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1、 Allianz 2023Group financial results FY 2022 and 1Q 2023IFRS 9/17MunichMay 12,2023Allianz Investor Relations AppApple App StoreGoogle Play StoreThis page is intentionally left blankContent/topics1Group financial results FY 2022(IFRS 9/17 versus IFRS 4)2Group financial results 1Q 2023GlossaryDisclaim
2、er Allianz 2023Group financial results(IFRS 9/17 versus IFRS 4)2022Highlights 2022:consistent results under IFRS 9/17GROUP FINANCIAL RESULTS FY 2022GroupProperty-CasualtyLife/HealthAsset ManagementTotal business volume1in EUR bn(values in brackets based on IFRS 4)153.3(152.7)70.6(70.0)75.3(75.1)8.2(
3、8.2)Operating profit in EUR mn(values in brackets based on IFRS 4)13,814(14,164)6,827(6,189)4,218(5,282)3,198(3,199)Shareholders core net income(in EUR mn)Combined ratio(in%)New business margin(in%)Cost-income ratio(in%)5.93.8IFRS 4IFRS 9/176,984IFRS 4IFRS 9/1761.261.2IFRS 4IFRS 9/1793.394.23rd part
4、y net flows(EUR bn)-81.4-81.43,9392,526VNB(EUR mn)NatCat impact2.92.851)Total revenues under IFRS 4n.a.Shareholders net income6,7386,421IFRS 9/17(pre-tax)SII(post-tax)10.312.7RoE(in%)-4.3-4.2Run-off ratioHighlights 2022:consistent results under IFRS 9/17GROUP FINANCIAL RESULTS FY 20226Comments Share
5、holders net incomeLower mainly due to operating profit.Shareholders core net incomeReflects underlying profitability by adjusting for non-operatingmarket movements(included in line item“result from assetsand liabilities measured at fair value incl.derivatives”)andpurchase GAAP accounting excluding d
6、istribution agreements(included in line item“amortization of intangible assets”)aftertaxes and minorities.Adjustment in 2022 was EUR+563mn.RoEIFRS 9/17 RoE based on shareholders core net income.Ratiohigher than under IFRS 4 mainly due to lower averageshareholders equity.Total business volumeComparab
7、le to total revenues under IFRS 4.Differencesmainly relate to minor methodological changes.P/C OP and CR benefit from discountingOperating profit driven by higher insurance service result(=discounting of loss reserves),partially offset by loweroperating investment result(=interest accretion on lossr
8、eserves).L/H OP impacted by US accounting mismatchHedging strategy for US Life business optimized forstabilization of profits under IFRS 4;under IFRS 9/17 itresults in an adverse impact of EUR 0.6bn.Impactexpected to decline significantly in 2023.LH new businessIFRS 9/17 view is before tax and minor
9、ities.AM largely unaffected by IFRS 9/17P/C:OP and CR benefit from discounting7GROUP FINANCIAL RESULTS FY 2022Operating profit(EUR mn)Combined ratio(in%)2022IFRS 9/17Insurance service result3,0804,298Operating investment result3,0262,432Other8397Loss ratio167.568.4t/o NatCat impact2.92.8t/o run-off
10、ratio-4.3-4.2Expense ratio26.824.91)Including reinsurance result with reinsurance ratio of 2.7%under IFRS 9/176,1896,82794.293.32022IFRS 42022IFRS 9/172022IFRS 4P/C:OP and CR benefit from discountingGROUP FINANCIAL RESULTS FY 20228Comments Combined ratio 1.0%-p lowerLower CR driven by discounting ef
11、fect(-1.7%-p),partially offset by adverse impact from higher top-line(+0.6%-p;gross versus net view).Risk adjustment overall neutral with negative impact on AY LR(+0.6%-p)compensated by positive impact on run-off result.Loss ratio at 68.4%LR under IFRS 9/17 above IFRS 4(+0.9%-p).Positive impacts fro
12、m discounting of loss reserves and German APR business overcompensated by inclusion of reinsurance result(+2.7%).Expense ratio decreases to 24.9%Driven by gross view versus net view under IFRS 4.Operating profit benefits from discountingOP under IFRS 9/17 at EUR 6.8bn,up EUR+0.6bn versus IFRS 4.Insu
13、rance service result(ISR)benefits from discounting of loss reserves(EUR+1.1bn).Unwind from discounting of loss reserves(EUR-0.4bn)main driver for lower investment result.Remaining deltas mostly relate to German APR business which is measured under variable fee approach(VFA).P/C measurement models99%
14、of GPW accounted at premium allocation approach(PAA).Combined ratio methodology CR calculation under IFRS 9/17 based on new denominator“insurance revenues”(FY 2022:EUR 64.0bn)which is gross of reinsurance.Reinsurance result comprising the sum of ceded premiums,losses and expenses included in the nom
15、inator of the loss ratio.L/H:normalized results on similar level9GROUP FINANCIAL RESULTS FY 2022Normalized operating profit(EUR mn)5,2824,8186004,2181)EstimateNormalized net income(EUR mn)3,7663,7924753,317Normalizationhedge result Allianz Life US1Operating profit5,2824,218Normalizationhedge result1
16、600Normalized operating profit5,2824,818Net income3,7663,317Normalizationhedge result1475Normalized net income3,7663,7922022IFRS 9/172022IFRS 42022IFRS 9/172022IFRS 4Normalizationhedge result Allianz Life US1L/H:normalized results on similar levelGROUP FINANCIAL RESULTS FY 202210 L/H measurement mod
17、el(%of LRC1)Variable fee approach(VFA):77%Building block approach(BBA)/modified BBA:23%Premium allocation approach(PAA):0%Normalized results on similar levelIFRS 9/17 operating profit and net income impacted byhedging result from Allianz Life.In 2022 hedging strategyof Allianz USA was optimized for
18、stabilization of profitsunder IFRS 4 with significant adverse impact underIFRS 9/17.Hedging strategy 2023 aligned to IFRS 9/17Impact expected to be reduced significantly in 2023.Comments1)Liability for remaining coverageGroup:SII own funds 202211GROUP FINANCIAL RESULTS FY 2022As of 31.12.2022(EUR bn
19、)1)Other valuation differences including taxesNon-contr.interestsForeseeable dividends&distribution Comprehensive s/h capitalIFRS 9/17Goodwill/intangiblesSolvency II own fundsTier 2subordinatedliabilitiesS/hequityIFRS 486.154.4s/h equity31.7CSM(net)+9.9+3.4-5.2-21.9+11.677.9+1.2Other1Surplusfunds51.
20、5-7.2TransferabilityrestrictionsGroup:SII own funds 2022GROUP FINANCIAL RESULTS FY 202212Shareholders equity:Higher IFRS 9/17 shareholders equity compared to IFRS 4 primarily due to valuation differences in assets and liabilities.Foreseeable dividends and distribution:Accrual of dividend for FY 2022
21、 and remaining part of share buy-back announced in November 2022.Other contains,e.g.,impact from valuation differences on investments,insurance liabilities and related taxes,as well as impact from scope differences.CommentsGroup:IFRS 9/17 leverage at 24%13GROUP FINANCIAL RESULTS FY 2022Capital and l
22、everage(EUR bn)1)Senior debt and subordinated bonds divided by the sum of senior debt,subordinated bonds and shareholders equity(IFRS 4)prehensive s/h capital(IFRS 9/17)adj.for RT1 bonds 2)Senior debt and subordinated bonds divided by the sum of senior debt,subordinated bonds,shareholders equity;adj
23、.for RT1 bonds and net unrealized gains/losses on bonds(“URGL on bonds”)of EUR-18.3bn for 20223)Shareholders equity excluding RT1 bonds4)Certificated liabilities issued or guaranteed by Allianz SE incl.money market securities;nominal value excl.hedges5)Subordinated bonds issued or guaranteed by Alli
24、anz SE incl.RT1 bonds;nominal value excl.hedgesFinancial leverage136%24%2022IFRS 42022IFRS 9/1791.849.69.231.79.216.816.8Adj.shareholders equity3Subordinated bonds5Senior debt4Net CSMGross CSM53.4 PV of non-attributable costs-7.6 Reinsurance-2.0 Non-controlling interests-0.9 Tax-11.2=Net CSM31.781.3
25、Financial leverage(excl.URGL on bonds)229%46.626.026.0Group:IFRS 9/17 leverage at 24%GROUP FINANCIAL RESULTS FY 202214 Leverage calculationShareholders equity excludes RT1 bonds in leveragecalculation under both accounting regimes.Denominator of IFRS 9/17 leverage ratio includes netCSM.CommentsConte
26、nt/topics1Group financial results FY 2022(IFRS 9/17 versus IFRS 4)2Group financial results 1Q 2023GlossaryDisclaimer Allianz 2023Group financial results 2023Group:excellent start into 2023GROUP FINANCIAL RESULTS 1Q 202317GroupProperty-CasualtyLife/HealthAsset ManagementTotal business volume 1Q 23 in
27、 EUR bn(internal growth vs.prior year in%)46.0(+3.5%)24.1(+11.1%)20.1(-3.4%)1.9(-8.3%)Operating profit 1Q 23 in EUR mn(vs.prior year in%)3,731(+24.2%)1,872(+22.7%)1,320(+63.8%)723(-13.2%)Shareholders core net income(in EUR mn)Combined ratio(in%)New business margin(in%)Cost-income ratio(in%)1Q 221Q 2
28、35.54.9+0.6%-p1Q 221Q 232,1731Q 221Q 2362.059.7+2.2%-p1Q 221Q 2391.993.8-1.9%-p3rd party net flows(EUR bn)+14.9-9.01,0111,036VNB(EUR mn)NatCat impact4.80.74174742,032Shareholders net incomen.m.-5.0-2.0Run-off ratioGroup:excellent start into 2023GROUP FINANCIAL RESULTS 1Q 202318 P/C very good perform
29、anceOperating profit at EUR 1.9bn,up 23%driven by strong insuranceservice result partly offset by slightly lower investment and otherresult.CR down-1.9%-p due to benign NatCat which is partiallycompensated by lower run-off result.Internal growth accelerates to11%.L/H strong operating profitCSM relea
30、se of EUR 1.2bn in line with expectations.Strongcontribution from operating investment result.Normalized CSMgrowth good at 1.1%.NBM excellent at 5.5%.VNB broadly stable atEUR 1.0bn(-2.4%).AM EUR 15bn 3rd party net inflowsEUR 723mn operating profit at 24%of FY outlook midpoint,down13%driven by lower
31、business volume.CIR at 62%.Corporate&OtherOperating loss(EUR-176mn)in line with expectations.Operatingloss narrows by EUR 25mn.P/C segment with double-digit internal growthBusiness volume L/H declines mainly due to lower singlepremium business.Consolidation(+0.5%)and F/X(-0.1%)lead to total revenue
32、growth of 3.9%.Operating profit strong at EUR 3.7bnGroup operating profit 5%above run-rate for FY outlookmid-point.Good performance across all segments.Shareholders core net income at EUR 2.2bnHigher operating profit(EUR+0.7bn)and betternon-operating result(EUR+1.1bn).Non-operating profitresult impa
33、cted by an onerous contract provision ofEUR 0.2bn for the expected disposal loss from the sale ofour Lebanon business operations.Non-operating profit inthe prior year was impacted by a provision of EUR 1.9bnfor the AllianzGI U.S.Structured Alpha matter.EUR 1bn SBB announced 2022/finished 2023A total
34、 of 4.7mn shares were acquired representing 1.2%of outstanding capital.Number of shares issued at403.3mn and number of shares outstanding at 398.4mn.CommentsGroup:strong capitalizationGROUP FINANCIAL RESULTS 1Q 20231954.456.831.732.131.12.2231.03.2386.188.9Net CSMS/h equity+3.2%31.12.2231.03.23SII c
35、apitalization1(%)+5%-p201206Comprehensive s/h capital(EUR bn)S/h equity key sensitivities2SII capitalization key sensitivitiesEquity markets3+30%-30%Interest rate SII non-parallel+50bps-50bpsCredit spread+50bpson gov.bondson non-gov.bonds+11%-p-13%-p+1%-p-3%-p-5%-p0%-pEquity markets-30%Interest rate
36、 SII non-parallel+50bps-50bpsCredit spread+50bpson gov.bondson non-gov.bonds-4%-2%+2%-1%-2%1)Including the application of transitional measures for technical provisions,the Solvency IIcapitalization ratio amounted to 230%as of 31.12.22 and 232%as of 31.03.232)Disclosed EQ sensitivities are estimates
37、3)For SII ratio,If stress applied to traded equities only,sensitivities would be+4%-p/-1%-p for a+/-30%stressGroup:strong capitalizationGROUP FINANCIAL RESULTS 1Q 202320 SII ratioincrease by 5%-p from 201%to 206%.Main drivers:+7%-p organic capital generation(+2%-p after tax and dividend accrual)+4%-
38、p market impact 3%-p capital management and management actions,driven by dividend accrual 4%-p tax/other.TransitionalsIncluding transitionals,the Group SII ratio stands at 232%.Our general capital steering will continue to focus on the SII ratio excluding the application of transitional measures for
39、 technical provisions.Comprehensive shareholders capitalIn 1Q 2023,shareholders equity increases by EUR 2.4bn.Drivers:+EUR 2.0bn shareholders net income+EUR 1.1bn net OCI and F/X EUR 0.7bn remaining impact of share buy-back announced in November 2022.Net CSM slightly up,following good normalized CSM
40、 growth.SII sensitivitiesSensitivities nearly unchanged.In a combined stress scenario,we estimate an additional impact due to cross effects of-4%-p compared to the sum of the individual sensitivities.Comments77.977.781.682.379.931.12.2021RegulatorySIIMarket impactCapital mgmtTax/other30.09.2022Group
41、:7%-p capital generationGROUP FINANCIAL RESULTS 1Q 20231)Including cross effects and policyholder participation2)Other effects on SCR include diversification effectsOwn funds(EUR bn)77.979.9-2.4-1.2+3.6+0.1+1.9SII capitalizationSCR(EUR bn)Pre-tax operatingcapital generation206%201%BusinessevolutionO
42、ther231.03.23Regulatory/model changesMarketimpact1Managementactions31.12.2238.838.9+0.4+0.1+0.1+0.0-0.5+7%-p+4%-p+0%-p-3%-p-4%-pOperating SIIearningsMarketimpactRegulatory/model changesTax/other31.03.23Capital mgmt./managementactions31.12.22P/CL/HAMCO/Conso.+0.7+1.4+1.8-0.421Group:7%-p capital gener
43、ationGROUP FINANCIAL RESULTS 1Q 202322Comments 7%-p SII capital generation pre-tax/dividendCapital generation after tax and dividend+2%-p.Very good level given growth-related capital requirements for P/C business.Operating SII earningsStrong at EUR+3.6bn.Earnings are close to IFRS results.Market imp
44、act+4%-p impact(+3%-p after tax):Dampening impact from decreasing interest rates is more than compensated by favorable equity markets,tightening of sovereign credit spreads and lower interest rate volatility.Capital management/management actions-3%-p impact,driven by dividend accrual and the acquisi
45、tion of Innovation Group.Tax/other-4%-p impact mainly driven by taxes.Expected impacts FY 2023We continue to anticipate an operating capital generation net of tax and dividend of 8%-p to 10%-p in 2023.The announced share buy-back of EUR 1.5bn will reduce the SII ratio by 4%-p.P/C:double-digit intern
46、al growthGROUP FINANCIAL RESULTS 1Q 2023231)Excluding fronting&captives(EUR mn)Total Business VolumeRate change on renewalsTotal P/C segment1Q 23Total growth p.y.Internal growth p.y.3M 2312M 2224,108+11.2%+11.1%+5.6%+4.9%Selected OEsGermany5,134+6.0%+5.8%+5.8%+3.5%France1,510+3.5%+3.5%+8.1%+6.2%Swit
47、zerland1,236+3.4%-0.9%+0.9%+2.0%Central and Eastern Europe1,228+6.5%+6.6%n.a.n.a.United Kingdom1,184-0.8%+4.7%+15.4%+6.1%Italy1,073+5.5%+5.5%+4.7%+2.0%Australia997+12.4%+13.9%+9.8%+9.9%Spain804+1.6%+1.6%+7.8%+6.7%Latin America662+19.0%+27.7%n.a.n.a.Global linesAllianz Partners2,867+16.9%+15.1%+6.5%+
48、6.5%AGCS12,514+24.0%+21.8%+2.3%+6.0%Allianz Trade1,083+11.2%+11.0%-2.6%-3.5%P/C:double-digit internal growthGROUP FINANCIAL RESULTS 1Q 202324 UK positive price effectInternal growth supported by rate increases in motor retail.Italy positive price and volume effectsTop-line mainly driven by non-motor
49、 retail and MidCorp.Australia driven by price and volumeStrong growth in retail and commercial driven by rate increases.LatAm growth mainly driven by rate increases in Brazil Spain positive price effect partially offset by volumePrice increases across all segments due to high inflation.Allianz Partn
50、ers price and volume positiveGood growth in travel as well as international health,also due to successful integration of the Aetna portfolio.AGCS1 price and volume drive growthStrong new business,high customer retention and positive rate environment with ART,MidCorp and Property as main growth drive
51、rs.Allianz Trade positive volume effectDriven by higher trade volumes(partly due to inflation)and good customer retention.Strong internal growth of 11.1%Price(+5.6%),volume(+5.0%)and service fees(+0.5%)contribute to internal growth.Consolidations(+0.9%,mainly European Reliance in Greece and Aetna in
52、 Thailand)and F/X(-0.9%)lead to total growth of+11.2%.Total growth in retail(incl.SME&fleet)at 9.2%and in commercial at 20.2%.Rate change on renewals at 5.6%with continuous positive momentum(FY 2022:+4.9%).Germany price and volume contributeGood growth across all lines of business,particularly in mo
53、tor and property.France positive price effect main driverHigher top-line equally driven by retail and commercial.Switzerland price more than offset by lower volumeLower volume in motor partially compensated by growth in SMC and MidCorp.CEE Austria and Hungary main contributorsComments1)Excluding fro
54、nting&captivesLoss ratio268.4%67.0%t/o NatCat impact4.8%0.7%t/o run-off ratio-5.0%-2.0%Expense ratio25.4%24.9%Revenue basisInsurance revenues(EUR bn)15.116.4P/C:operating profit strong at EUR 1.9bnGROUP FINANCIAL RESULTS 1Q 202325Combined ratio(in%)1Q 221Q 2393.891.9Retail194.592.8Commercial192.490.
55、71Q 231,33653241Q 22939565221,526Operating profit drivers(EUR mn)+3981,872-18Operating profit1Q 23OtherOperatingprofit1Q 22Investment resultInsurance service result-33+22.7%1)Retail including SME and Fleet;Commercial including large Corporate,MidCorp,credit insurance,internal and 3rd party R/I2)Rein
56、surance ratio:2.8%in 1Q 22,4.6%in 1Q 23.Higher ratio driven by benign NatCat environment(lower level of ceded claims)-1.9%-pP/C:operating profit strong at EUR 1.9bnGROUP FINANCIAL RESULTS 1Q 202326 Run-off down 3.0%-pPrior year impacted by high COVID-19 related reserve releases.Run-off in 1Q 2023 in
57、cludes-0.8%-p from release of risk adjustment.Expense ratio improves by 0.5%-pStrong top-line growth above cost inflation and continuous productivity enhancements.Combined ratio by customer segmentCR in retail(incl.SME and fleet)down -1.7%-p from low NatCatand discounting while CR in commercial impr
58、oves to 90.7%(-1.7%-p)due to excellent CR in MidCorp(86.6%).Combined ratio details Operating profit at 27%of target mid-pointOP up 23%driven by strong insurance service result,partly offset by slightly lower investment and other results.CR improves-1.9%-p.Benign NatCat and better attritional LR part
59、ially compensated by worsening of run-off result.Loss component and risk adjustment broadly stable.AY LR ex.NatCat(attritional LR)Attritional LR improves-0.4%-p to 68.3%driven by higher discounting effect(-2.5%-p).Undiscounted attritional LR at 71.6%,up+2.2%-p versus 1Q 2022 mainly due to inflation,
60、but fully in-line with FY 2022 level(71.5%).Large and weather-related losses remain stable.NatCat below normal levelNatCat impact at EUR 117mn/0.7%,entirely driven by earthquake in Trkiye and Syria,thereby significantly below prior year and normalized expectation of 2.5%.CommentsP/C segment1Q 20221Q
61、 2023Attritional LR68.6%68.3%-0.4%-pt/o discounting impact-0.9%-3.4%-2.5%-pNatCat impact4.8%0.7%-4.1%-pRun-off ratio-5.0%-2.0%+3.0%-pExpense ratio25.4%24.9%-0.5%-pCombined ratio93.8%91.9%-1.9%-pP/C:excellent performanceGROUP FINANCIAL RESULTS 1Q 202327(EUR mn)Operating profitCombined ratioNet NatCat
62、 impactTotal P/C segment1Q 23 p.y.1Q 23 p.y.1Q 23 p.y.1,872+22.7%91.9%-1.9%-p0.7%-p-4.1%-pSelected OEsGermany447+39.6%87.3%-5.7%-p0.0%-p-9.3%-pFrance151+1.4%90.7%-2.2%-p0.0%-p-2.3%-pSwitzerland82-0.0%87.8%-0.9%-p0.0%-p0.0%-pCentral and Eastern Europe135-0.2%89.8%+2.1%-p0.0%-p-0.4%-pUnited Kingdom65+
63、16.3%96.4%-0.5%-p0.0%-p-3.2%-pItaly166+19.7%86.8%-2.5%-p0.0%-p0.0%-pAustralia54n.m.196.7%-5.5%-p0.0%-p-17.9%-pSpain45+3.5%94.4%-0.2%-p0.0%-p0.0%-pLatin America59n.m.199.8%-4.7%-p0.0%-p0.0%-pGlobal linesAllianz Partners82+45.3%95.8%-0.6%-p0.0%-p0.0%-pAGCS2202+10.9%93.2%+0.3%-p1.7%-p-1.5%-pAllianz Tra
64、de155-1.9%80.8%+2.2%-p-1)In 1Q 22 OP for Australia was at EUR-17mn(+71mn).OP for Latin America was at EUR-3mn(+62mn).2)Excluding fronting&captivesP/C:excellent performanceGROUP FINANCIAL RESULTS 1Q 202328 Spain stable resultsBetter run-off result,partly offset by ER.Market environment in motor remai
65、ns challenging due to inflation.LatAm significantly improvedRecovery of Brazilian motor business following decisive remediation actions.Allianz Partners strong improvement of OPOperating profit driven by good growth and improved margin.AGCS1 double digit OP growthStrong top-line growth at stable CR.
66、CR incl.fronting&captives improves -0.2%-p to 95.4%.Allianz Trade continuous strong profitabilityHigher ER from positive one-off in 1Q 2022 partly offset by better LR.Prior year included EUR 0.1bn IBNR for Russia/Ukraine.Germany very strong profitabilityCR improves due to lower NatCat,partly compens
67、ated by higher attritional LR and less favorable run-off result.France stable operating profitBetter insurance service result from benign NatCat,compensated by lower investment result.CEE OP and CR remain on very good levelCR worsens driven by Hungary(extra-profit tax)as well as high inflation acros
68、s the region.UK solid performance in a difficult environment Italy excellent performanceCR improves driven by better LR and ER.Australia prior year impacted by severe NatCatLower NatCat impact overcompensates worsening of run-off result,higher large losses and ER.Comments1)CR excl.fronting&captives
69、provides a better reflection of AGCS underlying business performance.OP identical under both views1Q 221Q 23P/C:investment result slightly lowerGROUP FINANCIAL RESULTS 1Q 2023Operating investment result(EUR mn)Interest&similar income1806945+139Interest accretion-104-218-114Valuation result&other2-13
70、8-196-581)Net of interest expenses2)Other comprises realized gains/losses,investment expenses,F/X gains/losses on insurance assets/liabilities and other-5.9%3)Asset base includes health business France4)Solvency II duration1Q 221Q 231Q 221Q 23532565Current yield(debt securities;in%)Total average ass
71、et base3(EUR bn)Economic reinvestment yield(debt securities,in%)2.24.01Q 221Q 23Duration45.44.64.13.61Q 221Q 23LiabilitiesAssets0.540.78118.4109.129P/C:investment result slightly lowerGROUP FINANCIAL RESULTS 1Q 202330 Reinvestment yieldEconomic reinvestment yield rises to 4.0%benefitting fromchanged
72、 yield environment.Change in durationDuration for assets and liabilities declines due to higher interestrates.Interest&similar incomeDriven by higher income from debt and cash from uplift ininterest rates.Interest accretion doublesUnwind of discount for 2022 loss reserves increasessharply in compari
73、son to previous years,due to jump inyields.Valuation result and otherValuation result and other in 1Q 2023 close to normalizedexpected quarterly result.Deterioration versus 1Q 2022mainly driven by worsening of F/X result net of hedgesdue to appreciation of EUR versus USD in 1Q 2023.CommentsL/H:value
74、 of new business at good levelGROUP FINANCIAL RESULTS 1Q 202331(EUR mn)PVNBPNew business marginValue of new businessPVNBP by LoB1Q 23 p.y.1Q 23 p.y.1Q 23 p.y.Total L/H segment18,522-12.4%5.5%+0.6%-p1,011-2.4%USA4,033+20.0%5.9%-1.7%-p238-7.3%Germany Life3,700-29.8%5.6%+0.7%-p208-19.7%France3,640+0.6%
75、4.2%+2.7%-p154+177.8%Italy2,848-30.9%3.9%+1.1%-p112-3.6%Asia-Pacific1,546-6.2%7.2%-0.6%-p111-12.9%Germany Health833-30.8%5.7%-1.0%-p48-41.5%Central&Eastern Europe348-11.6%10.0%+0.6%-p35-6.0%Capital-efficient productsUnit-linked w/o guaranteesProtection&healthGuaranteed savings&annuitiesNBM4.3%6.2%5.
76、7%5.6%37%25%31%7%EUR18,522mnL/H:value of new business at good levelGROUP FINANCIAL RESULTS 1Q 202332 USA largest contributor to VNBSales increase supported by FIA sales promotion.NBM strong at5.9%with expected internal rate of return at target.Germany Life share of preferred lines at 87%Decline of P
77、VNBP driven by economic impacts(EUR-0.7bn resp.-12%)and a decline of single premium business.Lower volumepartially offset by better NBM.France significant improvement of NBMIncrease of VNB driven by improved NBM.NBM benefits fromhigher interest rates.Share of preferred lines at 97%.Italy market sent
78、iment weighs on UL salesUL sales down by EUR 0.9bn.Prior year level supported byone large renegotiated contract(EUR 0.3bn)in GS&A business.Asia Pacific VNB at good levelLower sales in China.NBM very good at 7.2%,decline driven byexpense overruns in China and Taiwan.Germany Health adverse discounting
79、 impactDecline of PVNBP driven by economic impacts(EUR-0.5bnresp.-38%).Value of new business at EUR 1bnImpact from improved new business margin offset bylower new business volume.PVNBPDecline of EUR 2.6bn driven by economic impacts(EUR-1.4bn resp.-7%),mainly discounting impact fromhigher interest ra
80、tes.In addition lower single-premiumbusiness in Italy(EUR-0.8bn)and Germany Life(EUR-0.6bn).New business from the USA grows byEUR 0.7bn.Share of preferred lines at 93%.New business marginImprovement due to better business mix and higherinterest rates.All lines with strong margins.NBM 2023expected to
81、 be 5%.Economic reinvestment yield(debt securities)at4.6%Reinvestment yield up to 4.6%from 3.2%for 12M2022.CommentsL/H:normalized CSM growth good at 1.1%GROUP FINANCIAL RESULTS 1Q 202333Contractual service margin(EUR mn)Economicvariances101.01.23ExpectedgrowthCSMinception31.03.23CSMreleaseNon-econom
82、icvariances/assumptionchanges52,408-1,033+1,24152,227+564-1,215+625+1.1%NormalizedCSM growth1)Including F/X2)Disclosed CSM sensitivities are estimatesVNB(3M 23)1,011+Non-attr.cost213+Scope/other17=CSMinception1,241Equity markets+30%-30%Interest rate+50bps-50bpsCredit spread+50bpson gov.bondson non-g
83、ov.bonds+7%-7%-1%+1%-1%-1%CSM sensitivities2L/H:normalized CSM growth good at 1.1%GROUP FINANCIAL RESULTS 1Q 202334 Economic variances and assumption changesIncrease mainly due to favorable market movement(EUR+0.8bn),i.e.higher equity markets and lower risk-free rates.Adverse impactfrom F/X(EUR-0.2b
84、n).Non-economic variances/assumption changesDecline driven by reclassification of investment business in Mexicofrom IFRS 17 to IFRS 9(EUR-0.7bn)and model changes.Duration of assets at 8.8 and 8.4 for liabilities CSM slightly upNormalized CSM growth of EUR 0.6bn and economicvariances(EUR 0.6bn)largel
85、y offset by non-economicvariances/assumption changes(EUR-1.0bn),the lattermainly due to reclassification of investment business inMexico from IFRS 17 to IFRS 9.Normalized CSM growth good at 1.1%Drivers are healthy levels of value of new business andexpected in-force return.CSM release of EUR 1.2bn i
86、n linewith expectations.Annualized normalized CSM growth at4%.Expected in-force growthIn line with expectations.CommentsL/H:operating profit strong at EUR 1.3bnGROUP FINANCIAL RESULTS 1Q 202335Operating profit by LoB(EUR mn)1Q 221Q 23 p.y.CSM release1,1911,215+24Release of risk adjustment135129-6Var
87、iances from claims&expenses1-78-62+16Losses on onerous contracts-5818+76Non-attributable cost-232-250-18Operating investment result-228258+486Other operating7512-63Operating profit8061,320+5141)Including reinsurance resultOperating profit(EUR mn)27%16%24%33%EUR1,320mn(+63.8%)Capital-efficient produc
88、tsUnit-linked w/o guaranteesProtection&healthGuaranteed savings&annuities208313436363Operating profit(EUR mn)L/H:operating profit strong at EUR 1.3bnGROUP FINANCIAL RESULTS 1Q 202336 Non-attributable costsNon-attributable costs offset by corresponding CSM release.Operating investment result at good
89、levelStrong contribution from Germany Life,CEE,USA and Asia.Prior-year result impacted by accounting mismatch USA and“expected credit losses”in Russia.Operating profit strong at EUR 1.3bnCSM release stable and in line with expectations.Annualized CSM release ratio at 9%.Strong contributionfrom opera
90、ting investment result.All other profit sourcesbroadly in line with expectations.Limited comparability with previous years figuresIn the prior year adverse impact from accounting mismatchin the U.S.reflected in operating investment result.Impactexpected to be significantly reduced in 2023 when hedgi
91、ngstrategy is aligned with IFRS 17 accounting.Variances from claims&expensesDriven by release of ceded CSM and risk adjustment.Losses on onerous contractsDriven by reversal of prior-year loss component in Taiwan.Prior-year result impacted by group health business inFrance and increased“expected cred
92、it losses”in Russia.CommentsL/H:good results across operating entitiesGROUP FINANCIAL RESULTS 1Q 202337(EUR mn)CSMOperating profit1Q 23 QTD QTDnormalized11Q 23 p.y.t/o CSMreleaseTotal L/H segment52,408+0.3%+1.1%1,320+63.8%1,215USA11,653-3.6%+0.9%315n.m.304Germany Life17,334+5.9%+1.3%252-10.4%273Fran
93、ce4,870-0.0%+2.3%183+13.3%182Italy2,985+3.1%+1.1%142-0.2%100Asia-Pacific4,322+3.9%+1.5%154+13.6%136Germany Health5,764-0.1%+1.2%44-14.3%57Central&Eastern Europe1,682+1.0%+0.7%105+37.6%641)Normalized CSM growth rate with CSM of new business,expected growth minus CSM release L/H:good results across op
94、erating entitiesGROUP FINANCIAL RESULTS 1Q 202338Operating profit Germany Life and Germany HealthProfitability at good level.USA strong profitabilityPrior-year result from Allianz Life USA impacted by accounting mismatch.Volatility of impact from hedging to be reduced significantly in 2023 when hedg
95、ing strategy is aligned withIFRS 17 accounting.France double-digit profit growthProfit growth driven by better claims experience and negative loss component in the prior year.Italy good profitabilityDifference between operating profit and CSM release driven by investment contracts.CEE loss component
96、 RussiaDifference between operating profit and CSM release driven by operating investment result.Prior-year result impacted by increased“expected credit losses”in Russia.CSM USANormalized CSM growth with EUR 0.1bn resp.0.9%at solid level.Adverse impact from non-economic variances and assumption chan
97、ges(EUR-0.3bn)and F/X(EUR-0.2bn).Germany LifeSupport from good normalized CSM growth of EUR 0.2bn resp.1.3%.Positive impact from economic variances,mainly due to lower interest rates.ItalyGood normalized CSM growth of 1.1%.Positive impact from economic variances,mainly due to higher equity markets.F
98、ranceNormalized CSM growth of 2.3%driven by group health business.Adverse impact from model changes.Asia-PacificStrong normalized CSM growth of 1.5%and positive impact from model changes.Comments1,2951,350631.12.2231.03.23AM:EUR 2.2tn total AuMGROUP FINANCIAL RESULTS 1Q 2023Total assets u
99、nder management(EUR bn)3rd party AuM split(EUR bn)Asset classesRegions+2.9%+1.8%-0.1%2,141+1.5%PIMCOAllianzGI2,174Fixed incomeEUR 1,271bn(+1.8%)Multi-assetsEUR 169bn(+1.0%)EquitiesEUR 146bn(+6.5%)AlternativesEUR 82bn(-0.4%)AmericaEUR 837bn(+1.3%)Asia PacificEUR 263bn(+0.8%)EuropeEUR 567bn(+3.7%)76%1
100、0%9%5%EUR1,668 bn(+2.0%)50%34%16%EUR1,668 bn(+2.0%)3rd party AuMAllianz Group assets39AM:EUR 2.2tn total AuMGROUP FINANCIAL RESULTS 1Q 202340 Business highlights Investment performance:87%of 3rd party AuM outperform benchmarks on a trailing 3-year basis before fees.Total AuM up 1.5%Total AuM increas
101、e versus end of 2022 mainly due to market effects,but also due to net inflows.CommentsAM:3rd party AuM up 2%to EUR 1.7tnGROUP FINANCIAL RESULTS 1Q 20233rd party assets under management development(EUR bn)3rd party net flow split(EUR bn)in%+0.1%+0.9%+2.6%-1.5%+2.0%+0.81,6351,668+14.0+42.2-24.231.12.2
102、231.03.23F/X&otherMarket÷ndsPIMCOAllianzGINet flows+14.9Fixed incomeEquitiesMulti-assetsAlternativesAmericaEuropeAsia PacificMutual fundsSeparate accounts+12.4+0.2+0.9+1.3+8.5+8.7-2.2+10.1+4.7RegionsAssetclassesInvestmentvehicles41AM:3rd party AuM up 2%to EUR 1.7tnGROUP FINANCIAL RESULTS 1Q 20
103、2342 3rd party net flows PIMCO:EUR+14bn3rd party net inflows driven by fixed income business especially inEurope and America.3rd party net flows AllianzGI:EUR+1bn3rd party net inflows driven by multi-assets.Continuous success ofIncome&Growth strategy.3rd party AuM at EUR 1.7tn3rd party AuM increase
104、versus end of 2022 due to marketeffects and 3rd party net inflows.Increase mitigated byunfavorable F/X impact.Average 3rd party AuM at EUR 1,670bn in 1Q 2023,13%below corresponding level in 1Q 2022 and 8%belowaverage FY 2022 level.CommentsAM:lower average AuM impact revenues GROUP FINANCIAL RESULTS
105、1Q 2023Revenues(EUR mn)PIMCO(EUR mn)1)Thereof other revenues:AM:1Q 22:EUR-9mn;1Q 23:EUR+25mn;PIMCO:1Q 22:EUR-1mn;1Q 23:EUR+0mn;AllianzGI:1Q 22:EUR-5mn;1Q 23:EUR+21mn2)Excluding performance fees and other income1Q 221Q 231Q 221Q 231,4921,398-6.3%59632055746357736-13.6%1,4331,335-10.3%-3.4%45.243.536.
106、137.61Q 221Q 23-8.1%1,8021,9881,9002,067-8.3%38.238.880AuM driven&other revenues1Performance feesInternal growth3rd party AuMmargin2(in bps)AllianzGI(EUR mn)9949943AM:lower average AuM impact revenues GROUP FINANCIAL RESULTS 1Q 202344 Segment margin up 0.6bpsMargin at 38.8bps after 38.2bps in 1Q 202
107、2 driven by PIMCO.PIMCO margin up 1.4bpsIncrease driven by lower distribution expenses and lower CEF launch costs.AllianzGI margin down 1.7bpsDecrease mainly due to Voya-related effects.Segment revenues down 8%Revenues decrease by 8%due to lower average 3rd party AuM(-13%),partially compensated by h
108、igher fee margin(+0.6bps).CommentsAM:operating profit at EUR 723mnGROUP FINANCIAL RESULTS 1Q 20231)Including operating result from other entities of EUR-9mn in 1Q 22 and EUR-3mn in 1Q 232)Performance fees of PIMCO and AllianzGI(excl.Allianz Capital Partners),net of 30%variable compensationPIMCO(EUR
109、mn)Operating profit drivers(EUR mn)AllianzGI(EUR mn)-21.5%1Q 221Q 2316521067.063.7CIR(in%)F/X impact+58-351Q 231,900-1,1781Q 222,067-1,235790678424459.762.0OP excl.performancefee impact2fee impact2Performance fee impact2CIR(in%)7231-13.2%-225+92+238321Operatingprofit1Q 23Operatingprofit1Q 22F/X effe
110、ctRevenuesExpenses-15.4%Internal growth-14.2%-11.2%1Q 221Q 2356163159.957.7CIR(in%)45AM:operating profit at EUR 723mnGROUP FINANCIAL RESULTS 1Q 202346 AllianzGI OP at EUR 165mnOP at EUR 165mn.Reduction of 22%mainly due to lower AuMdriven revenues.Decrease mitigated by expense discipline.CIR up 3.3%-
111、p to 67.0%:Impact from lower revenues(-13.6%)dampened by lower expenses(-9.0%).Segment OP at EUR 723mnResilient performance in a challenging market environment.OP at 24%of FY outlook midpoint.Lower AuM driven revenues,following lower average AuM,are partially compensated by lower expenses and slight
112、ly higher performance fees.CIR up 2.2%-p to 62.0%.PIMCO OP at 561mnEUR 561mn OP,down 11%mainly due to lower AuMdriven revenues,partially compensated by lower variable compensation.CIR up 2.2%-p to 59.9%:Impact from lower revenues(-6.3%)mitigated by lower expenses(-2.7%).CommentsCO:in line with expec
113、tationsGROUP FINANCIAL RESULTS 1Q 2023Operating result development and components(EUR mn)1Q 23-21834701Q 22-2241760Operating result1Q 23Alternative InvestmentsConsoli-dationOperatingresult1Q 22BankingHolding&Treasury-201+6+18-176-12.3%+0+147CO:in line with expectationsGROUP FINANCIAL RESULTS 1Q 2023
114、48 Operating loss improves by EUR 25mnOperating loss narrows mainly due to better result of Banking Italy(EUR+14mn).CommentsGroup:s/h core net income at EUR 2.2bnGROUP FINANCIAL RESULTS 1Q 2023(EUR mn)1Q 221Q 23 p.y.Operating profit3,0043,731+726Non-operating items-1,954-816+1,139Realized gains/loss
115、es(net)341-26-366Expected credit loss and impairments(net)-156-180-24Result from assets and liabilities measured at fair value incl.derivatives48-195-243Interest expenses from external debt-132-142-10Restructuring and integration expenses-263-48+215Amortization of intangible assets-76-75+1Other1-1,7
116、16-150+1,566Income before taxes1,0502,915+1,865Income taxes-465-755-290Net income5852,160+1,575Non-controlling interests-111-128-17Shareholders net income4742,032+1,558Adjustments for non-operating market movements and PGAAP2-57141+197Shareholders core net income4172,173+1,755Effective tax rate44%26
117、%-18%-pCore earnings per share(in EUR)1.025.43+4.41491)Includes hyperinflation result2)After tax and minorities Group:s/h core net income at EUR 2.2bnGROUP FINANCIAL RESULTS 1Q 202350 Restructuring expensesIn the prior year significant restructuring charges across Germany,Italy and Allianz Technolog
118、y.OtherAdverse impact from hyperinflation accounting(EUR-0.1bn).Prior-year result includes a provision of EUR 1.9bn for theAllianzGI U.S.Structured Alpha matter.Tax rate in line with expectationsPrior-year tax rate impacted by litigation and regional profit mix.Introduction of shareholders core net
119、incomeReflects underlying profitability by adjusting for non-operating market movements(included in line item“result from assets and liabilities measured at fair value incl.derivatives”)and purchase GAAP accounting excluding distribution agreements(included in line item“amortization of intangible as
120、sets”)after taxes and minorities.S/h core net income up EUR 1.8bn to EUR 2.2bnIncrease driven by operating profit(EUR+0.7bn)and non-operating result(EUR+1.1bn).Prior-year non-operating result includes a provision of EUR 1.9bn for the AllianzGI U.S.Structured Alpha matter.Harvesting result down by EU
121、R 0.4bnLower realized gains on fixed income and realized gains from consolidated entity in the prior year.Impairments impacted by an onerous contract provision of EUR 0.2bn for the expected disposal loss from the sale of our Lebanon business operations(no material impact on cash and no impact on SII
122、).Result from assets and liabilities measured at FVDriven by fair value through P&L assets.Prior-year result benefits from significant hedging gain.Line item also includes amortization of tax incentivized alternative investments with a run-rate of EUR-0.2bn -0.3bn p.a.CommentsSummary excellent start
123、 into 2023GROUP FINANCIAL RESULTS 1Q 202351Factsand figures1Q 2023(EUR)3.7bnOperating profit206%Solvency II ratio46.0bnTotal business volume2.2bnShareholders core net income1.5bnShare buy-backannounced14.2bn+/-1bnOP outlookContent/topics1Group financial results FY 2022(IFRS 9/17 versus IFRS 4)2Group
124、 financial results 1Q 2023GlossaryDisclaimerGlossary(1)GLOSSARYAGCSAllianz Global Corporate&SpecialtyAllianzGIAllianz Global InvestorsAM(The Allianz business segment)Asset ManagementAPR Accident insurance with premium refund(“Unfallversicherung mit Beitragsrckzahlung”):Special form of accident insur
125、ance where the policyholder,in addition to insurance coverage for accidents,has a guaranteed claim to the refund of premiums,either at the agreed maturity date or in the event of death.Attritional LRRepresents the loss ratio excluding claims from natural catastrophes(net)and the results of the prior
126、 years reserve development(net).Please refer to“LR”(loss ratio),“NatCat”.AuMAssets under management are assets or securities portfolios,valued at current market value,for which Allianz Asset Management companies provide discretionary investment management decisions and have the portfolio management
127、responsibility.Assets under management include portfolios sub-managed by third-party investment firms.The portfolios are managed on behalf of third parties as well as on behalf of the Allianz Group.Net flows:Net flows represent the sum of new client assets,additional contributions from existing clie
128、nts(including dividend reinvestment),withdrawals of assets from and termination of client accounts,and distributions to investors.Market÷nds:Represents current income earned on and changes in fair value of securities held in client accounts.This also includes dividends from net investment inco
129、me and from net realized capital gains to investors of open-endedmutual funds and closed-end funds.AY LRAccident year loss ratio:Represents the loss ratio excluding the results of the prior years reserve development(net).Please refer to“LR”(loss ratio).AZAllianzBBABuilding Block Approach,IFRS 17 mea
130、surement model also referred to as“General Measurement Model(GMM)”in the standard.BpsBasis points:1 Basis point=0.01%.CEAGCapital-efficient alternative guarantee products.Please refer to“L/H lines of business”.CEECentral and Eastern EuropeGlossary(2)GLOSSARYCIRCost-income ratio:Operating expenses di
131、vided by operating revenues.CO(The Allianz business segment)Corporate and OtherComprehensive shareholders capitalShareholders equity plus net-CSM.Core EPSCore earnings per share:Calculated by dividing the respective periods shareholders core net income,adjusted for net financial charges related to u
132、ndated subordinated bonds classified as shareholders equity,by the weighted average number of shares outstanding(basic core EPS).To calculate diluted core earnings per share,the number of common shares outstanding and the core net income attributable to shareholders are adjusted to include the effec
133、ts of potentially dilutive common shares that could still be exercised.Potentially dilutive common shares result from share-based compensation plans(diluted core EPS).Core RoECore return on equity Group:Represents the annualized ratio of shareholders core net income to the average shareholders equit
134、y at the beginning and at the end of the period.Shareholders core net income is adjusted for net financial charges related to undated subordinated bonds classified as shareholders equity.From the average shareholders equity undated subordinated bonds classified as shareholders equity and net OCI are
135、 excluded.Core return on equity P/C OE:Represents the annualized ratio of core net income to the average total equity excluding net OCI,deducting goodwill and deducting participations in affiliates not already consolidated in this OE,at the beginning and at the end of the period.Core return on equit
136、y L/H OE:Represents the annualized ratio of core net income to the average total equity excluding net OCI and deducting goodwill at the beginning and at the end of the period.CRCombined ratio:Represents the total of operating acquisition and administrative expenses including non-attributable acquisi
137、tion and administrative expenses,claims and insurance benefits incurred,and the reinsurance result divided by insurance revenue.CSMContractual service margin:Balance sheet liability,containing deferred discounted future profits of in-force long duration business.“Gross CSM”accounts for(i)the present
138、 value of non-attributable costs,(ii)the part of the CSM ceded to third-party reinsurers,(iii)tax and(iv)non-controlling interests.“Net CSM”is an adjusted CSM which reduces the Gross CSM by respective items(i),(ii),(iii)and(iv).Current yield Represents interest and similar income divided by average
139、asset base at book value.Glossary(3)GLOSSARYdNPSDigital net promoter score:A measurement of customers willingness to recommend Allianz.ECLExpected credit lossEconomic reinvestment yieldReflects the reinvestment yield,including F/X hedging costs on non-domestic hard-currency F/X bonds as well as expe
140、cted F/X losses on non-domestic emerging-market bonds in local currencies.The yield is presented on an annual basis.EIOPAEuropean Insurance and Occupational Pensions Authority.ERExpense ratio:Represents operating acquisition and administrative expenses including non-attributable acquisition and admi
141、nistrative expenses divided by insurance revenue.All income and expenses related to reinsurance contracts held are part of the reinsurance result which is part of the loss ratio.Expected in-force returnUnwind from discount plus normalized investment over-returns from in-force book above valuation ra
142、te.F/XForeign exchange rateFIAFixed index annuity:Annuity contract under which the policyholder can elect to be credited based on movements in equity or in bond market indices,with the principal remaining protected.FV Fair value:The price that would be received to sell an asset or paid to transfer a
143、 liability in an orderly transaction between market participants at the measurement date.FVTOCI Fair value through other comprehensive income change in fair value shown in OCI.FVTPLFair value through P&L change in fair value shown in P&L.Goodwill Difference between the cost of acquisition and the fa
144、ir value of the net assets acquired.Government bonds Government bonds include government and government agency bonds.Gross/netIn insurance terminology the terms“gross”and“net”mean before and after consideration of reinsurance ceded,respectively.In investment terminology the term“net”is used where th
145、e relevant expenses have already been deducted.GS&AGuaranteed savings&annuities products.Please refer to“L/H lines of business”.Held for saleA non-current asset is classified as held for sale if its carrying amount will principally be recovered through a sale transaction rather than continued use.On
146、 the date a non-current asset meets the criteria for being considered as held for sale,it is measured at the lower of its carrying amount and its fair value less costs to sell.Glossary(4)GLOSSARYIFRSInternational Financial Reporting Standards:As of 2002,the term IFRS refers to the total set of stand
147、ards adopted by the International Accounting Standards Board.Standards approved before 2002 continue to be referred to as International Accounting Standards(IAS).IMIXOur Inclusive Meritocracy Index(IMIX)measures the progress of the organization on its way towards inclusive meritocracy.This internal
148、index is based on ten items from the Allianz Engagement Survey(AES)which deal with leadership,performance,and corporate culture.Insurance revenueThe amount charged for insurance coverage and other services when it is earned.Insurance service resultPresents in profit or loss insurance revenue,insuran
149、ce service expenses including incurred claims and other incurred insurance service expenses as well as the reinsurance service result.The following components are also included by Allianz in the operating insurance service result:1)Non-attributable acquisition,administrative and claims expenses of o
150、ur operating entities;2)Adjustments for claims and expense variances where our operating entities share the technical results with the policyholders(only for insurance contracts under the variable fee approach);3)Restructuring expenses that are shared with the policyholder.Internal growthTotal busin
151、ess volume performance excluding the effects of foreign-currency translation as well as of acquisitions and disposals.JVJoint ventureKPIKey performance indicatorL/H(The Allianz business segment)Life and Health insuranceL/H lines of businessGuaranteed savings&annuities products(GS&A):Life insurance p
152、roducts linked to life expectancy,offering life and/or death benefits in the form of single or multiple payments to beneficiaries and possibly including financial and non-financial guarantees.Capital-efficient alternative guarantee products(CEAG):Products that are based on the general account but in
153、volve a significantly lower market risk,either through comprehensive asset/liability management or through significant limitation of the guarantee.This also includes hybrid products which,in addition to conventional assets,invest in a separate account(unit-linked).Capital-efficient products offer a
154、guaranteed surrender value at limited risk,due to,e.g.precise asset-liability management or market value adjustment.Protection&health products(P&H):Insurance products covering the risks associated with events that affect an individuals physical or mental integrity.Unit-linked products without guaran
155、tees:With conventional unit-linked products,all benefits under the contract are directly linkedto the value of a set of assets which are pooled in an internal or external fund and held in a separate account by the insurer.In this constellation,it is the policyholder rather than the insurer who bears
156、 the risk.Glossary(5)GLOSSARYLatAmLatin America:South America and MexicoLICLiability for incurred claimsLoBLine of businessLR Loss ratio:Represents the total of claims and insurance benefits incurred and the reinsurance result divided by insurance revenue.LRCLiability for remaining coverage:Liabilit
157、y relating to coverage that will be provided to the policyholder for insured events that have not yet occurred.LTCLong-term careNatCatAccumulation of net claims impact that are all related to the same natural or weather/atmospheric event during a certain period and where the estimated gross loss for
158、 the Allianz Group exceeds EUR 20mn.NBMNew-business margin:Performance indicator to measure the profitability of new business in the Life/Health business segment.It is calculated as the Value of New Business(VNB),divided by the present value of new business premiums(PVNBP),both based on the same ass
159、umptions to ensure a valid and meaningful indicator.NetPlease refer to“Gross/net”Non-controlling interestsThose parts of the equity of affiliates which are not owned by companies of the Allianz Group.OCIOther comprehensive income component of equity,includes revenues,expenses,gains,and losses not sh
160、own in net income.OE Operating entityOnerous contractsContracts for which the unavoidable costs of meeting the contractual obligation outweigh the expected benefits.Glossary(6)GLOSSARYOPOperating profit:The portion of income before income taxes that is attributable to the ongoing core operations of
161、the Allianz Group,which generally excludes the following non-operating effects:realized gains/losses(net),expected credit loss allowance,income from derivatives(net),interest expenses from external debt,impairments of investments(net),valuation result from investments and other assets and financial
162、liabilities measured at fair value through profit and loss,specific acquisition and administrative expenses(net),consisting of acquisition-related expenses(from business combinations),income taxes related incidental benefits/expenses,litigation expenses,and one-time effects from significant reinsura
163、nce transactions with disposal character,amortization of intangible assets,restructuring and integration expenses and income and expenses from the application of hyperinflation accounting.For insurance products with policyholder participation,all items listed above are included in operating profit i
164、f the profit sources are shared with policyholders.Operating SII earningsOperating SII earnings represent the change in own funds,before tax and dividend accrual,that is attributable to the Allianz Groups ongoing core operations.As such,operating SII earnings comprise:expected return from existing b
165、usiness,new business value,operating variances and changes in assumptions,and interest expense on external debt.Operating SII earnings exclude the following effects,which are disclosed separately in our analysis of own funds movements:regulatory/model changes,economic variances driven by changes in
166、capital market parameters,including F/X rates,taxes,non-operating restructuring charges,capital management(e.g.issuance or redemption of subordinated debt,dividend accruals and payments,share buy-back programs),one-off impacts from,e.g.,the acquisition and disposal of subsidiaries,changes in transfe
167、rability restrictions,and the effects resulting from the application of tier limits.Own fundsThe capital eligible to cover the regulatory solvency capital requirement.P/C(The Allianz business segment)Property and Casualty insuranceP&HProtection&health products.Please refer to“L/H lines of business”.
168、PAAPremium Allocation Approach,simplified measurement model as defined by IFRS 17 for short term business,in particular applicable to most P/C business.PIMCOPacific Investment Management Company Group.PVNBPPresent value of new business premiums:i.e.the present value of future premiums on new busines
169、s written during the period in question,discounted at a reference rate.This includes the present value of projected new regular premiums plus the total amount of single premiums received.PVNBP is shown before non-controlling interests,unless otherwise stated.Glossary(7)GLOSSARYPre-tax operating capi
170、tal generation Represents the change in SII capitalization following regulatory model changes and which is attributable to a)changes in own funds as a consequence of operating SII earnings and b)changes in SCR as a consequence of business evolution.Factors such as market developments,dividends,capit
171、al management activities,taxes,etc.are not taken into account.PVFCFPresent value of future cash flows,balance sheet liability representing the policyholder reserve of the in-force business based on discounted expected cash flows to policyholders including attributable expenses.RARisk adjustment addi
172、tional reserve for non-financial risks.RecyclingReclassification of unrealized gains and losses from accumulated other comprehensive income(OCI)to the income statement(P&L).R/IReinsurance:Insurance companies transfer parts of the insurance risk they have assumed to reinsurance companies.Reinsurance
173、result:Represents the total of premiums(ceded to reinsurers),claims and insurance benefits(ceded to reinsurers)and expenses(ceded to reinsurers).Reinsurance ratio:Represents the reinsurance result divided by insurance revenue.RILARegistered index-linked annuities.Run-off ratio The run-off result(net
174、 result from reserve developments for prior(accident)years in P/C business)as a percentage of insurance revenue.SIISolvency II.SII capitalizationRatio that expresses the capital adequacy of a company by comparing own funds to SCR.SCRSolvency capital requirement.SESocietas Europaea:European stock com
175、pany.SFCRSolvency and Financial Condition Report.Shareholders core net incomePresents the portion of shareholders net income before non-operating market movements and before amortization of intangible assets from business combinations.SPPISolely payments of principal and interest criterion determini
176、ng whether fixed income assets are measured at amortized cost,FVTOCI or FVTPL.Glossary(8)GLOSSARYTBVTotal business volume:It presents a measure for the overall amount of business generated during a specific reporting period.According to our business segments,total business volume in the Allianz Grou
177、p comprises:-Gross premiums written as well as fee and commission income in Property-Casualty;-Statutory gross premiums written in Life/Health;and-Operating revenues in Asset Management.Total equityThe sum of shareholders equity and non-controlling interests.UFRUltimate forward rate:The UFR is deter
178、mined using the EIOPA methodology and guidelines,and is used for extrapolation of periods after the last liquid point defined by the SII regulation.The UFR is calculated for each currency based on expected real rates and inflation for the respective region.The UFR is subject to revision in order to
179、reflect fundamental changes in long term expectations.ULUnit-linked:Please refer to“L/H lines of business”.VAVariable annuities:The benefits payable under this type of life insurance depend primarily on the performance of the investmentsin a mutual fund.The policyholder shares equally in the profits
180、 or losses of the underlying investments.In addition,the contracts can include separate guarantees,such as guaranteed death,withdrawal,accumulation or income benefits.VFAVariable Fee Approach,IFRS 17 measurement model for direct participating business.VNBThe additional value to shareholders that res
181、ults from the writing of new business.The VNB is determined as the present value of pre-tax future profits,adjusted for acquisition expenses overrun or underrun and non-attributable costs,minus a risk adjustment,all determined at issue date.Value of new business is calculated at point of sale,interp
182、reted as at the beginning of each quarter assumptions.Content/topics1Group financial results FY 2022(IFRS 9/17 versus IFRS 4)2Group financial results 1Q 2023GlossaryDisclaimerCautionary note regardingforward-looking statementsDISCLAIMERThis document includes forward-looking state-ments,such as prosp
183、ects or expectations,thatare based on managements current views andassumptions and subject to known and unknownrisksanduncertainties.Actualresults,performancefigures,oreventsmaydiffersignificantly from those expressed or implied insuchforward-lookingstatements.Deviationsmay arise due to changes in f
184、actors including,but not limited to,the following:(i)the generaleconomicandcompetitivesituationintheAllianzs core business and core markets,(ii)theperformance of financial markets(in particularmarket volatility,liquidity,and credit events),(iii)adverse publicity,regulatory actions or litigationwith
185、respect to the Allianz Group,other well-known companies and the financial services in-dustry generally,(iv)the frequency and severityof insured loss events,including those resultingfrom natural catastrophes,and the developmentof loss expenses,(v)mortality and morbiditylevels and trends,(vi)persisten
186、cy levels,(vii)theextent of credit defaults,(viii)interest rate levels,(ix)currency exchange rates,most notably theEUR/USD exchange rate,(x)changes in lawsand regulations,including tax regulations,(xi)the impact of acquisitions including and relatedintegration issues and reorganization measures,and(
187、xii)the general competitive conditions that,ineachindividualcase,applyatalocal,regional,national,and/or global level.Many ofthese changes can be exacerbated by terroristactivities.No duty to updateAllianz assumes no obligation to update anyinformation or forward-looking statement con-tained herein,save for any information we arerequired to disclose by law.