Talanx AG

Investor Presentation • Nov 14, 2012

Results Presentation Q3 2012 Hannover, 14 November 2012

Herbert K. Haas, CEODr. Immo Querner, CFO

Q3 2012 Financials

IIIOutlook

II

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

Share price (indices rebased to Talanx)

Our Vision

Talanx is the leading global B2B insurance group.

Our Mission

Optimised cooperation between our divisions enables us to take advantage of promissingopportunities 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.

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

7

[ ]Talanx is an integrated global insurance group, strongly rooted in Germany, running a multi-brand approach

IIIOutlook

I I	Q 3 2 0 1 2	l t r e s s u –	K e y	m e s s a g e s
--------	----------------------------	--------------------------------------	-------------	--------------------------------------

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)

Summary of 9M 2012

€m I F R S ,	M 9 2 0 1 2	M 9 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 8 4 3 7,	1 1 % +
Ne ium d t p re m e ar ne	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, 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 2 5	2 0 % +
Op ing l ( E B I T ) t t er a re su	1, 3 1 2	1 8 7	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	M 9 2 0 1 2	M 9 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 7. 1 %	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	9 M 2 0 1 2	F Y 2 0 1 1	C ha ng e
Inv d. tm ts es en un ow n t. mg 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 % +

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

1 Annualised

Note: Differences due to rounding may occur.

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

Summary of Q3 2012

S €m I F R ,	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 5. 4 %	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 es en un ow n t. mg 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, 3 3 7	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, 2 5 7	4 0 9 5,	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 trendII

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%

P&L – Combined ratioII

Development of net combined ratio

98.1%

96.4%

Combined ratio by segment/selected carrier

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

Loss ratio

Expense ratio

Net combined ratio for Talanx Group remains well below 100%

2011

25.0%

87.8%

112.6%

74.7%

102.2%

65.0%

91.9%

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 hq ke I ly I I t ta 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 ", rr ne aa c U S A	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 ta d ia s nc or	1 3 Ja 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 7. 4
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

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

Segments – Industrial Lines

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	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 % +
i in Ne t u de t l 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	( 9 % ) 5
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

Segments – Retail Germany

P&L for Q3 results

II

S €m I F R ,				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	ium re m		1, 5 4 0	1, 4	8 2		4 % +
O f w h	ic h L i fe			1, 2 6 9	1, 2	0 2		6 % +
O f w h	ic h No n-	L i fe		2 7 1	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	) 7 5		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 n-	L i fe		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 g re su	l ( 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 ( an nu a	inv o n es l ise d )	tm t en		4. 3 %	4.	1 %	0. +	2 % ts p
C b o m	i d n e r	i * t a o
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 %
36 % 37 % 37 % 36 % 35 % 32 % 28 %
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 rat p en se	io	Lo io rat ss
*in cl. ne	inte inc t t res	fu nd om e on	wit s	hh eld d c an	de tra ct on	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 taxes and policyholders' share). Fully on track to reach 2012 interim targets

II

Segments – Retail International

P&L for Q3 results

II

€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	ium re 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 n-	L i fe			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 n-	L i fe			2 3			1		n.a
Ne inv t	tm t es en	inc om e			8 3			2 6		2 1 9 % +
Op t er a	in g re su	l ( E B I T ) t			2 3		(	) 7	n. a.
Gr ou p	inc t ne om	e			8		(	6 )	n.a
Re tu rn ( an nu a	inv o n es ) l ise d	tm t en			7. 0 %		3. 1	%	3. +	9 % ts p
C b o m	i d n e r a	i * t o
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 % 29 % 27 % 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 2	Q 2 2	01 2	Q 3 2 01 2
		Ex p en se	io rat		Lo rat ss	io
*in cl. ne	inte inc t t res	fu om e on	nd s	wit hh	eld d c an	tra on	de ct	its p os

Comments

• Material improvement of top-line and technical result supported by recent acquisitions
• Organic gross written premium growth at mid-single 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

Status Poland: Successful closing of both transactions II

Shareholding in Polish entities

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

Status 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 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 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

20

II

Segments – Non-Life Reinsurance

P&L for Q3 results

II

€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	1, 8 1 7	1, 6 7 6	8 % +
Ne ium d t p re m e ar ne	1, 1 4 7	1, 4 3 5	1 1 % +
Ne de i in l t u t t n rw r g re su	0 7	1 7	( 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	5 3 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 Asian property, 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 income despite low interest rate environment
• GWP growth target raised for 2012 to ~+8-9% (previously: ~+5-7%)

Strong bottom-line outperforms top-line growth

21

Segments – Life/Health Reinsurance

P&L for Q2 results

II

€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	1, 5 9 0	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	2 5 % +
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 lessfavourable mortality results in the US
• Net investment income affected byincrease in assets under management; unrealised gains from ModCo derivativescontributed €~35m in 3Q (9M: €46m)
• Low tax ratio due to good profitability of Irish and 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

II

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 (30 Se ) pt 2 012	Sov ign ere	i- Sov Sem 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 tug al	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

S €m I F R ,	Q 3 2 0 1 2	Q 3 2 0 1 1	ha c ng e
Or d ina inv inc tm t ry es en om e	8 1 9	6 8 7	% 7 +
he f c inv inc t t tm t 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 W i i do te- te- r up s r wn s o n inv tm ts es en	( 8 )	( 9 ) 7	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 % +
fro inv Inc tm t om e m es en tra ts co n c	3	0	n. a.
In inc fu ds te t res om e o n n i h he l d a d c de i t tra t ts w n 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 increasein ordinary investment income (38% contribution)
• Write-downs have come down for each segment ytd given the market environment and risksensitive investment strategy
• This is also reflected in the very low level of write-downs in Q3 2012

25

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

Equity and capitalization – Solid equity base

Optimized capital structure (€bn)

II

• Significant increase in shareholders' equity in 9M 2012 driven by €549m net income and unrealised (on-balance 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

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

∆market value vs. book value

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

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 •		€ b 6. 7 n ~
R i l I 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 u r a n c e		8- 9 % + ~
i f i L d H l h R 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 t t v e n p a y o u r a o	f d h d 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

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

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

$$
{\sf talanx.}
$$

APPENDIX: Key financials – 9M 2012

	I d n	i l L i R i l G R i l I i t t t t t u s r a n e s e a e r m a n y e a n e r n a o n a						l
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 % +
Ne inc f 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 % +
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 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 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 u p
€m I F R S ,	M 9 2 0 1 2	M 9 2 0 1 1	C ha ng e	M 9 2 0 1 2	M 9 2 0 1 1	C ha ng e	M 9 2 0 1 2	M 9 2 0 1 1	C ha ng e
P & L
Gr i ium t te os s w r n p re m	8 9 5, 7	2 2 1 5,	1 3 % +	4, 3 9 9	3, 8 4 4	1 % 5 +	1 9, 8 4 7	1 7, 8 4 3	1 1 % +
Ne ium d t p re m e ar ne	0 1 8 5,	4, 3 9 1	1 4 % +	3, 9 4 1	3, 4 8 7	1 3 % +	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 0 7	( 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	3 0 7	6 0 8	2 0 % +	4 8 6	3 0 5	3 9 % +	2, 8 1 7	2, 3 5 2	2 0 %
Op ing l ( E B I T ) t t er a re su	8 0 6	3 2 5	1 2 9 % +	2 1 5	1 4 7	4 % 7 +	1, 3 1 2	7 1 8	8 3 % +
Ne inc f 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 % +	4 9 5	3 2 7	6 8 % +
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 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 % +
H D I Le be ic he A G 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 % +
G O G T A R Le be ic he A 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	5 1, 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
• 5Talanx ownership 50% + 1 share; closed on 1 June 2012

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 W P, €m I F R S ,	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
S. H D I As ku j T U 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. ,	7 6	6 9	1 0 % +
H D I Se S. A. De C. V. Me ico g uro s x ,	2 3	2 1	8 % +
Me l i Me ico ( P & C ) 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	5 2 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 % +
To l ta	8 9 7	5 8 0	5 5 % +

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.