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Allianz Annual Report 2012

Development of the ­Allianz share price versus EURO STOXX 50 and STOXX Europe 600 Insurance A 001 indexed on the ­Allianz share price in € Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 120 100 80 60  ­Allianz    STOXX Europe 600 Insurance    EURO STOXX 50 Source: Thomson Reuters Datastream ­Allianz Share −− ­Allianz shares increase in value by 41.8 % – the highest rise in 15 years. −− The firm commitment of the European Central Bank to the Euro triggers a market turnaround. −− Investors regain confidence in Europe’s stock exchanges. Stock markets on the road to recovery After a solid start to the year, market sentiment turned negative. This continued until the summer and was linked with the Greek sovereign debt crisis, growing concerns about the Spanish economy and fears that the Eurozone could disintegrate. It was only when the European Central Bank announced, in late July, that it would do everything in its power to safeguard the Euro that the turnaround started. Since then, confidence has risen and investors have re- turned to Europe’s stock exchanges. This has benefited the German stock market in particular, with the DAX gaining 29.1 %, while the European EURO STOXX 50 index reported a more moderate increase of 13.8 %. ­ Allianz stock gains 41.8 % ­Allianz shares gained 41.8 %, the highest increase in value in 15 years, closing the year at € 104.80. In this respect, ­Allianz shares outperformed all the major benchmark indices, in- cluding the STOXX Europe 600 Insurance, which gained 32.9 % – i.e. 8.9 percentage points less than ­Allianz shares did. Our shares were also well ahead of cross-sector indices like the DAX (+29.1 %) or the EURO STOXX 50 (+13.8 %). Assum- ing that the dividend was reinvested in ­Allianz shares, total shareholder return amounted to 49.8 %. Our outstanding share price result was not only due to the ­easing of the Euro­ pean sovereign debt crisis but also due to our strong busi- ness performance. Following the publi­cation of our 2012 results, 74 % of analysts ­recommended buying ­Allianz shares – with an average price target of € 116. The current analysts’ recommendations ­and earnings estimates can be found at www.allianz.com/analystsrecommendations. www   Analysts’ recommendations Annual Report 2012    Allianz Group54

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