Allianz Real Estate GmbH, Munich 100.0 4 Allianz Capital Partners GmbH, Munich 100.0 AVS Automotive VersicherungsService GmbH, Allianz Rechtsschutz-Service GmbH, Munich 100.0 Rüsselsheim 100.0 Allianz Capital Partners Verwaltungs GmbH, Allianz Renewable Energy Management GmbH, AZ ATLAS GmbH & Co. KG, Stuttgart 94.9 Munich 100.0 Sehestedt 100.0 Allianz Climate Solutions GmbH, Munich 100.0 AZ ATLAS Immo GmbH, Stuttgart 100.0 Allianz Renewable Energy Subholding GmbH & Co. AZ ATLAS Verwaltungs-GmbH, Stuttgart 100.0 Allianz Deutschland AG, Munich 100.0 KG, Sehestedt 100.0 Allianz Digital Health GmbH, Munich 100.0 4 Allianz RFG Fonds, Frankfurt am Main 100.0 3 AZ Northside GmbH & Co. KG, Stuttgart 94.0 Allianz Direct Versicherungs-AG, Munich 100.0 Allianz Risk Consulting GmbH, Munich 100.0 AZ-Arges Vermögensverwaltungsgesellschaft mbH, Munich 100.0 Allianz DLVR Fonds, Frankfurt am Main 100.0 3 Allianz SDR Fonds, Frankfurt am Main 100.0 3 AZ-Argos 41 Vermögensverwaltungsgesellschaft Allianz EEE Fonds, Frankfurt am Main 100.0 3 Allianz SE Ashmore Emerging Markets Corporates mbH, Munich 100.0 Allianz EP GmbH, Munich 100.0 Fund, Frankfurt am Main 100.0 3 AZ-Argos 56 Vermögensverwaltungsgesellschaft Allianz Esa EuroShip GmbH, Bad Friedrichshall 51.0 Allianz SE-PD Fonds, Frankfurt am Main 100.0 3 mbH, Munich 100.0 Allianz Esa GmbH, Bad Friedrichshall 100.0 Allianz Service Center GmbH, Munich 100.0 AZ-Argos 71 Vermögensverwaltungsgesellschaft Allianz SOA Fonds, Frankfurt am Main 100.0 3 mbH & Co. KG, Munich 100.0 Allianz FAD Fonds, Frankfurt am Main 100.0 3 Allianz Stromversorgungs-GmbH, Munich 100.0 AZ-Argos 88 Vermögensverwaltungsgesellschaft Allianz Finanzbeteiligungs GmbH, Munich 100.0 mbH, Munich 100.0 Allianz Focus Teleport Beteiligungs-GmbH & Co. Allianz Taunusanlage GbR, Stuttgart 99.5 AZL AI Nr. 1 GmbH, Munich 100.0 KG, Stuttgart 100.0 Allianz Technology SE, Munich 100.0 AZL Four T1 GmbH, Frankfurt am Main 100.0 Allianz Global Corporate & Specialty SE, Munich 100.0 Allianz Treuhand GmbH, Stuttgart 100.0 AZL PE Nr. 1 GmbH, Munich 100.0 Allianz Global Health GmbH, Munich 100.0 Allianz UGD 1 Fonds, Frankfurt am Main 100.0 3 AZL-Argos 73 Vermögensverwaltungsgesellschaft Allianz Global Investors GmbH, Frankfurt am Main 100.0 Allianz VAE Fonds, Frankfurt am Main 100.0 3 mbH, Munich 100.0 Allianz Global Investors Holdings GmbH, Frankfurt Allianz Versicherungs-Aktiengesellschaft, Munich 100.0 AZL-Argos 83 Vermögensverwaltungsgesellschaft am Main 100.0 Allianz VGI 1 Fonds, Frankfurt am Main 100.0 3 mbH, Munich 100.0 Allianz GLR Fonds, Frankfurt am Main 100.0 3 AZL-Argos 89 Vermögensverwaltungsgesellschaft Allianz VGL Fonds, Frankfurt am Main 100.0 3 Allianz GLRS Fonds, Frankfurt am Main 100.0 3 mbH, Munich 100.0 Allianz VK RentenDirekt Fonds, Frankfurt am Main 100.0 3 Allianz GRGB Fonds, Frankfurt am Main 100.0 3 AZL-Private Finance GmbH, Stuttgart 100.0 Allianz VKA Fonds, Frankfurt am Main 100.0 3 Allianz Handwerker Services GmbH, Aschheim 100.0 AZRE AZD P&C Master Fund, Munich 100.0 3 Allianz V-PD Fonds, Frankfurt am Main 100.0 3 Allianz Hirschgarten GmbH & Co. KG, Stuttgart 100.0 AZ-SGD Classic Infrastrukturfonds GmbH, Munich 100.0 Allianz VSR Fonds, Frankfurt am Main 100.0 3 Allianz Investment Management SE, Munich 100.0 4 AZ-SGD Direkt Infrastruktur GmbH, Munich 100.0 Allianz Warranty GmbH, Unterföhring 100.0 Annual Report 2021 − Allianz Group 183

D _ Consolidated Financial Statements % % % 1 1 1 owned owned owned AZ-SGD Infrastrukturfonds GmbH, Munich 100.0 Volkswagen Autoversicherung AG, Braunschweig 100.0 Infrastruktur Putlitz Ost GmbH & Co. KG, Husum 70.8 Volkswagen Autoversicherung Holding GmbH, 5,6 AZ-SGD Private Equity Fonds 2 GmbH, Munich 100.0 manroland AG, Offenbach am Main 100.0 AZ-SGD Private Equity Fonds GmbH, Munich 100.0 Braunschweig 49.0 2 manroland Vertrieb und Service GmbH, Mühlheim AZT Automotive GmbH, Ismaning 100.0 VW AV, Frankfurt am Main 100.0 3 am Main 100.0 6 AZV-Argos 72 Vermögensverwaltungsgesellschaft Windpark Aller-Leine-Tal GmbH & Co. KG, Stiftung Allianz für Kinder gemeinnützige GmbH, mbH, Munich 100.0 Sehestedt 100.0 Munich 100.0 AZV-Argos 77 Vermögensverwaltungsgesellschaft Windpark Berge-Kleeste GmbH & Co. KG, mbH, Munich 100.0 Sehestedt 100.0 Joint ventures AZV-Argos 82 Vermögensverwaltungsgesellschaft Windpark Büttel GmbH & Co. KG, Sehestedt 100.0 AQ Focus Teleport GmbH & Co. KG, Hamburg 50.0 mbH, Munich 100.0 Windpark Calau GmbH & Co. KG, Sehestedt 100.0 AQ Focus Teleport Verwaltungs GmbH, Hamburg 50.0 AZV-Argos 87 Vermögensverwaltungsgesellschaft Windpark Cottbuser See GmbH & Co. KG, AQ Überseehaus GmbH & Co. KG, Hamburg 39.9 7 mbH, Munich 100.0 Sehestedt 100.0 BrahmsQ Objekt GmbH & Co. KG, Stuttgart 94.8 Windpark Cottbuser See Repowering GmbH & Co. AQ Überseehaus Verwaltungs GmbH, Hamburg 50.0 ControlExpert GmbH, Langenfeld 100.0 KG, Sehestedt 100.0 AVAG Versicherungsvermittlungs-Gesellschaft Windpark Dahme GmbH & Co. KG, Sehestedt 100.0 mbH, Augsburg 50.0 ControlExpert Holding GmbH, Langenfeld 100.0 Dealis Fund Operations GmbH, Frankfurt am Main 50.0 Deutsche Lebensversicherungs-Aktiengesellschaft, Windpark Dahme Repowering GmbH & Co. KG, Berlin 100.0 Sehestedt 100.0 Die BrückenKöpfe X BKX GmbH & Co. Invest KG, Berlin 50.0 3 Donator Beratungs GmbH, Munich 100.0 Windpark Eckolstädt GmbH & Co. KG, Sehestedt 100.0 3,7 Windpark Emmendorf GmbH & Co. KG, Sehestedt 100.0 NeuConnect Deutschland GmbH, Wilhelmshaven 26.2 Donator Beteiligungsverwaltung GmbH, Munich 100.0 PNE WIND Infrastruktur Calau II GmbH, Cuxhaven 50.0 Driven By GmbH, Munich 100.0 Windpark Emmendorf Repowering GmbH & Co. KG, Sehestedt 100.0 PNE WIND Park III GmbH & Co. KG, Cuxhaven 50.0 EASTSIDE Joint Venture GmbH & Co. KG, Frankfurt Windpark Freyenstein-Halenbeck GmbH & Co. KG, SPN Service Partner Netzwerk GmbH, Munich 30.0 7 am Main 50.0 2 Sehestedt 100.0 UGG TopCo GmbH & Co. KG, Ismaning 41.8 7 EASTSIDE TAMARA GmbH, Frankfurt am Main 50.0 2 Windpark Freyenstein-Halenbeck Repowering UGG TopCo/HoldCo General Partner GmbH, Euler Hermes Aktiengesellschaft, Hamburg 100.0 GmbH & Co. KG, Sehestedt 100.0 Ismaning 41.8 7 Euler Hermes Collections GmbH, Potsdam 100.0 Windpark Kesfeld Repowering GmbH & Co. KG, VGP Park München GmbH, Vaterstetten-Baldham 48.9 7 finanzen.de Maklerservice GmbH, Berlin 100.0 Sehestedt 100.0 Windpark Kesfeld-Heckhuscheid GmbH & Co. KG, finanzen.de Vermittlungsgesellschaft für Sehestedt 100.0 Associates Verbraucherverträge GmbH, Berlin 100.0 Windpark Kirf GmbH & Co. KG, Sehestedt 100.0 Arabesque S-Ray GmbH, Frankfurt am Main 11.3 8 GA Global Automotive Versicherungsservice GmbH, Halle (Saale) 100.0 Windpark Kirf Repowering GmbH & Co. KG, Autobahn Tank & Rast Gruppe GmbH & Co. KG, IconicFinance GmbH, Munich 100.0 Sehestedt 100.0 Bonn 25.0 IDS GmbH - Analysis and Reporting Services, Windpark Kittlitz GmbH & Co. KG, Sehestedt 100.0 Autobahn Tank & Rast Management GmbH, Bonn 25.0 Munich 100.0 Windpark Kittlitz Repowering GmbH & Co. KG, AV Packaging GmbH, Munich 100.0 8 Kaiser X Labs GmbH, Munich 100.0 Sehestedt 100.0 Caldera Service GmbH, Hamburg 25.1 KVM ServicePlus - Kunden- und Windpark Kleeste Repowering GmbH & Co. KG, DCSO Deutsche Cyber-Sicherheitsorganisation Vertriebsmanagement GmbH, Halle (Saale) 100.0 Sehestedt 100.0 GmbH, Berlin 25.0 Lola Vermögensverwaltungsgesellschaft mbH & Windpark Pröttlin GmbH & Co. KG, Sehestedt 100.0 esa EuroShip GmbH & Co. KG Underwriting for Co. KG, Munich 100.0 Windpark Pröttlin Repowering GmbH & Co. KG, Shipping, Bad Friedrichshall 40.0 MAWISTA GmbH, Wendlingen am Neckar 100.0 Sehestedt 100.0 InnoSolutas GmbH, Bad Friedrichshall 25.0 Mercato Leadmanagement Investments Holdings Windpark Quitzow GmbH & Co. KG, Sehestedt 100.0 KomfortDynamik Sondervermögen, Frankfurt am 3,8 GmbH, Berlin 100.0 Windpark Quitzow Repowering GmbH & Co. KG, Main 7.5 META Finanz-Informationssysteme GmbH, Munich 100.0 Sehestedt 100.0 Norsea Gas GmbH, Friedeburg-Etzel 28.0 Mondial Kundenservice GmbH, Nuremberg 100.0 Windpark Redekin-Genthin GmbH & Co. KG, SDA SE Open Industry Solutions, Hamburg 25.0 Sehestedt 100.0 Münchener & Magdeburger Agrar AG, Munich 100.0 4 T&R MLP GmbH, Bonn 25.0 Windpark Redekin-Genthin Repowering GmbH & My Finance Coach Stiftung GmbH, Munich 100.0 Co. KG, Sehestedt 100.0 T&R Real Estate GmbH, Bonn 25.0 myHealth X GmbH, Munich 100.0 Windpark Schönwalde GmbH & Co. KG, Sehestedt 100.0 Umspannwerk Putlitz GmbH & Co. KG, Oldenburg 25.4 PIMCO EM Corporates, Frankfurt am Main 100.0 3 Windpark Schönwalde Repowering GmbH & Co. Verimi GmbH, Berlin 19.1 8 PIMCO Europe GmbH, Munich 100.0 KG, Sehestedt 100.0 Windkraft Kirf Infrastruktur GmbH, Neumagen- Windpark Waltersdorf GmbH & Co. KG Dhron 50.0 8 Projekt Hirschgarten MK8 GmbH & Co. KG, Renditefonds, Sehestedt 100.0 Stuttgart 94.9 REC Frankfurt Objekt GmbH & Co. KG, Hamburg 80.0 Windpark Waltersdorf Repowering GmbH & Co. KG, Sehestedt 100.0 FOREIGN ENTITIES REC Frankfurt zweite Windpark Werder Zinndorf GmbH & Co. KG, Objektverwaltungsgesellschaft mbH, Hamburg 60.0 Sehestedt 100.0 Consolidated affiliates RehaCare GmbH, Munich 100.0 Windpark Werder Zinndorf Repowering GmbH & 1739908 Ontario Ltd., Toronto, ON 100.0 Roland Holding GmbH, Munich 75.6 Co. KG, Sehestedt 100.0 1800 M Owner GP LLC, Wilmington, DE 100.0 Seine GmbH, Munich 100.0 1800 M REIT GP LLC, Wilmington, DE 100.0 Seine II GmbH, Munich 100.0 Non-consolidated affiliates 1800 M Street Owner LP, Wilmington, DE 100.0 Signa 12 Verwaltungs GmbH, Stuttgart 94.9 AERS Consortio Aktiengesellschaft, Stuttgart 55.3 1800 M Street REIT LP, Wilmington, DE 100.0 Spherion Beteiligungs GmbH & Co. KG, Stuttgart 94.9 Allianz Direct Fonds, Frankfurt am Main 100.0 3 1800 M Street TRS LP, Wilmington, DE 100.0 Spherion Objekt GmbH & Co. KG, Stuttgart 89.9 Allianz Global Benefits GmbH, Stuttgart 100.0 1800 M Street Venture LP, Wilmington, DE 45.0 2 Syncier GmbH, Munich 98.5 Allianz Objektbeteiligungs-GmbH, Stuttgart 100.0 2media GmbH, Zurich 100.0 UfS Beteiligungs-GmbH, Munich 100.0 Allianz OrtungsServices GmbH, Munich 100.0 35° East SAS, Paris la Défense 100.0 VCIS Germany GmbH, Cologne 50.0 2 Allianz Pension Consult GmbH, Stuttgart 100.0 490 Fulton JV LP, Wilmington, DE 96.5 Vivy GmbH, Berlin 100.0 Allianz zweite Objektbeteiligungs-GmbH, Stuttgart 100.0 490 Fulton REIT LP, Wilmington, DE 100.0 VLS Versicherungslogistik GmbH, Berlin 100.0 AZ Beteiligungs-Management GmbH, Munich 100.0 490 Lower Unit GP LLC, Wilmington, DE 100.0 184 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements % % % 1 1 1 owned owned owned 490 Lower Unit LP, Wilmington, DE 100.0 Allianz Asset Management of America LLC, Dover, Allianz Debt Fund S.à r.l., Luxembourg 100.0 ACRE Hinoki Pte. Ltd., Singapore 100.0 DE 100.0 Allianz Debt Fund SCSp SICAV-SIF, Luxembourg 94.7 3 ACRE Sugi Pte. Ltd., Singapore 100.0 Allianz Asset Management U.S. Holding II LLC, Allianz Debt Investments PCREL S.à r.l., Dover, DE 100.0 Luxembourg 100.0 3 ACRE Yuzu Pte. Ltd., Singapore 100.0 Allianz Australia Claim Services Pty Limited, AEIF II S.A. SICAV-RAIF, Senningerberg 100.0 3 Sydney 100.0 Allianz Debt Investments S.à r.l., Luxembourg 100.0 Aero-Fonte S.r.l., Misterbianco 100.0 Allianz Australia Employee Share Plan Pty Ltd., Allianz Debt Investments SCSp SICAV-SIF, Luxembourg 100.0 3 AFI2 Real Estate Fund (Compartment), Sydney 100.0 Luxembourg 100.0 Allianz Australia General Insurance Limited, Allianz Digital Services Pte. Ltd., Singapore 100.0 AGA Insurance Broker (Thailand) Co. Ltd., Bangkok 100.0 Sydney 100.0 Allianz Direct S.p.A., Milan 100.0 AGA Service Company Corp., Richmond, VA 100.0 Allianz Australia General Insurance Services Allianz do Brasil Participações Ltda., São Paulo 100.0 Limited, Sydney 100.0 Allianz Eiffel Square Kft., Budapest 100.0 AGCS International Holding B.V., Amsterdam 100.0 Allianz Australia Insurance Limited, Sydney 100.0 AGCS Marine Insurance Company, Chicago, IL 100.0 Allianz Elementar Lebensversicherungs- Allianz Australia Life Insurance Holdings Limited, Aktiengesellschaft, Vienna 100.0 AGF Inversiones S.A., Buenos Aires 100.0 Sydney 100.0 Allianz Elementar Versicherungs- AIM Equity EMU 1 FCP, Paris 100.0 3 Allianz Australia Life Insurance Limited, Sydney 100.0 Aktiengesellschaft, Vienna 100.0 AIM Equity PG Vie, Paris 100.0 3 Allianz Australia Limited, Sydney 100.0 Allianz EM Loans S.C.S., Luxembourg 100.0 3 AIM Equity US, Paris 100.0 3 Allianz Australia Partnership Services Pty Limited, Allianz Engineering Inspection Services Limited, AIM Underwriting Limited, Toronto, ON 100.0 Sydney 100.0 Guildford 100.0 Allianz - Slovenská DSS a.s., Bratislava 100.0 Allianz Australia Services Pty Limited, Sydney 100.0 Allianz Equity Emerging Markets 1, Paris 100.0 3 Allianz (UK) Limited, Guildford 100.0 Allianz Australia Workers Compensation (NSW) Allianz Equity Investments Ltd., Guildford 100.0 Limited, Sydney 100.0 Allianz Euro Core Infrastructure Debt GP S.à r.l., Allianz 001 S.r.l., Velletri 51.0 Allianz Australia Workers' Compensation (Victoria) Senningerberg 100.0 Allianz 002 S.r.l., Rome 51.0 Limited, Sydney 100.0 Allianz Euro Credit Risk Control, Senningerberg 97.0 3 Allianz 003 S.r.l., Rome 51.0 Allianz Australian Real Estate Trust, Sydney 99.9 3 Allianz Europe B.V., Amsterdam 100.0 Allianz 071 S.r.l., Sassari 51.0 Allianz Aviation Managers LLC, Wilmington, DE 100.0 Allianz Europe Conviction Equity, Senningerberg 53.7 3 Allianz 311 S.r.l., Milan 51.0 Allianz Ayudhya Assurance Public Company Allianz Europe Ltd., Amsterdam 100.0 Allianz 351 S.r.l., Este 51.0 Limited, Bangkok 82.8 Allianz Ayudhya Capital Public Company Limited, Allianz Europe Small and Micro Cap Equity, Allianz 371 S.r.l., Verona 51.0 Senningerberg 100.0 3 Bangkok 49.0 2 Allianz 421 S.r.l., Reggio Emilia 51.0 Allianz Ayudhya General Insurance Public Allianz European Infrastructure II GP S.à r.l., Allianz 481 S.r.l., Faenza 51.0 Company Limited, Bangkok 100.0 Senningerberg 100.0 Allianz 671 S.r.l., L'Aquila 51.0 Allianz Bank Bulgaria AD, Sofia 99.9 Allianz Finance Corporation, Wilmington, DE 100.0 Allianz 871 S.r.l., Cosenza 51.0 Allianz Bank Financial Advisors S.p.A., Milan 100.0 Allianz Finance II B.V., Amsterdam 100.0 Allianz 901 S.r.l., Palermo 51.0 Allianz Banque S.A., Puteaux 100.0 Allianz Finance II Luxembourg S.à r.l., Luxembourg 100.0 Allianz Actio France, Paris 81.1 3 Allianz Benelux S.A., Brussels 100.0 Allianz Finance III B.V., Amsterdam 100.0 Allianz Actions Aéquitas, Paris 61.6 3 Allianz Better World Defensive, Senningerberg 91.4 3 Allianz Finance IV Luxembourg S.à r.l., Luxembourg 100.0 Allianz Actions Emergentes, Paris 93.6 3 Allianz Better World Dynamic, Senningerberg 84.7 3 Allianz Finance IX Luxembourg S.A., Luxembourg 100.0 2,3 3 Allianz Actions Euro, Paris 42.5 Allianz Better World Moderate, Senningerberg 86.3 Allianz Finance Pty Ltd., Sydney 100.0 Allianz Actions Euro Convictions, Paris 58.5 3 Allianz Bonds Euro High Yield, Paris 100.0 3 Allianz Finance VII Luxembourg S.A., Luxembourg 100.0 Allianz Actions France, Paris 50.1 3 Allianz Brasil Seguradora S.A., Rio de Janeiro 100.0 Allianz Finance VIII Luxembourg S.A., Luxembourg 100.0 Allianz Advisory Pte. Ltd., Singapore 100.0 Allianz Bulgaria Holding AD, Sofia 66.2 Allianz Finance X Luxembourg S.A., Luxembourg 100.0 Allianz Africa Financial Services S.à r.l., Casablanca 100.0 Allianz Business Services Limited, Guildford 100.0 Allianz FinanzPlan 2055, Senningerberg 44.0 2,3 Allianz Africa SAS, Paris la Défense 100.0 Allianz Cameroun Assurances SA, Douala 75.4 Allianz Fire and Marine Insurance Japan Ltd., Allianz Africa Services SA, Abidjan 100.0 Allianz Cameroun Assurances Vie SA, Douala 76.4 Tokyo 100.0 Allianz Air France IFC, Paris 100.0 3 Allianz Capital Partners of America LLC, Dover, DE 100.0 Allianz FLG Private Debt Fund SA SICAV-RAIF, Allianz Alapkezelõ Zrt., Budapest 100.0 Senningerberg 100.0 3 Allianz Carbon Investments B.V., Amsterdam 100.0 Allianz Allvest Invest SICAV-SIF - Allvest Active Allianz Cash SAS, Paris la Défense 100.0 Allianz FMO SDG Loan Fund S.C.A. SICAV-SIF, Invest, Luxembourg 97.6 3 Senningerberg 100.0 3 Allianz Allvest Invest SICAV-SIF - Allvest Passive Allianz Chicago Private Reit LP, Wilmington, DE 100.0 Allianz Foglalkoztatói Nyugdíjszolgáltató Zrt., Invest, Luxembourg 99.0 3 Allianz China Insurance Holding Limited, Shanghai 100.0 Budapest 100.0 Allianz Argentina Compañía de Seguros Generales Allianz China Life Insurance Co. Ltd., Shanghai 100.0 Allianz France Favart I, Paris 100.0 3 S.A., Buenos Aires 100.0 2,3 Allianz France Investissement OPCI, Paris la Allianz Clean Planet, Senningerberg 41.1 Allianz Asac Actions, Paris 100.0 3 2,3 Défense 100.0 Allianz Climate Transition, Senningerberg 39.5 Allianz Asia Holding Pte. Ltd., Singapore 100.0 Allianz Colombia S.A., Bogotá D.C. 100.0 Allianz France Real Estate Invest SPPICAV, Paris la Allianz Asia Pacific Private Credit Debt Holdings Défense 100.0 Allianz Compañía de Seguros y Reaseguros S.A., Allianz France Relance, Senningerberg 78.9 3 S.à r.l., Senningerberg 0.0 2 Madrid 99.9 Allianz Asia Pacific Private Credit Debt SecCo S.à Allianz Core Dividend, Paris 100.0 3 Allianz France Richelieu 1 S.A.S., Paris la Défense 100.0 r.l., Luxembourg 0.0 2 Allianz France S.A., Paris la Défense 100.0 Allianz Côte d'Ivoire Assurances SA, Abidjan 74.1 Allianz Asia Private Credit Funds S.A. SICAV-RAIF, Allianz Côte d'Ivoire Assurances Vie SA, Abidjan 71.0 Allianz France US REIT GP LLC, Wilmington, DE 100.0 Senningerberg 100.0 3 Allianz Creactions 1, Paris 100.0 3 Allianz France US REIT LP, Wilmington, DE 100.0 Allianz Asia Private Credit Funds S.A. SICAV-RAIF Allianz Fund Investments 2 S.A. (Compartment), (Compartment III), Senningerberg 2,3 3 0.0 Allianz Creactions II, Paris 100.0 Luxembourg 100.0 Allianz Asset Management of America Holdings 2,3 Allianz Credit Opportunities Plus, Senningerberg 31.3 Allianz Fund Investments Inc., Wilmington, DE 100.0 Inc., Dover, DE 100.0 Allianz Crowdfunding Fund I FPCI, Paris 100.0 3 Allianz Asset Management of America L.P., Dover, Allianz Fund Investments S.A., Luxembourg 100.0 DE 100.0 Allianz Crowdlending FSPI, Paris 100.0 3 Allianz General Insurance Company (Malaysia) Allianz Debt Fund FPS, Paris 100.0 3 Berhad, Kuala Lumpur 100.0 Annual Report 2021 − Allianz Group 185

D _ Consolidated Financial Statements % % % 1 1 1 owned owned owned Allianz General Insurance Public Co. Ltd., Bangkok 100.0 Allianz Infrastructure Luxembourg Holdco I S.A., Allianz Life Insurance Company of Ghana Limited, Allianz General Laos Co. Ltd., Vientiane 51.0 Luxembourg 100.0 Accra 100.0 Allianz Global Corporate & Specialty do Brasil Allianz Infrastructure Luxembourg Holdco II S.A., Allianz Life Insurance Company of Missouri, Participações Ltda., Rio de Janeiro 100.0 Luxembourg 100.0 Clayton, MO 100.0 Allianz Global Corporate & Specialty of Africa Allianz Infrastructure Luxembourg Holdco III S.A., Allianz Life Insurance Company of New York, New (Proprietary) Ltd., Johannesburg 100.0 Luxembourg 100.0 York, NY 100.0 Allianz Global Corporate & Specialty of Bermuda Allianz Infrastructure Luxembourg Holdco IV S.A., Allianz Life Insurance Company of North America, Ltd., Hamilton 100.0 Luxembourg 100.0 Minneapolis, MN 100.0 Allianz Global Corporate & Specialty Resseguros Allianz Infrastructure Luxembourg I S.à r.l., Allianz Life Insurance Lanka Ltd., Colombo 100.0 Brasil S.A., São Paulo 100.0 Luxembourg 100.0 Allianz Life Insurance Malaysia Berhad, Kuala Allianz Global Corporate & Specialty South Africa Allianz Infrastructure Luxembourg II S.à r.l., Lumpur 100.0 Ltd., Johannesburg 100.0 Luxembourg 100.0 Allianz Life Luxembourg S.A., Luxembourg 100.0 Allianz Global Diversified Infrastructure Equity GP Allianz Infrastructure Luxembourg III S.A., Allianz Madagascar Assurances SA, Antananarivo 100.0 S.à r.l., Senningerberg 100.0 Luxembourg 100.0 Allianz Infrastructure Norway Holdco I S.à r.l., Allianz Malaysia Berhad, Kuala Lumpur 75.0 Allianz Global Diversified Infrastructure Equity II Luxembourg 100.0 Allianz Management Services Limited, Guildford 100.0 GP S.à r.l., Senningerberg 100.0 Allianz Global Diversified Private Debt Fund GP S.à Allianz Infrastructure Spain Holdco I S.à r.l., Allianz Marine & Transit Underwriting Agency Pty r.l., Senningerberg 100.0 Luxembourg 100.0 Ltd., Sydney 90.0 Allianz Global Fundamental Strategy, Allianz Infrastructure Spain Holdco II S.à r.l., Allianz Marine (UK) Ltd., London 100.0 Senningerberg 29.8 2,3 Luxembourg 100.0 Allianz Maroc S.A., Casablanca 98.9 Allianz Global Investors (Schweiz) AG, Zurich 100.0 Allianz Insurance Asset Management Co. Ltd., Allianz MENA Holding (Bermuda) Ltd., Hamilton 100.0 Beijing 100.0 Allianz Global Investors Asia Pacific Ltd., Hong Allianz Insurance Company - Egypt S.A.E., New Allianz México S.A. Compañía de Seguros, Mexico Kong 100.0 Cairo 95.0 City 100.0 Allianz Global Investors Asset Management Allianz Mid Cap Loans FCT, Paris 100.0 3 (Shanghai) Limited, Shanghai 100.0 Allianz Insurance Company of Ghana Limited, Accra 100.0 Allianz Multi Croissance, Paris 70.9 3 Allianz Global Investors Distributors LLC, Dover, DE 100.0 Allianz Insurance Company of Kenya Limited, Allianz Multi Dynamisme, Paris 93.7 3 Allianz Global Investors Holdings Ltd., London 100.0 Nairobi 100.0 Allianz Multi Equilibre, Paris 97.9 3 Allianz Global Investors Ireland Ltd., Dublin 100.0 Allianz Insurance Lanka Limited, Colombo 100.0 Allianz Multi Harmonie, Paris 99.7 3 Allianz Global Investors Japan Co. Ltd., Tokyo 100.0 Allianz Insurance plc, Guildford 100.0 Allianz Multi Horizon 2024-2026, Paris 53.2 3 Allianz Global Investors Nominee Services Ltd., Allianz Insurance Services Ltd., Athens 100.0 2,3 George Town 100.0 Allianz Multi Horizon 2027-2029, Paris 39.8 Allianz Insurance Singapore Pte. Ltd., Singapore 100.0 2,3 Allianz Global Investors Overseas Asset Allianz Multi Horizon 2030-2032, Paris 40.2 Management (Shanghai) Limited, Shanghai 100.0 Allianz Inversiones S.A., Bogotá D.C. 100.0 Allianz Multi Horizon 2033-2035, Paris 78.6 3 Allianz Global Investors Singapore Ltd., Singapore 100.0 Allianz Invest 10, Vienna 100.0 3 Allianz Multi Horizon 2036-2038, Paris 100.0 3 Allianz Global Investors Taiwan Ltd., Taipei 100.0 Allianz Invest 11, Vienna 100.0 3 Allianz Multi Horizon 2039-2041, Paris 100.0 3 Allianz Global Investors U.S. Holdings LLC, Dover, Allianz Invest 12, Vienna 100.0 3 Allianz Multi Horizon Court Terme, Paris 60.1 3 DE 100.0 Allianz Invest 50, Vienna 100.0 3 2,3 Allianz Multi Horizon Long Terme, Paris 45.6 Allianz Global Investors U.S. LLC, Dover, DE 100.0 Allianz Invest d.o.o., Zagreb 100.0 Allianz Multi Opportunités, Paris 89.5 3 Allianz Global Investors UK Limited, London 100.0 Allianz Invest Kapitalanlagegesellschaft mbH, Allianz Multi Rendement Réel, Paris 83.1 3 Allianz Global Life dac, Dublin 100.0 Vienna 100.0 Allianz Invest Osteuropa Rentenfonds, Vienna 96.8 3 Allianz Mutual Funds Management Company S.A., Allianz Global Risks US Insurance Company Corp., Athens 100.0 Chicago, IL 100.0 Allianz Invest Spezial 13, Vienna 100.0 3 Allianz Nederland Groep N.V., Rotterdam 100.0 Allianz Hayat ve Emeklilik A.S., Istanbul 89.0 Allianz Invest Spezial 3, Vienna 100.0 3 Allianz Neo ISR 2019, Senningerberg 100.0 3 Allianz Hedeland Logistics ApS, Copenhagen 100.0 Allianz Investment Management LLC, St. Paul, MN 100.0 Allianz Neo ISR 2020, Senningerberg 100.0 3 Allianz Hellas Single Member Insurance S.A., Allianz Investment Management Singapore Pte. Allianz Neo Isr 2021, Senningerberg 100.0 3 Athens 100.0 Ltd., Singapore 100.0 Allianz Hold Co Real Estate S.à r.l., Luxembourg 100.0 Allianz Investment Management U.S. LLC, St. Paul, Allianz New Zealand Limited, Auckland 100.0 Allianz Holding eins GmbH, Vienna 100.0 MN 100.0 Allianz Nigeria Insurance Limited, Lagos 100.0 Allianz Holding France SAS, Paris la Défense 100.0 Allianz Investments I Luxembourg S.à r.l., Allianz Nikko Pte. Ltd., Singapore 100.0 Luxembourg 100.0 Allianz Nikko1 Pte. Ltd., Singapore 100.0 Allianz Holdings p.l.c., Dublin 100.0 Allianz Investments III Luxembourg S.A., Allianz Obligations Internationales, Paris 80.8 3 Allianz Holdings plc, Guildford 100.0 Luxembourg 100.0 Allianz Home Equity Income GP 1 Limited, London 100.0 Allianz Jewel Fund ICAV, Dublin 100.0 3 Allianz of America Inc., Wilmington, DE 100.0 Allianz Opéra, Paris 100.0 3 Allianz Hospitaliers Euro, Paris 100.0 3 Allianz Jingdong General Insurance Company Ltd., Allianz Hospitaliers Valeurs Durables, Paris 100.0 3 Guangzhou 50.0 2 Allianz p.l.c., Dublin 100.0 Allianz Hrvatska d.d., Zagreb 83.2 Allianz kontakt s.r.o., Prague 100.0 Allianz Partners S.A.S., Saint-Ouen 100.0 Allianz Hungária Biztosító Zrt., Budapest 100.0 Allianz Leasing Bulgaria AD, Sofia 100.0 Allianz Patrimoine Immobilier SAS, Paris la Allianz Leben Real Estate Holding I S.à r.l., Défense 100.0 Allianz HY Investor GP LLC, Wilmington, DE 100.0 Luxembourg 100.0 Allianz PCREL US Debt S.A., Luxembourg 100.0 Allianz HY Investor LP, Wilmington, DE 100.0 Allianz Leben Real Estate Holding II S.à r.l., Allianz Pension Fund Trustees Ltd., Guildford 100.0 Allianz IARD EM Debt, Paris 100.0 3 Luxembourg 100.0 Allianz Pensionskasse Aktiengesellschaft, Vienna 100.0 Allianz IARD S.A., Paris la Défense 100.0 Allianz Life (Bermuda) Ltd., Hamilton 100.0 Allianz penzijní spolecnost a.s., Prague 100.0 Allianz IARD Vintage, Paris 100.0 3 Allianz Life Assurance Company - Egypt S.A.E., Allianz Perfekta 71 S.A., Luxembourg 94.9 Allianz Impact Green Bond, Paris 100.0 3 New Cairo 100.0 Allianz PIMCO Corporate, Vienna 96.3 3 Allianz Individual Insurance Group LLC, Allianz Life Financial Services LLC, Minneapolis, MN 100.0 Allianz PIMCO Mortgage, Vienna 94.9 3 Minneapolis, MN 100.0 Allianz Infrastructure Holding I Pte. Ltd., Singapore 100.0 Allianz Life Insurance Company Ltd., Moscow 100.0 Allianz PNB Life Insurance Inc., Makati City 51.0 Allianz pojistovna a.s., Prague 100.0 186 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements % % % 1 1 1 owned owned owned Allianz Polska Services Sp. z o.o., Warsaw 100.0 Allianz Renewable Energy Partners V Limited, Allianz Suisse Immobilien AG, Wallisellen 100.0 2,3 London 100.0 Allianz Suisse Lebensversicherungs-Gesellschaft Allianz Positive Change, Senningerberg 30.4 Allianz Premie Pensioen Instelling B.V., Rotterdam 100.0 Allianz Renewable Energy Partners VI Limited, AG, Wallisellen 100.0 London 100.0 Allianz Suisse Versicherungs-Gesellschaft AG, Allianz Presse Infra GP S.à r.l., Luxembourg 92.4 Allianz Renewable Energy Partners VII LP, London 100.0 Wallisellen 100.0 Allianz Presse Infra S.C.S., Luxembourg 92.4 Allianz Renewable Energy Partners VIII Limited, Allianz Sustainable Health Evolution, Allianz Presse US REIT GP LLC, Wilmington, DE 92.4 London 100.0 Senningerberg 85.7 3 Allianz Presse US REIT LP, Wilmington, DE 92.4 Allianz Renewable Green Infrastructure Fund IV Allianz Taiwan Life Insurance Co. Ltd., Taipei 99.7 (Lux) S.A. SICAV-RAIF, Senningerberg 100.0 3 Allianz Private Credit Fund S.A. SICAV-RAIF, Allianz Team, Paris 90.6 3 Senningerberg 100.0 3 Allianz Residential Mortgage Company S.A., Allianz Team Formule 1, Paris 94.5 3 Allianz Private Equity Fund SCSp, Senningerberg 97.1 3 Luxembourg 100.0 Allianz Resilient Credit Euro Fund GP S.à r.l., Allianz Technology (Thailand) Co. Ltd., Bangkok 100.0 Allianz Private Equity GP S.à r.l., Senningerberg 100.0 Senningerberg 100.0 Allianz Technology AG, Wallisellen 100.0 Allianz Private Equity Partners Europa III, Milan 99.6 3 Allianz Resilient Opportunistic Credit Feeder Fund Allianz Technology GmbH, Vienna 100.0 Allianz Private Equity Partners IV, Milan 100.0 3 SA SICAV-RAIF, Senningerberg 100.0 3 Allianz Technology International B.V., Amsterdam 100.0 Allianz Private Equity Partners V, Milan 100.0 3 Allianz Resilient Opportunistic Credit Fund GP S.à r.l., Senningerberg 100.0 Allianz Technology of America Inc., Wilmington, DE 100.0 Allianz Properties Limited, Guildford 100.0 Allianz Technology S.L., Barcelona 100.0 Allianz PSVaG Private Debt Fund SA SICAV-RAIF, Allianz Resilient Opportunistic Credit Fund SCSp Senningerberg 100.0 3 SICAV-RAIF, Senningerberg 100.0 3 Allianz Technology S.p.A., Milan 100.0 Allianz Re Argentina S.A., Buenos Aires 100.0 Allianz Retraite S.A., Paris la Défense 100.0 Allianz Technology SAS, Saint-Ouen 100.0 Allianz Re Dublin dac, Dublin 100.0 Allianz Risk Consulting LLC, Glendale, CA 100.0 Allianz Thematic Income, Hong Kong 100.0 3 Allianz Real Estate (Shanghai) Co. Ltd., Shanghai 100.0 Allianz Risk Transfer (Bermuda) Ltd., Hamilton 100.0 Allianz Tiriac Asigurari SA, Bucharest 52.2 Allianz Real Estate Asia Pacific Pte. Ltd., Singapore 100.0 Allianz Risk Transfer AG, Schaan 100.0 Allianz Tiriac Pensii Private Societate de Allianz Risk Transfer Inc., New York, NY 100.0 administrare a fondurilor de pensii private S.A., Allianz Real Estate Investment S.A., Luxembourg 100.0 Bucharest 100.0 Allianz Real Estate Japan GK, Tokyo 100.0 Allianz S.A. de C.V., Mexico City 100.0 Allianz Transition Secteur Actions Europe, Paris 85.5 3 Allianz Real Estate of America LLC, Wilmington, DE 100.0 Allianz S.p.A., Milan 100.0 Allianz UK Infrastructure Debt GP 2 Limited, Allianz Real Estate Trust II (1), Sydney 99.2 3 Allianz Saint Marc CL, Paris 100.0 3 London 100.0 Allianz Real Estate Trust II (2), Sydney 99.2 3 Allianz Sakura Multifamily 1 Pte. Ltd., Singapore 100.0 Allianz UK Infrastructure Debt GP Limited, London 100.0 Allianz Real Estate Trust III (1), Sydney 97.9 3 Allianz Sakura Multifamily 2 Pte. Ltd., Singapore 100.0 Allianz Ukraine LLC, Kiev 100.0 Allianz Real Estate Trust III (1) Sub-trust (1), Allianz Sakura Multifamily Lux GP S.à r.l., Allianz Underwriters Insurance Company Corp., Sydney 100.0 3 Luxembourg 100.0 Chicago, IL 100.0 Allianz Real Estate Trust III (2), Sydney 97.9 3 Allianz Sakura Multifamily Lux SCSp, Luxembourg 100.0 Allianz US Debt Holding S.A., Luxembourg 100.0 Allianz Real Estate Trust IV, Sydney 95.5 3 Allianz SAS S.A.S., Bogotá D.C. 100.0 Allianz US Income Growth Advisory Master Fundo Allianz Saúde S.A., São Paulo 100.0 de Investimento Multimercado Investimento no Allianz Reinsurance America Inc., Petaluma, CA 100.0 Exterior, São Paulo 43.0 2,3 Allianz Reinsurance Management Services Inc., Allianz Saudi Fransi Cooperative Insurance Allianz US Investment GP LLC, Wilmington, DE 100.0 Wilmington, DE 100.0 Company, Riyadh 51.0 Allianz Sécurité, Paris 90.0 3 Allianz US Investment LP, Wilmington, DE 100.0 Allianz Renewable Energy Fund III GP SCSp, Allianz US Private Credit Solutions GP LLC, Senningerberg 100.0 Allianz Seguros de Vida S.A., Bogotá D.C. 100.0 Wilmington, DE 100.0 Allianz Renewable Energy Fund III Lux GP S.à r.l., Allianz Seguros S.A., São Paulo 100.0 Allianz US Private REIT GP LLC, Wilmington, DE 100.0 Senningerberg 100.0 Allianz Seguros S.A., Bogotá D.C. 100.0 Allianz Renewable Energy Fund Management 1 Allianz US Private REIT LP, Wilmington, DE 100.0 Allianz Selection Alternative, Senningerberg 100.0 3 Ltd., London 100.0 Allianz Valeurs Durables, Paris 40.3 2,3 Allianz Renewable Energy Management AT GmbH, Allianz Selection Fixed Income, Senningerberg 100.0 3 Allianz Valida Private Debt Fund SA SICAV-RAIF, Pottenbrunn 100.0 Allianz Selection Small and Midcap Equity, Senningerberg 100.0 3 Allianz Renewable Energy Management AT II Senningerberg 100.0 3 Allianz Value S.r.l., Milan 100.0 GmbH, Pottenbrunn 100.0 Allianz Sénégal Assurances SA, Dakar 83.4 Allianz Vermogen B.V., Rotterdam 100.0 Allianz Renewable Energy Partners I LP, London 100.0 Allianz Sénégal Assurances Vie SA, Dakar 98.5 Allianz Vie EM Debt, Paris 100.0 3 Allianz Renewable Energy Partners II Limited, Allianz Services (UK) Limited, London 100.0 Allianz Vie Multi Assets FCP, Paris 100.0 3 London 100.0 Allianz Services Mauritius LLC, Ebene 100.0 Allianz Renewable Energy Partners III LP, London 99.3 Allianz Vie S.A., Paris la Défense 100.0 Allianz Services Private Ltd., Thiruvananthapuram 100.0 Allianz Viva S.p.A., Milan 100.0 Allianz Renewable Energy Partners IV Limited, Allianz Serviços e Participações S.A., Rio de Janeiro 100.0 London 99.3 Allianz Volta GP S.à r.l., Senningerberg 100.0 Allianz Renewable Energy Partners IX Limited, Allianz Servizi S.p.A., Milan 100.0 Allianz Vorsorgekasse AG, Vienna 100.0 London 99.2 Allianz SI PF Holding Corp., Toronto, ON 100.0 Allianz Voyager Asia, Senningerberg 95.0 3 Allianz Renewable Energy Partners Luxembourg II Allianz Sigorta A.S., Istanbul 96.2 Allianz Worldwide Partners (Hong Kong) Ltd., S.A., Luxembourg 100.0 Allianz SNA s.a.l., Beirut 100.0 Hong Kong 100.0 Allianz Renewable Energy Partners Luxembourg IV Allianz Sociedade Gestora de Fundos de Pensões Allianz X Euler Hermes Co-Investments S.à r.l., S.A., Luxembourg 99.3 S.A., Lisbon 88.6 Luxembourg 100.0 Allianz Renewable Energy Partners Luxembourg V Allianz Société Financière S.à r.l., Luxembourg 100.0 Allianz Yasam ve Emeklilik A.S., Istanbul 80.0 S.A., Luxembourg 100.0 Allianz Renewable Energy Partners Luxembourg VI Allianz Soluciones de Inversión AV S.A., Madrid 100.0 Allianz ZB d.o.o. Mandatory and Voluntary S.A., Luxembourg 100.0 Allianz South America Holding B.V., Amsterdam 100.0 Pension Funds Management Company, Zagreb 51.0 Allianz Renewable Energy Partners Luxembourg Allianz Special Opportunities Alternative Fund, AllianzGI US Private Credit Solutions GP II LLC, VIII S.A., Luxembourg 100.0 Milan 100.0 3 Wilmington, DE 100.0 Allianz Renewable Energy Partners of America 2 Allianz Sport et Bien-être, Paris 78.3 3 AllianzGI USD Infrastructure Debt Fund GP LLC, LLC, Wilmington, DE 100.0 Wilmington, DE 100.0 Allianz Strategic Investments LLC, St. Paul, MN 100.0 AllianzIM U.S. Large Cap 6 Month Buffer10 Allianz Renewable Energy Partners of America Allianz Strategic Investments S.à r.l., Luxembourg 100.0 Apr/Oct ETF, Wilmington, DE 35.7 2,3 LLC, Wilmington, DE 100.0 2,3 Allianz Strategy Select 50, Senningerberg 50.0 Annual Report 2021 − Allianz Group 187

D _ Consolidated Financial Statements % % % 1 1 1 owned owned owned AllianzIM U.S. Large Cap Buffer10 Oct ETF, AWP Réunion SAS, Sainte-Marie 100.0 BSMC (Thailand) Limited, Bangkok 100.0 Wilmington, DE 46.1 2,3 AWP RUS LLC, Moscow 100.0 Buddies Enterprises Limited, Guildford 100.0 AllianzIM U.S. Large Cap Buffer20 Oct ETF, AWP Service Brasil Ltda., São Bernardo do Campo 100.0 Calobra Investments Sp. z o.o., Warsaw 100.0 Wilmington, DE 51.1 3 Allianz-Slovenská poist'ovňa a.s., Bratislava 99.6 AWP Services (India) Private Limited, Gurgaon 100.0 Candid Insurance Services Ltd., Bristol 100.0 Alma S.r.l., Bologna 100.0 AWP Services (Thailand) Co. Ltd., Bangkok 97.6 CAP, Rechtsschutz-Versicherungsgesellschaft AG, AWP Services Belgium S.A., Brussels 100.0 Wallisellen 100.0 Altair - Fondo di Investimento Alternativo Caroline Berlin S.C.S., Luxembourg 93.2 Immobiliare di Tipo Chiuso, Rome 100.0 3 AWP Services New Zealand Limited, Auckland 100.0 American Automobile Insurance Company Corp., AWP Services NL B.V., Amsterdam 100.0 Castle Field Limited, Hong Kong 100.0 Earth City, MO 100.0 AWP Services Sdn. Bhd., Kuala Lumpur 100.0 CCAF GP I Ltd., George Town 100.0 APEF Feeder FCP-RAIF, Senningerberg 38.4 2,3 AWP Services Singapore Pte. Ltd., Singapore 100.0 CELUHO S.à r.l., Luxembourg 100.0 APEH Europe VI, Paris 99.6 3 AWP Servicios Mexico S.A. de C.V., Mexico City 100.0 Central Shopping Center a.s., Bratislava 100.0 APK US Investment GP LLC, Wilmington, DE 100.0 AWP Servis Hizmetleri A.S., Istanbul 97.0 Centrale Photovoltaique de Saint Marcel sur Aude APK US Investment LP, Wilmington, DE 100.0 SAS, Versailles 100.0 AWP Solutions CR a SR s.r.o., Prague 100.0 Centrale Photovoltaique de Valensole SAS, APKV US Private REIT GP LLC, Wilmington, DE 100.0 AWP Ticket Guard Small Amount & Short Term Versailles 100.0 APKV US Private REIT LP, Wilmington, DE 100.0 Insurance Co. Ltd., Tokyo 100.0 CEPE de Bajouve S.à r.l., Versailles 100.0 APP Broker S.r.l., Trieste 100.0 AWP USA Inc., Richmond, VA 100.0 CEPE de Haut Chemin S.à r.l., Versailles 100.0 Appia Investments S.r.l., Milan 57.6 AZ Euro Investments II S.à r.l., Luxembourg 100.0 CEPE de la Baume S.à r.l., Versailles 100.0 ARAGO, Paris 100.0 3 AZ Euro Investments S.A., Luxembourg 100.0 CEPE de la Forterre S.à r.l., Versailles 100.0 Arcturus MF GK, Tokyo 100.0 AZ Jupiter 10 B.V., Amsterdam 100.0 CEPE de Langres Sud S.à r.l., Versailles 100.0 AREAP Core 1 GP Pte. Ltd., Singapore 100.0 AZ Jupiter 11 B.V., Amsterdam 97.8 CEPE de Mont Gimont S.à r.l., Versailles 100.0 Arges Investments I N.V., Amsterdam 100.0 AZ Jupiter 8 B.V., Amsterdam 100.0 CEPE de Sambres S.à r.l., Versailles 100.0 Arges Investments II N.V., Amsterdam 100.0 AZ Jupiter 9 B.V., Amsterdam 100.0 CEPE de Vieille Carrière S.à r.l., Versailles 100.0 Asit Services S.R.L., Bucharest 100.0 AZ Real Estate GP LLC, New York, NY 100.0 CEPE des Portes de la Côte d'Or S.à r.l., Versailles 100.0 Assistance, Courtage d'Assurance et de AZ Servisni centar d.o.o., Zagreb 100.0 CEPE du Blaiseron S.à r.l., Versailles 100.0 Réassurance S.A., Paris la Défense 100.0 AZ Vers US Private REIT GP LLC, Wilmington, DE 100.0 Associated Indemnity Corporation, Los Angeles, CA 100.0 CEPE du Bois de la Serre S.à r.l., Versailles 100.0 AZ Vers US Private REIT LP, Wilmington, DE 100.0 Chicago Insurance Company Corp., Chicago, IL 100.0 Assurances Médicales SA, Metz 100.0 AZ-CR Seed Investor LP, Wilmington, DE 100.0 Atlas Fund, Milan 100.0 3 CIC Allianz Insurance Ltd., Sydney 100.0 AZGA Insurance Agency Canada Ltd., Kitchener, Citizen Capital Impact Initiative, Paris 72.0 3 atpacvc LLC, Wilmington, DE 100.0 ON 100.0 atpacvc Ltd., London 100.0 AZGA Service Canada Inc., Kitchener, ON 55.0 Climmolux Holding SA, Luxembourg 100.0 Avip Actions 100, Paris 100.0 3 AZL PF Investments Inc., Minneapolis, MN 100.0 Club Marine Limited, Sydney 100.0 Avip Actions 60, Paris 100.0 3 AZOA Services Corporation, New York, NY 100.0 COF II CIV LLC, Wilmington, DE 100.0 Avip Top Harmonie, Paris 98.6 3 AZP Malaysia Agency Sdn. Bhd., Kuala Lumpur 100.0 COF III CIV LLC, Wilmington, DE 100.0 Avip Top Tempéré, Paris 99.7 3 AZWP Services Portugal Lda., Lisbon 100.0 COF III Holding Fund CIV I LP, George Town 100.0 Aviva Investors Poland TFI S.A., Warsaw 100.0 Batavia Dana Obligasi Sentosa, Jakarta 100.0 3 Columbia REIT - 221 Main Street LP, Wilmington, DE 100.0 Aviva PTE Aviva Santander S.A., Warsaw 100.0 Batavia Obligasi Sukses 2, Jakarta 100.0 3 Columbia REIT - 333 Market Street LP, Wilmington, Aviva Sp. z o.o., Warsaw 100.0 BBVA Allianz Seguros y Reaseguros S.A., Madrid 50.0 2 DE 45.0 2 Aviva TU na Zycie S.A., Warsaw 100.0 BCP-AZ Investment L.P., Wilmington, DE 98.0 Columbia REIT - University Circle LP, Wilmington, Aviva TU Ogolnych S.A., Warsaw 100.0 Beleggingsmaatschappij Willemsbruggen B.V., DE 100.0 AVS Automotive VersicherungsService GmbH, Rotterdam 100.0 Companhia de Seguros Allianz Portugal S.A., Vienna 100.0 Berkley Investments S.A., Warsaw 100.0 Lisbon 64.8 AWP Argentina S.A., Buenos Aires 100.0 Beykoz Gayrimenkul Yatirim Insaat Turizm Sanayi Compañía Colombiana de Servicio Automotriz S.A., ve Ticaret A.S., Ankara 100.0 Bogotá D.C. 100.0 AWP Assistance (India) Private Limited, Gurgaon 100.0 Consultatio Renta Mixta F.C.I., Buenos Aires 100.0 3 AWP Assistance Ireland Limited, Dublin 100.0 Bilans Service S.N.C., Courbevoie 66.0 BN Infrastruktur GmbH, St. Pölten 74.9 Control Expert Gestao Comercio e AWP Assistance Service España S.A., Madrid 100.0 Desenvolvimento Ltda., Jundiaí 95.0 AWP Assistance UK Ltd., London 100.0 Borgo San Felice S.r.l., Castelnuovo Berardenga 100.0 Control Expert Italia S.r.l., Venice 80.0 AWP Australia Holdings Pty Ltd., Brisbane 100.0 BPS Brindisi 211 S.r.l., Lecce 100.0 Control Expert Mexico S. de R.L. de C.V., Mexico AWP Australia Pty Ltd., Brisbane 100.0 BPS Brindisi 213 S.r.l., Lecce 100.0 City 95.0 AWP Austria GmbH, Vienna 100.0 BPS Brindisi 222 S.r.l., Lecce 100.0 Control Expert Systems Technologies S.L., Madrid 94.9 AWP Brokers & Services Hellas S.A., Athens 100.0 BPS Mesagne 214 S.r.l., Lecce 100.0 ControlExpert Argentina SRL, Buenos Aires 90.0 AWP Business Services Co. Ltd., Beijing 100.0 BPS Mesagne 215 S.r.l., Lecce 100.0 ControlExpert Chile Spa, Las Condes 95.0 AWP Colombia SAS, Bogotá D.C. 100.0 BPS Mesagne 216 S.r.l., Lecce 100.0 ControlExpert China Co. Ltd., Beijing 30.0 2 AWP Contact Center Italia S.r.l., Milan 100.0 BPS Mesagne 223 S.r.l., Lecce 100.0 ControlExpert Colombia SAS, Bogotá D.C. 90.0 AWP France SAS, Saint-Ouen 95.0 BPS Mesagne 224 S.r.l., Lecce 100.0 ControlExpert Holding B.V., Amsterdam 90.0 AWP Health & Life S.A., Saint-Ouen 100.0 Brasil de Imóveis e Participações Ltda., São Paulo 100.0 ControlExpert Hong Kong Corp. Limited, Hong BRAVO CRE CIV LLC, Wilmington, DE 100.0 Kong 90.0 AWP Health & Life Services Limited, Dublin 100.0 ControlExpert Inc., Wilmington, DE 90.0 AWP Japan Co. Ltd., Tokyo 100.0 BRAVO II CIV LLC, Wilmington, DE 100.0 BRAVO III CIV LLC, Wilmington, DE 100.0 ControlExpert Japan KK, Tokyo 100.0 AWP MEA Holdings Co. W.L.L., Manama 100.0 ControlExpert Polska Sp. z o.o., Warsaw 100.0 AWP Mexico S.A. de C.V., Mexico City 100.0 BRAVO IV CIV LLC, Wilmington, DE 100.0 BRAVO IV Holding Fund CIV I LP, George Town 100.0 ControlExpert Schweiz GmbH, Cham 100.0 AWP P&C S.A., Saint-Ouen 100.0 ControlExpert Thailand Co. Ltd., Bangkok 100.0 AWP Polska Sp. z o.o., Warsaw 100.0 Brobacken Nät AB, Stockholm 100.0 ControlExpert UK Limited, Farnborough 87.0 188 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements % % % 1 1 1 owned owned owned Corn Investment Ltd., London 100.0 Euler Hermes Ré SA, Luxembourg 100.0 Flying Desire Limited, Hong Kong 100.0 Corsetec Assessoria e Corretagem de Seguros Euler Hermes Real Estate SPPICAV, Paris la Fondo Chiuso Allianz Infrastructure Partners I, Ltda., São Paulo 100.0 Défense 60.0 Milan 100.0 3 Cova Beijing Zpark Investment Pte. Ltd., Singapore 98.0 Euler Hermes Recouvrement France S.A.S., Paris la Foshan Geluo Storage Services Co. Ltd., Foshan 100.0 CPRN Thailand Ltd., Bangkok 100.0 Défense 100.0 FPCI Allianz Synergies, Paris 100.0 3 CreditRas Assicurazioni S.p.A., Milan 50.0 2 Euler Hermes Reinsurance AG, Wallisellen 100.0 FPCI APEH Europe VII, Paris 100.0 3 CreditRas Vita S.p.A., Milan 50.0 2 Euler Hermes Risk Yönetimi A.S., Istanbul 100.0 Fragonard Assurance S.A., Paris 100.0 CURATIO DMCC LLC, Dubai 100.0 Euler Hermes S.A., Brussels 100.0 Franklin S.C.S., Luxembourg 94.5 D23E GP LLC, Wilmington, DE 100.0 Euler Hermes Seguros S.A., São Paulo 100.0 Friederike MLP S.à r.l., Luxembourg 100.0 Danareksa Melati Pendapatan Tetap, Jakarta 100.0 3 Euler Hermes Service AB, Stockholm 100.0 Fu An Management Consulting Co. Ltd., Beijing 1.0 2 Darta Saving Life Assurance dac, Dublin 100.0 Euler Hermes Services B.V., 's-Hertogenbosch 100.0 Gaipare Action, Paris 99.9 3 Deeside Investments Inc., Wilmington, DE 50.1 Euler Hermes Services Belgium S.A., Brussels 100.0 Galore Expert Limited, Hong Kong 100.0 Delta Technical Services Ltd., London 100.0 Euler Hermes Services Bulgaria EOOD, Sofia 100.0 Generation Vie S.A., Paris la Défense 52.5 Demand Side Media Ltd., Bristol 100.0 Euler Hermes Services Ceská republika s.r.o., Gestion de Téléassistance et de Services S.A., Prague 100.0 Châtillon 100.0 Diamond Point a.s., Prague 100.0 Euler Hermes Services India Private Limited, Dresdner Kleinwort Pfandbriefe Investments II Inc., Mumbai 100.0 GIE Euler Hermes Facturation France, Paris la Minneapolis, MN 100.0 Défense 100.0 Euler Hermes Services Ireland Limited, Dublin 100.0 GIE Euler Hermes SFAC Services, Paris la Défense 100.0 EF Solutions LLC, Wilmington, DE 100.0 Euler Hermes Services Italia S.r.l., Rome 100.0 EIG Altstadt Holdings Blocker LLC, Wilmington, DE 100.0 Glärnisch Institutional Fund, Basel 100.0 3 Euler Hermes Services North America LLC, Owings Global Azawaki S.L., Madrid 100.0 Eiger Institutional Fund, Basel 100.0 3 Mills, MD 100.0 Elite Prize Limited, Hong Kong 100.0 Euler Hermes Services Romania S.R.L., Bucharest 100.0 Global Carena S.L., Madrid 100.0 Elix Vintage Residencial SOCIMI S.A., Madrid 100.0 Euler Hermes Services S.A.S., Paris la Défense 100.0 Global Transport & Automotive Insurance Solutions Pty Limited, Sydney 100.0 ELVIA e-invest AG, Wallisellen 100.0 Euler Hermes Services Schweiz AG, Wallisellen 100.0 Gothaer Asigurari Reasigurari S.A., Bucharest 100.0 Emerging Market Climate Action Fund GP S.à r.l., Euler Hermes Services South Africa Ltd., Great Lake Funding I LP, Wilmington, DE 100.0 3 Senningerberg 100.0 Johannesburg 100.0 Energie Eolienne Lusanger S.à r.l., Versailles 100.0 Euler Hermes Services Tunisia S.à r.l., Tunis 100.0 Grupo Multiasistencia S.A., Madrid 100.0 Enertrag-Dunowo Sp. z o.o., Szczecin 100.0 Euler Hermes Services UK Limited, London 100.0 GT Motive Einsa Unipessoal Lda., Lisbon 100.0 Eolica Erchie S.r.l., Lecce 100.0 Euler Hermes Serviços de Gestão de Riscos Ltda., GT Motive GmbH, Freienbach 100.0 EP Tactical GP LLC, Wilmington, DE 100.0 São Paulo 100.0 GT Motive Limited, London 100.0 Etablissements J. Moneger SA, Dakar 100.0 Euler Hermes Sigorta A.S., Istanbul 100.0 GT Motive S.L., San Sebastian de los Reyes 86.0 Euler Hermes 39 Ouest, Paris la Défense 100.0 3 Euler Hermes Singapore Services Pte. Ltd., GT Motive SASU, Montrouge 100.0 Singapore 100.0 Gurtin Fixed Income Management LLC, Dover, DE 100.0 Euler Hermes Acmar SA, Casablanca 55.0 Euler Hermes South Express S.A., Ixelles 100.0 Euler Hermes Acmar Services SARL, Casablanca 100.0 Harro Development Praha s.r.o., Prague 100.0 Euler Hermes Taiwan Services Limited, Taipei 100.0 Havelaar & van Stolk B.V., Rotterdam 100.0 Euler Hermes Asset Management France S.A., Paris Euler Hermes, Okurowska- la Défense 100.0 Minkiewicz, Maliszewski - Kancelaria Prawna Sp.k, Helviass Verzekeringen B.V., Rotterdam 100.0 Euler Hermes Australia Pty Limited, Sydney 100.0 Warsaw 100.0 Highway Insurance Company Limited, Guildford 100.0 Euler Hermes Canada Services Inc., Montreal, QC 100.0 Eurl 20-22 Rue Le Peletier, Paris la Défense 100.0 Highway Insurance Group Limited, Guildford 100.0 Euler Hermes Collections North America Company, Eurosol Invest S.r.l., Udine 100.0 Home & Legacy Insurance Services Limited, Owings Mills, MD 100.0 Expander Advisors Sp. z o.o., Warsaw 100.0 Guildford 100.0 Euler Hermes Collections Sp. z o.o., Warsaw 100.0 Fairmead Distribution Services Limited, Guildford 100.0 Humble Bright Limited, Hong Kong 100.0 Euler Hermes Consulting (Shanghai) Co. Ltd., Fairmead Insurance Limited, Guildford 100.0 Hunter Premium Funding Ltd., Sydney 100.0 Shanghai 100.0 Hwang Affin Income Fund 5, Kuala Lumpur 100.0 3 Euler Hermes Crédit France S.A.S., Paris la Défense 100.0 FCP Allianz Africa Equity WAEMU, Abidjan 100.0 3 FCP LBPAM IDR, Paris 100.0 3 ICON Immobilien GmbH & Co. KG, Vienna 100.0 Euler Hermes Digital Ventures OPCVM, Paris la ICON Inter GmbH & Co. KG, Vienna 100.0 Défense 100.0 3 FCPI InnovAllianz 2, Paris 100.0 3 Euler Hermes Emporiki Services Ltd., Athens 100.0 FCT CIMU 92, Pantin 100.0 3 IEELV GP S.à r.l., Luxembourg 100.0 Euler Hermes Excess North America LLC, Owings FCT Rocade L2 Marseille, Paris 100.0 3 Immovalor Gestion S.A., Paris la Défense 100.0 Mills, MD 100.0 Fénix Directo Compañía de Seguros y Reaseguros ImWind PDV GmbH & Co. KG, Pottenbrunn 100.0 Euler Hermes Group SAS, Paris la Défense 100.0 S.A., Madrid 100.0 ImWind PL GmbH & Co. KG, Pottenbrunn 100.0 Euler Hermes Hong Kong Service Limited, Hong Ferme Eolienne de Villemur-sur-Tarn S.à r.l., Inforce Solutions LLC, Woodstock, GA 100.0 Kong 100.0 Versailles 100.0 InnovAllianz, Paris 99.6 3 Euler Hermes Intermediary Agency S.r.l., Milan 100.0 Ferme Eolienne des Jaladeaux S.à r.l., Versailles 100.0 Insurance CJSC "Medexpress", Saint Petersburg 100.0 Euler Hermes Japan Services Ltd., Tokyo 100.0 Financière Callisto SAS, Paris la Défense 100.0 Intermediass S.r.l., Milan 100.0 Euler Hermes Korea Non-life Broker Company Finanzen France SAS, Paris 100.0 Interstate Fire & Casualty Company, Chicago, IL 100.0 Limited, Seoul 100.0 FinOS Technology Holding Pte. Ltd., Singapore 100.0 Investitori Logistic Fund, Milan 100.0 3 Euler Hermes Luxembourg Holding S.à r.l., FinOS Technology Malaysia Sdn. Bhd., Kuala Luxembourg 100.0 Investitori Real Estate Fund, Milan 100.0 3 Lumpur 100.0 Euler Hermes Magyar Követeleskezelö Kft., FinOS Technology Vietnam Single-Member Limited Investitori SGR S.p.A., Milan 100.0 Budapest 100.0 Liability Company, Ho Chi Minh City 100.0 Järvsö Sörby Vindkraft AB, Danderyd 100.0 Euler Hermes New Zealand Limited, Auckland 100.0 Fireman's Fund Financial Services LLC, Dallas, TX 100.0 JCR Intertrade Co. Ltd., Bangkok 40.0 2 Euler Hermes North America Holding Inc., Owings Fireman's Fund Indemnity Corporation, Liberty Jefferson Insurance Company Corp., New York, NY 100.0 Mills, MD 100.0 Corner, NJ 100.0 Euler Hermes North America Insurance Company Joukhaisselän Tuulipuisto Oy, Oulu 100.0 Inc., Owings Mills, MD 100.0 Fireman's Fund Insurance Company Corp., Los Jouttikallio Wind Oy, Kotka 100.0 Angeles, CA 100.0 Euler Hermes Patrimonia SA, Brussels 100.0 JSC Insurance Company Allianz, Moscow 100.0 Annual Report 2021 − Allianz Group 189

D _ Consolidated Financial Statements % % % 1 1 1 owned owned owned Jubilee Allianz General Insurance (K) Limited, OANS Open Access Network Süd GmbH, PIMCO Global Advisors (Luxembourg) S.A., Nairobi 66.0 Klagenfurt am Wörthersee 50.0 2 Luxembourg 100.0 KAIGO Hi-Tech Development (Beijing) Co. Ltd., öGIG Fiber GmbH, St. Pölten 100.0 PIMCO Global Advisors (Resources) LLC, Dover, DE 100.0 Beijing 100.0 öGIG GmbH, St. Pölten 90.0 PIMCO Global Advisors LLC, Dover, DE 100.0 KaiLong Greater China Real Estate Fund II S.C.Sp., öGIG Netzbetrieb GmbH, St. Pölten 100.0 PIMCO Global Holdings LLC, Dover, DE 100.0 Luxembourg 100.0 Kensington Fund, Milan 100.0 3 OPCI Allianz France Angel, Paris la Défense 100.0 PIMCO GP I Canada Corporation, Toronto, ON 100.0 Keyeast Pte. Ltd., Singapore 100.0 Orione PV S.r.l., Lecce 100.0 PIMCO GP I LLC, Wilmington, DE 100.0 Kiinteistöosakeyhtiö Eteläesplanadi 2 Oy, Helsinki 100.0 Orsa Maggiore PV S.r.l., Lecce 100.0 PIMCO GP II S.à r.l., Luxembourg 100.0 KLGCREF II Holdco Pte. Ltd., Singapore 100.0 Orsa Minore PV S.r.l., Lecce 100.0 PIMCO GP III LLC, Wilmington, DE 100.0 Kohlenberg & Ruppert Premium Properties S.à r.l., Pacific Investment Management Company LLC, PIMCO GP IV S.à r.l., Luxembourg 100.0 Luxembourg 100.0 Dover, DE 93.1 PIMCO GP IX LLC, Wilmington, DE 100.0 Kroknet S.à r.l., Paris 100.0 PAF GP S.à r.l., Luxembourg 100.0 PIMCO GP L LLC, Wilmington, DE 100.0 Kuolavaara-Keulakkopään Tuulipuisto Oy, Oulu 100.0 Parc Eolien de Bonneuil S.à r.l., Versailles 100.0 PIMCO GP LI LLC, Wilmington, DE 100.0 La Rurale SA, Paris la Défense 100.0 Parc Eolien de Bruyère Grande SAS, Versailles 100.0 PIMCO GP S.à r.l., Luxembourg 100.0 Life Plus Sp. z o.o., Warsaw 100.0 Parc Eolien de Chaourse SAS, Versailles 100.0 PIMCO GP V LLC, Wilmington, DE 100.0 Lincoln Infrastructure USA Inc., Wilmington, DE 100.0 Parc Eolien de Chateau Garnier SAS, Versailles 100.0 PIMCO GP V S.à r.l., Luxembourg 100.0 Liverpool Victoria General Insurance Group Parc Eolien de Croquettes SAS, Versailles 100.0 PIMCO GP VII LLC, Wilmington, DE 100.0 Limited, Guildford 100.0 Parc Eolien de Dyé SAS, Versailles 100.0 PIMCO GP X LLC, Wilmington, DE 100.0 Liverpool Victoria Insurance Company Limited, Parc Eolien de Fontfroide SAS, Versailles 100.0 PIMCO GP XI LLC, Wilmington, DE 100.0 Guildford 100.0 Parc Eolien de Forge SAS, Versailles 100.0 LLC "Euler Hermes Credit Management", Moscow 100.0 PIMCO GP XII LLC, Wilmington, DE 100.0 Parc Eolien de la Sole du Bois SAS, Versailles 100.0 PIMCO GP XIII LLC, Wilmington, DE 100.0 LLC "IC Euler Hermes Ru", Moscow 100.0 Parc Eolien de Longchamps SAS, Versailles 100.0 LLC "Medexpress-service", Saint Petersburg 100.0 PIMCO GP XIV LLC, Wilmington, DE 100.0 Parc Eolien de Ly-Fontaine SAS, Versailles 100.0 PIMCO GP XIX LLC, Wilmington, DE 100.0 LLC "Progress-Med", Moscow 100.0 Parc Eolien de Pliboux SAS, Versailles 100.0 LLC "Risk Audit", Moscow 100.0 PIMCO GP XL LLC, Wilmington, DE 100.0 Parc Eolien de Remigny SAS, Versailles 100.0 PIMCO GP XLI LLC, Wilmington, DE 100.0 LV Assistance Services Limited, Guildford 100.0 Parc Eolien des Barbes d´Or SAS, Versailles 100.0 LV Insurance Management Limited, Guildford 100.0 PIMCO GP XLIV LLC, Wilmington, DE 100.0 Parc Eolien des Joyeuses SAS, Versailles 100.0 PIMCO GP XLIX LLC, Wilmington, DE 100.0 LV Repair Services Limited, Guildford 100.0 Parc Eolien des Mistandines SAS, Versailles 100.0 Maevaara Vind 2 AB, Stockholm 100.0 PIMCO GP XLV LLC, Wilmington, DE 100.0 Parc Eolien des Quatre Buissons SAS, Versailles 100.0 PIMCO GP XLVI LLC, Wilmington, DE 100.0 Maevaara Vind AB, Stockholm 100.0 Parc Eolien du Bois Guillaume SAS, Versailles 100.0 Mandiri Investasi Dana Pendapatan Optimal 2, PIMCO GP XLVII LLC, Wilmington, DE 100.0 Jakarta 100.0 3 Parc Eolien Les Treize SAS, Versailles 100.0 PIMCO GP XLVIII LLC, Wilmington, DE 100.0 Medi24 AG, Bern 100.0 PCRED CIV LLC, Wilmington, DE 100.0 PIMCO GP XV LLC, Wilmington, DE 100.0 Medicount (Private) Limited, Islamabad 100.0 PCRED II CIV LLC, Wilmington, DE 100.0 PIMCO GP XVI LLC, Wilmington, DE 100.0 MediCount Global Ltd., Ebene 71.6 Pet Plan Ltd., Guildford 100.0 PIMCO GP XVII LLC, Wilmington, DE 100.0 Medicount Healthcare Private Limited, Bangalore 100.0 PFP Holdings Inc., Dover, DE 100.0 PIMCO GP XVIII LLC, Wilmington, DE 100.0 Mindseg Corretora de Seguros Ltda., São Bernardo PGA Global Services LLC, Dover, DE 100.0 PIMCO GP XX LLC, Wilmington, DE 100.0 do Campo 100.0 PHFS Residential Opportunities Offshore Fund L.P., PIMCO GP XXI-C LLC, Wilmington, DE 100.0 Mombyasen Wind Farm AB, Halmstad 100.0 George Town 100.0 PIMCO (Schweiz) GmbH, Zurich 100.0 PIMCO GP XXII LLC, Wilmington, DE 100.0 Money Mate Defensiv, Senningerberg 100.0 3 PIMCO GP XXIII Ltd., George Town 100.0 Money Mate Entschlossen, Senningerberg 99.6 3 PIMCO Asia Ltd., Hong Kong 100.0 PIMCO Asia Pte Ltd., Singapore 100.0 PIMCO GP XXIV LLC, Wilmington, DE 100.0 Money Mate Moderat, Senningerberg 100.0 3 PIMCO GP XXIX LLC, Wilmington, DE 100.0 Money Mate Mutig, Senningerberg 99.3 3 PIMCO Australia Management Limited, Sydney 100.0 PIMCO Australia Pty Ltd., Sydney 100.0 PIMCO GP XXV LLC, Wilmington, DE 100.0 Morningchapter S.A., Grandaços 100.0 PIMCO GP XXVI LLC, Wilmington, DE 100.0 Multiasistencia S.A., Madrid 100.0 PIMCO BRAVO III Offshore GP L.P., George Town 100.0 PIMCO BRAVO III Offshore GP Ltd., George Town 100.0 PIMCO GP XXVII LLC, Wilmington, DE 100.0 Multiassistance Luxembourg S.à r.l., Luxembourg 100.0 PIMCO GP XXVIII LLC, Wilmington, DE 100.0 Multiassistance S.A., Paris 100.0 PIMCO BRAVO IV Offshore GP Ltd., George Town 100.0 PIMCO Canada Corp., Toronto, ON 100.0 PIMCO GP XXX LLC, Wilmington, DE 100.0 Multimags - Multiassistência e Gestão de Sinistros, PIMCO GP XXXI LLC, Wilmington, DE 100.0 2,3 Unipessoal Lda., Lisbon 100.0 PIMCO Climate Bond Fund, Dublin 49.3 2,3 PIMCO GP XXXII LLC, Wilmington, DE 100.0 National Surety Corporation, Chicago, IL 100.0 PIMCO Climate Bond Fund (Canada), Toronto, ON 31.9 Neoasistencia Manoteras S.L., Madrid 100.0 PIMCO COF II LLC, Wilmington, DE 100.0 PIMCO GP XXXIII LLC, Wilmington, DE 100.0 Nextcare Bahrain Ancillary Services Company PIMCO COF III Offshore GP Ltd., George Town 100.0 PIMCO GP XXXIV LLC, Wilmington, DE 100.0 B.S.C., Manama 100.0 PIMCO Commercial Real Estate Debt Fund II Rated PIMCO GP XXXIX LLC, Wilmington, DE 100.0 NEXtCARE Claims Management LLC, Dubai 100.0 Note Vehicle I L.P., Wilmington, DE 100.0 PIMCO GP XXXV LLC, Wilmington, DE 100.0 NEXtCARE Claims Management LLC, Qurum 70.0 PIMCO Commercial Real Estate Debt Fund Rated PIMCO GP XXXVI LLC, Wilmington, DE 100.0 NEXtCARE Egypt LLC, New Cairo 100.0 Note Vehicle II L.P., George Town 100.0 PIMCO GP XXXVII LLC, Wilmington, DE 100.0 NEXtCARE Lebanon SAL, Beirut 100.0 PIMCO CRE Opportunities Offshore GP Ltd., PIMCO GP XXXVIII LLC, Wilmington, DE 100.0 George Town 100.0 NEXtCARE Tunisie LLC, Tunis 100.0 PIMCO Europe Ltd., London 100.0 PIMCO Investment Management (Shanghai) Niederösterreichische Limited, Shanghai 100.0 Glasfaserinfrastrukturgesellschaft mbH, St. Pölten 100.0 PIMCO GIS Emerging Markets Opportunities Fund, PIMCO Investments LLC, Dover, DE 100.0 Dublin 78.4 3 nöGIG Phase Zwei GmbH, St. Pölten 100.0 PIMCO GIS Income Fund II, Dublin 91.4 3 PIMCO Japan Ltd., Road Town 100.0 Northstar Mezzanine Partners VI U.S. Feeder II L.P., PIMCO Global Advisors (Ireland) Ltd., Dublin 100.0 PIMCO Latin America Administradora de Carteiras Dover, DE 100.0 3 Ltda., Rio de Janeiro 100.0 190 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements % % % 1 1 1 owned owned owned PIMCO Quantitative Alpha Strategy Onshore Fund SAS Passage des princes, Paris la Défense 100.0 Top Versicherungsservice GmbH, Vienna 100.0 LP, Wilmington, DE 97.5 3 SAS Société d'Exploitation du Parc Eolien d'Aussac Top Vorsorge-Management GmbH, Vienna 75.0 PIMCO REIT Management LLC, Wilmington, DE 100.0 Vadalle, Versailles 100.0 TopImmo A GmbH & Co. KG, Vienna 100.0 PIMCO Services LLC, Dover, DE 100.0 SAS Société d'Exploitation du Parc Eolien de TopImmo Besitzgesellschaft B GmbH & Co. KG, PIMCO StocksPLUS AR Fund, Dublin 83.6 3 Nélausa, Versailles 100.0 Vienna 100.0 PIMCO Taiwan Ltd., Taipei 100.0 Sättravallen Wind Power AB, Strömstad 100.0 Trafalgar Insurance Limited, Guildford 100.0 POD Allianz Bulgaria AD, Sofia 65.9 Saudi NEXtCARE LLC, Al Khobar 68.0 TRH EC Fund LLC, Wilmington, DE 100.0 Porowneo.pl Sp. z o.o., Warsaw 100.0 SC Tour Michelet, Paris la Défense 100.0 TruChoice Financial Group LLC, Minneapolis, MN 100.0 Primacy Underwriting Management Limited, Schroder IDR Bond Fund III, Jakarta 100.0 3 TU Allianz Zycie Polska S.A., Warsaw 100.0 Wellington 100.0 SCI 46 Desmoulins, Paris la Défense 100.0 TU Euler Hermes S.A., Warsaw 100.0 Primacy Underwriting Management Pty Ltd., SCI Allianz Arc de Seine, Paris la Défense 100.0 TUiR Allianz Polska S.A., Warsaw 100.0 Sydney 100.0 SCI Allianz Citylights, Paris la Défense 100.0 Promultitravaux SAS, Paris 100.0 UAGDPB "Aviva Lietuva”, Vilnius 100.0 SCI Allianz Immobilier Durable 18, Paris la Défense 100.0 UK Logistics GP S.à r.l., Luxembourg 100.0 Protexia France S.A., Paris la Défense 100.0 SCI Allianz Invest Pierre, Paris la Défense 100.0 PSS Allianz Protect 85 I, Senningerberg 99.9 3 UK Logistics PropCo I S.à r.l., Luxembourg 100.0 SCI Allianz Messine, Paris la Défense 100.0 UK Logistics PropCo II S.à r.l., Luxembourg 100.0 PT Asuransi Allianz Life Indonesia, Jakarta 99.8 SCI Allianz Value Pierre, Paris la Défense 100.0 PT Asuransi Allianz Utama Indonesia, Jakarta 97.8 UK Logistics PropCo III S.à r.l., Luxembourg 100.0 SCI Allianz Work'In Park, Paris la Défense 100.0 UK Logistics PropCo IV S.à r.l., Luxembourg 100.0 PT Blue Dot Services, Jakarta 100.0 SCI ESQ, Paris la Défense 100.0 PTE Allianz Polska S.A., Warsaw 100.0 UK Logistics PropCo V S.à r.l., Luxembourg 100.0 SCI Onnaing Escaut Logistics, Paris la Défense 100.0 UK Logistics S.C.Sp., Luxembourg 100.0 Q 207 GP S.à r.l., Luxembourg 100.0 SCI Pont D'Ain Septembre Logistics, Paris la Q207 S.C.S., Luxembourg 94.0 Défense 100.0 UP 36 SA, Brussels 100.0 Quality1 AG, Bubikon 100.0 SCI Réau Papin Logistics, Paris la Défense 100.0 Vailog Hong Kong DC17 Limited, Hong Kong 100.0 Questar Agency Inc., Minneapolis, MN 100.0 SCI Stratus, Paris la Défense 100.0 Vailog Hong Kong DC19 Limited, Hong Kong 100.0 Questar Capital Corporation, Minneapolis, MN 100.0 SCI Via Pierre 1, Paris la Défense 100.0 Valderrama S.A., Luxembourg 100.0 Vanilla Capital Markets S.A., Luxembourg 100.0 3 RAS Antares, Milan 100.0 3 Servicios Compartidos Multiasistencia S.L., Madrid 100.0 RB Fiduciaria S.p.A., Milan 100.0 Sicredi - Fundo de Investimento Sulamérica Renda VertBois S.à r.l., Luxembourg 100.0 RE-AA SA, Abidjan 100.0 Fixa Crédito Privado, Porto Alegre 100.0 3 Vet Envoy Limited, Guildford 100.0 Real Faubourg Haussmann SAS, Paris la Défense 100.0 SIFCOM Assur S.A., Abidjan 60.0 Vigny Depierre Conseils SAS, Archamps 100.0 Real FR Haussmann SAS, Paris la Défense 100.0 Sigma Reparaciones S.L., Madrid 100.0 Vintage Rents S.L., Madrid 100.0 Silex Gas Norway AS, Oslo 100.0 Virtus AllianzGI Core Plus Bond Fund, Boston, MA 77.1 3 Redoma 2 S.A., Luxembourg 100.0 Redoma S.à r.l., Luxembourg 100.0 Sirius S.A., Luxembourg 94.8 Virtus AllianzGI Preferred Securities and Income Fund, Boston, MA 37.3 2,3 Reksa Dana Batavia College Bond Fund, Jakarta 100.0 3 SLC "Allianz Life Ukraine", Kiev 100.0 SNC Allianz Informatique France, Paris la Défense 100.0 Viveole SAS, Versailles 100.0 Reksa Dana Batavia Obligasi Sukses 1, Jakarta 100.0 3 Volab 2 S.à r.l., Luxembourg 100.0 Reksa Dana Batavia Pendapatan Tetap Sukses Societa' Agricola San Felice S.p.A., Milan 100.0 Syariah, Jakarta 100.0 3 Société de Production d'Electricité d'Haucourt Volab S.à r.l., Luxembourg 100.0 Reksa Dana Batavia Pendapatan Tetap Sukses Moulaine SAS, Versailles 100.0 Volta, Paris 100.0 3 Syariah 2, Jakarta 100.0 3 Société d'Energie Eolienne de Cambon SAS, Vordere Zollamtsstraße 13 GmbH, Vienna 100.0 Reksa Dana Danareksa Melati Pendapatan Tetap Versailles 100.0 Weihong (Shanghai) Storage Services Co. Ltd., II, Jakarta 100.0 3 Société Européenne de Protection et de Services Shanghai 100.0 Reksa Dana Mandiri Investa Dana Pendapatan d'Assistance à Domicile S.A., Saint-Ouen 56.0 Weilong (Hubei) Storage Services Co. Ltd., Ezhou 100.0 Optimal, Jakarta 100.0 3 Société Foncière Européenne B.V., Amsterdam 100.0 Weilong (Jiaxing) Storage Services Co. Ltd., Jiaxing 100.0 Reksa Dana Optima Pendapatan Abadi, Jakarta 100.0 3 Société Nationale Foncière S.A.L., Beirut 66.0 Weiyi (Shenyang) Storage Services Co. Ltd., Reksa Dana Schroder IDR Bond Fund II, Jakarta 100.0 3 SOFE One Co. Ltd., Bangkok 100.0 Shenyang 100.0 Rivage Richelieu 1 FCP, Paris 100.0 3 SOFE Two Co. Ltd., Bangkok 100.0 Windpark AO GmbH, Pottenbrunn 100.0 Rokko Development Praha s.r.o., Prague 100.0 Sofiholding S.A., Brussels 100.0 Windpark EDM GmbH, Pottenbrunn 100.0 SA Carène Assurance, Paris 100.0 South City Office Broodthaers SA, Brussels 100.0 Windpark EDM GmbH & Co. KG, Pottenbrunn 100.0 SA Vignobles de Larose, Saint-Laurent-Médoc 100.0 SpaceCo S.A., Paris 100.0 Windpark GHW GmbH, Pottenbrunn 100.0 Saarenkylä Tuulipuisto Oy, Oulu 100.0 Stam Fem Gångaren 11 AB, Stockholm 100.0 Windpark Ladendorf GmbH, Pottenbrunn 100.0 Santander Aviva TU na Zycie S.A., Warsaw 51.0 Starterslening.nl B.V., Amsterdam 60.0 Windpark Les Cent Jalois SAS, Versailles 100.0 Santander Aviva TU S.A., Warsaw 51.0 StocksPLUS Management Inc., Dover, DE 100.0 Windpark LOI GmbH, Pottenbrunn 100.0 Säntis Umbrella Fund, Zurich 100.0 3 Syncier Consulting GmbH, Vienna 100.0 Windpark PDV GmbH, Pottenbrunn 100.0 SAS 20 Pompidou, Paris la Défense 100.0 Taone SAS, Paris la Défense 100.0 Windpark PL GmbH, Pottenbrunn 100.0 SAS Allianz Etoile, Paris la Défense 100.0 Téléservices et Sécurité S.à r.l., Châtillon 99.9 Windpark Scharndorf GmbH, Pottenbrunn 100.0 SAS Allianz Forum Seine, Paris la Défense 100.0 Tempo Multiasistencia Gestão de Rede Ltda., Windpark Zistersdorf GmbH, Pottenbrunn 100.0 SAS Allianz Logistique, Paris la Défense 100.0 Barueri 100.0 Windpower Ujscie Sp. z o.o., Poznan 100.0 SAS Allianz Platine, Paris la Défense 100.0 TFI Allianz Polska S.A., Warsaw 100.0 Wm. H. McGee & Co. (Bermuda) Ltd., Hamilton 100.0 SAS Allianz Prony, Paris la Défense 100.0 The American Insurance Company Corp., Chicago, Wm. H. McGee & Co. Inc., New York, NY 100.0 IL 100.0 SAS Allianz Rivoli, Paris la Défense 100.0 The Jubilee Insurance Company of Uganda Limited, YAO NEWREP Investments S.A., Luxembourg 94.0 SAS Allianz Serbie, Paris la Défense 100.0 Kampala 66.0 Yorktown Financial Companies Inc., Minneapolis, SAS Angel Shopping Centre, Paris la Défense 100.0 Three Pillars Business Solutions Limited, Guildford 100.0 MN 100.0 SAS Chaponnay Mérieux Logistics, Paris la Défense 100.0 Tihama Investments B.V., Amsterdam 100.0 ZAD Allianz Bulgaria AD, Sofia 87.4 SAS Madeleine Opéra, Paris la Défense 100.0 toconnect GmbH, Lucerne 100.0 ZAD Allianz Bulgaria Life AD, Sofia 99.0 ZAD Energy AD, Sofia 51.0 Annual Report 2021 − Allianz Group 191

D _ Consolidated Financial Statements % % % 1 1 1 owned owned owned 3,8 GBTC II LP, Singapore 50.0 Allianz Global Small Cap Equity, Senningerberg 11.0 Non-consolidated affiliates Helios SCC Sp. z o.o., Katowice 45.0 7 Allianz Impact Investment Fund S.A. SICAV-RAIF, Senningerberg 20.0 3 Allianz 004 S.r.l., Rome 51.0 Hudson One Ferry JV L.P., Wilmington, DE 45.0 7 Allianz 101 S.r.l., Turin 51.0 Israel Credit Insurance Company Ltd., Tel Aviv 50.0 Allianz Invest Vorsorgefonds, Vienna 28.6 3 Allianz Global Corporate & Specialty SE Escritório Italian Shopping Centre Investment S.r.l., Milan 50.0 Alpha Asia Macro Trends Fund III Private Limited, de Representação no Brasil Ltda., Rio de Janeiro 100.0 Singapore 27.7 3 LBA IV-PPI Venture LLC, Dover, DE 45.0 7 Allianz Infrastructure Holding II Pte. Ltd., Singapore 100.0 Archstone Multifamily Partners AC JV LP, LBA IV-PPII-Office Venture LLC, Dover, DE 45.0 7 Wilmington, DE 40.0 Allianz Northern Ireland Limited, Belfast 100.0 LBA IV-PPII-Retail Venture LLC, Dover, DE 45.0 7 Archstone Multifamily Partners AC LP, Wilmington, Allianz Pension Services AG, Wallisellen 100.0 LPC Logistics Venture One LP, Wilmington, DE 31.7 7 DE 28.6 Assurance France Aviation S.A., Paris la Défense 100.0 Muralis MF TMK, Tokyo 49.9 7 Areim Fastigheter 2 AB, Stockholm 23.3 COGAR S.à r.l., Paris 100.0 NET4GAS Holdings s.r.o., Prague 50.0 Areim Fastigheter 3 AB, Stockholm 31.6 SCPI Allianz Home, Paris la Défense 27.9 2 Assurcard S.A., Louvain 20.0 3,7 NeuConnect Britain Ltd., London 26.2 Top Versicherungs-Vermittler Service GmbH, NRF (Finland) AB, Västeras 50.0 Assurpath S.A., Buenos Aires 40.0 Vienna 100.0 Autoelektro tehnicki pregledi d.o.o., Vojnić 49.0 NRP Nordic Logistics Fund AS, Oslo 49.5 7 Aviva Investors SFIO Subfundusz Aviva Investors Ophir-Rochor Commercial Pte. Ltd., Singapore 60.0 7 Joint ventures Krotkoterminowych Obligacji, Warsaw 21.6 3 Orion MF TMK, Tokyo 49.9 7 114 Venture LP, Wilmington, DE 49.5 7 AWP Insurance Brokerage (Beijing) Co. Ltd., Beijing 100.0 8 Piaf Bidco B.V., Amsterdam 23.9 7 1515 Broadway Realty LP, Dover, DE 49.6 7 Bajaj Allianz General Insurance Company Ltd., Podium Fund HY REIT Owner LP, Wilmington, DE 44.3 7 Pune 26.0 30 HY WM REIT Owner LP, Wilmington, DE 49.0 7 Porterbrook Holdings I Limited, Derby 30.0 7 Bajaj Allianz Life Insurance Company Ltd., Pune 26.0 53 State JV L.P., Wilmington, DE 49.0 7 55-15 Grand Avenue Investor JV L.P., Wilmington, Previndustria - Fiduciaria Previdenza Imprenditori Bazalgette Equity Ltd., London 34.3 DE 49.9 7 S.p.A., Milan 50.0 Beacon Platform Incorporated, Wilmington, DE 26.9 A&A Centri Commerciali S.r.l., Bolzano 50.0 Queenspoint S.L., Madrid 50.0 Berkshire Hathaway Services India Private Limited, RMPA Holdings Limited, Colchester 56.0 7 New Delhi 20.0 AA Ronsin Investment Holding Limited, Hong Kong 62.0 7 ACRE Acacia Investment Trust I, Sydney 50.0 3 SC Holding SAS, Paris 50.0 Berkshire India Private Limited, New Delhi 20.0 3,7 8 ACRE Acacia Management I Pty Ltd., Sydney 50.0 Scape Australia (Vulture) Trust, Sydney 35.8 Best Regain Limited, Hong Kong 16.4 3,7 Allee-Center Kft., Budapest 50.0 Scape Australia Holding Trust, Sydney 35.8 Blue Vista Student Housing Select Strategies Fund Scape Investment Operating Company No. 3 Pty L.P., Dover, DE 24.9 Altair MF TMK, Tokyo 49.9 7 Ltd., Sydney 35.8 7 Broker on-line de Productores de Seguros S.A., AMLI-Allianz Investment LP, Wilmington, DE 75.0 7 Buenos Aires 30.0 3,7 Scape Investment Trust No. 3, Sydney 35.8 Arcturus MF TMK, Tokyo 51.0 7 3,8 SCI Docks V2, Paris la Défense 50.0 Carlyle China Realty L.P., George Town 50.0 AREAP Core I LP, Singapore 50.0 SCI Docks V3, Paris la Défense 50.0 Carlyle China Rome Logistics L.P., George Town 38.2 3 AREAP JMF 1 LP, Singapore 33.3 7 SES Shopping Center AT 1 GmbH, Salzburg 50.0 CBRE Dutch Office Fund, Schiphol 26.0 3 AS Gasinfrastruktur Beteiligung GmbH, Vienna 55.6 7 SES Shopping Center FP 1 GmbH, Salzburg 50.0 Chicago Parking Meters LLC, Wilmington, DE 49.9 Austin West Campus Student Housing LP, Sirius MF TMK, Tokyo 49.9 7 Data Quest SAL, Beirut 36.0 Wilmington, DE 44.7 7 Solunion Compañía Internacional de Seguros y Delgaz Grid S.A., Târgu Mures 30.0 AZ/JH Co-Investment Venture (DC) LP, Wilmington, Reaseguros SA, Madrid 50.0 Delong Limited, Hong Kong 16.4 8 DE 80.0 7 AZ/JH Co-Investment Venture (IL) LP, Wilmington, Spanish Gas Distribution Investments S.à r.l., Douglas Emmett Partnership X LP, Wilmington, DE 28.1 Luxembourg 40.0 7 DE 80.0 7 ERES APAC II (GP) S.à r.l., Luxembourg 32.1 3 Bajaj Allianz Financial Distributors Limited, Pune 50.0 SPREF II Pte. Ltd., Singapore 50.0 European Outlet Mall Fund FCP-FIS, Luxembourg 26.0 3 BCal Houston JV L.P., Wilmington, DE 40.0 7 Stonecutter JV Limited, London 50.0 Four Oaks Place LP, Wilmington, DE 49.0 Terminal Venture LP, Wilmington, DE 30.9 7 BL West End Offices Limited, London 75.0 7 3,8 France Investissement Relance 2020, Paris 74.4 The FIZZ Student Housing Fund S.C.S., Luxembourg 49.5 7 Canis MF TMK, Tokyo 49.9 7 Global Stream Limited, Hong Kong 16.4 8 The State-Whitehall Company LP, Dover, DE 49.9 7 CH A Logistics Wholesale Fund, Sydney 50.0 3 Glory Basic Limited, Hong Kong 16.4 8 Chapter Master Limited Partnership, New York, NY 45.5 7 Tokio Marine Rogge Asset Management Ltd., HUB Platform Technology Partners Ltd., London 28.6 London 50.0 CHP-AZ Seeded Industrial L.P., Wilmington, DE 49.0 7 TopTorony Ingatlanhasznosító Zrt., Budapest 50.0 IndInfravit Trust, Chennai 22.7 Companhia de Seguro de Créditos S.A., Lisbon 50.0 Triskelion Property Holding Designated Activity Jumble Succeed Limited, Hong Kong 16.4 8 CPIC Fund Management Co. Ltd., Shanghai 49.0 7 Company, Dublin 50.0 Lennar Multifamily Venture LP, Wilmington, DE 11.3 8 CPPIC Euler Hermes Insurance Sales Co. Ltd., Valley (III) Pte. Ltd., Singapore 41.5 7 Link (LRM) Limited, Hong Kong 16.4 8 Shanghai 49.0 7 VGP European Logistics 2 S.à r.l., Senningerberg 50.0 Long Coast Limited, Hong Kong 16.4 8 Daiwater Investment Limited, Hatfield 36.6 7 VGP European Logistics S.à r.l., Senningerberg 50.0 Luxury Gain Limited, Hong Kong 16.4 8 Dundrum Car Park GP Limited, Dublin 50.0 VISION (III) Pte Ltd., Singapore 30.0 7 Medgulf Takaful B.S.C.(c), Manama 25.0 Dundrum Car Park Limited Partnership, Dublin 50.0 Waterford Blue Lagoon LP, Wilmington, DE 49.0 7 MFM Holding Ltd., London 37.3 Dundrum Retail GP Designated Activity Company, Milvik AB, Stockholm 36.2 Dublin 50.0 Dundrum Retail Limited Partnership, Dublin 50.0 Associates Modern Diamond Limited, Hong Kong 16.4 8 Elton Investments S.à r.l., Luxembourg 32.5 7 ABT SAS, Paris 25.0 MTech Capital Fund (EU) SCSp, Luxembourg 27.3 Enhanzed Reinsurance Ltd., Hamilton 24.9 7 AEON Allianz Life Insurance Co. Ltd., Tokyo 40.0 National Insurance Company Berhad Ltd., Bandar 3,8 Seri Begawan 25.0 ESR India Logistics Fund Pte. Ltd., Singapore 50.0 Allianz Best Styles Europe Equity, Senningerberg 18.5 Allianz EFU Health Insurance Ltd., Karachi 49.0 New Try Limited, Hong Kong 16.4 8 Euromarkt Center d.o.o., Ljubljana 50.0 Ocean Properties LLP, Singapore 20.0 Allianz Europe Small Cap Equity, Senningerberg 25.5 3 Fiumaranuova S.r.l., Milan 50.0 OeKB EH Beteiligungs- und Management AG, Galp Gás Natural Distribuição S.A., Lisbon 45.5 7 Allianz Fóndika S.A. de C.V., Mexico City 26.8 Vienna 49.0 3,8 GBTC I LP, Singapore 50.0 Allianz France Investissement IV, Paris 73.3 192 Annual Report 2021 − Allianz Group

D _ Consolidated Financial Statements % % % 1 1 1 owned owned owned PIMCO BRAVO Fund IV Lux Feeder SCSp, SAS Alta Gramont, Paris 49.0 UK Outlet Mall Partnership LP, Edinburgh 19.5 8 3,8 Luxembourg 13.9 Scape Australia Management Pty Ltd., Sydney 8.8 8 ULLIS Investments S.A. SICAV-RAIF, Luxembourg 27.9 3 PIMCO Corporate Opportunities Fund III Lux Scape Investment Operating Company No. 2 Pty Upward America Venture LP, Wilmington, DE 24.0 Feeder SCSp, Luxembourg 36.2 3 Ltd., Sydney 50.0 8 Wildlife Works Carbon LLC, San Francisco, CA 9.6 8 PIMCO Corporate Opportunities Fund III Onshore 3,8 3,8 Scape Investment Trust No. 2, Sydney 50.0 Feeder L.P., Wilmington, DE 0.8 1_Percentage includes equity participations held by dependent entities in 3,8 SCI Bercy Village, Paris 49.0 full, even if the Allianz Group's share in the dependent entity is below PIMCO ILS Fund SP I, George Town 19.2 3,8 Sierra European Retail Real Estate Assets Holdings 100 %. PIMCO ILS Fund SP II, George Town 10.1 B.V., Amsterdam 25.0 2_Classified as affiliate according to IFRS 10. PIMCO Income Fundo Investimento Cotas Fundo Sino Phil Limited, Hong Kong 16.4 8 3_Investment fund. Investimento Multimercado Investimento Exterior, Rio de Janeiro 3,8 Smart Citylife S.r.l., Milan 29.0 4_Releasing impact according to § 264 (3) HGB through the Allianz Group's 4.5 Praise Creator Limited, Hong Kong 16.4 8 SNC Alta CRP Gennevilliers, Paris 49.0 consolidated financial statements. 5_Group share through indirect holder Roland Holding GmbH, Munich: Prime Space Limited, Hong Kong 16.4 8 SNC Alta CRP La Valette, Paris 49.0 75.6 %. Professional Agencies Reinsurance Limited, SNC Société d'aménagement de la Gare de l'Est, 6_Insolvent. Hamilton 16.6 8 Paris 49.0 7_Classified as joint venture according to IFRS 11. Quadgas Holdings Topco Limited, Saint Helier 13.0 8 Summer Blaze Limited, Hong Kong 16.4 8 8_Classified as associate according to IAS 28. Redwood Japan Logistics Fund II LP, Singapore 32.2 3 Supreme Cosmo Limited, Hong Kong 16.4 8 Residenze CYL S.p.A., Milan 33.3 Sure Rainbow Limited, Hong Kong 16.4 8 Saint-Barth Assurances S.à r.l., Saint Barthelemy 33.0 Tikehau Real Estate III SPPICAV, Paris 12.2 8 The Allianz Group refrains from disclosure of participations which are not included in one of the above categories, as they are of minor importance for giving a true and fair view of the assets, liabilities, financial position, and profit or loss of the Allianz Group. Annual Report 2021 − Allianz Group 193

D _ Consolidated Financial Statements This page intentionally left blank. 194 Annual Report 2021 − Allianz Group

FURTHER INFORMATION E Annual Report 2021− Allianz Group 195

E _ Further Information RESPONSIBILITY STATEMENT To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the group management report includes a fair review of the development and performance of the business and the position of the group, together with a description of the material opportunities and risks associated with the expected development of the group. Munich, 21 February 2022 Allianz SE The Board of Management Oliver Bäte Sergio Balbinot Sirma Boshnakova Dr. Barbara Karuth-Zelle Dr. Klaus-Peter Röhler Ivan de la Sota Giulio Terzariol Dr. Günther Thallinger Christopher Townsend Renate Wagner Dr. Andreas Wimmer 196 Annual Report 2021 − Allianz Group

E _ Further Information INDEPENDENT AUDITOR’S REPORT To Allianz SE, Munich We conducted our audit of the consolidated financial statements and of the group management report in accordance with § 317 HGB and Report on the audit of the consolidated the EU Audit Regulation (No. 537/2014, referred to subsequently as financial statements and of the group “EU Audit Regulation”) in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by management report the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and of the Group We have audited the consolidated financial statements of Allianz SE, Management Report“ section of our auditor’s report. We are Munich, and its subsidiaries (the Group), which comprise the independent of the group entities in accordance with the requirements consolidated balance sheet as at 31 December 2021 and the of European law and German commercial and professional law, and consolidated income statement, consolidated statement of we have fulfilled our other German professional responsibilities in comprehensive income, consolidated statement of changes in equity accordance with these requirements. In addition, in accordance with and consolidated statement of cash flows for the financial year from Article 10 (2) point (f) of the EU Audit Regulation, we declare that we 1 January to 31 December 2021, and notes to the consolidated have not provided non-audit services prohibited under Article 5 (1) of financial statements, including a summary of significant accounting the EU Audit Regulation. We believe that the audit evidence we have policies. In addition, we have audited the group management report obtained is sufficient and appropriate to provide a basis for our audit of Allianz SE – which comprise the content included to comply with the opinions on the consolidated financial statements and on the group German legal requirements as well as the non-financial group management report. statement pursuant to § [Article] 315b Abs. [paragraph] 1 HGB [Handelsgesetzbuch: German Commercial Code] included in section „Non-Financial Statement“ of the group management report – for the financial year from 1 January to 31 December 2021. In accordance Key audit matters are those matters that, in our professional judgment, with the German legal requirements, we have not audited the content were of most significance in our audit of the consolidated financial of the group statement on corporate governance pursuant to statements for the financial year from 1 January to 31 December 2021. § 315d HGB. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our audit In our opinion, on the basis of the knowledge obtained in the audit, opinion thereon; we do not provide a separate audit opinion on these matters. − the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as adopted by the EU and the In our view, the matters of most significance in our audit were as additional requirements of German commercial law pursuant to follows: § 315e Abs. 1 HGB and, in compliance with these requirements, give a true and fair view of the assets, liabilities, and financial ❶ Measurement of certain technical assets and liabilities as well as position of the Group as at 31 December 2021, and of its financial certain financial liabilities carried at fair value (Level 3) in life and performance for the financial year from 1 January to health insurance 31 December 2021, and ❷ Measurement of certain technical provisions in property-casualty − the accompanying group management report as a whole insurance provides an appropriate view of the Group’s position. In all ❸ Accounting treatment of the legal risks in connection with AllianzGI material respects, this group management report is consistent with U.S. Structured Alpha Funds the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities Our presentation of these key audit matters has been structured in and risks of future development. Our audit opinion on the group each case as follows: management report does not cover the content of the group statement on corporate governance referred to above. ① Matter and issue Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our ② Audit approach and findings audit has not led to any reservations relating to the legal compliance ③ Reference to further information of the consolidated financial statements and of the group management report. Annual Report 2021 − Allianz Group 197

E _ Further Information Hereinafter we present the key audit matters: With the support of our internal valuation specialists, we have compared the respective valuation methods applied and the material assumptions with generally recognized methods and ❶ Measurement of certain technical assets and liabilities as well industry standards and examined to what extent these are as certain financial liabilities carried at fair value (Level 3) in appropriate for the valuation of technical assets and liabilities as life and health insurance well as financial liabilities carried at fair value (Level 3). A key point of our audit was the assessment of the liability adequacy test and ① In the consolidated financial statements of the Company, assets the recoverability of reinsurance assets, the evaluation of and liabilities of the Life and Health Insurance business segment expected gross margins/profits, which are used, among other amounting to € 18,657 million and € 617,109 million (1.6 % or things, as the basis for amortizing the deferred acquisition costs, 54.2 % of consolidated total assets) are reported under the and the assessment of the appropriateness of material "Deferred acquisition costs" and "Reserves for insurance and assumptions not observable in the market for the measurement of investment contracts" balance sheet items, respectively. derivative financial instruments, such as mortality rates and Furthermore, financial liabilities from the life and health insurance lapse/surrender rates. Our audit also included an evaluation of the segment amounting to € 14,271 million (1.3 % of consolidated plausibility and integrity of the data and assumptions used in the total assets) are reported that are classified as Level 3 of the fair valuation and of the Group Actuarial department's reporting to value hierarchy according to the requirements of IFRS 13. the Group Reserve Committee. Furthermore, assets amounting to € 42,059 million (3.7 % of Based on our audit procedures, we were able to satisfy consolidated total assets) are reported under the “Reinsurance ourselves that the methods and assumptions used by the executive assets” balance sheet item and liabilities are reported under the directors are appropriate overall for measuring certain technical „Other Liabilities" balance sheet item relating to reinsurance assets and liabilities as well as the financial liabilities carried at fair contracts of the life/health business segment. value (Level 3). These technical assets and liabilities are measured using ③ The Company's disclosures on the measurement of certain complex actuarial methods and models based on a comprehensive process for arriving at assumptions about future technical assets and liabilities as well as the measurement of developments relating to the insurance portfolios to be measured. certain financial liabilities carried at fair value (Level 3) in life and The methods used and the actuarial assumptions determined in health insurance are included in sections 2 and 15 and sections 2 connection with interest rates, investment yields, mortality, and 34, respectively, of the notes to the consolidated financial invalidity, longevity, costs and future behaviour of policyholders statements. could materially affect the measurement of these technical assets and liabilities. ❷ Measurement of certain technical provisions in property- casualty insurance The financial liabilities concerned include mainly bifurcated derivative financial instruments resulting from insurance contracts and are assigned to Level 3 of the fair value hierarchy as for the ① In the consolidated financial statements of the Company, measurement in the underlying valuation models sufficient technical provisions amounting to € 86,974 million (7.6 % of observable market data was not available and therefore consolidated total assets) are reported under the "Reserves for loss significant unobservable inputs had to be used instead. These and loss adjustment expenses" balance sheet item. Of this amount, inputs may include data derived from approximations using, inter € 73,425 million is attributable to the Property-Casualty Insurance alia, historical data. In this context, the derivative financial business segment. instruments resulting from insurance contracts are subject to an Reserves for loss and loss adjustment expenses in property increased valuation risk due to lower objectivity and the casualty insurance represent the Company's expectations underlying assumptions and estimates of the executive directors. regarding future payments for known and unknown claims Against this background and due to the material significance including associated expenses. The Company uses various of the amounts for the assets, liabilities and financial performance methods to estimate these obligations. Furthermore, the of the Group and the complex process for determining the measurement of these provisions requires a significant degree of underlying assumptions and estimates of the executive directors, judgment by the executive directors of the Company regarding the the measurement of these technical assets and liabilities as well as assumptions made, such as inflation, loss developments and of the financial liabilities carried at fair value (Level 3) was of regulatory changes. In particular, the lines of products with low loss particular significance in the context of our audit. frequency, high individual losses or long claims settlement periods are usually subject to increased estimation uncertainties. ② As part of our audit, we assessed the appropriateness of selected Due to the material significance of these provisions for the controls established by the Company for the purpose of selecting assets, liabilities and financial performance of the Group as well as the valuation methods applied, determining assumptions and the considerable scope for judgment on the part of the executive making estimates for the measurement of certain technical assets directors and the associated uncertainties in the estimations and liabilities as well as financial liabilities carried at fair value made, the measurement of the technical provisions in property (Level 3). In doing so we evaluated, among others, the integrity of casualty insurance was of particular significance to our audit. the underlying data and the process for determining the assumptions and estimates used in the valuation. 198 Annual Report 2021 − Allianz Group

E _ Further Information ② As part of our audit, we evaluated the appropriateness of selected Upon request from the U.S. Securities and Exchange controls established by the Company for the purpose of selecting Commission (“SEC”), AllianzGI U.S. has provided substantial actuarial methods, determining assumptions and making information to the SEC in connection with an SEC investigation of estimates for the measurement of certain technical provisions in the Funds, and Allianz is fully cooperating with the SEC's ongoing property-casualty insurance. investigation. In addition, the U.S. Department of Justice (“DOJ”) is With the support of our property-casualty insurance continuing its investigation concerning the Funds, and AllianzGI valuation specialists, we have compared the respective actuarial U.S. is also fully cooperating with the DOJ in the investigation and methods applied and the material assumptions with generally is continuing its own review of the matter. recognized actuarial methods and industry standards and Allianz SE's executive directors have assessed the facts on examined to what extent these are appropriate for the valuation. the basis of the information currently available to Allianz. Our audit also included an evaluation of the plausibility and In light of the discussions with plaintiffs and U.S. integrity of the data and assumptions used in the valuation and a Governmental Authorities concerning the Structured Alpha matter reconstruction of the claims settlement processes. Furthermore, we and in anticipation of settlements with major investors in the recalculated the amount of the provisions for selected lines of Funds, Allianz decided to recognize a provision of € 3.7 billion for products, in particular lines of products with large reserves or the existing legal risks under the “other liabilities” balance sheet increased estimation uncertainties. For these lines of products we item in the consolidated financial statement. The provision reflects compared the recalculated provisions with the provisions the elements of the expected obligation in the Structured Alpha calculated by the Company and evaluated any differences. We matter, for which, as of today, a reliable estimate could be also examined whether any adjustments to estimates in loss determined. Final settlements with major investors were reached reserves at Group level were adequately documented and shortly thereafter and Allianz believes that these settlements substantiated. Our audit also included an evaluation of the Group represent a substantial majority of the Structured Alpha civil Actuarial department's reporting to the Group Reserve litigation exposure. Committee. Discussions with remaining plaintiffs, the DOJ as well as the Based on our audit procedures, we were able to satisfy SEC are ongoing. Based on the executive directors’ in depth ourselves that the estimates and assumptions made by the assessment, it is currently not possible to estimate the timing or the executive directors are appropriate overall for measuring the nature of any global or coordinated resolution of these matters. It technical provisions in property casualty insurance. is expected that additional expenses will be incurred that cannot reliably be estimated and consequently are not included in the ③ The Company's disclosures on the measurement of the provisions provision. for claims outstanding in property-casualty insurance are included Due to the significant amount of the provision and the in sections 2 and 14 of the notes to the consolidated financial considerable judgment on the part of the executive directors, this statements. matter was of particular significance in the context of our audit. ❸ Accounting treatment of the legal risks in connection with ② As part of our audit, we evaluated, among other things, the AllianzGI U.S. Structured Alpha Funds Company's procedures and measures for recording legal risks and assessing the outcome of pending legal proceedings and ongoing ① Since July 2020, multiple complaints have been filed in U.S. Federal investigations and their accounting treatment. Our audit also Courts and also in certain U.S. State Courts against Allianz Global included a substantive examination of the pending legal Investors U.S. LLC, New York ("AllianzGI U.S.") and in certain proceedings against AllianzGI U.S. and its affiliated companies complaints, against certain of AllianzGI U.S.’s affiliates, including and the ongoing investigations of the SEC and DOJ in connection Allianz SE, Munich, and Allianz Asset Management GmbH, Munich, with AllianzGI U.S. Structured Alpha Funds, as well as an (“Affiliate Allianz Defendants”), in connection with losses suffered evaluation of the assessments made by the executive directors on by investors in AllianzGI U.S.’s Structured Alpha funds (“Funds”) the basis of the claims asserted against the relevant Group during the Covid-19 related market downturn. companies. The actions brought to date have included institutional In this context, the Company provided us with information in investor plaintiffs and individual plaintiffs, with certain plaintiffs writing on the pending legal proceedings and the ongoing asserting claims on behalf of putative classes. An investment investigations as well as the assessments of the executive directors consultant has also asserted third-party claims against AllianzGI regarding a possible outcome of the legal proceedings and U.S.. Plaintiffs in the currently pending 26 actions have alleged investigations, which we evaluated. We also obtained losses of approximately USD 6,3 billion. In addition to the explanations of and assessed the assumptions underlying the complaints filed to date, other investors in the Funds, or other third estimates made by the executive directors, as well as the legal parties, may bring similar actions. assessment of the facts. Plaintiffs in these actions have dismissed without prejudice We also held meetings with the internal legal department all claims against Affiliate Allianz Defendants, including Allianz SE and the Company's external legal counsel in order to receive and Allianz Asset Management GmbH, with only one exception updates on current developments and the reasons for the where Allianz Global Investors Distributors LLC is kept as a executive directors' respective estimates. As of the balance sheet defendant next to AllianzGI U.S.. AllianzGI U.S. continues to defend date, we also obtained external legal conformations that support against the allegations contained in the complaints. Annual Report 2021 − Allianz Group 199

E _ Further Information the executive directors' assessments with regard to the legal financial statements that are free from material misstatement, proceedings and investigations. whether due to fraud or error. As part of our audit, we also assessed whether the required In preparing the consolidated financial statements, the executive criteria for recognizing a provision are met and whether the directors are responsible for assessing the Group’s ability to continue assessment of the executive directors have been appropriately as a going concern. They also have the responsibility for disclosing, as considered in the measurement of the provision. We were able to applicable, matters related to going concern. In addition, they are satisfy ourselves that the assessment of the legal risks in responsible for financial reporting based on the going concern basis connection with AllianzGI U.S. Structured Alpha Funds and the of accounting unless there is an intention to liquidate the Group or to executive directors' assessment for recognizing and measuring the cease operations, or there is no realistic alternative but to do so. provision were sufficiently documented and substantiated. Furthermore, the executive directors are responsible for the preparation of the group management report that, as a whole, ③ The Company’s disclosures relating to the aforementioned legal provides an appropriate view of the Group’s position and is, in all disputes are contained in section 37 of the notes to the material respects, consistent with the consolidated financial consolidated financial statements. statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the executive directors are responsible for The executive directors are responsible for the other information. The such arrangements and measures (systems) as they have considered other information comprises the group statement on corporate necessary to enable the preparation of a group management report governance pursuant to § 315d HGB as an unaudited part of the that is in accordance with the applicable German legal requirements, group management report. and to be able to provide sufficient appropriate evidence for the assertions in the group management report. The other information comprises further The supervisory board is responsible for overseeing the Group’s financial reporting process for the preparation of the consolidated − the remuneration report pursuant to § 162 AktG [Aktiengesetz: financial statements and of the group management report. German Stock Corporation Act], for which the supervisory board is also responsible − all remaining parts of the group annual report – excluding cross-references to external information – with the exception of the audited consolidated financial statements, the audited Our objectives are to obtain reasonable assurance about whether the group management report and our auditor’s report consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the group Our audit opinions on the consolidated financial statements and on management report as a whole provides an appropriate view of the the group management report do not cover the other information, and Group’s position and, in all material respects, is consistent with the consequently we do not express an audit opinion or any other form of consolidated financial statements and the knowledge obtained in the assurance conclusion thereon. audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as In connection with our audit, our responsibility is to read the other to issue an auditor’s report that includes our audit opinions on the information mentioned above and, in so doing, to consider whether consolidated financial statements and on the group management the other information report. Reasonable assurance is a high level of assurance but is not a − is materially inconsistent with the consolidated financial guarantee that an audit conducted in accordance with § 317 HGB and statements, with the group management report disclosures the EU Audit Regulation and in compliance with German Generally audited in terms of content or with our knowledge obtained in Accepted Standards for Financial Statement Audits promulgated by the audit, or the Institut der Wirtschaftsprüfer (IDW) will always detect a material − otherwise appears to be materially misstated. misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this group management report. The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material respects, We exercise professional judgment and maintain professional with IFRSs as adopted by the EU and the additional requirements of skepticism throughout the audit. We also: German commercial law pursuant to § 315e Abs. 1 HGB and that the consolidated financial statements, in compliance with these − Identify and assess the risks of material misstatement of the requirements, give a true and fair view of the assets, liabilities, financial consolidated financial statements and of the group management position, and financial performance of the Group. In addition, the report, whether due to fraud or error, design and perform audit executive directors are responsible for such internal control as they procedures responsive to those risks, and obtain audit evidence have determined necessary to enable the preparation of consolidated that is sufficient and appropriate to provide a basis for our audit 200 Annual Report 2021 − Allianz Group

E _ Further Information opinions. The risk of not detecting a material misstatement significant audit findings, including any significant deficiencies in resulting from fraud is higher than for one resulting from error, as internal control that we identify during our audit. fraud may involve collusion, forgery, intentional omissions, We also provide those charged with governance with a statement misrepresentations, or the override of internal controls. that we have complied with the relevant independence requirements, − Obtain an understanding of internal control relevant to the audit and communicate with them all relationships and other matters that of the consolidated financial statements and of arrangements and may reasonably be thought to bear on our independence, and where measures (systems) relevant to the audit of the group applicable, the related safeguards. management report in order to design audit procedures that are From the matters communicated with those charged with appropriate in the circumstances, but not for the purpose of governance, we determine those matters that were of most expressing an audit opinion on the effectiveness of these systems. significance in the audit of the consolidated financial statements of the − Evaluate the appropriateness of accounting policies used by the current period and are therefore the key audit matters. We describe executive directors and the reasonableness of estimates made by these matters in our auditor’s report unless law or regulation precludes the executive directors and related disclosures. public disclosure about the matter. − Conclude on the appropriateness of the executive directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor’s report to the related disclosures in the consolidated financial statements and in the group management report or, if such disclosures are inadequate, to modify our respective audit opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern. − Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to 315e Abs. 1 HGB. − Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express audit opinions on the consolidated financial statements and on the group management report. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinions. − Evaluate the consistency of the group management report with the consolidated financial statements, its conformity with German law, and the view of the Group’s position it provides. − Perform audit procedures on the prospective information presented by the executive directors in the group management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the executive directors as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate audit opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and Annual Report 2021 − Allianz Group 201

E _ Further Information Other legal and regulatory requirements The executive directors of the Company are responsible for the preparation of the ESEF documents including the electronic renderings of the consolidated financial statements and the group management Report on the assurance on the report in accordance with § 328 Abs. 1 Satz 4 Nr. [number] 1 HGB and electronic rendering of the for the tagging of the consolidated financial statements in accordance with § 328 Abs. 1 Satz 4 Nr. 2 HGB. consolidated financial statements and In addition, the executive directors of the Company are the group management report responsible for such internal control as they have considered prepared for publication purposes in necessary to enable the preparation of ESEF documents that are free from material non-compliance with the requirements of § 328 Abs. 1 accordance with § 317 Abs. 3a HGB HGB for the electronic reporting format, whether due to fraud or error. The supervisory board is responsible for overseeing the process for preparing the ESEF documents as part of the financial reporting process. We have performed assurance work in accordance with § 317 Abs. 3a HGB to obtain reasonable assurance as to whether the rendering of the consolidated financial statements and the group management report (hereinafter the “ESEF documents”) contained in the electronic Our objective is to obtain reasonable assurance about whether the file Allianz SE_KA+KLB_ESEF-2022-02-21.zip and prepared for ESEF documents are free from material non-compliance with the publication purposes complies in all material respects with the requirements of § 328 Abs. 1 HGB, whether due to fraud or error. We requirements of § 328 Abs. 1 HGB for the electronic reporting format exercise professional judgment and maintain professional skepticism (“ESEF format”). In accordance with German legal requirements, this throughout the assurance work. We also: assurance work extends only to the conversion of the information − Identify and assess the risks of material non-compliance with the contained in the consolidated financial statements and the group requirements of § 328 Abs. 1 HGB, whether due to fraud or error, management report into the ESEF format and therefore relates neither design and perform assurance procedures responsive to those to the information contained within these renderings nor to any other risks, and obtain assurance evidence that is sufficient and information contained in the electronic file identified above. appropriate to provide a basis for our assurance opinion. In our opinion, the rendering of the consolidated financial − Obtain an understanding of internal control relevant to the statements and the group management report contained in the assurance work on the ESEF documents in order to design electronic file identified above and prepared for publication purposes assurance procedures that are appropriate in the circumstances, complies in all material respects with the requirements of § 328 Abs. 1 but not for the purpose of expressing an assurance opinion on the HGB for the electronic reporting format. Beyond this assurance effectiveness of these controls. opinion and our audit opinion on the accompanying consolidated − Evaluate the technical validity of the ESEF documents, i.e., whether financial statements and the accompanying group management the electronic file containing the ESEF documents meets the report for the financial year from 1 January to 31 December 2021 requirements of the Delegated Regulation (EU) 2019/815 in the contained in the "Report on the audit of the consolidated financial version in force at the date of the consolidated financial statements and of the group management report" above, we do not statements on the technical specification for this electronic file. express any assurance opinion on the information contained within − Evaluate whether the ESEF documents provide an XHTML these renderings or on the other information contained in the rendering with content equivalent to the audited consolidated electronic file identified above. financial statements and to the audited group management report. − Evaluate whether the tagging of the ESEF documents with Inline We conducted our assurance work on the rendering of the XBRL technology (iXBRL) in accordance with the requirements of consolidated financial statements and the group management report Articles 4 and 6 of the Delegated Regulation (EU) 2019/815, in the contained in the electronic file identified above in accordance with version in force at the date of the consolidated financial § 317 Abs. 3a HGB and the IDW Assurance Standard: Assurance Work statements, enables an appropriate and complete machine- on the Electronic Rendering, of Financial Statements and readable XBRL copy of the XHTML rendering. Management Reports, Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB (IDW AsS 410 (10.2021)) and the International Standard on Assurance Engagements 3000 (Revised). Our responsibility in accordance therewith is further described in the We were elected as group auditor by the supervisory board on "Group Auditor’s Responsibilities for the Assurance Work on the ESEF 4 March 2021. We were engaged by the supervisory board on Documents" section. Our audit firm applies the IDW Standard on 11 May 2021 We have been the group auditor of the Allianz SE, Quality Management 1: Requirements for Quality Management in the Munich, without interruption since the financial year 2018. Audit Firm (IDW QS 1). We declare that the audit opinions expressed in this auditor’s report are consistent with the additional report to the audit committee 202 Annual Report 2021 − Allianz Group

E _ Further Information pursuant to Article 11 of the EU Audit Regulation (long-form audit report). Our auditor’s report must always be read together with the audited consolidated financial statements and the audited group management report as well as the assured ESEF documents. The consolidated financial statements and the group management report converted to the ESEF format – including the versions to be published in the Federal Gazette – are merely electronic renderings of the audited consolidated financial statements and the audited group management report and do not take their place. In particular, the “Report on the Assurance on the Electronic Rendering of the Consolidated Financial Statements and the Group Management Report Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB” and our assurance opinion contained therein are to be used solely together with the assured ESEF documents made available in electronic form. The German Public Auditor responsible for the engagement is Richard Burger. Munich, 21 February 2022 PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft Richard Burger Clemens Koch Wirtschaftsprüfer Wirtschaftsprüfer (German Public Auditor) (German Public Auditor) Annual Report 2021 − Allianz Group 203

E _ Further Information AUDITOR’S REPORT Auditor’s report In our opinion, based on the findings of our audit, the remuneration To Allianz SE, Munich report for the financial year from 1. January to 31. December 2021, including the related disclosures, complies in all material respects with We have audited the remuneration report of Allianz SE, Munich, for the the accounting provisions of § 162 AktG. financial year from 1. January to 31. December 2021 including the related disclosures, which was prepared to comply with § [Article] 162 AktG [Aktiengesetz: German Stock Corporation Act]. The audit of the content of the remuneration report described in this auditor's report includes the formal audit of the remuneration report required by § 162 Abs. [paragraph] 3 AktG, including the issuance of a The executive directors and the supervisory board of Allianz SE are report on this audit. As we express an unqualified audit opinion on the responsible for the preparation of the remuneration report, including content of the remuneration report, this audit opinion includes that the the related disclosures, that complies with the requirements of § 162 information required by § 162 Abs. 1 and 2 AktG has been disclosed in AktG. The executive directors and the supervisory board are also all material respects in the remuneration report. responsible for such internal control as they determine is necessary to enable the preparation of a remuneration report, including the related disclosures, that is free from material misstatement, whether due to We issue this auditor’s report on the basis of the engagement agreed fraud or error. with Allianz SE. The audit has been performed only for purposes of the company and the auditor‘s report is solely intended to inform the company as to the results of the audit. Our responsibility for the audit Our responsibility is to express an opinion on this remuneration report, and for our auditor’s report is only towards the company in accordance including the related disclosures, based on our audit. We conducted with this engagement. The auditor’s report is not intended for any third our audit in accordance with German generally accepted standards parties to base any (financial) decisions thereon. We do not assume for the audit of financial statements promulgated by the Institut der any responsibility, duty of care or liability towards third parties; no third Wirtschaftsprüfer (Institute of Public Auditors in Germany) (IDW). parties are included in the scope of protection of the underlying Those standards require that we comply with ethical requirements and engagement. § 334 BGB [Bürgerliches Gesetzbuch: German Civil plan and perform the audit to obtain reasonable assurance about Code], according to which objections arising from a contract may also whether the remuneration report, including the related disclosures, is be raised against third parties, is not waived. free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts including the related disclosures stated in the Munich, 21 February 2022 remuneration report. The procedures selected depend on the auditor's judgment. This includes the assessment of the risks of material misstatement of the remuneration report including the related PricewaterhouseCoopers GmbH disclosures, whether due to fraud or error. Wirtschaftsprüfungsgesellschaft In making those risk assessments, the auditor considers internal control relevant to the preparation of the remuneration report Richard Burger Frank Trauschke including the related disclosures. The objective of this is to plan and Wirtschaftsprüfer Wirtschaftsprüfer perform audit procedures that are appropriate in the circumstances, (German Public Auditor) (German Public Auditor) but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the executive directors and the supervisory board, as well as evaluating the overall presentation of remuneration report including the related disclosures. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 204 Annual Report 2021 − Allianz Group

Allianz Sustainability Report 2021 Guideline on Alternative Performance Measures Further information on the definition of our Alternative Performance Measures and their components, as well as the basis of calculation adopted www.allianz.com/results Allianz at a glance You can find informative overviews of the past years on our The Allianz Group Sustainability Report “Building confidence website: in tomorrow” covers our contribution to the environment, society Allianz share key indicators: www.allianz.com/key-indicators-share and economy. It provides full details of our sustainability strategy, Allianz Group key indicators: www.allianz.com/key-indicators-group approach and progress in 2021 as well as an outlook for 2022. Date of publication: 29 April 2022 www.allianz.com/sustainability Allianz People Fact Book 2021 The People Fact Book is the official and most comprehensive report on our workforce facts and figures, highlighting major HR achievements over the past year and revealing the outlook for 2022. Date of publication: 28 March 2022 www.allianz.com/hrfactbook

Financial calendar Important dates1 Annual General Meeting _________________________________________________________________________________ 4 May 2022 Financial Results 1Q ___________________________________________________________________________________ 12 May 2022 Financial Results 2Q/Interim Report 6M __________________________________________________________________ 5 August 2022 Financial Results 3Q ______________________________________________________________________________ 10 November 2022 Financial Results 2022 ______________________________________________________________________________ 17 February 2023 Annual Report 2022 ___________________________________________________________________________________ 3 March 2023 Annual General Meeting _________________________________________________________________________________ 4 May 2023 1_The German Securities Trading Act (“Wertpapierhandelsgesetz”) obliges issuers to announce immediately any information which may have a substantial price impact, irrespective of the communicated schedules. Therefore we cannot exclude that we have to announce key figures related to quarterly and fiscal year results ahead of the dates mentioned above. As we can never rule out changes to these dates, we recommend checking them online at www.allianz.com/financialcalendar. Allianz SE – Königinstrasse 28 – 80802 Munich – Germany – Phone + 49 89 3800 0 – www.allianz.com Front page design: Radley Yeldar – Photography: Andreas Pohlmann – Typesetting: Produced in-house with SmartNotes Annual Report online at: www.allianz.com/annualreport – Date of publication: 4 March 2022 This is a translation of the German Annual Report of Allianz Group. In case of any divergences, the German original is legally binding.