Allianz : Changes to the Allianz SE Board of Management

Allianz SE

Group Communications and Corporate Responsibility

Media Release

Changes to the Allianz SE Board of Management

• Barbara Karuth-Zelle to succeed Christof Mascher
• Christopher Townsend to succeed Niran Peiris
• Board mandates of Sergio Balbinot, Giulio Terzariol and Ivan de la Sota extended

Munich, September 25, 2020

Barbara Karuth-Zelle (51), currently CEO of Allianz Technology SE, has been appointed to the Board of Management of Allianz SE in charge of Operations and IT, effective January 1, 2021. She has been appointed for the standard term of three years for new appointments.

She succeeds Christof Mascher (60), who is retiring on December 31, 2020 after more than thirty years with Allianz and after having served as a Member of the Board of Management of Allianz SE for more than a decade. Christof Mascher will continue to serve Allianz and will take over selected mandates.

Christopher Townsend (52) has been appointed to the Board of Management of Allianz SE in charge of Global Insurance Lines, including AGCS and Euler Hermes, Reinsurance, Anglo Markets, Middle East and Africa, effective January 1, 2021. He has also been appointed for the standard term of three years. He served as the CEO of AIG's International General Insurance Operations until recently and succeeds Niran Peiris (59), who is also retiring on December 31, 2020 after spending more than twenty years with Allianz.

The Board mandate of Sergio Balbinot (62) has been extended for two years until December 31, 2022 and the Board mandates of Giulio Terzariol (48) and Ivan de la Sota (56) have been extended for five years until December 31, 2025.

Oliver Bäte, Chairman of the Board of Management of Allianz SE, said: "I thank Christof Mascher for his invaluable contribution and in particular, for laying the foundations for our digital transformation. I also thank Niran Peiris for his long-standing service, especially in challenging times. While I am sad to see our two esteemed Board colleagues leave, I look forward to Barbara Karuth-Zelle joining the Board. She brings with her a wealth of experience in Operations and IT. I am also very happy to welcome Chris Townsend, who is a proven leader with thirty years of experience in the insurance business and a deep knowledge of a large range of different markets."

Michael Diekmann, Chairman of the Supervisory Board of Allianz SE, said: "Allianz owes gratitude to Christof Mascher for his three decades of service and his foresight in the area of technology. I also want to sincerely thank Niran Peiris for his dedicated contributions to the success of Allianz. With Barbara Karuth-Zelle and Christopher Townsend, we have found

Allianz SE	Chairman of the Supervisory Board: Michael Diekmann. Board of Management: Oliver
Koeniginstr. 28	Bäte, Chairman; Sergio Balbinot, Jacqueline Hunt, Dr. Christof Mascher,
80802 Munich; Germany	Niran Peiris, Dr. Klaus-Peter Röhler, Ivan de la Sota, Giulio Terzariol, Dr. Günther
Phone: [phone]	Thallinger, Renate Wagner (Release / Stand 04.2020). For VAT-Purposes: VAT-
Fax: [phone]	Registration Number: DE 129 274 114; Insurance services are exempt from VAT.
www.allianz.com/news	Allianz SE, Munich, Comm.Reg.: Munich HRB 164232

two very experienced new members for our management board. With their addition, along with the extension of the mandates of Sergio Balbinot, Giulio Terzariol and Ivan de la Sota, we were again able to form an experienced, stable and diverse management team."

Both new board appointments are subject to regulatory approval.

For further information, please contact:

Christian Kroos	Tel. +49	89 3800	5043, e-mail:[e-mail]
Holger Klotz	Tel. +49	89 3800	90921, e-mail:[e-mail]

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million retail and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world's largest investors, managing 766 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.7 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2019, over 147,000 employees achieved total revenues of 142 billion euros and an operating profit of 11.9 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

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