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