01 Introduction and strategy 02 Measuring and managing sustainability 03 Climate change related disclosure 04 Strengthening our foundation 05 Our universal principles 03.4 Strategy resilience, stress tests and climate scenario analysis Climate change considerations are an integral part of our insurance and investment strategy. We apply various quantitative and qualitative approaches to carry out climate stress testing and scenario analysis in consideration of the longtime horizons over which climate change may unfold and the high uncertainty over the direction of future climate and economic developments. Our objective is to foster risk awareness, build expertise in the assessment of financial risks from climate change, test our business strategy and inform risk management and business decision making. We perform sensitivity and scenario analyses with time horizons up to 2050 and including scenarios ranging from 1.5°C to 4°C of average warming by the end of the century. We make use of internal models and external tools. While time horizons naturally differ depending on the lines of business under consideration, the range of scenarios we apply allows us to better assess the variety of risks and opportunities associated with climate change. Table TCFD-5 Overview of climate scenarios applied by Allianz Group Aspects covered Scenarios used Scenario provider Transition and physical Net-Zero 2050 Below 2°C Divergent Net-Zero Delayed Transition Current Policies Network for Greening the Financial System Transition 97 C1 scenarios in Assessment Report 6 (no and low overshoot) Intergovernmental Panel on Climate Change (IPCC) (building on a multitude of scenario providers) Transition Net-zero by 2050 Sustainable Development Scenario Beyond 2 ̊ Scenario Stated Policies Scenario 2° Scenario International Energy Agency Transition One Earth Climate Model University of Technology Sydney Transition RPS FPS Inevitable Policy Response Physical Representative Concentration Pathway (RCP) 2.6 RCP 4.5 RCP 6.0 RCP 8.5 IPCC Allianz Group Sustainability Report 2022 102