1. Allianz Tax Strategy and Principles Tax Strategy # Our purpose ‘We secure your future’ describes how we approach our business and also guides our approach to taxes. We are focused on operating in a manner that secures the financial future of our customers, employees, investors and other communities. Our tax strategy is transparent and closely aligned to our business strategy 3 and also to our sustainability goals 4 – which focus on the relevant U.N. Sustainable Development Goals. Guided by our sustainability strategy, we embed environmental (E), social (S) and governance (G) aspects in all our business and corporate citizenship activities, responsible tax is a fundamental part of this 5 . Our Code of Conduct 6 sets out our values and principles and serves as a guide to our behaviour. These values and principles are also reflected in our tax strategy, which requires full compliance with tax regulations and tax laws in all countries in which we operate. Our tax strategy has been approved by the Board of Management of Allianz SE and is reviewed on an annual basis. It comprises the following strategic priorities: • Full compliance with tax regulations, accurate and timely reporting and effective tax risk management. • Safeguarding of the Group’s reputation as a responsible taxpayer. • Existence of a sound organizational set-up for appropriate tax management. • Full compliance of tax planning and optimization activities with tax laws, supported by solid business reasons to sustain a credible long-term reputation with tax authorities. • Disclosure of meaningful tax information in a transparent way. • Continuous improvement and harmonization of tax processes through simplification and digital solutions. Our tax strategy as published above is the referencing basis for our tax framework ‘Allianz Standard for Tax Management’. Tax Principles # The Allianz Standard for Tax Management represents our framework and sets minimum requirements for all tax-relevant processes, methods and structures and is based on our strategic priorities. The Standard applies throughout the Group to all our internal and outsourced tax processes and is effectively communicated and published. The Board of Management takes notice of the periodically reviewed standard. The latest update has been published in our internal rules book in 2021. It defines: • General rules for the performance of tax activities. • Roles and responsibilities in the tax area throughout the Group. • Organizational aspects and interaction between local tax functions and the Group tax function. • Consultation requirements and reporting lines. All Group entities have to adhere to the standard when conducting their tax activities. Adherence is monitored by the Group tax function. COVID-19 The COVID-19 pandemic also impacted the tax environment. Examples are changes to existing tax regulations in relation or in reaction to the COVID-19 pandemic or potentially different tax assessments due to pandemic-related changed circumstances of the facts. We are analysing the respective impacts carefully and are giving internal advice and guidance striving for compliance with the tax regulations in this new and exceptional situation in line with our tax strategy and tax principles. In case of beneficial impacts, we are carefully considering whether to take advantage of them. Ways of Working 7 Remote working, also occasionally from other countries, is an important part of our new ways of working at Allianz. In order to ensure full compliance and to avoid negative consequences for our employees and Allianz as employer, the Allianz guidance for cross-border work has been introduced and published by the Group tax department in 2021. The guidance provides principles, processes and responsibilities as well as the control framework within Allianz Group for cross-border work. 3 Please refer to our Strategy for further information. 4 Please refer to our Sustainability Report for further information on Allianz’s approach to sustainability. 5 How we do business sustainably . 6 Please refer to our Code of Conduct . 7 Annual Report 2021 Allianz Group (p. 71). Sustainability and tax cannot be seen as different topics. Taxes are an important part of our contribution to societies and to the sustainable development of the countries we operate in. Line Hestvik Member of the Sustainability Board Group Chief Sustainability Officer And for this, both compliance with responsible tax practices by companies and the sustainability and efficiency of tax systems are of particular importance. Eva Meyer-Schipflinger Global Head of Tax Allianz Group GRI 207–1 Allianz Group Tax Transparency Report 2021 2