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