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Interim Report Third Quarter 2014

Interim Report Third Quarter and First Nine Months of 2014    Allianz Group26 Life/Health insurance operations by reportable segments – third quarter Life/Health insurance operations by reportable segments € mn Statutory premiums1 Premiums earned (net) Operating profit (loss) Margin on reserves2 (BPS)  internal3 three months ended 30 September 2014 2013 2014 2013 2014 2013 20144 2013 20144 2013 Germany Life 4,292 4,125 4,292 4,125 2,572 2,640 218 175 44 39 Germany Health 816 832 816 832 813 829 62 60 90 94 Switzerland 201 184 197 184 73 77 20 19 56 58 Austria 87 84 87 84 63 59 8 6 66 60 German Speaking Countries 5,396 5,225 5,392 5,225 3,522 3,605 307 260 50 47 Italy 2,789 1,579 2,789 1,579 71 82 46 35 33 30 France 1,975 1,947 1,975 1,947 899 915 140 118 68 63 Benelux5 368 423 368 423 120 122 25 23 62 63 Greece 19 21 19 21 11 12 1 1 90 196 Turkey6 243 168 267 168 40 29 7 11 108 320 Africa 12 12 12 12 6 5 – – –8 –8 Western & Southern Europe 5,407 4,149 5,431 4,149 1,148 1,165 219 188 56 54 Latin America 72 67 73 67 28 25 3 2 127 84 Spain 188 194 186 194 84 95 47 33 251 199 Portugal 59 71 59 71 21 21 6 6 424 468 Iberia & Latin America 320 331 319 331 132 141 57 41 249 206 United States 2,901 1,672 2,904 1,672 246 218 158 183 78 104 USA 2,901 1,672 2,904 1,672 246 218 158 183 78 104 Reinsurance LH 156 132 156 132 130 110 5 22 112 452 Global Insurance Lines & Anglo Markets 156 132 156 132 130 110 5 22 112 452 South Korea 421 312 390 312 127 114 (2) 11 (9) 44 Taiwan 611 347 614 347 69 47 (2) – (13) –8 Indonesia 198 181 219 181 82 71 18 12 544 395 Malaysia 104 95 102 95 33 45 6 3 175 120 Japan – – – – 2 2 1 1 21 20 Other 241 232 245 232 196 181 8 17 84 202 Asia-Pacific 1,575 1,167 1,571 1,167 508 459 28 44 45 79 Poland 48 30 47 30 19 10 (3) 4 (210) 297 Slovakia 61 59 61 59 56 53 13 8 410 266 Hungary 29 25 30 25 10 12 3 3 269 370 Czech Republic 29 30 31 30 17 19 5 3 308 217 Russia 10 20 11 20 9 20 – – –8 –8 Croatia 14 13 14 13 14 13 5 1 610 71 Bulgaria 8 8 8 8 7 8 4 1 1,038 399 Romania 6 5 5 5 4 3 2 1 1,161 313 Central and Eastern Europe7 204 190 208 190 136 138 28 20 311 241 Middle East and North Africa 45 40 46 40 34 33 4 4 257 302 Global Life 2 3 2 3 – – – – –8 –8 Growth Markets 1,826 1,401 1,826 1,401 678 630 60 68 84 104 Consolidation9 (152) (213) (152) (213) – – (15) 5 –8 –8 Total 15,853 12,698 15,875 12,698 5,856 5,869 790 769 61 66 1 Statutory premiums are gross premiums written from sales of life and health insurance policies, as well as gross receipts from sales of unit-linked and other investment-oriented products, in accordance with the statutory accounting practices applicable in the insurer’s home jurisdiction. 2 Represents annualized operating profit (loss) divided by the average of (a) the current quarter-end and previous quarter-end net reserves and (b) the current quarter-end and previous year-end net reserves, where net reserves equal reserves for loss and loss adjustment expenses, reserves for insurance and invest- ment contracts and financial liabilities for unit-linked contracts less reinsurance assets. 3 Statutory premiums adjusted for foreign currency translation and (de-)consolidation effects. 4 Effective 1 January 2014, the ­Allianz Group allocated certain entities from the reportable segment Asset Management to the reportable segments German Speaking Countries, Western & Southern Europe and Growth Markets within the business segment Life/Health and to the reportable segment Banking. 5 Belgium, Luxembourg and the Netherlands are presented as the combined region Benelux. All prior periods are presented accordingly. 6 On 12 July 2013, the ­Allianz Group acquired Yapı Kredi Bank’s 93.94 % shareholding in the Turkish property- casualty insurance company Yapı Kredi Sigorta, including its life and pension insurance subsidiary Yapı Kredi Emeklilik. 7 Contains income and expense items from a management holding and consolidations between countries in this region. 8 Presentation not meaningful. 9 Represents elimination of transactions between ­Allianz Group companies in different geographic regions.

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