Mar 03, 2023 Sustainability Report 2022 Download the report

We secure your future

What we mean by 'sustainability'

First, let's be clear what we mean by sustainability. We define a 'sustainable society' as one in which all members meet their own needs without compromising the ability of future generations to meet their coming needs. Sustainability means leveraging and protecting our natural, social, and economic resources in a way

Our role in this transformation is a natural one, guided by our purpose. Allianz has been securing the future of our customers since our founding in 1890. We've learned from our history but are motivated by the challenges and opportunities of today and our future potential. Our ambition is to grow and prosper for generations to come. And our growth depends on the growth of sustainable economies

Our purpose - 'We secure your future'

• informs all our decisions every day and shapes our approach to sustainability. The very nature of what we do contributes to creating secure and sustainable economies and societies
• pooling, investing and managing

risks to help protect and grow lives, assets, and businesses.

We create positive social and environmental impact through the way we run our organization and by using our insurance, investment, and asset management expertise. With our competence, expertise and global footprint, we

have the ambition to be a catalyst for sustainable growth in the financial services industry and beyond. And we know that we cannot do it alone.

Living our purpose depends on relationships. We believe that the best way to secure a better future is through strong partnerships. As one of the largest financial institutions in the world, we aspire to be a trusted partner. Your trusted partner.

We partner with people, companies, institutions, and governments around the world to multiply sustainable action. We engage in public-private and peer- to-peer partnerships to mitigate climate change, create economic growth, and support social resilience in communities. And we partner with our customers - individuals, families, and companies - to help them prepare for the future and support them in making sustainable choices.

For more details, please see section 05.3 Stakeholder engagement.

that allows everyone to enjoy a decent life.

Importantly, this understanding of sustainability can be based on and verified by science. We can for example now scientifically see whether wealth is gained or lost, whether ecologies flourish or die and whether students are educated and ready for future jobs, or not.

Such a framework highlights the collective effort needed to drive change

• governments, NGOs, the private sector, academia, and individuals all have a role. Unfortunately, given how ecological barriers have already been breached and social needs not met, our current global society is far from being a sustainable one. Much work and transformation is needed to provide future generations with a sustainable basis.

around the globe. In short, sustainability is both responsible stewardship and in our commercial interest.

This report brings together our strategy, ambition, commitments, and contributions to shape a more sustainable future.

Our reporting approach

This report is designed to meet the information requirements of our stakeholders, relevant regulations and sustainability rating and benchmarking providers. It focuses on the concepts and key performance indicators (KPIs) that reflect our most material sustainability issues and has been prepared in accordance with the Global Reporting Initiative (GRI) Standards. The new GRI Standard's update 2021 was adopted for the first time.

In line with our sustainability integration approach, responsibility for sustainability reporting lies with Group Accounting and Reporting which works closely with Global Sustainability to produce this report.

As part of our commitment, following the description of our sustainability approach and strategies, we structure our annual Sustainability Report in two main sections, both of which are equally important for communicating our approach to material sustainability issues:

Measuring and managing our performance

Covering material topics and public targets and commitments that are integrated across Allianz and where we have established quantitative targets, KPIs and performance data.

Strengthening our foundation

Covering material topics and other topics related to ratings performance that are evolving towards fuller integration across Allianz and where our targets, KPIs and performance are continuing to evolve.

For further information about our approach to reporting, please see section 05.2 How we report: transparent reporting, ratings and performance.

We disclose our performance in several ways:

Through tables and charts throughout the report.

Data tables in the beginning or within each major chapter, which are referenced using a circle icon. We use the same numbering as last year to facilitate comparability. Conversely, this means that the numbering of the tables is not always ascending.

(example - table ESG-1).

References to external links are tagged using this icon.

References to sections within the report are tagged using this icon (forward arrow).

For more details, please see the updated GRI content index.

Communicating our performance

Information about targets and performance are essential for enhancing the quality, reliability and comparability of sustainability reporting. We are committed to disclosing meaningful data to improve our sustainability disclosures for internal decision-making and for our external stakeholders. As an investor, we also rely on this type of information to integrate sustainability into our core business activities.

Our reporting ecosystem

We pay special attention to transparency and making content easy to find.

This report is part of a broader reporting ecosystem which covers sustainability topics relevant to Allianz Group.

This year's publications include: Allianz GroupNon-financial

Statement - Based on European Non- Financial Reporting Directive and non- binding guidelines for non-financial reporting on pages57-75.

Analyst Presentation - Presentation of Group financial results includingnon-financialKPIs to analysts.

Explanatory Notes - Detailed collection including definition of our sustainable investment strategy, carbon footprint from our proprietary investments and own operations.

Non-financialSupplement - Complete overview ofsustainability-relatedKPIs. Published in Excel and PDF format.

People Fact Book - Key Human Resources facts and figures, achievements in 2022 and an outlook for 2023.

Tax Transparency Report - Find out more about our approach to taxes and relevant tax data on acountry-by-country basis.

You can find out further sustainability reports and publications in the download center on our website.

Contents

About this report

01 Introduction and strategy

1. Message from the CEO
2. Highlights 2022
3. Company description and strategy
4. Our sustainability approach
5. Our climate approach
6. Our social approach
7. Our sustainability integration approach
8. Our sustainability governance

02 Measuring and managing sustainability

Sustainability in our business activities

02.1 Sustainability in insurance

1. Integrating sustainability in insurance
2. Natural disasters
3. Climate change and decarbonization
4. Sustainable solutions
5. Emerging consumers

Due to rounding, numbers presented may not add up precisely to the totals presented and percentages may not precisely reflect the absolute figures.

1. Sustainability in proprietary investments
2. 1. Integrating sustainability in proprietary investments
   2. Climate change and decarbonization targets for proprietary investments
3. Sustainability in asset management

Sustainability in our organization

1. Human resources
2. Customers
3. Own operations
4. Corporate citizenship

03 Climate change related disclosure

1. The global challenge and the role of Allianz
2. 1. The net-zero challenge
   2. Our climate footprint
   3. Climate-relatedrisks and opportunities
3. Strategies
4. Targets
5. Strategy resilience, stress tests and climate scenario analysis
6. 1. Qualitative climate change risk assessment
   2. Integrated climate change stress test
   3. Bottom-upquantitative carbon stress test for investments
   4. Bottom-upquantitative physical risk analysis for investments
7. TCFD requirements mapping

04 Strengthening our foundation

1. Cybersecurity
2. 1. Information security
   2. Data privacy
   3. Data ethics
   4. Cyber risk
3. Regulatory and public affairs
4. Compliance
5. Tax transparency

05 Our universal principles

1. Target and objective tables
2. How we report: transparent reporting, ratings and performance
3. Stakeholder engagement
4. Our expanded sustainability governance
5. Our commitment to human rights
6. Our impact on the U.N. Sustainable Development Goals
7. Materiality analysis
8. Independent Practitioner's Report on a Limited Assurance Engagement on Sustainability Information