Obligation AllianZ 0.875% ( DE000A2RWAX4 ) en EUR

AllianZ

100 % ▲

Pays-bas

DE000A2RWAX4 ( en EUR )

0.875% par an ( paiement annuel )

15/01/2026 - Obligation échue

Prospectus brochure de l'obligation Allianz DE000A2RWAX4 en EUR 0.875%, échue

Allianz est un groupe d'assurance et de services financiers allemand, l'un des plus grands au monde, actif dans l'assurance dommages, la réassurance, l'assurance vie et la gestion d'actifs.

L'obligation Allianz (DE000A2RWAX4), émise aux Pays-Bas en EUR, à un taux d'intérêt de 0,875% et échéant le 15/01/2026, a atteint sa maturité et a été remboursée à 100%.

Base Prospectus dated 26 April 2018

This document constitutes three base prospectuses for the purposes of Art. 5(4) of Directive 2003/71/EC of the European
Parliament and of the Council of 4 November 2003, as amended (the "Prospectus Directive"): (i) the base prospectus
relating to issues of non-equity securities ("Non-Equity Securities") within the meaning of Art. 22 No. 6(4) of Commission
Regulation (EC) No. 809/2004 of 29 April 2004, as amended (the "Prospectus Regulation") under the Programme (as
defined below) by Allianz SE, (ii) the base prospectus relating to issues of Non-Equity Securities under the Programme by
Allianz Finance II B.V. and (iii) the base prospectus relating to issues of Non-Equity Securities under the Programme by
Allianz Finance III B.V.

ALLIANZ SE
(incorporated as a European Company (Societas Europaea SE) in Munich, Germany)
ALLIANZ FINANCE II B.V.
(incorporated with limited liability in Amsterdam, The Netherlands)
ALLIANZ FINANCE III B.V.
(incorporated with limited liability in Amsterdam, The Netherlands)
25,000,000,000 Debt Issuance Programme
guaranteed by
ALLIANZ SE
Under this Base Prospectus, Allianz SE, Allianz Finance II B.V. and Allianz Finance III B.V. (the "Issuers" and each an
"Issuer"), subject to compliance with all relevant laws, regulations and directives, may from time to time issue
unsubordinated bearer notes in a minimum denomination of 1,000 per Note (together the "Notes"). The aggregate
principal amount of Notes issued under the Debt Issuance Programme described in this Base Prospectus (the
"Programme") outstanding will not at any time exceed 25,000,000,000 (or the equivalent in other currencies). Notes
issued by Allianz Finance II B.V. or issued by Allianz Finance III B.V. will be guaranteed by Allianz SE (in such capacity
the "Guarantor"). The principal amount of the Notes, the issue currency, the interest payable in respect of the Notes, the
issue prices and maturities of the Notes and all other terms and conditions which are applicable to a particular Series and, if
applicable, Tranche of Notes (each term as defined below, see "General description of the Programme") will be set out in
the document containing the final terms (each "Final Terms") within the meaning of Art. 26(5) of the Prospectus
Regulation.
The Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand Duchy of Luxembourg in its capacity as
competent authority (the "Competent Authority") under the Prospectus Directive has approved this Base Prospectus as a
base prospectus within the meaning of Art. 5(4) of the Prospectus Directive pursuant to article 7 of the Luxembourg act
relating to prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) dated 10 July 2005, as amended,
which implements the Prospectus Directive into Luxembourg law (the "Luxembourg Prospectus Law"). By approving this
Base Prospectus, CSSF gives no undertaking as to the economic and financial soundness of the operation or the quality or
solvency of the Issuers and the Guarantor (if any).
Application has also been made to the Luxembourg Stock Exchange for Notes issued under the Programme for the period of
twelve months from the date of the publication of this Base Prospectus to be listed on the official list of the Luxembourg
Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock Exchange's regulated market
"Bourse de Luxembourg", appearing on the list of regulated markets issued by the European Commission, and may be made
on any other regulated market in a Member State (a "Regulated Market") of the European Economic Area ("EEA"). The
Luxembourg Stock Exchange's regulated market is a Regulated Market for the purposes of the Markets in Financial
Instruments Directive 2014/65/EU (as amended,"MiFID II"). However, Notes may be listed on any other stock exchange or
may be unlisted as specified in the relevant Final Terms.
The Notes may be offered to the public in the Grand Duchy of Luxembourg ("Luxembourg"). The Issuer may request the
CSSF in its capacity as Competent Authority under Luxembourg Prospectus Law to provide competent authorities in host
Member States within the EEA with a certificate of approval attesting that the Base Prospectus has been drawn up in
accordance with the Luxembourg Prospectus Law ("Notification").
Each Tranche of Notes will be represented on issue either by a temporary global note (each a "Temporary Global Note")
or a permanent global note (each a "Permanent Global Note") only (the Temporary Global Note and the Permanent Global
Note, each a "Global Note"). Interests in a Temporary Global Note will be exchangeable, in whole or in part, for interest in
a Permanent Global Note on or after the date 40 days after the later of the commencement of the offering and the relevant

issue date (the "Exchange Date"), upon certification as to non-U.S. beneficial ownership. The Notes are intended to be held
in a manner which would allow Eurosystem eligibility. Therefore, the Global Notes will be deposited on the issue date
either (i) in classical global note form with Clearstream Banking AG, Frankfurt am Main ("Clearstream, Frankfurt") or
(ii) in new global note form with a common safekeeper for Euroclear Bank SA/NV ("Euroclear") and Clearstream
Banking, société anonyme ("Clearstream, Luxembourg") and/or any other agreed clearing system. It does not necessarily
mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations
by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon satisfaction
of the Eurosystem eligibility criteria applicable from time to time.
This Base Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange
(www.bourse.lu). This Base Prospectus is valid for a period of twelve months after its approval.
Arranger
Commerzbank
2

This Base Prospectus comprises three base prospectuses for the purposes of giving information with regard to
the Issuers, the Guarantor, the Guarantor and its subsidiaries taken as a whole (the "Group" or "Allianz
Group") and the Notes which, according to the particular nature of the Issuers, the Guarantor and the Notes, is
necessary to enable investors to make an informed assessment of the assets and liabilities, financial position,
profit and losses and prospects of the Issuers and the Guarantor.
Allianz Finance II B.V. in respect of itself only, Allianz Finance III B.V. in respect of itself only and Allianz SE
in their capacity as issuers (the "Issuers" and each an "Issuer") and Allianz SE in its capacity as Guarantor (the
"Guarantor") accept responsibility for the information contained in this Base Prospectus. To the best of the
knowledge of the Issuers and the Guarantor, having taken all reasonable care to ensure that such is the case, the
information contained in this Base Prospectus is in accordance with the facts and does not omit anything likely
to affect its import.
This Base Prospectus is to be read in conjunction with those pages of the documents which are incorporated
herein by reference (see "Documents Incorporated by Reference" below).
No person has been authorised to give any information or to make any representation other than those contained
in this Base Prospectus in connection with the issue or sale of the Notes and, if given or made, such information
or representation must not be relied upon as having been authorised by the Issuers, the Guarantor or the
Arranger or any Dealer (as defined in "Overview of the Programme"). Neither the delivery of this Base
Prospectus nor any sale made in connection herewith shall, under any circumstances, create any implication that
there has been no change in the affairs of each of the Issuers or the Guarantor since the date hereof or the date
upon which this Base Prospectus has been most recently supplemented or that there has been no adverse change
in the financial position of each of the Issuers or the Group since the date hereof or the date upon which this
Base Prospectus has been most recently supplemented or that any other information supplied in connection with
the Programme is correct as of any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same.
The distribution of this Base Prospectus and the offering or sale of the Notes in certain jurisdictions may be
restricted by law. Persons into whose possession this Base Prospectus comes are required by the Issuers, the
Guarantor and the Arranger to inform themselves about and to observe any such restriction. Neither the Notes
nor any guarantee in respect of the Notes have been or will be registered under the U.S. Securities Act of 1933,
as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of
the United States. The Notes will be issued in bearer form and are subject to certain U.S. tax law requirements.
Subject to certain exceptions, Notes may not be offered, sold or delivered within the United States or to, or for
the account or benefit of, any U.S. person. The term "U.S. person" has the meaning ascribed to it in Regulation
S under the Securities Act ("Regulation S") and the U.S. Internal Revenue Code of 1986, as amended (the
"Code") and regulations thereunder. The Notes are being offered and sold outside the United States to non-U.S.
persons pursuant to Regulation S and may not be legally or beneficially owned at any time by any U.S. person.
For a description of certain restrictions on offers and sales of Notes and on distribution of this Base Prospectus,
see "Subscription and Sale".
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuers, the
Guarantor or any Dealer to subscribe for, or purchase, any Notes.
MIFID II PRODUCT GOVERNANCE / TARGET MARKET The Final Terms in respect of any Notes
will include a legend entitled "MiFID II Product Governance" which will outline the target market assessment in
respect of the Notes and which channels for distribution of the Notes are appropriate. Any person subsequently
offering, selling or recommending the Notes (a "distributor") should take into consideration the 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 target market assessment) and determining
appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any
Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger
nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MiFID Product
Governance Rules.
PRIIPs / IMPORTANT EEA RETAIL INVESTORS If the Final Terms in respect of any Notes include a
legend entitled "Prohibition of Sales to EEA Retail Investors", the Notes are not intended to be offered, sold or
otherwise made available to and, with effect from such date, should not be offered, sold or otherwise made
available to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or
3

more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii) a customer within the
meaning of Directive 2002/92/EC (the "Insurance Mediation Directive"), where that customer would not
qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified
investor as defined in the Prospectus Directive. Consequently, no key information document required by
Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling the Notes or otherwise
making them available to retail investors in the EEA has been prepared and therefore offering or selling the
Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs
Regulation.
BENCHMARK REGULATION STATEMENT IN RELATION TO ADMINISTRATOR'S
REGISTRATION Amounts payable under floating rate Notes issued under the Programme are calculated by
reference to (i) the Euro Interbank Offered Rate ("EURIBOR") which is provided by the European Money
Markets Institute ("EMMI"), or (ii) the London Interbank Offered Rate ("LIBOR") which is provided by the
ICE Benchmark Association ("IBA"). As at the date of this Prospectus, each of EMMI and IBA does not appear
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"). As far as the Issuers are aware, the transitional provisions in Article 51 of the
Benchmark Regulation apply, such that EMMI and IBA are not currently required to obtain authorisation or
registration (or, if located outside the European Union, recognition, endorsement or equivalence).
The Arranger and the Dealers have not separately verified the information contained in this Base Prospectus.
Neither the Arranger nor any of the Dealers makes any representation, expressly or implied, or accepts any
responsibility, with respect to the accuracy or completeness of any information contained in this Base
Prospectus. Neither this Base Prospectus nor any other financial statements are intended to provide the basis of
any credit or other evaluation and should not be considered as a recommendation by any of the Issuers, the
Guarantor, the Arranger or the Dealers that any recipient of this Base Prospectus or any other financial
statements should purchase the Notes. Each potential purchaser of Notes should determine for itself the
relevance of the information contained in this Base Prospectus and its purchase of Notes should be based upon
such investigation as it deems necessary. None of the Arranger or the Dealers undertakes to review the financial
condition or affairs of each of the Issuers or the Guarantor during the life of the arrangements contemplated by
this Base Prospectus nor to advise any investor or potential investor in the Notes of any information coming to
the attention of any of the Dealers or the Arranger.
This Base Prospectus may only be used for the purpose for which it has been published.
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in this
Base Prospectus. This Base Prospectus identifies in general terms certain information that a prospective investor
should consider prior to making an investment in the Notes. However, a prospective investor should conduct its
own thorough analysis (including its own accounting, legal and tax analysis) prior to deciding whether to invest
in any Notes issued under the Programme as any evaluation of the suitability for an investor of an investment in
Notes issued under the Programme depends upon a prospective investor's particular financial and other
circumstances, as well as on specific terms of the relevant Notes and, if it does not have experience in financial,
business and investment matters sufficient to permit it to make such a determination, it should consult its
financial adviser prior to deciding to make an investment on the suitability of any Notes.
In connection with the issue of any Tranche (as defined below), the Dealer or Dealers (if any) acting as
stabilisation manager(s) (the "Stabilisation Manager(s)") (or a person acting on behalf of any Stabilisation
Manager(s)) in the applicable Final Terms 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 relevant Tranche is made and, if begun, may cease at any time, but it
must end no later than the earlier of 30 calendar days after the issue date of the relevant Tranche and 60 calendar
days after the date of the allotment of the relevant Tranche or, as the case may be, such other date(s) as may be
applicable to any such stabilising activities in the jurisdiction where such stabilising activities are to be effected.
Any stabilisation action or over-allotment must be conducted by the relevant Stabilisation Manager(s) (or a
person acting on behalf of any Stabilisation Manager(s)) in accordance with all applicable laws and rules.
Certain terms used in this Base Prospectus and financial measures presented in the documents incorporated by
reference are not recognized financial measures under IFRS ("Alternative Performance Measures") and may
therefore not be considered as an alternative to the financial measures defined in the accounting standards in
accordance with generally accepted accounting principles. The Issuers have provided these Alternative
Performance Measures because they believe they provide investors with additional information to assess the
economic situation of the Issuers' business activities. The definition of the Alternative Performance Measures
4

may vary from the definition of identically named alternative performance measures used by other companies.
The Alternative Performance Measures used by the Issuers should not be considered as an alternative to
measures derived in accordance with IFRS as measures of operating performance. These Alternative
Performance Measures have limitations as analytical tools and should not be considered in isolation or as
substitutes for analysis of results as reported under IFRS.
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references to "CHF" are to
the currency of Switzerland, references to "EUR", "euro", "Euro" and "" are to the currency introduced at the
third stage of European economic and monetary union pursuant to the Treaty establishing the European
Community as amended by the Treaty on European Union, references to "Sterling" and "£" are to the currency
of the United Kingdom and references to "US$", "USD" and "U.S. dollars" are to the currency of the United
States.
5

TABLE OF CONTENTS

Page
SUMMARY ................................................................................................................................................... 7
RISK FACTORS .......................................................................................................................................... 22
GENERAL DESCRIPTION OF THE PROGRAMME ............................................................................... 37
ISSUE PROCEDURES ................................................................................................................................ 40
PROGRAMME TERMS AND CONDITIONS ........................................................................................... 42
GUARANTEE WITH RESPECT TO ALLIANZ FINANCE II B.V. ........................................................ 109
GUARANTEE WITH RESPECT TO ALLIANZ FINANCE III B.V. ....................................................... 112
USE OF PROCEEDS ................................................................................................................................. 115
DESCRIPTION OF ALLIANZ FINANCE II B.V. .................................................................................... 116
DESCRIPTION OF ALLIANZ FINANCE III B.V. ................................................................................... 119
DESCRIPTION OF ALLIANZ SE AND ALLIANZ GROUP .................................................................. 122
TAXATION ................................................................................................................................................ 152
SUBSCRIPTION AND SALE ................................................................................................................... 158
FORM OF FINAL TERMS........................................................................................................................ 163
GENERAL INFORMATION ..................................................................................................................... 183
DOCUMENTS INCORPORATED BY REFERENCE .............................................................................. 186

6

SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in
Sections A E (A.1 E.7).
This summary (the "Summary") contains all the Elements required to be included in a summary for this type of
Notes and Issuers. Because some Elements are not required to be addressed, there may be gaps in the numbering
sequence of the Elements.
Even though an Element may be required to be inserted in the Summary because of the type of Notes and the
relevant Issuer, it is possible that no relevant information can be given regarding the Element. In this case, a
short description of the Element is included in the Summary with the mention of "not applicable".
[The Summary contains options, characterised by square brackets (other than the respective translations of
specific legal terms), and placeholders regarding the Notes to be issued under the Programme. The summary of
the individual issue of Notes will include the options relevant to this issue of Notes as determined by the
applicable Final Terms and will contain the information, which had been left blank, as completed by the
applicable Final Terms.]1
Element
Section A Introduction and warnings
A.1
Warning that:

this Summary should be read as an introduction to the Base Prospectus;

any decision to invest in the Notes should be based on consideration of the Base Prospectus as
a whole by the investor;

where a claim relating to the information contained in the Base Prospectus is brought before a
court, the plaintiff investor might, under the national legislation of the Member States, have to
bear the costs of translating the Base Prospectus, before the legal proceedings are initiated; and

civil liability attaches only to the Issuers which have tabled the Summary including any
translation thereof, but only if the Summary is misleading, inaccurate or inconsistent when
read together with the other parts of the Base Prospectus or it does not provide, when read
together with the other parts of the Base Prospectus, key information in order to aid investors
when considering whether to invest in the Notes.
A.2
Consent to the use of the Base Prospectus:
[Each of [] [and/or each of [] as financial intermediary] subsequently reselling or finally placing the
Notes in [] is entitled to use the Base Prospectus for the subsequent resale or final placement of the Notes
during the offer period for the subsequent resale or final placement of the Notes from [] to [], provided
however, that the Base Prospectus is still valid in accordance with Article 11 of the Luxembourg act
relating to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières) which
implements Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as
amended).
The Base Prospectus may only be delivered to potential investors together with all supplements published
before such delivery. Any supplement to the Base Prospectus is available for viewing in electronic form
on the website of the Luxembourg Stock Exchange (www.bourse.lu). When using the Base Prospectus,
each Dealer and/or relevant further financial intermediary must make certain that it complies with all
applicable laws and regulations in force in the respective jurisdictions.
In the event of an offer being made by a Dealer and/or a further financial intermediary, the Dealer
and/or the further financial intermediary shall provide information to investors on the terms and
conditions of the Notes at the time of that offer.
Any new information with respect to financial intermediaries unknown at the time of the approval of the
Base Prospectus or the filing of the Final Terms will be published on the internet page
www.allianz.com.][Not applicable. No consent has been given.]

Element
Section B [Issuer] [Guarantor]
B.1
Legal and commercial name
Allianz SE ("Allianz" and, together with its consolidated
subsidiaries, "Allianz Group").
B.2
Domicile / Legal form / Legislation / Allianz SE is a European Company (Societas Europaea
Country of incorporation
"SE") incorporated and operating under the laws of Germany
and registered under its legal name "Allianz SE" in the
commercial register at the local court (Amtsgericht) in

1 To be deleted in an issue-specific summary.
7

Munich and conducts its business in Germany, amongst
others, under the commercial name "Allianz". The registered
seat (Sitz) and business address of Allianz SE is at
Königinstraße 28, 80802 Munich, Germany.
B.4b
Known trends affecting the Issuer and the In the property-casualty sector, premium growth is expected
industries in which it operates
to accelerate in 2018, reflecting higher inflation and the
ongoing broad based recovery of the global economy. In the
life sector, global industry profitability could also improve in
2018, albeit only modestly. The improvement would be
mainly a result of recent management actions which steered
insurance portfolios towards less capital intensive business
lines and investment portfolios towards riskier but higher-
yielding asset classes. For the asset management industry,
2018 might bring higher financial market volatility due to the
geopolitical uncertainty.
B.5
Description of the group and the Issuer's Allianz Group is present in over 70 countries and offers a
position within the group
comprehensive range of insurance and asset management
products and services to 88 million insured customers.
Allianz Group's business activities are first organized by
product and type of service based on how these are
strategically managed: insurance activities, asset management
activities and corporate and other activities. Allianz Group's
Banking business is reported under the corporate and other
activities, which also includes central holding functions.
Allianz SE, the parent company, is headquartered in Munich,
Germany. Its shares are listed for trading on the Frankfurt
Stock Exchange and other German stock exchanges.
B.9
Profit forecast or estimate
Not applicable. No profit forecast or estimate are made.
B.10
Nature of any qualifications in the audit Not applicable. The audit report does not include any
report on historical financial information
qualifications.
B.12
Selected historical key financial information
Twelve months ended 31 December
2017
2016

(amounts in million)
(amounts in million)
Income Statement(1)

Total revenues(2) ................................................................
126,149
122,416
Operating profit(2) ................................................................
11,097
11,056
Net income ................................................................
7,207
7,329
Balance Sheet(1)

Total assets ................................................................
901,300
883,809
Shareholders' equity ................................
65,553
67,083
Non-controlling interests ................................
3,049
3,052
Total equity ................................................................
68,602
70,135
Total liabilities ................................................................
832,698
813,674

(1)
All figures as shown in or derived from the audited Allianz Group's Annual Report of 2017

(2)
The Allianz Group uses, inter alia, Total Revenues, Operating Profit as key financial indicators.

Trend information
There has been no material adverse change in the prospects of Allianz SE since 31 December 2017. No
developments are currently foreseen that are reasonably likely to have a material effect on Allianz SE's
prospects.

Significant change in the financial and trading position
Save as disclosed under "Recent Developments", there have been no significant changes with regard to the
financial or the trading position of Allianz Group since 31 December 2017.
B.13
Recent developments
Share buy-back program and capital management
Beginning 2018 Allianz SE has started a share buy-back
8

program with a volume of up to 2.0 bn as part of a
previously announced policy to return capital to its
shareholders on a flexible basis. The share buy-back
program is based on the authorization granted by the
Annual General Meeting on 7 May 2014. The buy-back
program, which started in January 2018, is envisaged to
be executed in the first six months of 2018. Allianz SE
will cancel all repurchased shares. The total number of
Allianz SE shares purchased under the share buy-back
program since 1 January 2018 through and including
20 April 2018 amounts to 9,390,518 shares.
Squeeze out procedure for remaining Euler Hermes
shares
On 15 January 2018, Allianz SE launched a simplified
cash tender offer to acquire all outstanding Euler Hermes
Group SA ("Euler Hermes") shares which expired on 13
February 2018. As of 23 February 2018, the remaining
float on the market represented less than 5% of Euler
Hermes share capital. On 9 April 2018, in continuation
with its initial tender offer, a second simplified cash
tender offer was launched for all remaining Euler Hermes
shares held by minority shareholders. The consideration
for one Euler Hermes share was unchanged from the prior
tender offer and was 122 in cash. The second simplified
cash tender offer closed on 20 April 2018, and will be
followed by a squeeze out procedure and delisting of
Euler Hermes shares from the Euronext Paris stock
exchange. The overall transaction will be financed with
existing funds.
Completion of sale of Oldenburgische Landesbank AG
The sale of the Allianz Group's shares in Oldenburgische
Landesbank AG was completed on 7 February 2018.
Regulatory approval for sale of part of life insurance
portfolio in Taiwan
Allianz Group reached an agreement to sell a part of its
traditional life insurance portfolio, held by Allianz Taiwan
Life Insurance Co. Ltd., Taipei, to China Life Insurance
Co. on 19 October 2017. This transaction has received
regulatory approval on 27 February 2018. The closing is
expected for the second quarter of 2018. The transaction
includes a portfolio with insurance liabilities of around
1.2 bn. Allianz Group expects a positive impact on the
group's Solvency II capital position and a negative net
income effect of around 0.2 bn in 2018.
Redemption of senior bond
On 13 March 2018 Allianz Finance II B.V. redeemed a
senior bond of EUR 500 million that was guaranteed by
Allianz SE.
B.14
Statement of dependency upon other entities In its capacity as holding company and reinsurer, Allianz
within the group
SE has various dependencies with other group companies
with respect to operational matters, liquidity and capital
management, and reinsurance.
B.15
Principal activities
The Allianz Group is a global financial service provider
and offers a comprehensive range of insurance and asset
management products and services. Allianz Group's
product portfolio includes property-casualty insurance,
life & health insurance and asset management and Allianz
Group is carrying out any other activities incidental to the
activity in said areas or conducive to promoting the same.
B.16
Major shareholders
BlackRock, Inc., Wilmington, USA, notified Allianz SE
that on 20 July 2017, the share of voting rights directly or
indirectly held by BlackRock amounted to 6.90% of the
voting rights.
Harris Associates L.P., Wilmington, USA, notified
9

Allianz SE that on 29 January 2018, the share of voting
rights directly or indirectly held by Harris Associates L.P.
amounted to 3.02 % of the voting rights.
B.17
Credit ratings of Allianz or its debt securities
Standard & Poor's Credit Market Services Europe Limited
("Standard & Poor's") 1 , 4 has assigned the insurer
financial strength rating5 AA (outlook stable), Moody's
Investors Service Ltd. ("Moody's")2, 4 has assigned an
Aa3 insurer financial strength rating5 (outlook stable) and
A.M. Best Europe-Rating Service Limited ("A.M.
Best") 3 , 4 has assigned an A+ insurer financial strength
rating5 (outlook stable) to Allianz.
Regarding the counterparty credit Standard & Poor's has
assigned an AA rating5 (outlook stable) and A.M. Best has
assigned an aa- rating5 (outlook stable) to Allianz.
Standard & Poor's rated the senior unsecured debt of
Allianz with AA (outlook stable), Moody's with Aa3
(outlook stable) and A.M. Best with aa- (outlook stable).

[Element
Section B Issuer
B.1
Legal and commercial Name
Allianz Finance II B.V.
B.2
Domicile / Legal form / Legislation / Country Allianz Finance II B.V. is a private limited liability
of incorporation
company incorporated and operating under the laws of
the Netherlands. The corporate seat of Allianz Finance II
B.V. is in Amsterdam and its office address is
Keizersgracht 484, NL-1017 EH Amsterdam, The
Netherlands. Allianz Finance II B.V. is entered in the
Commercial Register of Amsterdam.
B.4b
Known trends affecting the Issuer and the Allianz Finance II B.V. acts to grant financings to
Industries in which it operates
companies and business enterprises of Allianz Group, to
seek and raise financings including, without limitation,
the issuance of bonds and certificates of indebtedness and
to enter into any derivative transaction in connection with
any of the aforementioned financings. Hence, it is
typically unaffected by trends which may otherwise have
an influence on Allianz Group. However, the extent to
which future financing needs arise depends on the
development of the operating business and investment
projects of Allianz SE.
B.5
Description of the group and the Issuer's Allianz Finance II B.V. is a wholly owned subsidiary of
position within the group
Allianz SE and has no subsidiaries of its own. Allianz SE
is a joint stock corporation incorporated and organised
under the laws of Germany and the parent company of
Allianz Group.
B.9
Profit forecast or estimate
Not applicable. No profit forecast or estimate are made.
B.10
Nature of any qualifications in the audit Not applicable. The audit report does not include any
report on historical financial information
qualifications.

1 Standard & Poor's is established in the European Community and is registered under Regulation (EC) No. 1060/2009 of the European Parliament and of the
Council of 16 September 2009 on credit rating agencies, as amended (the "CRA Regulation").
2 Moody's is established in the European Community and is registered under the CRA Regulation.
3 A.M. Best is established in the European Community and is registered under the CRA Regulation.
4 The European Securities and Markets Authority publishes on its website (https://www.esma.europa.eu/supervision/credit-rating-agencies/risk) a list of credit
rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under
Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days
following such update.
5 A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity being able to redeem invested
capital. It is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.
10