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