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Allianz Capital Markets DayCreating customer loyaltyMunichJuly 13, 2006
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Agenda
The Customer Focus Initiative Jan Carendi A Chuck Kavitsky
Appendix Investor Relations contacts D 01Financial calendar D 02Disclaimer D 03
Reorganization of German Insurance Gerhard Rupprecht B
Investment Banking Stefan Jentzsch C
The Customer Focus InitiativeJan Carendi, Chuck Kavitsky
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Agenda
I. The Customer Focus promise
II. Measuring customer loyalty
III. Implementation
IV. Successful FFIC pilot
V. Summary
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Allianz will create a superior customer experience that maximizes customer loyalty and results in
The Customer Focus promiseI. The Customer Focus promise
! Increased referrals, retention and cross-selling! Sustainable profitablegrowth! Increased shareholder value
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Listening to our customers, understanding their needs and implementingsolutions to exceed their rational and emotional expectations
What is Customer Focus?I. The Customer Focus promise
Customer Focus is the next competitive frontier for differentiation and will create sustainable profitablegrowth
! Ease of doing business with Allianz! Fast and professional problem resolution! Peace of mind and trust in all we do
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Reasons for defection in % of total responses (P/C Germany)
2 1
14
21
98
12
33
The opportunity: only 33% of defectors leave because of price
Price0%
20%
40%
60%
80%
100%
Companyin general
Externalfactors
Fieldstaff
Productoffering
Back-office
Claim Relo-cation
I. The Customer Focus promise
Source: Allianz 2005A 04
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Agenda
I. The Customer Focus promise
II. Measuring customer loyalty
III. Implementation
IV. Successful FFIC pilot
V. Summary
A 05
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Net Promoter® Score (NPS) is Allianz� key metric to measure and manage customer focus
"On a scale 0-10, how likely is it that you would recommend our company to a friend or colleague?"
10 9 8 7 6 5 4 3 2 1 0
Passives
Note: Net Promoter® is a registered trademark of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.Source: Bain research, Frederick F. Reichheld�s "The One Number You Need to Grow", HBR Dec 03
Question
Scale
How the NPS works
Net PromoterScore (NPS)
NPS works because it requires putting personal reputation on the line
% Promoters % Detractors
Focus on emotional bonding
Focus on real enthusiasm
� =
II. Measuring customer loyalty
A 06
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Promoters (NPS scale 9 � 10)
Passives (NPS scale 7 � 8))
Per
cent
age
of re
spon
dent
s on
NP
S s
cale
Allianz in line with market, but significant room for improvement
Detractors(NPS scale 0 � 6)
Average NPS performance
-6.1% NPS
22 lines of business participating
12.4%
31.9%22.3%
42.3%43.0%
25.8%34.7%
Allianz
-6.2%
32.3%
41.6%
26.1%
Relevant Market Best-in-Class
∆8.9%-p
∆9.6%-p
II. Measuring customer loyalty
Source: Allianz 2006 A 07
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Indexed average of newly concluded gross premium volume per existing customerand year
Indexed average new GPW generated through recommendation per customer
Indexed average gross premium volume cancelled per customer and year1
Promoters defect less Promoters buy more Promoters drive business
Defection Cross- and up-selling Referral
Converting detractors to promoters increases profitablegrowth significantly
Promoters are significantly more valuable than detractors
-300
-250
-200
-150
-100
-50
0
Promoter Detractor
-100
-271
fullycancelled
partlycancelled
0
20
40
60
80
100100
83
Promoter Detractor
-200
-150
-100
-50
0
50
100100
-200
Promoter Detractor
II. Measuring customer loyalty
partlycancelled
1) Source: Allianz 2005; without �inevitable� cancellation
fully c.
A 08
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NPS versus growth in GPW
NPS and top-line growth strongly correlatedII. Measuring customer loyalty
Insurance companies GermanyCAGR GPW 2002-2004
US Life insuranceCAGR revenues 1999-2003
R² = 0.62 R² = 0.77
-40-5
0
5
10
15
20
-20 0 20 40%
NPS
%
-40 -20 0 20 40 60 80%-2
0
2
4
6
8
NPS
%
Sources:Germany: Bain & Company German Insurance NPS study 2005 (15 companies across all business lines)US Life: Bain experience
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Proven relationship between NPS and organicgrowth valid for Allianz as well
4.5 %pts
Allianz OEs1 withNPS below relevant
market average
Allianz OEs withNPS above relevant
market average (excl. best in class)
Difference:
Relationship between NPS and top-line growth (P/C)
Ave
rage
CAG
R
GPW
200
2-20
05
Allianz OEs withbest-in-class
NPS
4.8 %ptsDifference:
9.3%
0.03%
4.5%
II. Measuring customer loyalty
1) OE = operating entitySource: Allianz 2006; only brand specific turnover in local currency; simple non weighted average over all relevant OEs
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NPS performance within local benchmark
-40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60%GPW 2005in EUR bn
P/C: large OEs have huge improvement potential
CAGRGPW 2002 - 2005
Subsidiary A
Subsidiary B
Subsidiary D
Subsidiary C 17.2
Subsidiary E
0.03%
∆ 4.8 %pts
Subsidiary L2.0
Subsidiary M9.3%
Subsidiary K
Subsidiary H10.7
Subsidiary I
Subsidiary J
Subsidiary G
4.5%
Subsidiary F
∆ 4.5 %pts
II. Measuring customer loyalty
worst-in-classcompetitor
best-in-classcompetitor
relevant marketaverage Allianz NPS
position
Explanation:
Source: Allianz 2006
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L/H: opportunities for cross-border know-how transfer
-40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60%
Subsidiary B
Subsidiary H
Subsidiary D
Subsidiary E
Subsidiary G
Subsidiary C
Subsidiary A
Subsidiary F
NPS performance within local benchmark
35.9
Stat. premiums2005 in EUR bn
II. Measuring customer loyalty
worst-in-classcompetitor
best-in-classcompetitor
relevant marketaverage Allianz NPS
position
Explanation:
Source: Allianz 2006 A 12
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Agenda
I. The Customer Focus promise
II. Measuring customer loyalty
III. Implementation
IV. Successful FFIC pilot
V. Summary
A 13
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Bottom-up NPS �mobilizes� staff to bemore customer focused
Top-down NPS
Measured on OE levelin comparison tokey competitors
Bottom-up NPS
Measured directly after customer interaction at pre-defined touchpoints
! Top management KPI to measure Customer Focus success
! Benchmark OEs with key competitors over time
! Used for management incentives and OE target-setting
! Institutionalize customer feedback via frontline staff
! Change-management tool to mobilize frontlinestaff at critical touchpoints
! Mandatory enabling tool for OEs
III. Implementation
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The Bottom-up NPS process
Touchpoints
Identify critical customer interactions! Claims! Payment difficulties! Complaints management! Advice, quotation, policy issuing! Expiration of policy/reinvestment! First payout (mortgage)
Improving customer orientation
Individual learning experience! From personal feedback
(both positive & negative)Change-management! From process related feedback
(both positive & negative)
Allianz call center (Mondial)
First short telephone call! Ask for NPS! Ask for primary reason! Ask for permission to call back! Ask for best time to call backSend information to employeefor call-back
Employee
! Prepare call with receivedinformation
! Conduct second call(with customer�s permission)
! Enter feedback into database(process related, no personalfeedback)
1 2
4 3
On a scale 0-10,how likely is it that
you will recommendour company to your
friends or colleagues?
III. Implementation
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High customer acceptance of NPS survey
Customers
Participated inNPS survey
91%
85%
Accepted feedback callfrom Allianz employee
Source: Allianz 2005
III. Implementation
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Touchpoint advice/quotation, German property business without motor
Bottom-up NPS measurement offers perfect tool for operative management
1) New business ratio: # of new contracts as % of # of existing contracts per agentSource: Allianz
0
2
4
6
8%
0 20 40 60%
NPS at touchpoint advice/quotation(aggregated for Aug-Oct; in %)
New business ratio1
(Jan-Sep 2005; Property w/o motor)
“Outperformers”
“High potentials”
“Push-sellers”
“With development opportunity”
Ø-NPS28%
Ø-New business ratio3.7%
~63% of agents with above average NPS (>28%) show new business ratio above average (>3.7%)
~75% of agents with below average NPS (<28%) show new business ratio below average (<3.7%)
III. Implementation
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Bottom-up NPS is complemented by ServiceRecovery in order to turn detractors into promoters
Current customer base CFI enablers Target customer base
Passives
Promoters
Detractors
Passives
Promoters
Detractors
Service Recovery
Bottom-upNPS for critical
touchpoints
III. Implementation
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Service Recovery takes complaint management into the next dimension
! Customers want a reliable, hassle-free and result-oriented complaint management experience
! Customers experiencing poor problem resolutionare 3 x more likely to defect
! Superior problem-solving tends to create customer loyalty and cross-selling
! But only a fraction of dissatisfied customers actually take action to complain at all (�tip of the iceberg�)
! With an efficient �pre-complaint� process we try to identify �not filed� complaints
! A blueprint for all processes surrounding Service Recovery is currently rolled out Image Source: National Oceanic and Atmospheric Administration
Direct complaints
Complaints not filed
III. Implementation
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Where do we stand today?
Status
All tools were piloted in 2005 at 4 flagship OEs in different lines of business and markets
Top-down NPS implemented as KPI in all flagship OEs
CF targets will be substantially reflected in all management incentive schemes
Group-wide tools as Bottom-up NPS and Service Recovery will be implemented mid 2007 at the latest
III. Implementation
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Agenda
I. The Customer Focus promise
II. Measuring customer loyalty
III. Implementation
IV. Successful FFIC pilot
V. Summary
A 21
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FFIC addresses three key themes to deliver the desired customer experience
Able to
Do they have the capabilities, skillsand the knowledge?
Want to
Do we measure them, reward them and recognize them appropriately?
Allowed to
Do they have the right leadership encouragement, the right processes and technology, and do we empower them?
Enabled Motivated Empowered
IV. Successful FFIC pilot
Employees and agents
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Majorinitiatives
! Enterprise agency management
! Agency segmentation and service differentiation
! Substantially improved sales fundamentals
! Pipeline of innovative product launches
! Significant management visibility with customers
! Accelerated Customer Focus transformation
- Top-down and Bottom-up NPS pilots
- NPS & value drivers within business review process
- Communication, awareness, training
In 2005, FFIC executed several major initiatives to improve customer focus
January2005
2006March June September
IV. Successful FFIC pilot
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Break-down of NPS score provides perfect management toolBottom-up NPS performanceby team and region1
Do not manage to averages to improve performance
Team A: + 77%
Team B: + 63%
Team C: + 68%
Team D: + 58%
Passives
Detractors
Promoters
Promoters 84%Passives 9%Detractors 7%
Promoters 72%Passives 19%Detractors 9%
Promoters 77%Passives 14%Detractors 9%
Promoters 70%Passives 18%Detractors 12%
South West: + 67%
Promoters 74%Passives 19%Detractors 7%
North East: + 36%
Promoters 48%Passives 40%Detractors 12%
Commercial: + 52%
Promoters 61%Passives 30%Detractors 9%
Team A: + 18%
Team B: + 69%
Team D: + 20%
Promoters 45%Passives 28%Detractors 27%
Promoters 69%Passives 31%Detractors 0%
Promoters 35%Passives 50%Detractors 15%
IV. Successful FFIC pilot
1) Illustrative example only
A 24
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FFIC�s NPS improved by 19%-points in one year �
NPS (in %)
44
31
17
28
5
-20
58
42
28 25 22
5
-8
169
35
Company A Company B Fireman's Fund Company D MarketAverage
Company E Company F Company G
+14%pt +19%pt -6%pts 0%pt +12%pt+8%pt+11%pt
2005
2006
IV. Successful FFIC pilot
+19%pt
Source: Allianz 2005 / 2006A 25
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Top-down NPS1
In %
NPW growth 20052
In %
� and it works!
2005 2006 FFIC Industry
16
359.1
1.9
IV. Successful FFIC pilot
1) Data collected in early 2006 and 2005 respectively, therefore reflects experiences made in the previous year2) On-going business only
2 x
Personal Commercial
FFIC Industry
2.5
-0.1
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Agenda
I. The Customer Focus promise
II. Measuring customer loyalty
III. Implementation
IV. Successful FFIC pilot
V. Summary
A 27
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The CFI aims to encourage OEs tobecome �willing participants�
Allowed to:! CFI is a clear priority ! Sufficient local
resources ! OE-driven � by the OEs
for the OEs! Incorporated in
leadership culture
Want to:! Compensation and recognition ! Success stories demonstrating
business & financial impact! Profit (company success)! Incentive and recognition
linked to Bottom-up NPS
Enabled
Motivated
Able to:! Sufficient support,
i.e. tools, methods and solutions
Empowered
Pullfor
action
V. Summary
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CFI success measured through dedicated framework
Lean Group controlling, wide range of optional OE interventions
ServiceRecovery/ complaint
management
Segment-specific price/
product/service strategy
Defection &loyalty driver
analysis
OE-specific initiatives driven
by deficits at touchpoints
Bottom-up NPS at chosen customer touchpoints (sales, claims, etc.)
Retention Cross-/up-selling New bus./referrals
Top-down NPSLeadingGroup
indicator
LaggingGroup
indicator
LeadingOE
indicator
Groupinitiatives
Main CF initiatives
V. Summary
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Take aways
Customer Focus Initiative
! Customer loyalty drives profitablegrowth
! NPS provides perfect tool to measure and incentivize customer focus
! Consistent group-wide implementation of CFI initiated
! CFI targets part of top management compensation scheme
! Current NPS and customer structure offers huge growth potential
CFI will significantly enhance profitablegrowth of Allianz Group
V. Summary
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“Everything we do at Allianz should start and end with
the customer’s best interest in mind …building loyalty with profitable customers”
A 31
Appendix
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Understanding the language of CFIAppendix
Net Promoter Score (NPS)! Promoters as percentage of total number surveyed minus detractors as percentage of total
number surveyed
Top-down NPS! Measured on OE level in comparison to key competitors! High correlation between NPS and growth
Bottom-up NPS ! Measures referral willingness directly after customer interaction at pre-defined touchpoints
including 1-2 questions about quality of actual interaction. Responses are grouped, analyzed and used to create continuous learnings from frontlines. Touchpoints can be changed and varied according to changing needs.
! Strong indicator for deficiencies and Top-down NPS
Service Recovery! Consistent and sustainable set of activities for dealing with customers who feel, may feel, or are
about to feel, that an Allianz experience has not lived up to their expectations. Any expression of dissatisfaction is seen as a complaint. Consequently, Service Recovery comprises complaint management as reactive (follow-up) as well as proactive (prediction, detection) activity.
A 33
Reorganization ofGerman insuranceGerhard Rupprecht
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Agenda
I. Introduction
II. German insurance reorganization
III. Take aways
B 01
© A
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! Processes! IT
! Distribution! Products/
Services
Reorganization of German insurance integral part of strategic initiatives
I. Introduction
Pipe-line
IntegratedFinancialServicesProvider
AGRAMA
reorgani-zation
Growthinitiatives
Growthmarkets
Growth
Efficiency
SecureNo. 1
position inhome market
Europeancomplexityreduction
DresdnerBank
reorgani-zation
Germaninsurancereorgani-
zation
Sustain-ability
Program
CustomerFocus
Initiative
B 02
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Overview � Allianz´s German insurance business 2005
Key figures (IFRS)Revenues2 (EUR bn)Net income3 (EUR m)Market share4 (%)Customers5
P/C1
10.01,21317.0
12.4m
Life12.2329
16.38.4m
Health3.096
11.14.2m
1) German P/C Group (SGD)2) Revenues comprise GPW in P/C and statutory premiums in Life and Health3) Before minorities and amortization of goodwill
Product mix (%)
Casualty
Others
Property
Motor
Unit-linked
Annuities
Comple-mentaryhealth care
Compre-hensive
health careOthers6
I. Introduction
40%
12%
48%
Based on GPW Based on new business Based on GPW
Revenues2 of German insurance business (EUR 25.2bn)
16%
84%
Liability
24%
15%
13%
10%
38%
4) Based on GPW (P/C and Life) and NPE (Health)5) As of May 20066) E.g. time account insurance
Term (1%)
Endowment
6%4%
23%
66%
B 03
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Strong position in German insurance, but reorganization necessary
Distribution Products/Services Efficiency
but but but
! Lack of integratedsteering and incen-tivization
! Highly complexproduct portfolio
! Scattered IT land-scape
! Duplicated processes
Our challenge: turn threat into opportunity
! Full product range! Innovative �assis-
tance� services
! Strong compositecaptive sales force
! Multi-channelapproach
! Well establishedinternal bench-marking
! Strong IT supportfor agencies
I. Introduction
B 04
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Huge cross-selling potential in insurance �
Total private insurance customers 19.8m
P/C: 12.4m
Life: 8.4m
Health: 4.2m
4%
Only 22% of customershave policies in morethan one LoB1
Only 4% of customershave policies in eachLoB1
I. Introduction
1) Line of business
B 05
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�as well as in banking
Only 10% ofinsurance customers haveDresdner accounts
Only 9% of all customers have insurance policies and Dresdner accounts
Dresdner Bank customers 5.8m
2.1m customers
Total private customers ~24m
I. Introduction
Private insurancecustomers 19.8m
B 06
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Customer Centric
Marketing
Management / Central Functions
Operations
Distribution
Life
Property
Health
I. Introduction
Target Operating Model as basis for German reorganization
Business model centered around the client needs
B 07
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Competitiveadvantages
Sustainability Program - sharing best practice
Our approach to strengthen competitive advantages
Customer Focus Initiative
Products/ServicesDistribution Efficiency
=
1 2 3
I. Introduction
1) Unique selling proposition
! Profit-orienteddistributioncompany
! Improved salessupport by Customer Care Center/ database management
! Diversification ofsales channels
! Service enhanced products with USP1
! Standardization of commodity type products
! Time-to-market improvement
! Structures! Processes! IT
B 08
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Agenda
I. Introduction
II. German insurance reorganization
III. Take aways
B 09
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Distribution: where are we now? II. German insurance reorganization
Market leader, but loss of one million customers since 2001
We are strong � � but
Tied agents
Bank
Diversified channels
Customers
! 11,000 agents selling full range of financial services
! Largest insurance sales force
! 900 Dresdner branches! Already 5% and 12% share in
new production (P/C and L/H)
! Active in growing channels like brokers, car dealers or direct
! Strong customer base with ~20m customers
! Too many products per agent diluting individual strengths
! Strong in rural areas, weaker in big cities
! Insurance penetration still below European best practice
! Huge potential still untapped
! Low cross selling rates! Missing customer view by product
providers
1
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Distribution: how to grow our business
Increase retention and cross-selling, win new customers
Diversification of sales channels
! Enlarge broker channel! Bundling of existing Allianz internet presences in Allianz24.de! New stationary sales formats in big cities: financial centers at Dresdner Bank
locations
Profit-oriented distribution company
! Common basis for sales planning, sales steering, restructuring of sales network
! Incorporate profit orientation in distribution company! Comprehensive tracking of client profitability
Improved sales support by CCC1/ database management
! More effective information retrieval for focused sales campaigns! Common database for P/C, L/H to increase cross-selling rates! Reduced product complexity! Better integration of Customer Care Center
1II. German insurance reorganization
1) Customer Care Center
B 11
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Distribution: �new data mining tools� as example for better use of database
! Identifying and disclosing�best customers� to sales staff
! Target: renewals or rearrangement of contracts
! First results are promising
Sales promotion
Ris
k of
sur
rend
erClient clusters
Val
ue o
f clie
nt
Identifying�best customers� with highsurrender risk
1II. German insurance reorganization
B 12
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Distribution: success of CFI-pilot as example for winning customers
Mortgage business Allianz Leben
Development NPS1 New business development
Initiatives generated from NPS-feedback: ! �Customer Care Call�! Additional coaching! New contract design! Redesign of new business process
20%
30%
40%
50%
60%
70%
May
04
Jul 0
4
Sep
04
Nov
04
Jan
05
Mar
05
May
05
Jul 0
5
Sep
05
Nov
05
Jan
06
Mar
06
May
06
NPS in %
Rolling 3-Month avg.
0
30
60
90
120
150
180
Jan
04
Apr
04
Jul 0
4
Oct
04
Jan
05
Apr
05
Jul 0
5
Oct
05
Jan
06
Apr
06
EUR m
1) Net promoter score
1II. German insurance reorganization
B 13
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Products: where are we now?
Full innovative product range,but complex product portfolio and difficult to administrate
We are strong � � but
Life
P/C
Health
! Very strong brand! Successful product innovations
like Allianz Indexpolice! Sole provider of full range of
employee benefit schemes
! Full product range! Innovative product combinations
with assistance elements
! Besides private health insurance full product portfolio including home care and complementary health cover
! Complex product portfolioe.g. in P/C ~140 products with ~800 tariff options
! Market perception: high service levels,but also above-average prices
2II. German insurance reorganization
B 14
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Products: how to grow our business
Service enhanced products
Time to market improvement
Access to new customers/segments
Standardization
Build on specific Allianz abilities " Difficult to copy, attractive margins- Assistance:
- Accident 60 Active " builds on assistance for elderly people- Home emergency " builds on assistance for homeowners
- 1st mover: Allianz Indexpolice " combines know-how from Dresdner Bank and Allianz Leben
- Employee benefit schemes " unique know-how (company pensions, time accounts, outsourcing of pension liabilities)
- Central marketing and product committee - Institutionalized idea generation by �I2S-program�
New customer groups accessed with specific products(e.g. �55+�, �Accident 60 Active�) and channels (e.g. direct channel)
e.g. Bancassurance, " easier to sell, free up time for new customers
2II. German insurance reorganization
B 15
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Structures, processes and IT: where are we now?
� but
! 21 locations
! Heterogeneous service levels and client handling due to highly decentralized responsibilities
! Mishandling of customer requests due to missing information across the lines of business
! Different business processes in similar lines of business
! IT platform highly complex with low degree of standardization
Cost levels above those of closest competitors despite market leadership
P/C Life Health
Claims Benefits Benefits
Operations Operations Operations
Distribution Distribution Distribution
Productdevelopment
Productdevelopment
Productdevelopment
3
Traditional structures�
II. German insurance reorganization
B 16
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Structures: implementation of Target Operating Model in Germany
! German Insurance Holding established
! Top management teamin place
! Distribution streamlined, cooperation with mutual banks prolonged
! P/C companies merged
Starting position Status today Target
Allianz AG
Life HealthP/C
Operations OperationsOperations
Distr. Distr. DistributionDistribution
Allianz SE
German Insurance Holding
Life HealthP/C
Operations
Distribution
3II. German insurance reorganization
done
done
in progress
B 17
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Structures: new location concept
! 7 regions organized into4 regions
! 12 distribution head-offices merged into 11
! 114 sales support offices merged into 90
! 21 administrative locationsto be merged into 10
Starting position Status today Target 2008
3II. German insurance reorganization
done
done
in progress
done
B 18
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Faster and easier handling increases quality and satisfaction of customers and agents
Processes: client/agent handling
CustomerCare Center
Frequent transactions with highdegree of standardization across all LoBs
Call / Non-Call
Product& Process Center
Case solutions handled by specialized groups
Forwarding of infrequent transactions
3
80%of
requests
20%of
requests
Target
II. German insurance reorganization
Customer/Agent
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IT: increased efficiency through standardized platform
From old model with separate IT platforms�
�to convergence with a common IT platform
Status: successful blue printsin Switzerland and Austria
Austria! In use since 1997! 1.1m customers, 2.1m policies
Switzerland! In use since 2000! 0.8m customers, 1.2m policies
Germany! Convergence of redundant
platforms to start in 2006! Target Operating Model to start
in 3Q 2007 ! ~25m1 insurance customers,
57m policies
P/C Life Health
Database
Policies
Accounting Payment
Claims Policies
Accounting Payment
Claims Policies
Accounting Payment
Claims
All lines of business
3II. German insurance reorganization
Database Database
Customer Tied agents
Customer Care Tied agents Customer
Database
Customer Care Others Customer
Care Others Customer Care Others
Policies Accounting PaymentClaims Others
1) Aggregated B 20
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Target Operating Model requires less employeesII. German insurance reorganization
New location concept: FTEs1 by region
Status as of 30/09/2005 Target(after implementation of Target Operating Model)
Total
3
D 2,952
Σ 6,127A 3,174
D 2,828
Σ 6,750A 3,921
D 2,936
Σ 9,223A 6,287
D 2,593
Σ 8,630A 6,037
D = DistributionA = Administration (operations + headquarters)
D = DistributionA = Administration (operations + headquarters)
D 11,309
Σ 30,728A 19,420
Total
D 2,789
Σ 5,457A 2,669
D 2,639
Σ 4,789A 2,150
D 2,746
Σ 7,125A 4,379
D 2,430
Σ 7,645A 5,214
D 10,605
Σ 25,016A 14,411
1) FTE = Full time equivalent
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Status
! Overall restructuring package and voluntary leave program agreed withWorkers� Councils
- No compulsory redundancies during 2006 and 2007
- Prolongation until 2010 possible, if specified growth and cost targetsare achieved on an annual basis
! Expected cost savings between EUR 500-600m1
! Expected restructuring costs approx. EUR 500m2
II. German insurance reorganization
1) Before policyholders and tax; full run-rate after implementation of Target Operating Model until end of 20082) Bulk of provisions for restructuring costs expected to be booked in 2H 2006
B 22
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ImplementationEnsure technical and organizational requirements
Target Operating ModelRollout
01/2008
08/2006
07/2007
Conception
Time schedule for Target Operating Model
Today
II. German insurance reorganization
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Agenda
I. Introduction
II. German insurance reorganization
III. Take aways
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Take awaysIII. Take aways
German insurance reorganization
! Abolish complex structures and cost duplications
! Organize customer centric processes
! Exploit huge cross-selling potential
! Place emphasis on value-adding services
! Implement best in class business model
Generate profitable growth
B 25
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Appendix
Appendix
B 26
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Overview - German P/C1
12.4m customers - Allianz ranks # 1
Appendix
Key figures (IFRS)GPW (EUR bn)Expense ratio (%)Claims ratio (%)Combined ratio (%)Net income2 (EUR bn)Market share3 (%)
20019.7
26.970.997.81.6
17.4
20029.8
28.073.5
101.51.9
17.1
200310.124.968.193.00.4
17.2
200410.224.663.588.21.5
17.1
200510.024.263.787.91.2
17.0
Product mix3 (%) Distribution mix4 (%) Market share major groups5 (%)
38
24
151310
Casualty
Liability
Property
66
Car manufacturers (4%)
Agents
Brokers (18%)Dresdner Bank (5%)
5.1
17.1
5.3 5.3 5.2 4.9
Allianz ErgoGroup
HUKCoburg
R&V AMBGenerali
AXA Group
1) German P/C Group (SGD)2) Before minorities and amortization of goodwill3) Based on GPW
Motor
Others (7%)
2005 2005
4) Based on new business5) Market share 2004, based on GPW
Others
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Overview - German Life8.4m customers - Allianz ranks # 1
Appendix
1) Before minorities and amortization of goodwill2) Based on new business3) Based on GPW
4) E.g. time account insurance5) Market share 2005, based on new business excluding group pension fund (Pensionskasse) and pension funds
(Pensionsfonds)
Key figures (IFRS)Stat. prem. (EUR bn)
Expense ratio (%)Net income1 (EUR m)Market share2 (%)Market share3 (%)
20019.0
13.765
15.214.4
20029.79.462
19.014.9
200310.46.884
20.015.2
200410.910.422318.415.5
200512.27.0
32923.316.3
Product mix2 (%) Distribution mix2 (%) Market share major groups5 (%)
23
66
Endowment (6)
Term (1)
24
20
47
9
Brokers
Tied agents
Banks (Dresdner Bank 12%)
Other4Others
Annuities
2005 2005
Unit-linked (4)
4.18.79.69.7
23.5
5.2
Allianz ErgoGroup
AMBGenerali
Publ. LawCorp.
R&V Zurich
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Overview - German Health4.2m customers - Allianz ranks # 3
Appendix
1) Before minorities and amortization of goodwill2) Based on NPE; market share 2005 is preliminary
5) Figures for 2004, based on NPE
Key figures (IFRS)Stat. prem. (EUR bn)Expense ratio (%)Claims ratio (%)Combined ratio (%)Net income1 (EUR m)Market share2 (%)
20012.79.9
73.183.048.012.3
20022.9
10.671.081.663.612.4
20033.0
10.468.779.126.011.9
20043.09.3
68.978.280.311.4
20053.08.8
69.778.595.811.1
Product mix3 (%) Distribution mix4 (%) Market share major groups5 (%)
16
84 Comprehensive health care
27
12
61
Special units
Allianz agents 5.77.4
11.413.113.7
6.0
Debeka DKVGroup
Allianz Signal BBKK /Union
AMBGenerali
Complementary health care
Brokers
2005 2005
3) Based on GPW4) Based on new business
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Products: example for service enhanced products
! Assistance in case of accident that leaves victim immobilized or in need of care
- Only limited protection from state nursing care scheme provided
- Covers all detriments from the first day
- Customer can stay at home
- Benefits include daily lunch, shopping service, cleaning, dish washing
�Accident 60 Active�
Sold to 250,000 customers since introduction 1.5 years ago
! Allianz provides insurance and help for
- Lock and key service
- Blocked pipes
- Emergency heating
- Plumbing and electrical services
- Pest control
- Others
�Home emergency�
Sold to 100,000 customers since introduction 3 years ago
2II. German insurance reorganization
Risk coverage from Allianz Versicherungs-AG, assistance services from Mondial,
a 100% subsidiary of Allianz
Risk coverage from Allianz Versicherungs-AG, assistance services from Allianz
Handwerkerservice
B 30
Munich, 13 July 2006Investment BankingStefan Jentzsch
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Agenda
I. Starting position/business model
II. Homogenization of coverage & client targeting
III. Modernization of lending business
IV. Growth driver Capital Markets
V. Abstract
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In EUR mIn EUR m
Performance Corporate Bank - LLPs as key driver of operating result and profit before tax
I. Starting position/business model
Operating revenues In EUR m
12 M2004
12 M2005
12 M2003
12 M2002
CAGR-1%
-31
1,058 1,014 1,0271,042
Loan loss provisions (LLPs)
CAGR-48%
12 M2004
12 M2005
12 M2003
12 M2002
-84
98118
54
14
Profit before tax
CAGR21%
12 M2004
12 M2005
12 M2003
12 M2002
+241
305
470546
321
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Performance DrKW � stagnation since 2003
Operating revenuesIn EUR m
Operating expenses Profit before tax
12 M2004
12 M2005
12 M2003
12 M2002
CAGR-2%
-157
In EUR m In EUR mCAGR-10%
2,045 2,1022,1512,259
12 M2004
12 M2005
12 M2003
12 M2002
-707
1,828 1,9271,876
2,634
12 M2004
12 M2005
12 M2003
12 M2002
272132
210
-559
+769
I. Starting position/business model
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Capital and headcount DrKW - need to be aligned to business growth
Risk weighted assetsIn EUR m
Risk capital FTE1)
12 M2004
12 M2005
12 M2003
12 M2002
CAGR+0.2%
+201
In EUR mCAGR-15%
12 M2004
12 M2005
12 M2003
12 M2002
-1,363
12 M2004
12 M2005
12 M2003
12 M2002
-289
CAGR-2%
30,736
40,527
5,658 5,849 5,944
1,927 2,1212,236
40,326
3,484 6,23333,823
Note: RWA and risk capital average values1) Payroll staff Front and Back Office
I. Starting position/business model
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Improvement operating performance needed �
CIR - lagging behind, but impacted by strategic legacy
12 M2004
12 M2005
12 M2003
12 M2002
12 M2001
104%
118%
87% 89% 92%
70%69%67%72%71%
DrKW CIR Average CIR competitors1)
12 M2004
12 M2005
12 M2003
12 M2002
12 M2001
20%
10%
22% 23% 24%
10%7%
12%
-19%-15%
DrKW RoE pre taxAverage RoE pre tax competitors2)
1) Competitors: Bear Stearns, Citigroup, Credit Suisse, Goldman Sachs, JPM Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Lazard, Greenhill2) Competitors: Bear Stearns, Credit Suisse, Goldman Sachs, JPM Chase, Lehman Brothers, Merrill LynchNote: RoE pre tax calculated as profit before tax / avg. risk capital
I. Starting position/business model
RoE pre tax - underperforming the competition
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0
50
100
150
`
� to reach targets regarding key performance indicators
Actual 2005Target over next 3-5 years
1) Operating revenues/avg. risk capital2) Profit before tax/avg. risk capital3) Payroll staff Front and Back Office4) Payroll staff Front and Back Office
Bonus/head4
Revenues/head3 RoE pre tax2
CIR
Capital efficiency1
40%
25%
40%21%
28%
I. Starting position/business model
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Inefficiencies in setup and incentive model �
! Actual pool based on 55% T-Comp formula1
- Management focus on top level revenues only- Missing consideration of operating costs, loan loss
provisions, capital usage- No direct link to financial performance
! Limited transparency regarding bonus pool and allocation
! Structures do not follow business logic
! Artificial split of business units
! Redundant functions
! Client responsibilities not clearly defined
Inefficient structures
Wrong incentive system
1) Revenues multiplied with 55% less fixed personnel costs
I. Starting position/business model
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� addressed along key dimensions
! Implementation of simple, functional structure! Definition of clear-cut areas of responsibilities
! Initiatives to improve operating performance
! EVA based incentive system
I. Starting position/business model
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New structure - functional set up with clear areas of responsibility
I. Starting position/business model
C 09
Global Banking Capital Markets COO
AdvisoryInvest-ment
Banking
Global Finance
Credit Asset Mmgt. (CAM)
GlobalEquities
Fixed Income
Currencies Commo-
dities(FICC)
GlobalDerivatives
Global Distri-bution
Financing &
Securities Mgmt.
(F&SM)
Structured Finance
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New incentive system - allow for right level of incentivization
New bonus modelObjectives General bonus pool
! Value driven and integrated bonus model for the whole of the IB division (front office)
! Functional bonus to be paid via agreed allocations
! EVA based incentive systems
! Linkage bottom line performance and payout
! All paid on same P&L reflecting market reality
! Greater transparency
! Everyone incentivizedto work together
! Open to all permanent employees in IB division
! Allocation based on financial performance of individual business and overall IB division
! Transparency via accrual and allocation logic
! General bonus pool to be implemented in 2006
! No changes to the terms of stock deferrals in 2006
I. Starting position/business model
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General bonus pool - a two step process
- Step 1 �
Setting the overall IB pool
! Pool based on overall result for IB division
! Formula based on percentage of �residual income� - EVA pre tax and bonus- after divisional and functional costs- after adjusting for corporate tax charge
! Functional costs capped by charge agreed in the budget/MYP
! Bonus methodology indicative but not contractually binding ��force majeure� right of the CEO
- Step 2 �
Allocating the pool to
individual businesses
! �Formulaic� and �discretionary� pools
! Formulaic pool - creating transparency to business- Relative business unit performance measured by residual income- Business specific multiplier
! Discretionary pool �smoothing� bonus-payouts across the cycle by subsidising and incentivization when necessary
I. Starting position/business model
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Initiatives to improve operating performance
Homogenization of coverage & client targeting
! Build unified client coverage model! Implement sector approach across
all customer segments
Actions Targets
! Leverage of Capital Markets know-how
! Improve client penetration and share of wallet
Modernizationof lending business
! Build integrated lending platform! Separate origination from coverage
and asset ownership! Roll out Credit Asset Management
! Tailor-made solutions for increased customer retention
! Coverage exempt from credit responsibilities
! Improve capital efficiency
Growth driver Capital Markets
! Realize growth through improved leverage of client relationships
! Streamline operational approach (front-to-back)
! Increase cross-selling! Top 5/10 position in core
competencies! Elimination of duplications,
increased efficiency
I. Starting position/business model
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Agenda
I. Starting position/business model
II. Homogenization of coverage & client targeting
III. Modernization of lending business
IV. Growth driver Capital Markets
V. Abstract
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Current situation �
! No explicit and shared strategic customer focus
! Cross-selling potential still by far not captured
! Missing separation of origination, product delivery and portfolio management
! Still too many administrative tasks within coverage function
Issues: strategy and coverage model
! Systematic and consistent IB wide account planning and controlling process does not exist
! True economics per customer still not transparent
! No common CRM platform in place across IB
! Accounting along product/ customer matrix not yet implemented
Issues: management process
II. Homogenization of coverage & client targeting
Inconsistent coverage setup within CB, CF&O1
and Capital Markets
1) CF&O: Corporate Finance & Origination
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� triggering adjustment and coordination of target customers
! Focus on �real� IB clients with capital market potential and multi product demand
! Coherence regarding customer, risk, research and Capital Markets strategy
Clear cut IB target clients
! Elimination of overlap between business clients and large corporates (Geschäftskunden, GK)
! ~ 90 % of GK as encapsulated business within CB division to be transferred to Private Bank
Proper value proposition for �Mittelstands�-segment
! Selective usage of capital market products (i.e. interest rate and FX derivatives, M&A) ensured via relevant service level agreements
Usage of existing competencies and product portfolios
II. Homogenization of coverage & client targeting
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Future focus on real IB clients and sector approach
1) Multinational accounts, corporate groups and top large corporates (GK)
Investment Banking
! Leverage existing competencies within international franchise, offering
- Capital Markets products and services to Corporate Banking clients
- Corporate Banking products to international clients
! Focus on generation of cross-/ deep-selling
Targets
! Target customer lists across all segments
! CRM�s to lead strategic CEO/CFO dialogue
! Sector based coverage in line with existing expertise in equity research, M&A and back-office functions
! CRM�s accountable for entire customer relationship
! Consolidation of coverage in 4 regions with 6 locations
Relationship focus
Institutionals
# Clients: ~ 3,800
Corporates(1)
# Clients: ~1,900
II. Homogenization of coverage & client targeting
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Agenda
I. Starting position/business model
II. Homogenization of coverage & client targeting
III. Modernization of lending business
IV. Growth driver Capital Markets
V. Abstract
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Addressing dynamics and opportunities in lending business
III. Modernization of lending business
Issues: strategy and management Integration benefits
! Most financing products are run more or less uncoordinated in silos and without a common strategy
! Inconsistent communication/linkage with coverage
! Processes, structure and functions in DrKW/CB are different
! Ongoing review of capital allocated to EVA-negative loans/clients
! Systematic credit asset management across regions/segments/clients
Synergies availabledue to integrated processes/platforms
Optimized capital usage with integrated Credit Asset Management
Credit Asset Management
Partly uncoordinated setup of financing products
1
2
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Clear upside potential and benefits �1
! Implementation of consistent product strategies
! Usage of common IT-systems and pipeline
! Unification and simplification of processes and functions
Bundling of all financing activities
! Shift credit responsibility away from CRM
! Focus CRMs on cross-/deep-sellingImplementation �Credit-specialist�1
! Support operational requirements of our clients in Germany
! Grow business internationally via leverage of competencies within existing franchise
Bundling of international trade business
III. Modernization of lending business
1) �Kredit-Fachbetreuer�
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... via integration of lending activities on one common platform
Leverage finance (tbd)! LBO incl. mezz finance
(cash flow driven)! DPF (bridge to securitization)! Infrastructure (cash flow und bridge)
Corporate finance! Acquisition finance! Debt structuring/balance sheet
restructuring! Corporate syndicated loans
Specialty finance! Real estate! Project finance ! Public finance! Ship finance! Film finance! Renewable energies
International products! Non-Euro sight deposits! Cross border payments! Documentary business! International guarantees! Structured export & trade fin.! Bilateral loans to financial institutions
Credit products! Basic lending! Guarantees! Bilateral credit lines, mixed limits! Term loans! Treasury credit lines ! Plain vanilla forfaiting
Bilateral credit & international products
III. Modernization of lending business
Syndicated credit
Global financeplatform
1
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Roll out of Credit Asset Management for growth and efficiency
2
Coverage
Client coverageand origination
Transferpricing
Benefits of Credit Asset Management
Management of excess capital and improvement of diversification
Optimization of portfolio/secondary market transactions
(Internal) price setting for all assets by portfolio management,transfer of all assets to portfolio management
CAM
Manages the assets by! risk type! industry! regionbased on policies set by credit committee
Secondary market
Credit tradingSecuritizationCredit derivatives
Portfoliooptimization
III. Modernization of lending business
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Agenda
I. Starting position/business model
II. Homogenization of coverage & client targeting
III. Modernization of lending business
IV. Growth driver Capital Markets
V. Abstract
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! Missing differentiation vis-a-vis market and customers
! Cross selling potential not fully captured
! Missing clarity regarding product responsibilities within Capital Markets
! Coverage without clear responsibilities
Current status
Focusing Capital Markets
Exploit intrinsic potential of Capital Markets
! Clear-cut positioning, focus on core competencies
! Exploitation of revenue potential of client portfolio and target accounts
! Clear assignment of responsibilities and reduction of redundancies
! Bundling of sales competencies in S&TPS1
and SAM2
Future potential
IV. Growth driver Capital Markets
1) S&TPS: securities & treasury products sales2) SAM: sales and marketing
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Key objectives and associated initiatives - expansion of growth areas
Focus on client business
! Full exploitation of cross-selling potential
! Increase in share of customer business
Targets Actions
! Consistently measure account executives on overall client profitability and product coverage
! Improve alignment of incentivization of sales force with target client definition
! Disband MRVT1 business group, align back book activities in asset classes
Focus on core competencies
! Expand market share in high margin businesses (e.g. structured products)
! Gain significant (top 5/10) position in strategic areas
! Thoroughly analyze product lines to identify areas of growth and areas of disinvestment
! Continuously monitor/improve productivity
! Develop high-performance culture by aligning compensation to bottom line productivity
1) Macro & Relative Value Trading
IV. Growth driver Capital Markets
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Key objectives and associated initiatives -increase in efficiency
Focus on connectivity
! Full exploitation of customer potential
! Strong �product development shop� for the group
Targets Actions
! Upgrade product knowledge of German sales force
! Improve understanding of client needs to better utilize our product development capabilities
! Buildup e-platforms in order to facilitate access to Capital Markets products
Reduction of complexity
! Fully integrated international business model
! Increase in efficiency and effectiveness
! Eliminate duplications in product offering
! Align regional activities with global business model and strategy
! Streamlining of product development process to improve �time-to-market�
IV. Growth driver Capital Markets
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New service concept for sales Germany -integration of SAM and S&TPS
Criteria SAM head office
Service concept ! SAM1: market related clients! S&TPS2 regions: new service concept aligned with SAM
Locations
Servicing of further business clients
! Centrally in Frankfurt with highly specialized sales staff
! Via S&TPS regions with BTW3 asset management and BTW risk management
Focused coverage in the new concept
Clients
! All multinational clients! Selected large caps/corporate clients! Selected mid caps/business clients! Institutional investors incl. banks
! Total no. of clients ~ 1,400! Roughly 20% of former regionally covered clients! Roughly 50% of S&TPS revenues 2005
1) SAM: sales and marketing 2) S&TPS: securities & treasury products sales3) BTW: �Betreuer Wertpapier� (consultant securities)
IV. Growth driver Capital Markets
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Agenda
I. Starting position/business model
II. Homogenization of coverage & client targeting
III. Modernization of lending business
IV. Growth driver Capital Markets
V. Abstract
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Business Services
Corporate Functions
Private &Corporate Clients
InvestmentBanking
Dresdner Kleinwort - an integral part of Dresdner Bank
Key figures Dresdner Kleinwort 20051New business model
1) Pro forma figures 2005 (not reflected in segment reporting yet)
V. Abstract
Operating revenues 2,647
Operating expenses 2,338
Loan loss provisions -19
Operating result 327
Risk capital (∅, EUR bn) 3.2
RWA (EoP, EUR bn) 59.4
FTE 6,235
CIR 88.3%
RoE pre tax 10.7%
Capital Efficiency 0.8
Pro formain EUR m
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Strategic focus - orientation going forward
Our activities are driven by customer needs, no self-interest in proprietary trading or investments
Positioning as pan-European investment bank with strong focus on Germany and UK
Improvement of performance and key ratios (CIR and RoE) to come in line with market average
V. Abstract
C 29
Appendix
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Investor Relations contacts
Oliver Schmidt Tel. +49 (0) 89 3800-3963
Head ofInvestor Relations
e-mail: oliver.schmidt@allianz.com
Susanne Arheit Tel. +49 (0) 89 3800-3324
e-mail: susanne.arheit@allianz.com
Peter Hardy Tel. +49 (0) 89 3800-18180
e-mail:peter.hardy@allianz.com
Andrea Förterer Tel. +49 (0) 89 3800-6677
e-mail:andrea.foerterer@allianz.com
Daniela Meintzschel
Tel. +49 (0) 89 3800-17975
e-mail:daniela.meintzschel@allianz.com
IR events
Christian Lamprecht
Tel. +49 (0) 89 3800-3892
e-mail:christian.lamprecht@allianz.com
Holger Klotz Tel. +49 (0) 89 3800-18124
e-mail: holger.klotz@allianz.com
Fax: +49 (0) 89 3800-3899e-mail: investor.relations@allianz.com Internet (English): www.allianz.com/investor-relations
Internet (German): www.allianz.com/ir
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Financial calendar 2006/20071
11 August 2006 Interim report first half of 2006
10 November 2006 Interim report first three quarters of 2006
22 February 2007 Financial press conference for the 2006 fiscal year
23 February 2007 Analysts� conference for the 2006 fiscal year
02 May 2007 Annual General Meeting
11 May 2007 Interim report first quarter of 2007
10 August 2007 Interim report first half of 2007
14 November 2007 Interim report first three quarters of 2007
1) As we cannot rule out of dates, we recommend to check them on the Internet at www.allianz.com/financialcalendar.
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Disclaimer
These assessments are, as always, subject to the disclaimer provided below.
Cautionary Note Regarding Forward-Looking StatementsCertain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words �may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue� and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group's core business and core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates includingthe Euro-U.S. dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also involve risks and uncertainties described from time to time in Allianz AG�s filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement.
No duty to updateThe company assumes no obligation to update any information contained herein.
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