Talanx AG — Earnings Release 2012

Mar 21, 2013

Results Presentation FY 2012 21 March 2013

Herbert K. Haas, CEODr. Immo Querner, CFO

IIIOutlook 2013

Results Presentation FY 2012, 21 March 20132

Successful IPO contributes to material improvement in financial strength. Shareholders' equity up by €2.1bn to €7.5bn. Solvency I ratio up to 225%.

Net income of €630m 22% above the FY 2011 result, leading to a return on equity of 9.8% for the Group.

Improvement in underwriting result. Cost cutting initiatives well on track. Robust investment income.

Acquisitions of TU Europa and Warta closed on 1 June and 1 July 2012, respectively. Integration well underway with legal merger of Polish non-life units of Warta and HDI.

Dividend proposal of €1.05 per share. above 42% payout ratio on IFRS earnings. 5.7% yield for IPO subscribers.

FY 2012 results – Key financials

Summary of FY 2012

I

€m I F R S ,	F Y 2 0 1 2	F Y 2 0 1 1	C ha ng e
Gr i ium t te os s w r n p re m	2 6, 6 9 5	2 3, 6 8 2	1 3 % +
Ne ium d t p re m e ar ne	2 1, 9 9 9	1 9, 4 6 5	1 3 % +
Ne de i ing l t u t t n rw r re su	( 1, 4 3 3 )	( 1, 6 9 0 )	1 % 5 +
Ne inv inc t tm t es en om e	3, 9 7 5	3, 2 6 2	1 6 % +
Op ing l ( E B I T ) t t er a re su	1, 6 0 7	1, 2 3 8	4 2 % +
Ne inc f ino i ies t te t om e a r m r	6 3 0	1 5 5	2 2 % +
Ke ios t y ra	F Y 2 0 1 2	F Y 2 0 1 1	C ha ng e
Co fe b ine d io l i t m ra no n- ins d ins ur an ce a n re ur an ce	9 6. 4 %	1 0 1. 0 %	-4 7 % ts p
Re inv tu tm t rn on es en	4. 3 %	4. 0 %	0. 3 % ts p
Ba lan he t ce s e	F Y 2 0 1 2	F Y 2 0 1 1	C ha ng e
Inv de tm ts es en un r o wn t ma na g em en	8 4, 0 5 2	7 5, 7 5 0	1 1 % +
Go dw i l l o	1, 1 5 2	6 9 0	6 7 % +
To l a ta ts ss e	1 3 0, 2 5 4	1 1 5, 2 7 7	1 3 % +
Te hn ica l p is ion c rov s	8 9, 5 0 2	8 3, 1 1 8	8 % +
To l s ha ho l de ' i ta ty re rs eq u	1 1, 6 4 3	8, 6 9 1	3 4 % +
S ha ho l de ' i ty re rs eq u	7, 4 7 2	5, 4 0 7	3 8 % +

Comments

• Strong organic contribution to top-line growth (around 10 percentage points)
• Improved underwriting result
• Net investment income driven by slight improvement in return on investment as well as by an increase in invested assets
• Further improved bottom-line result despite rise in tax ratio from 17.2% in 2011 to 26.9%
• Strong balance sheet: equity capital base grown by more than €2bn in FY2012. Ratio of goodwill to shareholders' equity remains low at ~15%

Continuous ability to translate top-line growth into strong bottom-line momentum

4

FY2012 results vs. forecast

	F N 2 0 1 2 t o r e c a s o v	A l t c a u
G W i P i t t r o s s r e n r e m m u	€ 2 6 b n ~	€ 2 6. 7 b n
In du ia l L in tr • s es Re i l Ge ta rm an • y Re i l In io l ta te t rn a na • No L i fe Re in • n- su ra nc e i fe in L d He l h Re t a n a su ra nc e •	€ 3. 4 bn ~ € 6. 7 bn ~ € bn 3. 3 ~ 8- 9 % + ~ 8- 9 % + ~	€ 3. 6 bn € 6. 8 bn € bn 3. 3 9. 3 % 9. 8 %
R i t t t e u r n o n n v e s m e n	4 % ~	4. 3 %
G i t r o u p n e n c o m e	€ 6 0 0 m >	€ 6 3 0 m
R i t t e u r n o n e q u y	l 1 0 % t c o s e o	9. 8 %
D i i d d i t t e n p a o r a o v y u	d h d f t t o w a r s e u p p e r e n o 3 5- 4 5 % t t a r g e r a n g e	4 2. 1 %

* adjusted for currency effects

I

[ ]Talanx has delivered on its forecasts as communicated with its Q3 2012 results

IIIOutlook 2013

Results Presentation FY 2012, 21 March 20136

Summary of Q4 2012

€m I F R S ,	Q 4 2 0 1 2	Q 4 2 0 1 1	C ha ng e
Gr i ium t te os s w r n p re m	6, 8 1 3	5, 8 3 8	1 7 % +
Ne ium d t p re m e ar ne	6, 1 4 8	5, 2 4 0	1 7 % +
Ne de i ing l t u t t n rw r re su	( ) 2 8 6	( ) 3 2 4	1 2 % +
Ne inv inc t tm t es en om e	9 7 8	9 1 0	7 % +
Op ing l ( E B I T ) t t er a re su	4 4 3	5 2 7	( 1 6 ) %
Ne inc f ino i ies t te t om e a r m r	7 8	1 9 3	( 6 0 ) %
Ke ios t y ra	Q 4 2 0 1 2	Q 4 2 0 1 1	C ha ng e
Co b ine d io l i fe t m ra no n- ins d ins ur an ce a n re ur an ce	9 4. 3 %	9 8. 1 %	-3 8 % ts p
Re inv tu tm t rn on es en	4. 2 %	4. 4 %	-0 2 % ts p
Ba lan he t ce s e	Q 4 2 0 1 2	Q 4 2 0 1 1	C ha ng e
Inv de tm ts es en un r o wn t ma na g em en	8 4, 0 5 2	7 5, 7 5 0	1 1 % +
Go dw i l l o	1, 1 5 3	6 9 0	6 7 % +
To l a ta ts ss e	1 3 0, 2 5 4	1 1 5, 2 7 7	1 3 % +
Te hn ica l p is ion c rov s	8 9, 5 0 2	8 3, 1 1 8	8 % +
To l s ha ho l de ' i ta ty re rs eq u	1 1, 6 4 3	8, 6 9 1	3 4 % +
S ha ho l de ' i ty re rs eq u	7, 4 7 2	5, 4 0 7	3 8 % +

Comments

• Strong top-line momentum continues in Q4 2012
• Combined ratio at 94.3% in Q4 2012 below the 97.1% ratio achieved in 9M 2012 despite the net claims burden from Hurricane Sandy (€305m)
• Return on investment remains well above 4% in Q4 2012
• Quarterly numbers impacted negatively by restructuring charges for WIR (€16m) and for Poland (€21m), the deconsolidation of Aspecta Liechtenstein (€16m, all pre-tax), a special burden in Industrial Lines (€24m), as well as a high tax ratio of 51%

Strong underwriting result in Q4 2012 despite the impact of Hurricane Sandy

GWP development (€bn)

Improvement on topline level for each quarter 2012 y/y

Organic growth rate of ~10% in FY 2012

EBIT result slightly below Q3 2012 and Q4 2011 on the back of several extraordinary items

Results Presentation FY 2012, 21 March 20138

Despite Sandy, major losses within the Group's budget

( ) €m t ne ,		Pr im ins ar y ur an ce	Re ins ur an ce	Ta lan Gr x ou p
Na Ca t t
W in da ter ma g es Po lan d	Fe bru / Ma h ary rc	1 2. 5		1 2. 5
S U S A tor m	2 – 3 Ma h rc
Ea hq ke I ly ( I ) t ta r ua	2 0 Ma y		4 4. 1	4 4. 1
Ea hq ke I ly ( I I ) t ta r ua	2 9 Ma y	6. 2	2 2. 4	2 8. 6
Dr h U S A t au g	Ju ly		4 3. 3	4 3. 3
"H Ty ho i ku i ", p on a Ta iwa n	2 Au t g us		1 3. 3	1 3. 3
Hu ica "Is ", rr ne aa c U S A	2 4 – 3 1 Au t g us		6. 8	6. 8
Hu ica "S dy " rr ne an	Oc No 2 4 t – 1 v	4 7. 6	2 5 7. 5	3 0 1 5.
To l Na Ca ta t t		6 6. 2	3 8 7. 4	5 4 3. 6
Co Co d ia ta s nc or	1 3 Ja nu ary		5 3. 3	5 3. 3
C he is k Ma l try m p ar r	3 1 Ma h rc	1 4. 1		1 4. 1
F ire / Pr ty op er		4 1. 4	1 0. 4	5 1. 8
Tr t an sp or			2 6. 7	2 6. 7
To l o he lar ta t r g e los se s		5 5. 5	9 0. 4	1 4 5. 9
To ta l m j los a or se s		1 2 1. 7	4 7 7. 8	5 9 9. 5
Im Co b ine d t o p ac n m	Ra io t			5. 1 %p ts

• Net burden from major losses of €600m in FY2012
• This compares with €1,173m in FY2011
• Impact on combined ratio decreases from 11.5%pts in 2011 to 5.1%pts in 2012
• Hurricane Sandy represents more than half of the year's major losses

Development of net combined ratio¹ Combined ratio by segment/selected carrier

1incl. net interest income on funds withheld and contract deposits

2Warta acquisition closed on 1 July 2012; numbers incl. HDI Asekuracia TU S.A. (legal merger on 28 Dec 2012)

³TU Europa acquisition closed on 1 June 2012

Net combined ratio for Talanx Group remains well below 100%

Segments – Industrial Lines

P&L for Industrial Lines

S €m IFR ,	Q 4 2 01 2	Q 4 2 01 1	Δ	FY 20 12	FY 20 11	Δ
Gr ritt ium os s w en p rem	72 4	58 2	+2 4%	3, 57 2	3, 13 8	+1 4%
Ne ium d t p rem ea rne	42 6	27 9	3% +5	1, 60 8	1, 37 5	+1 7%
riti Ne t u nd lt erw ng re su	10	81	( ) 87 %	79	15 5	( ) 49 %
Ne t in t in stm ve en co me	65	53	+2 3%	24 7	20 4	+2 1%
Op tin ult ( EB IT) era g res	45	15 3	( 71 % )	25 9	32 1	( 19 % )
Gr t in * ou p ne co me	22	79	( ) 72 %	157	20 4	( ) 23 %
Re n i tur stm t n o nve en	3.8 %	3.2 %	+0 .6% ts p	3.7 %	3.1 %	+0 .6% ts p

Combined ratio*

Comments

• Strong top-line momentum from virtually all lines of business in Q4 2012
• Fire, liability and fleet business are the most improved lines in FY 2012
• Combined ratio of 95.1% for FY 2012 demonstrates strong underlying performance
• Despite the impact of Hurricane Sandy in Q4 2012, Industrial Lines also achieved a positive underwriting result in the quarter
• Q4 2012 burdened by a negative one-off effect from the standardization of intra-group accounting practices (€24m)

Combined ratio well below 100% despite nat cat burden in Q4 2012

Segments – Retail Germany

P&L for Retail Germany

S €m IFR ,	Q 4 2 01 2	Q 4 2 01 1	Δ	FY 20 12	FY 20 11	Δ
Gr ritt ium os s w en p rem	1, 77 4	1, 70 4	+4 %	6, 82 9	6, 71 0	+2 %
f w hic h L ife o	1, 56 0	1, 52 5	+2 %	29 9 5,	19 5, 5	+2 %
f w hic h N -Li fe o on	21 4	178	+2 0%	1, 53 0	1, 51 5	+1 %
Ne ium d t p rem ea rne	1, 59 3	1, 58 0	+1 %	5, 50 1	5, 46 1	+1 %
Ne nd riti lt t u erw ng re su	( 30 2)	( 28 6 )	( 6% )	( 1, 42 3 )	( 1, 25 8 )	( 13 % )
f w hic h L ife o	( ) 31 8	( ) 28 5	( ) 12%	( 7) 1, 41	( ) 1, 23 9	( ) 14%
f w hic h N -Li fe o on	16	( 2)	n.a	( 6 )	( 22 )	3% +7
Ne t in stm t in ve en co me	38 6	38 1	+1 %	1, 62 1	1, 53 0	+6 %
Op tin ult ( EB IT) era g res	34	( 1)	n.a	98	11 0	( 11 % )
Gr t in ou p ne co me	13	( 17)	n.a	119	69	+7 2%
Re n i tur stm t n o nve en	3.9 %	4.1 %	( 0.2 % ) ts p	4.2 %	4.1 %	+0 .1% ts p

Combined ratio*

Comments

• Good momentum in Q4 2012 helped to achieve 2% premium growth on full-year level
• Strong new single-premium business in life (FY 2012 APE: +9% y/y) driven by bancassurancecarriers
• Combined ratio for FY 2012 has come down close to 100% on the back of improved loss ratios in H2
• WIR project costs of €42m in FY 2012 reduced group net income by a net €16m
• ZZR of €284.3m (HGB) booked for FY 2012. Total buffer rises to around €400m. Related PVFP depreciation of ~€25m post taxes taken under IFRS

Operating resilience allows to more than compensate for WIR-related charges

Status WIR: Further milestones in implementation reached

WIR programme implementation on track to deliver total ~€140m run-rate saving p.a. by 2016 (before taxes and policyholders' share). All 2012 interim targets reached

II

Segments – Retail International

P&L for Retail International

S €m IFR ,	Q 4 2 01 2	Q 4 2 01 1	Δ	FY 20 12	FY 20 11	Δ
Gr ritt ium os s w en p rem	1, 02 9	70 7	+4 5%	3, 26 1	2, 48 2	+3 1%
f w hic h L ife o	33 0	182	+8 1%	95 3	70 7	+3 5%
f w hic h N -Li fe o on	69 9	52 6	+3 3%	2, 30 8	1, 77 5	+3 0%
Ne ium d t p rem ea rne	82 0	50 3	+6 3%	2, 62 1	1, 86 2	+4 1%
Ne nd riti lt t u erw ng re su	28	9	+2 16 %	3	( 42 )	n.a
f w hic h L ife o	( 17)	( ) 15	+1 6%	( ) 73	( ) 67	( ) 9%
f w hic h N -Li fe o on	45	10	+3 66 %	76	25	+2 04 %
Ne t in stm t in ve en co me	81	47	+7 2%	28 1	159	+7 7%
Op tin ult ( EB IT) era g res	32	38	( 16 % )	10 7	55	+9 5%
Gr t in ou p ne co me	3	29	( ) 91 %	42	39	+8 %
Re n i tur stm t n o nve en	% 5.7	% 5.5	+0 .2% ts p	6.1 %	4.7 %	+1 .4% ts p

Combined ratio*

Comments

• Improvement of top-line and underwriting result both in Q4 2012 as well as in the full-year
• Following the acquisitions of Warta and TU Europa, Poland has contributed 29% to the segment's GWP in FY 2012 (2011: 16%)
• Non-life entities of Warta and HDI Poland legally merged on 28 December 2012 further accelerating the integration process
• Other income burdened in the quarter by €21m restructuring charges for the Polish integration project

Further improved underwriting result in Retail International

Status Poland: Legal merger of non-life entities already in 2012 II

Shareholding in Polish entities

Poland contributed 29% of the segment's GWP in FY 2012. Share to further grow in 2013

Status Poland: Implementation phase well underway for Warta

28 December 2012Legal merger Warta and HDI non-life Implementation10 July 2012S&P raised Warta's Counterparty Credit and Insurer Financial Strength Rating from BBB+ to A Warta integration project "BEST" (BE Stronger Together) in implementation phaseIntegration plan Detailed design/planning Phase 1 Phase 2 Phase 3t Organizational set-up second level - Brand positioning - Closing of deal with KBC - Transfer of 30% stake to Meiji Yasuda -Signing,19 Jan 2012Closing of acquisition, 1 July 2012 Legal merger of non-life entities Warta Re-Branding -Next steps/Progress: Implementation of organizational changes (functional structure, centralized operations, multichannel distribution) Launch of implementation projects in IT (common IT, P&C architecture from HDI, life system from Warta) Legal merger of life entities Integration sponsors - Organizational set-up first level - IT target systems - Brand decision - Internal and external communication plan -Identified cost synergies of €40mApproval of integration plan, 20 April 20123 July 2012Common managementteam in place

Making use of the best components from both worlds, Warta's and HDI's

II

Segments – Non-Life Reinsurance

P&L for Non-Life Reinsurance

€m IFR S ,	Q 4 2 01 2	Q 4 2 01 1	Δ	FY 20 12	FY 20 11	Δ
Gr ritt ium os s w en p rem	1, 82 0	1, 60 5	+1 3%	7, 71 7	6, 82 6	+1 3%
Ne ium d t p rem ea rne	1, 83 7	1, 57 0	+1 7%	6, 85 4	5, 96 1	+1 5%
Ne nd riti lt t u erw ng re su	10 4	( 40 )	n.a	27 3	( 26 4)	n.a
Ne t in t in stm ve en co me	25 2	27 2	( 8% )	98 2	88 0	+1 2%
( IT) Op tin ult EB era g res	33 6	27 5	+2 2%	1, 13 4	63 7	+7 8%
Gr t in * ou p ne co me	76	81	( 6% )	32 5	22 2	+4 6%
Re n i tur stm t n o nve en	4.0 %	5.0 %	( ) 1.0 % ts p	4.1 %	4.1 %	+0 .0% ts p

Combined ratio*

Comments

• Broad range of business lines contribute to positive top-line momentum
• Net earned premium up by €267m or 17% y/y in Q4 2012
• Despite Hurricane Sandy, improved underwriting result with a net combined ratio of 94.1% in Q4 2012 (FY 2012: 95.8%)
• Major losses in FY 2012 of €478m (7.0% of NPE) substantially below last years' losses and at 85% of budget
• GWP growth target reiterated at ~+3-5% for 2013

Excellent result from non-life business

Segments – Life/Health Reinsurance

P&L for Life/Health Reinsurance

S €m IFR ,	Q 4 2 01 2	Q 4 2 01 1	Δ	FY 20 12	FY 20 11	Δ
Gr ritt ium os s w en p rem	1, 65 9	1, 42 7	+1 6%	6, 05 8	5, 27 0	+1 5%
Ne ium d t p rem ea rne	1, 48 4	1, 30 2	+1 4%	5, 42 6	4, 78 9	+1 3%
Ne t u nd riti lt erw ng re su	( ) 12 6	( ) 87	( ) 44 %	( 4) 36	( 1) 28	+2 9%
Ne t in t in stm ve en co me	198	162	+2 2%	68 4	51 2	+3 4%
Op tin ult ( EB IT) era g res	55	80	( 30 % )	28 2	21 3	+3 2%
Gr t in ou p ne co me	29	20	+4 6%	108	87	+2 4%
Re n i tur stm t n o nve en	% 5.7	5.0 %	+0 .7% ts p	% 5.5	3.5 %	+2 .0% ts p

Comments

• Strong GWP growth continues in Q4 2012. Main growth within the year came from US, Australia, China and France
• Underwriting result impacted by less favourable mortality results in the US
• Net investment income affected by increase in assets under management; unrealised gains from ModCo derivatives contributed €~6m in Q4 2012 (FY: €52m)
• EBIT margins for the FY 2012 at 2.7% in financing and longevity business and at 7.1% in mortality and morbidity business
• GWP growth target reiterated at 5-7% for FY 2013

Growth outperformed own target in life and health reinsurance

Investments – Breakdown of investment portfolioII

Total: €84.1bn Total: €76.2bn

¹ Includes government and semi-government entities part of which are guaranteed by the Federal Republic of Germany, other EU countries or German federal states

Investments – Details on GIIPS exposure

Total GIIPS exposure manageable

II

€m	Gov ern me	nt b ond s	Cor bo nds ate por
GIIP S e xpo sur e (31 De c 20 12)	Sov ign ere	i- Sov Sem ign ere	Fina ncia l	Cor ate por	Cov d ere	Oth er	Tot al
Gre ece	4	-	-	-	-	-	4
Irela nd	235	-	14	29	162	188	628
Italy	647	-	420	279	961	-	2,3 07
Por al tug	26	-	-	1	8	-	35
Spa in	88	254	90	231	522	-	1,18 5
Tot al	1,00 0	254	524	540	1,65 3	188	4,15 9

Details on sovereign exposure (31 Dec 2012)

Total: €967m (amortized cost), €1,000m (fair value)

Comments

• GIIPS sovereign exposure represents only 0.8% of total assets (FY 2011: 1.1%), or 1.2% of assets under own management (1.7%)
• Total GIIPS exposure incl. private sector assets stands at below 3.2% of total assets
• Roughly two thirds of the group's exposure to Italian government bond exposure is held by Italian subsidiary HDI Assicurazioni S.p.A.
• Majority of "Italy" exposure in financials and covered bonds stems from non-Italian subsidiaries of Italian banks
• 85% of Spanish banking exposure relates to Spanish covered bonds. €122m of these are issued by non-Spanish subsidiaries of Spanish banks under UK law

Exposure to GIIPS sovereigns accounts for less than 1% of total assets

Net investment income

Net investment income Talanx Group

S €m IFR ,	Q 4 2 01 2	Q 4 2 01 1	Δ	FY 20 12	FY 20 11	Δ
Or din in stm t ary ve en inc om e	80 0	74 9	% +7	3, 16 5	2, 93 8	+8 %
"th f c t in stm t ere o urr en ve en inc fro inte t" om e m res	3 75	69 8	+8 %	2, 92 7	2, 73 4	% +7
"th f p fit /lo fro ere o ro ss m sh s i cia ted are n a sso ies " co mp an	3	( 4)	n.a	7	-	n.a
Re alis ed t g ain ne s o n inv est nts me	124	107	+1 6%	37 2	30 9	+2 0%
"W rite /w rite -do -up s wn s o n inv " est nts me	( 44 )	( 9 )	( 38 3% )	( 75 )	( 112 )	+3 3%
"U alis ed ain /lo t g nre ne s sse s in ts" stm on ve en	52	39	+3 5%	182	( ) 30	n.a
Inv est nt me ex p en se s	( 59 )	( 56 )	( 5% )	( 180 )	( 149 )	+2 1%
fro inv "In tm ts co me m es en de t" un r o wn m an ag em en	87 4	82 9	+5 %	3, 46 4	2, 95 6	+1 7%
Inc e f in stm t om rom ve en ntr ts co ac	3	0	n.a	8	0	n.a
"In t in fu nd ter es co me on s wi thh eld d c tra ct an on de its " p os	10 1	81	5% +2	32 3	30 6	+6 %
To tal	97 8	91 0	% +7	3, 79 5	3, 26 2	+1 6%

Comments

• Return on investment of 4.2% in Q4 2012 only marginally below the 4.3% achieved in FY 2012
• Ordinary investment income makes up 92% of the income from investment under own management
• This is in line with the contribution from ordinary investment income reached in FY 2012 in total
• Unrealised gains in Q4 2012 were boosted by €17m from inflation swaps and €6m in ModCo derivatives in Reinsurance (FY 2012: €28m and €52m, respectively)

Robust investment yield over time

21

Unrealised net gains on investments as well as ordinary investment income as driving factors

Equity and capitalization – Solid equity baseII

Optimized capital structure (€bn)

• Shareholders' equity up by more than €2bn in FY 2012 on the back of the capital increase from the IPO, the high level of earnings achieved in thefull-year and on positive valuation effects
• In addition, off-balance sheet reserves have gone up by more than €1.6bn in FY 2012
• Successful issuance of a €750m senior unsecured bond by Talanx AG in February 2013 targeted to replace existing internal funding
• Ratio of goodwill to shareholders' equity remains at a moderate level of ~15%

Significant improvement in equity capital position

∆market value vs. book value

Talanx's off-balance sheet reserves stand at above €4.3bn end of December 2012

IIIOutlook 2013

Results Presentation FY 2012, 21 March 201324

Outlook for Talanx Group 2013 - updated

G W i P i t t r o s s r e n r e m u m	≥ 4 % +
I d i l L i t n s r a n e s • u R i l G t • e a e r m a n y R i l I i l t t t e a n e r n a o n a • N L i f R i • o n- e e n s u r a n c e i f i L d H l h R t e a n e a e n s u r a n c e •	4- 6 % + ~ f l t a 1 7- 2 0 % + ~ 3- 5 % + ~ 5- 7 % + ~
i R t t t e u r n o n n v e s m e n	3. 5 % ~
G i t r o u p n e n c o m e	€ 6 5 0 m >
R i t t e r n o n e q u u y	9 % >
D i i d d i t t v e n p a y o u r a o	3 5- 4 5 % t t a r g e r a n g e

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

APPENDIX: Key financials – FY 2012

	I d i l L i t n u s r a n e s			R i l G t e a e r m a n y			R i l I i l t t t e a n e r n a o n a
€m I F R S ,	F Y 2 0 1 2	F Y 2 0 1 1	C ha ng e	F Y 2 0 1 2	F Y 2 0 1 1	C ha ng e	F Y 2 0 1 2	F Y 2 0 1 1	C ha ng e
P & L
Gr i ium t te os s w r n p re m	3, 2 5 7	3, 1 3 8	1 4 % +	6, 8 2 9	6, 1 0 7	2 % +	3, 2 6 0	2, 4 8 2	3 1 % +
Ne ium d t p re m e ar ne	1, 6 0 8	1, 3 7 5	1 % 7 +	0 1 5, 5	4 6 1 5,	1 % +	2, 6 2 1	1, 8 6 2	4 1 % +
Ne de i ing l t u t t n rw r re su	9 7	1 5 5	( 4 9 % )	( 1, 4 2 4 )	( 1, 2 8 ) 5	1 3 % +	3	( 4 2 )	n.a
Ne inv inc t tm t es en om e	2 4 6	2 0 4	2 1 % +	1, 6 2 1	1, 3 0 5	6 % +	2 8 1	1 9 5	% 7 7 +
Op ing l ( E B I T ) t t er a re su	2 9 5	3 2 1	( 2 0 % )	9 8	1 1 0	( 1 1 % )	1 0 7	5 5	9 6 % +
Ne inc f ino i ies t te t om e a r m r	1 5 7	2 0 4	( 2 3 % )	1 1 9	6 9	2 % 7 +	4 2	3 9	6 % +
Ke io t y ra s
Co b ine d io l i fe t m ra no n- ins d ins ur an ce a n re ur an ce	9 5. 1 %	8 8. 6 %	6. 5 % ts p	1 0 0. 6 %	1 0 1. 6 %	-1 0 % ts p	9 6. 2 %	9 9. 3 %	-3 1 % ts p
Re inv tu tm t rn on es en	3. 7 %	3. 1 %	0. 6 % ts + p	4. 2 %	4. 1 %	0. 1 % ts + p	6. 1 %	4. 7 %	1. 4 % ts + p

Note: Differences due to rounding may occur.

APPENDIX: Key financials – FY 2012 (continued)

	N L i f R i o n- e e n s r a n c e u		L i f d H l h t e a n e a i R e n s u r a n c e			G r o p u
S €m I F R ,	F Y 2 0 1 2	F Y 2 0 1 1	C ha ng e	F Y 2 0 1 2	F Y 2 0 1 1	C ha ng e	F Y 2 0 1 2	F Y 2 0 1 1	C ha ng e
P & L
Gr i ium t te os s w r n p re m	7, 7 1 7	6, 8 2 6	1 3 % +	6, 0 5 8	5, 2 7 0	1 5 % +	2 6, 6 5 9	2 3, 6 8 2	1 3 % +
Ne ium d t p re m e ar ne	6, 8 5 4	5, 9 6 1	1 5 % +	5, 4 2 6	4, 7 8 9	1 3 % +	2 1, 9 9 9	1 9, 4 5 6	1 3 % +
Ne de i ing l t u t t n rw r re su	2 7 3	( ) 2 6 4	n.a	( ) 3 6 4	( ) 2 8 1	( ) 3 0 %	( ) 1, 4 3 3	( ) 1, 6 9 0	1 5 % +
Ne inv inc t tm t es en om e	9 8 2	8 8 0	1 2 % +	6 8 4	5 1 2	3 4 % +	3, 7 9 5	3, 2 6 2	1 6 % +
Op ing l ( E B I T ) t t er a re su	1, 1 3 4	6 3 8	7 8 % +	2 8 2	2 1 3	3 2 % +	1, 6 0 7	1, 2 3 8	4 2 % +
Ne inc f ino i ies t te t om e a r m r	3 2 5	2 2 2	4 7 % +	1 0 8	8 7	2 4 % +	6 3 0	5 1 5	2 2 % +
Ke io t y ra s
Co b ine d io l i fe t m ra no n- ins d ins ur an ce a n re ur an ce	9 5. 8 %	1 0 4. 2 %	-8 4 % ts p	---	---	---	9 6. 4 %	1 0 1. 0 %	-4 % 7 ts p
Re inv tu tm t rn on es en	4. 1 %	4. 1 %	0. 0 % ts + p	5. 5 %	3. 5 %	2. 0 % ts + p	4. 3 %	4. 0 %	0. 3 % ts + p

Note: Differences due to rounding may occur.

APPENDIX: Q4 2012 results – GWP of main risk carriers

R i l G t e a e r m a n y
G S W P, €m I F R ,	Q 4 2 0 1 2	Q 4 2 0 1 1	ha c ng e
fe No l i Ins n- ur an ce	2 1 4	1 7 8	2 0 % +
1 G H D I Ve ic he A rs run g	1 8 6	1 6 6	1 2 % +
i fe L Ins ur an ce	1, 5 6 0	1, 5 2 5	2 % +
G H D I Le be ic he A ns ve rs run g	7 1 5	7 0 0	2 % +
2 le be Le be ic he A G ne ue n ns ve rs run g	3 4 3	4 0 9	( 1 6 % )
T A R G O Le be ic he A G ns ve rs run g	2 2 1	1 7 8	2 4 % +
3 P B Le be ic he A G ns ve rs run g	2 1 4	6 2 4	( 6 6 % )
3 P B V Le be ic he A G ns ve rs run g	0	( 4 2 ) 7	( 1 0 0 % )

To l ta	1, 7 7 4	1, 7 0 4	4 % +

Entity results from Sept 2012 merger of HDI Direkt Versicherung AG and HDI-Gerling Firmen und Privat Versicherung AG

• 2Talanx ownership 67.5%
• PB Leben and PBV Leben have been merged in 2011
• Includes HDI Asekuracja TU S.A., Poland; Talanx ownership of 75.0%
• 5Talanx ownership 50% + 1 share

Numbers for main carriers represent data entry values.

i i R l I l t t t e a n e r n a o n a
G S W P, €m I F R ,	Q 4 2 0 1 2	Q 4 2 0 1 1	ha c ng e
No l i fe Ins n- ur an ce	6 9 9	5 2 6	3 3 % +
H D I Se S. A. Br i l g uro s az ,	2 3 4	2 1 3	1 0 % +
4., S. T U i R W ta A Po lan d ar	1 9 8	6 3	n.a
5., S. T U Eu A Po lan d rop a	3 0	0	n.a
S. ( C ) H D I As icu ion i A. I ly P & ta s raz p. ,	9 1	8 7	+5 %
H D I Se S. A. De C. V. Me ico g uro s x ,	2 7	2 2	2 3 % +
Me l i Me ico ( P & C ) tro tan p o a, x	9	0	n.a
H D I S ig A. Ş. Tu ke ta or r y ,	5 0	2 9	+7 2 %
L i fe Ins ur an ce	3 3 0	1 8 2	8 1 % +
T U W Zy ie S. A. Po lan d ta ar c ,	9 1	n.a	n.a
5, T U Eu Po lan d rop a	8 1	0	n.a
5 Op L i fe en	6	0	n.a
H D I As icu ion i S. A. I ly ( L i fe ) ta s raz p. ,	8 3	6 5	4 8 % +
To l ta	1, 0 2 9	7 0 7	4 5 % +

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 allcompanies 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 21 March 2013. 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.