In addition to its supervisory function, the Supervisory Board is responsible for providing advice to the Board of Management. The Supervisory Board is directly involved in decisions of essential importance to the company. However, it does not assume any executive tasks. One of its key responsibilities is the appointment and dismissal of members of the Board of Management. Furthermore, the Supervisory Board is responsible for appointing the auditor for German insurance companies. The work of the Supervisory Board is coordinated by its chairman.

The Supervisory Board of Allianz SE consists of twelve members divided equally into six shareholder representatives and six employee representatives. In accordance with the SE regulations, the Chairman of the Supervisory Board must be a shareholder representative. Henning Schulte-Noelle has been elected Chairman. The vice chairpersons of the Supervisory Board are Gerhard Cromme and Claudia Eggert-Lehmann.