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Ras Group 3rd Quarter 2005 Results

Ras Group 3rd Quarter 2005 Results . November 14th, 2005. CEO Paolo Vagnone. Agenda. Group. 3rd Quarter Results 2005 P+C business Life business RasBank FAs Outlook. 3rd Quarter Results 2005. Ras 3rd quarter results. Group.

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Ras Group 3rd Quarter 2005 Results

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  1. Ras Group 3rd Quarter 2005 Results November 14th, 2005 CEO Paolo Vagnone

  2. Agenda Group • 3rd Quarter Results 2005 • P+C business • Life business • RasBank FAs • Outlook

  3. 3rd Quarter Results 2005

  4. Ras 3rd quarter results Group Premiums increase to Euro 12.2 billion (+5.5%) as a result of 7.6% growth in Life and 3.1% in P+C Improvement of the Italian P+C profitability (combined ratio at 97.6%), with premium growth in line with market trends Strong growth in Italian Life New Business (+12.4%) in all distribution channels: agents +29.0%, financial advisors +18.0%, bancassurance +10.1% Net profit increase to Euro 637 million (+10%)

  5. Gross premiums written Group Mln euro - Direct and Indirect Business Life GPW + Inv. Contracts YoY growth P+C GPW YoY growth + 3.1% + 7.6% 6,640 5,611 6,173 5,444 2,928 2,869 3,712 3,304 9M04 9M05 9M04 9M05 GWP Investment Contracts

  6. Net income growth Group Mln euro FY net income YoY growth +10.2 % 637 578 570 9M04 9M05 IT GAAP IAS IFRS IAS - IFRS

  7. Statutory results IAS/IFRS Group Mln euro 9M 04 9M 05 YoY Net earned premiums and management fees +1.1% 7,997 7,913 Claims & Change in Technical Reserves -7,214 -7,097 +1.6% Operating expenses -1,604 -1,548 -3.5% +11.9% Net financial income 1,664 1,862 Other Income & Charges 13 -42 Earnings before taxes & minorities 888 1,055 +18.8% Taxes and minorities -310 -418 Net Income 578 637 +10.2%

  8. P+C Business development

  9. P+C 3rd quarter results Group Top line growth aligned with market trends, both in Italy and in the other European countries (+3.1%) Group combined ratio at 98.3% (97.2% net of the impact of the floods in Switzerland and Austria) Motor business in Italy in line with market trends (+1.6%), showing an improvement in the technical result (combined ratio at 96.5%)

  10. Total P+C GPW Group Mln euro - direct + indirect business Focus by country P+C GPW YoY growth +3.1% YoY growth GPW 5,611 5,444 +3.4% 1,195 Switzerland 2,896 +3.1% Other countries 2,809 +1.3% 763 Austria +6.5% 705 Spain 2,715 Italy 2,635 +3.0% -2.1% 233 Portugal 9M04 9M05

  11. Technical development Group Group Consolidated Combined ratio (1) Focus by Country - % 9M05 FY04 IAS - IFRS IAS - IFRS 98.3% 97.9% 97.2%(2) 98.3 97.6 Italy 100.2 105.5 Switzerland 98.6 100.2 Austria 91.6 90.9 Spain FY04 9M05 IAS - IFRS (1) Net of reinsurance business, including “other technical items”, calculated on Net Earned premiums (2) Net of Euro 57 million (Euro 29.5 million net of minorities) one-off impact of the floods in Switzerland and Austria.

  12. Total P+C GPW Italy Mln euro - direct business Focus by LoB - % P+C GPW YoY growth(1) +3.2% 9M05 FY04 IAS - IFRS 2,702 IAS - IFRS 2,619 +1.6% 1,763 Total 98.3 97.6 1,735 Motor 96.5 97.0 Motor 939 +6.2% Non-Motor 884 99.3 Non Motor 99.9 9M04 9M05 (1) On like-for-like basis

  13. Motor business development Italy Number of claims reported /000 3rd quarter development • Further decline in number of claims reported (-1.0%) • Increase in number of Motor TPL policies (+1.8%) thanks to the positive contribution of the direct channel (+10.5) • Motor other damage portfolio growth of 7.3% 362.9 349.9 346.5 9M03 9M04 9M05

  14. Life Business development

  15. Life 3rd quarter results Group Total premium growth of 7.6%, despite a 7.1% decrease outside Italy Strong growth by proprietary channels (agents and FAs) both on volumes and new business value, also thanks to a significant increase in recurring premiums (+9.4%) New business growth rate in the bancassurance channel in line with the first half (+10%), through product innovation and recurring premiums increase (+9%)

  16. Life GPW Group Mln euro Life GPW + Inv. Contracts YoY growth + 7.6 % Mln euro YoY growth (2) 6,640(1) +0.5% 870 Switzerland 6,173 - 7.1% 1,334 -6.7% 249 1,435 Abroad Austria -30.8% 160 Spain(3) +12.0% 5,306 4,738 Italy +0% 55 Portugal 9M04 9M05 (1) Of which 3,671 million Euro of investment contracts in Italy and 41 million Euro abroad (2) On like-for-like basis (3) In 2004, Spain recorded a one-off single premium of 163 million Euro relating to the outsourcing of the Banco Popular Espanol pension fund

  17. New Business Premiums Italy Mln euro Total 9M05 YoY growth +12% 4,163 226 +9% 3,703 Recurrent Premium 206 +13% 3,938 Single Premium 3,496 9M04 9M05

  18. Life new business volumes Italy Mln euro - Individual policies (1) Growth 9M05 APE Ras Market (2) Mln euro Growth 9M04 353 +29% +21% 125 +19% Agents 455 9M05 FAs 9M04 252 +18% -21% 61 +8% 298 9M05 9M04 3,097 Banks +10% +25% 221 +8% 3,410 9M05 (1) 10% single premiums + 100% recurrent premiums (2) Mkt data source: Ania statistics as of August 2005, Bancassurance includes Postevita

  19. Agents: new business premiums Italy Mln euro - Individual business Life NB Premiums YoY growth Focus Recurrent Premium YoY growth +29% +14% +26% 455 +10% +14% 89 353 89 24 78 Recurrent Premium 366 +10% 35 +33% 275 Single Premium 30 9M04 9M05 1Q05 2Q05 3Q05 9M05

  20. Bancassurance: new business premiums Italy Mln euro - Individual business Life NB Premiums +10% Significant growth of Recurrent Premiums thanks to the launch of new products with a larger insurance component Restyling of Single Premiums product range 3,410 +9% 3,097 102 Recurrent Premium 94 3,308 +10% 3,003 Single Premium 9M04 9M05

  21. RasBank FAs performance

  22. RasBank 3rd quarter results Italy Continued growth in Assets Under Administration, reaching Euro 22.4 billion (+12%), with total net inflows gaining 4% on the YoY period Strong progress in Life New Business in the third quarter (+103%) Recovery of net inflows to Euro 326 million on Assets Under Management in the third quarter, reversing the negative trend of the first six months (Euro -104 million)

  23. RasBank FAs performance Italy Mln euro Assets under administration Net Inflows and Life New business (1) +12% +4% 22,356 19,935 4,658 17,698 740 710 Life New business 4,291 15,644 3,046 298 252 2,459 Banking 458 442 14,651 220 309 259 13,185 Asset Mgmt 222 149 9M04 9M05 9M04 9M05 (1) Net Inflows: Assets under Management and banking assets

  24. RasBank FAs: Life new business premiums Italy Mln euro - Individual business only Total 9M05 YoY growth 3rd quarter YoY growth 1st half YoY growth +18% +103% +0% 298 252 -1% 209 209 34 35 89 Recurrent Premium -19% 28 23 264 12 +77% 218 44 77 186 Single Premium 181 7 37 3Q04 3Q05 1H04 1H05 9M04 9M05

  25. RasBank FAs: Asset Mgmt net inflows Italy Mln euro Focus by quarter Total at 3Q YoY growth +49% +254% 222 326 78 149 92 28 29 -47 -57 1Q04 1Q05 2Q04 2Q05 3Q04 3Q05 9M04 9M05

  26. Outlook

  27. Outlook Group On the basis of the results obtained in the first nine months of 2005, and subject to exceptional events and unforeseeable market difficulties, Ras is able to confirm that it will reach its 2005 profitability target, with a strong improvement in results compared with 2004

  28. Cautionary Note Regarding Forward-Looking Statements Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in RAS Spa’s core business and core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates including the Euro - U.S. dollar exchange rate, (viii) changing levels of competition, (ix) changes in law and regulations, including monetary convergence and the European Monetary Union, (x) changing in the policies of central banks and/or global basis. The matters discussed in this release may also involve risks and uncertainties described from time to time in Allianz’s filings with the U.S. Securities and Exchange Commission Allianz assumes no obligation to update any forward-looking information contained in this release.

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