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Sustainability Reporting – short version On a joint path Content PAGE 3- 4 1. Message from the CEO PAGE 5- 6 2. Our sustainability journey PAGE 7 3. Integrating sustainability to achieve our goals PAGE 8-12 4. Creating social impact 4.1 Making a difference with Corporate Citizenship

4.2 Taking care of our employees 4.3 Our commitment to human rights PAGE 13-21 5. Climate Change: The road to net-zero 5.1 Climate-related risks 5.2 Actions and progress across the value chain 5.2.1 Decarbonizing P&C insurance 5.2.2 Contribute to a decarbonizing economy with our proprietary

investments 5.2.3 Decarbonizing our own operations 5.3. Partnerships: Together we can make it happen PAGE 22 6. Governance: The structure supporting our efforts PAGE 23-25 Appendix 2 Allianz SE Sustainability Reporting – short version We believe in the power of partnerships

Oliver Bäte Chairman of the Board of Management of Allianz SE (CEO) 1. Message from the CEO Dear Reader, As Allianz‘s business model is built on long-term time horizons, sustainability is at the core of our enterprise and rooted in our purpose. This year we publish the 23rd edition of our

Group Annual Sustainability Report, but our sustainability story has begun much earlier. Allianz was founded 134 years ago to manage risk for customers, employees and society, ultimately rein- forcing their resilience. That is why, as a global insurer, investor and employer, Allianz

invests to posi- tively influence not only the present but also the future living conditions in the communities in which we operate. For example, we promote employability through our educational programs, with a special focus on underprivileged populations, to help them

access decent work and thrive in today‘s rapidly changing environment. These efforts, along with our aspiration to protect what is most valuable to our customers, help stabilize society by reducing inequality and supporting financial security. 3 Allianz SE Sustainability Reporting –

short version3. INTEGRATING SUSTAINABILITY TO ACHIEVE OUR GOALS 1.MESSAGE FROM THE CEO Stabilizing society, however, also requires that we focus on addressing clima- te change. Its impact on individuals and businesses is profound: climate chan- ge threatens people‘s incomes, homes,

and health, just as it puts companies‘ physical assets and business continuity at risk. This holds also true for Allianz. It is therefore paramount that we address climate change. Allianz has had a climate change strategy in place since 2005. In 2021, we set our first intermedi-

ate targets for 2025 covering our own operations and parts of our proprietary investment portfolio. With the publication of our first comprehensive Net-Zero Transition Plan in 2023, we further detailed our commitment to achieve net-zero emissions by 2050, covering proprietary investments

and, for the first time, our P&C insurance business. Delivering a Net-Zero Transition Plan, based on science and in line with the Paris Agreement to limit global warming to 1.5°C, holds us accountable and serves as a blueprint to help other companies on their decar- bonization journeys. I invite

you to read the full published plan here. We focus on addressing climate change. Its impact on individuals and businesses is profound. Today’s challenges, however, are too big for a single organization to solve by itself. At Allianz, we believe in the power of partnerships to

multiply our sustain- ability impact. To build a united, decarbonized, and resilient society, we need to overcome polarization and conflict. Our role in helping to form the UN-conve- ned Net-Zero Asset Owner Alliance is an example of bridging the gap between policy concept and private sector

implementation. Members represent asset owners from across the world, each with their own sustainability mandates but united towards a common objective of addressing climate change. We are in this together. Today more than ever before. The work detailed in the following pages strengthens my

confidence in the abili- ty of determined individuals to collaborate and find solutions to even the world’s most challenging problems. Please enjoy reading this short version of Allianz's Sustainability Reporting. We are in this together. Today more than ever before. UN’s Climate Ambition

Summit 2023 View Video 4 Allianz SE Sustainability Reporting – short version 2. OUR SUSTAINABILIT Y JOURNE Y 2. Our sustainability journey We have been in the insurance and risk management business for over 134 years. Our purpose is to secure your future and with that build resilience in

society. We believe a sustainable society is one where people have all their needs met without compromising the ability of fu- ture generations to meet theirs – or in other words, achieving a social minimum for all. This means transforming econo- mies to benefit as many people as

possible without harming the planet (see graphic 1). To secure the social minimum, especially for young people and those with disabilities, our social pillar focuses both on a corporate citizenship ap- proach, with the MoveNow initiative as a global program, as well as on

engaging with our employees (see chapter 4.2). Climate change endangers the social minimum and as such is our common challenge. Climate change worsens existing problems such as inequality, a cause of climate change itself, migration and political instability. Allianz has had a strategy in place

since 2005 to address climate change and guide our actions in response to impacts, risks and opportunities. Our ambition is to help protect future generations and al- low them to prosper, just as we’ve been doing since 1890. Our role in this transformation is guided by

our purpose: ‘We secure your future’. To focus our efforts, we have pri- oritized three of the United Nations’ 17 Sustainable De- velopment Goals (SDGs)1. These align with our insurance and financial expertise as well as with our social priorities. They are: • SDG 8 –

Decent work and economic growth • SDG 13 – Climate action • SDG 17 – Partnerships – because we know that we cannot work towards a sustainable society alone. 1 17 Goals to Transform Our World | United Nations Stakeholders demand change towards a sustainable economy & society within planetary

boundaries t o o h s r e v O y r e v i l e D - r e d n U Ecological Barriers Overuse of natural resources, possibly leading to tipping points • Climate change • Freshwater change: green water • Stratospheric ozone depletion • Atmospheric aerosol loading • Ocean acidification •

Biogeochemical cycle • Novel entities* • Land system use • Biosphere integrity Sustainable economy & society Social Minimum Resources that a person needs in order to lead a minimally decent life in their society; examples showcasing a broad scale • Health • Energy • Water • Food •

Education • Gender Equality • Social equity The model does not reflect Allianz. Source: Planetary boundaries – Stockholm Resilience Centre, Doughnut | Kate Raworth, Home | Sustainable Development (un.org). * The novel entities boundary in the planetary boundaries framework refers to entities

that are novel in a geological sense and that could have large-scale impacts that threaten the integrity of Earth system processes. Source: Outside the Safe Operating Space of the Planetary Boundary for Novel Entities | Environmental Science & Technology (acs.org). Graphic 1: Stakeholders

demand change towards a sustainable economy & society within planetary boundaries Customers Employees Shareholders Governments 5 Allianz SE Sustainability Reporting – short version 2. OUR SUSTAINABILIT Y JOURNE Y Here are some examples of how we contributed to society in 2023: •

Continuing to provide insurance, investment and asset management solutions to around 125 million private and corporate customers in over 70 countries. • Paying € 48.2 billion for claims in our P&C business • Providing affordable insurance solutions to more than 85.5 million

emerging consumers to increase access to financial services and part- nering with digital technology companies. • With a total tax contribution of € 20.0 billion, including taxes borne and collected, we contribute to the economic and social development of the countries we operate in. For

further info refer to chapter 4.5.3 of the Sustainability Report 2023, Our total tax contribution, p. 114. • Publishing our Inaugural Net-Zero Transition Plan, a comprehensive action plan outlining the transformation of our business model, with the goal of achieving net-

zero emissions in the year 2050, and announ- cing our 2030 intermediate targets for decarbonization (in Operations, proprietary Investments and P&C underwriting in our commercial and motor retail businesses). • Actively pursuing investment opportunities that support solutions to en- vironmental

and societal challenges, aligned with the UN SDGs. Allianz systematically investigates a large spectrum of potential proprietary investments2 to finance the low-carbon transition and achieve positive impact. This covers nearly all asset classes, markets, technologies and strategies. Our

sustainable investments grew by 27% year-on-year from € 131.5 billion (2022) to € 167.4 billion (2023). • Employing over 154.000 people worldwide, paying € 14.7 billion of wa- ges, and supporting them with more than 50 hours of training on aver- age while providing a healthy and inclusive

workplace. • Funding 18 social projects that contribute to the SDGs in local commu- nities through our Social Impact Fund. To ensure our sustainability efforts are fully embedded in the organi- zation, we report and reflect our progress against sustainability and busi- ness targets

and results, in top management remuneration schemes. Specifically, sustainability targets form part of the Individual Contribu- tion Factor of the remuneration of the Allianz SE Board of Management. This approach is also cascaded down throughout the organization where appropriate.

For more details, see Appendix II. 2 Proprietary investments in simple terms are for example the investments of capital from the insurance business. € 48.2 bn in P&C claims payments € 20.0 bn total tax contribution, including taxes borne and collected € 14.7 bn paid in wages by Allianz

50 hrs of average training hours per employee contributed by Allianz 18 social projects funded through the Social Impact Fund 6 Allianz SE Sustainability Reporting – short version 3. Integrating sustainability to achieve our goals Integrating sustainability into our business decisions

and processes is key to managing risks and acting on opportunities to support sustainable development. We strive to embed sustainability information in our deci- sion-making. While we are still working towards full imple- mentation, we have outlined our sustainability approach in the

Sustainability Integration Framework3. This framework aims to incorporate sustainability practices throughout our entire organization starting with the management targets all through to business operations, focusing on areas such as climate change, social impact, responsible investment, and

governance. The approach involves assessing risks and opportunities, setting targets, measuring and reporting on progress, en- gaging stakeholders, and integrating sustainability consi- derations into our products and services. We also have energy-related guidelines in place that pro- mote

the transition from fossil fuel to cleaner energy tech- nologies. These guidelines4 help manage sustainability risks from our involvement in fossil fuel-related businesses and by supporting renewable and low-carbon energy pro- jects. We report on any exemptions granted, such as com- panies

working towards decarbonization in line with the 1.5°C threshold. We continuously strengthen our sustainability risk manage- ment framework evaluating environmental and human rights risks. We have rules and processes in place to miti- gate potential negative impacts for Allianz and our

custo- mers. These processes facilitate collaboration among diffe- rent parts of the business that may be affected. 3 Allianz Sustainability Integration Framework, version 5.0 4 Allianz Energy Guidelines 7 Allianz SE Sustainability Reporting – short version3. INTEGRATING SUSTAINABILITY TO

ACHIEVE OUR GOALS 4. CREATING SOCIAL IMPACT 4. Creating social impact Since 1890, our insurance and risk management business has focused on building resilience and strengthening societies. Our business exists to mitigate risk, so we understand the importance of resilience for society. By

providing insurance cover, we help businesses and people thrive, benefiting society as a whole. Our purpose – ‘We secure your future’ – guides our social and business strategies. Our efforts under SDG 8’s ‘Decent work and economic growth’ framework are summarized here. Preparing the next

generation to move Allianz has developed an inclusive training series with workout videos by Paralympic athletes as part of their MoveNow program. Watch ‘Behind The Scenes – Day 1 Done’ 8 Allianz SE Sustainability Reporting – short version 4. CREATING SOCIAL IMPACT 4.1 Making a difference

with corporate citizenship We want to build on the very nature of our insurance business and provide direct support for the communities we operate in. Corporate citizenship refers to our responsibility towards society. With our corporate citizenship program, we aim to support and upskill

young people and people with disabi- lities, helping them with their education and employability. Corporate citizenship activities include philanthropic initia- tives, employee volunteering and partnerships, all of which have an impact in the communities where we operate. A key part of this

program is our global initiative MoveNow, which is based on the lessons learned from our partners- hips with the International Olympic Committee (IOC) and the International Paralympic Committee (IPC). MoveNow aims to improve the health, well-being and employability of

the younger generation and people with disabilities. It encourages them to move their body, mind and soul. The younger generation are the decision-makers of tomorrow, and we believe that access to education and physical ac- tivity will enable them to develop the skills and

resilience needed to secure decent work and financial stability. Sports play an important role in developing social and employabi- lity skills such as leadership, teamwork, responsibility and fairness. Allianz has operating entities, in simple terms subsidiaries, in more than 70 countries, and

each one can run their own MoveNow project, with total financial support of € 500,000 per year offered via our Social Impact Fund (SIF). The fund supports strategic opportunities that deliver impact in com- munities beyond charitable donations. The entities coope- rate in intersectoral

partnerships, and projects that the SIF supported in 2023 – closely aligned with the MoveNow pro- gram – focused on financial literacy, training and mentor- ship activities. As MoveNow takes a global and holistic approach that is delivered in partnership with stakeholders, our corporate

citizenship projects achieve wider resonance. The bringing together of MoveNow and the SIF has boosted efforts to support education and employability for our main target groups. In 2023, the SIF supported 18 corporate citizenship projects at different operating entities. Social

Impact Fund – Funding 18 projects in local communities Entities in more than 70 countries can run their own MoveNow project Our strategic focus on financial and insurance literacy has concentrated our efforts globally on the SDG 8 outcomes of decent work and economic growth. Our reason for

doing this is our belief that financial literacy is a great lever to give people equal opportunities in society, especially vulnerable groups. This is why we pursued several approaches in 2023. For example, we included financial and insurance literacy as part of the MoveNow Future Workout

– a digital lear- ning journey. This three-week training plan is designed to teach financial and insurance literacy and empower young people to manage their finances with confidence. Our Malaysian entity was one of the entities inspired by the initiative. In Malaysia, poor financial

literacy has led to debt and financial instability in rural communities. In 2023, the SIF supported a project to improve the financial literacy of 80 children, which includes financial management, invest- ment and employment skills. The project seeks to empower them to succeed in the future by

building communication, teamwork and problem-solving abilities. Allianz Malaysia employees are working with a local NGO, Incredible Hearts, to design and deliver the program. In 2023, we also launched an online financial literacy hub5. This provides easy-to-understand information,

interactive budgeting tools and access to free coaching from Allianz experts. 5 Financial literacy hub (allianz.com) 9 Allianz SE Sustainability Reporting – short version 4. CREATING SOCIAL IMPACT 4.2 Taking care of our employees ‘We secure your future’ is our corporate

purpose – and living up to it starts with our more than 154,000 employees. Our People and Culture strategy aims to fulfil this purpose, in line with our employer value proposition: ‘We care for to- morrow’. This is what drives our decisions and actions and we do it in line with our people

attributes, which are: Entre- preneurship, Customer & Market Excellence, Trust, and Col- laborative Leadership. Our ambition is to be the top emplo- yer in the financial services industry globally. We work to attract top talent, accompany our people on their growth and development

journey, and deliver strong business and social impact where we operate. To achieve this ambition, we have based our People and Culture strategy on three pillars: People and Culture strategy based on three pillars: FIRST Employees and Candidates SECOND Business THIRD Brand and

Society The 1st Strategic Pillar, Employees and Candidates, includes the following topics: • Engaging with own workforce • Learning and development and performance management • Fair remuneration, benefits and social protection • Health and safety • Work-life balance • Collective

bargaining and social dialogue Here are examples of our practice in this field: Listening to and engaging with our employees are the cor- nerstones of our People and Culture strategy. One way we do this is through the Allianz Engagement Survey (AES). The AES is our well-established employee

platform for gather- ing employee feedback globally and has been in place sin- ce 2010. Our two key indicators recorded with the survey are the Inclusive Meritocracy Index (IMIX) and the Work Well Index+ (WWI+). 10 Allianz SE Sustainability Reporting – short version 4.

CREATING SOCIAL IMPACT • The IMIX measures our progress in building a culture where both people and performance matter, meaning that we enable employees to unlock their full potential. The IMIX score is derived from a survey of ten questions. In 2023, the IMIX increased by +2pp

to 81% (2022: 79%). Improvements in our IMIX scores demonstrate that we are making progress in the areas of leadership, perfor- mance, and corporate culture. • The WWi+ measures employee well-being. A higher in- dex score is associated with higher employee well-being. The

WWI+ score rose by +5pp to 76% (2022: 71%).  • Learning and development is a key differentiator in the financial services industry where customer needs are constantly changing in response to a rapidly evolving ex- ternal context. Our ambition is for employees to develop skills

for today and for the future to ensure Allianz is pre- pared for emerging trends and opportunities and able to attract the best talent. • At Allianz, we are committed to equity and fairness as de- fined in our Group Code of Conduct6. This includes ensu- ring operating entities enforce equal pay

for equal work in the same or comparable roles for all genders. We re- gularly conduct equal pay reviews to identify equal pay gaps which can be mitigated with appropriate action. • In addition to equal pay, there is also a gender pay gap to be considered. This consists of the difference in

aver- age remuneration between men and women across a whole organization, irrespective of role or seniority. If one gender is more represented in higher-paid, senior roles in one organization, for example, there will be a gender pay gap. Allianz takes several actions to foster gender

equity in representation and thus close the gender pay gap. One important action is the ambition to have higher female representation in senior positions. • The health, safety, physical and mental well-being of our employees is a top priority. We aim to sustain and impro- ve

employee health and well-being across our global workforce. Two key levers to achieve this ambition are our Minimum Health Requirements and our local Occupatio- nal Health and Safety (OHS) Management system. Find more info here. +2pp 81% Inclusive Meritocracy Index (IMIX) +5pp 76%

Work Well Index+ (WWi+) The 2nd Strategic Pillar, Business, outlines two strategic sub-sections: Diversity, Equity and Inclusion (DEI), focusing on Gender and Age distribution, and Persons with disabili- ties. This is a description of the Strategic Workforce Plan- ning topic: •

Diversity is a core element of our culture. Our customers are diverse, and in order to best understand and serve them, our workforce needs to be diverse, too. We belie- ve that diverse teams create better results, show higher resilience, and are more innovative and more producti-

ve, provided they can act in an environment where each and every one can be themselves, and unique views are appreciated. Being both diverse and inclusive has a posi- tive impact on our business. We are committed to streng- thening inclusion in our workplace by ensuring equal op- portunities for

all and shaping a diverse workforce along five Diversity, Equity & Inclusion dimensions: gender, peo- ple with disabilities, nationalities/ethnicities, generations and LGBTQ+. • To ensure processes and workplaces are accessible for persons with disabilities, we promote equity through

in- itiatives like the Valuable 500 and through our employee network, Allianz Beyond. We are working to increase transparency and representation of people with disabi- lities in our workforce through recruitment and self-iden- tification. • Strategic Workforce Planning aims to

understand work- force development in response to global megatrends and how we can equip our workforce with the skills they need for today and for the future. The 3rd Strategic Pillar, Brand and Society, is the way we run our People and Culture operations. It generates social im pact, which

is acknowledged by external certifications and global rankings from bodies such as Great Place to Work® (GPTW), EDGE (Economic Dividends for Gender Equality)7 and Refinitiv8. 6 Allianz Group Code of Conduct 7 Allianz’ entities globally EDGE Certified | EDGE Certified

Foundation (edge-cert.org) 8 FTSE Diversity and Inclusion Index (lseg.com) 11 Allianz SE Sustainability Reporting – short version 4. CREATING SOCIAL IMPACT 4.3 Our commitment to human rights At Allianz, we regard the respect for human rights as a minimum standard for responsible

business. The safety and well-being of our employees is of utmost importance to us, which is why we make sure that we mi- nimize risks to employee rights, such as equal treatment, occupational health and safety, or workers’ representation, where applicable. Our Group Code of

Conduct9 spells out the expectation that our employees respect human rights in their work at Allianz. 9 Allianz Group Code of Conduct (allianz.com) According to our own analysis, most of our suppliers ope- rate in sectors that have relatively low human rights risk, such as

consultancy or IT services. Nevertheless, we have extensive measures to assess and minimize risks to human rights in our global supply chains. These measures are in line with the requirements of the German Supply Chain Act, as is our due diligence in our own operations.

We expect our suppliers to minimize their own human rights risks, as spelled out in our Vendor Code of Conduct10, which Allianz suppliers must accept. Our Group Human Rights Officer monitors our human rights risk management in own operations and supply chains. As a corporate insurer and

proprietary investor, our human rights due diligence process forms part of our sustainabi- lity approach, which is integrated into our broader risk management system. We use a combination of sector and country-specific approaches to identify human rights risks. Human rights-

related due diligence has been integrated into 13 sensitive business areas, where relevant, to ensure that human rights are part of the overall risk assessment for insurance and proprietary investments in non-listed as- set classes. For business transactions in certain

countries, where systematic human rights violations occur, we carry out explicit due diligence in accordance with our Human Rights Guideline. For further details, see the Sustainability Integration Framework11. We report annually on policies, results and measures on a dedicated

human rights page on our corporate website. 10 Vendor Code of Conduct 11 Allianz Sustainability Integration Framework (allianz.com) 12 Allianz SE Sustainability Reporting – short version 5. CLIMATE CHANGE: THE ROAD TO NET-ZERO 5. Climate Change: The road to net-zero We want to help create

sustainable societies and economies by working towards a social minimum for all without harming the planet. Climate change is among the biggest challenges we face today – not only for our business, but for the entire society12. 12 Intergovernmental Panel on Climate Change – Synthesis Report

This is why we are focusing our environmental efforts on cli- mate change. According to the Intergovernmental Panel on Climate Change (IPCC)13, emissions need to be almost hal- ved every decade to restrict global warming and reach net- zero emissions by the middle of the century and to maintain a

reasonable chance to achieve this goal. Climate change poses many risks and raises fundamental questions about how we operate. We support efforts to adapt to the changing climate. As with any large-scale transformation, the way towards a net-zero world involves not only risks

but also opportunities. 13 Sixth Assessment Report – IPCC 13 Allianz SE Sustainability Reporting – short version 5. CLIMATE CHANGE: THE ROAD TO NET-ZERO Our Net-Zero Transition Plan As a financial institution we have an impact on climate change through the emissions we generate directly –

from heating our offices to air travel – and indirectly – through the companies we insure and invest in. At Allianz, we have had a strategy to address climate change since 2005. It guides our actions in response to impacts, risks and opportunities spanning our operations and our insurance and

proprietary investment businesses. This strategy supports the objectives of SDG 13 – Climate action. Since 2018, our Climate Change Strategy further commits us to contributing to efforts that limit global warming to 1.5°C by the end of the century. To an- ticipate and enable this transition, we

committed to net-zero greenhouse gases (GHG) for our proprietary investment and Property & Casualty (P&C) underwriting portfolios. The pace and breadth of our actions reached another milestone in 2023 with the publication of our Group’s Inaugural Net-Zero Transition Plan. It sets out our

intermediate targets and commitments for 2030, including: • Increasing Climate Solutions investments by at least € 20 billion from current level (€ 37 billion as of 31.12.2023), subject to market environ- ment and constraints.14 • Showing progress in P&C insurance portfolios: reduce CO2

emissions by 30% absolute in the retail motor segment and 45% with regards to the GHG intensity in the commercial insurance segment15. • Increasing our ambition in proprietary investment portfolios: having already overachieved our 2025 GHG emission target, we now aim to

reduce emissions by 50% for our corporate portfolio. For more details, refer to 5.2.2. • Encouraging the net-zero transition: reinforcing our goal to drive decar- bonization with our customers, partners and policymakers through ad- vocacy and partnerships. 14 Climate Solutions are defined as