22.05.2024 – Berenberg European Conference Manhattan

1 Talanx operates a multi-brand business with 4 segments and …

TOP 6

insurance provider in Europe1

~75%

in hard B2B markets

More than

175 countries

~ 29,000

employees worldwide

1 Based on insurance revenue; source: company publications, as of 3 April 2024

1 … a well-balanced business with a low risk profile

5 Berenberg European Conference | Manhattan, 22 May 2024

1 Significantly improved market cap and trading liquidity…

Note: All share prices and market data as of 29 Dec 2023

1 Peers include Allianz, AXA, Generali, Mapfre, Zurich, VIG, Munich Re, Swiss Re | 2 Source: Refinitiv, XETRA trading data only

6 Berenberg European Conference | Manhattan, 22 May 2024

1 … take Primary Insurance to new valuation levels

Development of market capitalisation

Source: FactSet | Note: Primary Insurance is here defined as Talanx market cap minus half of Hannover Re market cap.

1 Market capitalisation as of 15 May 2024 | 2 Implied valuation of Primary Insurance = EUR 4.2bn (based on Hannover Re market capitalisation of EUR 27.1bn as of 15 May 2024) translating into P/E23 of ~ 5.3x based on net income of EUR 790m (sum of net income of Primary Insurance segments Industrial Lines, Retail Germany and Retail International)

7 Berenberg European Conference | Manhattan, 22 May 2024

2 2023 was another record year …

Ahead of schedule for 2025 strategic targets

1 IFRS 4 2022: EUR 1,172m (2023 vs. 2022: + 35%); IFRS 17 2022: EUR 706m, no meaningful base for comparison given different treatment of management actions taken in 2022 under IFRS 4 accounting regime | 2 Resiliency embedded in best estimate defined as the difference between booked reserves (based on Talanx' own best estimates) and WTW analysis. WTW calculation based on data provided by Talanx. 2023 figures are based on IFRS 17 without considering discounting to enable comparability with IFRS 4 figures of previous years | 3 Dividend for 2023 paid on 13 May 2024

9 Berenberg European Conference | Manhattan, 22 May 2024

2 … followed by a head start into 2024

Bottom-line outpacing top-line growth with strengthened balance sheet

1 Currency adjusted: 10% | 2 Resiliency embedded in best estimate for P/C net claims reserves as of year end. Resiliency defined as the difference between booked reserves (based on Talanx' own best estimates) and WTW analysis | 3 Chang e in

level of resiliency embedded in best estimate for P/C net claims reserves in % of total P/C net claims reserves (2022: 4.9% vs 2023: 6.3%) | 4 Undiscounted; 31 Dec 2023: EUR 3,704m; 31 Dec 2022: EUR 2,643m

10 Berenberg European Conference | Manhattan, 22 May 2024