Talanx AG

Investor Presentation • May 15, 2013

15 May 2013

Herbert K. Haas, CEO Dr. Christian Hinsch, Deputy CEO Dr. Immo Querner, CFO

Q1 2013 – Significant top-line growth and solid performance

Quarterly performance characterised by a further strong top-line growth and an improved combined ratio - while the large loss budget has been largely saved

In an overall challenging environment, the decline in net investment income is fully determined by the substantial drop in unrealised capital gains, namely in Reinsurance

Q1 2013 bottom-line result of €203m reflects 32% of the FY2012 net group income

€22m gain from the disposal of SwissLife shares booked in Q1 2013, another ~€70m to come in Q2 2013

FY2013 outlook has become more robust on the back of the solid Q1 2013 results

Group – Key financials

Summary of Q1 2013

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

Annualised

2012 numbers in this presentaiton adjusted on the basis of IAS8

Significant top-line growth and solid performance

• 11% y/y growth in gross written premium and even somewhat higher momentum in net premium earned
• Combined ratio down 1.4%pts to 95.0%
• On EBIT level, the substantial decline in net investment income overcompensates the beneficial effect from the improved underwriting result
• Bottom-line result close to the excellent Q1 2012 figures
• Shareholders' equity of €7,359m already includes the negative OCI effect of €334m from the amendments to IAS19 (employee benefits)
• Solvency I ratio only marginally down from end-2012 level: 222% vs. 225%

GWP development (€bn)

• Double-digit GWP growth continues in Q1 2013
• It is remarkable that this is backed by growth from all segments
• Typical seasonality of business also materialises in Q1 2013
• EBIT in Q1 2013 close to strong Q1 2012 level

Results Presentation Q1 2013, 15 May 2013

Group – Substantial decline in major losses (net)^I

( €m )	Pr im ins ar y ur an ce	Re ins ur an ce	Ta lan Gr x ou p
Ca To ta l Na t t	0. 0	0. 0	0. 0
/sa Av ia t ion te l l i te los s		1 3. 4	1 3. 4
To l o he lar ta t r g e los se s	0. 0	1 3. 4	1 3. 4
To l m j los ta a or se s	0. 0	1 3. 4	1 3. 4
Co ine io Im t o b d Ra t p ac n m			0. 4 %p ts

• Low net burden of €13m in Q1 2013 which results purely from Reinsurance
• This compares with €89m in Q1 2012, of which €61m resulted from Reinsurance and €18m from primary insurance
• In Q1 2012, the combined ratio impact on the Group stood at 3.3%pts
• The large loss budget for the group stands at €705m in FY 2013 (€80m in Industrial Lines and €625m in Reinsurance)

26.2% 27.5% 24.6% 26.2% 26.3% 70.2% 72.0% 70.9% 68.3% 68.8% 96.4%99.5%95.4% 94.3% 95.0% Q1 Q2 Q3 Q4 Q12012²⁰¹³

f i i 1 D l b d t t t e v e o p m e n o n e c o m n e r a o	C / b i d i b l d i t t t o m n e r a o s e g m e n s e e c e c a r r e r y
----------------------------------------------------------------------------------------------------------------------------------------------------	--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

Expense ratioLoss ratio

incl. 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)

TU Europa acquisition closed on 1 June 2012

4 numbers incl. Metropolitana

7

In sum, net combined ratio pattern of the previous four quarters confirmed

G I H i h l i h t r o p g g s u
S I I t e g m e n s
I I I I / C i l t t t n e s m e n s a p a v
O I V l k t u o o

Segments – Industrial Lines

P&L for Q1 results

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

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

Extra-ordinary items weigh on segmental results in Q1 2013

• Favourable top-line growth continues in Q1 2013, with special momentum from fire, liability, fleet business and casualty
• Extension of international programmes contributes to premium growth
• Underwriting result negatively affected by various medium-sized claims in marine and liability lines with typically low share of ceded business
• Negative one-off effect of ~€12m from reserve strengthening in HDI-Gerling Netherlands
• Combined ratio remains below 100% despite the extra burden taken in the quarter

Segments – Industrial Lines

Net underwriting result Q1

S €m I F R ,	Q 1 2 0 1 3	Q 1 2 0 1 2	C ha ng e
In du ia l L in tr s es	2	6 5	( 6 3 )
Ne de i ing l in t u t t n rw r re su in ier "H D I- Ge l ing ma ca rr r In du ie Ve ic he "*) tr s rs ru ng
Ma ine r	( ) 9	0	( ) 9
L ia b i l i ty	( ) 4	6 3	( ) 6 7
On f f e f fe "H D I- Ge l ing t e- o c r Ne he lan ds " t r	( ) 1 2	-	( ) 1 2
Su m	( 2 5 )	6 3	( 8 8 )

Comments

• In Q1 2013 no major losses (> €10m gross) occurred in Industrial Lines
• Largest losses occurred in lines of business with high retention
• Negative one-off effect of ~€12m from reserve strengthening in HDI-Gerling Netherlands

*before consolidation

One-off effect and losses in lines of business with high retention affect net underwriting result

II

Segments – Retail Germany

P&L for Q1 results

S €m I F R ,	Q 1 2 0 1 3	Q 1 2 0 1 2	C ha ng e
Gr i ium t te os s w r n p re m	2, 1 1 3	2, 0 2 9	4 % +
O f w h ic h L i fe	1, 2 7 7	1, 2 0 1	6 % +
O f w h ic h No L i fe n-	8 3 5	8 2 8	1 % +
Ne ium d t p re m e ar ne	1, 3 2 3	1, 2 4 8	6 % +
Ne de i in l t u t t n rw r g re su	( ) 2 9 6	( ) 3 3 5	( ) 1 2 %
O f w h ic h L i fe	( ) 3 1 3	( ) 3 2 0	( ) 2 %
O f w fe h ic h No L i n-	1 8	( ) 1 6	n.a
Ne inv inc t tm t es en om e	3 8 7	3 9 0	( 1 % )
Op in l ( E B I T ) t t er a g re su	6 6	3 8	5 % 7 +
Gr inc t ou p ne om e	4 3	1 9	1 2 8 % +
Re inv tu tm t rn o n es en ( l ise d ) an nu a	3. 8 %	4. 1 %	( ) 0. 3 % ts p
C b i d i * t o m n e r a o

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

Performing ahead of plan in Q1 2013

• Top-line benefits from strong singlepremium business in life, in particular in the bancassurance carriers
• Non-life business characterised by strong rate increases, in particular in motor, and market share gains in liability
• Cost ratio slightly down on segment level and more pronounced by 2.3%pts y/y at main carrier HDI Versicherung
• Reserve releases (~€16m; Q1 2012: ~€8m) contribute to favourable loss ratio
• Net investment income nearly stable despite €9m lower realised capital gains vs. Q1 2012
• ZZR forecast at ~€250m (HGB) for FY 2013 (FY2012: €284m)

Status WIR: Further milestones in implementation reached

WIR programme implementation to deliver total ~€140m run-rate saving p.a. by 2016 (before taxes and policyholders' share). Ahead of interim targets set in original plan.

II

Segments – Retail International

P&L for Q1 results

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

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

Material improvement in underwriting and bottom-line performance

II

• Material improvement of top-line and underwriting result supported by recent acquisitions
• ~€320m GWP contribution from the recently acquired Polish units
• Improvement in combined ratio backed by positive trend in all core markets
• On the back of the larger asset base, net investment income nearly stable despite lower interest rates and lower realised capital gains
• Positive momentum in top-line and underwriting result could be translated into a significant profit boost

Segments – Non-Life Reinsurance

P&L for Q1 results

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

incl. net interest income on funds withheld and contract deposits2EBIT margins reflect a Talanx Group view

Stable profit contribution despite negative effect from investment income

• GWP growth of 4%, mainly from US, specialty lines and global facultativebusiness
• Only one major loss of €13m (0.8% of net premium earned) well below budget of €156m in Q1 2013
• Net interest income reduced mainly due to neutral result from inflation swaps afterextraordinary profit of €43m in Q1 2012
• EBIT margin of 15.7% (Q1 2012: 17.7%) well above target²
• Group net income close to Q1 2012 level despite lower investment income

Segments – Life/Health Reinsurance

P&L for Q1 results

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

tax ratios reflect a Talanx Group view

Accelerated growth in life and health reinsurance

• GWP growth of 12%, mainly from the US (Senior Markets and Mortality business) and Longevity business
• Net investment income reduced mainlydue to normalised result from ModCoderivatives after an extraordinary profit of €37m in the previous year
• EBIT margins well above targets:
• Financial Solutions and Longevity business: 4.8%
• Mortality and Morbiditybusiness: 7.6%
• Tax ratio of 26.5% (Q1 2012: 17.6%) at expected level¹

A d g e n a
I G H i h l i h t r o u p g g s
S I I t e g m e n s
/ C I I I I i l t t t n v e s m e n s a p a
O I V l k t o o u
A d i p p e n x

Investments – Breakdown of investment portfolioIII

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

€m	Gov ern	nt b ond me s		Cor bo nds ate por
GIIP S e xpo sur e (31 Ma r 20 13)	Sov ign ere	i- Sov Sem ign ere	Fina ncia l	Cor ate por	Cov d ere	Oth er	Tot al
Gre ece	5	-	-	-	-	-	5
Irela nd	255	-	11	28	183	206	683
Italy	597	-	247	273	915	19	2,05 1
Por al tug	20	-	-	1	8	-	29
Spa in	94	296	92	232	508	-	1,22 2
Tot al	971	296	350	534	1,61 4	225	3,99 0

Details on sovereign exposure in €m (31 Mar 2013)

Total: €937m (amortized cost), €971m (fair value)

Comments

• GIIPS sovereign exposure represents only 0.7% of total assets (Q4 2012: 0.8%), or 1.1% of assets under own management (1.2%)
• Total GIIPS exposure incl. private sector assets stands at below 3.0% of total assets
• More than 80% of Spanish banking exposure in Spanish covered bonds. €121m of these issued by non-Spanish subsidiaries of Spanish banks
• First-time disclosure of exposures to Belgium, Hungary, Slovenia and Slovakia: Belgium €1,417m, Hungary €215m, Slovenia €1m, Slovakia €112m (all market values)
• Out of the total exposure of €1,745m to these markets €1,529m – or close to 90% - are invested in government and semi-government bonds as well as covered bonds

Total GIIPS exposure stands at below 3% of total assets

Net investment income

Net investment income Talanx Group

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

Comments

• Ordinary investment income has been virtuallyflat y/y, with the positive effect of a grown asset base compensating for lower interest rates
• Realised net gains on investment are up by€13m y/y. This position also contains €16m fromthe Q1-effect of the reduction in the holding in SwissLife. Another €6m currency gains from theSwissLife transaction have been booked intoOther Income
• The 12% decline in income from investmentsunder own management can be exclusivelyexplained by the €113m decline in unrealisedgains: this effect predominantly results from themuch lower ModCo and Inflation Swap results in Reinsurance
• Return on investment of 3.7% on Group level

Decline in investment result fully determined by drop in unrealised gains on investments

Equity and capitalization – Solid equity baseIII

Optimized capital structure (€bn)

adjusted due to IAS8

2NAV calculated as shareholders' equity minus shareholder share in goodwill

Continuous capital strength despite application of IAS19 amendments

• Shareholders' equity is up €1.7bn y/y, or ~€200m q/q
• Shareholders' equity contains a previously flagged negative OCI effect of €334m from the amendments to IAS19 (Employee Benefits)
• Goodwill stands at €1,149m. After deducting noncontrolling interests, this amount reduces to €1,115m
• On this base, the book value per share stands at €29.13 and the NAV²per share at €24.72
• The latter does not yet contain off-balance sheet reserves, as presented on the next page, which stand at ~€4.2bn (incl. policyholders' share)
• In February, Talanx issued a €750m senior unsecured benchmark bond, principally used to replace existing financing arrangements

Results Presentation Q1 2013, 15 May 2013

Equity and capitalisation – Unrealised gains

Unrealised gains and losses (off and on balance sheet) as of 31 March 2013 (€m)

∆market value vs. book value

Talanx's off-balance sheet reserves stand at above €4.2bn end of March 2013

Outlook for Talanx Group 2013

G W i P i t t r o s s r e n r e m m u	≥ 4 % +
I d i l L i t • n u s r a n e s	4- 6 % + ~
i R l G t e a e r m a n y •	f l t a
R i l I i l t t t e a n e r n a o n a •	1 7- 2 0 % + ~
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 e n p a o r a o v y u	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 – Q1 2013

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

Annualised

Note: Differences due to rounding may occur.

APPENDIX: Key financials – Q1 2013 (continued)

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

Annualised

Note: Differences due to rounding may occur.

APPENDIX: Q1 2013 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 1 2 0 1 3	Q 1 2 0 1 2	C ha ng e
i fe No l Ins n- ur an ce	8 3 5	8 2 8	1 % +
1 G H D I Ve ic he A rs run g	7 9 9	7 9 5	1 % +
L i fe d He l h Re ins t an a ur an ce	1, 2 7 7	1, 2 0 1	6 % +
H D I Le be ic he A G ns ve rs run g	5 6 1	5 5 9	0 % +
2 le be Le be ic he A G ne ue n ns ve rs run g	2 4 9	2 3 8	+5 %
G O G T A R Le be ic he A ns ve rs run g	2 4 5	2 0 4	2 0 % +
3 P B Le be ic he A G ns ve rs run g	1 7 6	1 6 0	1 0 % +
To l ta	2, 1 1 3	2, 0 2 9	4 % +

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

• 2Talanx ownership 67.5%
• 3PB Leben and PBV Leben have been merged in 2011
• 4includes HDI Asekuracja TU S.A., Poland; Talanx ownership of 75.0%
• 5Talanx ownership 50% + 1 share; closed on 1 June 2012
• 6includes Metropolitana

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

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 15 May 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.