Page 1

Investor Relations Release Munich , May 12 , 2021 oliver.schmidt@allianz.com reinhard.lahusen@allianz.com christian.lamprecht@allianz.com tobias.rupp@allianz.com investor.relations@allianz.com www.allianz.com/investor-relations Allianz +49 89 3800 3963 +49 89 3800 17224 +49 89 3800 3892 +49 89 3800 7151 Allianz starts 2021 with strong first quarter results • Total revenues of 41.4 billion euros , adjusted for currency and consolidation effects , flat compared to prior year level • 1Q 2021 operating profit up 44.8 percent to 3.3 billion euros • 1Q 2021 net income attributable to shareholders increased 83.4 percent to 2.6 billion euros • Solvency II capitalization ratio of 210 percent¹ • 2021 operating profit target confirmed at 12.0 billion euros , plus or minus 1 billion euros Management Summary : Significantly higher operating profit and net income attributable to shareholders ¹ Excluding the application of transitional measures for technical provisions . Allianz has had an excellent start into 2021 and continued to successfully navigate the impact of the ongoing pandemic . The group saw a strong performance across all its business segments , with a marked rebound in profitability in its Property - Casualty , as well as in its Life / Health business segment . Total revenues declined 2.6 percent to 41.4 ( 1Q 2020 : 42.6 ) billion euros and were flat compared to the prior year level , adjusted for currency and consolidation effects ( internal revenue growth in 1Q 2021 : -0.4 percent ) . Operating profit increased 44.8 percent to 3.3 ( 2.3 ) billion euros , with all business segments contributing . In our Property - Casualty business segment , operating profit grew strongly due to a higher underwriting result driven by a normalization of claims from natural catastrophes and lower attritional losses - the latter suffered high COVID - 19 - related losses in the first quarter of 2020. In our Life / Health business segment , operating profit increased significantly as a result of a recovery of the investment margin . Our Asset Management business segment operating profit growth benefited from higher average third - party assets under management , increased performance fees as well as strong cost discipline . Net income attributable to shareholders increased 83.4 percent to 2.6 ( 1.4 ) billion euros driven predominantly by operating profit growth and to a smaller extent by a better non - operating result following lower impairments . Higher income taxes had a slightly offsetting effect .