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Allianz Annual Report 2013

Annual Report 2013    Allianz Group 21 A To Our Investors  5 Letter to the Investors 10 Supervisory Board Report 17 Supervisory Board 18 Board of Management 20 International Executive Committee 21 Allianz Share ­Allianz Share −− Allianz shares gain 24.4 % as stock markets rally. −− Dividend rises to € 5.30. Bullish equity markets After a lackluster start to the year 2013, European share prices started to fall in the spring, prompted by the financial crisis in Cyprus and the difficult political situation in Italy. As these economies started to heal, and with markets expecting central banks to stick to their expansionary monetary policies, share prices started to pick up con- siderably – before coming to an abrupt stop in June. This was trig- gered by hints made by the Federal Reserve Bank that it might start scaling down its bond purchase program before the end of 2013. Investors reacted by pulling considerable amounts of money out of the stock and bond markets – particularly from emerging markets. After further comments by the Federal Reserve Bank then suggested that an end to – or a restriction of – bond purchases was not looming on the horizon after all, share prices rallied during the second half of the year. Allianz price significantly up The gains made by ­Allianz shares in the previous year continued in a dynamic fashion in 2013, climbing by 24.4 % to € 130.35. Assuming that the dividend was reinvested in ­Allianz shares, total shareholder return amounted to 29.1 %. This rising share price reflects the com- pany’s encouraging business development. The increase of our share price, however, was somewhat less than the STOXX Europe 600 Insur- ance(+ 28.9 %)asmarketfearsintensifiedduringthecourseoftheyear thatrisinginterestratesintheUnitedStateswouldslowdowngrowth of our asset manager PIMCO. ­Allianz shares did, however, clearly out- perform cross-industry indices like the EURO STOXX 50 (+17.9 %). Following the publication of the 2013 results, 59 % of analysts issued a “buy” recommendation for ­Allianz shares – with an average price target of € 140. For analysts’ current recommendations and earn- ingsestimates,pleasereferto    www.allianz.com/analystsrecommendations. Rising share prices in 2013 also confirmed ­Allianz shares as an attractive investment for the longer term. For example, investors who have held our shares in their portfolios for five years and opted to reinvest their dividends in ­Allianz shares will have earned an average annual total shareholder return of 17.1 %. Development of the ­Allianz share price versus STOXX Europe 600 Insurance and EURO STOXX 50 indexed on the ­Allianz share price in € 140 130 120 110 100 1Q 2Q 3Q 4Q  ­Allianz    STOXX Europe 600 Insurance    EURO STOXX 50 Source: Thomson Reuters Datastream Analysts’ recommendations as of 28 February 2014 in % Sell 10 Hold 31 Buy 59 Source: Bloomberg Allianz share performance in comparison average annual performance in % 1 year 2013 5 years 2009 – 2013 10 years 2004 – 2013 ­Allianz (excl. dividends) 24.4 11.7 2.7 ­Allianz (incl. dividends) 29.1 17.1 6.4 STOXX Europe 600 Insurance 28.9 11.1 2.8 EURO STOXX 50 17.9 4.9 1.2 DAX 25.5 14.7 9.2 Source: Thomson Reuters Datastream

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