DGAP-News: Allianz SE / Key word(s): Annual Results/Quarter Results 
Allianz SE: Allianz delivers a strong finish to 2020 
2021-02-19 / 06:59 
The issuer is solely responsible for the content of this announcement. 
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- Total revenues decreased by 1.3 percent to 140 billion euros in 2020 
- 2020 operating profit of 10.8 billion euros incl. negative COVID-19 impact of 1.3 billion euros 
- 2020 net income attributable to shareholders down 14.0 percent to 6.8 billion euros 
- Strong Solvency II capitalization ratio of 207 percent^[1] at the end of 2020 
- Board of Management proposes a dividend at prior-year level, 9.60 euros per share 
- 4Q 2020 total revenues stable year-on-year, 4Q 2020 operating profit up 8.2 percent; 4Q 2020 net income attributable 
to shareholders down 2.2 percent 
- 2021 operating profit target of 12.0 billion euros, plus or minus 1 billion euros 
Management Summary: Resilient performance in an unprecedented year 
In the face of an extremely challenging environment in 2020, Allianz demonstrated resilience to an unprecedented health 
crisis and prolonged low interest rates. The financial performance in the fiscal year 2020 has been remarkably robust 
across all business segments, though the COVID-19 pandemic left its mark on the financial results, especially in the 
Property-Casualty commercial lines. Despite these major global challenges, Allianz completed its fiscal year with a 
strong fourth quarter. 
Internal revenue growth, which adjusts for currency and consolidation effects, amounted to -1.8 percent in 2020, mostly 
driven by our Life/Health business segment. Total revenues declined 1.3 percent to 140.5 (2019: 142.4) billion euros 
and operating profit decreased 9.3 percent to 10.8 (11.9) billion euros, mostly due to the adverse impacts from 
COVID-19 amounting to approximately 1.3 billion euros. In our Property-Casualty business segment, operating profit fell 
due to COVID-19-related losses, lower run-off and a lower operating investment result. In our Life/Health business 
segment, operating profit decreased but still remained on a strong level supported by a resilient investment margin. 
The decline was mainly due to a positive prior-year impact in the United States and the disposal of Allianz Popular 
S.L. in Spain. Our Asset Management business segment, on the other hand, registered operating profit growth from higher 
average AuM and continued cautious cost management. Net income attributable to shareholders decreased 14.0 percent to 
6.8 (7.9) billion euros due to the lower operating profit and non-operating result. 
Basic Earnings per Share (EPS) decreased 12.8 percent to 16.48 (18.90) euros in 2020. Return on Equity (RoE) amounted 
to 11.4 percent (13.6 percent). The Solvency II capitalization ratio was at 207 percent at the end of 2020, compared to 
212 percent at the end of 2019.^[2] The Board of Management will propose a dividend at prior-year level, 9.60 euros per 
share for 2020. 
Aside from the financial results, the key indicator for the quality of our organization is the feedback we receive from 
our clients. 79 percent of our operating entities worldwide achieved a Net Promoter Score (NPSTM) above market average 
compared to 70 percent in the previous year, which is an all-time high. The Inclusive Meritocracy Index (IMIX), which 
measures leadership and performance culture, was at 78 percent in 2020, an improvement of 5 percentage points compared 
to 2019. These results prove that the Allianz strategy "Simplicity wins" is spot on - also, and especially in times of 
crisis. 
"I am grateful for the trust and confidence that our stakeholders placed in Allianz during the challenging year 2020," 
said Oliver Bäte, Chief Executive Officer of Allianz SE. "Our resilient results prove that we continued to deliver 
value and security to our customers, thanks to our highly engaged workforce and state-of-the-art operations. We are 
hence in a good position to deliver on our 2021 ambition." 
In the fourth quarter of 2020, total revenues were stable compared to the previous year. Operating profit increased by 
8.2 percent to a strong 3.0 (2.8) billion euros, driven by all business segments. Our Life/Health operating profit 
increased driven by a higher investment margin, operating profit from our Asset Management business grew due to higher 
AuM-driven revenues. The operating profit in our Property-Casualty business also increased. The operating profit growth 
was more than offset by a worsening of our non-operating result, which led to a 2.2 percent decline in the net income 
attributable to shareholders to 1.8 (1.9) billion euros. 
"The Allianz team delivered a strong finish to a very challenging year, showing that Allianz is a reliable partner for 
all stakeholders", said Giulio Terzariol, Chief Financial Officer of Allianz SE. "Adjusted for adverse COVID-19 
impacts, our operating profit stood above prior year's record level and shows how well diversified and healthy our 
underlying business performance is. Our capital position has remained strong throughout the pandemic. This is why we 
look towards 2021 with confidence." 
Property-Casualty insurance: Operating profit impacted by COVID-19 
- Total revenues rose slightly by 0.4 percent to 59.4 billion euros in 2020. Adjusted for foreign currency translation 
and consolidation effects, internal growth totaled -1.5 percent, mainly driven by a negative volume effect of 4.8 
percent and a positive price effect of 3.8 percent. The main contributors to this decline were Allianz Partners, Euler 
Hermes, and Italy, whereas AGCS, Turkey, and Germany recorded positive internal growth. 
- Operating profit decreased by 13.4 percent to 4.4 billion euros in 2020 compared to the previous year. The 
underwriting result was heavily affected by the COVID-19 pandemic especially in the commercial lines of business, 
higher claims from natural catastrophes, and a lower contribution from run-off, partly offset by a strong improvement 
in our expense ratio. The operating investment income also declined. 
- The combined ratio rose by 0.8 percentage points to 96.3 percent in 2020. 
"The Property-Casualty business segment performed in line with our mid-point target for operating profit if COVID-19 
related losses were excluded," said Giulio Terzariol, Chief Financial Officer of Allianz SE. "Our disciplined 
underwriting and steady productivity improvements should yield substantial progress towards a 93 percent combined ratio 
in 2021." 
In the fourth quarter of 2020, total revenues decreased to 12.7 (13.1) billion euros. Adjusted for foreign currency 
translation and consolidation effects, internal growth totaled -3.5 percent, driven by Allianz Partners, Italy, and 
Euler Hermes. Despite negative COVID-19 effects, the operating profit rose by 2.4 percent to 881 million euros compared 
to 2019. This was caused by a significantly higher underwriting result. All in all, the combined ratio in the fourth 
quarter of 2020 improved by 2.2 percentage points to 97.4 percent compared to prior year. 
Life/Health insurance: Strong operating profit and healthy sales 
- PVNBP^[3], the present value of new business premiums, decreased to 61.5 (67.0) billion euros in 2020, impacted by 
COVID-19 restrictions. The largest volume decreases were seen in Germany and in the United States. The negative effects 
were partly offset by increased volumes in Italy. 
- The new business margin (NBM) declined to 2.8 (3.2) percent due to the strong decline of interest rates. This was 
largely offset by product repricing and an improved business mix, with a continued shift to preferred lines of 
business. The value of new business (VNB) dropped to 1.7 (2.2) billion euros in 2020, driven by a combination of lower 
volumes and decreased margins. 
- Operating profit decreased to 4.4 (4.7) billion euros in 2020. This was mainly due to the disposal of Allianz Popular 
in Spain as well as loss recognition and a positive prior-year impact in the United States. We recorded, however, a 
positive contribution from a resilient investment margin. 
"We witnessed a recovery in sales and margin resilience in the Life/Health business segment at the end of 2020," said 
Giulio Terzariol. "I am pleased that we continue to successfully meet customer expectations by innovating and adapting 
our business portfolio. Our operating performance has sound foundations and I look forward to a solid 2021 
performance." 
In the fourth quarter of 2020, the PVNBP grew to 19.0 (18.1) billion euros due to the sales growth in Italy and France. 
Operating profit increased to 1.4 (1.3) billion euros predominantly due to improved investment margins in the German 
life business and in the United States. NBM decreased to 2.7 (2.9) percent, due to the decreased interest rates while 
the VNB increased to 521 (519) million euros due to higher volumes. 
Asset Management: Total assets under management at all-time high 
- Third-party assets under management (AuM) increased by 26 billion euros to 1,712 billion euros in 2020. This was 
driven by positive market effects of 96.5 billion euros and net inflows of 32.8 billion euros. Unfavorable foreign 
currency translation effects of 104.3 billion euros had an offsetting impact. 
- Total assets under management increased to 2,389 billion euros in 2020, an all-time high. 
- Operating profit increased by 5.5 percent to 2.9 (2.7) billion euros in 2020 as revenues grew - mainly driven by 
higher average third-party assets under management. As a result, the cost-income ratio (CIR) went down 1.1 percentage 
points to 61.2 percent in 2020 compared to 2019. Adjusted for foreign currency translation effects, operating profit 
increased by 7.3 percent. 
"Strong net inflows in the Asset Management business segment are testimony to our attractive customer value 
proposition," said Giulio Terzariol. "The new all-time high in assets under management and strong productivity bode 
very well for a good start in 2021."

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