Bank of America Merrill Lynch Banking & Insurance Conference Herbert K. Haas, CEO London, 1 October 2014

Talanx - Key Investment Highlights

Global insurance group with leading market positions and strong German roots Leading and successful B2B insurer Focus on long-term increase in value by sustainable and profitable growth Dedication to focus on insurance rather than market risks Commitment to continuously fulfill a „AA“ capital requirement by Standard & Poor‘s Target to achieve Group net income of at least €700m in 2014 Dedication to pay-out 35-45% of IFRS earnings to shareholders

2

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

I

Talanx in a nutshell

II

Outlook and targets Appendix

3

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Talanx in a nutshell – A global insurance player

Location overview in Primary and in Reinsurance

2013

2000

GWP split (Primary/Reinsurance): 44% / 56% Employees (Germany/abroad): 4,539 / 1,511

Countries with local presence

GWP split (Primary/Reinsurance): 53% / 47% Employees (Germany/abroad): 11,302 / 10,227

Branch / office location Primary Insurance

Branch / office location Reinsurance

Global networks in Industrial Lines and Reinsurance. Leading positions in retail target markets

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Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Talanx in a nutshell – Among the leading European insurance groups

Top 10 European insurers

Top 10 German insurers

European insurers by global GWP (2013, €bn)

German insurers by global GWP (2013, €bn) Allianz

103.4

Munich Re

51.1

Debeka1 Vk Bayern HUK1

AXA

85.5

Generali

28.2 R+V

103.4

Allianz

66.1 51.1

Munich Re

12.8

39.1

Zurich

9.3

Prudential2

7.2

36.0 28.2

5.6

Signal Iduna1

5.5

CNP

Gothaer1

4.2

Crédit Agricole

26.4

W&W

3.9

Aviva

26.0

Figure of 2012 Gross premiums earned Source: SNL Financial, annual reports Listed

27.7

1 2

insurers

Third-largest German insurance group with leading position in Europe and strong roots in Germany

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Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Talanx in a nutshell - Shareholders and divisions

V.a.G.

Free float 14.5 %1

79.0 %

Industrial Lines

Retail Germany


Lead insurer of choice
Extremely strong home market position, i.e. lead mandates with most German DAX companies and strong position with German Mittelstand
Bluechip client base in Europe


Highly effective network of distribution partners
Market leader in bancassurance
Market leader in employee affinity business
Leading provider of corporate pension solutions

Retail International
Focused exposure to CEE and LatAm (#2 insurer in Poland2, #6 in Brazilian motor3)
Attractive rates of organic growth
Experienced underwriter in motor
Focused M&A track record

1 Including

employee shares Combined ranking based on November 2013 data of Polish regulator as per local GAAP 3 According to Siscorp based on local GAAP 4 Based on A.M. Best ranking (September 2012) 5 Based on S&P ranking by average RoE 2002-2010 and also number 1 by average RoE as per KPMG 2012 2

Integrated insurance group with leading market positions in all segments

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Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

6.5 %

Reinsurance Non-Life

Life/Health


Hannover Re – world #3 reinsurer by GWP4
Well diversified between life/non-life and geographically
Consistently amongst sector leaders on profitability5
Superior underwriting know-how

Talanx in a nutshell – Strategic group pillars

Focus of the Group is on long-term increase in value by sustainable and profitable growth and vigorous implementation of our B2B-expertise Profit target

Capital management

Risk management

Growth target

Human resource policy


RoE1>∅ TOP20 European insurers


Fulfill S&P “AA” capital requirement


RoE1≥risk-free interest rate2 +750bps


Efficient use of available financing instruments


Generate positive annual earnings with a probability of 90%


50% of primary GWP from foreign operations


Continuous development and promotion of own workforce


Sufficient capital to withstand at least an aggregated 3,000-year shock


Selective profitable growth in Retail Germany and Reinsurance


Individual responsibility and entrepreneurial spirit


Investment risk ≤50% 1 2

In accordance with IFRS Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield

Group and divisional strategies define goals and actions to be taken

7

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Talanx in a nutshell - Industrial Lines Key figures Share in 2013 group GWP1

2013 geographic split (GWP)

17%

46%

54%

Key financials (€m) Gross written premium

3,835

2,399

2,497

+4%

Net premium earned

1,744

895

927

+4%

Net underwriting result

(43)

(19)

6

n/m

Net investment income

240

108

151

+40%

Operating result (EBIT)

129

70

141

+101%

102.4

102.1

99.4 (2.7 pts)

5.1

4.5

9.2 +4.7 pts

Combined ratio

83% Germany

International

FY2013 6M 2013 6M 2014 Change

(net)2

Return on Equity in %

in %

Recent trends
Top-line in Q2 2014 with catch-up effects, growing 10.4% y/y; 6M GWP +4.1% (curr.-adj: +5.2%), well in line with the segment’s mid-term growth target
Main growth contribution resulting from international activities, mainly in Western Europe
Increase of self-retention to above 50% in 6M 2014 (6M 2013: 47.8%)
Positive IAS8 EBIT adjustment in Q1 2014 (€+45m), offset by charges against 2013 earnings and equity
6M 2014 combined ratio strongly impacted by “Ela” (€20m) as well as by significant man-made large losses (€105m); total combined ratio impact: 13.5%pts; close to 2/3 of the man-made large losses materialised in June 2014 1 2

Based on total GWP adjusted for 50.2% share in Hannover Re Including income from interest on deposits

Talanx is a leading European industrial lines insurer with global ambitions

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Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Talanx in a nutshell - Retail Germany

Key figures Share in 2013 group GWP1 32%

2013 business mix (GWP)

Key financials (€m)

22%

Gross written premium

6,954

3,623

3,563

(2%)

Net premium earned

5,605

2,663

2,613

(2%)

Net underwriting result

(1,515)

(732)

(808)

n/m

Net investment income

1,786

872

937

+7%

Operating result (EBIT)

161

90

97

+8%

102.4

99.9

101.2 +1.3 pts

3.0

4.0

4.4 +0.4 pts

78%

Life

Non-life

Combined ratio (net)2 in % Return on Equity in %

FY2013 6M 2013 6M 2014 Change

Recent trends






1 2

Premium decline stopped in Q2 thanks to slight growth in Life business and 8% y/y growth in Non-Life Large losses of €20m from storm “Ela” in June 2014 affect 6M combined ratio by ~3%pts Cost ratio in 6M 2014 declined by 3.0%pts. to 32.8% y/y Slight improvement in 6M RoI to 4.4% (6M 2013: 4.3%) ~50% of anticipated 2014 ZZR allocation booked (forecast of ~€308m for FY2014; FY 2013: €313m, both according to HGB). Total ZZR stock expected to rise to slightly above the €1bn-level until year-end 2014

Based on total GWP adjusted for 50.2% share in Hannover Re Including interest income on funds withheld and contract deposits; net, property/casualty only

Strong German retail insurance business – more than 80% from B2B distribution channels (2013)

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Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Talanx in a nutshell - Retail International

Key figures Share in 2013 group GWP1 19%

2013 business split (GWP) 34%

2013 geographic split (GWP) 21% 51%

66% Non-Life

Life

28% CEE/CIS2

LatAm2

Western Europe2

Key financials (€m)

FY2013 6M 2013 6M 2014 Change

Gross written premium

4,220

2,151

2,255

+5%

Net premium earned

3,513

1,748

1,912

+9%

Net underwriting result

32

17

14

(18%)

Net investment income

284

146

156

+7%

Operating result (EBIT)

185

113

124

+10%

Combined ratio (net) in %

95.8

94.9

95.3 +0.4 pts

5.9

7.8

8.4 +0.6 pts

Return on Equity in %

Recent trends







6M 2014 top-line growth of 5% burdened by currency effects (currency-adj.:+10.7%). Q2 2014 was flat Significant GWP improvement in Brazil, gaining further momentum in Q2 2014 Life-wise, strong single-premium business in Italy continues, while lower momentum in Poland 6M 2014 combined ratio slightly up by 0.4%pts due to initial consolidation effects. Adj. combined ratio improved by 1%pt to 95.6% Ordinary investment income benefits from higher interest rates in Brazil, slightly compensated by interest rate decline in Poland Turkey continues positive trend in Q2 2014 (6M 2014 EBIT: €1.5m)

1 Based 2

on total GWP adjusted for 50.2% stake in Hannover Re CEE/CIS including Turkey and Russia; LatAm including Mexico; Western Europe including Italy, Austria, Liechtenstein and Luxembourg

Focus on major growth markets in Latin America and CEE

10

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Talanx in a nutshell - Reinsurance Key figures Share in 2013 group GWP1 GWP development (total, €bn)

Non-Life

Life / Health

Key financials (€m)

32%

13.8

FY2013 6M 2013 6M 2014 FY2013 6M 2013 6M 2014

14.0

12.1

Gross written premium

7,818

4,097

4,078

6,145

3,130

2,987

Net premium earned

6,866

3,404

3,370

5,360

2,787

2,469

Net investment income

811

378

412

610

315

299

Operating result (EBIT)

1,097

567

533

139

130

152

94.9

94.2

95.1

-

-

-

Comb.Ratio2

2011

2012

in %

2013

Recent trends Non-Life
6M 2014 GWP slightly down by -0.5% y/y (adj. for currency effects: +2.0%) with growth effects mainly from Southeast Asia and China. NPE -1.0% y/y (curr.-adj.:+1.6%)
Large losses of €105m (3.1% of NPE) below budget (€276m for 6M 2014)
Conservative loss reserving policy maintained in particular for the large loss budget
Net investment income increased mainly due to normalised results from inflation swaps
Other income/expenses in line with expectations; not impacted by positive currency effects as in 2013

Reinsurance

Return on Equity in %

FY2013

6M 2013

6M 2014

15.9

15.4

15.1

Life / Health
6M GWP: -1.8% on curr.-adj. level, mainly due to reduced premiums from enhanced annuities business, single large transactions, run-off of US mortality block (ING); increased volume from UK-BAT
Technical result benefited mainly from improved result in US mortality
Net investment income at expected level, minor impact from ModCo derivatives
Other income improved mainly due to reduced collateral cost for our US business 1 2

Based on total GWP adjusted for 50.2% share in Hannover Re Incl. expenses on funds withheld and contract deposits; net

Hannover Re is one of the largest and most profitable reinsurers globally

11

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Talanx in a nutshell – Sources for growth

Industrial Lines

Retail Germany


International growth
Increase retention


Lever successful bancassurance
Elimination of cost disadvantages

Retail International


Growth in selected emerging markets
Role-out of best practise examples

Reinsurance


Efficient cycle management
Expansion into emerging markets

12

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

I

Talanx in a nutshell

II

Outlook and targets Appendix

13

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Outlook for Talanx Group 20141,3

Gross written premium2

+2-3%

Return on investment

≥ 3.4%

Group net income

≥ €700m

Return on equity

~ 10%

Dividend payout ratio

35 - 45% target range

2014 net income outlook with implied capacity to bear in sum another ~€650m of large losses in H2 2014 On divisional level, Talanx expects gross written premium growth of +3-5% in Industrial Lines, -(1-2)% in Retail Germany, +4-8% in Retail International and a flat to low single-digit growth rate in Reinsurance 3 The outlook is subject to a thorough assessment of the Life Insurance Reform Act (“LIRA”) impact on German retail activities 1 2

Targets are subject to no large losses exceeding budget (cat), no turbulences on capital markets (capital), and no material currency fluctuations (currency)

14

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Outlook and targets – Mid-term target matrix Segments

Group

Key figures

Strategic targets ≥ 750 bps above risk free1

Return on equity Group net income growth

~ 10%

Dividend payout ratio

35 - 45%

Return on investment2

Industrial Lines

Gross premium

≥ 3.5%

growth3

3 - 5%

Combined ratio

≤ 96%

EBIT margin4

≥ 10%

Retention rate

Retail Germany

60 - 65%

Gross premium growth

≥ 0%

Combined ratio (non-life)

≤ 97%

New business margin (life)

Retail International

≥ 2%

EBIT margin4

≥ 4.5%

Gross premium growth3

≥ 10%

Combined ratio (non-life)

≤ 96%

Value of New Business (VNB) growth EBIT margin4

Non-life reinsurance

≥ 5%

Gross premium growth

3 - 5%

Combined ratio

≤ 96%

EBIT margin4

Life & health reinsurance

≥ 10%

Gross premium

growth3

5 - 7%

Value of New Business (VNB) growth EBIT

margin4

financing and longevity business

EBIT margin4 mortality and health business 1

2

15

5 - 10%

Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield Derived from actual asset duration. Currently ~ 6.5 years, therefore the minimum return is the 13-year average of 13-year German government bond yield. Annually rolling

3

Organic growth only; currency neutral

4

EBIT/net premium earned

≥ 10% ≥ 2% ≥ 6%

Note: growth targets are on p.a. basis. They are based on 2012 results.

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

I

Talanx in a nutshell

II

Outlook and targets Appendix

16

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Appendix - FY2013 target achievement



Return on Investment 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0%

in €bn

+12.6%

30.0 25.0

+10.1%

+9.3%

+3.6%

2010

2011

4.2% 3.7%

4.0%

4.3%

15.0

4.0% 10.0 5.0 0.0

2010

2011

2012

2013

2009

2013 Outlook Rol > 3.5%

target ROE

11.8% 10.0%

10.0%

10.6%

4.5%

2009

2010

2012

2013

2013 Outlook GWP growth ≥4%

Return on Equity

2011

2012

2013 Outlook RoE ≥ 750 bps + risk-free1



Net income and Payout in mn € 900 800 700 600 500 400 300 200 100 0

2013

(€1.05 p.s.)

485 216

2010

2011

Risk-free rate is defined as the 5-year rolling average of the 10-year German government bond yield (ROE target 2013: 9.8%) pay-out ratio 2013: 39.8% (2012: 42.1%) Note: figures restated on the base of IAS8; 2013 Outlook reflects increased targets as presented in Aug 2013

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

750

515

2012

2013 Outlook Net income ~€700m; pay-out ratio 35-45%2

2



(€1.20 p.s.3)

626

2009

1

17

+5.6%

20.0

2009

14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%



GWP growth

2013

Appendix – 6M 2014 results – Key financials

Summary of 6M 2014

Comments

€m, IFRS

6M 2014 6M 2013

Change

Gross written premium Net premium earned

14,975 11,308

14,966 11,498

+0 % (2) %

Net underwriting result

(775)

(716)

n/m

Net investment income Operating result (EBIT) Net income after minorities

1,948 1,005 381

1,877 1,032 410

+4 % (3) % (7) %

Key ratios Combined ratio non-life insurance and reinsurance Return on investment

Balance sheet Investments under own management Goodwill

6M 2014 6M 2013

Change

96.4%

96.1%

0.3%pts

4.0%

4.0%

0.0%pts

6M 2014 FY2013

Change


GWP virtually flat (+0.1%), negatively impacted by currency effects (currency-adj.: +2.1%) and more selective Reinsurance underwriting. However, apart from Life/Health Reinsurance, all segments most recently with positive growth momentum
Positive growth contribution from Industrial Lines and Retail International
Combined ratio slightly increased by 0.3%pts to 96.4%, impacted by above-average man-made large losses, and impact from storm “Ela”

90,252

86,310

+5 %


Return on investment remained flat at 4.0%

1,109

1,105

+0 %

Total assets

139,699

132,853

+5 %

Technical provisions

96,829

91,717

+6 %


6M 2014 net income (€381m) exceeds 6M 2013 level, when adjusting for the base effect of partial disposal of SwissLife stake (~€100m)

Total shareholders' equity

11,925

11,181

+7 %

Shareholders' equity

7,645

7,184

+6 %


Shareholders’ equity up to €7,645m, or €30.24 per share. Solvency I ratio up to 224.8% (FY2013: 210.2%)

Note: numbers adjusted on the basis of IAS8

6M 2014 in line with target – significant base effect from SwissLife disposal in 2013

18

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Appendix - Large losses1 in 6M 2014 (I)

Primary insurance

(€m, net)

Snowstorm, Japan

08 February

Storm “Ela” German, Belgium, France

07 – 10 June

9

40

33

73

40

42

82

Aviation

5

31

36

Property

100

32

132

Total man-made losses

105

63

168

Total large losses

145

105

250

Impact on combined ratio (incurred)

Total large losses (6M 2013)

19


Total large loss burden of €250m (6M 2013: €419m)

Talanx Group

9

Total Nat Cat

1

Reinsurance

5.2% pts

3.1% pts

4.1% pts

159

260

419

definition „large loss“: in excess of €10m gross

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014


Industrial Lines was affected by various large losses in Property. Storm “Ela” impacted Industrial Lines and Retail Germany (each ~€20m) and Reinsurance (€33m)
Net burden of manmade large losses of €105m in Industrial Lines and €63m in Reinsurance
2014 net income outlook with implied capacity to bear in sum another ~€650m of large losses in H2 2014

Appendix - Large losses in 6M 2014 (II) Storm “Ela”: Regional exposure of Retail Germany

Source: www.unwetterzentrale.de, Perils AG, Talanx Nat Cat Survey 2014 (basis: 31. Dec. 2013)

Storm “Ela” hit areas where Retail Germany is most exposed 20

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Appendix - Solvency capital position

Solvency I capital position

Comments

(€bn) 202%

225%

210%

225%


As of 30 June 2014, available funds include €1.3bn of subordinated debt2

8.7

8.4

8.2

6.8

3.7

3.4

2011

2012

Available funds Solvency I 1 2

3.9

2013


Talanx has extensive experience in innovative capital management

3.9


Goodwill of €1.1bn as of 30 June 2014 (relative to shareholders’ equity excl. minorities of €7.6bn)

6M 2014

Solvency capital requirements

margin1

Talanx Group based on the solvency of HDI V.a.G. (HDI V.a.G. is the relevant legal entity for the calculation of group solvency from a regulatory perspective) €1.3bn of the Group’s total subordinated debt (€2.4bn) are eligible for Solvency I capital (after accounting for minority interest and capped by regulatory thresholds)

Solid solvency and high-quality capital with relatively low goodwill supporting optimal balance sheet strength

21

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Appendix - Rating overview Current financial strength ratings Standard & Poor’s Grade last update

Talanx Group1

Talanx Primary Group2

last update

Hannover Re subgroup3

Outlook

A. M. Best Grade

30/06/14

-

Stable

30/06/14

AA–

Outlook

16/05/14

-

A+

rating of Talanx Primary Group

Stable

A

Stable

-

-

22/05/14

A+

Modifiers

Anchor rating a+ Business Risk Profile

Financial Risk Profile

Modifiers

Strong

Very Strong

Neutral

IICRA 4)

Capital & Earnings

ERM

Intermediate Risk

Very Strong

Strong

Competitive Position

Risk Position

Management & Governance

Strong

Intermediate Risk

Satisfactory

Risk Position

Liquidity

Strong

Exceptional

Stable

The designation used by A. M. Best for the Group is “Talanx AG and its leading non-life direct insurance operation and its leading life insurance operation” This rating applies to the core members of Talanx Primary Group (the subgroup of primary insurers in Talanx Group) 3 This rating applies to Hannover Re and its major core companies. The Hannover Re subgroup corresponds to the Talanx Reinsurance segment 4 Insurance Industry and Country Risk Assessment 1 2

Financial strength underpinned by S&P and A.M. Best ratings

22

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Appendix - Focus on insurance risk

Risk components of Talanx Group1 1% 8% 16%

Comments

Other risk Operational risk Further life risk


Total market risk of 37%, of solvency capital requirements, which is comfortably below the 50% limit
Risk capacity priority for insurance risk

38%

Non-life risk 2


Non-life is the dominating insurance risk category, comprising premium and reserve risk, NatCat and counterparty default risk
Equities ~1% of investments under own management

37%

Market risk

3


GIIPS sovereign exposure 1.8% of total assets (6M 2014)

Talanx Group Figures show approximate risk categorisation, in terms of solvency capital requirements, of the Talanx Group after minorities, after tax, post diversification effects as of 2013 2 Includes premium and reserve risk (non-life), net NatCat and counterparty default risk 3 Refers to the combined effects from market developments on assets and liabilities 1

Market risk sensitivity (limited to less than 50% of solvency capital requirement) is deliberately low

23

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Appendix – B2B distribution as a key differentiator

Linkage between different Group segments Industrial Lines

Retail Germany

Excellence in B2B2C channels1

Bancassurance Brazil

B2B2C Automotive Core value proposition: B2B competence

Retail Brokers

B2B2C

Retail International

1

Reinsurance

Employee affinity business

Samples of clients/partners

Superior service of corporate relationships lies at heart of our value proposition

24

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Industrial

Appendix - HDI V.a.G. history and structure

Overview

V.a.G.


HDI V.a.G. is a mutual insurance company and majority-owner of the holding company Talanx AG
The organisational setup reflects the historic roots of HDI, an association of important companies of the German industry that offers mutual insurance cover
Approx. 0.8m members of HDI V.a.G.
Alignment of interests of HDI V.a.G. and Talanx Group through - Providing efficient and reliable insurance to mutual members at market rates, often syndicate-based - Same decision makers: Mr Haas, Dr Hinsch, Dr Querner - HDI V.a.G. has no other investments besides Talanx and is interested to further strengthen and enable Talanx to provide stable insurance capacity to industrial clients - Talanx and HDI V.a.G. committed to capital market oriented dividend policy

25

History 1903

Foundation as ‘Haftpflichtverband der deutschen Eisen- und Stahlindustrie‘ in Frankfurt

1953

Companies of all industry sectors are able to contract insurance with HDI V.a.G.

1966

Foundation of Hannover Rückversicherungs AG

1991

Diversification into life insurance

1994

IPO of Hannover Rückversicherung AG

1998

Renaming of HDI Beteiligungs AG to Talanx AG

2001

Start transfer of insurance business from HDI V.a.G. to individual entities

2006

Acquisition of Gerling insurance group by Talanx AG

2012

IPO of Talanx AG

2014

Listing at Warsaw Stock Exchange

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Talanx Investor Relations

Financial Calendar

13 November 2014 Interim Report 9M 2014 23 March 2015 Annual Report 2014 7 May 2015 AGM 2015 11 May 2015 Interim Report Q1 2015 12 August 2015 Interim Report 6M 2015

26

Contact Talanx AG Riethorst 2 30659 Hannover Germany [email protected] Carsten Werle, CFA Phone: +49 511 3747 2231 [email protected] Marcus Sander, CFA Phone: +49 511 3747 2368 [email protected] Wiebke Erler Phone: +49 511 3747 2435 [email protected] Christian Marx Phone: +49 511 3747 2291 [email protected]

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014

Disclaimer

This presentation contains forward-looking statements which are based on certain assumptions, expectations and opinions of the management of Talanx AG (the "Company") or cited from third-party sources. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond the Company’s control, affect the Company’s business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialize, actual results, performance or achievements of the Company may vary materially from those expressed or implied as being expected, anticipated, intended, planned, believed, sought, estimated or projected in the relevant forward-looking statement. The Company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does the Company accept any responsibility for the the actual occurrence of the forecasted developments. The Company neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate. Presentations of the company usually contain supplemental financial measures (e.g., return on investment, return on equity, gross/net combined ratios, solvency ratios) which the Company believes to be useful performance measures but which are not recognised as measures under International Financial Reporting Standards, as adopted by the European Union ("IFRS"). Therefore, such measures should be viewed as supplemental to, but not as substitute for, balance sheet, statement of income or cash flow statement data determined in accordance with IFRS. Since not all companies define such measures in the same way, the respective measures may not be comparable to similarly-titled measures used by other companies. This presentation is dated as of 29 September 2014. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This material is being delivered in conjunction with an oral presentation by the Company and should not be taken out of context.

27

Bank of America Merrill Lynch Banking & Insurance Conference, London, 1 October 2014