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