Talanx : Results as at 31 December 2023 Analyst presentation

FY 2023 Results

Torsten Leue, CEO

Jan Wicke, CFO

21 March 2024

Agenda

1 CEO highlights

2 CFO highlights

3 Capital management

4 Segments

5 Group outlook

6 Appendix

2 FY 2023 Results | 21 March 2024

1 2023 - Another record year …

Record result

High quality earnings

Increased dividend

Net income		Resiliency2		Dividend per share4
in EURm		in EURm		in EUR
1,5811		> 3,5003		2.35

Ahead of schedule for 2025 strategic targets

1 IFRS 4 2022: EUR 1,172m (2023 vs. 2022: + 35%); IFRS 17 2022: EUR 706m, no meaningful base for comparison given different treatment of management actions taken in 2022 under IFRS 4 accounting regime | 2 Estimates per the end of 2023 financial year (external expert assessment to be published with Q1 2024 results on 15 May 2024). Resiliency defined as the difference between booked reserves (based on Talanx' own best estimates) and external expert analysis |

3 Undiscounted; 31 Dec 2022: EUR 2,648m | 4 Dividend for 2023 to be paid in 2024, subject to AGM approval

3 FY 2023 Results | 21 March 2024

1 … with strong Primary Insurance performance …

Industrial Lines

Retail International

Retail Germany

Combined ratio

91.5 %

in LatAm

2

Return on equity

11 %

Underwriting champion

Top player in LatAm

Stable profit contributor

4 FY 2023 Results | 21 March 2024

1 … and a well diversified business with a strong B2B focus

Insurance revenue mix

Diversification

Type of business

Germany

Retail2

Rest of World ~85 %	B2B1	~75 %

~85 % outside Germany

~75 % in hard B2B1 markets

Note: Percentages are calculated in percent of Group insurance revenue, adjusted for Corporate Operations and Consolidation

1 B2B: Industrial Lines (~20%) and Reinsurance (~55%) | 2 Retail: Retail International (~17%) and Retail Germany (~8%)

5 FY 2023 Results | 21 March 2024

1 A promise is a promise - Outlook 2023 outperformed …

Insurance	Group	Return
revenue	net income	on equity
in EURbn	in EURm

> 42	43.21
Outlook 2023	2023

	1,581
~ 1,4002
Outlook 2023	2023

	16.6%
> 10%3
Outlook 2023	2023

1 Insurance revenue growth 2023 versus 2022: +9% (currency-adjusted: +12%) | 2 Initial guidance as communicated with 2022 results; was lifted to >1,400 with 6M 2023 results and lifted to >1,500 with 9M 2023 results 3 Initial guidance as communicated with 2022 results; was lifted to >> 10% with 6M 2023 results

6 FY 2023 Results | 21 March 2024

1 … with Primary Insurance as key growth driver …

Primary Insurance	Reinsurance	Group
insurance revenue	insurance revenue	insurance revenue
in EURbn	in EURbn	in EURbn

	+16%1
	19.722
	~0.6
16.97	+13%
organic
	19.12
2022	2023

	+2%3
24.02	24.46
2022	2023

	+9%4
	43.24
39.65
2022	2023

Note: Primary Insurance is the sum of Industrial Lines, Retail Germany and Retail International

1 Currency-adjusted: +20% | 2 Thereof ~ EUR 0.6bn from acquisitions | 3 Currency-adjusted: +4%; shift towards non-proportional business | 4 Currency-adjusted: +12%

7 FY 2023 Results | 21 March 2024

1 … now contributing almost 50% to group results …

Primary Insurance	Primary Insurance
revenue contribution	net income contribution

in EURm

	+4%pts
	45%
41%
2022	2023

	+3%pts
43%	46%
2022	2023
(IFRS 41)

Note: Primary Insurance is the sum of Industrial Lines, Retail Germany and Retail International. Percentages are calculated in percent of Group insurance revenue and Group net income adjusted for Corporate Operations and Consolidation

1 IFRS 4 2022: EUR 541m, IFRS 17 2022: EUR 439m no meaningful base for comparison given different treatment of management actions taken in 2022 under IFRS 4 accounting regime

8 FY 2023 Results | 21 March 2024

1 … and lifting implied Primary Insurance valuation to new levels

Development of market capitalisation

In EURbn

18
	16.71
16
+49%	3.62

14	Primary
Insurance

P/E 232

4.6x

12	11.2
				Hannover Re	13.1
10				(50.2%)
8
30 Dec 2022		29 Dec 2023

Source: FactSet | Note: Primary Insurance is here defined as Talanx market cap minus half of Hannover Re market cap

1 Market capitalisation as of 29 Dec 2023 | 2 Implied valuation of Primary Insurance = EUR 3.6bn (based on HannoverRe Market capitalization of EUR 26.2bn as of 29 Dec 2023) translating into P/E23 of ~ 4.6x based on net income of EUR 790m (sum of net income of Primary Insurance segments Industrial Lines, Retail Germany and Retail International)

9 FY 2023 Results | 21 March 2024

1 Disciplined strategy execution is key …

	A	Capital management			B	People management

1. Focused divisional strategies

Primary Insurance

Reinsurance

Industrial lines

Retail Germany

Retail International

Staying Focused. Thinking Ahead.

Focus Grow Accelerate

1. Sustainability

10 FY 2023 Results | 21 March 2024