Leadership changes at Allianz Asia Pacific and Allianz Direct

Allianz SE

Group Communications and Reputation

Media Release

Leadership changes at Allianz Asia Pacific and Allianz Direct

• Anusha Thavarajah to become Regional CEO of Allianz Asia Pacific
• Philipp Kroetz to become CEO of Allianz Direct

Munich, November 4, 2021

Anusha Thavarajah has been appointed Regional Chief Executive Officer of Allianz Asia Pacific, effective December 1, 2021. She is succeeding Solmaz Altin, who has decided to leave the organization after 13 years with the company.

In her new role, Anusha Thavarajah will be responsible for delivering Allianz As ia Pacific's long-term growth strategy as well as driving forward the business's ongoing transformation efforts. Currently she is Allianz Asia Pacific's Regional CEO of Life & Health, having joined the business in December 2019 from AIA Malaysia. Anusha Thavarajah has over 30 years of experience in the financial services industry, having served in various senior leadership roles in the United Kingdom, Hong Kong and Malaysia, and was President of the Malaysia Life Insurance Association.

Sergio Balbinot, Member of the Board of Management of Allianz SE, said: "I am delighted that Anusha will become the new Regional Chief Executive Officer. Her vision reflects our ongoing commitment to accelerate our growth and achieve long -term business success. I would like to thank Solmaz for his significant contribution to Allianz. He has created substantial value for the group, driving lasting transformative and cultural changes that have left a profound impact in our customer and digital strategies. I wish him well for th e future."

Philipp Kroetz has been appointed Chief Executive Officer of Allianz Direct, effective January 1, 2022 and subject to regulatory approval. He is succeeding Bart Schlatmann, who has decided to pursue new opportunities outside of Allianz after ha ving successfully launched Allianz Direct as a pan-European risk carrier for the Group.

In his new role, Philipp Kroetz will be responsible for the continued customer -centered innovation in motor, home, and travel insurance and the scaling of the Allianz Direct common digital platform. Currently Philipp Kroetz is Chief Transformation Officer of Allianz Partners, where he is driving the global scaling and standardization of products, processes, and platforms. Prior to this, he was Global Head of the Allianz Customer Model, in which he was responsible for the standardization and harmonization of all products and processes to

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enhance customer experience. Philipp first joined Allianz in 2011 as Chief Sales Officer of Allianz Automotive before becoming Chief Underwriting Officer for Specialty Lines and Germany at Allianz Partners in 2014. In 2016, he became CEO of German -speaking countries and South Eastern Europe for Allianz Partners.

Oliver Bäte, Chairman of the Board of Management of Allianz SE, said: "Philipp Kroetz is a natural successor for Bart Schlatmann, as Allianz Direct focuses its momentum on continued customer-centered innovation and the scaling of its digital platform. Three years ago we decided to invest in our online business, and the Allianz Direct team delivered. I am grateful to the team for launching Allianz Direct in four markets and bringing three product lines to the platform. Bart Schlatmann is a transformer and positive disruptor who has advanced business and cultural transformation at the company. I wish him well in his new chapter."

For further information please contact:

Christian Kroos, Allianz SE, Tel. [phone], [e-mail] Flavia Genillard, Allianz SE, Tel. [phone], [e-mail] Gesa Walter, Allianz SE, Tel. [phone], [e-mail]

About Allianz

The Allianz Group is one of the w orld's leading insurers and asset managers w ith more than 100 million 1 private and corporate customers in more than 70 countries. 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 business insurance. Allianz is one of the w orld's largest investors, managing around 793 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage more than 1.8 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 are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.

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

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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's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation w ith respect to the Allianz Group, other w ell-know n companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in law s and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each

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