Allianz (ALV: EUR176.24) offers dividend yield of 6.1% 02 August 2022

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Allianz (ETR:ALV), Germany's largest Insurance company by market cap, ranks 3 in the Top 20 by dividend yielding stocks in the DAX Index of 30 stocks.

Past 12 months DPS: EUR10.80;

Last price: EUR176.24;

Dividend yield: 6.1%;

The dividend yield of 6.1% is 7.9 times the triple-A bond yield of 0.8%.;

ALLIANZ Stock Dashboard (traded in Euro, EUR)

ExchangeGERMAN52-Week Range168.20 - 220.74
Currency1.000 EUR = 1.027 USDSectorInsurance
Aug 02, 2022EUR176.24Independent Sector RankingRanked 24 in Forbes2000
P/E (FY2021)11Market CapEUR78 billion [$80 billion]
EPS (FY2021)EUR16Shares Outstanding440,249,646
Dividend Yield (TTM)6.1%% Held by Top Shareholder7
DPS (past 12 months)EUR10ALV in IndicesDAX, Financials
EPS Growth (FY2021 vs FY2020)-3.2%Independent Sector comparison by Dividend Yield % (TTM)Stock: 6.13; Sector: .72. 88.3% Discount to sector av. Attractive dividend yield compared to sector av
Ave Daily Volume972,469 sharesIndependent Sector comparison by P/EStock: 11.04; Sector: 9.04. 18.1% Premium to sector av

Primary Exchange and Other Listings: Trading Currency and Volume (Excl ADR)

ExchangeTickerCurrencyLastADVTVol % of TotalToday's VI
XetraALVEUR176.24955,80799.10.7
FrankfurtALVEUR176.644,6150.50.7
Borsa ItalianaALVEUR176.72,4890.20.6
HamburgALVEUR176.641,3000.10.4
Total100.00

ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)

Stock vs Index (Annual Percentage Change)

December 31Share price of Allianzof DAX Index
20218.215.8
2020-2.33.5
201930.325.5
2018-4.9-18.3
201712.32.4

Allianz has outperformed the DAX Index in 2 of the past 5 years

years: 2019,2017;2 of the past 5 years

INDEX

SECTION 1 THE PAST QUARTER: FINANCIALS, ESG

SECTION 2 THE PAST QUARTER: PRESS RELEASES AND CORPORATE WIRE

SECTION 3 TODAY'S BEARISH SIGNALS

SECTION 4 ONGOING BEARISH PARAMETERS

SECTION 5 TODAY'S BULLISH SIGNALS

SECTION 6 ONGOING BULLISH PARAMETERS

SECTION 7 CORPORATE PROFILE AND INDEPENDENT RATINGS

SECTION 8 FINANCIALS FY 2021

SECTION 9 DIVIDEND

SECTION 10 TOP MANAGEMENT

SECTION 11 BOARD OF DIRECTORS

SECTION 12 FINANCIALS AS REPORTED FY 2021, PAST 7 YEARS

SECTION 13 TOP SHAREHOLDERS

SECTION 14 PEER COMPARISON & RANKING OF ALV

SECTION 15 CURRENCY SYNOPSIS: EURO (EUR)

SECTION 16 ALLIANZ PREFERRED SHARES

SECTION 17 STOCK IDENTIFIERS

GLOSSARY

DATA & ARCHIVE DOWNLOAD CENTER

ALV: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:

+ PRICE VOLUME - 5-YEAR HISTORY

+ FINANCIALS - 10-YEAR HISTORY [INCLUDING FY 2021]:

+ PEER COMPARISON - STOCK IN INSURANCE SECTOR AND STOCK IN INDICES

ALV: LINKS IN HTML TO FURTHER INFORMATION:

+ NEWS ARCHIVES - ALV PAST 4 YEARS IN HTML:

+ PRICE VOLUME CHARTS IN HTML

+ USD vs EUR EXCHANGE RATE CHARTS IN HTML

+ BOARD OF DIRECTORS

SECTION 1 THE PAST QUARTER: FINANCIALS, ESG

1.1 ALV Financials Summary: EPS down 3.2% to EUR15.96 in FY2021 [ y.e. 31 Dec 2021]

+ Net profit was down 2.9% from $6.9 billion in FY2020 to $6.7 billion in FY2021.

+ Earnings Per Share (EPS) was down 3.2% from EUR16.48 in FY2020 to EUR15.96 in FY2021.

Year ended DecFY2021FY2020FY2019
Sales ($ B)124.2121.4118.3
Pretax ($ B)9.79.811.3
Net ($ B)6.76.98
EPS (EUR)15.9616.4818.9

1.2 March 09: Allianz finances development of landmark ESG building in London

Allianz Real Estate, acting on behalf of several Allianz Group companies, has provided close to GBP 200 million in financing to a consortium of four sponsors for the development of a 500,000 square foot mixed-use development in London that is expected to become a focal point for the

Allianz Real Estate, acting on behalf of several Allianz Group companies, has provided close to GBP 200 million in financing to a consortium of four sponsors to support the development of 105 Victoria Street. The 500,000 square foot development is designed to surpass sustainability benchmarks while providing a focal point for the local community.

105 Victoria Street will become a mixed-use development with a range of amenities. In addition to floors of retail and office, there will be affordable working space for young businesses and a number of leisure features. These include a rooftop urban farm designed to provide learning opportunities for local schools and fresh produce for local restaurants and cafes; a multi-purpose community space to be used for local sports teams, lectures, discussion groups and town hall events; and a ground floor village square with market stalls to promote local producers, designers and crafters.

Alongside the important social amenities will be a range of ambitious sustainability features that will enable the building to exceed current benchmarks. These include 100% electrical power use and embodied carbon solutions, that will exceed both Royal Institute of British Architects (RIBA) targets and the Greater London Authority's aspirational benchmark.

Welput, the specialist central London office fund managed by BentallGreenOak (BGO), is the sponsor of 105 Victoria Street along with PSP Investments and existing investors in Welput, with BGO also acting as Development Manager.

March 07: Allianz Real Estate sees its global logistics portfolio increase 32% to EUR 11.6bn in 2021

Munich | Paris | London | New York | Singapore | 7 March 2022

Allianz Real Estate, one of the world's largest real estate investment managers, has seen its global logistics portfolio grow to EUR 11.6 billion in assets under management as at the end of 2021, up 32% year-on-year. The firm's logistics exposure comprises EUR 8.6 billion in equity investment, an increase of 39% year-on-year, and EUR 3 billion in financing, up 15%. Regionally,

the firm's portfolio split is EUR 5.8 billion in Europe, EUR 3.3 billion in the U.S. and EUR 2.5 in Asia Pacific.

Kari Pitkin, Head of Business Development Europe at Allianz Real Estate said: "We established our global logistics portfolio early, and now have a leading market position in the sector.

Our dedicated logistics team has continued to build on this in 2021, leveraging their strong relationships with prime partners in Europe and beyond to capitalize on the significant shift in distribution and the evolution of the retail industry.

"Our approach to the sector has fully aligned with our global ESG strategy and the wider theme of sustainability. We have continued to select assets and partners with strong ESG profiles, building a logistics portfolio which meets the very highest standards."

ridging the sustainability gap

In April 2021, Allianz Real Estate announced one of the most significant ESG programs in the real estate industry, with an aim to reduce the carbon footprint of its global portfolio by 25% by 2025 and net zero by 2050.

The firm therefore intensified its decarbonization efforts over 2021, engaging with tenants to obtain energy consumption data and working closely with developers to ensure all assets contribute to the transition towards a low-carbon economy. Initiatives include the incorporation of energy efficient improvements such as solar panels and the provision of e-truck charging infrastructure.

In March, for instance, the firm acquired a EUR 72 million newly built, last-mile logistics facility single-tenanted by Amazon in the south of Vienna.

March 10 2021: AllianzGI accelerates its sustainable investment drive

AllianzGI, one of the world's largest active investment managers, has announced that 74 of its equity, fixed income and multi-asset funds will join its current sustainable investment offering. This is part of its strategic ambition to be a sustainable investment shaper, continuously innovate and anticipate growing client demand. Portfolios will be constructed using ESG assessments reflecting clients' values through AllianzGI Sustainable Minimum Exclusions* and will adopt a new strengthened engagement approach or SRI Best-in-class considerations.

Source: Company Website

July 18 2019: Arabesque S-Ray partners with Allianz X, Commerz Real, DWS, and Land Hessen

Arabesque S-Ray, a leading global data provider of environmental, social, and governance (ESG) metrics, today announced strategic partnerships with four new co-investors: Allianz X, Commerz Real AG, DWS Group, and Land Hessen. Allianz X led Arabesque's Series A funding round, with the four shareholders jointly investing $20 million.

Using ESG big data and machine learning models, Arabesque S-Ray provides technology that is used by many of the world's largest institutional investors, corporations, and consultancies to assess the sustainability performance of over 7,000 companies globally.

Source: Company Website

SECTION 2 THE PAST QUARTER: PRESS RELEASES AND CORPORATE WIRE

July 04: Allianz SE publishes the Information Circular for the voluntary tender offer for European Reliance shares outstanding; initiation of the acceptance period

Allianz had announced in February this year that it had entered into certain Share Purchase Agreements to acquire 72 percent of European Reliance General Insurance Company SA ("European Reliance"). Allianz announces today that it has formally published the Information Circular and is proceeding with the Voluntary Tender Offer (VTO) for the remaining European Reliance shares.

Source: Company Website

July 01: Allianz enters multi-year partnership with cyber MGA Coalition

Allianz is providing Coalition with long-term committed capacity for its US cyber insurance programs and will lead Coalition's UK cyber program when it launches later this year.

Source: Company Website

June 30: Allianz enters multi-year partnership with cyber MGA Coalition

Allianz today announced a new multi-year partnership with Coalition, a leading cyber insurance and security provider, headquartered in San Francisco. Allianz provides Coalition with long-term committed capacity for its US cyber insurance programs and will lead Coalition's UK cyber program when it launches later this year.

"Cyber is one of the top risks for businesses globally and while the risk landscape is not getting any easier, we are expanding our offering for customers," said Scott Sayce, Global Head of Cyber at Allianz. "We constantly urge our customers to strengthen their cyber defenses and, with its innovative approach to cyber risk, Coalition has proven that data and technology can be very effective to prevent and resolve cyber claims."

The global economy loses up to USD 1.5 trn annually due to cyberattacks. To date, few companies are adequately equipped to identify and manage these risks effectively. SMEs and mid-market companies especially face challenges procuring the tools, skills and resources needed to protect themselves. With this partnership Allianz complements its products and distribution network with Coalition's 'Active Cyber Insurance' approach and supports precisely this SME and mid-market segment in the U.S. and UK.

Coalition combines cyber coverage with AI-powered security tools to help customers spot, prevent and respond to cyber risk. Proactive and real-time risk screenings deliver accurate insights on digital risks, while 24/7 access to incident response experts enable organizations to respond to threats at early stage. As a result, customers experience a substantially lower frequency of claims compared to the cyber market average.

"We're thrilled to have Allianz, one of the world's largest insurance companies, partner with Coalition to protect the unprotected," said Shawn Ram, Head of Insurance at Coalition.

June 13: AllianzGI seals strategic partnership agreement with Voya Financial

Allianz Global Investors ("AllianzGI") announced today that it had entered into a definitive agreement with Voya Financial, Inc. relating to the strategic partnership communicated in May.

As part of the partnership agreement, AllianzGI will transfer selected investment teams and assets comprising most of its US business to Voya Investment Management ("Voya IM"). As consideration for the transfer of assets, Allianz Group will receive a stake in Voya IM of 24% of the enlarged US manager.

The addition of AllianzGI's US-based income & growth, fundamental equities and private placement teams will complement Voya IM's existing capabilities and investment platforms. Following completion of the transfer, US vehicles and clients of the transferred investment teams will continue to be managed and advised by those teams.

An integral feature of the partnership is the establishment of a long-term, strategic-distribution partnership whereby AllianzGI will distribute Voya IM's investment strategies outside the US and Canada, providing its global client base with a broader range of complementary investment strategies.

Commenting on the agreement, Tobias C. Pross, CEO of AllianzGI, said: "Today's announcement is a significant milestone in the development of an important strategic partnership for AllianzGI, which will enable us to increase the range of US-managed investment strategies available to clients in the rest of the world. Voya IM complements our own strengths, footprint and culture, and we look forward to realising the potential of the partnership for clients of both firms."

Execution and ultimate completion of the investment team transfers from AllianzGI to Voya IM is on course to take place no later than 25 July 2022.

Source: Company Website

SECTION 3 TODAY'S BEARISH SIGNALS

3.1 Rank in the bottom 16% by Price Performance in the German market

DescriptionValueRank
Rel Strength 6 mo17In Bottom 16%

3.2 Downtrend

Beta < 1 combined with price fall. The Beta of the stock is 0.9.

Price/Moving Average Price of 0.91 and negative MACD:

- The Price/MAP 200 for Allianz is 0.91. Being less than 1 is a bearish indicator. It is lower than the Price/MAP 200 for the DAX Index of 0.92, a second bearish indicator. The stock is trading below both its MAPs and the 50-day MAP of EUR181.81 is lower than the 200-day MAP of EUR193.38, a third bearish indicator. The 200-day MAP has decreased to EUR193.38, a fourth bearish indicator.

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 175.74 minus the 26-day EMA of 177.64 is negative, suggesting a bearish signal.

Past Quarter:

In the last three months the stock has hit a new 52-week low once. The Worst 3 weeks in the past quarter

In the past quarter the steepest fall of 6.5% took place in the week beginning Monday June 06.

Mon-FriChange %DAX Index Change %RPC %Vol Ind [1 is avg]
Jun 06-10-6.5-4.8-1.71.1
May 02-06-4.7-3-1.71.8
Jul 11-15-4-1.2-2.91.2

Slipping Relative Strength:

- The stock has a 6-month relative strength of 17 in the German market of 1,592 stocks, 17 units and 24 preference stocks indicating it is trailing 83% of the market.

- Also, the relative strength percentile is slipping at 17 for 6 months, 15 for 3 months and 11 for 1 month.

3.3 Overvaluation

Price/Earnings of 11 > sector avg of 9.0:

- The price-to-earnings ratio of 11 indicates overvaluation compared with sector average of 9.0.

- Earnings yield of 9.1% is less attractive compared with the German average earning yield of 9.6%.

- The earnings yield of 9.1% is 11.7 times the 10-year bond yield of 0.8%.

(All figures in %)

Earnings Yield9.1
German avg9.6
Dividend Yield6.1
Bond Yield0.8

3.4 Other Bearish Signals

- Return on Equity of 8.4% versus sector average of 10.8% and market average of 11.2%.

- Total Liabilities/EBITDA of 114.5 is more than 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.

- As per the Du Pont analysis, Return on Equity of 8.4% is lower than sector average of 10.8%. This is computed as net profit margin of 5.8% times asset turnover [sales/assets] of 0.11 times leverage factor [total assets/shareholders' equity] of 13.5.

SECTION 4 ONGOING BEARISH PARAMETERS

4.1 Rank in the bottom 8% by Productivity in the German market

DescriptionValueRank
Return on Assets [ROA] %0.6In Bottom 8%
Return on Capital Employed [ROCE] %0.8In Bottom 4%

4.2 Present Value of EUR1000 Invested in the Past 3 Months; The Worst Period with PVEUR1000 < 910

PVEUR1,0003 mo ago
ALV.ETREUR909
Insurance sectorEUR948
DAX IndexEUR996

4.3 The Worst Periods [3 Mo, 3 Yrs] with Price Change % < -2.5

3-Year price change of -2.6% for Allianz underperformed the change of 9.8% in the DAX Index for a relative price change of -12.4%.

Price Change %Quarter3 Years
Allianz-13.7-2.6
Insurance sector-5.220.9
DAX Index-3.79.8

4.4 MCap: 5-Year Decrease of EUR5 billion [$5 billion] (6%)

In the past 5 years Market Capitalization has decreased by EUR4.6 billion (6%) from EUR82.2 billion to EUR77.6 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 3 out of 5 years.

PriceMCap (EUR B)MCap ($ B)
LastEUR176.2477.679.7
1 Year agoEUR183.9085.3101.3
2 Years agoEUR160.0677.692.3
3 Years agoEUR180.9793.3103.4
4 Years agoEUR154.0182.996.9
5 Years agoEUR143.3782.297.1

4.5 EPS growth [FY2021 vs FY2020] of -3.2%:

FYEPS (EUR)Growth %
202115.96-3.2
202016.48-12.8

4.6 Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Periods with TSR < 4.8%

TSR %1 yr3 yrs20 yrs30 yrs
ALV.ETR0.94.64.64.7

4.7 Declining Volume, down 99% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has decreased 98.6% to 972,469 shares.

Avg. Daily Volume Traded 12 months ended Aug 02, thousand shares

YearADVT
2022972.5
20211086.5
20201424.6
201921559.8
201869501.2

4.8 Declining share turnover, down 98% in 5 years

In the past five years, average daily share turnover has decreased 98.2% to EUR187.3 million ($192.3 million). This suggests decreased liquidity.

Past five years, 12 months ended Aug 02 (EUR million)

YearAverage Daily Turnover
2022187.3
2021197.3
2020225.1
20193274.9
201810435.2

4.9 Satisfies 4 out of 9 criteria of Joseph Piotroski [pass mark 5]:

- Positive net income.

- Positive operating cashflow.

- Good quality of earnings [operating cashflow exceeds net income].

- Reduction in total shares on issue.

But does not meet the following 5 criteria of Joseph Piotroski:

- Return on Assets improvement.

- Improvement in long-term debt to total assets.

- Improvement in current ratio.

- Improvement in gross margin.

- Improvement in asset turnover.

SECTION 5 TODAY'S BULLISH SIGNALS

5.1 PAST WEEK: WEAK MOMENTUM UP - ALV strengthens 1.5% on volume 0.8 times average

The price ranged between a low of EUR173.38 on Thursday Jul 28 and a high of EUR178.28 on Monday Aug 01.

DateAllianzClose [EUR]Change %RPC % *Comment
Wed Jul 27Offers earnings yield of 9.2%173.820.1-0.4
Thu Jul 28Offers dividend yield of 6.2%173.38-0.3-1.2Week-low of 173.38
Fri Jul 29Offers earnings yield of 9%177.322.30.8Top Rise; VI*=1.2
Mon Aug 01Offers dividend yield of 6.1%178.280.50.3Week-high of 178.28
Tue Aug 02Offers earnings yield of 9.1%176.24-1.1-0.8Steepest Fall

* RPC - Relative Price Change is % price change of stock less % change of the DAX Index.

[Volume Index (VI); 1 is average]

5.2 Rank in the top 24% by Relative Valuation in the German market

DescriptionValueRank
Dividend Yield %6.1%In Top 6%
P/E * P/NTA13.03In Top 23%
Price/Earnings11In Top 24%

5.3 Undervaluation

Price/Earnings:

Allianz stock is trading at the second lowest P/E multiple in the DAX Index.

Dividend Yield:

Allianz stock is the third highest dividend yielding stock in the DAX Index.

Dividend Yield > Bond Yield of 0.78%:

The dividend yield of 6.13% is 7.86 times the triple-A bond yield of 0.78%. The times factor of 7.86 is above the benchmark factor of 0.67 times set by Benjamin Graham.

(All figures in %)

Dividend Yield6.13
Bond Yield0.78
Spread5.36

The Dividend Yield of 6.1% is better than the Index average of 3.9%

- The relative yield of the stock, defined by its yield of 6.1%, divided by average yield of dividend yielding stocks in the DAX Index of 3.9% is 159.2%. This suggests the stock is undervalued in dividend yield terms.

Brand Value/Enterprise Value:

- Brandirectory have estimated Allianz brand value at EUR12.3 billion ($12.7 billion). The Brand Value represents an impressive 15.1% of the estimated Enterprise Value of EUR81.9 billion ($84.1 billion). Enterprise Value is defined as MCap of EUR77.6 billion plus net debt of EUR4.3 billion.

5.4 Other Bullish Signals

- Net profit margin has averaged 6.3% in the last 3 years. This is better than the sector average of 5.3% and suggests a high margin of safety.

SECTION 6 ONGOING BULLISH PARAMETERS

6.1 Rank in the top 20% by Size in the German market

DescriptionValueRank
Ave daily TurnoverEUR115.7 million ($118.8 million)In Top 1%
Annual RevenueEUR122.2 billion ($125.5 billion)In Top 3%
MCap$80 billionIn Top 20%

6.2 Present Value of EUR1000 Invested in the Past [1 Yr, 3 Yrs]; The Best Periods with PVEUR1000 > 1,008

PVEUR1,0001 yr ago3 yrs ago
ALV.ETREUR1,009EUR1,147
Insurance sectorEUR1,127EUR1,222
DAX IndexEUR864EUR1,133

6.3 Moving Annual Return of 1.7% in the past year:

Moving Annual Return was 1.7% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 10.5%. The Moving Annual Return has been positive in 4 of the last 5 years.

ALVClose (EUR)Dividends (EUR)Capital Gain / (Loss) %% YieldAnnual Return %
Aug 02176.2410.8(4.2)5.91.7
1 Yr ago183.99.614.9620.9
2 Yrs ago160.069.6(11.6)5.3(6.3)
3 Yrs ago180.97917.55.823.4
4 Yrs ago154.0187.45.613.0

Close 5 years ago EUR143.37

6.4 Buybacks and 3-Years Decrease of 3.8% in Total Shares on Issue

In the past 3 years total shares on issue have decreased by 16.4 million (3.8%) from 428.1 million to 411.7 million. Buybacks have averaged 4.1 million shares [1%] per financial year. Based on a dynamic start date of 3 years ago, there has been no rise in issued capital over the last 3 years. A reduction in total shares on issue is a favourable indicator in Joseph Piotroski's 9 indicators.

Year End (Dec 31)Total Shares on IssueFYBuybacksBuyback %
2021411,689,04120212,775,3540.7%
2020414,464,39520204,284,6361%
2019418,749,03120199,357,8852.2%
2018428,106,9162018--
Total16,417,875
Average per FY4,104,469

6.5 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 9.8%

TSR %5 yrs10 yrs
ALV.ETR9.914.3

6.6 Increased VWAP, up 29% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has increased by 29.3% to EUR192.63. Based on a dynamic start date of five years ago, there has been no decline in VWAP over the last 5 years.

Past five years, 12 months ended Aug 02 (EUR)

YearHigh PriceVWAPLow Price
2022220.74192.63168.2
2021212.2179.45134.97
2020198.7158.04100.03
2019187.13152.51139.35
2018162.28148.95138.74

6.7 Satisfies three criteria of Benjamin Graham

- The P/E of 11 multiplied by the P/NTA of 1.2 is 13.0. Being less than the Benjamin Graham benchmark of 22.5 the stock appears undervalued.

- "An earnings-to-price yield of at least twice the triple-A bond"; the stock's earning yield of 9.1% is 11.7 times the triple-A bond yield of 0.8%.

- "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 7.9 times the triple-A bond yield of 0.8%.

6.8 Year-over-year (%) Change in Dividend:

Final dividend for FY 2021 was EUR10.80. The year-on-year change was up 12.5% from EUR9.60 in the previous year FY 2020.

FinalFY 2020FY 2021
Dividend (EUR)9.610.8

SECTION 7 CORPORATE PROFILE AND INDEPENDENT RATINGS

7.1 Activities

Allianz SE is a German-based financial service company. The Company is the holding company of the Allianz Group (Allianz SE and its subsidiaries). The Company's segments include Property-Casualty, Life/Health, Asset Management, and Corporate and Other. The Company provides a range of reinsurance coverage, primarily to Allianz insurance entities, as well as to third-party customers. The Property-Casualty segment offers a range of products and services for both private and corporate clients. The Life/Health segment offers a range of life and health insurance products on both an individual and a group basis. The Asset Management segment provides institutional and retail asset management products and services to third-party investors, and provides investment management services to the Allianz Group's insurance operations. The Corporate and Other segment includes Holding & Treasury, Banking and Alternative Investments. It is Germany's largest Insurance company by market capitalisation.

7.2 Independent Ratings and Relative Value Indicators

+ Corporate Knights:

It is a new entrant, ranked 49 by Corporate Knights Capital in the World's 100 most sustainable corporations 2021.

Attractive dividend yield compared to sector average

ALV Dividend Yield of 6% > Sector Ave 0.9%

The dividend yield of 6% for the stock is at a discount of 85% to the Corporate Knights sector average of 0.9%.

Good value compared with sector average

P/E - ALV 11 < Sector Ave 17

ALV P/E of 11 is at a discount of 35% to the Corporate Knights sector average of 17.

+ Newsweek 500:

It was ranked 169 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 7.4% in Carbon productivity, 5.2% in Energy productivity and 3.2% in Waste productivity.

7.3 Contact Details

Websitehttps://www.allianz.com/
Physical AddressKoeniginstrasse 28 Muenchen BAYERN 80802
Phone498938000
Fax+49 (0) 89-3800-3899
Emailinvestor.relations@allianz.com

7.4 Industry & Sector

Classification LevelName of Sector
Business SectorInsurance
Industry GroupInsurance
IndustryLife & Health Insurance
Economic SectorFinancials

SECTION 8 FINANCIALS FY 2021

8.1 Financials, FY 2021 [year-ended 31 December 2021 ]

Allianz Net Profit down 2.9%

Release Date: April 12, 2022

Allianz (ETR:ALV) reported net profit for the year-ended 31 December 2021 [FY2021] of EUR6.6b ($7.5b), down 2.9% from EUR6.8b ($8.3b) in the previous year [FY2020]. Earnings per share (EPS) were down 3.2% from EUR16.48 ($20.15) in FY2020 to EUR15.96 ($18.06) in FY2021.

8.2 Annual growth in Revenue, Net Profit and EPS

Year-ended31 December [FY/2021]31 December [FY/2020]
Revenue, EUR Billion122120
Revenue, $ Billion138135
Growth in Revenue %2.32.6
Net Profit, EUR Billion6.66.8
Net Profit, $ Billion7.57.7
Growth in Net Profit %-2.9-14.0
EPS, EUR15.9616.48
Growth in EPS %-3.2-12.8

Major changes compared with previous year (FY2021 vs FY2020):

Favourable Changes:

- Total revenue up 2.3% from EUR119.5b ($146.1b) to EUR122.2b ($138.3b)

- Total non-current assets to Total Assets up from 1.5% to 1.6%

Unfavourable Changes:

- Net profit down 2.9% from EUR6.8b ($8.3b) to EUR6.6b ($7.5b)

- EPS down 3.2% from EUR16.48 ($20.15) to EUR15.96 ($18.06)

- EBIT Margin down from 79.7% to 68.0%

- EBIT to total assets down from 0.9% to 0.8%

- Profit before tax to Sales down from 79.7% to 68%

Year-on-year comparison of Performance Ratios [FY2021 vs FY2020]

December 31FY2021FY2020Change (%)
Return on Equity (%) (Steady % from 8.4 to 8.4)8.48.4Steady
Return on Assets (%)0.60.7Down 14.3
Common Size Ratios by Assets %
Current Debtors to Total Assets 10.9 11.0 Down 0.9

Currency Conversion (December 31, 2021): $1 = EUR0.88

Currency Conversion (December 31, 2020): $1 = EUR0.82

Five-year record of growth and performance:

In the last 5 years Total Revenue averaged EUR95B ($107.5B), EBITDA averaged EUR9B ($10.2B) and Net Profit averaged EUR6.8B ($7.7B). Compound Annual Growth Rate (CAGR) averaged 66.9% for Total Revenue, 9.9% for Net Profit and 21.1% for EBITDA.

DescriptionAnnual (EUR B)Annual ($ B)5-year Avg (EUR B)5-year Avg ($ B)5-year CAGR %
Total Revenue122.2138.395107.566.9
EBITDA9.210.4910.221.1
Operating Profit9.510.89.310.521.9
Net Profit6.67.56.87.79.9

Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE

In 2021 Net Profit Margin of 50.8% was above its 5-year Avg of 13.0% (All Figures in %)

Description20215-year Avg
EBITDA Margin7.514.6
Operating Profit Margin6814.8
Net Profit Margin50.813
Return on Equity8.49.7
Return on Assets0.61.2
Return on Capital Employed0.81.4

SECTION 9 DIVIDEND

9.1 Dividend History

In the past 5 years annual dividends have increased by EUR2.8 from EUR8.0 to EUR10.8. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years.

DateValue (EUR)Type
05 May 202210.8Final
Tr 12 Months10.8
2020 - 20219.6
2019 - 20209.6
2018 - 20199
2017 - 20188

SECTION 10 TOP MANAGEMENT

10.1 Top Management

Top Management [Two top executives tenure Not Available]

NameDesignation
Oliver BaeteChief Executive Officer, Chairman
Michael DiekmannIndependent Non-Executive Chairman

10.2 Profiles of Top Management

Oliver Baete

CEO & Chairman

Personal details

Date of birth

March 1, 1965

Place of birth

Bensberg, Germany

Nationality

German

Education

Apprenticeship at Westdeutsche Landesbank, Cologne, Germany

University of Cologne, Business Administration

Leonard Stern School of Business, New York University, MBA

Professional career

1993 - 1994

McKinsey & Company, New York

1995 - 1998

McKinsey & Company, Germany

1998 - 2003

McKinsey & Company, Germany, Principal, Leader of the German Insurance Practice

2003 - 2007

McKinsey & Company, Germany, Director, Leader of the European Insurance and Asset Management Sector

2008 - September 2009

Member of the Board of Management of Allianz SE, Chief Operating Officer (COO)

September 2009 - 2012

Member of the Board of Management of Allianz SE, Controlling, Reporting, Risk (CFO)

2013 - 2014

Member of the Board of Management of Allianz SE, responsible for the insurance business in France, Benelux, Italy, Greece, Turkey, and for the Center of Competence "Global Property & Casualty"

January - May 7, 2015

Member of the Board of Management of Allianz SE, responsible for the Center of Competence "Global Property & Casualty"

Since May 7, 2015

Chairman of the Board of Management of Allianz SE (CEO)

September 2015 - March 2018

Additionally responsible for Human Resources (Director responsible for Work and Social Welfare)

Michael Diekmann

Independent Non-Executive Chairman

Position Member of various Supervisory Boards

Personal details

Date of birth

December 23, 1954

Place of birth

Bielefeld, Germany

Place of residence

Munich, Germany

Nationality

German

Committees

Standing Committee (Chair)

Personnel Committee (Chair)

Audit Committee

Risk Committee (Chair)

Technology Committee

Nomination Committee (Chair)

Education

First state examination for lawyers (1. Jur. "Staatsexamen"), University of Gottingen

Second state examination for lawyers (2. Jur. "Staatsexamen"), Lower Saxony

Professional career

1983 - 1988

Diekmann/Thieme GbR (publishing house), CEO

1988 - 1996

Allianz Versicherungs-AG, various positions in sales and product development

1996 - 1998

Allianz Versicherungs-AG, Head of Asia-Pacific Region, Singapore

1998 - 2000

Allianz AG, Deputy Member of the Board of Management with responsibility for Asia-Pacific Region (01 - 02/2000 additional responsibility for Eastern Europe, Middle East and Africa)

2000 - 2001

Allianz AG, Member of the Board of Management, responsible for the Asia-Pacific Region, Eastern Europe, Middle East and Africa (CEEMA)

2002 - 2003

Allianz AG, Member of the Board of Management, responsible for North and South America and Personnel Development at the Allianz Group

2003 - 2015

Allianz SE (formerly Allianz AG), Chairman of the Board of Management

SECTION 11 BOARD OF DIRECTORS

11.1 Board Of Directors

Board Of Directors [One director with tenure < 1 yr]

NameSince Appointment
Sirma Boshnakova10 Mos

Board Of Directors [Nineteen directors tenure Not Available]

NameDesignation
Christof MascherDirector
Giulio TerzariolDirector
Niran PeirisDirector
Sergio BalbinotDirector
Guenther ThallingerDirector
Klaus-Peter RoehlerDirector
Renate WagnerDirector
Ivan De La SotaDirector
Jacqueline HuntDirector
Friedrich EichinerIndependent Non-Executive Director
Herbert HainerIndependent Non-Executive Director
Christine BosseIndependent Non-Executive Director
Sophie BoissardIndependent Non-Executive Director
Jurgen LawrenzNon-Executive Director
Godfrey Robert HaywardNon-Executive Director
Martina GrundlerNon-Executive Director
Gabriele Burkhardt BergNon-Executive Director
Jean-Claude Le GoaerNon-Executive Director
Frank KirschNon-Executive Director

11.2 Profiles of Board of Directors

Guenther Thallinger

Director

Personal details

Date of birth

January 24, 1972

Place of birth

Graz, Austria

Nationality

Austrian

Education

Technical University of Graz and Vienna, Technical Mathematics

Technical University of Vienna, Dissertation in Applied Mathematics

Professional career

1996 - 1998

Scientist, Technical University of Vienna

1999 - 2004

McKinsey & Company, Cologne & Vienna

2005 - 2009

Principal, McKinsey & Company

2009 - 2011

CFO, Allianz Investment Management (AIM SE)

2012- 2016

CEO, Allianz Investment Management (AIM SE)

Since January 1, 2017

Member of the Board of Management of Allianz SE, responsible for Investments and the Center of Competence "Global Life & Health"

Since January 1, 2018

Additionally Chairman of the ESG Board

Renate Wagner

Director

Personal details

Date of birth

September 29, 1974

Place of birth

Heltau, Romania

Nationality

German

Education

Diploma in Mathematics, University of Paderborn

Master of Business Administration, Heriot-Watt University, Edinburgh

Professional career

1998 - 2000

Risk Analyst, Westdeutsche Landesbank AG, Dusseldorf

2001 - 2005

Senior Consultant, KPMG AG Wirtschaftsprufungsgesellschaft, Munich

2005 - 2006

Head of Accounting, Risk Controlling and Regulatory Reporting, dab Bank AG, Munich

2006 - 2008

Head of Change Management, Zurich Insurance Group, Zurich

2008 - 2010

Head of Capital & Liquidity Management and Risk Based Capital, Zurich Insurance Group, Zurich

2010 - 2013

Head of Business Performance Management, Strategic Finance and Divisional Treasurer, Zurich Insurance Group, Zurich

2013 - 2014

Head of CFO Office, Allianz SE, Munich

2014 - 2015

Head of CEO Office, Allianz SE, Munich

2015 - 2018

Regional CFO and Head of Life & Health Asia-Pacific, Allianz SE, Singapore

01 - 03/2019

Regional CEO Life & Health Asia-Pacific, Allianz SE, Singapore

04 - 12/2019

Head of Human Resources, Allianz SE, Munich

Since January 1, 2020

Member of the Board of Management of Allianz SE, responsible for Human Resources, Legal, Compliance, Mergers & Acquisitions

Giulio Terzariol

Director

Personal details

Date of birth

November 26, 1971

Place of birth

San Dona' di Piave, Italy

Nationality

Italian

Education

Laurea (Master Degree) in Business Administration, Luigi Bocconi University, Milan

Scholarships PIM/CEMS, University Cologne

Professional career

1995 - 1997

Trainee, Generali Insurance, Munich

1998 - 2000

Financial analyst, Group Planning and Controlling, Allianz SE

2001 - 2004

Head of International Insurance Controlling, Allianz SE

2005 - 2007

CFO, Allianz Insurance Management Asia Pacific, Singapore

2007 - 2008

Business Financial Officer, Allianz Life Insurance Company of North America, Minneapolis

2008 - 2015

CFO, Allianz Life Insurance Company of North America, Minneapolis

2016 - 2017

Head of Group Planning and Controlling, Allianz SE

Since January 1, 2018

Member of the Board of Management of Allianz SE, Finance, Controlling, Risk (CFO)

Klaus-Peter Roehler

Director

Personal details

Date of birth

November 4, 1964

Place of birth

Landau, Germany

Nationality

German

Education

Bank apprenticeship, Vereins- und Westbank, Hannover

1. and 2. state law exams and PhD in law, Gottingen University

Study of economics and Master Degree in Business Administration (Diplom-Kaufmann), Gottingen University

Professional career

1996 - 1999

Executive Assistant to the Head of North-Rhine Westphalia regional office, Allianz Versicherungs-AG, Cologne

1999 - 2000

Regional Sales Manager Agent Channel, North-Rhine Westphalia regional office, Allianz Versicherungs-AG, Soest

2000 - 2001

Department Head for Property & Casualty small/medium commercial customers, North-Rhine Westphalia regional office, Allianz Versicherungs-AG, Cologne

2001 - 2002

Head of Banking Sales, North-Rhine Westphalia regional office, Allianz Versicherungs-AG, Cologne

2002 - 2003

Allianz-Dresdner Integration Office, Munich (as of 07/2002 Head of Office)

2003 - 2006

Head of CEO Office, Allianz SE, Munich

2006 - 2007

Senior Vice President, Business Division Europe I (Italy, Spain, Switzerland, Austria, Portugal, Greece and Turkey), Allianz SE, Munich

2007 - 2012

General Manager & COO, Allianz S.p.A, Milan

2012 - 2013

CEO and delegate of the Board of Directors, Allianz Suisse, Zurich

2014 - 2017

CEO, Allianz S.p.A., Milan

Since 2018

CEO, Allianz Deutschland AG, Munich

Since April 1, 2020

Member of the Board of Management of Allianz SE, Insurance German Speaking Countries and Central & Eastern Europe

Sergio Balbinot

Director

Personal details :

Date of birth

September 8, 1958

Place of birth

Tarvisio, Italy

Education :

Master Degree in Business Administration, University of Bologna

Professional career :

1983 - 1989

Various positions, Assicurazioni Generali SpA, Triest and Deutscher Lloyd, Munich (subsidiary of Assicurazioni Generali)

1989 - 1992

Head of branch office, Assicurazioni Generali, Zurich

1992 - 1995

Member of the Executive Committee, Europ Assistance S.A., Paris (subsidiary of Assicurazioni Generali), responsible for international business

1995 - 1998

Various management positions, Assicurazioni Generali SpA, Triest

1998 - 2000

Deputy General Manager, Assicurazioni Generali SpA, Triest

2000 - 2002

General Manager, Assicurazioni Generali SpA, Triest

2002 - 2012

Managing Director, Assicurazioni Generali SpA, Triest

2012 - 2014

Group Chief Insurance Officer, Assicurazioni Generali SpA, Triest

Since January 1, 2015

Member of the Board of Management of Allianz SE, responsible for the insurance business in the countries of western and southern Europe (France, Benelux, Italy, Greece, Turkey) and Africa, excluding North Africa

Since September 1, 2015

Additionally responsible for the insurance business in Middle East, North Africa and India

Membership in comparable supervisory bodies (listed on a stock exchange or more than 500 employees) :

Allianz France S.A. (Group mandate)

Allianz S.p.A. (Group mandate, Vice Chairman)

Allianz Sigorta A.S. (Group mandate, Vice Chairman)

Allianz Yasam ve Emeklilik A.S. (Group mandate)

UniCredit S.p.A.

Membership in other official bodies :

Insurance Europe (President)

Christof Mascher

Director

Personal details

Date of birth

July 2, 1960

Place of birth

Lienz (East Tyrol), Austria

Nationality

Austrian

Education

M.A. Philosophy, University of Vienna

Doctorate degree in law, University of Innsbruck

Professional career

1989 - 1993

Business Division Commercial Lines/Broker, Wiener Allianz

1993 - 1995

Head of Business Organization, Wiener Allianz/Anglo Elementar

1994 - 1995

Head of Information Technology, Wiener Allianz/Anglo Elementar

1995 - 2000

Head of Information Management (Information Technology and Business Organization), Allianz Elementar (Merger 1997)

2000 - 2005

Member of the Board of Management of Allianz Elementar, Chief Financial Officer (CFO), Chief Operating Officer (COO)

2006 - 2010

Member of the Board of Management of Allianz Deutschland AG, Chief Operating Officer (COO)

Since September 2009

Member of the Board of Management of Allianz SE, Chief Operating Officer (COO)

Ivan De La Sota

Director

Personal details

Date of birth

September 18, 1964

Place of birth

Bilbao, Spain

Nationality

Spanish

Education

Master Degree in Business Administration, University of Augsburg

Master of Business Administration, City University Business School, London

Professional career

1991 - 1995

Country Manager Spain & Portugal, Business Division Southern Europe, Allianz AG

1995 - 1998

Head of Planning and Controlling, Allianz CompaNia de Seguros y Reaseguros S.A., Barcelona, Spain

1998 - 2004

CFO, Allianz CompaNia de Seguros y Reaseguros S.A., Barcelona, Spain

2000 - 2006

Head of divisions industrial insurance and corporate clients, life insurance, e-business, Allianz CompaNia de Seguros y Reaseguros S.A., Barcelona, Spain

CEO Fenix Directo, Spain

2007 - 2010

CEO, Allianz Companhia de Seguros Allianz Portugal S.A., Lisbon, Portugal

2011 - 2012

Member of the Board of Mangement, Deputy CEO, Allianz CompaNia de Seguros y Reaseguros S.A., Barcelona, Spain

2012 - 2015

CEO, Allianz CompaNia de Seguros y Reaseguros S.A., Barcelona, Spain

2015 - 2018

Regional CEO of Iberia & Latin America, Sao Paulo, Brazil

Since April 1, 2018

Member of the Board of Management of Allianz SE, Chief Business Transformation Officer, responsible for the European direct insurance companies, the global business line Allianz Partners, and for the Iberian and Latin American region

Niran Peiris

Director

Personal details

Date of birth

July 28, 1961

Place of birth

Colombo, Sri Lanka

Nationality

Australian

Education

Bachelor of Laws and Bachelor of Economics, Sydney University

Associate Chartered Accountant (ACA), Institute of Chartered Accountants

Professional career

1985 - 1987

Tax Senior, Coopers & Lybrand, Sydney

1987 - 1988

Manager Taxation Services Division, Bird Cameron Chartered Accountants, Sydney

1988 - 1992

Group Taxation Manager, FAI Insurance Group, Sydney

1992 - 1995

Financial Controller Corporate, FAI Insurance Group, Sydney

1995 - 1999

Group Financial Controller, FAI Insurance Group, Sydney

1999 - 2000

General Manager Finance & Administration, QBE Insurance Australia Ltd., Sydney

2000 - 2001

General Manager Finance, Allianz Australia Ltd., Sydney

2002 - 2009

CFO, Allianz Australia Ltd., Sydney

2009 - 2012

Chief General Manager Retail Distribution, Allianz Australia Ltd., Sydney & CEO, Allianz Australia Life Insurance Ltd., Sydney

2013 - 2017

Managing Director, Allianz Australia Ltd., Sydney

Since January 1, 2018

Member of the Board of Management of Allianz SE, responsible for Global Insurance Lines & Anglo Markets, Reinsurance, Middle East, Africa

Jacqueline Hunt

Director

Personal details :

Date of birth

April 27, 1968

Place of birth

Johannesburg, South Africa

Education :

Bachelor of Accounting, University of Witwatersrand

Bachelor of Commerce, University of Witwatersrand

Chartered Accountant, South African Institute of Chartered Accountants

Professional career :

1991 - 1995

Audit Manager, Deloitte & Touche, South Africa and New Zealand

1995 - 1997

Senior Audit Manager, PricewaterhouseCoopers, New Zealand

1997 - 1999

Director Global Capital Markets, PricewaterhouseCoopers, New York

1999 - 2003

Deputy Director Capital Management, Royal & Sun Alliance Insurance Group plc, London

2003 - 2004

Director of Group Financial Reporting, Aviva plc, London

2004 - 2005

Corporate Office Finance Director, Aviva plc, London

2005 - 2007

Group Finance Director, Hibernian Group plc,

Dublin

2007 - 2008

Chief Finance Officer, Norwich Union Insurance, Norwich

2009 - 2013

Chief Financial Officer, Standard Life plc,

Edinburgh

2013 - 2015

CEO, Prudential UK and Europe and member of the Board of Prudential plc, London

Since July 1, 2016

Member of the Board of Management of Allianz SE, responsible for Asset Management, US Life Insurance

Membership in other statutory supervisory and SE administrative boards in Germany : ---

Membership in comparable supervisory bodies (listed on a stock exchange or

more than 500 employees) : ---

Christine Bosse

Independent Non-Executive Director

Personal details

Date of birth

December 21, 1960

Place of birth

Virum, Denmark

Place of residence

Dronningmolle, Denmark

Nationality

Danish

Committees

Risk Committee

Nomination Committee

COMMITTEES

Education

Master of Law, University of Copenhagen, Denmark Management training programmes at INSEAD, France; Wharton University of Pennsylvania, USA; and Harvard Business School, USA

Professional career

1988 - 1990

Tryg, Copenhagen, Denmark, Head of Claims Department

1990 - 1991

Tryg, Head of Underwriting

1991 - 1993

Tryg, Deputy Head of Corporate Department for Claims and Underwriting

1993 - 1995

Tryg, Personnel Department

1995 - 1999

Tryg, Head of the Personnel Department

1999 - 2003

Tryg, Director

2003 - 2011

Tryg, Chief Executive Officer

Date of first appointment August 15, 2012

Herbert Hainer

Independent Non-Executive Director

Personal details

Date of birth

July 3, 1954

Place of birth

Dingolfing, Germany

Place of residence

Herzogenaurach, Germany

Nationality

German

Committees

Standing Committee

Personnel Committee

COMMITTEES

Education

Diploma in Business Administration, University of Applied Sciences Landshut Professional career

1979 - 1987

Procter & Gamble GmbH, Sales and Marketing Manager Germany

1987 - 1989

adidas AG, Sales Director Hardware (racquets, balls, bags)

1989 - 1991

adidas AG, Sales Director Field

1991 - 1993

adidas AG, General Sales Manager Germany

1993 - 1995

adidas AG, Manager Sales and Logistics Germany

1996 - 1997

adidas AG, Senior Vice President Sales and Logistics Europe, Africa, Middle East

1997 - 2000

adidas AG, Member of the Board of Management, Sales and Logistics Europe, Africa, Middle East, Asia and Pacific

2000 - 2001

adidas AG, Deputy Chairman of the Board of Management

2001 - 2016

adidas AG, Chairman of the Board of Management

Date of first appointment May 3, 2017

Friedrich Eichiner

Independent Non-Executive Director

Personal details

Date of birth

April 9, 1955

Place of birth

Eichstatt, Germany

Place of residence

Munich, Germany

Nationality

German

Committees

Audit Committee (Chair)

Risk Committee

Technology Committee

COMMITTEES

Education

Diploma in Business Administration, Ludwig Maximilians University, Munich

PhD (Dr. oec. publ.), Ludwig Maximilians University, Munich

Professional career

1987 - 1999

BMW AG, various management and project-management tasks in the areas of logistics and IT

1999 - 2002

BMW AG, Director of Sales Development, Sales Management

2002 - 2007

BMW AG, Director of Corporate Planning

2007 - 2008

BMW AG, Member of the Board of Management, Corporate and Brand Development

2008 - 2016

BMW AG, Member of the Board of Management, Finance

Date of first appointment May 4, 2016

Sophie Boissard

Independent Non-Executive Director

Position Chairwoman of the Board of Management, Korian S.A.

Personal details

Date of birth

July 11, 1970

Place of birth

Paris, France

Place of residence

Paris, France

Nationality

French

Committees

Audit Committee

COMMITTEES

Education

Bachelor's Degree in German Language and Literature, Paris-Sorbonne University, Paris, France

Degree from Institut d'Etudes Politiques de Paris, France

Master Degree in Contemporary History, Paris-Sorbonne University, Paris, France

Graduated from the school of public administration ENA (Ecole Nationale d'Administration), France

Executive Training Programme, London Business School, UK

Professional career

1996 - 2004

State Council, Paris, France, Judge

2004 - 2005

Ministry of Labour, Paris, France, Deputy Chief of Staff

2005 - 2007

Office of the Prime Minister, Paris, France, Director General, Strategic Analysis Centre

2007 - 2008

Ministry of Finance and Labour, Paris, France, Deputy Office Manager

2008 - 2009

Societe Nationale des Chemins de fer Francais (SNCF), Paris, France, Executive Director in the areas of Rail Strategy & Regulation

2009 - 2012

SNCF, Member of the Board of Management, Director General of the Stations & Connections Division

2012 - 2014

SNCF, Member of the Board of management, Deputy Director General of the Areas of Strategy & Development

2014 - 2015

SNCF, Member of the Board of Management, Director General of the Real Estate Division

From 2016

Korian S.A., Paris, France, Chairwoman of the Board of Management

Date of first appointment May 3, 2017

Jurgen Lawrenz

Non-Executive Director

Position : Employee, Allianz Managed Operations & Services SE

Personal details :

Date of birth

April 1, 1963

Place of birth

Stuttgart, Germany

Place of residence

Winnenden, Germany

Committees : Risk Committee

Education :

Advanced technical college entrance certificate (Fachhochschulreife)

Apprenticeship as office machine electronics technician

Professional career :

1987 - 1991

Bunker Ramo Corp. (later Philips PKI AG), systems engineer for banking systems

1991 - 1998

Allianz Lebensversicherungs-AG, Stuttgart, systems programmer

Since 1999

Allianz Gesellschaft fur Informatik Services GmbH (later Allianz Managed Operations & Services SE), systems programmer / IT engineer in various areas; works council activitiy, inter alia Deputy Chairman of the Central Works Council

Since 2011

Allianz SE, Deputy Chairman of the Goup Works Council

Since 2013

Allianz Managed Operations & Services SE, Chairman of the SE Works Council

Since 2015

Allianz SE, member of the SE Works Council

Date of first appointment : August 1, 2015

Membership in other statutory supervisory and SE administrative boards in Germany :

Allianz Versorgungskasse VVaG, Munich

Allianz Managed Operations & Services SE, Munich

No membership in comparable supervisory bodies (listed on a stock exchange or more than 500 employees) :

Gabriele Burkhardt Berg

Non-Executive Director

Personal details

Date of birth

May 20, 1960

Place of birth

Dresden, Germany

Place of residence

Euskirchen, Germany

Nationality

German

Committees

Personnel Committee

Technology Committee

COMMITTEES

Education

Training for insurance clerk (Versicherungskauffrau)

Professional career

1979 - 2001

Allianz Versicherungs-AG, Cologne - clerk and deputy head of different departments

2002 - 2008

Allianz Versicherungs-AG, Cologne - Chair of the Works Council released of normal duties

Since 2008

Allianz Deutschland AG, Cologne - Chair of the Works Council released of normal duties

2007 - 2011

Allianz Deutschland AG, Munich - Chair of the Central Works Council

Since 2011

Allianz SE, Munich - Chair of the Group Works Council

Date of first appointment May 9, 2012

Martina Grundler

Non-Executive Director

Position : National representative insurances, Vereinte Dienstleistungsgewerkschaft ver.di, Berlin

Personal details :

Date of birth

February 6, 1962

Place of birth

Aachen, Germany

Place of residence : Euskirchen, Germany

Committees : Audit Committee

Education : Advanced college entrance

certificate (Allgemeine Hochschulreife)

Professional career :

1990 - 1999

DKV, Cologne - various positions, processing (Sachbearbeitung), contract services department 1999 - 2002

DKV, Cologne - project manager, public relations 2003 - 2004

DKV, Cologne - project coordinator, contract services department 2004 - 2005

DKV, Cologne - coordinator communications,

general services department

2005 - 2014

ERGO-Versicherungsgruppe, Cologne -

independent works council representative Since 2015

Vereinte Dienstleistungsgewerkschaft ver.di,

Berlin - national representative insurances

Date of first appointment : April 1, 2016

No membership in other statutory supervisory boards in Germany or comparable supervisory bodies (listed on a stock exchange or more than 500 employees) :

Frank Kirsch

Non-Executive Director

Personal details

Date of birth

July 10, 1967

Place of birth

Cologne, Germany

Place of residence

Cologne, Germany

Nationality

German

Committees

Risk Committee

COMMITTEES

Education

Apprenticeship as an insurance salesman (Versicherungskaufmann) with Allianz Versicherungs-AG

Professional career

1988 - 1999

Allianz Versicherungs-AG, clerk in motor liability department and expert for motor liability and defence insurance

2000

Allianz Versicherungs-AG, Head of Human Resources development

2001 - 2007

Allianz Beratungs- und Vertriebs-AG, manager sales and banking

Since 2007

Allianz Beratungs- und Vertriebs-AG, member of the Works Council (relieved from normal duties)

Date of first appointment September 1, 2018

Godfrey Robert Hayward

Non-Executive Director

Personal details

Date of birth

January 8, 1960

Place of birth

Ashford, United Kingdom

Place of residence

Ashford, United Kingdom

Nationality

British

Committees

Risk Committee

COMMITTEES

Education

Mechanical fitter apprenticeship, British Rail Engineering, United Kingdom

Completed ordinary & higher national certificates in mechanical engineering, Canterbury College of Technology, United Kingdom

Incorporated Engineer (IEng), Engineering Council

Professional career

1980 - 1987

British Rail Engineering, Ashford and London, United Kingdom, mechanical fitter, later first line supervisor

Since 1987

Allianz Insurance plc, Guildford, United Kingdom, engineer surveyor

Since 1997

Allianz Insurance plc, workplace representative for Allianz Engineering

Since 2001

Allianz Insurance plc, senior union representative of Unite for Allianz Engineering

2006 - 2012

Allianz SE, Member of the Supervisory Board and Risk Committee

Since 2007

Allianz SE, Vice Chairman of the European Works Council of Allianz

Since 2016

Allianz Pension Fund Trustees Limited, Guildford, United Kingdom, Director

Date of first appointment May 3, 2017

Jean-Claude Le Goaer

Non-Executive Director

Personal details

Date of birth

March 14, 1965

Place of birth

Saint-Cloud, France

Place of residence

Marly le Roi, France

Nationality

French

Committees

Standing Committee

Audit Committee

COMMITTEES

Education

Certificate of general mathematics

Engineering degree in nutrition and food industries, Ecole Nationale Superieure de Biologie Appliquee a la Nutrition et l'Alimentation, Dijon, France

Professional career

1991 - 2002

Assurances Generales de France S.A., Paris (since 2009 Allianz France S.A.), Analyst for the group retirement savings products, Analyst in the claims sector of P&C insurances, Manager of the IT team

2000 - 2015

AGF Informatique, Paris (since 2009 Allianz Informatique G.I.E.), Treasurer of Works Council and Trade Union Representative of Confederation francaise democratique du travail (CFDT, French trade union federation)

Since 2002

Judge at the Labour Court

Since 2012

CFDT, Member of the insurance sector

Since 2014

Allianz SE, Deputy Chairman of SE Works Council

2015 - 2019

Allianz Informatique G.I.E., Paris, Secretary of the Works Council Allianz Operations Allianz France S.A., Deputy Treasurer of the Common Works Council

Since 2019

Allianz France S.A., Member of the CSE (Comite Social et Economique - Social and Economic Committee)

Date of first appointment

August 1, 2018

SECTION 12 FINANCIALS AS REPORTED FY 2021, PAST 7 YEARS

12.1 Financials as reported (FY 2021 [year-ended 31 December 2021 ])

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(In EUR Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED (FY 2021 [year-ended 31 December 2021 ])

DescriptionEUR MillionEUR Million
Dec 3120212020Change %
Gross premiums written86,06382,986Up 3.7
Ceded premiums written-7,567-6,752Deterioration 12.1
Change in unearned premiums (net)-840-520Deterioration 61.5
Premiums earned (net)77,65675,714Up 2.6
Interest and similar income23,13721,395Up 8.1
Income from financial assets and liabilities carried at fair value through income (net)-2,008-69Deterioration 2,810.1
Realized gains/losses (net)9,42310,256Down 8.1
Fee and commission income13,99812,049Up 16.2
Other income24163Down 85.3
Total income122,230119,508Up 2.3
Claims and insurance benefits incurred (gross)-62,926-61,818Deterioration 1.8
Claims and insurance benefits incurred (ceded)5,8044,728Up 22.8
Claims and insurance benefits incurred (net)-57,121-57,091Deterioration 0.1
Change in reserves for insurance and investment contracts (net)-13,716-12,976Deterioration 5.7
Interest expenses-1,159-999Deterioration 16.0
Loan loss provisions-11-15Improved 26.7
Impairments of investments (net)-1,331-5,467Improved 75.7
Investment expenses-1,962-1,640Deterioration 19.6
Acquisition and administrative expenses (net)-31,422-26,644Deterioration 17.9
Fee and commission expenses-5,000-4,024Deterioration 24.3
Amortization of intangible assets-307-260Deterioration 18.1
Restructuring and integration expenses-666-788Improved 15.5
Other expenses-15
Total expenses-112,710-109,905Deterioration 2.6
Income before income taxes9,5209,604Down 0.9
Income taxes-2,415-2,471Improved 2.3
Net income7,1057,133Down 0.4
Net income attributable to:
Non-controlling interests495326Up 51.8
Shareholders6,6106,807Down 2.9
Basic earnings per share ()EUR15.96EUR16.48Down 3.2
Diluted earnings per share ()EUR15.83EUR16.32Down 3.0
NO OF SHARES411,689,041414,464,395Down 0.7

BALANCE SHEET AS REPORTED (FY 2021 [year-ended 31 December 2021 ])

DescriptionEUR MillionEUR Million
Dec 3120212020Change %
ASSETS
Cash and cash equivalents24,21422,443Up 7.9
Financial assets carried at fair value through income19,60421,191Down 7.5
Investments663,649656,522Up 1.1
Loans and advances to banks and customers124,079116,576Up 6.4
Financial assets for unit-linked contracts158,346137,307Up 15.3
Reinsurance assets56,73120,170Up 181.3
Deferred acquisition costs23,75621,830Up 8.8
Deferred tax assets1,9101,006Up 89.9
Other assets48,26445,573Up 5.9
Non-current assets and assets of disposal groups classified as held for sale1451,790Down 91.9
1,120,6981,044,408Up 7.3
Intangible assets18,73215,604Up 20.0
18,73215,604Up 20.0
Total assets1,139,4291,060,012Up 7.5
LIABILITIES AND EQUITY
Financial liabilities carried at fair value through income120,89124,079Down 13.2
Liabilities to banks and customers15,46814,722Up 5.1
Unearned premiums27,50125,341Up 8.5
Reserves for loss and loss adjustment expenses86,97480,897Up 7.5
Reserves for insurance and investment contracts632,061611,096Up 3.4
Financial liabilities for unit-linked contracts158,346137,307Up 15.3
Deferred tax liabilities5,6268,595Down 34.5
Other liabilities86,59649,005Up 76.7
Liabilities of disposal groups classified as held for sale1,134
Certificated liabilities10,7889,206Up 17.2
Subordinated liabilities10,95614,034Down 21.9
Total liabilities1,055,207975,417Up 8.2
Shareholders' equity79,95280,821Down 1.1
Non-controlling interests4,2703,773Up 13.2
Total equity84,22284,594Down 0.4
Total liabilities and equity1,139,4291,060,012Up 7.5

CASH FLOW AS REPORTED (FY 2021 [year-ended 31 December 2021 ])

DescriptionEUR MillionEUR Million
Dec 3120212020Change %
CASH FLOW FROM OPERATING ACTIVITIES
Net income7,1057,133Down 0.4
Adjustments to reconcile net income to net cash flow provided by operating activities
Share of earnings from investments in associates and joint ventures-305-112Deterioration 172.3
Realized gains/losses (net) and impairments of investments (net) of:
Available-for-sale and heid-to-maturity investments investments in associates and joint ventures real estate held for investment loans and advances to banks and customers non-current assets and disposal groups classified as held for sale-8,092-4,930Deterioration 64.1
Other investments mainly financial assets held for trading and designated at fair value through income6,915-4,765Recovery
Depreciation and amortization2,5252,244Up 12.5
Loan loss provisions1115Down 26.7
Interest credited to policyholder accounts7,0845,580Up 27.0
Other non-cash income/expenses-2,4405,854Deterioration
Net change in:
Financial assets and liabilities held for trading-5,6784,190Deterioration
Reverse repurchase agreements and collateral paid for securities borrowing transactions-1,980-689Deterioration 187.4
Repurchase agreements and collateral received from securities lending transactions-917792Deterioration
Reinsurance assets-1,385-2,318Improved 40.3
Deferred acquisition costs2,754-201Recovery
Unearned premiums1,261381Up 231.0
Reserves for loss and loss adjustment expenses4,3464,869Down 10.7
Reserves for insurance and investment contracts13,67614,702Down 7.0
Deferred tax assets/liabilities-358341Deterioration
Other (net)604-1,035Recovery
Subtotal18,01924,916Down 27.7
Net cash flow provided by operating activities25,12432,049Down 21.6
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from the sale maturity or repayment of:
Financial assets designated at fair value through income4,7513,689Up 28.8
Available-for-sale investments178,723160,053Up 11.7
Held-to-maturity investments118262Down 55.0
Investments in associates and joint ventures942869Up 8.4
Non-current assets and disposal groups classified as held for sale301349Down 13.8
Real estate held for investment1,045806Up 29.7
Loans and advances to banks and customers (purchased loans)5,9223,980Up 48.8
Property and equipment131125Up 4.8
Subtotal191,932170,134Up 12.8
Net cash flow provided by operating activities25,12432,049Down 21.6
Net cash flow used in investing activities-19,783-28,870Improved 31.5
Net cash flow used in financing activities-3,786-1,390Deterioration 172.4
Effect of exchange rate changes on cash and cash equivalents216-758Recovery
Change in cash and cash equivalents1,7711,031Up 71.8
Cash and cash equivalents at beginning of period22,44321,075Up 6.5
Cash and cash equivalents reclassified to assets of disposal groups held for sale and disposed of in 2020337
Cash and cash equivalents at end of period24,21422,443Up 7.9
Payments for the purchase or origination of:
Financial assets designated at fair value through income-5,594-3,807Deterioration 46.9
Available-for-sale investments-188,456-179,986Deterioration 4.7
Held-to-maturity investments-225-279Improved 19.4
Investments in associates and joint ventures-1,525-2,005Improved 23.9
Non-current assets and disposal groups classified as held for sale-37-72Improved 48.6
Real estate held for investment-1,563-2,043Improved 23.5
Fixed assets from alternative investments-48-19Deterioration 152.6
Loans and advances to banks and customers (purchased loans)-1,745-2,380Improved 26.7
Property and equipment-1,363-1,429Improved 4.6
Subtotal-200,557-192,022Deterioration 4.4
Business combinations f note 3:
Proceeds from sale of subsidiaries net of cash disposed721
Acquisitions of subsidiaries net of cash acquired-3,172-857Deterioration 270.1
Change in other loans and advances to banks and customers (originated loans)-7,817-6,844Deterioration 14.2
Other (net)-170-2Deterioration 8,400.0
Net cash flow used in investing activities-19,783-28,870Improved 31.5
CASH FLOW FROM FINANCING ACTIVITIES
Net change in liabilities to banks and customers1,454659Up 120.6
Proceeds from the issuance of certificated liabilities and subordinated liabilities4,5935,719Down 19.7
Repayments of certificated liabilities and subordinated liabilities-6,299-4,615Deterioration 36.5
Proceeds from the issuance of undated subordinated bonds classified as shareholders' equity2,3032,272Up 1.4
Net change in lease liabilities-396-409Improved 3.2
Transactions between equity holders-1,034-644Deterioration 60.6
Dividends paid to shareholders-4,270-4,146Deterioration 3.0
Net cash from sale or purchase of treasury shares2-67Recovery
Other (net)-138-159Improved 13.2
Net cash flow used in financing activities-3,786-1,390Deterioration 172.4

12.2 Download ALLIANZ Financials Past 7 Years

Description (December 31)2021202020192018201720162015
Income Statement
Revenue per share296.9288.34278.14249.8741.71
Other Revenue(3.7 M)10.6 B
EBITDA (B)9.29.31211.111.6
Depreciation(307 M)(260 M)(196 M)(375 M)1.4 B
EBIT (B)12.211.4
Interest (B)1.11
Profit before tax (B)11.110.4
Tax(2.4 B)(2.5 B)(2.8 B)(2.7 B)134.7 M134.7 M3.2 B
Net profit (B)6.66.87.97.53.74.14.2
EPS15.9616.4818.917.4316.86
Balance Sheet
Equity Share Capital (B)8080.87461.24242.545
Retained Earnings (B)52.1
Total Debt (B)32.1
Total Assets (B)1,139.41,0601,011.2897.6122.1122.1114.3
Current Asset (B)1,120.71,044.4996.4883.85.65.1
Fixed Asset15.2 M15.2 M254.4 M
Working Capital (B)1,120.71,044.4996.4883.85.35.1
Cash Flow
Operating Cash Flow (B)25.13236.425.723.7
Investing Cash Flow (B)(19.8)(28.9)(27.7)(19.3)(20.4)
Financing Cash Flow (B)(3.8)(1.4)(4.8)(6.8)(2.8)
Net Cash Flow1.6 B1.8 B3.9 B(459 M)431 M

SECTION 13 TOP SHAREHOLDERS

Top 1 shareholder

Name of the Share Holder% of Capital
BlackRock, Inc., New York, USA7.0

% held by Top 1 shareholder 7.0%

SECTION 14 PEER COMPARISON & RANKING OF ALV

14.1 PEER COMPARISON: ALV IN INDICES

Allianz is a constituent of the following indices.

Its market capitalisation is $80 billion and accounts for 12.5% of the combined MCap of the DivDAX (Performance) Index.

Index NameMCap of Index ($ b)ALV MCap as % of Index
DivDAX (Performance) Index636 12.5
CDAX (Performance) Index695 11.5
Prime All Share (Performance) Index900 8.9
DAX Index1,095 7.3
L-DAX Index1,102 7.2
DAX (Kursindex) Index1,136 7.0
HDAX (Performance) Index1,403 5.7

14.2 GLOBAL PEER COMPARISON: ALV - SIZE (all figures in $)

In its Global Peer Group of 9 companies ALV is ranked ALV is ranked second (2) by Total Assets, third (3) by Revenue and fifth (5) by MCap, Net Profit.

Name (Code)MCapRevenueNet ProfitTotal Assets
Rank of ALV5352
Allianz (ALV)79.7B125B6.8B1,164.9B
AIA (01299)114.4B47.5B7.4B339.9B
China Life Insurance - A Share (601628)110.9B127.2B7.6B725.3B
Ping An Insurance (Group) Company of China - A Share (601318)110.3B172.8B15.1B1,503.9B
Marsh & McLennan (MMC)81.3B19.8B3.1B34.4B
Chubb (CB)78.4B41B8.5B200.1B
Progressive (PGR)67.1B3.5B3.4B23.6B
Aon (AON)59.9B12.2B1.3B31.9B
MetLife (MET)51.1B71.1B6.4B759.7B

GLOBAL PEER COMPARISON: ALV - RELATIVE VALUE INDICATORS

In value terms, comparing relative value of its shares, ALV is ranked

+ 1 out of 9 by Dividend Yield (%) [6.1]

+ 4 out of 9 by Price/Earnings per share [11.2]

+ 1 out of 9 by Price/Book value per share [1.2]

Name (Code)Currency CodeLast PriceDiv Yld (%)P/EP/Book
Rank of ALV by value141
Allianz (ALV)EUR176.26.111.21.2
AIA (01299)HKD751.915.92.0
China Life Insurance - A Share (601628)CNY26.62.513.31.6
Ping An Insurance (Group) Company of China - A Share (601318)CNY41.25.84.1
Marsh & McLennan (MMC)USD1631.426.1
Chubb (CB)USD187.71.89.82.0
Progressive (PGR)USD114.81.73.6
Aon (AON)USD283.81.150.1
MetLife (MET)USD62.93.18.5

USD 1=

0.973915 Euro (EUR); 7.85 Hong Kong Dollar (HKD); 6.768 Chinese Yuan (CNY)ChartPath:Global Peer Group - Price Performance:/home/jboss/jboss-3.2.7/server/default/deploy/BuySellSignals.war/report/Germany/Stock/PDF/Daily/chart/new/45_GlobalPeerGroup.svg

14.3 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING:

Allianz vs Insurance sector

Out of 1,592 stocks and 17 units in the German Market, Allianz is ranked first(1) by P/Earnings, first(1) by Price/Net Tangible Assets, first(1) by Market Cap in $ and first(1) by Revenue.

Insurance sectorALVALV Rank
P/Earnings9.04x11.04x1
Price/Net Tangible Assets1.1x1.2x1
Market Cap $216.6 B79.7 B1
Revenue $63.4 B125.5 B1
Free Cash Flow(1.2 B)19.6 B1
Net Profit $3.9 B6.8 B2
Premium to 52-Wk Low (%)14.44.82
Yield (%)0.76.12
Discount to 52-Wk High (%)7.720.27
EBITDA Margin%7.37.515
ROE (%)10.88.418
ROA (%)0.90.619

Negative values are shown in brackets.

14.4 MARKET SHARE

Allianz has a position of market dominance in the Insurance sector.

Allianz vs Insurance sector [Insurance sector Total in Brackets]

Revenue of EUR122.2 billion ($125.5 billion)[49.7% of aggregate sector revenue of EUR245.7 billion; down from 51.6% in the previous year.]

Net Profit of EUR6.6 billion ($6.8 billion) [43.4% of aggregate sector net profit of EUR15.2 billion; down from 71.3% in the previous year.]

EBIT of EUR9.5 billion ($9.8 billion) [69.4% of aggregate sector EBIT of EUR13.7 billion; down from 77.1% in the previous year.]

14.5 GLOBAL RANK [out of 48,175 stocks] AND RANK OF ALLIANZ IN THE EUROPE REGION [out of 7,576 stocks]

DescriptionValueGlobal RankIn Eur Region
MCap ($)79.7B17631
Total Assets ($)1,164.9B559
Revenue ($)125B7917
Net Profit ($)6.8B20143
Return on Equity %8.416,5242,759
Net Profit Margin %5.818,0592,685
Price to Book1.214,9301,948
Price/Earnings11.29,1651,307
Yield %6.14,428907
PV1000 (1Year) $*87323,8943,108
$* Change (1Year) %-23.025,2383,344

* 1 year ago EUR 1 = $ 1.19

Aug 02, 2022: EUR 1 equals $ 1.03

14.6 RANK OF ALLIANZ IN THE DAX INDEX [out of 29 stocks], IN THE GERMAN MARKET [out of 545 stocks] AND IN THE INSURANCE SECTOR [out of 8 stocks]

DescriptionValueIn DAX IndexIn German MarketIn Insurance sector
MCap (EUR)77.6B551
Total Assets (EUR)1,139.4B221
Revenue (EUR)122.2B371
Net Profit (EUR)6.6B491
Return on Equity %8.4192705
Net Profit Margin %5.8172232
Price to Book1.291292
Price/Earnings11.011792
Yield %6.15652
PV1000 (1Year) EUR1,00951475

14.7 LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best]

Allianz is ranked number 1 out of 35 listed insurance companies in the Germany with a market capitalization of EUR77.6 billion ($79.7 billion).

It has a moderate relative ROE of 8.4% and ROA of 0.6%.

Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

SECTION 15 CURRENCY SYNOPSIS: EURO (EUR)

15.1 % Change of EUR vs Currency Basket Period-Based

In the past year the Euro fell 13.6% against the US Dollars; in the past three years the Euro fell 7.9% against the US Dollars.

LastCountry1-day %1-week %1-Year %3-Yrs %
EUR1=1.026USDUnited States Of America0.40.5-13.6-7.9
EUR1=6.941CNYChina1.20.3-9.6-9.6
EUR1=135.569JPYJapan-0.6-3.14.011.8
EUR1=1.0EUREuropean Union0.0---
EUR1=1,340.796KRWSouth Korea1.0-0.1-1.81.6
EUR1=1.413SGDSingapore0.5-0.5-12.1-7.4
EUR1=1.618NZDNew Zealand-0.8-1.0-4.6-3.8
EUR1=0.836GBPUnited Kingdom-0.6-1.4-1.8-8.3
EUR1=1.458AUDAustralia--1.1-9.5-9.7
EUR1=8.052HKDHong Kong0.90.1-12.8-7.6
EUR1=0.974CHFSwitzerland0.1-1.4-9.5-11.9
EUR1=1.314CADCanada0.5-0.3-11.0-10.3
EUR1=10.367SEKSweden-0.1-0.41.9-1.9
EUR1=9.851NOKNorway-0.3-2.3-5.71.6
EUR1=20.874MXNMexico1.2-0.3-11.3-1.9

SECTION 16 ALLIANZ PREFERRED SHARES

Preferred Series

SymbolPreferreds Name
ALVNAllianz SE

SECTION 17 STOCK IDENTIFIERS

ISIN: DE0008404005

PermID: 4295870171

CUSIP: D03080112

RIC: ALVG.DE

GLOSSARY

ADVT: Average Daily Volume of shares Traded

Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Current Ratio: Current Assets/Current Liabilities (times)

Dividend Yield: Dividend Per Share/Share Price (%)

EBIT Margin : Earnings Before Interest and Tax/Revenue (%)

Earnings Yield: Earnings Per Share/Share Price (%)

Income during the n years (3/2/1): Dividends received during the Period

Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods

PV1000: Present value of 1000 invested 1 year/'n' years ago

Price Close/Moving Avg Price: Latest Price/Moving Average Price

Price/Earnings: Share Price/Earnings Per Share (times)

Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

Return on Assets: Net Profit/Total Assets (%)

Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)

TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend

TTM: Trailing 12 Months

Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period

Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data and analysis from Jupiter International (Australia) Pty Ltd trading as BuySellSignals (AFS Licence 222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does not have executing, corporate advisory or investment banking functions. Jupiter International (Australia) Pty Ltd, its directors, employees and contractors do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.

Data for the BuySellSignals algorithms is drawn from annual reports, company websites and similar sources of publicly available data. It should be used as a guide only.

Created by www.buysellsignals.com