Professional Documents
Culture Documents
Markets Day
A
B
C
D
E
F
G
H
I
Dieter Wemmer
Markus Rie
Severin Moser
Life insurance
Alf Neumann
Jrg Ladwein
Health insurance
Birgit Knig
Operations
Alexander Vollert
Distribution
Joachim Mller
Customer orientation
Bernd Heinemann
Disclaimer
Investor Relations contacts
Allianz SE 2013
Agenda
Allianz Capital
Markets Day
Dieter Wemmer
CFO
Allianz SE
Berlin, June 25, 2013
Allianz at a glance
Segments1,4
Regions1,4
Operating profit in %
Operating profit in %
AM
P/C
Emerging markets
Germany
Specialty
insurance
6%
9%
28%
24%
44%
31%
equity2
30%
28%
1)
2)
3)
4)
L/H
2012, operating profit adjusted for reclassification of restructuring expenses and IAS19
03/2013
05/2013
Relation of business segments excluding Corporate & Other and consolidation
Broker markets
US, UK, AUS
Western
Europe
Allianz SE 2013
A2
3%
Allianz
revenues
Total
EUR
106.4bn1
Germany2
26%
14%
Health
Life
P/C
9%
2%
Allianz
operating profit
Total
EUR
9.3bn1
Germany2
22%
11%
Health
Life
P/C
Allianz SE 2013
9%
XX%
1) 2012, group operating profit adjusted for reclassification of restructuring expenses and IAS19
2) Excluding Asset Management
A3
Speaker
Position
Dieter Wemmer
CFO Allianz SE
Markus Rie
Severin Moser
D. Life insurance
Alf Neumann
F. Health insurance
Birgit Knig
G. Operations
Alexander Vollert
H. Distribution
Joachim Mller
I. Customer orientation
Bernd Heinemann
Allianz SE 2013
A4
Allianz
insurance
Germany
Markus Rie
CEO
Allianz Deutschland AG
Berlin, June 25, 2013
Agenda
1
Allianz SE 2013
Excellent employees
B2
Germany at a glance
Key data 2012
Population:
GDP (EUR):
GDP/capita (EUR):
Inflation:
Insurance penetration (2011)1:
Country rating (S&P):
82mn
2,644bn
32,300
2.0%
83.7%
AAA
Market specifics
P/C:
Mature market, strong competition
Life:
Challenging business environment due to
volatile financial markets and low interest rates
Strong share of classic life insurance
Health:
2-pillar system with compulsory statutory
health insurance, supplementary private health
insurance and comprehensive private health
insurance
179
178
182
55
57
59
90
87
87
91
33
35
36
39
2010
2011
2012
2015e
64
P/C
Life
Health
7.9
Generali ERGO
5.8
AXA
5.3
5.0
4.9
1) Insurance penetration: ratio of German population (> 14 years) that have at least one insurance policy. Life: 48.3%, P/C: 77.0%, Health: 27.3%
3.0
HUK
B3
Allianz SE 2013
CAGR
-1.1%
28.2
28.5
9.0
27.9
9.0
1,759
9.2
617
16.0
3.2
2010
15.7
0.3
3.2
15.2
0.3
2011
3.3
0.3
P/C
Life
877
174
150
73.4
102.9
75.1
-13
2011
1,027
198
-73
2012
-20
1918
1922
65
96.8
Claims
69.2
ratio
27.8
27.6
2010
2011
2012
Legal setup
1890
-7bps
27.4
Other
Health
-4.0%-p
100.8
904
479
980
2010
2012
1,433
Highlights
1973
56
58
NBM
3.1%
NBM
3.1%
NBM
3.2%
2001
2005
2010
2011
2012
2006
1990
Expense
ratio
1) Consolidated figures
2) Incl bank and corporate / consolidation
3)
B4
Allianz SE 2013
Other 21%
Other 2%
Direct 1%
Banks 6%
Automotive 9%
Motor 35%
P/C
2012 Liability 12%
Agents 70%
7.33
6.6
6.3
5.93
R+V
Group
AXA
Talanx
HUK
6.1
6.1
6.0
Talanx
R+V
Group
ERGO
7.8
7.1
Signal
AXA
Brokers 12%
Accident 17%
Property 15%
Corporate 38%
Retail 62%
Other 9%
Agents 51%
17.4
13.4
Banks 16%
2012
Brokers 24%
Generali
Supplementary
19%
Comprehensive
81%
2012
Other 3%
Banks 1%
Brokers 16%
Agents 81%
14.8
9.1
ERGO
1) Classes of business according to annual report
2) Preliminary
3) 2011
14.3
Debeka
B5
Allianz SE 2013
280%
232%
186%1
155%
140%
Life
Health
Allianz SE 2013
P/C
B6
Milestones
US subprime
crisis peaks
Aggregators start
gaining ground
Deregulation
1997
2001
Minority buyouts
Allianz Leben
Frankfurter
BVB
Allianz Rechtschutz
Hermes
91%
100%
90%
100%
89%
Solvency II
legislation
process
starts
Eurozone
crisis peaks
Google enters
German
aggregator
market
TOM1
5-Pillar-Strategy
Creation of
Allianz Germany
Functional
organization
FTE reduction
and cost cutting
Enthusiastic
customers
First-class
distribution
Strong products
Low costs
Excellent
employees
Allianz SE 2013
Dot-com
bubble bursts
Aim: sustainable
market leadership
B7
Today
Allianz AG
Allianz SE
P/C
Life
Health
Operations
Operations
Operations
P/C
Life
Health
Distribution
Distr.
Distr.
Distribution
Allianz SE 2013
Operations
Distribution
B8
Allianz Deutschland
Allianz
Versicherungs-AG
100%
Allianz Lebensversicherungs-AG
100%
Allianz Private
Krankenversicherungs-AG
90.2%
100%
Oldenburgische
Landesbank AG
Allianz
Beratungs- und
Vertriebs-AG
Allianz SE 2013
100%
B9
P/C
Life
Health
Revenues
(EUR bn)
27.9
9.2
15.2
3.3
Operating profit
(EUR mn)
2,109
904
1,027
198
Net income
(EUR mn)
1,696
786
680
125
236
24
173
25
30,165
936
915
466
18.9
10.7
8.9
3.5
Allianz SE 2013
Retail customers
B 10
Agenda
1
Allianz SE 2013
Excellent employees
B 11
Customers
Past
Today
5-Pillar-Strategy
Enthusiastic customers
Products
Distribution
Operations
Seller
Insurance is expert business
Buyer
Ive already informed myself
Channel loyalty
I always use my agent
Strong products
Excellent
employees
First-class distribution
Allianz SE 2013
Dimension
Low costs
B 12
Allianz SE 2013
B 13
Enthusiastic
customers
First-class
distribution
Allianz
Deutschland
Life
Abbreviations:
Excellent
employees
Digitalization
ASP+
Health
Low
costs
Health strategy
TF
Broker
Automotive
Direct strategy
Future
roadmap ABV
Modularization
business
strategy
Optimizing
staff
ABS
EEI +10
New product
Allianz SE 2013
Property /
casualty
Strong
products
bKV
ABS Allianz Business System; ASP+ Allianz Service Program; bKV corporate health insurance; EEI Employee Engagement Index;
IMD2/Prips Insurance Mediation Directive/ Packaged Retail Investment Products; TF task force; ABV Allianz Beratungs- und Vertriebs-AG
B 14
Employees
Products
Initiatives
Low costs
Customers
Starting position
Distribution
Enthusiastic customers
1.9
1.9
1.8
2010
2011
2012
19.2
19.0
18.9
2010
2011
2012
Allianz SE 2013
Ambition:
Stop customer loss
Further enhance customer satisfaction
1) Total customer satisfaction: in German grades, 1= very good; 5 = insufficient
B 15
+5.8%
Employees
+1.1%
1,163
1,301
20,864
21,332
2010
2012
2010
2012
P/C
Life
+1.0%
Initiatives
752
805
8,897
9,071
Multi-access approach
2010
2012
2010
2012
Products
P/C
Life
74
87
2010
2012
Allianz SE 2013
Low costs
Customers
Starting position
Distribution
First-class distribution
Ambition:
Increase productivity especially of tied agents
Increase broker volume P/C
1) ABV = Allianz Beratungs- und Vertriebs-AG
2) AAOS = Allianz Auto Online Service
3) Produktivitt GV / HV Gesamtbewertung in Tsd; Productivity agents total value in EUR thousand
B 16
12/2005
09/2005
Formation
Allianz 24
12/2006
12/2007
12/2008
12/2009
12/2010
11/2010
Formation
AllSecur AG
09/2009
Formation
AllSecur
03/2010
Facebook
Allianz
12/2011
12/2012
12/2013
04/2013
Meine Allianz
& AVP
12/2011
Broker
portal
01/2012
Launch dental & health
supplementary product
Facebook tied agents
06/2012
Launch
Risikoleben3
Allianz SE 2013
B 17
Initiatives
P/C: modular product portfolio
(PrivatSchutz, MeinAuto)
Life: frequent development and launch
of new products according to change
in customers needs, e.g. new pension
product with alternative guarantee
approach to be launched this year
Health: newly developed products,
such as the supplementary cover for
long-term care, achieve best grades
1) Without indirect business, China branch (2010)
Employees
Products
2010
2011
2012
2010
2011
2012
2010
2011
2012
2010
2011
2012
605
607
636
Comprehensive
Supplementary
2010
2011
2012
2010
2011
2012
Ambition:
P/C:
GPW EUR 9.5bn in 2014
Life:
Maintain market leader position
Health: Maintain strong market position
Allianz SE 2013
Low costs
Customers
Starting position
Distribution
Strong products
B 18
Employees
Products
Low costs
Customers
Starting position
Distribution
27.4%
27.8%
27.6%
2010
2011
2012
73.4%
75.1%
2010
2011
Initiatives
Zukunftsprogramm Sach (ZPS)
Claims ratio
69.2%
Allianz SE 2013
Ambition:
Claims ratio:
Expense ratio:
2012
<69% by 2014
26% by 2014
B 19
5-Pillar-Strategy
Employees
Products
2010
Initiatives
Low costs
Customers
Starting position
Distribution
Excellent employees
50
54
2011
2012
66
65
2011
2012
- Extensive communication
to all employees
Increased focus on leadership
(cross-silo careers, women in
business)
Driver analysis and future roadmap
to improve employees engagement
2010
Allianz SE 2013
Ambition:
Improve EEI further
Keep LCI steady
B 20
First-class
distribution
Strong
products
>1.5mn policies
MeinAuto
Successful rollout private cover
(PH1, VHV2) and
pilot (VWG3, RS4)
New life product
designed, to be
launched by mid
of 2013
Low
costs
P/C: 27.6%
expense ratio
Life: strengthen
cost leadership
position
Excellent
employees
LCI5 for Allianz
Deutschland:
+11 pts
(compared to 2010)
Ratio of women
in leading positions
increased by
1.4%-p vs. 2010
Allianz SE 2013
Enthusiastic
customers
Allianz Deutschland AG
1) PH = Private Haftpflichtversicherung / personal liability insurance
2) VHV = Hausratsversicherung / household insurance
B 21
Todays agenda
Enthusiastic
customers
Property /
Casualty
Strong
products
Low
costs
Excellent
employees
Rie
Heinemann
Moser
Mller
Life
Neumann / Ladwein
Health
Knig
Vollert
Allianz SE 2013
Allianz
Deutschland
First-class
distribution
B 22
Property and
casualty
insurance
Severin Moser
CEO
Allianz Versicherungs-AG
Berlin, June 25, 2013
Product mix1
CAGR
+3.1%
56.6
55.2
Other 12%
Accident 12%
58.7
Liability 12%
2010
2011
Property 27%
2012
Motor 37%
Channel mix1
Other 4%
15.4%
Internet 4%
Banks 6%
6.3% 5.9%2
Broker 29%
Allianz SE 2013
7.3%2 6.6%
Tied agents
57%
C2
+1.6%
(EUR bn)
Product mix1
9.0
9.0
9.2
5.9
5.9
6.0
Other 21%
25%
Motor 35%
10%
Liability 12%
Retail
Commercial
3.1
3.1
100.8
-4.0%-p
102.9
CR (%)
Retail
Commercial
3.2
Commercial
96.8
99.6%
Accident 17%
Property 15%
94.8%
75.1
69.2
27.4
27.8
27.6
Operating profit
904
617
2010
479
2011
Channel mix
Other 2%
Direct 1%
Banks 6%
+46.4%
(EUR mn)
Retail
Automotive 9%
Brokers 12%
Allianz SE 2013
Claims
Expenses
73.4
Agents
70%
2012
C3
Sales
Products
Targets
GPW (EUR bn)
Brokers
Automotive
Direct
Retail
Commercial
+5.8%
+2.0%
9.0
9.2
9.5
2011
2012
2014e
CR (%)
-7.9%-p
Costs
-6.1%-p
102.9
96.8
95.0
2011
2012
2014e
Allianz SE 2013
Claims
Presentation G
C4
Sales support
Products
IT
Broker segmentation
New products
Broker platform
Product improvements
CRM tool
01/11
07/11
06/13
12/14
Start of
project
Start of
implementation
Today
Full
implementation
Operations / underwriting
Extension of U/W
competencies
Individual contacts for
premium partners
Business reporting
System restructuring
Profitability as main
steering instrument
Claims
Individual contacts for
claims handling
Allianz SE 2013
C5
Portfolio
New business
972
CAGR
+21.1%
+3.7%1
1,069
141
2010
2011
2012
Apr 13
Cancellations
2010
169
2011
+22.5%1
207
2012
Apr 13
Broker satisfaction2
160
-16.2%1
147
2011
2012
1) Compared to 04/12
2) Results KUBUS survey 2010-2012
3) SHU = Sach, Haft, Unfall / property, liability, accident
Apr 13
C6
Allianz SE 2013
Achievements
Implementation and further professionalization of strategic
partnerships with OEMs in Germany as well as globally
Market leader in Germany with GPW of EUR ~750mn in 2012
Profitability significantly improved since 2009
1) GA = Global Automotive
2) PPI = payment protection insurance
3) GAP = guaranteed auto protection
C 35
7
Allianz SE 2013
Direct distribution
Allianz SE 2013
C8
Key figures
GPW
CAGR
+78.5%
(EUR mn)
213
67
15
AAOS1
AllSecur
116
122
Further investment in
brand building
Expanded CRM tool box
44
52
72
91
2010
2011
2012
# of policies
CAGR
+53.7%
(thousand)
910
626
AAOS1
AllSecur
535
385
110
295
275
331
375
2010
2011
2012
Broadened distribution
channels
Improved use of
aggregator sites
Further extension of product
range
Improved cross- / up-selling
Allianz SE 2013
C9
Key feature
Customer
Allianz
Customer satisfaction
Growth
Profitability
Clean-up of remaining
product portfolio
Complexity reduction
Higher transparency
Independent pricing
of modules
No cross-subsidization
Bundle discount
Customer retention
Cross-selling
Complexity reduction
Higher transparency
Convenience
Complexity reduction
Economies of scale
Ongoing enhancement
of modules
Upgrade guarantee
Allianz SE 2013
Add-on
modules
Results
End of 2012 more than 1.5mn policies
sold with GPW of more than EUR 700mn
- Book
- New business
Allianz SE 2013
C 11
CAGR
0.9%
GPW
(EUR mn)
3,133
3,094
Contracts
2011
2012
CAGR
-0.4%
(thousand)
14,305
14,228
14,200
2010
2011
89.3
22.8
2012
83.8
22.0
C 12
Results
Positive feedback from pilot
(11/2012)
Allianz SE 2013
C 13
6%
Revenues
> EUR 2mn
Macro
segment
94%
always
Single
products
selected risk
Standardization
+ optional
individualization
Customer
inquiry
FirmenSchutz
Standardization
modularity
Allianz SE 2013
Revenues
< EUR 2mn
Micro
segment
C 14
Minimum
minimum
two
products
two
products
Property
Casualty
building
BHV1
HuG2
Advantage
advantageofofbundle
bundle
optional
fix
fix
FirmenSchutz
as strategic initiative
to introduce modular
product design for
commercial lines
customers with
revenues EUR 2mn
by end of 2014
Allianz SE 2013
Legal
content
optional
Optional
modules
modules
Sofort- Immediate
SofortSofort- Immediate
Immediate
protection
protection
protection
schutz
schutz
schutz
optional
Optional
product components
C 15
Claims ratio
(%)
Driver of deterioration
70.9 73.4 75.1 69.2
69.4
66.3
65.0
Expense ratio
(%)
Underwriting result
(EUR mn)
581
529
325
2006 07
08
09
Allianz SE 2013
237
95
-61 -211
10
11 2012
C 16
Claims ratio
(%)
Key measures
75.1
5.9
69.0
69.2
4.3
2.9
Faster notification
(promotion of uniform claims hotline)
NatCat impact
Expense ratio
(%)
27.8
27.6
26.0
(%)
102.9
96.8
95.0
Allianz SE 2013
Combined ratio
2012
2014e
C 17
Zero-tolerance-strategy
Criminal charge in each verified
fraudulent claim to protect customers
IT-support
2012
2011
Motor
39
+37%
Property
37
+25%
Liability
+254%
>80
>36%
Qualification
Regular training of all claims handlers;
special training for fraud specialists
Total
Allianz SE 2013
Controlling
Continuous monitoring of relevant
fraud KPIs
C 18
+14.2%
Total average
asset base2
(EUR bn)
23.9
219
25.5
1Q 12
1Q 13
218
235
Net harvesting
and other4
-16
-4
1)
2)
3)
4)
1Q 12
1Q 13
Interest &
similar income3
Investment
expenses
-10
0.81
1Q 13
-12
3.2
2.7
Duration
1Q 12
4.9
4.5
1Q 13
5.0
Assets
Liabilities
Allianz SE 2013
192
0.89
1Q 12
3.9
C 19
Summary
Strategy / initiatives / ambition
Achievement of objectives
Zukunftsprogramm Sach
Development of customer-focused,
modular products for commercial lines
Significant improvement of
claims process / handling
Further optimization of
claims management
Allianz SE 2013
Achievements
Life insurance
Alf Neumann
Member of the Board of Management
Allianz Lebensversicherungs-AG
Berlin, June 25, 2013
D. Life insurance
+3.0%
75.2
87.1
61.2
Annuities
43%
Endowment
insurance
5%
Market shares in
2005
2012
20%
20111
17.6%
Other
9%
12.6%
6.5%
Group
insurance
5.9%
5.8%
4.8%
4.6%
Tied agents
37%
Broker and
other thirdparty channels
Allianz SE 2013
2000
Risk cover
9%
27%
AXA Zurich
Banks
28%
D2
D. Life insurance
Business volume
and growth
CAGR, (GPW EUR bn)
Single premiums
Regular premiums
15.2
12.2
5.8
9.1
1.4
3.0
7.6
9.3
9.4
2000
2005
2012
NBM (%)
3.1%
34%
5%
Annuities in
corporate
business
44%
+0.1%-p
3.1%
Annuities in
retail business
Other
retail business
3.2%
17%
Operating profit
2011
2012
+2.4%
2010
1) Based on weighted premium sum (BWS)
877
2011
Banks
1,027
2012
14%
Tied agents
45%
Allianz SE 2013
2010
Other
7%
Broker and
other thirdparty channels
34%
D3
D. Life insurance
Agenda
1
Allianz SE 2013
2
3
D4
D. Life insurance
Market
Equity crisis
Subprime crisis,
bank crisis
6%
TIR
TIR
TIR
Government bonds
(10 years to maturity)
TIR
0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2011
2012
Tax reform
Tax benefits shifted from endowment to annuities
Single premiums included in tax benefit
Basic annuity (Rrup) introduced
TIR = technical
interest rate
(min. guarantee)
40
20
0
2000
Sources: GDV
2001
2002
2003
2004
2005
2006
2007
2008
2009
Single premiums
2010
Regular premiums
D5
D. Life insurance
Allianz
Leben
Social
security
reform
Single premiums
Regular premiums
Tax
reform
80
+3.0%
+14% p.a.
60
40
15.2
87.3
+3.4% p.a.
20
0
+4.4%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Single premiums
Regular premiums
20
15.2
17.4%
9.1
61.2
14.8%
9.1
+2.7%
72.1
52.1
15
5
0
2000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Allianz Leben
2012
Competitors1
D6
Allianz SE 2013
10
D. Life insurance
GPW
Allianz
Generali
ERGO (ERGO, Victoria, ERGO DIREKT,
R+V
(R+V, R+V VVaG, Condor)
AXA
(AXA, DBV, Dt. rzteversicherung)
6.2%
6.5%
Neckermann, Vorsorge)
11.7%
12.6%
Talanx
24.9
17.6%
(Allianz, DLV-AG)
5.9%
5.9%
8.3%
5.8%
4.8%
4.6%
4.0%
3.0%
4.3%
3.4%
2.0%
4.1%
Allianz SE 2013
Allianz
Leben
D7
D. Life insurance
Allianz
Leben
10%
5%
15%
16%
21%
7%
8%
19%
17%
19%
24%
25%
7%
10%
8%
24%
20%
32%
33%
7%
7%
10%
17%
17%
15%
33%
34%
7%
7%
19%
19%
29%
22%
18%
30%
43%
7%
7%
20%
14%
Market
70%
58%
54%
55%
47%
47%
47%
46%
44%
43%
42%
45%
27%
37%
9%
Allianz SE 2013
28%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Broker and other
third-party channels
Other2
Banks
Tied agents
D8
D. Life insurance
Growth
872
Insurance
30%
37%
+4.9%
35%
20.5%
613
18.3%
Mutual
funds
179
111
+3.3%
22%
688
502
Bank
35%
products
2002
2004
2006
2008
2010
2012
2002
Allianz Leben
2012
Competitors
Allianz SE 2013
2000
41%
D9
D. Life insurance
Growth
16%
52%
24%
38%
France
Germany
22%
37%
Austria
19%
Italy
19%
Finland
18%
16%
29%
26%
43%
Switzerland
23%
1%
4%
Insurance
Mutual funds
Bank products
Other
31%
30%
7%
41%
33%
47%
46%
41%
31%
Sources: Allianz Global Wealth Report 2012, national central banks and statistic offices, Allianz SE
32%
38%
50%
3%
2%
Allianz SE 2013
UK
Spain
13%
62%
Netherlands
4%
D 10
D. Life insurance
Growth
Statutory
pensions
Occupational
old age provision
Direct insurance
Government
pension
Riester pension
Pension funds
Support funds
Individual annuity
Allianz SE 2013
Direct pension
commitment
D 11
D. Life insurance
Growth
Tax-incentivized
Layer I
Basic pensions (Rrup)
Layer II
Riester pensions
Employer based pensions,
financed by employer or employee
2,100
No cap
2013
Layer III
Annuities: taxation only during payout
Endowment policies: deferred taxation
No cap
1) Maximum amount: EUR 20,000 minus contributions to statutory pension system (max. ~EUR 13,000)
2) Only minor part of annuity is taxable in payout period, e.g. 18% for a 65-year old client
3) If client is at least 62 years and maturity 12 years proceeds minus premiums are 50% taxable
Annuities: no taxation of
accrued investment income2
Allianz SE 2013
D. Life insurance
Occupational pensions
in Germany
AuM (2010, EUR bn)
35
26
15
Pension funds
Pension fund society (Pensionskasse)
Reinsurance of pension commitments2
Direct insurance
53
10.5 10.9
257
113
11.5 11.9
12.4
12.8
13.2 13.8
14.5
+17% p.a.
+3% p.a.
9.2
10
7.5
8.2
+5% p.a.
5
+4% p.a.
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
D 13
Allianz SE 2013
Growth
D. Life insurance
Growth
+6.3%
p.a.
30%
19.6mn
23%
14.6mn
14.6 m
13.8mn
18%
16%
7.5mn
2001
Insurance
contracts
2011
In-force business
regular premiums
2001
New business
premiums
Allianz SE 2013
Employees with a
pension scheme1
2012
D 14
D. Life insurance
Growth
39%
61%
With Riester
savings product
Without Riester
savings product
1.5
1500
24%
16%
500
0.5
8%
0%
19%
70%
Insurance
Funds
Public building society
products
Bank products
2005
2006
2007
2008
2009
2010
2011
2012
Allianz SE 2013
6%
Allianz Leben
Market without Allianz Leben (GDV)
Allianz Leben market share (GDV)
Sources: Bundesinnenministerium fr Arbeit und Soziales, DIW Berlin, GDV, Allianz
D 15
D. Life insurance
10%
11%
26%
57%
14%
12%
26%
30%
23%
40%
24.9%
20%
25%
5%
20%
23%
28%
5%
43%
29%
5%
6%
8%
9%
1995
2000
2005
2012
Group
insurance
Endowment
insurance
Other1
Annuities
Stand-alone
risk cover
New business
premiums
of Allianz
51%
19.0%
15%
11.3%
10%
5%
49%
49%
4.7%
0%
2008
2009
2010
2011
2012
2012
Allianz SE 2013
Growth
Risk riders
Stand-alone risk cover
D 16
D. Life insurance
Agenda
1
Allianz SE 2013
D 17
D. Life insurance
Product
portfolio
Customized
products
Guarantee
(of investment,
of interest,
of life-long income, )
Flexibility
Needs-based
advice
Allianz SE 2013
Stable
investment
returns
Service
orientation
D 18
D. Life insurance
Product
portfolio
Guarantees
Upside potential
Traditional book
+ individual risk
steering
+ managed
funds
07/2013
Death cover
Disability
Perspektive
Terminal bonus
IndexSelect
Invest
Functional-impairment cover
Long-term care
Allianz SE 2013
Klassik
Invest alphaBalance
D 19
D. Life insurance
Product
portfolio
Corporate business
Riester pensions (state subsidized)
Basic pensions (Rrup, state subsidized)
Individual pensions
Death benefit/
term insurance
Survivors
pension
Waiver of premium
Occupational
disability benefit
Long-term care
1) Krperschutzpolice
IndexSelect
Invest alphaBalance
Invest
Death cover
Functional
impairment
cover1
Occupational
disability cover
Allianz SE 2013
Klassik
LTC cover
D 20
D. Life insurance
Upside potential
Traditional book
Klassik
Perspektive
IndexSelect
Invest alphaBalance
Invest
IndexSelect
Invest alpha-Balance
Index-linked concept
Product
portfolio
D 21
D. Life insurance
Upside potential
Traditional book
Klassik
Perspektive
IndexSelect
Invest alphaBalance
Klassik
Perspektive
Invest
Interest rate
development
10%
Current low
interest rates
attractive for
customers
0%
1990
Allianz SE 2013
New
product
Perspektive
2012
D 22
D. Life insurance
New
product
Perspektive
Klassik
Accumulated guaranteed
annuity
Surrender value
Total
Total
premium
Guaranteed at
inception of contract
Beginning of
pay-out period
Beginning of
pay-out period
Perspektive
Surrender value
Accumulated
guaranteed annuity
Total
Guaranteed at
inception of contract
Beginning of
pay-out period
Beginning of
pay-out period
D 23
Allianz SE 2013
Total
premium
D. Life insurance
New
product
Perspektive
- 80% IR risk
4.9%
3.5%
2.9%
1.5%
1.4%
1.4%
Base
1.1%
IR
shock
IR shock
Klassik
0.4%
0.7%
Base
IR
shock
IR shock
Perspektive
1.1%
Base
IR
IR
volatility volatility
shock
shock
Klassik
0.4%
0.7%
Base
IR
volatility
shock
IR
volatility
shock
Perspektive
Allianz SE 2013
Assessment
Strong decrease of IR risk capital components for new business
New product strongly reduces portfolio sensitivity to adverse scenarios
New product will reduce risk capital consumption in the long run
Sources: Allianz
D 24
D. Life insurance
New
product
Perspektive
Klassik
Lock-in of bonus (with guaranteed interest rate) in guaranteed capital and guaranteed annuity
Terminal bonus with positive cash values including market adjustment
Guarantee level: total premium refund as guaranteed benefit at beginning of payout period
Lock-in of bonus (with guaranteed interest rate 0%) only in guaranteed capital
Terminal bonus with positive cash values including market adjustment
Guarantee level: total premium refund as guaranteed benefit at beginning of payout period
Pay-out period
Perspektive
IndexSelect
Lock-in of bonus (with guaranteed interest rate 0%) only in guaranteed capital
Guarantee level: total premium refund as guaranteed benefit at beginning of payout period
Allianz SE 2013
Invest
alpha-Balance
D 25
D. Life insurance
Performance
Net investment yield (local GAAP) and volatility in comparison to shares and bonds
50%
Performance and
volatility
2001 2012 [p.a.]
40%
30%
Performance
Volatility1
5.2%
1.0%
4.6%
1.0%
-10%
-2.2%
23.5%
-20%
DAXP
1.4%
28.0%
-30%
MSCI World
2.7%
22.0%
-40%
REXP
5.3%
2.8%
-50%
German government
bonds (10 years)
3.6%
1.0%
20%
10%
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1997
1998
DAXP
Net IR
investment
yield Allianz Leben
Net
AZL
Allianz SE 2013
REXP
1996
1995
1994
1993
0%
D 26
D. Life insurance
Performance
4.7%
4.1%
5.1%
5.4%
4.3%
3.3%
Allianz Leben
Market2
20 years
30 years
1) Type of contract: male, journalist, non-smoker, age at entry: 30 years, endowment insurances without discounts, yearly payment in advance: EUR 1,200,
death benefit 100%; performance includes term life insurance ( includes risk premium)
2) Not weighted, including Allianz
Sources: map-report p 826-829
Allianz SE 2013
12 years
D 27
D. Life insurance
Performance
3.50
7.9
0.40
4.25
7.9
0.40
4.25
7.2
0.40
5.7
0.40
3.55
5.1
0.60
5.1
0.60
5.1
0.60
5.3
5.6
0.20
0.80
0.90
5.2
0.10
0.60
2.05
1.75
1.75
4.00
3.25
3.25
3.25
3.25
2.75
2.75
2.25
1.75
2.75
2.25
2.25
2.25
2.25
5.15
0.20
0.65
2.05
4.9
0.20
0.60
1.85
2.25
2.25
2.25
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
4.6
0.10
0.50
2.25
4.4
0.201
0.60
1.85
1.75
1.75
2012
2013
Allianz SE 2013
7.9
0.40
Technical interest
Inflation (annual average)
Federal bond (annual average, term of 10 years)
1) Valuation buffer participation assumes an exemplary additional interest rate of 0.2% for 2013
2) Source: Federal Statistical Office
3) Source: German Federal Bank, WX3950
D 28
D. Life insurance
Cost
transparency
Transparency initiatives
EU initiatives
German government
initiatives
MiFID1
IMD 22
PRIP3
Insurance contract
law (VVG-InfoVO)
Riester/Basic
product information
(PIB)
4.35%
RiY
1.00%
3.35%
D 29
Allianz SE 2013
D. Life insurance
Costs and
lapses
4%
5%
3.5%
3.4%
4.4%
3.3% 3.3%
3.2%
3.0%
3%
Competitors3
4.2% 4.2%
4.0%
4.2%
4.0%
4%
Competitors3
3.8% 3.7% 3.7%
3.1%
3%
2.0%
2%
1.8%
2.7% 2.7%
2.7%
2.4%
1.7%
2.5%
2.1%
Allianz
1.5%
1.3%
1.2%
1.1% 1.1%
1.2%
2.0% 2.0%
2%
Allianz
1%
1%
0%
2004 2005 2006 2007 2008 2009 2010 2011 2012
Low costs
1) Based on GPW
2) Based on number of contracts
3) Market without Allianz (GDV)
Sources: GDV, Allianz
0%
D 30
D. Life insurance
Agenda
1
2
3
Allianz SE 2013
D 31
D. Life insurance
Available
buffers
Liabilities
Shareholders equity
EUR 1.8bn
Real estate
Unrealized
gains
Equities
Declared
lock-in bonus
Valuation
buffer
EUR 29.5bn
Fixed income
Liability
buffer
EUR 10.8bn
Book value of assets
EUR 149.6bn
Free RfB
EUR 4.4bn
RfB
Terminal bonus
EUR 5.3bn
Zinszusatzreserve (ZZR)
EUR 1.1bn
Technical
reserves
Allianz SE 2013
EUR 132.6bn
Sources: Allianz
D 32
D. Life insurance
Available
buffers
19.7%
6.5%
5.4%
11.8%
Allianz Leben
Competitors2
Allianz Leben
Competitors2
11.4%
7.9%
Allianz Leben
4.6%
7.6%
4.1%
Real estate
3.5%
Equity exposure
Competitors2
Allianz Leben
4.2%
Allianz SE 2013
3.5%
Competitors2
D 33
D. Life insurance
Available
buffers
Overall buffers1 of Top 25 life companies (in % of book value of assets as of 31.12.2011)
Allianz
1) Valuation buffers and policyholder reserves (free RfB and terminal bonus)
Sources: annual reports, GDV
10
12
14
16
18
20
D 34
Allianz SE 2013
Market
without Allianz
D. Life insurance
Available
buffers
Buffer in % of
technical reserves
7.5
7.9
8.8
9.6
10.8
10.7
9.3
11.6
10.9
10.4
9.3
4.8
7.6
7.0
8.1
8.0
10.3
10.5
10.8
0.3
1.1
11.0
9.8
8.7
8.3
5.4
5.0
4.8
5.5
5.7
5.4
4.7
4.8
4.4
2010
2011
2012
5.3
4.6
ZZR1
Terminal bonus
Free RfB
4.7
2.5
3.0
2002
2003
4.1
2004
4.9
2005
6.1
2006
6.2
2007
5.4
5.5
2008
2009
D 35
Allianz SE 2013
4.5
D. Life insurance
Management
levers
Assets
Valuation
buffer
Harvesting
Regular
income
Net
investment result
+ expense result
+ technical result
Liabilities
Pay-outs
Shareholder profit
S/H profit
Book
value
(local
statutory)
Technical
interest
Technical
reserves
ZZR build-up
Buffer
Management lever
1) ZZR = Zinszusatzreserve (reserve for low interest rate environment)
Allianz SE 2013
reduces
(in future)
ZZR1
P/H
pay-out
D 36
D. Life insurance
ZZR +
management
levers
Old1
New
4.00%
3.64%
3.50%
3.25%
Comments
3.00%
2.75%
~3.1%
2.25%
1.75%
2%
2012
Investment
yield
2012
2012
min.
reference
guarantee
rate2
16%
12%
9%
16%
21% 21%3
2012
guarantees of
in-force book4
D 37
Allianz SE 2013
D. Life insurance
ZZR +
management
levers
Management levers
Comments
Investment result
Zinszusatzreserve
Technical result
Expense result
Policyholder participation
Management
levers
to mitigate
Main lever
Adjust
unrealized gains
Adjust
contribution
to RfB
Adjust profit
participation
Allianz SE 2013
Net income
D 38
D. Life insurance
Management
levers
Risk premiums
Administrative expenses
Zinszusatzreserve
Benefits
paid for death, disability,
long-term care
Acquisition expenses
Investment result
Underwriting result
Expense result
Technical reserves
1) On average 3.1% on mathematical reserves
Free
RfB
Net income
Terminal
bonus fund
Policyholders benefits
Allianz SE 2013
Allocated
bonus
Shareholders dividends
D 39
D. Life insurance
Management
levers
Underwriting result
10%
90%
including technical
interest rate
Expense result /
other results
25%
75%
50%
Taxes
Shareholders
Allianz SE 2013
Policyholders
50%
D 40
D. Life insurance
Management
levers
Sources of surplus
Net investment income2
Technical interest
Zinszusatzreserve
300
-140
-10
Investment result
150
Underwriting result
20
180
Expense result
10
Profit participation
Net investment income
Underwriting result
Expense result
20
300
10
10%
75%
25%
50%
50%
Policyholder
Shareholder
Policyholder
Shareholder
Policyholder
Shareholder
270
30
15
5
Allianz SE 2013
90%
40
Taxes (40%)
1) Figures exemplary
2) Without return on shareholders equity
-16
24
Shareholders
D 41
D. Life insurance
Performance
Pay-outs in 2012
Customers
EUR 13.5bn
EUR 487mn
Taxes
EUR 251mn
Distribution
channels
EUR 1.0bn
Employees1
EUR 79mn
Allianz SE 2013
Shareholders
EUR 54mn
D 42
D. Life insurance
Performance
530
500
462
315
330
357
360
454
487
357
315
2.4%
3.0%
4.0%
3.3%
3.5%
3.1%
3.1%
3.2%
95.4%
95.3%
94.7%
93.0%
92.3%
92.0%
92.6%
93.3%
2005
2006
2007
2008
2009
2010
2011
2012
Net income
Dividend
Allianz SE 2013
330
360
462
520
D 43
D. Life insurance
Performance
Sensitivity
MCEV 2012
(in EUR mn)
Central assumption
9,480
7,604
-19.8%
10,171
7.3%
8,983
-5.2%
9,944
4.9%
5,969
-37.0%
8,927
-5.8%
-1,876
691
-497
465
-3,511
-553
Allianz SE 2013
D. Life insurance
Summary
Achievements
Strong financials
D 45
Life insurance
investment
strategy
Jrg Ladwein
CIO
Allianz Investment Management SE,
Munich
Berlin, June 25, 2013
Agenda
1
2
3
4
Investment approach
Summary
Investment portfolio
Investment performance
Allianz SE 2013
E2
Facts
9.3
7.8
5 regional hubs
325 employees
Munich
5.4
6.2
(69%)
(67%)
20111
2012
Paris
Minneapolis
Thereof investments2
Milan
Allianz SE 2013
Singapore
1) L/H investment margin in 2011 is restated to the new reporting format of operating profit sources introduced in 2012
2) Insurance business only (P/C + L/H)
E3
Investment process
Liabilitiesreplicating
portfolio
Strategic asset
allocation
AIM
Investment
management
Asset manager
management
Active steering
of asset classes
Investment
guidelines
Tactical asset
allocation
Asset manager
selection
Allianz Leben:
covering 20
asset classes
Allianz Leben:
>70 strategies /
mandates
AIM
AIM
Asset
management
Selecting
individual
investments
Allianz Leben:
EUR 182bn
managed by 20
asset managers
Asset manager
Investment
monitoring
Independent
control
Reports and
analysis
Performance
measurement
AIM
Allianz SE 2013
Asset liability
management
Input
Actual portfolio
Implied options
(e.g. minimum guarantees)
Correlations, volatilities
Current composition by
asset class
KPI
1
Allocation 1
Allocation 2
Comparison of asset
allocations along key
performance indicators
(KPIs)
Allianz SE 2013
SAA
Simulation
Constraints
Allocation 3
Agenda
1
2
3
4
Investment approach
Summary
Investment portfolio
Investment performance
Allianz SE 2013
E6
Cash / other
EUR 1.6bn
1%
Real estate
EUR 3.8bn
2%
Equities
EUR 16.0bn
9%
EUR 11.5bn
EUR 181.7bn
Cash
EUR
Equities /
alternatives
EUR 14.4bn
Change in classification
related to economically focused
investment management
3%
8%
Fixed income
excl. cash
87%
EUR 157.9bn
3.3bn
Real estate
EUR 6.2bn
Accounting
2%
Allianz SE 2013
EUR 170.2bn1
Economic
E7
EUR 109.6bn
Cash
EUR 133.9bn
EUR 181.7bn
0.9%
By issuer
Real estate
Equities /
alternatives
3.9%
14.6%
Government
33%
Securitized
41%
Mortgages
9%
Corporates ex fin.
Financials
11%
5%
EUR 157.9bn
By rating
80.6%
AAA
40%
AA
21%
A
BBB
9%
16%
Non-investm. grade 3%
EUR 157.9bn
2002
2007
Not rated1
11%
2012
E8
Allianz SE 2013
Fixed income
2012
impairments
Aggr. 5-yr
impairments
(EUR bn)
(EUR mn)
(EUR mn)
Government
52.6
-131
Securitized
65.4
-11
Mortgages
13.9
Corporates ex fin.
16.8
-1
-65
9.0
-77
157.9
-1
-284
Financials
Total
5-yr
0.1bps
4.2bps
Allianz SE 2013
2012
E9
EUR 104.5bn
EUR 157.9bn
FI special investments
0%
FI special investments
Corporates
non-financials
5%
Corporates
non-financials
Treasuries
emerging markets
8%
1%
Securitized
incl. mortgages
10%
Corporates financials
5%
Treasuries
emerging markets
7%
Securitized
incl. mortgages
74%
2002
2007
50%
Allianz SE 2013
Corporates financials
1%
2012
E 10
+ 1.9
5.2
3.9
3.3
0.0
0.0
- 0.2
0.0
0.0
0.0
0.0
0.0
0.0
2010
2011
2012
2010
2011
2012
Portugal
0.2
2010
Ireland
- 0.3
0.0
0.0
2011
2012
0.3
0.2
2010
2011
Greece
0.0
2012
2010
Spain
2011
2012
Italy
0.0
0.0
-0.0
0.0
0.0
-0.1
0.0
0.0
-0.1
0.0
0.0
-0.1
-0.6
+0.6
Italian sovereign exposure actively increased in first half of 2012 locking in high spreads
subsequent spread tightening led to an EUR 1.2bn increase in unrealized gains / losses
in 2012 on total Italian Treasuries (BTPs)
Limited impairment risks on BTPs even in a credit event as BTPs were
bought significantly below face value. 2.9% of portfolio invested in BTPs
E 11
Agenda
1
2
3
4
Investment approach
Summary
Investment portfolio
Investment performance
Allianz SE 2013
E 12
New business
300bp
~3.7%5
Current
yield
195bp
5.0%2
4.4%3
3.1%
1.75%
+ strong buffer4
EUR 9.8bn of
RfB equal 7.1%
of aggregate
policy reserves
1)
2)
3)
4)
5)
min.
guarantee
2012
Reinvestment guarantee
yield
new business
2012
2012
Based on IFRS current interest and similar income (net of interest expenses) excl. unit-linked + net harvesting and other relative to average aggregate policy reserves
Based on IFRS current interest and similar income (net of interest expenses) excl. unit-linked relative to average aggregate policy reserves
Based on IFRS current interest and similar income (net of interest expenses) excl. unit-linked based on average book value of assets
Free provision for refunding of premiums (EUR 4.4bn) and fund for terminal bonus (EUR 5.3bn) based on local GAAP
Further details on chart E26
Allianz SE 2013
Total
yield
2012
E 13
20105
2011
2012
Current yield2
4.4%
4.5%
4.4%
7%
6%
5%
Current yield2
4.9%
5.0%
5.0%
4%
0.6%
0.3%
1.1%
2%
Total yield
5.4%
5.3%
6.1%
- min. guarantee3
3.0%
3.0%
3.1%
Gross margin
2.4%
2.3%
2.9%
1.8%
1.7%
2.3%
0.6%
0.5%
0.7%
776
725
962
IFRS4
Margin
Investment margin (EUR mn)
6.1%
5.0%
3%
1%
0%
2010
Current yield
Total yield
Min. guarantee
2011
3.1%
2012
Gross margin
Margin
290
2,0%
200
(EUR bn)
144
131
151
137
161
143
0,0%0
2010
1)
2)
3)
4)
5)
70
1,0%
100
2011
Asset base under IFRS which excludes unit-linked, FVO and trading
Based on interest and similar income
In 2012 one-time effect of +0.2% due to lowering of discount rate for annuities. Adjusted average min. guarantee rate for 2012 at 2.9%, 14bps less than 2010
Includes bonus to policyholders under local statutory accounting and deferred premium refund under IFRS
Approximated to be on a like-to-like basis with 2011
Allianz SE 2013
book value of
assets1
2012
E 14
% of
portfolio
2011
2012
Total yield1,2
2011
Remarks
2012
Fixed income
88%
4.4%
4.3%
4.6%
4.9%
Equities /
alternatives
9%
4.4%
5.0%
6.1%
9.9%
Real estate
2%
3.7%
3.9%
5.4%
4.2%
Cash
1%
0.9%
0.2%
0.9%
0.2%
Total
100%
4.5%
4.4%
4.8%
5.4%
Allianz SE 2013
Current yield1
E 15
7%
7.8%
7.4%
6.8%
6.5%
6.0%
6%
6.0%
5.6%
5.0%
5.1%
5%
5.1%
4.6%
4.7%
4.7%
5.0%
4.8%
4.7%
4%
4.6%
4.5%
3.7%
4.1%
4.3%
4.3%
4.6%
4.5%
4.0%
3.5%
3%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Allianz SE 2013
Allianz Leben
Competitors
E 16
Agenda
1
2
3
4
Investment approach
Summary
Investment portfolio
Investment performance
Allianz SE 2013
E 17
Allianz SE 2013
E 18
4.5
4.8
1.3
5.7
1.7
0.3
3.2
Accumulated
active increase
in modified
duration
7.4
6.9
7.1
2.0
2.2
4.8
4.9
4.9
5.2
5.5
2008
2009
2010
2011
2012
6.2
5.4
1.4
2.2
1.4
4.5
4.5
4.3
4.0
4.0
2003
2004
2005
2006
2007
1) In order to exclude effect from market value increase of portfolio on modified duration, market value is kept constant at level of 4Q 03
2) Effect on duration from falling rates is separated and not included in accumulated active increase of duration
Allianz SE 2013
5.6
8.7
E 19
-1.3
10.0
9.9
8.7
7.4
2011
Assets
Liabilities
2012
Allianz SE 2013
Assets
E 20
Allianz Leben: fixed income and minimum guarantee cash flow profile1
yrs
1
10
20
30
40
50
Allianz SE 2013
Next 20 years: cash flows from fixed-income investments allow full coverage of liability cash flows
Beyond 20 years: balancing of liabilities and assets via steering of duration and profit participation
Significant reinvestment volumes and high buffers allow to capture real asset opportunities in the
upcoming years
1) Without new business
E 21
2013
2014
diversification
Low real rates as consequence of financial
repression
broadening of investment universe to
achieve diversification and additional return
Sovereign debt
Real assets
E 22
Corporate loans
Allianz
investment
activity
Credit team
E 23
Allianz SE 2013
Private placements
Residential mortgages
Commercial
real estate loans
Corporate loans
Infrastructure loans
Special opportunities1
Total
3.0
1.5
0.1
0.8
16.3
Current
Require specialized
and experienced teams
to access market
~ 25
Allianz SE 2013
Mid-term target
E 24
6.2
2.1
Infrastructure
0.8
Renewables
0.9
Long-term investment
approach to cover
long-term liabilities
Premium for illiquidity,
size and term
Partial inflation linkage
Excellent diversifier due
to different risk drivers
10.0
Current
~ 20
Allianz SE 2013
Total
Mid-term target
E 25
Reinvestment management
still attractive reinvestment yields
Reinvestment yields Allianz Leben 2012
Rating structure
(fixed income)
in % of new
investments
Yield
Government
50%
3.3%
20
45%
5%
3.1%
5.4%
21
9
Securitized
14%
3.6%
11
Corporates
27%
3.4%
Total FI
91%
3.4%
Maturity
(in years)
15
Investment grade
- thereof AAA / AA
59%
- thereof A / BBB
38%
Non-investment grade
Real
assets1
6.6%
100%
3.7%
15
3%
Allianz SE 2013
Total
9%
97%
1) Return assumptions, equity: dividend yield + regional inflation rate; alternatives, real estate: aggregate of individual target returns
E 26
Agenda
1
2
3
4
Investment approach
Summary
Investment portfolio
Investment performance
Allianz SE 2013
E 27
Summary
Strategy / initiatives / ambition
Sustainable outperformance
versus competitors
Achievements
E 28
Allianz SE 2013
Appendix
E 29
29%
Investment
portfolio
By region
By rating
Germany
30%
France
17%
Italy
11%
Total
EUR 52.6bn
AAA
29%
AA
38%
5%
Supranational EU
9%
BBB
Austria
5%
Non-investment grade
4%
Netherlands
3%
Not rated
1%
Mexico
3%
Belgium
3%
Poland
2%
Others
16%
23%
7.2
Allianz SE 2013
2012
E 30
36%
Investment
portfolio
By region
Germany
By rating
72%
Total
EUR 65.4bn
AAA
72%
AA
13%
France
9%
Spain
7%
6%
UK
3%
BBB
4%
Netherlands
2%
Non-investment grade
0%
Norway
2%
Not rated
5%
Italy
2%
Ireland
2%
Other
2%
9.2
Allianz SE 2013
2011
2012
E 31
Mortgages
8%
Investment
portfolio
By region
Germany
Austria
By sector
99.8%
0.2%
Total
EUR 13.9bn
Retail
78%
Commercial
22%
Allianz SE 2013
1.5
0.9
2011
2012
E 32
Corporates
14%
Investment
portfolio
By sectors
By rating
Industrials
50%
Financials banking
20%
Financials non-banking
Utilities
Corporates / others
Total
EUR 25.8bn
AAA
0%
AA
15%
15%
32%
11%
BBB
42%
4%
Non-investment grade
8%
Not rated
2%
2.0
Allianz SE 2013
1.0
2011
2012
E 33
Traded equity
5%
Investment
portfolio
By region
By sector
Total
EUR 9.8bn
Basic materials
26%
Healthcare
14%
10%
Financials
12%
Switzerland
9%
Industrials
11%
China
5%
Consumer goods
11%
Netherlands
3%
8%
Spain
3%
Technology
6%
France
Italy
3%
2%
Consumer services
Utilities
5%
4%
Others
9%
Telecommunications
4%
Germany
35%
United Kingdom
14%
USA
4.2
4.6
Allianz SE 2013
2012
E 34
Alternatives
3%
Investment
portfolio
By region
By sector
Germany
24%
USA
23%
Norway
France
Total
EUR 4.5bn
Private equity
47%
Renewables
22%
12%
Infrastructure
19%
11%
Not-listed equity
8%
Other
4%
Other
9%
Rest of Europe
8%
UK
5%
Asia
5%
0.0
2011
Allianz SE 2013
Real estate
3%
Investment
portfolio
By region
By sector
Germany
47%
France
19%
Total
EUR 6.2bn
53%
4%
USA
9%
Retail
Luxembourg
5%
Residential
8%
Netherlands
4%
Other
6%
Poland
3%
Sweden
3%
Hungary
2%
Other
8%
29%
0.9
1.0
2011
2012
Allianz SE 2013
E 36
Health insurance
Birgit Knig
CEO
Allianz Private
Krankenversicherungs-AG
Berlin, June 25, 2013
F. Health insurance
Agenda
1
2
3
4
Allianz SE 2013
Summary
F2
F. Health insurance
+3.5%
33.3
34.7
22%
35.7
78%
Comprehensive
2010
2011
2012
Channel mix
(%)
Banks
4%
7.8%
7.1%
6.3%
6.1%
Brokers
43%
ERGO Debeka
Signal
Tied agents
53%
Allianz SE 2013
9.1%
AXA Generali VK
Bayern
F3
F. Health insurance
CAGR +0.9%
GPW
Supplementary
Comprehensive
3,204
3,268
605
607
636
2,604
2,597
2,632
2010
2011
2012
3,209
81%
Comprehensive
84.3%
84.1%
83.2%
9.3%
7.9%
8.0%
75.0%
76.2%
75.2%
2010
2011
2012
Banks
198
198
Brokers
Operating profit
(EUR mn)
19%
-1.1%-p
CR (%)
Expenses
Claims
Supplementary
3%
Other
3%
CAGR +6.7%
174
2010
150
2011
20%
Tied agents
74%
Allianz SE 2013
(EUR mn)
2012
F4
F. Health insurance
Supplementary
2011
Statutory
Statutory
health
health
insurance
insurance
CAGR +2.7%
2003
1803
2011
Private
Private
health
health
insurance
insurance
Switch possible for:
Under-55 year old
employees with
income < threshold
People starting
university or first job
CAGR +3.7%
234
2003
304
2011
2011
Civil servants
1453
2003
Self-employed
1842
25
Allianz SE 2013
2003
18
Employees with
income > threshold
(2013: EUR 52,200)
1412
CAGR +4.6%
2011
3) 2011: claims EUR 169bn, other expenses EUR 11bn; 2003: claims EUR 136bn, other expenses EUR 9bn
4) 2011: claims EUR 27bn, other expenses EUR 3bn; 2003: claims EUR 20bn, other expenses EUR 3bn
F5
F. Health insurance
Supplementary
Employer-financed supplementary
health insurance
Proportion of population with
corporate health insurance still
small in Germany
59%
54%
CAGR +4.0%
2003
7.4
< 5%
2011
Statutory
health
insurance
Private
health
insurance
USA
France
Germany
1) Insurance for highest quality hospital care, e.g. treatment by senior physicians or specialists, single room, and more
2) Insurance for outpatient care expenses not covered by statutory health insurance, e.g. glasses, certain types of preventive care, and more
Allianz SE 2013
5.4
F6
F. Health insurance
Financing
Statutory
Private
Pay-as-you-go
Social security
Private insurance
Allianz SE 2013
Benefits
F7
F. Health insurance
Premiums in a pay-as-you-go
financing system depend on relation
of total income subject to social
health insurance contribution to total
medical cost
Until 2050 demographic changes will
result in huge burden for statutory
health insurance
2010
2050
Retired
person
300%
Claims
250%
Financial gap
200%
Contributions
150%
Consequence
Claims and contributions
will diverge massively
0%
1990
2000
2010
2020
2030
Allianz SE 2013
Employed
person
2040
F8
F. Health insurance
Deductions
Savings
Net premium
Allianz SE 2013
Age
Net present value of claims must equal net present value of premiums in premium calculation
All cash flows are discounted with a calculatory interest rate of 3.50%1 or 2.75%2, respectively
If realized interest rates in a company fall below calculatory rates, premiums have to be raised
1) On contracts before 2013
2) On contracts since 2013
F9
F. Health insurance
We
do
guarantee
We
do not
guarantee
F 10
F. Health insurance
Agenda
1
2
3
4
Allianz SE 2013
Summary
F 11
F. Health insurance
Debeka
16.5 %
2.
Ergo
13.0 %
3.
Allianz Health
9.4 %
(Self-) Employed
4.
AXA
7.9 %
Medical doctors
5.
7.7 %
6.
Generali
6.1 %
7.
VK Bayern
5.2 %
8.
Barmenia
4.2 %
9.
Continentale
4.0 %
HUK
3.5 %
Total
78 %
1.
Ergo
21.2 %
2.
VK Bayern
9.1 %
3.
Allianz Health
8.2 %
4.
8.1 %
Long-term care
5.
Generali
7.0 %
Dental
6.
Debeka
6.3 %
7.
Barmenia
4.8 %
8.
AXA
4.2 %
Outpatient care
9.
Continentale
4.1 %
Travel insurance
HUK
2.6 %
Total
76 %
10.
Supplementary
Allianz coverage
10.
Civil servants
Each with multiple products
offering different levels
of coverage
Allianz coverage
Inpatient care
1) Market shares differ from next slide due to slightly different definitions of comprehensive and supplementary insurance
Source: PKV-Statistik 24.4.2013
Allianz SE 2013
Comprehensive
F 12
F. Health insurance
12%
12%
10%
11.0%
10.8%
10.5%
10.3%
10.6%
10.2%
10%
9.8%
9.4%
8%
9.3%
9.7%
9.4%
9.0%
8%
6.1%
5.7%
4.8%
5.0%
6%
4.7%
4.5%
3.6%
4%
3.6%
4.1%
2%
0%
8.7%
8.1%
6.3%
6%
8.7%
4.7%
4.5%
4.4%
4.6%
3.9%
4%
2%
New business
GPW
0%
New business
GPW
1) Market shares differ from previous slide due to slightly different definitions of comprehensive and supplementary insurance
Source: BaFin NW 603
F 13
Allianz SE 2013
11.2%
11.0%
F. Health insurance
84.3%
84.1%
-1.0%-p
Acquisition
6.4%
expenses
2.5%
5.6%
3,300
3,200
2.4%
3,100
76.2%
3,204
3,123
3,119
3,091
3,042
200
Claims 75.0%
3,209
3,176
-0.1%-p
-1.0%-p
+1.2%-p
83.2%
3,268
5.4%
-0.4%-p
Admin
expenses 2.9%
+0.2%-p
75.2%
159
184
164
152
174
198
150
112
100
2010
2011
2012
Operating profit
0
2005 2006 2007 2008 2009 2010 2011 2012
F 14
Allianz SE 2013
GPW
F. Health insurance
Net yield
(2011)
5.0%
4.5%
4.0%
3.5%
0.0%
0%
2%
4%
6%
8%
10%
Allianz SE 2013
F 15
F. Health insurance
2012
Debeka
DKV
Allianz
Signal
Central
AXA
2011
Debeka
DKV
Allianz
Signal
Central Data not available
AXA
2010
Debeka
DKV
Allianz
Signal
Central
AXA
150%
1.5
Market
140%
1.4
130%
1.3
110%
1.1
Market
Allianz
Health
120%
1.2
Market
100%
1
2004
2006
2008
2012
Market
2010
Allianz SE 2013
2002
F 16
F. Health insurance
Investment income
Net reserves
(EUR mn)
(EUR mn)
(EUR mn)
CAGR
+1.3%
CAGR
+12.5%
3,268
2,865
636
573
CAGR
+7.2%
1,082
24,774
Supplementary
12,396
2,632
2,292
2002
2012
Comprehensive
332
2002
2012
2002
2012
Operating profit
Total yield
(EUR mn)
+1.0%-p
198
+0.38%-p
0.83%
4.6%
Allianz SE 2013
3.6%
0.45%
53
2002
2012
2002
2012
2002
2012
F 17
F. Health insurance
Agenda
1
2
3
4
Allianz SE 2013
Summary
F 18
F. Health insurance
Acquisition provisions
legally limited
2013
2005
Entry threshold raised
disproportionately
(approx. 1mn employees
affected)
2010
Annulment of 3-year
waiting time
introduced in 2007
General election
Further restrictions for
private health insurance
possible
Allianz SE 2013
2000
F 19
F. Health insurance
Starting point
600
Premium
Voluntarily insured
employees
Comfort
Self-employed
below minimal
earnings threshold
300
Entry
200
Decreasing coverage
Increasing deductibles
Unsatisfied customers
Decreasing value of
private insurance
Allianz SE 2013
Gaps in coverage
Premium adjustments
Segments in private health insurance
Segments in statutory health insurance
F 20
F. Health insurance
Innovation
leader
Allianz Health
strategy
Dynamic coverage, e.g. open list of medical expedients for
full participation at medical innovation over a lifetime
Allianz SE 2013
Quality leader
F 21
F. Health insurance
Products
Services
Sales
approach
F. Health insurance
Growth
2011 2012
1
Corporate
Corporate
12%
Long-term care
10%
Dental
8%
Long-term care
6%
4%
Inpatient
2%
Outpatient
0%
Dental
9 10 11 12 13 14
Market size
in mn insured persons
1) No market data available; position based on Allianz data (actual growth Allianz 2012-13 >100%)
Sources: PKV-Verband 2011, Kurs Magazin 2013
Allianz SE 2013
F 23
F. Health insurance
Corporate
Long-term
care
Allianz SE 2013
Dental
F 24
F. Health insurance
35%
30%
25%
Goal: maintain or
increase performance advantage compared to market
20%
15%
10%
5%
0%
2007
2008
2009
2010
2011
2012
F 25
Allianz SE 2013
F. Health insurance
Agenda
1
2
3
4
Allianz SE 2013
Summary
F 26
F. Health insurance
Summary
Achievements
F 27
Operations
Alexander Vollert
Member of the Board of Management
Allianz Deutschland AG
Berlin, June 25, 2013
G. Operations
Agenda
Overview
Managing expenses
Managing digitalization
Summary
Allianz SE 2013
1
2
3
4
G2
G. Operations
Staff1
Service areas
Claims
Organizational
management
Northeast
IT
Operations controlling
& change mgmt.
Analytics & steering
Northwest
Southeast
Data protection
Southwest
Objectives
Objectives
Allianz SE 2013
G3
G. Operations
Responsibilities
2012
FTEs
9,500
FTEs
13
Administrated contracts
45mn
Calls handled
20mn
EUR 600mn
Locations
2012
Budget
Budget
PCs
Server
IT projects
1,400
EUR 600mn
60,000
1,200
~1,000
Digitalized documents
at LSZ1
27.9mn
20,000 TB
Operating procedures
49mn
Legacy administration
systems migrated to ABS4
10
Claims handled
2.7mn
Claims payments2
1)
2)
3)
4)
EUR 4.2bn
LSZ = Logistik-Service-Zentrum
Data according to local GAAP (HGB); based on gross figures P/C
ZPS = Zukunftsprogramm Sach = future program P/C business
ABS = Allianz Business System
Number of processes
~12,000
~1,500
G4
Allianz SE 2013
G. Operations
Agenda
Overview
Managing expenses
Managing digitalization
Summary
Allianz SE 2013
1
2
3
4
G5
G. Operations
Life1
Health1
30
3.5
3,5
12
3.0
3,0
Market
average
2.5
2,5
26
Market
average
24
2.0
2,0
1.5
1,5
Allianz
1.0
1,0
22
0.0
0,0
07
08
09
10
11
27.4%
07
08
09
10
11
25.9%
1.1%
Market average
10
Allianz
2006
Local GAAP
Allianz
Market
average
0.5
0,5
20
2006
11
Allianz
2006
07
08
09
10
11
9.4%
10.4%
Allianz
Market average
Allianz SE 2013
Allianz
28
2.4%
Market average
G6
G. Operations
X%-p reduction
-1.3
effects
via Growth
lower expenses
1.2
- 3.0
X%-p reduction
-1.7
via Cost
highereffects
growth
Major levers
27.8
26.0
2011
IFRS
Expense
inflation
Required
reduction
IFRS
2014e
G7
G. Operations
Other initiatives
Optimize IT infrastructure
Allianz SE 2013
Distribution
Operations
Headquarters
Focus of presentation
G8
G. Operations
FTE development
-17%
2,205
1,822
Actions
Systematic analysis of headquarter functions,
tasks, hierarchy levels, savings potentials and
implementation options
More than 500 measures initiated and results
implemented
FTEs to be reduced by ~400 by 2014
2011
2014e
Impact
Allianz SE 2013
G9
G. Operations
KVM2 ServicePlus
217
287
48
2012
30
2013e
2014e
2013e
90
2014e
Affected businesses
GA3 VersService
-45%
100
Annual average
KVM = Service Plus Kunden und Vertriebsmanagement GmbH
GA = Global Automotive
Average costs per FTE for simple servicing in traditional operating entities
Reference
value4
Allianz SE 2013
55
Service
company
G 10
G. Operations
Automation
STP2 (%)
2011
OCR3 (%)
straight-through
20124
Motor (retail)
Non-motor
(retail)
Life (retail)
78
20124
74
94
40
20
87
Impact
61
83
97
45
80
25
68
41
80
52
73
15
65
45
Improved customer
satisfaction through
higher speed
Additional
productivity
gain of 8% over
next 3 years
Allianz Deutschland
Market
Additional measures
Design new products for STP2 (especially in individual business),
e.g. new product PrivatSchutz with >90% STP rate for new contracts
Improvement of digital entries for all channels (e.g. broker through BiPro5)
1)
2)
3)
4)
5)
6)
Source: Verdi report 2011 (data Allianz Deutschland) / BCG IT-Benchmarking in deutschen Versicherungen 2012 (market data)
STP = straight-through processing, source: Verdi report 2011 (data Allianz Deutschland) / BCG IT-Benchmarking in deutschen Versicherungen 2012 (market data)
OCR = optical character recognition; OCR-STP: automatic recognition and routing to employee; no manual routing required; data for 2012
Source: Verdi report 2012 (data Allianz Deutschland)
BiPro = Brancheninstitut Prozessoptimierung = industry institute for process optimization
ABS = Allianz Business System
Allianz SE 2013
G 11
G. Operations
Modularity of
new products
Basic
protection
Add-on
modules
Initial portfolio
Open book
Closed book
Closed book
Tariffs
(closed book)
ABS product
ABS product
12
Migration product
Portfolio cleaning
88
14
81
G 12
Allianz SE 2013
G. Operations
Performance
Management
Kundenverstndnis
Einstellung
und
Verhalten
Organisation
und
Fhigkeitenaufbau
Impact / results
More than 250 projects since 2007
Education of employees
to spread methodology
and approach
Effektivitt
Kunde
UnternehUnternehmensziel:
mensziel:
KundenKundenzufriedenheit
zufriedenheit
profitabel
profitabel
erreichen
erreichen
Prozess
Effizienz
Allianz SE 2013
Significant efficiency
and / or quality improvement
in operations
Mitarbeiter
Engagement
G 13
G. Operations
Agenda
Overview
Managing expenses
Managing digitalization
Summary
Allianz SE 2013
1
2
3
4
G 14
G. Operations
Digitalization as
3 a base for
new business models
2 a tool for
business expansion
Impact
Our role
Costs
Revenues
Revenues
Customer satisfaction
Customer satisfaction
Customer satisfaction
use
shape
invent
Allianz SE 2013
1 an operative tool
G 15
G. Operations
SELECTED EXAMPLES
3
2
1
Digitalization as a tool
for business expansion
Digitalization as a base
for new business models
Travel
Travel
Digitalization as an
operative tool
Retail
Retail
Products
Advice
Allianz SE 2013
Claims
Products
Advice
Insurance
Insurance
Communication
Real-time pricing
Bonus program / MyAllianz
360 customer profile, accessible
real-time across all touch points
Claims
Communication
Communication
Advice
Claims
Products
Telecommunications
Telecommunications
G 16
G. Operations
2. My needs
Promoters
68
+65
3. My priorities
4. My solutions
Neutrals
29
Detractors
Exdetractors
New ABP1
Definition of market-leading standards for providing advice to customers
Comprehensive analysis of individual needs & priorities
Customized solutions & follow-up opportunities
HTML 5 device independent, e.g. simple tablet integration
Link to customer portal MyAllianz
Advantages
Allianz SE 2013
G 17
G. Operations
MyAllianz
launc
hed A
pril 1
7
, 201
Ease of use
Welcome page
with personalized
CRM
Contract
overview
Bonus
program
Allianz SE 2013
G. Operations
Allianz: -26%
50
-50
-100
a
iln
A
z
34.6
26.9
28.7
15.6
34.8
17.9
31.7
20.2
19.6
38.3
39.2
14.4
14.0
27.0
27.3
Allianz SE 2013
9.8
ABS2
Base requirements
Maintenance
2010
2011
2012
2013
G 19
G. Operations
Agenda
Overview
Managing expenses
Managing digitalization
Summary
Allianz SE 2013
1
2
3
4
G 20
G. Operations
Summary
Achievements
G 21
Distribution
Joachim Mller
Member of the Board of Management
Allianz Beratungs- und Vertriebs-AG
Berlin, June 25, 2013
H. Distribution
Agenda
1
2
3
Allianz SE 2013
Summary
H2
H. Distribution
Sales people
14,228
8,5402
1)
2)
3)
4)
5)
6)
8 regional sales
divisions
887mn
(EUR)
Life insurance
new business4 (EUR)
12,418mn
Health insurance
new business5 (EUR)
6.8mn
Customers
4 VG6
15.1mn
88 branch offices
8,540 agents2
Allianz SE 2013
ABV1
H3
H. Distribution
Market trends
2008
Other 3.0%
Other 3.6%
Direct 4.2%
Direct 4.3%
Banks
5.8%
Demographic change
Direct 3.3%
Brokers
28.6%
2008
Other 2.8%
Regulation / IMD21
Banks
6.1%
Agents
57.4%
57.4
Urbanization
Agents
58.9%
Brokers
28.1%
Digitalization
2011
Banks
20.1%
Brokers
28.9%
2011
Other 2.6%
Agents
44.9%
20.1
28.9
Direct 3.4%
Banks
19.8%
Agents
43.6%
Allianz SE 2013
Major characteristics
Brokers
30.6%
H4
H. Distribution
Multi-channel strategy
Strong focus on agents
Other2 4.4%
Other2 2.3%
Direct 0.6%
Banks 5.1%
Direct 1.0%
Competitive advantages
Agents2
70.8%
Automotive
7.6%
Brokers
11.5%
2012
Banks 6.1%
Agents2
70.4%
Automotive
8.5%
Brokers
11.7%
2008
Other2
15.2%
Automotive 0.0%
Direct 0.0%
Brokers
17.3%
Banks
18.7%
2012
Other2
9.2%
Direct 0.0%
Agents2
48.8%
Automotive
0.1%
Banks
16.4%
Agents2
50.5%
Allianz SE 2013
Expected trends
Brokers
23.8%
1) By GPW
2) Share of agents and other: data 2008 / 2012 not fully comparable due to a change in methodology. Other in 2008: including agents of specialized distribution
H5
H. Distribution
Brokers
Largest
exclusive
distribution
system in
Germany
~8,540 agents1
Clear market
leader in life
business
Top insurance
partner for
brokers
~6,000
employed
salesforce
~24,500 part
time agents
Automotive
Banks
Online
Other
Allianz SE 2013
Presence: 98%
of Allianz clients
with an agency
within 10km
H6
H. Distribution
New premiums
(EUR mn)
CAGR
+21.1%
6,861
7,199
135
5,319
5,977
43
72
1,542
1,222
2010
2012
2010
2012
207
141
Non-motor
Motor
Recurring premiums
2010
Single premiums
Allianz SE 2013
98
2012
Health
1) KUBUS = kundenorientiertes Benchmarking von Prozessen zur Unternehmenssteuerung = customer oriented benchmarking of processes for business controlling
2) In monthly premiums
H7
H. Distribution
OLB1
226 = 8%
Bavarian
cooperative
banks
1,309
1,363
= 45%
= 47%
Commerzbank
Commerzbank agreement
Access to a market of >7mn retail clients in
~1,200 branch offices with full range of
insurance products
OLB1
Allianz SE 2013
H8
H. Distribution
Purchase
Information
14
Direct
38
20
Service
16
16
20
3
Agency
100
24
61
100
58
59
100
Allianz SE 2013
Total
26
H9
H. Distribution
AllSecur
AAOS
MeinAuto
Agent
Access
Web
Allianz SE 2013
Differentiation
Tailor-made
products
Market trends
Ready-made
products
H 10
H. Distribution
The future
CAGR
+3.4%
CAGR
+1.0%
805
355
354
397
451
2010
2012
Non-motor
Motor
1) In monthly premiums
8,897
9,071
7,375
7,752
1,522
1,319
2010
2012
6,402
5,003
2010
Allianz SE 2013
752
CAGR
+13.1%
2012
Health
H 11
H. Distribution
Agenda
1
2
3
Allianz SE 2013
Summary
H 12
H. Distribution
Results
Cross-selling
Mid-term
ambition
Customer retention
Productivity
+25%
Sales compliance
Sales efficiency
Allianz SE 2013
1) TA = tied agent
H 13
H. Distribution
Sales quality /
effectiveness
Systematic
sales support
Needs-based advisory
process
Allianz SE 2013
Targeted customer
approach
Professional
agency processes
Sales activity
H 14
H. Distribution
Active cross-selling
Focus on customers
instead of products
Dec
Jan
Nov
Feb
Oct
Mar
Sep
Apr
Aug
May
Jul
Jun
Focus on how
instead of how much
g
hin
Vertriebsinteraktionen
Inbound and / or
outbound support
und
Results
orientiert
activity
Erfolgsmessung
und - analyse
Allianz SE 2013
ac
Co
Untersttzend
und
Begeisternd ...
i ng
...
nn
Integration of the
entire executive
hierarchy
Voraus schauend
Pla
Future-focused
success analysis
and optimization
H. Distribution
Live
demo
Process
Priorities
Results
Pro3 agents
obtain far
more
information
and data1
Profession of customers2
419
492
575
+37%
Children of customers2
197
243
297
Start Pro3
After
6 months
After
18 months
+51%
Allianz SE 2013
Advantages
Defined advice standards for all Allianz sales representatives and employees
Comprehensive survey of needs and customer data with cutting edge technology
Implemented independently of terminal using html5
Opens up countless opportunities to sell follow-on policies
Advantages
H 16
H. Distribution
Feb
Nov
Oct
Mar
Sep
Apr
Aug
May
Jul
Jun
Fewer lapses
Allianz SE 2013
Dec
Advantages
H 17
H. Distribution
Agency
Allianz SE 2013
Advantages
H 18
H. Distribution
Completed
meetings
Successful
meetings
New
policies
Valued
premium
Activity
Result
Further long-term
development of
abilities, skills
and potential
Activity targets
Result targets
Increase in activity
level (along the
sales process)
leads to better
results
Results are
reflected directly
in financial terms
Allianz SE 2013
Development targets
Advantages
H 19
H. Distribution
Package 2
Package 1
Sales quality /
effectiveness
Allianz SE 2013
Sales activity
H 20
H. Distribution
Group 4
Group 3
Group 2
Group 1
Further rollout
groups t.b.d.
~2,000
Pro3 transformation of additional
~2.000 sales professionals going forward
~5,200
~150
2011
Labs &
field tests
1)
From 1Q 2014
Rollout continued
Allianz SE 2013
H 21
H. Distribution
New policies
+6
+8
108%
106%
100%
100%
ABV (non-Pro3)
+6
+5
106%
100%
105%
100%
Allianz SE 2013
New business
Pro3 package 1
H 22
H. Distribution
New policies
+24
+23
124%
123%
100%
100%
+27
100%
+21
+27
127%
121%
100%
127%
Allianz SE 2013
100%
ABV (non-Pro3)
Pro3 package 2
1)
H 23
H. Distribution
4%
12%
2%
481
45%
38%
59%
490
49%
447
45%
26%
9%
3%
Outstanding
Very good
1)
2)
3)
4)
GV/HV3
KB/KBV3
2010
2011
2012
Good
Average to dissatisfied
Allianz SE 2013
VBL2
8%
H 24
H. Distribution
Agenda
1
2
3
Allianz SE 2013
Summary
H 25
H. Distribution
Summary
Achievements
H 26
Customer
orientation
Bernd Heinemann
Member of the Board of Management
Allianz Deutschland AG
Berlin, June 25, 2013
I. Customer orientation
Agenda
1
Market Management
2
3
4
Customer focus
Digital customer interaction
Allianz SE 2013
I2
I. Customer orientation
Products
Market analyses
and innovations
Customer
standards
Customer data
and statistics
Measurement and
reporting systems
Market research
Communication
Customer view
and segmentation
Agenda topic
Customer
focus
Sales
Sales planning
Sales channel
support
Marketing
Online interaction,
CRM platforms
and tied agents
homepages
Advertising,
sponsoring
Agenda topic
Digital customer
interaction
Agenda topic
Advertising and
brand strategy
Customer
communication
CRM and customer
processes
Sales materials
Allianz SE 2013
Market
Offer
I3
I. Customer orientation
Agenda
1
Market Management
2
3
4
Customer focus
Digital customer interaction
Allianz SE 2013
I4
I. Customer orientation
Customer satisfaction
Investments
Expenses
Claims
Costs
Allianz SE 2013
Earnings
I5
I. Customer orientation
GPW P/C
2006
2007
2008
2012
2011
2009
Allianz SE 2013
2010
Customer satisfaction
I6
I. Customer orientation
Share of enthusiastic
customers
Top
20%
1.8
50%
Remaining
80%
2.5
25%
Allianz SE 2013
Productivity
I7
I. Customer orientation
Allianz SE 2013
I8
I. Customer orientation
Fields of activity
44%
Products
31%
44
31
22
21
1.9
2012
1.9
2011
Advice
59
25
12
22
1.6
2012
1.7
2011
Service
34
22
36
5 3
2.2
2012
2.3
2011
Claims
52
23
17
4 4
1.9
2012
1.8
2011
Benefits
44
27
21
5 3
2.0
2012
2.0
Communication
59
22
16
21
1.6
2012
Allianz SE 2013
2011
1.7
2011
Grade 1
Grade 2
Grade 3
Grade 4
Grade 5
I9
I. Customer orientation
Communication
58.9
Advice
50
52.0
Claims
45
44.3
Benefits
43.5
Products
33.8
Service
60
55
40
35
Allianz SE 2013
30
25
2006
2007
2008
2009
2010
2011
2012
I 10
I. Customer orientation
Competencies
Know-how
22%
Products
Reliability
Advice
27%
Claims
13%
Service
18%
Speed
Speed
Commitment
Listening
Transparency
12%
Communication
Allianz SE 2013
Customer
satisfaction
26%
Payment
I 11
I. Customer orientation
11
10
11
12
13
14
15
Allianz SE 2013
16
I. Customer orientation
Allianz SE 2013
I 13
I. Customer orientation
Destroying enthusiasm
Allianz SE 2013
I 14
I. Customer orientation
01802 100117
01802 100105
0800 11224444
0800 11223344
01802 100116
089 3800 - 0
0800 11225555
01802 100104
01802 100107
0180 3003535
07304 456372
0211 1345223
(more local numbers)
25%
right
Fully
satisfied
customers
drop:
-8%-p
75%
wrong
Allianz SE 2013
I 15
I. Customer orientation
0800 11 22 33 44
One claims notification number
Share of correctly dialed numbers
65%
25%
Old claims
notification
number
Allianz SE 2013
New claims
notification
number
I 16
I. Customer orientation
Allianz SE 2013
Patrick
I 17
I. Customer orientation
Patrick
Historical
success base
Tailor-made
products
Allianz SE 2013
Products
Access
Tied
agents
Web
I 18
I. Customer orientation
Tailor-made
products
Allianz SE 2013
Products
Access
Tied
agents
Web
I 19
I. Customer orientation
Agenda
1
Market Management
2
3
4
Customer focus
Digital customer interaction
Allianz SE 2013
I 20
I. Customer orientation
Agent
Direct
Online
Direct
Hybrid
Agent
Online
Classic
Agent
Online
Agent
Online
Past
Present
Future
Allianz SE 2013
I. Customer orientation
Agent
Digital coating
Physical agency
Agent webpage
Classical ads
Online links
E-mail news
Local neighbors
Social media
Allianz SE 2013
I 22
I. Customer orientation
Women
Doctors
Financial
precautions
Migrants
Media
Allianz SE 2013
Basis
Company
pension plan
I 23
Allianz SE 2013
...
...
...
Sponsoring
Events
Job offers
References
Up-to-date
Certificate
Advisor
Empty modul
Company info
Prospect test
Topic library
Video modul
Links
Stock info
Focus topics
Regional / weather
Fundamentals
Online calculator
Newsletter
Car world
Product bike
I. Customer orientation
50%
I 24
I. Customer orientation
Allianz SE 2013
I 25
I. Customer orientation
No webpage
4%
Pictures
& contents
Fully
customized
20%
28%
48%
Allianz SE 2013
Partially
customized
I 26
I. Customer orientation
Allianz SE 2013
I 27
I. Customer orientation
E-mail newsletter
Number of yearly contacts,
2011, in mn
14.0
Newsletters sent
65%
Newsletters
opened
9.1
78%
Newsletter read by
Allianz customers
7.1
Contacts to agents
Allianz SE 2013
22%
1.6
I 28
I. Customer orientation
1 page
200,000 fans
~100,000 fans
Allianz SE 2013
I 29
I. Customer orientation
Allianz
67%
On average
3 new customers
Competitor B
10%
Competitor C
8%
Competitor D
8%
Competitor E
7%
Competitor F
7%
Competitor G
6%
Competitor H
5%
36%
Not yet
48%
16%
Last year
At least one sale
18%
Competitor
48% A
Allianz SE 2013
8 contracts
I 30
I. Customer orientation
State-of-the-art
interaction platform
for customers
Earn-and-spend customer
loyalty program
Innovative
communication and
consulting services
Allianz SE 2013
I 31
I. Customer orientation
Allianz SE 2013
I 32
I. Customer orientation
Agenda
1
Market management
2
3
4
Customer focus
Digital customer interaction
Allianz SE 2013
I 33
I. Customer orientation
2011
Product innovation
and modularity
2012
Existing products
Product innovation
Perspective: past
Perspective: future
Real cases
Allianz customers
Value proposition being there when it counts
I 34
Allianz SE 2013
I. Customer orientation
Roadtrip
Project website
Exhibition
Explanatory
film
Art project
Foster
Huntington
Allianz
agency
Innovative
campaign
Online
interaction
TA homeSales material
page modules
Online advertising
Product configurator
Allianz SE 2013
Arena event
Webspecial
PrivatSchutz
I 35
I. Customer orientation
Online documentation
and participation
Art blogs
Allianz SE 2013
Exhibition in
September
I 36
I. Customer orientation
Allianz SE 2013
Arena event
I 37
I. Customer orientation
Allianz SE 2013
I 38
I. Customer orientation
Agency decoration
Allianz SE 2013
I 39
I. Customer orientation
Summary
Strategy / initiatives / ambition
Multi-access as a response to
changing customer behavior
Achievements
I 40
Allianz Capital
Markets Day
Dieter Wemmer
CFO
Allianz SE
Berlin, June 25, 2013
Operations
Life
Distribution
Ongoing enhancement
of sales channels and
processes
Life
investments
Customer
orientation
Health
Allianz
Germany
P/C
Allianz SE 2013
To sum it up
Disclaimer
These assessments are, as always, subject to the disclaimer provided below.
Forward-looking statements
The statements contained herein may include prospects, statements of
extent of credit defaults, (vii) interest rate levels, (viii) currency exchange
rates including the Euro/U.S. Dollar exchange rate, (ix) changes in laws and
looking statements.
Such deviations may arise due to, without limitation, (i) changes of the
No duty to update
and the development of loss expenses, (iv) mortality and morbidity levels and
trends, (v) persistency levels, (vi) particularly in the banking business, the
to be disclosed by law.
Allianz SE 2013
Allianz Group's core business and core markets, (ii) performance of financial
Peter Hardy
Head of
E-mail:
Investor Relations oliver.schmidt@allianz.com
+49 89 3800-18180
E-mail:
peter.hardy@allianz.com
Christian
Lamprecht
+49 89 3800-3892
Stephanie Aldag
+49 89 3800-17975
IR Events
E-mail:
stephanie.aldag@allianz.com
Investor
Relations
+49 89 3800-3899
Internet
E-mail:
investor.relations@allianz.com
English: www.allianz.com/investor-relations
German: www.allianz.com/ir
E-mail:
christian.lamprecht@allianz.com
Reinhard
Lahusen
+49 89 3800-17224
E-mail:
reinhard.lahusen@allianz.com
Allianz SE 2013
Oliver Schmidt