CUSTOMER CENTRICITY AT ALLIANZ.

MARKETING ORIENTATION IN A
SERVICE INDUSTRY
Chiara Saibene

Customer Centricity at Allianz.

Marketing orientation in a service industry

Introduction
That day, not so long ago, Roberto Catanzaro (Head of Customer and Business Intelligence, Allianz Italia)
and his team were analyzing in depth the marketing research issue and the customer centricity theme (a really
crucial and current topic for the financial industry).

Roberto Catanzaro asked his team for reports and benchmarking studies in order to understand if the quantity
and quality of marketing research conducted were enough to support strategic marketing decisions. In
particular, it was extremely important understanding if the “quality” (namely the integration of tools and
techniques) of marketing research used was coherent with the strategic objectives fixed. Another important
issue concerning the mentioned topic was trying to understand which could be, in the future, the use of
technologies in order to analyze the market (customers and potential clients).

Traditionally, the insurance world was founded on a basic assumption that customers were “forced” to
purchase an insurance product/service: the core business was made up, in fact, by mandatory Motor Third
Party Liability covers. This product was required by law, so a steady influx of customers into the agencies
was assured, even if the Company was not actuating specific marketing initiatives. As a result, nobody in the
Company side really examined what the customers needed. In this setting the development of new products
was driven only by technical aspects and not by customer needs and wishes.

The market was challenging completely this assumption. In recent years the market had changed profoundly,
becoming more and more competitive also for the traditional Motor TPL: new players have entered, new
channels to sell insurance products/services have been activated (internet), customers are day by day much
more informed (being characterized by better capacity in gathering information, by mobility and by more
consciousness...).

Later became clear that South European people didn’t buy optional insurance products (the ones not required
by law: such as house, health, or supplementary allowance insurances), not because they didn’t need them
but because the products, channels and modality of engagement had not been adjusted on customers’
possibilities, desires and needs.

How to acquire new customers on Motor insurance products and how to maintain them? How to make sure
that people who do not buy not compulsory insurance products buy them? These are new strategic questions
and objectives established considering the new setting in which the insurance companies are now involved.
The application of a correct marketing management process has now become the core activity to be
developed in order to answer to the questions mentioned above.

Marketing activities became the most important aspect to improve in order to satisfy customer needs:
marketing helps defining the most suitable offer for the customer. Only the most attractive offer, in
comparison with the competition, will guarantee profit to the Company.

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In this new pattern is fundamental having both: an holistic comprehension of customers needs and of
potential market requirements. The customer centricity in general became the new mission. As a
consequence it became important to manage correctly two marketing competences: gathering needed
information and data analysis. This is the reason why in the last years insurance players have built on
customer intelligence units.

Allianz history
Allianz Group is a global Company and the biggest insurance society worldwide, volume – fee (Appendix –
Exhibit 1); it has an organization that offers a wide autonomy to the single country divisions regarding a
series of activities bound to market management. Each of these Country divisions has, in fact, a marketing
structure that manages strategies on the local markets.

More in detail, in Italy, Allianz has a wide presence in terms of distributive channels and business.
It is present with a bank, Allianz Bank, that has, as said, its own marketing department. Genialloyd is also
part of the Group, a Company who focuses only on Motor with a pure Internet- and Phone-based direct
marketing model. Lastly Allianz S.p.A. completes the Group, a general insurance society that follows the
conventional channels (owners/agencies) and that has interest also in the business to business niche (broker).
Allianz S.p.A., with over 7 million customers, is the Italian leader of the International Group Allianz SE and
is the head of a Group of over 20 companies. Allianz SpA, resulted from the integration – in October 2007 –
of three former insurance companies: Ras, established in 1838 and based in Milan (part of the Allianz Group
since 1987), Lloyd Adriatico, established in 1936 and based in Trieste (part of the Allianz Group since 1995)
and Allianz Subalpina, established in 1928 and based in Turin (formerly a subsidiary of Ras).

All marketing activities of Allianz Group, but for general strategy coordination and world-wide brand-
building initiatives (Exhibit 2), are managed locally. The single Operating Entity owns the strategy to be
implemented.

Exhibit 2. Global Brand Management. The brand model comprises four key pillars of the Allianz brand:
purpose, vision, positioning and values.

Source: Allianz website (www.allianz.com)

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The range of products - key aspect in the Allianz offer - includes both products that are connected to “life”
and “Property and Casualty” insurances (Appendix – Exhibit 3 and Exhibit 3a). The focus between one and
the other business areas changes depending on the specific historical period.

Main players
The Italian Insurance market is characterized by significant concentration at the top (5 companies
representing 28%), but remains very fragmented at the bottom, with the last 175 insurers representing less
than 20% of the market in terms of premiums (Exhibit 4).

Exhibit 4. 2010 Top 10 insurance companies

Source: The Italian Insurance Market www.pwc.com/it; July 2011

The top five insurance Groups represent 54% of the market (Exhibit 5).

Exhibit 5. 2010 Top 5 Insurance Groups

Source: The Italian Insurance Market www.pwc.com/it; July 2011

The Italian market remains dominated by traditional distribution channels, such as the bank assurance model
in life business (60% of total premiums) and the agents network in the non-life (85%) (Exhibit 6).

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Exhibit 6. 2010 Breakdown of distribution channel

Source: The Italian Insurance Market www.pwc.com/it; July 2011

Marketing competences developed in Allianz

Allianz S.p.A. has transferred all the marketing process steps on its own managing divisions. The marketing
department is composed by four units: customer and business intelligence, business lines, branding and
marketing operations and customer service.

The customer and business intelligence unit principally tries to develop competences bound to client
value analysis. More in details it manages marketing researches and customer satisfaction analysis (the
customer is asked to answer questions on various specific moments, trigger points/touch points).

The second unit is called business lines and represents product marketing. This division is formed by
four separate entities that focus on every single product. The unit, in fact, follows four different business
lines: car, property (house), casualty (injuries not bound to car accidents) and the SME world bound to
the business to business world.

The third unit is focused on branding and marketing operations, managing external communications,
below the line activities and develops business lines.
The last element that forms the Allianz S.p.A. organisation is the customer service (second level
customer service).

The excellence of the Allianz S.p.A. Group is characterized by the management and defence of marketing
competences as a whole. The competences mentioned are strictly linked each other inside the Group, even in
daily activities.

A fundamental competence owned by the Group is the capacity to share the information of a business
unit with all the other functions. In order to facilitate this communication flow, offices and work
environment layout has been deeply studied to make contacts between internal Company units as easy as
possible. Moreover there are precise procedures, established by human resources department, to manage
internal information exchanges avoiding dispersions. Thus there is a constant “informal” exchange of
information thanks to the physical structure of offices but there are also a variety of structured
communication moments (formal communication).

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The marketing competences are strictly bound to employees in Allianz and, as soon as the recruiting phase,
the Company is extremely aware of the skills the single individuals should have.

Candidates are chosen not only on the basis of their marketing skills and competences but also on their
background: the aim is to have a team with the most varied and mixed experiences in their referring sectors.
Thus it is extremely important each resource’s marketing skill (intended as commercial skills, technical and
product design knowledge, communication), as the kind of society/industries where they are coming from
(consultants, consumer goods...). The capacity to work in a multidiscipline team that has roots in different
Company's sectors is another basic skill required.

The most important skills in the customer and business intelligence unit are the ones bound to marketing
researches: knowledge of qualitative and quantitative tools, statistics and result analysis, customer
satisfaction bound to client communication (i.e. how to modify communication with the clients), and bound
to the process (customer satisfaction is not only based on the product, but also relative to how the product
was proposed). Information managing skills are mastered by a whole team that is responsible to develop the
strategic thought and to outline the methodologies creating the briefing that will be given to research
institutes. Collected data will be then internally interpreted and analysed keeping in mind past projects.
Outsourcing is used only for field work and fine-tuning of the research design; strategic design and data
analysis is completely done internally.

The design of new initiatives is the fundamental skill required for the business lines unit: how to use the
insight coming from the customer (thus from the analysis unit) and transform them in concrete actions (how
to find the target, defining value propositions that will result attractive to the costumer and the mediator).
Project management skills (managing the process between analysis and execution) and the capacity to
create (also without inputs from higher ranks) new ideas and appealing initiatives are also fundamental.

The branding area is more complex. There is a first layer “managing suppliers” (intended as selection,
briefing, budgets, timings and methodology). In this unit is necessary to have a background and experiences
in the communication and advertising area and skills bound to innovation and creativity. It is also needed
to posses skills within the web communication area (managing the presence on social networks...) and more
technical skills like managing and design of websites and optimisation of web search engines.

Within the customer care unit the skills that are requested are the “classic” customer care skills: good
communication and customer management and good skills to resolve emergencies. All of these skills and
profiles need a deep knowledge of all the Allianz S.p.A. products. Another skill that the Group is defining
and perfecting is the “feedback loop”: the queries and calls received by the customer service are used as
input from the analysis and customer intelligence unit and towards the development of new initiatives,
products and new communication activities.

The focus of interest of the management coincides with the aforementioned competences; Allianz S.p.A. is
developing and implementing a marketing competence and skill model that will allow to be followed for
each initiative.

Customer Centricity in Allianz

Key learning areas can be referred to Allianz's main characteristics: how to listen and understand the client,
and the capacity to propose their products and services in line with market expectations.

Allianz S.p.A. developed an “analysis machine” working on marketing research and analytics that allows to
understand the phenomena (clients and prospects). This approach seems going against the trends of the
sector. Usually the focus was on the product (push marketing strategies); Allianz, following other industries
examples, took into account for the first time the client’s needs (pull marketing strategies), trying to coming
close to the client in a new way (for the insurance business). Listening, joint with the execution capacity,

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allows the Group to give clients what they really require and guarantees innovation. Allianz understood in
advance the evolution of the context and adapted the business philosophy and structure in order to face new
challenges.

More in details it has modified the structure of its units in order to create a specific entity dedicated to
customer intelligence which included: marketing research activities, CRM systems, customer analytics and
customer satisfaction studies. Allianz has built up a unit that has the important mission of providing
information to the whole Company roles and units, particularly to marketing. This new approach had
important consequences on the whole Company setting. Once the informative systems has been built, it
oriented not only the sales department strategies, but even the post-purchase services approach, for example
giving the chance of a closer relationship with the customer after an accident.

It is clear how marketing activities, also in the insurance industry, have faced important changes. In the past
“insurance technicians” were in charge of designing the product, the sales department was in charge of
managing the sale force and the marketing was managing just “below the line activities” (the realization of
depliant, brochures, etc). Nowadays, the marketing department is an independent unit which is in steady
contact with all the other functions inside the Company and manages the whole process of generating value
for the customer (as occurs in consumer goods industry): customer analysis, designing of the most suitable
offer for the market, development of initiatives to launch and support the products/services and the
management of the brand image and communication activities (traditional and online ones).

Also the sales process has been modified: from a “conventional” sales force concept, to a more innovative
“multiple channel” offer (internet, telephone, financial promoters, partnerships with banks...). This new
settings, impose to have a more customer focused strategy: it is now more important to know and understand
the market.

Focus on the management of Marketing Research competences -

Customer and business intelligence unit.
As briefly seen above, Allianz customer and business intelligence unit aim is to understand and deepen the
origin of customer value. In this area Allianz boasts two different kind of marketing research competences.

The first one can be defined as investigative and analytical-predictive: the ability and capability of
gathering, analyzing, synthesizing and, finally, presenting findings on the trends characterizing the market’s
behaviours and, in addition, competences in developing “predictive models” (predictive model of incomes:
those who live in a certain neighbourhood, drive a certain car and have a determined income). These trends
are easily worked out thanks to transactional (what does the customer buy? When does it buy?) and static
(life cycle of the customer, provisional models on customers’ incomes…) data owned by Allianz.

Concerning these competences it is important to highlight the origin of the data: as an insurance Company
Allianz owns a big amount of customer information, but in addition to it, the Company gets data enrichment
through multi-client researches and secondary data available by free sources.

For example, Allianz has recently developed a “family net-worth” predictive model, which, using customer
and geo-marketing data is able to estimate the family wealth to an high degree of reliability, allowing the
development of targeted offers and initiatives.

The second group of specific competences owned by Allianz, are related to the market research activities.
Allianz has an independent in-house research team, composed by 3 people, which is responsible for all the
typologies of research conducted by Allianz. Research is conducted only when a strategic decision needs to
be taken to support the correct execution and gather relevant results, and shared to all Company’s levels.
For what is strictly related to the competences managed by employees, it is important, as mentioned, that
they master methodologies and instruments of qualitative and quantitative marketing research.

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More than being pure researchers (usually they have technical profiles distant from marketing ones), the
most important aspect to be successful in marketing research activities is the ability to ask themselves the
right questions in order to get the most useful customer insights.

In the Allianz experience the Marketing Research institute is the complementary partner that helps to fulfill
the objective of understanding customer with the development of the fieldwork part of the research
(execution part). The parts related to the design of the research (methodology, target, research design,
developing of the questionnaires…), the analysis and interpretation of the results are all managed internally
thanks to researchers’ acumen approach.

Similar skills are required to manage the customer satisfaction analysis. These studies are comparable to
marketing researches; the difference is that these are conducted methodically and periodically on Allianz
customers pool. Technically it is done with a telephone outbound (partly managed internally and partly
outsourced), and for this reason it is important that the people working in this area should master process
coordination competences (organize the activities to run a small call center).

Marketing Research tools used by Allianz

Compared to the other big players in insurance business, Allianz is the first Company in marketing research
activities. In 2012 they have ran six quantitative marketing researches, 5 qualitative marketing research and
few multiclient purchased as “ready made product”. The investments in marketing research are
approximately 1.5/2 million euros per year split between qualitative, quantitative and multiclient analysis.
These investments are not equally distributed between the three typologies of researches (70% quantitative,
20% qualitative and 10% multi-client). The split of investments reflects the shift toward a “modern”
consumer-oriented marketing approach: product concept tests, customer profiling and segmentation of
targeted offers are now much more important than a pure qualitative understanding of qualitative customer
needs.

A recent research conducted in the service industry (banks and insurance companies) 1 highlights how the
investments in marketing research for the larger part of the industry’s players (43,8%) are less than €
(Exhibit 7). These data confirms the proactivity and the pioneer behaviour that characterize
Allianz (and other big players 18.8%) with investments in marketing research that exceed 1 million
euros. These investments appear to be consistent and proportional with the budget available to the
marketing function that the big players have at their disposal (over 10 million euro).

1
Ancarani, F., Musile Tanzi, P., “Il marketing per le banche e le assicurazioni. Competenze specifiche e pratiche di
successo”, Egea, 2012.

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Exhibit 7. Budget allocated to marketing research (banks and insurance companies)

Source: Ancarani, F., Musile Tanzi, P., 2012

This strategy, oriented to marketing research, is reinforced by a continuous and stable investment approach:
Allianz believes that market researches delivers tangible value and a significant competitive edge in the
current insurance market. Marketing research is mainly used to gather actionable insights, which could allow
to validate ideas or to launch new initiatives and products: there is a real strong link between marketing
research and the launch of an initiative.

The provisional capacity of the marketing researches conducted by Allianz are extremely high: brand new
products/services, tested before the launch, has given great results (for example, lead generation initiatives
have increased the number of lead generated by a x2 multiplier in just 2 years).

QUANTITATIVE RESEARCH TOOLS USED BY ALLIANZ

Allianz undertook a mix of quantitative marketing research tools, mainly used to deepen and test new
products/services and their commercial approach, new communication and advertising concepts. Marketing
initiatives and campaigns are also tested before launch, especially when more than one approach is feasible
and a fact-based decision is needed. Usually quantitative marketing research lasts more or less five weeks
from the starting point to the delivery of the results.

The most frequently used tool is CAPI (Computer Assisted Personal Interview) - when new complex
product concepts must be tested, and sometimes in the form of real Sales simulations -, and CAWI
(Computer Assisted Web Interview) - usually used when results delivery time is the key constraints and the
“object” of the research is less complex (for example testing below-the-line materials).

In CAWI and CAPI market research the key for the research success is the research design, both in terms of
sampling strategy but also in defining clearly from the start the key “expected output” (i.e. the main question
that the research must answer).

CATI (Computer Assisted Telephone Interview) is a tool used less than the others (because of the limitation
characteristic of the mean “phone”). It is employed especially to measure Customer Satisfaction with NPS

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(Net Promoter Score2) methodology. NPS is conducted in two layers: the “bottom up” one and the “top
down” one.

The bottom up consists in observing how the satisfaction of Allianz customers changes during the years. It is
ran by calling a panel of a large number of customers (outsourcing the calls) on the two principal touch
points (after having bought a product or after an accident) and consists in 50.000 calls for each touch point
(almost 100.000 customers called in one year). The same survey is conducted on a limited number (10.000
calls per year) of people working in Allianz (small internal CATI) focused on a certain period, in a specific
area, on a defined product.

The top down layer consists in comparing Allianz with the main competitors asking the same questions
posed in the bottom up phase, on a panel of 5.000 customers and considering customers pertaining to the
most relevant players on the market (usually around 500 customers per brand).

Allianz uses systematically quantitative testing on almost all communications, both above and below the line.
The communications to be tested are chosen on the basis of their strategic relevance and on the budget
allocated on them. An interesting case developed by Allianz is the one related to pre-adv testing. Allianz runs
frequently test on TV communication: these kind of tests are very sophisticated and structured in a rill in
which there are lot of other different ADVs without telling the customer which is the communication tested
in order not to bias his/her answers. Typically this testing is multi leg: two versions of the same
advertisement are mounted within a film and tested, on the same target. The issues tested are mainly
awareness, persuasion and uniqueness, brand fit.

On the basis of the nature of the communication and the delivery channel (on different media: TV or press)
Allianz changes the research approach used to test the ADV.

For what concerns the TV communication, Allianz uses advanced research methodologies based on multi-
media assisted Personal interviews: the investments for the media planning are high and for this reasons the
research must be solid and robust, when the press or web communications are concerned, which are
characterized by lower investments in media, the interviews are ran on the web using CAWI methodology.

Considering the ADVs, what Allianz does is also a post-test quantitative analysis using the CAWI tool: ADV
tracking. It is ran systematically and it tracks the memory of communication which went on air. The first step
consists in asking customers to remember the advertising of insurances’ companies and the second one to see
insurances’ advertising blind and to ask customers to remember the brand.

QUALITATIVE RESEARCH TOOLS USED BY ALLIANZ

Qualitative marketing research is applied when Allianz wants to test something that is already known, to
answer a question on which Allianz has some hypothesis, to understand topics completely unknown and, last
but not least, to reach the goal of creating value for the customer. It is then used to reinforce the quantitative
phase and to deeply understand a phenomenon answering to two/three precise and fundamental questions.

More in general, qualitative research is the best tool to investigate in depth the customer needs, since it
allows to understand and address the complexity of a phenomenon and to identify the different shades of it.
The usefulness of qualitative research is it not determined by how many times consumers say something (it

2
It consists in asking customers: “on a 0 to 10 scale how much would you recommend the Company/product/service to a
friend or colleague?” NPS= % promoters (9 – 10) - % detractors (0 – 6).

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does not include statistical analysis and representation) but by what is being said and how is being said.
Qualitative marketing research understands the causes and the reasons of the phenomenon and explains
“why” (not “how much” as quantitative does) of behaviours. It allows to identify the reasons behind explicit
action, stated and explicit behaviours (why), to clarify the contents of the psychological processes of
customers, the propensities, desires, fears (how). The main feature lies in going beyond simply observable
facts understanding what “lies beneath”, what is “hidden” behind a behaviour: the determinant processes, the
factors that influence it, the relationship with other actors.

People who are in charge of organizing qualitative marketing researches activities at Allianz believe in the
“active” role played by them during the fieldwork of the research: some important insights and ideas, in fact,
come from being on the field and observing customers interacting among them (during focus groups,
interviews…).
The qualitative research tools preferred and employed by Allianz are usually focus group and “mini” focus
group (lasting from two to four hours). These approaches have showed in the past to be the most cost- and
time-effective.

FOCUS GROUP is a discussion among 6/8 participants (usually lasting from 2 to 3 hours) on a specific
issue moderated by a facilitator/moderator (typically a psychologist/sociologist) who guides the
conversation. The moderator has in mind the objectives of the research and knows how to achieve the goals,
is characterized by an active listening and moderates the discussion stimulating and guiding the participants.
A good moderator usually does not express her/his views and behaviours on the treated topic not to inhibit
and influence the participants. The interaction and group’s dynamic are the value added by focus groups. The
interpersonal dynamics allow, in fact, to grasp the main social orientations with respect to the subject of
investigation (perception and elaboration of the theme), areas of agreement and disagreement and
representations, evaluations and behaviours in a "micro" social dimension.

This approach allows the Company to understand in depth the customers’ point of view and their
motivations: for example this was used to understand the customers’ perception of using a process of digital
signature.

MINI FOCUS GROUP follows the same approach of the focus group but with a lower number of
participants. This is used often when a qualitative research is needed “quick and dirty”, and costs and time to
delivery must be compressed.

ONLINE MARKETING RESEARCH

Allianz is developing a qualitative survey system online to “observe” what people say on the web about the
insurance topic. One difficulty faced by Allianz in this area is stimulating people to talk about insurances in
their daily life. It is already known by Allianz that the insurance theme is not exciting and it is quite difficult
to make people discuss on product/services and experiences: people “must” participate and do not desire and
wish to do it and to share their experiences.

Considering the evolution of digital interactions in the daily life and the importance is gaining, online
marketing research is being developed by the Company in order to be up-to-date and to strengthen and widen
the possibility to gather customer insights.

NETNOGRAPHY. Allianz has a buzz monitoring platform that works on a series of keywords that includes
also social networks. It is extremely useful for the reputation management issue: trying to intervene to
regulate dissatisfaction of the customers and identifying some qualitative feedback on how the
communication strategy is performing (for example in terms of the buzz generated by the advertising on the
internet and on the social media).

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As said, there are some barriers in talking about insurances that are inherent and structural of the industry, on
which Allianz is working on to understand how to overcome them. More in details, the problem, in the
insurance world is trying to differentiate Company generated contents and users generated contents. The
85% of contents on the Italian insurance companies is material coming from companies. The 15% of
remaining discussions is mainly oriented to discuss about claims and the request on advices on how to solve
problems. The discussion are not centered on products or services or on the experiences.

ETHNOGRAPHY and DIARIES are well-known tools that are used by Allianz although not in a wide
spread way.

ETHNOGRAPHY is used mainly to observe the behavior of the customer on the point of sale. The
insurance business, although, is characterized by low passing of customer in the agency (maximum one-two
times per year) and the purchase decision is often done before entering in the point of sale (the research of
the best price, for example, is done on the internet). This is the reason why for Allianz these researches are
not focused on the customers’ behavior strictly related to the point of sale, as a consequence, the tool is not
the core one used by Allianz.

DIARIES are frequently used by Allianz. “Life Books” (as are called by the Company) are used
systematically as opening of some qualitative researches: when customers are recruited for focus groups or
mini focus groups are asked, before attending the groups, to fill in diaries. The output coming from the
analysis of these documents are the basis of the following discussions in group. The aim, considering the low
desirability typical of these products, is warming up the customer, to give participants the opportunity, before
coming to the focus groups, to become more familiar with the topic. The diaries are often used by Allianz
and have been used to study different issues, for example: the relation with one’s home, in order to analyze
insurances linked to the house; to investigate which kind of services should the agency offer to its customers;
to deepen the relation with the payment by installments in order to provide new services.

CUSTOMER SATISFACTION
Customer satisfaction is an extremely important topic and pillar of the analysis conducted by Allianz. The
competence of using the customer satisfaction analysis to find out some drivers of action is extremely
important.

The panel of customers is really big and it is possible to do some drill down: for product, point of sale, age
range, customer segment, geographical are: this allows to identify satisfaction drivers and consequently
follow-up actions, for example defining new service levels.

Future developments
Roberto Catanzaro organized a second meeting after fifteen days. He asked for a report on the strategic
decision to be chosen in relation to the marketing research issue and future developments.
The most important questions to be answered after the meeting were: the pool of marketing research tools
used and the derived dashboard of indicators are coherent with Allianz’s marketing strategy? Which are
future developments of marketing research tools and technique considering the development of the web and
social networks?

Questions for discussion:

 Explain the articulation of qualitative research tools used by Allianz and describe how they were
used to generate valuable information about consumers’ needs and wishes, to gather insights and to
identify marketing trends.
 Describe the advantages and disadvantages of each qualitative marketing research technique.
 Explain the various qualitative and quantitative research tools used by Allianz.
 The online qualitative research issue seems to be, nowadays, an interesting area in which Allianz
wants to invest. Examine the benefits and the limitations in conducting marketing research online.

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APPENDIX:

Exhibit 1. Allianz: Key figures

 Operating profit of € 7,866 mn within expected range, mirroring fundamental strength of business.
 Net income of € 2,804 mn heavily impacted by financial market turmoil.

Shareholders' equity € 44.9 bn (AA Standard & Poor's rating

since 2007)
Total Revenues € 103.6 bn
Net income € 2,804 mn
Dividend per share (proposal 2012) € 4.50
Operating profit € 7,866 mn
Conglomerate solvency 179 %
ROE 5.93
Source: Allianz Group Annual Report 2011

Exhibit 3. Segment overview by region/country as of December 31, 2011 in %

Source: Allianz Group Annual Report 2011

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Exhibit 3a. Segment overview: focus on the Italian Market
Source: Allianz Economic Research & Corporate Development (October, 2012)
Copyright © SDA Bocconi, Milan, Italy 14