B _ Corporate Governance Dr. Klaus-Peter Röhler successfully steered the Allianz The quantitative performance of the companies in the Iberia & Deutschland AG companies through a challenging year with a steady Latin America region led by Iván de la Sota fell short of expectations. hand. The implementation of the reorganization of Allianz in Germany, The Supervisory Board expects a visible improvement here, in terms of together with the very good results of the employee survey at the same profitability and technical excellence. It is worth mentioning the time, is positive. Despite the severe natural disasters of summer 2021, promising start of the joint venture with Banco Bilbao Vizcaya Allianz Deutschland AG achieved very solid results. In addition to the Argentaria (BBVA) in Spain, the integration of the SulAmérica business strong contributions to earnings from Switzerland and the region in Brazil, and the successful transactions of the Allianz X unit in Central and Eastern Europe, the acquisition of Aviva’s life and promising FinTech companies. The Supervisory Board assesses as very property-casualty business, as well as Aviva Poland’s pension and positive the further successful steps taken towards developing and asset management businesses, further expanded the strong position implementing a uniform, cross-border product and IT platform of the Allianz companies in the region. Dr. Röhler had a material strategy as well as in the claims processing of Allianz Group. impact on the group-wide improvement in the Group’s property Allianz Life Insurance Company of North America (Allianz Life) as insurance performance indicators in the retail business. well as AllianzGI and PIMCO showed a strong operating performance The Supervisory Board continues to expect strong growth above during the time Jacqueline Hunt was responsible until the market trend in the region Central and Eastern Europe. It also 30 September 2021. Also positive was the successful completion of the expects consistent development of the digitalization process in the reinsurance agreement for a $ 35 billion fixed index annuity portfolio German companies in particular as well as timely improvements in by AZ Life, which significantly improved the Allianz Group's return on customer satisfaction in property insurance, in order to become the equity and strengthened the Allianz Group's regulatory capital market leader here too. position. In the case of AllianzGI and PIMCO, in particular, the record Dr. Andreas Wimmer quickly familiarized himself with the business inflows of assets under management had a positive impact. division he assumed on 1 October 2021, while also continuing to The non-financial targets also showed a good performance of successfully manage Allianz Lebensversicherungs-AG. In addition to Mrs. Hunt and her contribution went beyond her divisional his commitment to processing the Structured Alpha proceedings and responsibilities. his contribution to the life insurance portfolio transaction in the United Mrs. Hunt has been an excellent member of the Board of States, his convincing presentation of Allianz’s future life insurance Management and there is no evidence of any wrongdoing by her in strategy at the Capital Markets Day in December was a positive factor. connection with Structured Alpha. However, the net income impact of Besides processing the potential measures arising from the the provision for Structured Alpha has been reflected in her ICF of 0.8. Structured Alpha proceedings, the Supervisory Board expects Dr. Overall, Oliver Bäte acted prudently and with confidence, Wimmer to take further steps in implementing the life insurance providing his Board of Management team with the right impetus in strategy and continuing the strategy in asset management. what was once again a difficult environment, so that the Allianz Group Chris Townsend has integrated into the management team and could consistently meet its operating targets beyond expectations. Mr. the broader Allianz community fast and with positive impact. Under his Bäte presented the Allianz Group’s new strategy and ambition for leadership and via Global Commercial, the Group’s Commercial 2022 – 2024 with great conviction at the Capital Markets Day and the business, incl. AGCS, benefited from reduced volatility. Global Supervisory Board now expects consistent implementation of this Commercial installed a segment-focus steering approach across the strategy. Mr. Bäte convinced analysts and investors alike with the new Group to address the significant market potential in Mid-Corp. The dividend strategy and the announcement of AZ Life’s groundbreaking AGCS turnaround shows substantial progress, delivering an transactions in the United States. He was once again a great role underwriting profit, and Euler Hermes successfully exited the State model to the entire Allianz management in 2021. Support Schemes and was able to increase profits in 2021. Australia delivered on the re-platforming of the new Business Master Platform with positive results. The strong indices of the annual employee engagement survey within the units under Chris Townsend’s responsibility were encouraging. The Supervisory Board expects further improvement in the Mid- Corp business, and tangible progress in the transformation of the companies in the UK and Australia. 38 Annual Report 2021 − Allianz Group