15 December 2022 Director of Publication Ludovic Subran, Chief Economist Allianz SE Phone +49 89 3800 7859 Allianz Group Economic Research https://www.allianz.com/en/economic_research Königinstraße 28 | 80802 Munich | Germany [email protected] @allianz allianz Allianz Trade Economic Research http://www.allianz-trade.com/economic-research 1 Place des Saisons | 92048 Paris-La-Défense Cedex | France [email protected] @allianz-trade allianz-trade About Allianz Research Allianz Research comprises Allianz Group Economic Research and the Economic Research department of Allianz Trade. Forward looking statements The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group’s core business and core markets, (ii) per- formance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) per-sistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) curren-cy exchange rates including the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general compet-itive factors, in each case on a local, regional, national and/or global basis. Many of these factors No duty to update The company assumes no obligation to update any information or forward-looking statement cont- ained herein, save for any information required to be disclosed by law. may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. 31