Earnings Document

Consensus for	4Q 2023	Date published	1/31/2024	Results publication		2/23/2024
EUR mn		Mean	Median	High		Low	# estimates
	Property-Casualty	1,778	1,754	1,925		1,650	8
Operating	Life/Health	1,290	1,307	1,459		1,130	8
Asset Management	771	765	838		724	8
profit
Corporate / Conso.	-205	-190	-183		-300	8
	Group	3,634	3,673	3,954		3,297	8
	Non-OP items	-477	-505	-262		-629	7
	Tax rate (%)	28	27	35		24	7
Group	S/h net income	2,120	2,085	2,401		1,843	7
S/h core net income	2,231	2,197	2,483		1,931	7
	S/h equity (EUR bn)	58.2	57.5	61.3		56.9	7
	SII ratio (%)	212	212	215		208	8
	Internal growth (%)	7.7	7.8	10.0		4.8	6
	Op. ins. service result	1,041	1,024	1,201		913	8
	Op. investment result	709	696	803		620	8
Property-	CR (%)	94.0	94.2	94.8		93.1	8
Casualty	ER (%)	24.9	24.9	25.2		24.7	8
	Run-off (%)	-3.0	-3.0	-2.0		-3.3	8
	Discounting impact (%)	-2.1	-2.0	-1.7		-2.7	8
	NatCat (%)	2.8	3.0	4.0		1.5	8
Life/	CSM (EUR bn)	53.0	52.8	54.7		51.9	8
NBM (%)	6.2	6.2	6.4		6.0	6
Health
VNB	994	990	1,060		955	6
Asset	Net flows (EUR bn)	-2	-2	6		-10	7
3rd party AuM	1,697	1,700	1,759		1,661	8
Management
CIR (%)	61.9	61.8	63.8		59.3	8
	EPS (EUR)	21.39	21.34	22.16		20.44	7
FY 2023	Core EPS (EUR)	22.47	22.52	23.23		21.69	7
	DPS (EUR)	12.04	12.00	12.20		11.97	8

Brokers included: BNP Paribas Exane, BofA, Intesa Sanpaolo, J.P. Morgan, KBW, Kepler Cheuvreux, Mediobanca, Societe Generale

Disclaimer: The consensus figures appearing in this document were prepared on the basis of the estimates Allianz received from research analysts. Allianz requested the analysts who, to the best of Allianz's knowledge, cover Allianz via written research reports on a regular basis, to provide their already published estimates for each of the line items appearing in this document. On the basis of estimates provided by not less than 5 analysts in the format requested, Allianz included the estimates of all of these analysts to arrive at the consensus figures in the table above. Upon receipt of at least 3 additional (or updated) estimates, Allianz will update the published figures accordingly on its website. The final consensus overview will be published two business days prior to result publication. There is no assurance that this document or a specific estimate includes all analysts who cover Allianz (e.g. because they did not provide estimates at all or for certain line items only), or that it is in any way representative. The opinions, estimates, forecasts and recommendations of analysts, and the consensus information appearing above derived from them, regarding Allianz's performance are those of the analysts alone and do not represent opinions, estimates or forecasts of Allianz or its management. By presenting the consensus information above, Allianz does not endorse or concur with any of such analysts' opinions, estimates, forecasts or recommendations. Allianz has not verified any of the information it has received and none of Allianz, its affiliates or their respective directors, officers and employees make any representation or warranty, express or implied, as to, or accept any responsibility for, the accuracy or completeness of the consensus information or otherwise endorse or concur with any of the consensus information. Except as described above, Allianz does not assume any responsibility to update, revise, or supplement such information. This consensus summary is provided for informational purposes only and is not intended to constitute investment advice, nor any solicitation to buy, hold or sell securities or other financial instruments. This document is not intended to express any investment strategy proposal or investment recommendation, and must not be understood to imply any such recommendation.

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Allianz SE published this content on 31 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2024 11:32:57 UTC.