Allianz : resolves on new share buy-back program with a volume of up to 1.5 billion euros

Allianz SE

Group Communications and Corporate Responsibility

Media Release

Allianz SE resolves on new share buy- back program with a volume of up to 1.5 billion euros

Munich, February 20, 2020

Allianz SE has resolved on a new share buy-back program. The volume of such new program will amount to up to 1.5 billion euros. The program shall start in March 2020 and be finalized by December 31, 2020 at latest. Allianz SE will cancel all repurchased shares.

For further information please contact:

Holger Klotz	Tel. [phone], e-mail:[e-mail]
Daniela Markovic	Tel. [phone], e-mail:[e-mail]

About Allianz

The Allianz Group is one of the w orld's leading insurers and asset managers w ith more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global busine ss insurance. Allianz is one of the w orld's largest investors, managing around 764 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage more than

1.6 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, w e hold the leading position for insurers in the Dow Jones

Sustainability Index. In 2018, over 142,000 employees in more than 70 countries achieved total revenues of 132 billion euros and an operating profit of 11.5 billion euros for the group.

These assessments are, as alw ays, subject to the disclaimer provided below .

Cautionary note regarding forw ard-looking statements

This document includes forw ard-looking statements, such as prospects or expectations, that are based on management's current view s and assumptions and subject to know n and unknow n risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forw ard- looking statements. Deviations may arise due to changes in factors including, but not limited to, the follow ing: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the

EUR/USD exchange rate, (ix) changes	in law s and regulations, including tax regulations, (x) the impact of
Allianz SE	Chairman of the Superv isory Board: Michael Diekmann. Board of Management: Oliv er
Koeniginstr. 28	Bäte, Chairman; Sergio Balbinot, Jacqueline Hunt, Dr. Christof Mascher,
80802 Munich; Germany	Niran Peiris, Iv án de la Sota, Giulio Terzariol, Dr. Günther Thallinger, Dr. Axel Theis,
Phone: [phone]	Renate Wagner (Release / Stand 01.2020). For VAT-Purposes:VAT-Registration Number:
Fax: [phone]	DE 129 274 114; Insurance serv ices are exempt f rom VAT.
www.allianz.com/news	Allianz SE, Munich, Comm.Reg.: Munich HRB 164232

acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.

No duty to update

The Allianz Group assumes no obligation to update any information or forw ard-looking statement contained herein, save for any information w e are required to disclose by law .

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