Bond AllianZ 2.625% ( DE000A289FK7 ) in EUR

AllianZ

79.17 % ▼

Germany

DE000A289FK7 ( in EUR )

2.625% per year ( payment 1 time a year)

Perpetual

Prospectus brochure of the bond Allianz DE000A289FK7 en EUR 2.625%, maturity Perpetual

30/04/2026 ( In 302 days )

Allianz is a multinational insurance company offering a wide range of insurance and asset management services globally.

Allianz (DE000A289FK7) perpetual bond currently trades at 79.17% of its face value, offering a 2.625% coupon paid annually, denominated in EUR.

OFFERING CIRCULAR
1,250,000,000

ALLIANZ SE
(incorporated as a European Company, or Societas Europaea (SE), in Munich, Germany)

2.625 per cent. Perpetual Fixed Rate Resettable Restricted Tier 1 Notes

The 1,250,000,000 aggregate nominal amount of 2.625 per cent. perpetual fixed rate resettable restricted Tier 1
notes (the "Notes") offered hereby will be issued by Allianz SE (the "Issuer").
The Notes are perpetual notes and have no fixed maturity or redemption date. Holders of Notes have no right to
require the Issuer to redeem or purchase the Notes at any time. The Issuer shall be entitled to redeem the Notes only in
accordance with the provisions specified in "Terms and Conditions of the Notes -- § 4 (Redemption; Write-downs;
Write-ups)". The Issuer shall have the right (subject, in particular, to the prior approval of the Competent Supervisory
Authority) to redeem the Notes, in whole but not in part, on October 30, 2030 and on any Optional Redemption Date
thereafter as further specified in "Terms and Conditions of the Notes -- § 4 (Redemption; Write-downs; Write-ups)". In
addition, the Issuer may (subject, in particular, to the prior approval of the Competent Supervisory Authority) redeem the
Notes at any time on the occurrence of a Tax Event, a Regulatory Event or a Rating Agency Event, as set out in "Terms and
Conditions of the Notes -- § 4 (Redemption; Write-downs; Write-ups)".
Subject to the right or obligation of the Issuer to cancel any payment of interest in respect of the Notes in
accordance with "Terms and Conditions of the Notes -- § 3 (Interest)," interest will accrue on the current nominal amount
of the Notes (i) from (and including) the Interest Commencement Date to (but excluding) April 30, 2031 (the "First Reset
Date"), at a fixed rate of 2.625 per cent. per annum payable annually in arrear on April 30 in each year, commencing on
April 30, 2021 and (ii) from (and including) the First Reset Date to (but excluding) the next Reset Date and thereafter from
(and including) each Reset Date to (but excluding) the next Reset Date, at the relevant Reference Rate plus the initial
annualized margin payable annually in arrear on April 30 in each year, as further specified in "Terms and Conditions of the
Notes -- § 3 (Interest)".
The Issuer may elect at any time to cancel (in whole or in part) any interest payment otherwise scheduled
to be paid on an Interest Payment Date and shall cancel an interest payment upon the occurrence of certain
mandatory interest cancellation events as set out in "Terms and Conditions of the Notes -- § 3 (Interest)" with
respect to that interest payment. The cancellation of any interest payment shall not constitute a default or event of
default for any purpose on the part of the Issuer and Holders shall not have any right to such cancelled interest,
whether in an insolvency or dissolution of the Issuer or otherwise. Any interest payment (or part thereof) that is
cancelled in accordance with the Terms and Conditions of the Notes shall not become due and payable in any
circumstances.
Upon the occurrence of a Trigger Event or a Deterioration Event (as defined herein), the Issuer shall,
without the need for the consent of the Holders, write down the Notes by reducing the Initial Nominal Amount (as
defined herein) or, in case a write-down has occurred previously, by reducing the then current nominal amount of
the Notes. A write-down of the Notes shall not constitute a default or an event of default in respect of the Notes or a
breach of the Issuer's obligations or duties or a failure to perform by the Issuer in any manner whatsoever, and
shall not entitle Holders to petition for the insolvency or dissolution of the Issuer or to take any other action.
Following any reduction of the Initial Nominal Amount, the Issuer may, at its discretion, increase the current
nominal amount of the Notes on any date and in any amount that it determines in its discretion (either to the Initial
Nominal Amount or to any lower amount) provided that several conditions are met, as set out in "Terms and
Conditions of the Notes -- § 4 (Redemption; Write-downs; Write-ups)". Write-ups in respect of the Notes are limited
under certain circumstances described in "Terms and Conditions of the Notes -- § 4 (Redemption; Write-downs;
Write-ups) -- 9(d)", and as a consequence, write-downs can be in full and permanent.
The Notes do not contain events of default.

The Notes have not been and will not be registered under the United States Securities Act of 1933, as
amended (the "Securities Act"), or the securities laws of any state of the United States or any other jurisdiction.

Accordingly, the Notes are being offered and sold only to certain persons outside the United States that are not, and
are not acting for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act
("Regulation S")) in offshore transactions in accordance with Regulation S. The Notes are not intended to be
offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any
retail investor in the European Economic Area (the "EEA") or in the United Kingdom or elsewhere. For these
purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of
Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive
(EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document
required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes
or otherwise making them available to retail investors in the EEA or in the United Kingdom has been prepared and
therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or in the
United Kingdom may be unlawful under the PRIIPs Regulation.

Investing in the Notes involves risks. See "Risk Factors" beginning on page 32 of this offering circular (the
"Offering Circular") for a discussion of certain risks that you should consider before buying the Notes.
The Issuer has applied for the Notes to be listed on the official list of the Luxembourg Stock Exchange and
admitted to trading on the Euro MTF Market operated by the Luxembourg Stock Exchange, which is a multilateral trading
facility for the purposes of MiFID II, and, therefore, not an EU-regulated market.
This Offering Circular does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 (the
"Prospectus Regulation") and, in accordance with the Prospectus Regulation, no prospectus is required in connection with
the listing of the Notes.
_______________

Issue Price: 100.008 per cent.
The issue price set forth above does not include accrued interest, if any. Interest on the Notes will accrue from
November 17, 2020.

The Notes will be represented by a permanent global note in bearer form (the "Global Note"). The Global Note
will be deposited prior to the Issue Date with Clearstream Banking AG, Frankfurt am Main ("Clearstream Frankfurt").

_______________

Joint Lead Managers
Citigroup
BNP PARIBAS
BofA Securities
Deutsche Bank
HSBC

Co-Lead Managers

BayernLB
Commerzbank
Crédit Agricole CIB

Helaba
National Australia Bank Limited
UniCredit Bank

The date of this Offering Circular is November 10, 2020.

TABLE OF CONTENTS
Page
NOTICE TO INVESTORS .................................................................................................................... 5
CERTAIN DEFINED TERMS .............................................................................................................. 8
MARKET, RANKING AND OTHER THIRD-PARTY DATA............................................................ 9
INCORPORATION BY REFERENCE ............................................................................................... 10
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS ............................. 14
SUMMARY ......................................................................................................................................... 16
RISK FACTORS .................................................................................................................................. 32
USE OF PROCEEDS ........................................................................................................................... 55
CAPITALIZATION AND FINANCIAL INDEBTEDNESS OF ALLIANZ GROUP ........................ 56
DESCRIPTION OF ALLIANZ SE AND ALLIANZ GROUP ............................................................ 57
INTEREST PAYMENTS AND DISTRIBUTABLE ITEMS OF THE ISSUER ................................. 89
TERMS AND CONDITIONS OF THE NOTES ................................................................................. 92
TAXATION ....................................................................................................................................... 139
SUBSCRIPTION AND SALE ........................................................................................................... 143
SELLING RESTRICTIONS .............................................................................................................. 144
STATUTORY AUDITORS ............................................................................................................... 147
GENERAL INFORMATION............................................................................................................. 148

-4-

NOTICE TO INVESTORS
None of the Issuer or Citigroup Global Markets Limited, BNP Paribas, BofA Securities Europe SA, Deutsche
Bank AG, HSBC Bank plc (together, the "Joint Lead Managers") and Bayerische Landesbank, Commerzbank AG,
Crédit Agricole Corporate and Investment Bank, Landesbank Hessen-Thüringen Girozentrale, National Australia
Bank Limited and UniCredit Bank AG (the "Co-Lead Managers" and together with the Joint Lead Managers, the
"Managers") has authorized anyone to provide you with any information or represent anything about the Issuer or
the Managers, the Issuer's financial results or this offering that is not contained in this Offering Circular. The
Issuer and the Managers take no responsibility for, and can provide no assurance as to the reliability of, any other
information that others may give you. None of the Issuer or the Managers is making an offering of the Notes in any
jurisdiction where this offering is not permitted. You should not assume in any circumstances that the information
contained in this Offering Circular is accurate as at any date other than the date hereof or that any information
supplied in connection with the Notes is accurate as of any time other than the date indicated in the document
containing the same.
Neither this Offering Circular nor any other information supplied in connection with the Notes should be considered as
a recommendation by the Issuer or any of the Managers that any recipient of this Offering Circular should purchase any
Notes. In making an investment decision, prospective investors must rely on their own examination of the Issuer and the
terms of this offering, including the merits and risks involved.
In addition, none of the Issuer or the Managers or any of our or their respective representatives is making any
representation to you regarding the legality of an investment in the Notes, and you should not construe anything in this
Offering Circular as legal, business or tax advice. You should consult your own advisors as to legal, tax, business, financial
and related aspects of an investment in the Notes. You must comply with all laws applicable in any jurisdiction in which
you buy, offer or sell the Notes or possess or distribute this Offering Circular, and you must obtain all applicable consents
and approvals; none of the Issuer or the Managers shall have any responsibility for any of the foregoing legal requirements.
To the extent permitted by the laws of any relevant jurisdiction, neither any Manager nor any of its respective affiliates
nor any other person mentioned in this Offering Circular, except for the Issuer, accepts responsibility for the accuracy and
completeness of the information contained in this Offering Circular or any other documents incorporated by reference and
accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these persons accept any
responsibility for the accuracy and completeness of the information contained in any of these documents. The Managers
have not independently verified any such information and accept no responsibility for the accuracy thereof.
By receiving this Offering Circular, you acknowledge that you have had an opportunity to request from the Issuer for
review, and that you have received, all additional information you deem necessary to verify the accuracy and completeness
of the information contained in this Offering Circular. You also acknowledge that you have not relied on the Managers in
connection with your investigation of the accuracy of this information or your decision whether to invest in the Notes.
The distribution of this Offering Circular and the offering, sale and delivery of the Notes in certain jurisdictions may be
restricted by law. Persons into whose possession this Offering Circular comes are required to inform themselves about and
to observe any such restrictions. Please see notices to investors in this section starting on page 6 and "Selling Restrictions"
starting on page 144. In particular, the Notes have not been and will not be registered under the Securities Act. Subject to
certain exceptions, the Notes may not be offered, sold or delivered within the United States of America or to, or for the
account or benefit of, any U.S. persons as defined in Regulation S.
The Notes will be represented by a permanent global note in bearer form.
THE SECURITIES MAY NOT BE OFFERED TO THE PUBLIC WITHIN ANY JURISDICTION. BY
ACCEPTING DELIVERY OF THIS OFFERING CIRCULAR, YOU AGREE NOT TO OFFER, SELL, RESELL,
TRANSFER OR DELIVER, DIRECTLY OR INDIRECTLY, ANY SECURITIES TO THE PUBLIC.
NOTICE TO EEA AND UK INVESTORS
This Offering Circular has been prepared on the basis that any offer of the Notes in any member state of the EEA or the
United Kingdom will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish
a prospectus for offers of the securities referred to herein. Accordingly any person making or intending to make an offer in
a member state or the United Kingdom of Notes which are the subject of the offering contemplated in this Offering Circular
may only do so in circumstances in which no obligation arises for the Issuer or any of the Managers to publish a prospectus
pursuant to Article 3 of the Prospectus Regulation, in each case, in relation to such offer. Neither the Issuer nor the
Managers have authorised, nor do they authorise, the making of any offer of Notes in circumstances in which an obligation
arises for the Issuer or any of the Managers to publish a prospectus for such offer.
-5-

MiFID II Product Governance / Target: Professional Investors and ECPs Only: Solely for the purposes of each
manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that:
(i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and
(ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person
subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the
manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own
target market assessment in respect of the Notes (by either adopting or refining the manufacturers' target market
assessment) and determining appropriate distribution channels.

PRIIPs Regulation/Prohibition of Sales to EEA and UK Retail Investors: The Notes described in this Offering
Circular are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise
made available to any retail investor in the EEA or in the United Kingdom (the "UK"). For these purposes, a retail investor
means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a
customer within the meaning of Directive 2016/97/EU (as amended, the "Insurance Distribution Directive"), where that
customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no
key information document required by the PRIIPs Regulation for offering or selling the Notes or otherwise making them
available to retail investors in the EEA or in the United Kingdom has been prepared and therefore offering or selling the
Notes or otherwise making them available to any retail investor in the EEA or in the United Kingdom may be unlawful
under the PRIIPs Regulation.
Prohibition on Marketing and Sales of Notes to Retail Investors: The Notes are complex financial instruments and
are not a suitable or appropriate investment for all investors. In some jurisdictions, regulatory authorities have adopted or
published laws, regulations or guidance with respect to the offer or sale of securities with features similar to the Notes to
retail investors. In particular, in June 2015, the FCA published the Product Intervention (Contingent Convertible
Instruments and Mutual Society Shares) Instrument 2015 (the "PI Instrument"). In addition, (i) on January 1, 2018, the
PRIIPS Regulation became directly applicable in all EEA member states (including the United Kingdom) and (ii) MiFID II
was required to be implemented in EEA member states (including the United Kingdom) by January 3, 2018. Together the
PI Instrument, the PRIIPs Regulation and MiFID II are referred to as the "Regulations".

The Regulations set out various obligations in relation to (i) the manufacture and distribution of financial instruments
and (ii) the offering, sale and distribution of packaged retail and insurance-based investment products and certain
contingent write down or convertible securities, such as the Notes. Potential investors in the Notes should inform
themselves of, and comply with, any applicable laws, regulations or regulatory guidance with respect to any resale of the
Notes (or any beneficial interests therein) including the Regulations. Each Manager is required to comply with some or all
of the Regulations.
By purchasing, or making or accepting an offer to purchase, any Notes (or a beneficial interest in such Notes) from the
Issuer and/or each Manager, each prospective investor represents, warrants, agrees with, and undertakes to, the Issuer and
each Manager that:
1.
it is not a retail client in the EEA or the United Kingdom (as defined in MiFID II);
2.
whether or not it is subject to the Regulations, it will not:
(i)
sell or offer the Notes (or any beneficial interests therein) to retail clients in the EEA or the
United Kingdom (as defined in MiFID II); or
(ii)
communicate (including the distribution of this Offering Circular, in preliminary or final form)
or approve any invitation or inducement to participate in, acquire or underwrite the Notes (or
any beneficial interests therein) where that invitation or inducement is addressed to or
disseminated in such a way that it is likely to be received by a retail client in the EEA or the
United Kingdom (in each case within the meaning of MiFID II);
and in selling or offering the Notes or making or approving communications relating to the Notes, each
prospective investor may not rely on the limited exceptions set out in the PI Instrument.
3.
it will at all times comply with all applicable laws, regulations and regulatory guidance (whether inside
or outside the EEA or the United Kingdom) relating to the promotion, offering, distribution and/or sale of
the Notes (or any beneficial interests therein), including (without limitation) MiFID II and any other
applicable laws, regulations and regulatory guidance relating to determining the appropriateness and/or
suitability of an investment in the Notes (or any beneficial interests therein) by investors in any relevant
jurisdiction.
Each prospective investor further acknowledges that:
-6-

1.
the identified target market for the Notes (for the purposes of the product governance obligations in
MiFID II) is eligible counterparties and professional clients (each as defined in MiFID II); and
2.
no key information document ("KID") under the PRIIPs Regulation has been prepared and therefore
offering or selling the Notes or otherwise making them available to any retail investor in the EEA or the
United Kingdom may be unlawful under the PRIIPs Regulation.
Where acting as agent on behalf of a disclosed or undisclosed client when purchasing, or making or accepting an offer
to purchase, any Notes (or any beneficial interest therein) from the Issuer and/or any of the Managers, the foregoing
representations, warranties, agreements and undertakings will be given by and be binding on both the agent and its
underlying client(s).
Benchmark Regulation: Statement on Registration of Benchmark Administrator: Following the First Reset
Date, amounts payable under the Notes are calculated by reference to the annual mid-swap rate for Euro denominated swap
transactions with a maturity of five years, which appears on the Reuters Screen Page "ICESWAP2 / EURFIXA" under the
heading "EURIBOR BASIS" and the caption "11:00 AM Frankfurt time" on the relevant Interest Determination Date at or
around 11:00 a.m. (Frankfurt time) (the "Initial Benchmark Rate"), and which is provided by ICE Benchmark
Administration ("IBA"). As at the date of this Offering Circular, IBA appears on the register of administrators and
benchmarks established and maintained by the European Securities and Markets Authority ("ESMA") pursuant to Article
36 of the Benchmark Regulation (Regulation (EU) 2016/1011) (the "Benchmark Regulation").
The Initial Benchmark Rate is calculated with reference to the Euro Interbank Offered Rate ("EURIBOR"), which is
provided by the European Money Market Institute ("EMMI"). As at the date of this Offering Circular, EMMI appears on
the register of administrators and benchmarks established and maintained by ESMA pursuant to Article 36 of the
Benchmark Regulation.
Stabilisation: In connection with the issue of the Notes, Citigroup Global Markets Limited (the "Stabilising
Manager") (or any person acting on behalf of any Stabilising Manager) may over-allot Notes or effect transactions with a
view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. However,
stabilisation may not necessarily occur. Any stabilisation action may begin on or after the date on which adequate public
disclosure of the terms of the offer of the Notes is made and, if begun, may cease at any time, but it must end no later than
the earlier of 30 days after the issue date of the Notes and 60 days after the date of the allotment of the Notes. Any
stabilisation action or over-allotment must be conducted by the Stabilising Manager (or any person acting on behalf of the
Stabilising Manager) in accordance with all applicable laws and rules.

Responsibility Statement: The Issuer accepts responsibility for the information contained in and incorporated by
reference into this Offering Circular. The Issuer hereby declares that, to the best of its knowledge, the information
contained in this Offering Circular is in accordance with the facts. and that this Offering Circular makes no omission likely
to affect its import.
NOTICE TO UK INVESTORS
This Offering Circular has not been approved by an authorised person in the United Kingdom. This Offering Circular
is for distribution only to persons who: (i) have professional experience in matters relating to investments falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the
"Financial Promotion Order"); (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies,
unincorporated associations, etc.) of the Financial Promotion Order; (iii) are outside the United Kingdom; or (iv) are
persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the
Financial Services and Markets Act 2000 ("FSMA")) in connection with the issue or sale of any securities may otherwise
lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant
persons"). This Offering Circular is directed only at relevant persons and must not be acted on or relied on by persons who
are not relevant persons. Any investment or investment activity to which this Offering Circular relates is available only to
relevant persons and will be engaged in only with relevant persons.
-7-

CERTAIN DEFINED TERMS
In this Offering Circular, references to the "Issuer" or "Allianz" refer to Allianz SE. References to "we," "us" and
"our" refer to Allianz SE or, if the context so requires, to Allianz SE and its consolidated subsidiaries. References to the
"Allianz Group" or the "Group" refer to Allianz SE and its consolidated subsidiaries, except that, for the purpose of the
Terms and Conditions of the Notes, the term "Group" shall have the meaning ascribed to such term in such Terms and
Conditions of the Notes.
References to "EUR," "euro" and "" are to the single currency introduced at the third stage of the European Economic
and Monetary Union pursuant to the Treaty establishing the European Community as amended by the Treaty of the
European Union. All references to "USD," "US$" and "$" are to the lawful currency of the United States of America.
-8-

MARKET, RANKING AND OTHER THIRD-PARTY DATA
With respect to any information included herein and specified to be sourced from a third party (i) the Issuer confirms
that any such information has been accurately reproduced and as far as the Issuer is aware and is able to ascertain from
information available to it from such third party, no facts have been omitted the omission of which would render the
reproduced information inaccurate or misleading and (ii) neither the Issuer nor any Manager has independently verified any
such information and neither the Issuer nor any Manager accepts any responsibility for the accuracy thereof.
The market position of the Allianz Group's Property-Casualty business as described in this Offering Circular is based
on revenues for the year ended December 31, 2019 compared to a selected peer group of comparable international insurers
with similar product offerings, which comprises AIG, AXA, Chubb, Generali, PingAn, and Zurich. With respect to the
Allianz Group, revenues comprise gross premiums written and fee and commission income. With respect to each peer
company, revenues represent the applicable top-line revenue figure disclosed by such peer company.
The market position of the Allianz Group's Life/Health business as described in this Offering Circular is based on
gross premiums written from sales of life and health insurance policies plus gross receipts from sales of unit-linked and
other investment-oriented products for the year ended December 31, 2019, compared to comparable key performance
indicator measurements for Life/Health gross premiums written plus gross receipts as disclosed by a selected peer group of
comparable international insurers with similar product offerings, which comprises AIG, AXA, Chubb, Generali, PingAn,
Prudential and Zurich.
The market position of the Allianz Group's assets under management as described in this Offering Circular is based on
assets under management as of December 31, 2019, compared to disclosed assets under management of a selected peer
group of comparable asset managers comprising Aberdeen, Ameriprise, Amundi, AXA, Blackrock, DWS, Franklin,
Invesco, Janus Henderson, Legg Mason, Natixis, Schroders, T. Rowe and UBS.

-9-

INCORPORATION BY REFERENCE
The Offering Circular should be read and construed in conjunction with the following documents which have been
previously published or are published simultaneously with this Offering Circular and shall be deemed to be incorporated by
reference in, and form part of, this Offering Circular.
Cross Reference List

Information Incorporated by Reference
Pages Incorporated
Allianz Group

Quarterly and Nine Months 2020 Earnings
Pages 1-6
Release (the "Allianz Group 9M Earnings
Release")

Information Incorporated by Reference
Pages Incorporated
Allianz Group
First Half-Year Report 2020 (the "Allianz Group 1H 2020 Interim Report")
Interim Group Management Report

Executive Summary
Pages 2-4
Property-Casualty Insurance Operations
Pages 5-6
Life/Health Insurance Operations
Pages 7-9
Asset Management
Pages 10-11
Corporate and Other
Page 12
Outlook
Pages 13-14
Balance Sheet Review
Pages 15-16
Reconciliations
Pages 17-18
Consolidated Balance Sheet
Page 20
Consolidated Income Statement
Page 21
Consolidated Statement of Comprehensive Income Page 22
Consolidated Statement of Changes in Equity
Page 23
Consolidated Statement of Cash Flows
Pages 24-26
Notes to the Consolidated Financial Statements
Pages 27-46
Review Report
Page 49

Information Incorporated by Reference
Pages Incorporated
Allianz Group
Annual Report 2019 (the "Allianz Group 2019 Annual Report")
Group Management Report

Business Operations
Pages 52-54
Business Environment
Page 55
Executive Summary of 2019 Results
Page 56
-10-

Information Incorporated by Reference
Pages Incorporated
Allianz Group
Annual Report 2019 (the "Allianz Group 2019 Annual Report")
Property-Casualty Insurance Operations
Pages 57-58
Life/Health Insurance Operations
Pages 59-61
Asset Management
Pages 62-63
Corporate and Other
Page 64
Balance Sheet Review
Pages 69-70
Liquidity and Funding Resources
Pages 71-73
Reconciliations
Pages 74-75
Risk and Opportunity Report
Pages 76-91
Consolidated Balance Sheet
Page 94
Consolidated Income Statement
Page 95
Consolidated Statement of Comprehensive Income Page 96
Consolidated Statement of Changes in Equity
Page 97
Consolidated Statement of Cash Flows
Pages 98-100
Notes to the Consolidated Financial Statements
Pages 101-168
General Information
Pages 101-120
Notes to the Consolidated Balance Sheets
Pages 121-137
Notes to the Consolidated Income
Pages 138-142
Statements
Other Information
Pages 143-158
List of participations of the Allianz Group Pages 159-168
as of December 31, 2019 according to
§ 313(2) HGB German Commercial
Code
Independent Auditor's Report
Pages 171-174

Information Incorporated by Reference
Pages Incorporated
Allianz SE
Annual Report 2019 (the "Allianz SE 2019 Annual Report")
Balance Sheets
Pages 60-61
Income Statement
Page 62
Notes to the Financial Statements
Pages 63-90
Independent Auditor's Report
Pages 93-96

Information Incorporated by Reference
Pages Incorporated
Allianz Group
Annual Report 2018 (the "Allianz Group 2018 Annual Report")
Group Management Report

Business Operations
Pages 50-52
Business Environment
Page 53
-11-