Talanx AG — Investor Presentation 2012

Nov 15, 2012

Post Q3-Roadshow November/December 2012

Herbert K. Haas, CEODr. Immo Querner, CFO

Talanx re-opened the German IPO market ^I

• Largest German IPO since March 2010
• Successful IPO despite difficult market backdrops
• Well-received equity story
• Secured high quality investor base
• Fairly priced to promote healthy after market trading

Long-onlyinvestors65%PWM + Retail 18%Hedge Fonds17%Split by investor *)*) as of 2 October 2012+8.4%-1.7%+2.6%€ 17.50 € 18.00 € 18.50 € 19.00 € 19.50 € 20.00 € 20.50 01-Oct-2012 08-Oct-2012 15-Oct-2012 22-Oct-2012 29-Oct-2012 05-Nov-2012Talanx Eurostoxx 600 InsuranceDAX

Share price (indices rebased to Talanx)

4Post Q3-Roadshow, November/December 2012

Our corporate identity

Our Vision

Talanx is the leading global B2B insurance group.

Our Mission

Optimised cooperation between our divisions enables us to take advantage of promissing opportunities wherever they arise on the global insurance markets – to the benefit of all our stakeholders.

Our IPO Story

A leading German insurer with a unique global growth story and an excellent risk / return profile.

5Post Q3-Roadshow, November/December 2012

Key investment highlights

Key investment highlights

Global insurance group with leading market positions and strong roots in Germany

Ranking of German insurers

German insurers by global GWP (2011, €bn)

Ranking of European insurers

European insurers by global GWP (2011, €bn)

¹ Cumulated individual financial statements

2 Source press announcement for 2011 (as well as 2010 for Signal Iduna)

3 Without discontinued operations in 2011

⁴ Figure of 2010

Source: Based on data of "Benchmarking of selected insurance companies" analysis by KPMG AG, 19 July 2012

Third largest German insurance group with leading positions in Europe

Global insurance group with leading market positions and strong roots in Germany (continued) ¹

¹ 2011 gross written premium adjusted for Talanx's 50.2% stake in Hannover Re

[ ]Talanx is an integrated international insurance group, anchored in Germany, running a multi-brand approach

Global insurance group with leading market positions and strong roots in Germany (continued)

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	R i e n s u r a n c e
Le d ins f c ho ice a ur er o Ex ly ho tre tro me s ng me ke i ion i.e lea d t p t ma r os , da i h m te t t ma n s w os Ge D A X ies rm an co m p an d s i ion i h tro t t an ng p os w Ge M i ls d t te ta rm an n B lue h ip l ien ba in t c c se Eu ro p e fo De lop ing lo ba l in tp t ve g o r i h e i ing ia l t t te t xc p o n w S inc tra te to g re as e y ion te t re n	H ig h ly f fe ive k o f t tw e c n e or d is i bu ion tr t tn p ar er s Ma ke lea de in t r r ba nc as su ra nc e Ma ke lea de in loy t r r em p ee f f in i bu ine ty a s ss Le d ing i de f a p rov r o ion lu ion te t co rp or a p en s so s Inv ie l d tm t y es en bs ia l ly bo ta t su n a ve a ve ra g e Ge fe in l i te g ua ra n es rm an ier ca rr s	Fo d e C E E to cu se xp os ur e ( d La Am # 2 ins in t an ur er 1, Po lan d # 6 in Br i l ian az 2) to mo r A ive f o ic t tra t te c ra s o rg an h t g row Ex ien d de i in te p er ce un rw r r to mo r Fo d M & A k r d tra cu se c ec or	/ N L i f L i f H l h t o n- e e e a Ha Re l d # 3 nn ov er wo r – 3 ins by G W P re ur er W l l d ive i f ie d be tw e rs ee n l i fe /n -l i fe d on an h ica l ly g eo g ra p Co is ly te t t s to ns n am on g s ec r 4 lea de f i b i l i ta ty rs on p ro Su ior de i ing kn t p er u n rw r ow ho w

¹ Combined ranking based on 2011 data of Polish regulator as per local GAAP

² According to Siscorp based on local GAAP

3 Based on A.M. Best ranking (September 2012)

⁴ Based on S&P ranking by average RoE 2002-2010 and also number 1 by average RoE as per KPMG AG ("Benchmarking of selected European insurance companies 07-2011")

Integrated insurance group with leading market positions in all segments

Key investment highlights

B2B competence allows business integration across all divisions and enhances profitability

¹ Distribution via B2B channels (IFAs/brokers and bancassurance) in percent of total APE 2011

² Samples of clients/partners

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

B2B competence allows business integration across all divisions and enhances profitability (continued)²

Enhanced business activity and efficiency through close cooperation and best-practice approach across all segments

Key investment highlights

Sophisticated underwriter with low gearing to market risk

¹ Net claims expenditure including other technical income (net) in percent of net premium earned

Industry leading underwriting expertise combining local market expertise, sophisticated risk evaluation and central risk management

Sophisticated underwriter with low gearing to market risk(continued)

Talanx Group

¹ Figures show risk categorisation, in terms of solvency capital requirements, of the Talanx Group after minorities, after tax, post diversification effects as of 2011

• 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
• ⁴ Solvency capital requirement and capital adequacy ratio for 99.5% VaR, after minorities, group view

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

Key investment highlights

Proven earnings resilience demonstrates attractive risk-return profile

¹ Net income of Talanx after minorities, after tax based on restated figures as shown in annual reports; 2001–2003 according to US GAAP, 2004–2011 according to IFRS

² Adjusted on the basis of IAS 8

Source: Annual reports of Talanx Group and Hannover Re Group

Robust cycle resilience due to diversification of segments

Proven earnings resilience demonstrates attractive risk-return profile (continued)

Key investment highlights

Earnings momentum driven by defined cost efficiencies, focused international growth and increased retention⁵

Specific on-going projects in Retail Germany

P j t r o e c s	"F k " o u s	"W I R "	"T O P "
O b j i t e c v e s	C f h i t t u s o m e r o c u s o a c e v e i h t t s r o n g e r o r g a n c g r o w / E b l i h f l t t t s a s m e n o c e n r a b k- f f i f i t a c o c e n c o n s u S l i i f i t t r e a m n n g o o p e r a o n s h i d i t t t o a c e v e c o s r e u c o n s	f "R E b l i h i l t t t s a s m e n o e a G " t e r m a n a s a s e p a r a e y b i t s n e s s s e g m e n u S h i h d i i i t t t r e n g e n n g e v s o n d i f t t a n s c u s o m e r o c u s S b i l i t t t u s a n a c o s s a v n g s h h f- h t t t t t r o u g s a e- o e- a r f k l o r o p r o c e s s e s w w O C P & i i h t n e c a r r e r n e f t r e u u	f E b l i h I T t t s a s m e n o a n i i d f s e r c e p r o e r o r v v l i i I T i t c e n r a s n g s e r c e s v G i h i h f t t w n e r o u p o r G e r m a n y S b i l I T i i i t t t t u s a n a o p m s a o n i i i i t t n a v e f D l t e e o p m e n o s n e r g v y y i l d i i i t t t t p o e n a s a n o p m s a o n f f i l I T l o p r o e s s o n a s p p u y
S Y E 2 0 1 1 t t a s u	( F l l i l d i l. t m p e m e n e n c u y ) d d r e n a n c p r o g r a m m e u y ; f l l l d f t 2 0 1 4 u r u n- r a e p a n n e o r	K i j t t t e r e s r c r n g p r o e c s y u u / f f d h t t s a r e o n e- o c a r g e s d l d t a e q u a e y r e s e r v e	N d i t e s s e m p a n r n n n g w y u u ; f k b l k b i e o c s o s n e s s y u f l l i d t s u c c e s s u y m g r a e
i M d- t t e r m c o s 1 i i l t t s a v n g s p o e n a	€ 2 5 m ~	€ 1 4 0 m ~	€ 8 0 m ~

¹ Based on 2009 cost base; pre-tax savings, before policyholder attribution; additional cost savings potential has been identified besides programs mentioned

Mid-term cost saving potential of approx. €245m¹ p.a. has been identified — approximately 28% of which realised by year-end 2011, with full realisation expected by 2016

Earnings momentum driven by defined cost efficiencies, focused international growth and increased retention (continued)

Recent growth track record (by GWP)²

Note: Calculation based on respective accounting standards used in respective years. Accounting standards may have changed over periods analysed

1 Without discontinued operations in 2011

Source: Based on data of "Benchmarking of selected European insurance companies" analysis by KPMG AG as of 27 April 2012

2 Compared to GWP in previous year

Fastest growing major European insurance group over the past 15 years, predominantly driven by organic growth

Earnings momentum driven by defined cost efficiencies, focused international growth and increased retention (continued)⁵

32¹ Based on 2011 data of Polish regulator as per local GAAP² Includes Open Life3 Operations of HDI-Gerling Zycie and HDI-AsekuracjaSource: KNF based on local GAAPCombined(incl. deposit premiums)31.6%17.6%8.3%7.4%6.9%6.4%5.9%4.8%2.9%PZUERGOVIGAllianzAviva…

Combined 2011 market share in Poland by GWP

Now #2 Polish Insurance Group¹ Poland is the largest market in CEECEE insurance markets by GWP 2011

Note: CEE insurance market defined as CEE and Turkey; excluding Russia, total premiums of \$57.1bn as of 2011Source: Swiss Re Sigma (3/2012)

Poland, the largest market in CEE, has become Talanx's second home market

Key investment highlights

Solid capitalisation enhanced by diversification benefit embedded in business model –Regulatory Capital

Talanx has extensive experience in innovative capital management As of 31 Dec 2011, available funds include €1.5bn of subordinated debt2, of which €300m provided by Meiji Yasuda Life (the latter will be converted into equity at IPO price) Goodwill of €867m as of 30 June 20123 (out of total shareholders' equity of €6.1bn) Successful issue of €500m new hybrid in April 2012 to partially refinance callable bonds (2014/2015)

€204m (nominal) buy-back of legacy outstanding hybrid bonds in July 2012

¹ 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)

² €1.5bn of the Group's total subordinated debt (€2.6bn) are eligible for Solvency I capital (after accounting for minority interest and capped by regulatory thresholds)

3 As reported in the 1H 2012 report before Warta acquisition

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

Solid capitalisation enhanced by diversification benefit embedded in business model –Economic Capital

Economic capital adequacy

(As of 31.12.2011, €bn, after minorities)

¹ Own funds under TERM calculation

² Solvency capital requirement and capital adequacy ratio for 99.97% VaR, after minorities, group view

3 Solvency capital requirement and capital adequacy ratio for 99.5% VaR, after minorities, group view

Economic capital adequacy comfortably above AA rating level, with sufficient buffer for volatility andregulatory developments

Comments Internal model ('TERM') calculated since 2009 Target of 99.97% VaR which is assumed to be comfortable above AA rating level Model takes shareholder perspective and allows full reconciliation with single entity IFRS equity Other key features Path identical approach Bottom-up correlation modelling A frontrunner among German insurance groups with an advanced internal Solvency II model

Solid capitalisation enhanced by diversification benefit embedded in business model –Ratings Capital

	S ta da d n r	& Po 's or	A. M	Be t s
	Gr de a	Ou lo k t o	Gr de a	Ou lo k t o
1 Ta lan Gr x ou p			A	S b le ta
2 Ta lan Pr im Gr x ary ou p	A+	S b le ta
3 Ha Re bg nn ov er su rou p	A A–	S b le ta	A+	S b le ta

Current financial strength ratings

S&P rating of Talanx Primary Group

• ¹ 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"
• ² This rating applies to the core members of Talanx Primary Group (the subgroup of primary insurers in Talanx Group); see description on the right side
• 3 This rating applies to Hannover Re and its major core companies. The Hannover Re subgroup corresponds to the Talanx Group Reinsurance segment

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

Key investment highlights

Shareholder value-based targets delivered by best-in-class management team

Combination of long term Talanx¹ veterans with leading outside talent recently brought in from main competitors and an entrepreneurial corporate culture drive maximisation of shareholder value

¹ Or predecessor firms

Shareholder value-based targets delivered by best-in-class management team (continued)

Value based management on track to be fully implemented within Group

Key investment highlights

Q3 2012 results – Key messages

Increase in 9M 2012 group income primarily driven by improved technical result and higher net investment income

Shareholders' equity up 21% ytd to ~ €6.6bn (before capital hike from listing in October)

Material increase in off-balance sheet reserves to ~€4.4bn (year-end 2011: ~€2.7bn)

Warta transaction closed on 1 July and first-time consolidated in Q3 2012

Warta upgraded from "BBB+" to "A" by Standard & Poor's (July 2012)Hannover Re upgraded from "A" to "A+" by A.M. Best (Sept 2012)S&P confirms Insurer Financial Strength Rating of Talanx Primary Group (A+/stable). ERM rated "strong" (Sept 2012)

Group – Key financials

Summary of 9M 2012

€m I F R S ,	9 M 2 0 1 2	9 M 2 0 1 1	C ha ng e
Gr i ium t te os s w r n p re m	1 9, 8 4 7	1 7, 8 4 3	1 1 % +
Ne ium d t p re m e ar ne	1 5, 8 5 1	1 4, 2 1 6	1 2 % +
Ne de i ing l t u t t n rw r re su	( ) 1, 1 4 6	( ) 1, 3 6 6	n.a
Ne inv inc t tm t es en om e	2, 8 1 7	2, 3 5 2	2 0 % +
Op ing l ( E B I T ) t t er a re su	1, 3 1 2	7 1 8	8 3 % +
Ne inc f ino i ies t te t om e a r m r	5 4 9	3 2 7	6 8 % +
Ke ios t y ra	9 M 2 0 1 2	9 M 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 1 % 7.	1 0 2. 0 %	-4 9 % ts p
1 Re inv tu tm t rn on es en	4. 3 %	3. 8 %	0. 5 % ts + p
Ba lan he t ce s e	M 9 2 0 1 2	F Y 2 0 1 1	C ha ng e
Inv d. tm ts t. es en un ow n m g m	8 3, 2 0 0	7 5, 7 5 0	1 0 % +
Go dw i l l o	1, 1 5 3	6 9 0	6 7 % +
To l a ta ts ss e	1 2 8, 5 5 9	1 1 5, 2 7 3	1 2 % +
Te hn ica l p is ion c rov s	8 9, 7 3 3	8 3, 1 1 8	8 % +
To l s ha ho l de ' i ta ty re rs eq u	1 0, 6 2 7	8, 6 9 4	2 2 % +
S ha ho l de ' i ty re rs eq u	6, 5 7 2	5, 4 0 9	2 2 % +

1 Annualised

34

Note: Differences due to rounding may occur.

Comments

• Double-digit growth in gross written premium and in net premium earned
• Strong rise in net investment income reflecting both an increased return on investment as well as a larger asset base
• Materially improved technical result despite policyholder participation in net investment income
• Combined ratio down 4.9%pts to 97.1%
• Bottom-line result benefits from low tax rate of below 19% in 9M 2012

Ability to translate top-line growth into strong bottom-line momentum

Group – Key financials

Summary of Q3 2012

€m I F R S ,	Q 3 2 0 1 2	Q 3 2 0 1 1	C ha ng e
Gr i ium t te os s w r n p re m	6, 2 6 4	5, 4 2 1	1 6 % +
Ne ium d t p re m e ar ne	5, 5 5 6	4, 8 2 6	1 5 % +
Ne de i ing l t u t t n rw r re su	( ) 4 5 2	( ) 2 1 7	n.a
Ne inv inc t tm t es en om e	1, 0 6 8	7 1 3	5 0 % +
Op ing l ( E B I T ) t t er a re su	4 5 9	2 8 9	5 9 % +
Ne inc f ino i ies t te t om e a r m r	1 9 6	1 1 4	7 2 % +
Ke ios t y ra	Q 3 2 0 1 2	Q 3 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 % 5.	9 1. 9 %	3. % 5 ts + p
1 Re inv tu tm t rn on es en	4. 8 %	3. 4 %	1. 4 % ts + p
Ba lan he t ce s e	Q 3 2 0 1 2	Q 4 2 0 1 1	C ha ng e
Inv d. tm ts t. es en un ow n m g m	8 3, 2 0 0	7 5, 7 5 0	1 0 % +
Go dw i l l o	1, 1 5 3	6 9 0	6 7 % +
To l a ta ts ss e	1 2 8, 5 5 9	1 1 5, 2 7 3	1 2 % +
Te hn ica l p is ion c rov s	8 9, 7 3 3	8 3, 1 1 8	8 % +
To l s ha ho l de ' i ta ty re rs eq u	1 0, 6 2 7	8, 6 9 4	2 2 % +
S ha ho l de ' i ty re rs eq u	6, 5 7 2	5, 4 0 9	2 2 % +

1 Annualised

Note: Differences due to rounding may occur.

Comments

• Strong growth momentum in gross written premium and net premium earned
• Decline in net underwriting result largely driven by a negative base effect from Q3 2011
• Even higher EBIT momentum on the back of excellent net investment income
• Net income additionally boosted by a positive Q3 tax effect: intended merger of legal entities within Retail Germany in Q4 2012 allows for the capitalisation of €280m tax losses carry forward, leading to a gross tax revenue of €84m in Q3

Strong top- and bottom-line momentum continues in Q3 2012

P&L – GWP and EBIT trend

• Q3 2012 result improved on top-line and on bottom-line level
• Adjusted for acquisition growth, GWP grew by well above 10% in Q3 2012
• EBIT in 9M 2012 has already surpassed the FY2011 level by ~6%

Post Q3-Roadshow, November/December 2012

P&L – Combined ratio

Development of net combined ratio

Combined ratio by segment/selected carrier

	Q 3 2 0 1 2	Q 3 2 0 1 1
In du ia l L ine tr s s	9 5 % 7.	6 1. 0 %
Re i l Ge ta rm an y	9 0. 1 %	1 0 1. 1 %
Re i l In ion l ta ter t na a	9 6. 1 %	9 9. 8 %
H D I Se S. A. Br i l g uro s az ,	9 6. 1 %	9 9. 8 %
Se S. H D I A. Me ico g uro s x ,	8 7. 3 %	9 3. 0 %
S. T U i R W ta A. Po lan d * ar ,	7 8. 8 %	--
T U Eu S. A. Po lan d * rop a ,	1 0 2. 1 %	--
H D I As ku j T U S. A. Po lan d e rac a ,	1 2 1. 3 %	9 3. 4 %
H D I S ig A. Ş. Tu ke ta or r y ,	1 2 0. 9 %	1 3 5. 6 %
S. H D I As icu ion i A. I ly ta s raz p. ,	9 8. 1 %	9 6. 8 %
No L i fe Re ins n- ur an ce	9 5. 8 %	9 5. 1 %

* TU Europa transaction closed on 1 June 2012; Warta on 1 July 2012

Net combined ratio for Talanx Group remains well below 100%

37

Substantial decline in major losses (net)

( €m )		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 0. 7		1 0. 7
S U S A tor m	Ma h 2 – 3 rc		6. 1	6. 1
Ea hq ke I ly ( I ) t ta r ua	Ma 2 0 y		4 0. 7	4 0. 7
( ) Ea t hq ke I ta ly I I r ua	2 9 Ma y	6. 7	1 8. 3	2 5. 0
Dr h U S A t au g	Ju ly		4 9. 2	4 9. 2
Ty ho "H i ku i ", p on a Ta iwa n	2 Au t g us		1 2. 5	1 2. 5
Hu ica "Is ", U S A rr ne aa c	Au 2 4 – 3 1 t g us		1 1. 4	1 1. 4
To l Na Ca ta t t		1 7. 4	1 3 8. 2	1 5 5. 6
Co Co d ia ta s nc or	Ja 1 3 nu ary		3 8. 2	3 8. 2
C he is k Ma l try m p ar r	Ma h 3 1 rc	1 3. 2		1 3. 2
F ire / Pr ty op er		1 9. 4		1 9. 4
Tr t an sp or			1 6. 6	1 6. 6
To l o he lar ta t r g e los se s		3 2. 6	5 4. 8	8 4 7.
To l m j los ta a or se s		5 0. 0	1 9 3. 0	2 4 3. 0
Im Co b ine d t o p ac n m	Ra io t			2. 8 %p ts

• This compares with €860m in 9M 2011
• Impact on combined ratio decreases from 11.3%pts in 2011 to 2.8%pts in 2012
• Q3 2012 major loss events only in Reinsurance

Net burden from major losses of €243m in 9M 2012

Segments – Industrial Lines

P&L for Q3 results

€m I F R S ,	Q 3 2 0 1 2	Q 3 2 0 1 1	ha c ng e
Gr i ium t te os s w r n p re m	6 0 2	5 5 0	1 0 % +
Ne ium d t p re m e ar ne	4 0 0	3 6 7	9 % +
Ne de i in l t u t t n rw r g re su	1 1	1 4 3	( 9 3 % )
Ne inv inc t tm t es en om e	6 8	2 8	1 4 3 % +
Op in l ( E B I T ) t t er a g re su	5 4	1 0 8	( 5 0 % )
Gr inc t ou p ne om e	3 5	8 5	( ) 5 9 %
Re inv tu tm t rn o n es en ( l ise d ) an nu a	4. 0 %	1. 7 %	2. 3 % ts p +

Comments

• Strong top-line momentum both on 9M (+11% y/y) as well as on quarterly level (+10% y/y)
• Favourable premium momentum continues in Q3 2012, with special momentum from fire, liability and fleet business
• Target to increase self-retention with capital raised from the IPO to lever organic growth potential
• Dublin-based captive Talanx Reinsurance prepared to expand business. A.M. Best just assigned a "A" Financial Strength Rating
• Combined ratio over the first nine months 2012 at an excellent 94.3%

Strong organic growth momentum backed by favourable trend in various lines

39

Segments – Retail Germany

P&L for Q3 results

€m I F R ,	S			Q 3 2	0 1 2	Q 3 2	0 1 1	c	ha ng e
Gr os s w	i t te r n p re	ium m		1, 5	4 0	1, 4	8 2		4 % +
O f w h	fe ic h L i			1, 2	6 9	1, 2	0 2		6 % +
O f w h	ic h No L n-	i fe		2	1 7	2	8 0		( 3 ) %
Ne t p re	ium m e ar	d ne		1, 2	9 8	1, 2	9 4		0 % +-
Ne t u n	de i in t rw r	l t g re su		( 4 1	) 1	( 3	5 ) 7		n. a.
O f w h	ic h L i fe			( 4	) 4 8	( 3	) 7 0		n.a
O f w h	ic h No L n-	fe i			3 7		( ) 5		n.a
Ne inv t	tm t es en	inc om e		4	2 3	3	8 5		1 0 % +
Op t er a	in l g re su	( ) E B I T t		( 1	) 1		( ) 2		n. a.
Gr ou p	inc t ne om	e			5 5		1 0		4 3 6 % +
Re tu rn ( l an nu a C b o m	inv o n es ise ) d i d n e r a	tm t en i * t o		4.	3 %	4.	1 %	0. +	2 % ts p
9 9 %	1 0 5 %	1 0 1 %	1 0 1	%		1 0 5 %	1 1 2	%	9 0 %
71 %	69 %	64 %	66	%		68 %	75	%	58 %
28 %	36 %	37 %	35	%		37 %	36	%	32 %
Q 1 2 01 1	Q 2 2 01 1	Q 3 2 01 1	Q 4 2	01 1		Q 1 2 01 2	Q 2 2	01 2	Q 3 2 01 2
		Ex p en se	io rat	Lo ss	io rat
*in cl. t ne	inte inc t res	fu nd om e on	wit hh s	eld d c an	tra on	de ct p os	its

Comments

• Retail Germany fully in line with target to achieve a flat top-line result in FY2012
• Material improvement in Q3 combined ratio offsets special effects from H1 2012
• Merger of two German P&C entities into HDI Versicherung AG was decisive step to streamline product offering and processes and raise efficiency
• ZZR forecast at ~€290m (HGB) for FY 2012 (FY2011: €112m). PVFP impairment of ~€30m post taxes taken under IFRS
• €83m reserve strengthening for the four German life carriers on the back of BGH court ruling on surrender values (FY2012 estimate fully taken in Q3 2012)

Decisive quarter to strengthen the segment and raise its efficiency

Status WIR: First milestones in implementation reached

Preparation Detailed design/planning Implementation Phase 1 Phase 2 Phase 3 t Basic agreement on restructuring paper achieved with group workers' council - Adoption of the social plan as a follow-up to the basic agreement- Major implementation milestones defined and synchronized between e.g. sales & back office- Implementation plan finalized -Decision about basic agreement, 24 Apr 2012Start implementation1 Jun 2012 Implementation started with first specific measures focused on HR and business premises- First on-site moves took place (Hamburg/Leipzig to Hannover, Dortmund/Düsseldorf to Essen) Detailed plan for consolidation of further locations in 2013: Mainz, Cologne, Munich to Essen, Berlin to Hannover Build-up of central scanning/ indexing in Hannover completed Concrete steps to raise efficiency and effectiveness of sales network Key objectives formulated - Establishment of "Retail Germany" as a separate business segment Strengthening the division and its customer focus Substantial cost savings through state-of-the-art workflow processes One single P&C carrier in the futureImplementation in 2012 on track, implementation plan 2013 started

WIR program implementation on track to deliver total ~€140m run-rate saving p.a. by 2016 (before taxesand policyholders' share). Fully on track to reach 2012 interim targets

II

Segments – Retail International

P&L for Q3 results

€m I F R ,	S			Q	3 2 0 1 2	Q 3	2 0 1 1	c	ha ng e
Gr os s w	i t te r n p re	ium m			8 9 7		5 8 0		5 5 % +
O f w h	ic h L i fe				2 5 6		1 4 3		7 9 % +
O f w h	ic h No L n-	fe i			6 4 2		4 3 7		4 7 % +
Ne t p re	ium m e ar	d ne			7 2 3		4 4 1		6 4 % +
Ne t u n	de i in t rw r	l t g re su			( ) 4		( ) 1 9		n. a.
O f w h	ic h L i fe				( 2 ) 7		( 1 9 )		n.a
O f w h	ic h No L n-	i fe			2 3		1		n.a
Ne inv t	inc tm t es en	om e			8 3		2 6		2 1 9 % +
Op t er a	in l t g re su	( E B I T )			2 3		( ) 7		n. a.
Gr ou p	inc t ne om e				8		( 6 )		n.a
Re tu rn ( l an nu a C b o m	inv o n es ise ) d i d t n e r a	tm t en i * o			7. 0 %		3. 1 %	3. +	9 % ts p
1 0 0 %	1 0 0 %	1 0 0 %	9	8 %		1 0 0 %	9 8	%	9 6 %
70 %	70 %	70 %	71	%		71 %	70	%	71 %
30 %	30 %	30 %	27	%		29 %	28	%	25 %
Q 1 2 01 1	Q 2 2 01 1	Q 3 2 01 1	Q 4 2	01 1		Q 1 2 01	Q 2 2 2	01 2	Q 3 2 01 2
		Ex p en se	io rat		Lo io rat ss
*in cl. ne	inte inc t t res	fu nd om e on	wit s	hh eld	d c tra an on	de ct p	its os

Comments

• Material improvement of top-line and technical result supported by recent acquisitions
• Organic gross written premium growth at midsingle digit percentage level
• Closure of Warta transaction on 1 July 2012 makes Talanx the second-largest player on the Polish P&C and life insurance markets
• Warta and TU Europa already make a sizeable contribution to the business in Q3, delivering some €270m in GWP and a material share of this quarter's EBIT
• Improvement in the segment's combined ratio continued in Q3 2012

Acquired companies play a significant part in boosting sales and profitability

42

Status Poland: Successful closing of both transactions II

TU Europa Joint acquisition by Talanx International and Meiji Yasuda closed on 1 June Talanx, Meiji Yasuda and Getin Holding have squeezed out remaining shareholders Stock delisted in October 2012Warta Acquisition by Talanx International from KBC closedon 1 July and subsequent transfer of 30% stake to Meiji Yasuda on 3 July Planned merger of existing HDI and Warta non-life businesses and integration of existing HDI life business into Warta Life well underway Transaction likely to trigger a higher final shareholding of Talanx in WartaTU EuropaWartaShareholding in Polish entitiesGetin Holding16.54%Meiji Yasuda33.46%Talanx 50.0%+ 1ShareTalanx 70.0%Meiji Yasuda30.0%Warta impact on Talanx Q3 2012:~€203m GWP contribution~double-digit €m EBIT contribution€271m goodwill

Highly attractive acquisitions make Talanx the No 2 player in the most important CEE market

IIStatus Poland: Implementation phase started for Warta

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 3 t 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 Warta Re-Branding -Next steps: Legal merger of the companies 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) 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

Segments – Non-Life Reinsurance

P&L for Q3 results

S €m I F R ,	Q 3 2 0 1 2	Q 3 2 0 1 1	ha c ng e
Gr i ium t te os s w r n p re m	1, 8 1 7	1, 6 6 7	8 % +
Ne ium d t p re m e ar ne	1, 7 1 4	1, 5 4 3	1 1 % +
i in Ne t u de t l t n rw r g re su	7 0	7 1	( ) 1 %
Ne inv inc t tm t es en om e	3 0 2	1 8 1	6 7 % +
( ) Op in l E B I T t t er a g re su	3 5 1	1 8 4	9 1 % +
Gr inc t ou p ne om e	1 0 8	6 4	6 9 % +
Re inv tu tm t rn o n es en ( ) l ise d an nu a	5. 0 %	3. 5 %	1. 5 % ts p +

Comments

• Strong GWP growth both on Q3 (+8% y/y) as well as on 9M 2012 level (+13% y/y); growth momentum from specialty lines, US and Asianproperty, European markets
• Net major losses of €193m ytd (3.8% of NPE) stand €550m below last year's level and €215m below budget
• Impressively increased net investment incomedespite low interest rate environment
• GWP growth target raised for 2012 to ~+8-9%

Segments – Life/Health Reinsurance

P&L for Q2 results

S €m I F R ,	Q 3 2 0 1 2	Q 3 2 0 1 1	ha c ng e
Gr i ium t te os s w r n p re m	1, 9 0 5	1, 3 4 4	1 8 % +
Ne ium d t p re m e ar ne	1, 4 2 0	1, 1 8 9	1 9 % +
Ne de i in l t u t t n rw r g re su	( 1 1 ) 7	( 3 ) 7	n. a.
Ne inv inc t tm t es en om e	2 0 1	9 9	1 0 2 % +
Op in l ( E B I T ) t t er a g re su	7 6	6 1	5 2 % +
Gr inc t ou p ne om e	2 9	2 0	4 6 % +
Re inv tu tm t rn o n es en ( l ise d ) an nu a	6. 4 %	1. 3 %	5. 1 % ts p +

EBIT (€m)

Comments

• Very strong top-line momentum: +18% y/y in 3Q 2012, +14% y/y in 9M 2012
• Momentum mainly from US, Australia, China and UK-longevity BATs
• Technical result impacted by less favourablemortality results in the US
• Net investment income affected by increase in assets under management; unrealised gainsfrom ModCo derivatives contributed €~35m in 3Q (9M: €46m)
• Low tax ratio due to good profitability of Irishand Bermudan subsidiaries
• GWP growth target raised for 2012 to ~+8-9% (previously: ~+5-7%)

Accelerated growth in life and health reinsurance

Investments – Breakdown of investment portfolio

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

High share of investments in highly rated fixed-income securities

Investments – Details on GIIPS exposure

Total GIIPS exposure manageable

€m	Gov nt b ond ern me s			Cor ate bo nds por
S e GIIP xpo sur e (30 Se pt 2 012 )	Sov ign ere	Sem i- Sov ign ere	Fina ncia l	Cor ate por	Cov d ere	Oth er	Tot al
Gre ece	3	-	-	-	-	-	3
Irela nd	243	-	19	34	157	175	628
Italy	636	-	419	269	949	-	2,27 3
Por al tug	26	-	-	3	7	-	36
Spa in	119	222	103	237	579	-	1,26 0
Tot al	1,02 7	222	541	543	1,69 2	175	4,2 00

Details on sovereign exposure in €m (30 Sept 2012)

Total: €1,026m (amortized cost), €1,027m (fair value)

Comments

• GIIPS sovereign exposure represents only 0.8% of total assets (Q2 2012: 0.9%), or 1.2% of assets under own management (1.3%)
• Total GIIPS exposure incl. private sector assets stands at well below 3.5% of total assets
• 63% 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
• More than 80% of Spanish banking exposure in Spanish covered bonds. €120m of these issued by non-Spanish subsidiaries of Spanish banks

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

Net investment income

Net investment income Talanx Group

€m I F R S ,	Q 3 2 0 1 2	Q 3 2 0 1 1	ha c ng e
ina inv inc Or d tm t ry es en om e	8 1 9	7 6 8	7 % +
f c t he t inv tm t inc reo urr en es en om e fro in ter t m es	7 4 6	7 0 2	6 % +
T he f p f i / los fro ha in t reo ro s m s res ia d c ies te as so c om p an	0	1	n.a
Re l ise d n ins inv t g tm ts a e a on es en	1 0 7	1 0 9	( ) 2 %
W i /w i do te- te- r up s r wn s o n inv tm ts es en	( ) 8	( ) 7 9	n.a
Un l ise d n ins / los t g rea e a se s o n inv tm ts es en	8 9	( 1 3 1 )	n.a
Inv tm t e es en xp en se s	2 3	3 3	( ) 3 0 %
Inc fro inv de tm ts om e m es en un r t ow n m an ag em en	9 8 4	6 3 4	5 5 % +
Inc fro inv tm t c tra ts om e m es en on c	3	0	n. a.
In inc fu ds i h he l d te t t res om e o n n w d c de i tra t ts an on c p os	8 2	7 9	4 % +
To l ta	1, 0 6 9	7 1 3	5 0 % +

Comments

• In 9M 2012, the 22% increase in income frominvestments under own management is primarilydriven by unrealised net gains on investments (43% contribution) and by a remarkable increase in ordinaryinvestment income (38% contribution)
• Write-downs have come down for each segment ytdgiven the market environment and risk-sensitiveinvestment strategy
• This is also reflected in the very low level of writedowns in Q3 2012

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

Equity and capitalization – Solid equity base

Optimized capital structure (€bn)

• Significant increase in shareholders' equity in 9M 2012 driven by €549m net income and unrealised (onbalance sheet) gains from investments
• In addition, off-balance sheet reserves, as shown on p. 27, up by nearly €1.7bn from FY 2011
• Successful buy-back of two selected hybrid bonds at a nominal amount of ~€204m settled in July 2012. Interest saving of ~€12m p.a. until first call date
• Goodwill rises by €463m ytd from acquisitions of Metropolitana in Q1 (€43m), TU Europa in Q2 (€134m) and Warta in Q3 (€271) to a still moderate level of €1,153m

Material improvement of Talanx's capital position even ahead of the IPO

50

Equity and capitalisation – Unrealised gains

Unrealised gains and losses (off and on balance sheet) as of 30 September 2012 (€m)

Talanx's off-balance sheet reserves stand at above €4.4bn end of September 2012

51

Forecast for Talanx Group 2012

i i G W P t t r o s s r e n r e m u m	€ 2 6 b n ~
I d i l L i t n s r a n e s • u	€ 3. 4 b n ~
R i l G t • e a e r m a n y	€ 6. b 7 n ~
i i R l I l t t t e a n e r n a o n a •	€ 3. 3 b n ~
N L i f R i o n- e e n s r a n c e • u	8- 9 % + ~
L i f d H l h R i t e a n e a e n s u r a n c e •	8- 9 % + ~
i R t t t e u r n o n n v e s m e n	4 % ~
i G t r o u p n e n c o m e	€ 6 0 0 m >
R i t t e r n o n e q u u y	l 1 0 % t c o s e o
i i i D d d d h d 3 5- f 4 5 % t t t t t t v e n p a y o u r a o a r g e r a n g e o w a r s e u p p e r e n o

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

Targets for Talanx Group 2013

G W i P i t t r o s s r e n r e m u m	€ b ≥ 2 7 n
i i I d l L t n u s r a n e s •	≥ 4 %
R i l G t e a e r m a n • y	≥ 0 %
R i l I i l t t t e a n e r n a o n a •	≥ 1 7 %
N L i f R i o n- e e n s r a n c e • u	3- 5 % + ~
L i f d H l h R i t • e a n e a e n s u r a n c e	5- % 7 + ~
R i t t t e r n o n n e s m e n u v	5 3. % ~
G i t r o u p n e n c o m e	€ 5 ≥ 6 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	5- 5 3 4 % 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 – 9M 2012

	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
S €m I F R ,	9 M 2 0 1 2	9 M 2 0 1 1	C ha ng e	9 M 2 0 1 2	9 M 2 0 1 1	C ha ng e	9 M 2 0 1 2	9 M 2 0 1 1	C ha ng e
P & L
Gr i ium t te os s w r n p re m	2, 8 4 9	2, 5 5 6	1 1 % +	5, 0 5 6	5, 0 0 6	1 % +	2, 2 3 1	1, 7 7 5	2 6 % +
Ne ium d t p re m e ar ne	1, 1 8 2	1, 0 9 5	8 % +	3, 9 0 8	3, 8 8 2	1 % +	1, 8 0 1	1, 3 5 9	3 3 % +
Ne de i ing l t u t t n rw r re su	6 9	7 4	( ) 7 %	( ) 1, 1 2 1	( ) 9 7 2	n.a	( ) 2 5	( ) 5 2	n.a
Ne inv inc t tm t es en om e	1 8 1	1 5 1	2 0 % +	1, 2 3 6	1, 1 4 9	8 % +	2 0 1	1 1 2	7 9 %
Op ing l ( E B I T ) t t er a re su	2 1 5	1 6 8	2 8 % +	6 4	1 1 1	( ) 4 2 %	7 5	1 6	3 6 9 % +
f Ne inc ino i ies t te t om e a r m r	1 3 6	1 2 5	9 % +	1 0 6	8 5	( ) 2 4 %	3 9	1 0	2 9 0 % +
io Ke 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 4. 3 %	9 3. 1 %	1. 2 % ts + p	1 0 2. 3 %	1 0 1. 8 %	0. % 5 ts + p	9 7. 8 %	9 9. 9 %	-2 1 % ts p
1 Re inv tu tm t rn on es en	3. 6 %	3. 0 %	0. 6 % +	4. 3 %	4. 1 %	0. 2 % ts + p	9 % 5.	4. % 5	1. 4 % +

1 Annualised

Note: Differences due to rounding may occur.

APPENDIX: Key financials – 9M 2012 (continued)

	N L i f R i o n- e e n s u r a n c e		L i f d H l h t e a n e a R i e n s r a n c e u			G r o u p
S €m I F R ,	9 M 2 0 1 2	9 M 2 0 1 1	C ha ng e	M 9 2 0 1 2	M 9 2 0 1 1	C ha ng e	9 M 2 0 1 2	9 M 2 0 1 1	C ha ng e
P & L
Gr i ium t te os s w r n p re m	5, 8 9 7	5, 2 2 1	1 3 % +	4, 3 9 9	3, 8 4 4	1 5 % +	1 9, 8 4 7	1 8 4 3 7,	1 1 % +
Ne ium d t p re m e ar ne	5, 0 1 8	4, 3 9 1	1 4 % +	3, 9 4 1	3, 4 8 7	1 3 % +	1 8 1 5, 5	1 4, 2 1 6	1 2 % +
Ne de i ing l t u t t n rw r re su	1 7 0	( ) 2 2 4	n.a	( 2 3 8 )	( 1 9 3 )	n.a	( ) 1, 1 4 6	( ) 1, 3 6 6	n.a
Ne inv inc t tm t es en om e	7 3 0	6 0 8	2 0 % +	4 8 6	3 5 0	3 9 % +	2, 8 1 7	2, 3 2 5	2 0 %
Op ( ) ing l E B I T t t er a re su	8 0 6	3 5 2	1 2 9 % +	2 1 5	1 4 7	4 7 % +	1, 3 1 2	7 1 8	8 3 % +
f Ne inc ino i ies t te t om e a r m r	2 5 5	1 3 4	9 0 % +	8 1	6 1	3 3 % +	5 4 9	3 2 7	6 8 % +
io Ke t ra s y
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 6, % 5	1 0 4. 9 %	-8 4 % ts p	---	---	---	9 7. 1 %	1 0 2. 0 %	-4 9 % ts p
1 Re inv tu tm t rn on es en	4. 1 %	3. 8 %	0. 3 % ts + p	5. 2 %	2. 9 %	2. 3 % ts + p	4. 3 %	3. 8 %	0. % 5 ts + p

1 Annualised

Note: Differences due to rounding may occur.

APPENDIX: Q3 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 3 2 0 1 2	Q 3 2 0 1 1	ha c ng e
No l i fe Ins n- ur an ce	2 7 1	2 8 0	( 3 ) %
1 H D I Ve ic he A G rs run g	2 3 5	2 3 3	1 % +
L i fe d He l h Re ins t an a ur an ce	1, 2 6 9	1, 2 0 2	6 % +
G H D I Le be ic he A ns ve rs run g	5 3 3	5 6 5	( ) 6 %
2 le be Le be ic he A G ne ue n ns ve rs run g	2 4 6	2 1 4	1 % 5 +
T A R G O Le be ic he A G ns ve rs run g	2 4 3	2 2 3	9 % +
3 P B Le be ic he A G ns ve rs run g	2 1 3	4 0	4 3 0 % +
3 P B V Le be ic he A G ns ve rs run g	–	1 2 6	n.a
To l ta	1, 5 4 0	1, 4 8 2	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
• Talanx ownership 70%; closed on 1 July 2012
• Talanx ownership 50% + 1 share; closed on 1 June 2012

Numbers for main carriers represent data entry values.

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

897

Total

57Post Q3-Roadshow, November/December 2012

⁵⁸⁰ +55%

Disclaimer

This presentation contains certain forward-looking statements, including assumptions, opinions and views of Talanx Aktiengesellschaft (the "Company") or cited from third-party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial positions, development or performance of the Company or the Company's industry to differ materially from the those projected, estimated, expressed or implied herein. 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 future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. The Company accepts no obligation to update any forward-looking statements set forth herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. 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.

This presentation contains supplemental financial measures (e.g., return on investment, return on equity, gross/net combined ratios, gross/net retention 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 14 November 2012. 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.