Mission, Vision, and Values

Strategic market

In beginning a new cycle in 2015, growth expectations for Allianz Seguros began to materialize and we had a significant recovery in the first half of the year, especially in auto and health. It was also an important period to reassess our product portfolio.

Nevertheless, changes in the Brazilian economic scenario as of the first half of the year, in addition to deceleration of the Chinese economy and devaluation of the dollar, strongly affected results in the second half of the year. Growth was slower than plan; however the period brought about an important consolidation of Allianz's values, and the company chose to maintain sustainable products, even putting at risk its short-term competitiveness, seeking better results in the medium- and long-term. Expectations are that, in 2016, with a more stable scenario, the option for sustainability of the business will yield effective results.

For the Allianz Group, Brazil represents a strategic market given its size and volume of opportunities. Classified as the eighth largest economy in the world in 2015, the country ranks 33rd in terms of penetration of insurance products, which clearly demonstrates the growth potential of this sector.

Winning strategy

The year 2015 was also the time to prepare for the future, establishing the path that will make Allianz Seguros the best insurance company in the Brazilian market within a few years - the company's main goal in the country. To this end, certain objectives were defined to be achieved between 2016 and 2018 in order to increase operating productivity using, in the most efficient manner possible, the resources already available:

• Mitigation of the economic downturn: identify the most important mechanisms that help maintain operating, administrative, financial, and asset costs.

• Business opportunities: diversify the current product portfolio offered to policyholders, including differentiated components that exceed market expectations. Expand the use of alternative channels to increase distribution of products offered.

• Transformation initiatives: expand initiatives that use digital integration, combining excellence and practicality to end consumers.

In order to achieve our goals, Allianz's strategic plan was revised. This work began at the end of 2015, when the company adopted a new work concept: Change to Win.