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