Obligation AllianZ 3.875% ( XS1485742438 ) en USD

AllianZ

61.64 % ▼

Allemagne

XS1485742438 ( en USD )

3.875% par an ( paiement semestriel )

Perpétuelle

Prospectus brochure de l'obligation Allianz XS1485742438 en USD 3.875%, échéance Perpétuelle

07/09/2025 ( Dans 68 jours )

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 émise par AllianZ ( Allemagne ) , en USD, avec le code ISIN XS1485742438, paye un coupon de 3.875% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le Perpétuelle

Base Prospectus dated 30 April 2019
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Parliament and of the Council of 4 November 2003, as amended or superseded (the "Prospectus Directive"): (i) the base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 2016/97/EU (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; 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 Administration Limited ("IBA"). As at the date of this Prospectus, EMMI 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") while IBA has been included therein as of 30 April 2018. As far as the Issuers are
aware, the transitional provisions in Article 51 of the Benchmark Regulation apply, such that EMMI is not
currently required to obtain authorisation or registration (or, if located outside the European Union, recognition,
endorsement or equivalence).
Neither the Arranger nor any of the Dealers has 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 any of 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 any of 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 the Arranger or any of the Dealers.
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), any Dealer 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 may
4

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 .......................................................................................................................................... 24
GENERAL DESCRIPTION OF THE PROGRAMME ............................................................................... 40
ISSUE PROCEDURES ................................................................................................................................ 43
PROGRAMME TERMS AND CONDITIONS ........................................................................................... 45
GUARANTEE WITH RESPECT TO ALLIANZ FINANCE II B.V. ........................................................ 122
GUARANTEE WITH RESPECT TO ALLIANZ FINANCE III B.V. ....................................................... 125
USE OF PROCEEDS ................................................................................................................................. 128
DESCRIPTION OF ALLIANZ FINANCE II B.V. .................................................................................... 129
DESCRIPTION OF ALLIANZ FINANCE III B.V. ................................................................................... 133
DESCRIPTION OF ALLIANZ SE AND ALLIANZ GROUP .................................................................. 136
TAXATION ................................................................................................................................................ 164
SUBSCRIPTION AND SALE ................................................................................................................... 171
FORM OF FINAL TERMS........................................................................................................................ 177
GENERAL INFORMATION ..................................................................................................................... 199
DOCUMENTS INCORPORATED BY REFERENCE .............................................................................. 202
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 "SE")
Country of incorporation
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 Munich and
1 To be deleted in an issue-specific summary.
7

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 non-life sector, a slight premium growth slowdown is
industries in which it operates
expected, against the backdrop of cooling economies. As in
previous years, emerging markets are the main driver of
growth. In the life sector, premium growth is expected to
accelerate. The main reason: a rebound in China where the
regulatory shock of 2018 is seen as a one-off effect. As a
consequence, emerging markets are likely to return to double-
digit growth. The asset management industry's profitability
remains under pressure from both continuous flows into
passive products, new pricing models, and rising distribution
costs.
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 92 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 included in
the Base Prospectus.
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
As of and for the twelve months ended
31 December(1)
2018
2017
(amounts in million)
(audited)
Key figures
Total revenues(2) ...................................
130,557
126,149
Operating profit(2) .................................
11,512
11,097
Net income ............................................
7,703
7,207
Total assets ...........................................
897,567
901,300
Shareholders' equity ..............................
61,232
65,553
Non-controlling interests ......................
2,447
3,049
Total equity ...........................................
63,679
68,602
Total liabilities ......................................
833,888
832,698
(1)
All figures as shown in or derived from the audited Allianz Group's Annual Report of 2018.
(2)
The Allianz Group uses, inter alia, Total Revenues and Operating Profit as key financial indicators in addition to the figures
which are prepared in accordance with the International Financial Reporting Standards ("IFRS").
Alternative Performance Measures
The Allianz Group uses, throughout its financial publications, alternative performance measures
(APMs) in addition to the figures which are prepared in accordance with the International
Financial Reporting Standards (IFRS). Allianz Group believes that these measures provide useful
information to investors and enhance the understanding of its results. These financial measures
are designed to measure performance, growth, profit generation and capital efficiency.
8

The APMs should be viewed as complementary to, rather than a substitute for, the figures
determined according to IFRS.
This Summary contains references to the following major alternative performance measures:

Total revenues

Operating profit
Investors should consider that similarly titled APMs reported by other companies may be
calculated differently. For that reason, the comparability of APMs across companies might be
limited.
In accordance with the guidelines of the European Securities and Markets Authority (ESMA), the
following information is given in regards to the above mentioned alternative performance
measures:

Definition of the APM, its use and limitations on the usefulness.

Reconciliation of the APM to the most directly reconcilable line item, subtotal or total
presented in the financial statements.
Definitions, use and limitations
Total Revenues
Definition and Usefulness
Total revenues are "top line" figure from which costs and expenses are subtracted to determine
operating profit and net income. According to its business segments, total revenues in the Allianz
Group comprise gross premiums written in Property-Casualty, statutory premiums in Life/Health,
operating revenues in Asset Management and total revenues in Corporate and Other (Banking).
Total revenues Allianz Group = Gross premiums written Property-Casualty
+ Statutory premiums Life/Health
+ Operating revenues Asset Management
+ Total revenues Corporate and Other (Banking)
Allianz Group considers total revenues as a key performance indicator and believes that it is
useful and meaningful to its external audience because it is an important financial measure for the
performance and growth of the Allianz Group during a specific time period.
Limitations on the Usefulness
Total revenues do not provide any information as to the profitability of the Allianz Group.
Therefore, total revenues should always be viewed in conjunction with other performance
indicators such as operating profit or net income.
Furthermore, total revenues are subject to fluctuations which do not derive from the performance
of Allianz Group. These fluctuations result from effects of price changes, foreign currency
translation as well as acquisitions, disposals and transfers. Accordingly, in addition to presenting
nominal total revenue growth, Allianz Group also presents internal growth, which excludes some
of these effects.
Operating Profit (OP)
Definition and Usefulness
The Allianz Group uses operating profit to evaluate the performance of its reportable segments as
well as of the Allianz Group as a whole. Operating profit highlights the portion of income before
income taxes that is attributable to the ongoing core operations of the Allianz Group.
The Allianz Group considers the presentation of operating profit to be useful and meaningful to
investors because it enhances the understanding of the Allianz Group's underlying operating
performance and the comparability of its operating performance over time.
Operating profit is used as one of the decision metrics by Allianz Group's management.
9

The Allianz Group has changed the definition of operating profit. Restructuring charges are now
excluded from operating profit. Allianz Group believes that the updated definition of operating
profit provides more reliable and relevant information to its external audience as the timing of
restructuring charges is largely at the discretion of the Allianz Group, and accordingly their
exclusion provides additional insight into the operating trends of the underlying business.
To better understand the ongoing operations of the business, the Allianz Group generally excludes
the following non-operating effects:

income from financial assets and liabilities carried at fair value through income (net),

realized gains and losses (net) and impairments of investments (net),

interest expenses from external debt,

acquisition-related expenses (from business combinations),

amortization of intangible assets,

restructuring charges,

profit (loss) of substantial subsidiaries classified as held for sale.
The following exceptions apply to this general rule:

In all reportable segments, income from financial assets and liabilities carried at fair
value through income (net) is treated as operating profit if the income relates to
operating business.

For life/health insurance business and property-casualty insurance products with
premium refunds, all items listed above are included in operating profit if the profit
sources are shared with policyholders. There is one exception from this general rule
with regard to policyholder participation in extraordinary tax benefits and expenses.
As IFRS require that the consolidated income statements present all tax effects in the
line item income taxes, even when they belong to policyholders, the corresponding
expenses for premium refunds are shown as non-operating as well.
Operating profit should be viewed as complementary to, and not as a substitute for, income before
income taxes or net income as determined in accordance with IFRS.
Limitations on the Usefulness
Operating profit is subject to fluctuations which do not derive from the performance of the Allianz
Group such as changes in foreign currency rates or acquisitions, disposals and transfers between
reportable segments.
Trend information
There has been no material adverse change in the prospects of Allianz SE since 31 December 2018. 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" in B.13 below, there have been no significant changes with
regard to the financial or the trading position of Allianz Group since 31 December 2018.
B.13
Recent developments
Share Buy-Back
On 14 February 2019, Allianz SE resolved on a new share
buy-back program. The volume of such new program will
amount to up to EUR 1.5 billion. The program started on
4 March 2019 and shall be finalized by 31 December 2019,
at the latest. Allianz SE will redeem all repurchased shares.
The number of shares purchased under this programme
since 4 March 2019 through and including 18 April 2019
amounts to 3,852,410 shares for a total purchase price of
EUR 772,806,213.15.
Bond Issuance
On 15 January 2019, Allianz Finance II B.V. issued
EUR 1.5 billion senior bonds guaranteed by Allianz SE
10