---
title: https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx
source_file: tmpd54wbc14.xlsx
source_url: https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx
doc_type: spreadsheet
pages: 24
tables: 40
converter: spreadsheet_extract/1
parsed_at: '2026-08-05T14:53:18Z'
scanned_pages: []
---

<!-- page 1 -->
### Market Data

<table id="1">
<caption>Exchange rates spot by currency <fn ref="1"/></caption>
<tr><th></th><th colspan="8">Spot</th></tr>
<tr><th></th><th>31.03.2024</th><th>30.06.2024</th><th>30.09.2024</th><th>31.12.2024</th><th>31.03.2025</th><th>30.06.2025</th><th>30.09.2025</th><th>31.12.2025</th></tr>
<tr><td><b>USD</b></td><td>1.0800</td><td>1.0717</td><td>1.1160</td><td><b>1.0355</b></td><td>1.0802</td><td>1.1739</td><td>1.1750</td><td><b>1.1744</b></td></tr>
<tr><td><b>CHF</b></td><td>0.9728</td><td>0.9630</td><td>0.9415</td><td><b>0.9385</b></td><td>0.9557</td><td>0.9344</td><td>0.9348</td><td><b>0.9305</b></td></tr>
<tr><td><b>GBP</b></td><td>0.8549</td><td>0.8478</td><td>0.8320</td><td><b>0.8268</b></td><td>0.8368</td><td>0.8566</td><td>0.8728</td><td><b>0.8731</b></td></tr>
<tr><td><b>AUD</b></td><td>1.6555</td><td>1.6048</td><td>1.6087</td><td><b>1.6724</b></td><td>1.7334</td><td>1.7912</td><td>1.7730</td><td><b>1.7612</b></td></tr>
</table>

<table id="2">
<caption>Exchange rates average by currency <fn ref="1"/></caption>
<tr><th></th><th colspan="10">Average</th></tr>
<tr><th></th><th>1Q 24</th><th>2Q 24</th><th>3Q 24</th><th>4Q 24</th><th>2024</th><th>1Q 25</th><th>2Q 25</th><th>3Q 25</th><th>4Q 25</th><th>2025</th></tr>
<tr><td><b>USD</b></td><td>1.0854</td><td>1.0766</td><td>1.0987</td><td>1.0671</td><td><b>1.0820</b></td><td>1.0529</td><td>1.1347</td><td>1.1686</td><td>1.1640</td><td><b>1.1308</b></td></tr>
<tr><td><b>CHF</b></td><td>0.9490</td><td>0.9738</td><td>0.9517</td><td>0.9360</td><td><b>0.9526</b></td><td>0.9463</td><td>0.9369</td><td>0.9352</td><td>0.9303</td><td><b>0.9371</b></td></tr>
<tr><td><b>GBP</b></td><td>0.8560</td><td>0.8532</td><td>0.8450</td><td>0.8324</td><td><b>0.8466</b></td><td>0.8358</td><td>0.8493</td><td>0.8667</td><td>0.8752</td><td><b>0.8570</b></td></tr>
<tr><td><b>AUD</b></td><td>1.6510</td><td>1.6338</td><td>1.6401</td><td>1.6351</td><td><b>1.6399</b></td><td>1.6773</td><td>1.7694</td><td>1.7865</td><td>1.7730</td><td><b>1.7522</b></td></tr>
</table>

<table id="3">
<caption>Valuation rates by currency and duration, IFRS 17 <fn ref="3"/></caption>
<tr><th>%</th><th colspan="5">31.12.2024</th><th colspan="5">31.03.2025</th></tr>
<tr><th></th><th>1 year</th><th>5 years</th><th>10 years</th><th>20 years</th><th>30 years</th><th>1 year</th><th>5 years</th><th>10 years</th><th>20 years</th><th>30 years</th></tr>
<tr><td><b>Unit-linked contracts</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>EUR</td><td>2.27</td><td>2.18</td><td>2.30</td><td>2.29</td><td>2.38</td><td>2.18</td><td>2.35</td><td>2.60</td><td>2.70</td><td>2.66</td></tr>
<tr><td>USD</td><td>4.09</td><td>3.94</td><td>3.99</td><td>4.02</td><td>3.80</td><td>3.90</td><td>3.58</td><td>3.71</td><td>3.86</td><td>3.72</td></tr>
<tr><td><b>Immediate fixed annuity and P/C liability for incurred claims</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>EUR</td><td>2.55</td><td>2.46</td><td>2.58</td><td>2.58</td><td>2.62</td><td>2.45</td><td>2.62</td><td>2.87</td><td>2.97</td><td>2.89</td></tr>
<tr><td>USD</td><td>4.64</td><td>4.49</td><td>4.53</td><td>4.57</td><td>4.33</td><td>4.59</td><td>4.27</td><td>4.40</td><td>4.55</td><td>4.38</td></tr>
<tr><td><b>Traditional participating and other insurance contracts <fn ref="2"/></b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>EUR</td><td>2.47 - 3.11</td><td>2.38 - 3.02</td><td>2.50 - 3.14</td><td>2.49 - 3.13</td><td>2.55 - 3.08</td><td>2.36 - 3.00</td><td>2.53 - 3.17</td><td>2.78 - 3.41</td><td>2.88 - 3.51</td><td>2.81 - 3.34</td></tr>
<tr><td>USD</td><td>5.34 - 5.41</td><td>5.19 - 5.25</td><td>5.24 - 5.30</td><td>5.27 - 5.34</td><td>5.00 - 5.06</td><td>5.19 - 5.37</td><td>4.87 - 5.05</td><td>5.00 - 5.18</td><td>5.15 - 5.33</td><td>4.95 - 5.13</td></tr>
</table>

<table id="4">
<caption>Valuation rates by currency and duration, IFRS 17 <fn ref="3"/></caption>
<tr><th>%</th><th colspan="5">30.06.2025</th><th colspan="5">30.09.2025</th></tr>
<tr><th></th><th>1 year</th><th>5 years</th><th>10 years</th><th>20 years</th><th>30 years</th><th>1 year</th><th>5 years</th><th>10 years</th><th>20 years</th><th>30 years</th></tr>
<tr><td><b>Unit-linked contracts</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>EUR</td><td>1.93</td><td>2.20</td><td>2.54</td><td>2.76</td><td>2.82</td><td>2.05</td><td>2.31</td><td>2.62</td><td>2.88</td><td>2.93</td></tr>
<tr><td>USD</td><td>3.80</td><td>3.37</td><td>3.65</td><td>3.96</td><td>3.87</td><td>3.58</td><td>3.34</td><td>3.63</td><td>3.98</td><td>3.91</td></tr>
<tr><td><b>Immediate fixed annuity and P/C liability for incurred claims</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>EUR</td><td>2.19</td><td>2.45</td><td>2.79</td><td>3.01</td><td>3.04</td><td>2.26</td><td>2.52</td><td>2.82</td><td>3.08</td><td>3.12</td></tr>
<tr><td>USD</td><td>4.51</td><td>4.09</td><td>4.36</td><td>4.67</td><td>4.54</td><td>4.17</td><td>3.94</td><td>4.22</td><td>4.57</td><td>4.47</td></tr>
<tr><td><b>Traditional participating and other insurance contracts <fn ref="2"/></b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>EUR</td><td>1.93 - 2.68</td><td>2.20 - 2.94</td><td>2.54 - 3.28</td><td>2.76 - 3.51</td><td>2.82 - 3.47</td><td>2.05 - 2.75</td><td>2.31 - 3.01</td><td>2.62 - 3.32</td><td>2.88 - 3.57</td><td>2.93 - 3.56</td></tr>
<tr><td>USD</td><td>5.09 - 5.29</td><td>4.67 - 4.87</td><td>4.95 - 5.15</td><td>5.25 - 5.45</td><td>5.10 - 5.29</td><td>4.69 - 4.95</td><td>4.45 - 4.71</td><td>4.74 - 5.00</td><td>5.09 - 5.34</td><td>4.96 - 5.21</td></tr>
</table>

<table id="5">
<caption>Valuation rates by currency and duration, IFRS 17 <fn ref="3"/></caption>
<tr><th>%</th><th colspan="5">31.12.2025</th></tr>
<tr><th></th><th>1 year</th><th>5 years</th><th>10 years</th><th>20 years</th><th>30 years</th></tr>
<tr><td><b>Unit-linked contracts</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>EUR</td><td>2.09</td><td>2.49</td><td>2.86</td><td>3.20</td><td>3.25</td></tr>
<tr><td>USD</td><td>3.37</td><td>3.41</td><td>3.77</td><td>4.19</td><td>4.14</td></tr>
<tr><td><b>Immediate fixed annuity and P/C liability for incurred claims</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>EUR</td><td>2.27</td><td>2.66</td><td>3.04</td><td>3.37</td><td>3.40</td></tr>
<tr><td>USD</td><td>3.93</td><td>3.97</td><td>4.32</td><td>4.75</td><td>4.67</td></tr>
<tr><td><b>Traditional participating and other insurance contracts <fn ref="2"/></b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>EUR</td><td>2.09 - 2.74</td><td>2.49 - 3.14</td><td>2.86 - 3.51</td><td>3.20 - 3.84</td><td>3.25 - 3.80</td></tr>
<tr><td>USD</td><td>4.40 - 4.63</td><td>4.44 - 4.67</td><td>4.79 - 5.02</td><td>5.22 - 5.44</td><td>5.11 - 5.33</td></tr>
</table>

<footnotes>
<fn id="1">Source: WM/Reuters.</fn>
<fn id="3">The table sets out the continuously compounded market rates used to discount the cash flows of insurance contracts for major currencies. Source: LSEG Data & Analytics; internal processing of market quotes.</fn>
<fn id="2">Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency.</fn>
</footnotes>

<!-- page 2 -->
### Balance Sheet

<table id="6">
<caption>Allianz Group balance sheet</caption>
<tr><th>In EUR million</th><th>31.03.2024</th><th>30.06.2024</th><th>30.09.2024</th><th>31.12.2024</th><th>31.03.2025</th><th>30.06.2025</th><th>30.09.2025</th><th>31.12.2025</th><th>∆ 31.12.25 / 31.12.24</th></tr>
<tr><td><b>Assets</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Cash and cash equivalents</td><td>28,368</td><td>28,058</td><td>30,957</td><td><b>31,637</b></td><td>32,620</td><td>33,886</td><td>32,079</td><td><b>29,854</b></td><td><b>-5.6%</b></td></tr>
<tr><td>Investments</td><td>735,375</td><td>729,065</td><td>741,988</td><td><b>752,815</b></td><td>738,766</td><td>732,606</td><td>748,021</td><td><b>753,487</b></td><td><b>0.1%</b></td></tr>
<tr><td>Financial assets for unit-linked contracts</td><td>159,150</td><td>160,465</td><td>141,900</td><td><b>146,470</b></td><td>143,969</td><td>145,831</td><td>152,187</td><td><b>158,203</b></td><td><b>8.0%</b></td></tr>
<tr><td>Insurance contract assets</td><td>77</td><td>88</td><td>109</td><td><b>142</b></td><td>223</td><td>214</td><td>187</td><td><b>223</b></td><td><b>57.2%</b></td></tr>
<tr><td>Reinsurance contract assets</td><td>25,199</td><td>25,627</td><td>27,224</td><td><b>28,770</b></td><td>27,370</td><td>26,059</td><td>27,902</td><td><b>27,797</b></td><td><b>-3.4%</b></td></tr>
<tr><td>Deferred tax assets</td><td>6,090</td><td>6,305</td><td>6,663</td><td><b>6,055</b></td><td>5,556</td><td>5,354</td><td>4,935</td><td><b>5,161</b></td><td><b>-14.8%</b></td></tr>
<tr><td>Other assets</td><td>30,468</td><td>29,744</td><td>58,805</td><td><b>59,564</b></td><td>59,445</td><td>30,550</td><td>28,823</td><td><b>30,928</b></td><td><b>-48.1%</b></td></tr>
<tr><td>Intangible assets</td><td>19,004</td><td>19,003</td><td>18,844</td><td><b>19,126</b></td><td>18,908</td><td>18,384</td><td>18,638</td><td><b>18,623</b></td><td><b>-2.6%</b></td></tr>
<tr><td><b>Total assets</b></td><td><b>1,003,731</b></td><td><b>998,354</b></td><td><b>1,026,489</b></td><td><b>1,044,578</b></td><td><b>1,026,857</b></td><td><b>992,884</b></td><td><b>1,012,773</b></td><td><b>1,024,276</b></td><td><b>-1.9%</b></td></tr>
<tr><td><b>Liabilities and equity</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Financial liabilites</td><td>62,340</td><td>62,690</td><td>64,440</td><td><b>66,137</b></td><td>60,976</td><td>64,717</td><td>66,151</td><td><b>66,291</b></td><td><b>0.2%</b></td></tr>
<tr><td>Insurance contract liabilities</td><td>789,271</td><td>789,512</td><td>789,353</td><td><b>800,511</b></td><td>785,857</td><td>780,496</td><td>793,533</td><td><b>800,677</b></td><td><b>0.0%</b></td></tr>
<tr><td>Reinsurance contract liabilities</td><td>327</td><td>267</td><td>264</td><td><b>316</b></td><td>457</td><td>434</td><td>471</td><td><b>497</b></td><td><b>57.3%</b></td></tr>
<tr><td>Investment contract liabilities</td><td>50,380</td><td>50,252</td><td>42,905</td><td><b>44,553</b></td><td>44,805</td><td>46,328</td><td>48,817</td><td><b>50,550</b></td><td><b>13.5%</b></td></tr>
<tr><td>Deferred tax liabilities</td><td>2,148</td><td>2,283</td><td>2,495</td><td><b>2,257</b></td><td>2,174</td><td>2,231</td><td>2,318</td><td><b>2,436</b></td><td><b>7.9%</b></td></tr>
<tr><td>Other liabilities</td><td>35,847</td><td>34,541</td><td>65,652</td><td><b>66,728</b></td><td>66,382</td><td>38,166</td><td>37,779</td><td><b>37,477</b></td><td><b>-43.8%</b></td></tr>
<tr><td><b>Total liabilities</b></td><td><b>940,311</b></td><td><b>939,544</b></td><td><b>965,109</b></td><td><b>980,502</b></td><td><b>960,652</b></td><td><b>932,372</b></td><td><b>949,070</b></td><td><b>957,928</b></td><td><b>-2.3%</b></td></tr>
<tr><td>Shareholders' equity</td><td>59,979</td><td>55,511</td><td>57,772</td><td><b>60,287</b></td><td>62,386</td><td>57,195</td><td>60,208</td><td><b>62,722</b></td><td><b>4.0%</b></td></tr>
<tr><td>Issued capital</td><td>1,170</td><td>1,170</td><td>1,170</td><td><b>1,170</b></td><td>1,170</td><td>1,170</td><td>1,170</td><td><b>1,170</b></td><td><b>0.0%</b></td></tr>
<tr><td>Additional paid-in capital</td><td>27,732</td><td>27,732</td><td>27,732</td><td><b>27,732</b></td><td>27,732</td><td>27,732</td><td>27,732</td><td><b>27,732</b></td><td><b>0.0%</b></td></tr>
<tr><td>Undated subordinated bonds</td><td>4,815</td><td>4,833</td><td>4,741</td><td><b>4,915</b></td><td>4,815</td><td>4,630</td><td>4,906</td><td><b>4,629</b></td><td><b>-5.8%</b></td></tr>
<tr><td>Retained earnings</td><td>32,683</td><td>29,073</td><td>30,899</td><td><b>33,316</b></td><td>35,911</td><td>31,739</td><td>33,602</td><td><b>36,243</b></td><td><b>8.8%</b></td></tr>
<tr><td>Foreign currency translation adjustments</td><td>-2,541</td><td>-2,379</td><td>-2,865</td><td><b>-1,614</b></td><td>-2,651</td><td>-4,473</td><td>-4,619</td><td><b>-4,512</b></td><td><b>179.6%</b></td></tr>
<tr><td>Net unrealized gains and losses</td><td>-3,880</td><td>-4,917</td><td>-3,905</td><td><b>-5,232</b></td><td>-4,590</td><td>-3,602</td><td>-2,582</td><td><b>-2,540</b></td><td><b>-51.5%</b></td></tr>
<tr><td>Non-controlling interests</td><td>3,441</td><td>3,299</td><td>3,609</td><td><b>3,789</b></td><td>3,819</td><td>3,317</td><td>3,495</td><td><b>3,627</b></td><td><b>-4.3%</b></td></tr>
<tr><td><b>Total equity</b></td><td><b>63,420</b></td><td><b>58,810</b></td><td><b>61,381</b></td><td><b>64,076</b></td><td><b>66,205</b></td><td><b>60,512</b></td><td><b>63,703</b></td><td><b>66,349</b></td><td><b>3.5%</b></td></tr>
<tr><td><b>Total liabilities and equity</b></td><td><b>1,003,731</b></td><td><b>998,354</b></td><td><b>1,026,489</b></td><td><b>1,044,578</b></td><td><b>1,026,857</b></td><td><b>992,884</b></td><td><b>1,012,773</b></td><td><b>1,024,276</b></td><td><b>-1.9%</b></td></tr>
</table>

<table id="7">
<caption>Property-Casualty balance sheet</caption>
<tr><th>In EUR million</th><th>31.03.2024</th><th>30.06.2024</th><th>30.09.2024</th><th>31.12.2024</th><th>31.03.2025</th><th>30.06.2025</th><th>30.09.2025</th><th>31.12.2025</th><th>∆ 31.12.25 / 31.12.24</th></tr>
<tr><td><b>Assets</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Cash and cash equivalents</td><td>6,033</td><td>5,602</td><td>6,363</td><td><b>7,322</b></td><td>7,305</td><td>6,749</td><td>6,605</td><td><b>6,101</b></td><td><b>-16.7%</b></td></tr>
<tr><td>Investments</td><td>119,704</td><td>119,869</td><td>121,087</td><td><b>121,318</b></td><td>113,432</td><td>112,410</td><td>113,662</td><td><b>114,015</b></td><td><b>-6.0%</b></td></tr>
<tr><td>Financial assets for unit-linked contracts</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Insurance contract assets</td><td>1</td><td>0</td><td>11</td><td><b>18</b></td><td>88</td><td>63</td><td>24</td><td><b>34</b></td><td><b>95.1%</b></td></tr>
<tr><td>Reinsurance contract assets</td><td>10,972</td><td>11,390</td><td>13,173</td><td><b>14,366</b></td><td>13,760</td><td>13,718</td><td>15,496</td><td><b>15,601</b></td><td><b>8.6%</b></td></tr>
<tr><td>Deferred tax assets</td><td>1,574</td><td>1,650</td><td>1,730</td><td><b>1,829</b></td><td>1,746</td><td>1,575</td><td>1,499</td><td><b>1,353</b></td><td><b>-26.0%</b></td></tr>
<tr><td>Other assets</td><td>25,199</td><td>25,202</td><td>25,948</td><td><b>26,878</b></td><td>26,734</td><td>27,354</td><td>27,025</td><td><b>26,500</b></td><td><b>-1.4%</b></td></tr>
<tr><td>Intangible assets</td><td>6,538</td><td>6,518</td><td>6,512</td><td><b>6,450</b></td><td>6,289</td><td>6,220</td><td>6,510</td><td><b>6,475</b></td><td><b>0.4%</b></td></tr>
<tr><td><b>Total assets</b></td><td><b>170,021</b></td><td><b>170,232</b></td><td><b>174,823</b></td><td><b>178,180</b></td><td><b>169,353</b></td><td><b>168,088</b></td><td><b>170,821</b></td><td><b>170,080</b></td><td><b>-4.5%</b></td></tr>
<tr><td><b>Liabilities and equity</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Financial liabilites</td><td>1,997</td><td>1,983</td><td>2,068</td><td><b>2,996</b></td><td>2,856</td><td>3,322</td><td>2,612</td><td><b>1,881</b></td><td><b>-37.2%</b></td></tr>
<tr><td>Insurance contract liabilities</td><td>98,794</td><td>99,699</td><td>101,381</td><td><b>102,436</b></td><td>96,028</td><td>95,523</td><td>96,899</td><td><b>96,308</b></td><td><b>-6.0%</b></td></tr>
<tr><td>Reinsurance contract liabilities</td><td>228</td><td>113</td><td>122</td><td><b>124</b></td><td>245</td><td>227</td><td>251</td><td><b>261</b></td><td><b>109.7%</b></td></tr>
<tr><td>Investment contract liabilities</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Deferred tax liabilities</td><td>1,774</td><td>1,752</td><td>2,236</td><td><b>2,274</b></td><td>1,961</td><td>2,072</td><td>1,979</td><td><b>2,233</b></td><td><b>-1.8%</b></td></tr>
<tr><td>Other liabilities</td><td>16,288</td><td>16,605</td><td>17,211</td><td><b>18,070</b></td><td>16,991</td><td>16,654</td><td>17,465</td><td><b>17,708</b></td><td><b>-2.0%</b></td></tr>
<tr><td><b>Total liabilities</b></td><td><b>119,080</b></td><td><b>120,152</b></td><td><b>123,017</b></td><td><b>125,901</b></td><td><b>118,081</b></td><td><b>117,799</b></td><td><b>119,206</b></td><td><b>118,390</b></td><td><b>-6.0%</b></td></tr>
<tr><td>Shareholders' equity</td><td>49,397</td><td>48,595</td><td>50,242</td><td><b>50,632</b></td><td>49,607</td><td>48,664</td><td>49,927</td><td><b>49,946</b></td><td><b>-1.4%</b></td></tr>
<tr><td>Non-controlling interests</td><td>1,543</td><td>1,485</td><td>1,564</td><td><b>1,647</b></td><td>1,665</td><td>1,624</td><td>1,689</td><td><b>1,743</b></td><td><b>5.8%</b></td></tr>
<tr><td><b>Total equity</b></td><td><b>50,940</b></td><td><b>50,080</b></td><td><b>51,806</b></td><td><b>52,280</b></td><td><b>51,272</b></td><td><b>50,289</b></td><td><b>51,615</b></td><td><b>51,689</b></td><td><b>-1.1%</b></td></tr>
<tr><td><b>Total liabilities and equity</b></td><td><b>170,021</b></td><td><b>170,232</b></td><td><b>174,823</b></td><td><b>178,180</b></td><td><b>169,353</b></td><td><b>168,088</b></td><td><b>170,821</b></td><td><b>170,080</b></td><td><b>-4.5%</b></td></tr>
</table>

<table id="8">
<caption>Life/Health balance sheet</caption>
<tr><th>In EUR million</th><th>31.03.2024</th><th>30.06.2024</th><th>30.09.2024</th><th>31.12.2024</th><th>31.03.2025</th><th>30.06.2025</th><th>30.09.2025</th><th>31.12.2025</th><th>∆ 31.12.25 / 31.12.24</th></tr>
<tr><td><b>Assets</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Cash and cash equivalents</td><td>16,928</td><td>16,501</td><td>19,522</td><td><b>17,364</b></td><td>18,442</td><td>20,056</td><td>19,624</td><td><b>18,641</b></td><td><b>7.4%</b></td></tr>
<tr><td>Investments</td><td>585,649</td><td>582,175</td><td>589,989</td><td><b>598,409</b></td><td>589,860</td><td>586,224</td><td>600,164</td><td><b>605,446</b></td><td><b>1.2%</b></td></tr>
<tr><td>Financial assets for unit-linked contracts</td><td>159,150</td><td>160,465</td><td>141,900</td><td><b>146,470</b></td><td>143,969</td><td>145,831</td><td>152,187</td><td><b>158,203</b></td><td><b>8.0%</b></td></tr>
<tr><td>Insurance contract assets</td><td>77</td><td>88</td><td>98</td><td><b>124</b></td><td>134</td><td>151</td><td>163</td><td><b>188</b></td><td><b>51.7%</b></td></tr>
<tr><td>Reinsurance contract assets</td><td>14,327</td><td>14,311</td><td>14,152</td><td><b>14,546</b></td><td>13,768</td><td>12,471</td><td>12,567</td><td><b>12,284</b></td><td><b>-15.6%</b></td></tr>
<tr><td>Deferred tax assets</td><td>4,949</td><td>5,006</td><td>10,735</td><td><b>12,359</b></td><td>13,075</td><td>12,203</td><td>10,759</td><td><b>11,476</b></td><td><b>-7.1%</b></td></tr>
<tr><td>Other assets</td><td>15,013</td><td>15,452</td><td>45,680</td><td><b>47,166</b></td><td>47,363</td><td>19,088</td><td>17,753</td><td><b>18,304</b></td><td><b>-61.2%</b></td></tr>
<tr><td>Intangible assets</td><td>4,617</td><td>4,609</td><td>4,603</td><td><b>4,633</b></td><td>4,744</td><td>4,588</td><td>4,564</td><td><b>4,585</b></td><td><b>-1.0%</b></td></tr>
<tr><td><b>Total assets</b></td><td><b>800,710</b></td><td><b>798,606</b></td><td><b>826,678</b></td><td><b>841,071</b></td><td><b>831,355</b></td><td><b>800,613</b></td><td><b>817,781</b></td><td><b>829,128</b></td><td><b>-1.4%</b></td></tr>
<tr><td><b>Liabilities and equity</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Financial liabilites</td><td>25,615</td><td>25,470</td><td>26,319</td><td><b>26,608</b></td><td>21,695</td><td>24,529</td><td>27,288</td><td><b>28,398</b></td><td><b>6.7%</b></td></tr>
<tr><td>Insurance contract liabilities</td><td>690,585</td><td>689,908</td><td>688,073</td><td><b>698,221</b></td><td>689,956</td><td>685,064</td><td>696,783</td><td><b>704,423</b></td><td><b>0.9%</b></td></tr>
<tr><td>Reinsurance contract liabilities</td><td>99</td><td>154</td><td>142</td><td><b>191</b></td><td>212</td><td>207</td><td>220</td><td><b>235</b></td><td><b>23.0%</b></td></tr>
<tr><td>Investment contract liabilities</td><td>50,380</td><td>50,252</td><td>42,905</td><td><b>44,553</b></td><td>44,805</td><td>46,328</td><td>48,817</td><td><b>50,550</b></td><td><b>13.5%</b></td></tr>
<tr><td>Deferred tax liabilities</td><td>1,920</td><td>2,064</td><td>7,103</td><td><b>8,732</b></td><td>9,892</td><td>8,903</td><td>7,838</td><td><b>8,022</b></td><td><b>-8.1%</b></td></tr>
<tr><td>Other liabilities</td><td>8,525</td><td>8,329</td><td>39,002</td><td><b>39,226</b></td><td>37,805</td><td>9,658</td><td>9,286</td><td><b>9,266</b></td><td><b>-76.4%</b></td></tr>
<tr><td><b>Total liabilities</b></td><td><b>777,123</b></td><td><b>776,178</b></td><td><b>803,544</b></td><td><b>817,531</b></td><td><b>804,365</b></td><td><b>774,689</b></td><td><b>790,232</b></td><td><b>800,894</b></td><td><b>-2.0%</b></td></tr>
<tr><td>Shareholders' equity</td><td>21,853</td><td>20,779</td><td>21,276</td><td><b>21,601</b></td><td>25,040</td><td>24,449</td><td>26,080</td><td><b>26,701</b></td><td><b>23.6%</b></td></tr>
<tr><td>Non-controlling interests</td><td>1,734</td><td>1,650</td><td>1,857</td><td><b>1,939</b></td><td>1,951</td><td>1,475</td><td>1,470</td><td><b>1,533</b></td><td><b>-20.9%</b></td></tr>
<tr><td><b>Total equity</b></td><td><b>23,587</b></td><td><b>22,428</b></td><td><b>23,134</b></td><td><b>23,540</b></td><td><b>26,990</b></td><td><b>25,924</b></td><td><b>27,549</b></td><td><b>28,234</b></td><td><b>19.9%</b></td></tr>
<tr><td><b>Total liabilities and equity</b></td><td><b>800,710</b></td><td><b>798,606</b></td><td><b>826,678</b></td><td><b>841,071</b></td><td><b>831,355</b></td><td><b>800,613</b></td><td><b>817,781</b></td><td><b>829,128</b></td><td><b>-1.4%</b></td></tr>
</table>

<table id="9">
<caption>Asset Management balance sheet by asset and liability type</caption>
<tr><th>In EUR million</th><th>31.03.2024</th><th>30.06.2024</th><th>30.09.2024</th><th>31.12.2024</th><th>31.03.2025</th><th>30.06.2025</th><th>30.09.2025</th><th>31.12.2025</th><th>∆ 31.12.25 / 31.12.24</th></tr>
<tr><td><b>Assets</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Cash and cash equivalents</td><td>1,317</td><td>1,326</td><td>1,159</td><td><b>1,195</b></td><td>1,264</td><td>975</td><td>1,072</td><td><b>1,064</b></td><td><b>-11.0%</b></td></tr>
<tr><td>Investments</td><td>1,175</td><td>1,169</td><td>1,180</td><td><b>1,340</b></td><td>1,246</td><td>1,263</td><td>1,369</td><td><b>1,472</b></td><td><b>9.9%</b></td></tr>
<tr><td>Financial assets for unit-linked contracts</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Insurance contract assets</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Reinsurance contract assets</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Deferred tax assets</td><td>255</td><td>266</td><td>242</td><td><b>242</b></td><td>264</td><td>264</td><td>256</td><td><b>260</b></td><td><b>7.6%</b></td></tr>
<tr><td>Other assets</td><td>5,649</td><td>5,845</td><td>6,438</td><td><b>6,431</b></td><td>5,651</td><td>5,870</td><td>6,404</td><td><b>6,563</b></td><td><b>2.0%</b></td></tr>
<tr><td>Intangible assets</td><td>7,555</td><td>7,582</td><td>7,436</td><td><b>7,708</b></td><td>7,549</td><td>7,257</td><td>7,251</td><td><b>7,251</b></td><td><b>-5.9%</b></td></tr>
<tr><td><b>Total assets</b></td><td><b>15,951</b></td><td><b>16,188</b></td><td><b>16,455</b></td><td><b>16,917</b></td><td><b>15,973</b></td><td><b>15,629</b></td><td><b>16,351</b></td><td><b>16,611</b></td><td><b>-1.8%</b></td></tr>
<tr><td><b>Liabilities and equity</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Financial liabilites</td><td>113</td><td>116</td><td>112</td><td><b>108</b></td><td>4</td><td>4</td><td>24</td><td><b>169</b></td><td><b>56.4%</b></td></tr>
<tr><td>Insurance contract liabilities</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Reinsurance contract liabilities</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Investment contract liabilities</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Deferred tax liabilities</td><td>134</td><td>135</td><td>134</td><td><b>156</b></td><td>143</td><td>142</td><td>150</td><td><b>140</b></td><td><b>-9.9%</b></td></tr>
<tr><td>Other liabilities</td><td>5,299</td><td>5,577</td><td>6,021</td><td><b>6,065</b></td><td>5,399</td><td>5,453</td><td>6,074</td><td><b>6,206</b></td><td><b>2.3%</b></td></tr>
<tr><td><b>Total liabilities</b></td><td><b>5,546</b></td><td><b>5,828</b></td><td><b>6,268</b></td><td><b>6,329</b></td><td><b>5,546</b></td><td><b>5,600</b></td><td><b>6,249</b></td><td><b>6,516</b></td><td><b>3.0%</b></td></tr>
<tr><td>Shareholders' equity</td><td>10,289</td><td>10,246</td><td>10,074</td><td><b>10,461</b></td><td>10,312</td><td>9,913</td><td>9,987</td><td><b>9,976</b></td><td><b>-4.6%</b></td></tr>
<tr><td>Non-controlling interests</td><td>116</td><td>114</td><td>113</td><td><b>127</b></td><td>116</td><td>117</td><td>115</td><td><b>120</b></td><td><b>-6.1%</b></td></tr>
<tr><td><b>Total equity</b></td><td><b>10,405</b></td><td><b>10,360</b></td><td><b>10,187</b></td><td><b>10,588</b></td><td><b>10,427</b></td><td><b>10,030</b></td><td><b>10,102</b></td><td><b>10,095</b></td><td><b>-4.7%</b></td></tr>
<tr><td><b>Total liabilities and equity</b></td><td><b>15,951</b></td><td><b>16,188</b></td><td><b>16,455</b></td><td><b>16,917</b></td><td><b>15,973</b></td><td><b>15,629</b></td><td><b>16,351</b></td><td><b>16,611</b></td><td><b>-1.8%</b></td></tr>
</table>

<table id="10">
<caption>Corporate and Other balance sheet by asset and liability type</caption>
<tr><th>In EUR million</th><th>31.03.2024</th><th>30.06.2024</th><th>30.09.2024</th><th>31.12.2024</th><th>31.03.2025</th><th>30.06.2025</th><th>30.09.2025</th><th>31.12.2025</th><th>∆ 31.12.25 / 31.12.24</th></tr>
<tr><td><b>Assets</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Cash and cash equivalents</td><td>4,548</td><td>4,922</td><td>4,137</td><td><b>5,982</b></td><td>5,830</td><td>6,250</td><td>4,908</td><td><b>4,214</b></td><td><b>-29.6%</b></td></tr>
<tr><td>Investments</td><td>129,325</td><td>126,338</td><td>130,329</td><td><b>132,690</b></td><td>136,126</td><td>134,567</td><td>134,566</td><td><b>134,224</b></td><td><b>1.2%</b></td></tr>
<tr><td>Financial assets for unit-linked contracts</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Insurance contract assets</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Reinsurance contract assets</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Deferred tax assets</td><td>1,389</td><td>1,489</td><td>1,404</td><td><b>971</b></td><td>858</td><td>819</td><td>759</td><td><b>791</b></td><td><b>-18.5%</b></td></tr>
<tr><td>Other assets</td><td>8,011</td><td>8,769</td><td>9,568</td><td><b>10,418</b></td><td>8,380</td><td>8,761</td><td>9,644</td><td><b>10,188</b></td><td><b>-2.2%</b></td></tr>
<tr><td>Intangible assets</td><td>290</td><td>290</td><td>291</td><td><b>331</b></td><td>323</td><td>316</td><td>310</td><td><b>307</b></td><td><b>-7.2%</b></td></tr>
<tr><td><b>Total assets</b></td><td><b>143,563</b></td><td><b>141,809</b></td><td><b>145,729</b></td><td><b>150,392</b></td><td><b>151,518</b></td><td><b>150,713</b></td><td><b>150,187</b></td><td><b>149,724</b></td><td><b>-0.4%</b></td></tr>
<tr><td><b>Liabilities and equity</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Financial liabilites</td><td>42,420</td><td>42,704</td><td>43,764</td><td><b>44,597</b></td><td>44,317</td><td>44,464</td><td>43,675</td><td><b>42,706</b></td><td><b>-4.2%</b></td></tr>
<tr><td>Insurance contract liabilities</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Reinsurance contract liabilities</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Investment contract liabilities</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Deferred tax liabilities</td><td>405</td><td>444</td><td>478</td><td><b>443</b></td><td>569</td><td>625</td><td>693</td><td><b>762</b></td><td><b>71.9%</b></td></tr>
<tr><td>Other liabilities</td><td>29,082</td><td>29,499</td><td>32,120</td><td><b>34,603</b></td><td>34,762</td><td>36,878</td><td>36,914</td><td><b>34,862</b></td><td><b>0.7%</b></td></tr>
<tr><td><b>Total liabilities</b></td><td><b>71,907</b></td><td><b>72,648</b></td><td><b>76,361</b></td><td><b>79,643</b></td><td><b>79,648</b></td><td><b>81,967</b></td><td><b>81,282</b></td><td><b>78,330</b></td><td><b>-1.6%</b></td></tr>
<tr><td>Shareholders' equity</td><td>71,388</td><td>68,890</td><td>69,075</td><td><b>70,455</b></td><td>71,563</td><td>68,423</td><td>68,465</td><td><b>70,945</b></td><td><b>0.7%</b></td></tr>
<tr><td>Non-controlling interests</td><td>268</td><td>271</td><td>293</td><td><b>294</b></td><td>307</td><td>323</td><td>441</td><td><b>449</b></td><td><b>52.9%</b></td></tr>
<tr><td><b>Total equity</b></td><td><b>71,656</b></td><td><b>69,161</b></td><td><b>69,368</b></td><td><b>70,749</b></td><td><b>71,870</b></td><td><b>68,745</b></td><td><b>68,905</b></td><td><b>71,395</b></td><td><b>0.9%</b></td></tr>
<tr><td><b>Total liabilities and equity</b></td><td><b>143,563</b></td><td><b>141,809</b></td><td><b>145,729</b></td><td><b>150,392</b></td><td><b>151,518</b></td><td><b>150,713</b></td><td><b>150,187</b></td><td><b>149,724</b></td><td><b>-0.4%</b></td></tr>
</table>

<table id="11">
<caption>Consolidation balance sheet by asset and liability type</caption>
<tr><th>In EUR million</th><th>31.03.2024</th><th>30.06.2024</th><th>30.09.2024</th><th>31.12.2024</th><th>31.03.2025</th><th>30.06.2025</th><th>30.09.2025</th><th>31.12.2025</th><th>∆ 31.12.25 / 31.12.24</th></tr>
<tr><td><b>Assets</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Cash and cash equivalents</td><td>-458</td><td>-293</td><td>-223</td><td><b>-227</b></td><td>-221</td><td>-144</td><td>-130</td><td><b>-166</b></td><td><b>-26.7%</b></td></tr>
<tr><td>Investments</td><td>-100,477</td><td>-100,486</td><td>-100,596</td><td><b>-100,941</b></td><td>-101,897</td><td>-101,858</td><td>-101,740</td><td><b>-101,670</b></td><td><b>0.7%</b></td></tr>
<tr><td>Financial assets for unit-linked contracts</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Insurance contract assets</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>1</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Reinsurance contract assets</td><td>-100</td><td>-75</td><td>-101</td><td><b>-142</b></td><td>-158</td><td>-130</td><td>-161</td><td><b>-89</b></td><td><b>-37.7%</b></td></tr>
<tr><td>Deferred tax assets</td><td>-2,078</td><td>-2,106</td><td>-7,449</td><td><b>-9,345</b></td><td>-10,387</td><td>-9,508</td><td>-8,338</td><td><b>-8,718</b></td><td><b>-6.7%</b></td></tr>
<tr><td>Other assets</td><td>-23,403</td><td>-25,525</td><td>-28,829</td><td><b>-31,329</b></td><td>-28,682</td><td>-30,523</td><td>-32,002</td><td><b>-30,627</b></td><td><b>-2.2%</b></td></tr>
<tr><td>Intangible assets</td><td>3</td><td>3</td><td>3</td><td><b>3</b></td><td>3</td><td>3</td><td>3</td><td><b>3</b></td><td><b>23.7%</b></td></tr>
<tr><td><b>Total assets</b></td><td><b>-126,513</b></td><td><b>-128,481</b></td><td><b>-137,195</b></td><td><b>-141,983</b></td><td><b>-141,342</b></td><td><b>-142,158</b></td><td><b>-142,368</b></td><td><b>-141,267</b></td><td><b>-0.5%</b></td></tr>
<tr><td><b>Liabilities and equity</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Financial liabilites</td><td>-7,805</td><td>-7,583</td><td>-7,822</td><td><b>-8,172</b></td><td>-7,897</td><td>-7,603</td><td>-7,448</td><td><b>-6,864</b></td><td><b>-16.0%</b></td></tr>
<tr><td>Insurance contract liabilities</td><td>-107</td><td>-96</td><td>-100</td><td><b>-145</b></td><td>-127</td><td>-92</td><td>-150</td><td><b>-54</b></td><td><b>-63.1%</b></td></tr>
<tr><td>Reinsurance contract liabilities</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Investment contract liabilities</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Deferred tax liabilities</td><td>-2,085</td><td>-2,113</td><td>-7,456</td><td><b>-9,348</b></td><td>-10,391</td><td>-9,511</td><td>-8,341</td><td><b>-8,721</b></td><td><b>-6.7%</b></td></tr>
<tr><td>Other liabilities</td><td>-23,348</td><td>-25,470</td><td>-28,703</td><td><b>-31,235</b></td><td>-28,574</td><td>-30,478</td><td>-31,961</td><td><b>-30,564</b></td><td><b>-2.1%</b></td></tr>
<tr><td><b>Total liabilities</b></td><td><b>-33,345</b></td><td><b>-35,262</b></td><td><b>-44,081</b></td><td><b>-48,901</b></td><td><b>-46,988</b></td><td><b>-47,683</b></td><td><b>-47,899</b></td><td><b>-46,202</b></td><td><b>-5.5%</b></td></tr>
<tr><td>Shareholders' equity</td><td>-92,948</td><td>-92,999</td><td>-92,895</td><td><b>-92,862</b></td><td>-94,135</td><td>-94,254</td><td>-94,250</td><td><b>-94,846</b></td><td><b>2.1%</b></td></tr>
<tr><td>Non-controlling interests</td><td>-221</td><td>-221</td><td>-219</td><td><b>-219</b></td><td>-219</td><td>-221</td><td>-219</td><td><b>-219</b></td><td><b>-0.0%</b></td></tr>
<tr><td><b>Total equity</b></td><td><b>-93,168</b></td><td><b>-93,219</b></td><td><b>-93,114</b></td><td><b>-93,081</b></td><td><b>-94,354</b></td><td><b>-94,475</b></td><td><b>-94,469</b></td><td><b>-95,064</b></td><td><b>2.1%</b></td></tr>
<tr><td><b>Total liabilities and equity</b></td><td><b>-126,513</b></td><td><b>-128,481</b></td><td><b>-137,195</b></td><td><b>-141,983</b></td><td><b>-141,342</b></td><td><b>-142,158</b></td><td><b>-142,368</b></td><td><b>-141,267</b></td><td><b>-0.5%</b></td></tr>
</table>

<!-- page 3 -->
### Shareholders’ Equity

<table id="12">
<caption>Shareholders' equity rollforward</caption>
<tr><th>In EUR million</th><th colspan="2">Allianz Group</th></tr>
<tr><th></th><th>4Q 25</th><th>12M 25</th></tr>
<tr><td><b>Opening balance</b></td><td><b>60,208</b></td><td><b>60,287</b></td></tr>
<tr><td>Total comprehensive income</td><td><b>2,483</b></td><td><b>10,517</b></td></tr>
<tr><td>thereof: shareholders' net income</td><td><b>2,664</b></td><td><b>10,775</b></td></tr>
<tr><td>Purchase, sale, use and cancellation of treasury shares</td><td><b>-2</b></td><td><b>-1,994</b></td></tr>
<tr><td>Changes in scope of consolidation</td><td><b>0</b></td><td><b>0</b></td></tr>
<tr><td>Changes in ownership interests in subsidiaries</td><td><b>0</b></td><td><b>-34</b></td></tr>
<tr><td>Capital increases and decreases</td><td><b>0</b></td><td><b>0</b></td></tr>
<tr><td>Other changes</td><td><b>36</b></td><td><b>29</b></td></tr>
<tr><td>Dividends paid</td><td><b>0</b></td><td><b>-5,924</b></td></tr>
<tr><td>Other distributions</td><td><b>-3</b></td><td><b>-158</b></td></tr>
<tr><td><b>Closing balance</b></td><td><b>62,722</b></td><td><b>62,722</b></td></tr>
</table>

<table id="13">
<caption>Shareholders' equity sensitivity by market factor</caption>
<tr><th>In EUR billion</th><th colspan="2">As of 31.12.2025</th></tr>
<tr><th></th><th>Impact</th><th>S/h equity</th></tr>
<tr><td><b>Shareholders' equity</b></td><td>—</td><td><b>62.7</b></td></tr>
<tr><td>Equity markets +30%</td><td>4%</td><td><b>65.3</b></td></tr>
<tr><td>Equity markets -30%</td><td>-5%</td><td><b>59.5</b></td></tr>
<tr><td>Interest rates +50bps</td><td>-1%</td><td><b>62.0</b></td></tr>
<tr><td>Interest rates -50bps</td><td>1%</td><td><b>63.4</b></td></tr>
<tr><td>Credit spread on goverment bonds +50bps</td><td>-1%</td><td><b>61.8</b></td></tr>
<tr><td>Credit spread on non-goverment bonds +50bps</td><td>-1%</td><td><b>62.2</b></td></tr>
</table>

<!-- page 4 -->
### Solvency II

<table id="14">
<caption>Solvency II ratio build-up by movement</caption>
<tr><th>In EUR billion</th><th colspan="3">4Q 25</th><th colspan="3">12M 25</th></tr>
<tr><th></th><th>Own funds</th><th>SCR</th><th>SII ratio / impact</th><th>Own funds</th><th>SCR</th><th>SII ratio / impact</th></tr>
<tr><td><b>Opening balance</b></td><td>94.7</td><td>45.4</td><td><b>209%</b></td><td>93.2</td><td>44.7</td><td><b>209%</b></td></tr>
<tr><td>Regulatory / model changes</td><td>-1.1</td><td>-2.1</td><td><b>7%-p</b></td><td>-1.0</td><td>-2.0</td><td><b>7%-p</b></td></tr>
<tr><td>Operating SII earnings / business evolution <fn ref="4"/></td><td>3.1</td><td>0.3</td><td><b>5%-p</b></td><td>13.0</td><td>1.0</td><td><b>25%-p</b></td></tr>
<tr><td>Property-Casualty</td><td>1.6</td><td>—</td><td>—</td><td>6.8</td><td>—</td><td>—</td></tr>
<tr><td>Life/Health</td><td>1.1</td><td>—</td><td>—</td><td>4.9</td><td>—</td><td>—</td></tr>
<tr><td>Asset Management</td><td>0.7</td><td>—</td><td>—</td><td>2.3</td><td>—</td><td>—</td></tr>
<tr><td>Corporate and Other</td><td>-0.3</td><td>—</td><td>—</td><td>-1.0</td><td>—</td><td>—</td></tr>
<tr><td>Market impact <fn ref="5"/></td><td>1.1</td><td>-0.2</td><td><b>3%-p</b></td><td>-0.2</td><td>-0.8</td><td><b>4%-p</b></td></tr>
<tr><td>Dividends and share buy-back <fn ref="8"/></td><td>-2.1</td><td>0.0</td><td><b>-5%-p</b></td><td>-8.5</td><td>0.0</td><td><b>-20%-p</b></td></tr>
<tr><td>Management actions, debt and other <fn ref="6"/></td><td>-1.2</td><td>-0.2</td><td><b>-2%-p</b></td><td>-2.0</td><td>0.4</td><td><b>-6%-p</b></td></tr>
<tr><td><b>Closing balance</b></td><td>94.5</td><td>43.3</td><td><b>218%</b></td><td>94.5</td><td>43.3</td><td><b>218%</b></td></tr>
</table>

<table id="15">
<caption>Solvency II ratio sensitivity by market factor</caption>
<tr><th>In EUR billion</th><th colspan="2">As of 31.12.2025</th></tr>
<tr><th></th><th>Impact</th><th>SII ratio</th></tr>
<tr><td><b>Solvency II ratio</b></td><td>—</td><td><b>218%</b></td></tr>
<tr><td>Equity markets +30%</td><td>10%-p</td><td><b>229%</b></td></tr>
<tr><td>Equity markets -30%</td><td>-13%-p</td><td><b>205%</b></td></tr>
<tr><td>Equity markets (traded equities only) +30%</td><td>4%-p</td><td><b>222%</b></td></tr>
<tr><td>Equity markets (traded equities only) -30%</td><td>-4%-p</td><td><b>214%</b></td></tr>
<tr><td>Interest rates +50bps</td><td>0%-p</td><td><b>219%</b></td></tr>
<tr><td>Interest rates -50bps</td><td>-1%-p</td><td><b>218%</b></td></tr>
<tr><td>Credit spread on government bonds +50bps</td><td>-4%-p</td><td><b>214%</b></td></tr>
<tr><td>Credit spread on non-government bonds +50bps</td><td>0%-p</td><td><b>219%</b></td></tr>
<tr><td>Combined scenario<fn ref="7"/> (IR -50bps, CS +50bps, EQ -30%)</td><td>-22%-p</td><td><b>196%</b></td></tr>
</table>

<footnotes>
<fn id="4">Operating SII earnings after tax/before dividend.</fn>
<fn id="5">For SCR including cross effects and policyholder participation.</fn>
<fn id="8">After tax.</fn>
<fn id="6">Other effects on SCR include diversification effects.</fn>
<fn id="7">Including cross effects.</fn>
</footnotes>

<!-- page 5 -->
### Asset Allocation

<table id="16">
<caption>Asset allocation by business unit and asset type</caption>
<tr><th>In EUR billion</th><th colspan="2">Property-Casualty</th><th colspan="2">Life/Health</th><th colspan="2">Asset Management</th><th colspan="2">Corporate and Other</th><th colspan="2">Consolidation</th><th colspan="2">Allianz Group</th></tr>
<tr><th></th><th>31.12.2024</th><th>31.12.2025</th><th>31.12.2024</th><th>31.12.2025</th><th>31.12.2024</th><th>31.12.2025</th><th>31.12.2024</th><th>31.12.2025</th><th>31.12.2024</th><th>31.12.2025</th><th>31.12.2024</th><th>31.12.2025</th></tr>
<tr><td>Net cash investments <fn ref="9"/></td><td>11.4</td><td><b>9.2</b></td><td>20.5</td><td><b>20.3</b></td><td>2.5</td><td><b>2.3</b></td><td>-8.0</td><td><b>-9.2</b></td><td>0.1</td><td><b>-0.1</b></td><td>26.6</td><td><b>22.5</b></td></tr>
<tr><td>Equities excluding affiliates</td><td>4.0</td><td><b>3.0</b></td><td>41.8</td><td><b>43.6</b></td><td>0.7</td><td><b>0.7</b></td><td>2.9</td><td><b>3.2</b></td><td>0.0</td><td><b>0.0</b></td><td>49.4</td><td><b>50.5</b></td></tr>
<tr><td>Equities carried at fair value through P&amp;L</td><td>0.1</td><td><b>0.0</b></td><td>0.4</td><td><b>0.4</b></td><td>0.0</td><td><b>0.0</b></td><td>0.3</td><td><b>0.3</b></td><td>0.0</td><td><b>0.0</b></td><td>0.8</td><td><b>0.9</b></td></tr>
<tr><td>Equities carried at fair value through OCI</td><td>1.0</td><td><b>0.9</b></td><td>22.6</td><td><b>25.6</b></td><td>0.7</td><td><b>0.6</b></td><td>2.1</td><td><b>2.6</b></td><td>0.0</td><td><b>0.0</b></td><td>26.3</td><td><b>29.7</b></td></tr>
<tr><td>Equities associates/joint ventures</td><td>3.0</td><td><b>2.1</b></td><td>18.8</td><td><b>17.5</b></td><td>0.1</td><td><b>0.1</b></td><td>0.5</td><td><b>0.3</b></td><td>0.0</td><td><b>0.0</b></td><td>22.3</td><td><b>20.0</b></td></tr>
<tr><td>Debt securities</td><td>92.4</td><td><b>89.6</b></td><td>443.9</td><td><b>441.7</b></td><td>0.4</td><td><b>0.3</b></td><td>45.0</td><td><b>46.3</b></td><td>-7.6</td><td><b>-6.5</b></td><td>574.1</td><td><b>571.3</b></td></tr>
<tr><td>Investment funds</td><td>8.3</td><td><b>6.8</b></td><td>72.9</td><td><b>73.5</b></td><td>0.2</td><td><b>0.4</b></td><td>1.0</td><td><b>0.9</b></td><td>0.0</td><td><b>0.0</b></td><td>82.5</td><td><b>81.6</b></td></tr>
<tr><td>Equity funds</td><td>2.7</td><td><b>2.2</b></td><td>27.7</td><td><b>26.6</b></td><td>0.0</td><td><b>0.0</b></td><td>0.8</td><td><b>0.6</b></td><td>0.0</td><td><b>0.0</b></td><td>31.2</td><td><b>29.4</b></td></tr>
<tr><td>Debt funds</td><td>3.3</td><td><b>2.9</b></td><td>23.6</td><td><b>25.8</b></td><td>0.1</td><td><b>0.3</b></td><td>0.1</td><td><b>0.1</b></td><td>0.0</td><td><b>0.0</b></td><td>27.1</td><td><b>29.1</b></td></tr>
<tr><td>Real estate funds</td><td>1.3</td><td><b>0.9</b></td><td>11.7</td><td><b>10.9</b></td><td>0.0</td><td><b>0.0</b></td><td>0.1</td><td><b>0.0</b></td><td>0.0</td><td><b>0.0</b></td><td>13.0</td><td><b>11.8</b></td></tr>
<tr><td>Other funds</td><td>1.1</td><td><b>0.8</b></td><td>9.9</td><td><b>10.2</b></td><td>0.1</td><td><b>0.1</b></td><td>0.1</td><td><b>0.1</b></td><td>0.0</td><td><b>0.0</b></td><td>11.2</td><td><b>11.2</b></td></tr>
<tr><td>Derivatives <fn ref="10"/></td><td>-0.2</td><td><b>0.2</b></td><td>3.6</td><td><b>9.8</b></td><td>0.0</td><td><b>0.0</b></td><td>0.0</td><td><b>-0.2</b></td><td>0.6</td><td><b>0.7</b></td><td>4.0</td><td><b>10.6</b></td></tr>
<tr><td>Other</td><td>4.6</td><td><b>3.7</b></td><td>24.5</td><td><b>22.7</b></td><td>0.0</td><td><b>0.0</b></td><td>1.2</td><td><b>1.2</b></td><td>0.0</td><td><b>0.0</b></td><td>30.4</td><td><b>27.6</b></td></tr>
<tr><td>Real estate <fn ref="11"/></td><td>3.9</td><td><b>3.2</b></td><td>19.6</td><td><b>18.9</b></td><td>0.0</td><td><b>0.0</b></td><td>0.8</td><td><b>0.8</b></td><td>0.0</td><td><b>0.0</b></td><td>24.3</td><td><b>23.0</b></td></tr>
<tr><td>Fixed assets of alternative investments</td><td>0.5</td><td><b>0.4</b></td><td>2.2</td><td><b>2.6</b></td><td>0.0</td><td><b>0.0</b></td><td>0.2</td><td><b>0.3</b></td><td>0.0</td><td><b>0.0</b></td><td>2.9</td><td><b>3.3</b></td></tr>
<tr><td>Other investments</td><td>0.2</td><td><b>0.0</b></td><td>2.8</td><td><b>1.2</b></td><td>0.0</td><td><b>0.0</b></td><td>0.2</td><td><b>0.1</b></td><td>0.0</td><td><b>0.0</b></td><td>3.2</td><td><b>1.3</b></td></tr>
<tr><td><b>Group/segment financial assets excluding affiliates</b></td><td><b>120.6</b></td><td><b>112.4</b></td><td><b>607.3</b></td><td><b>611.6</b></td><td><b>3.8</b></td><td><b>3.8</b></td><td><b>42.2</b></td><td><b>42.3</b></td><td><b>-6.9</b></td><td><b>-5.9</b></td><td><b>767.0</b></td><td><b>764.2</b></td></tr>
<tr><td>Affiliates</td><td>11.5</td><td><b>10.4</b></td><td>0.1</td><td><b>2.8</b></td><td>0.0</td><td><b>0.0</b></td><td>81.5</td><td><b>81.8</b></td><td>-93.1</td><td><b>-95.1</b></td><td>0.0</td><td><b>0.0</b></td></tr>
<tr><td><b>Group/segment financial assets including affiliates</b></td><td><b>132.0</b></td><td><b>122.8</b></td><td><b>607.4</b></td><td><b>614.4</b></td><td><b>3.8</b></td><td><b>3.8</b></td><td><b>123.6</b></td><td><b>124.1</b></td><td><b>-100.0</b></td><td><b>-101.0</b></td><td><b>767.0</b></td><td><b>764.2</b></td></tr>
</table>

<footnotes>
<fn id="9">Net of liabilities from securities lending and including liabilities from cash pooling.</fn>
<fn id="10">Net of liabilities.</fn>
<fn id="11">Excludes real estate held for own use measured at amortized cost.</fn>
</footnotes>

<!-- page 6 -->
### Allianz Group – CSM

<table id="17">
<caption>CSM build-up by business unit</caption>
<tr><th>In EUR million</th><th colspan="2">Life/Health</th><th colspan="2">Property-Casualty</th><th colspan="2">Allianz Group <fn ref="12"/></th></tr>
<tr><th></th><th>4Q 25</th><th>12M 25</th><th>4Q 25</th><th>12M 25</th><th>4Q 25</th><th>12M 25</th></tr>
<tr><td><b>Opening gross CSM <fn ref="13"/></b></td><td><b>55,543</b></td><td><b>56,789</b></td><td><b>202</b></td><td><b>64</b></td><td><b>55,734</b></td><td><b>56,851</b></td></tr>
<tr><td><b>Closing gross CSM</b></td><td><b>55,703</b></td><td><b>55,703</b></td><td><b>202</b></td><td><b>202</b></td><td><b>55,897</b></td><td><b>55,897</b></td></tr>
<tr><td>Present value of non-attributable expenses</td><td>—</td><td>—</td><td>—</td><td>—</td><td><b>-7,087</b></td><td><b>-7,087</b></td></tr>
<tr><td>Reinsurance</td><td>—</td><td>—</td><td>—</td><td>—</td><td><b>-1,411</b></td><td><b>-1,411</b></td></tr>
<tr><td>Non-controlling interests</td><td>—</td><td>—</td><td>—</td><td>—</td><td><b>-898</b></td><td><b>-898</b></td></tr>
<tr><td>Taxes</td><td>—</td><td>—</td><td>—</td><td>—</td><td><b>-11,121</b></td><td><b>-11,121</b></td></tr>
<tr><td><b>Closing net CSM</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td><b>35,379</b></td><td><b>35,379</b></td></tr>
</table>

<table id="18">
<caption>Life/Health CSM rollforward</caption>
<tr><th>In EUR million</th><th colspan="2">Life/Health</th></tr>
<tr><th></th><th>4Q 25</th><th>12M 25</th></tr>
<tr><td><b>Opening gross CSM <fn ref="13"/></b></td><td><b>55,543</b></td><td><b>56,789</b></td></tr>
<tr><td>CSM@inception</td><td><b>1,353</b></td><td><b>5,419</b></td></tr>
<tr><td>Expected in-force return</td><td><b>773</b></td><td><b>2,972</b></td></tr>
<tr><td>Economic variances (incl. F/X)</td><td><b>-108</b></td><td><b>-1,924</b></td></tr>
<tr><td>Non-economic variances and assumption changes</td><td><b>-501</b></td><td><b>-1,310</b></td></tr>
<tr><td>CSM release</td><td><b>-1,357</b></td><td><b>-5,440</b></td></tr>
<tr><td>Change in scope <fn ref="14"/></td><td><b>0</b></td><td><b>-802</b></td></tr>
<tr><td><b>Closing gross CSM</b></td><td><b>55,703</b></td><td><b>55,703</b></td></tr>
</table>

<table id="19">
<caption>CSM sensitivity by scenario and business unit</caption>
<tr><th>In EUR billion</th><th colspan="2">Life/Health</th></tr>
<tr><th></th><th>Impact</th><th>Gross CSM</th></tr>
<tr><td><b>Closing gross CSM</b></td><td>—</td><td><b>55.7</b></td></tr>
<tr><td>Equity markets +30%</td><td>7%</td><td><b>59.5</b></td></tr>
<tr><td>Equity markets -30%</td><td>-8%</td><td><b>51.4</b></td></tr>
<tr><td>Interest rate (SII non-parallel) +50bps</td><td>-1%</td><td><b>54.9</b></td></tr>
<tr><td>Interest rate (SII non-parallel) -50bps</td><td>1%</td><td><b>56.4</b></td></tr>
<tr><td>Credit spread on government bonds +50bps</td><td>-1%</td><td><b>54.9</b></td></tr>
<tr><td>Credit spread on non-government bonds +50bps</td><td>-1%</td><td><b>55.1</b></td></tr>
</table>

<footnotes>
<fn id="12">Life/Health and Property-Casualty figures don't add up due to consolidation effects.</fn>
<fn id="13">Life/Health and Group include gross CSM of EUR 0.8bn as of 31.12.2024 and 01.01.2025 for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Effective 01.01.2025, the German APR and the Austrian health businesses have been transferred from the Property-Casualty segment to the Life/Health segment resulting in a EUR 1.2bn shift in the gross CSM opening balance.</fn>
<fn id="14">The change in scope refers to the sale of UniCredit Allianz Vita S.p.A., which was completed in 2Q 25.</fn>
</footnotes>

<!-- page 7 -->
### Allianz Group

<table id="20">
<caption>Operating profit build-up by quarter and year</caption>
<tr><th>In EUR million</th><th>1Q 24</th><th>2Q 24</th><th>3Q 24</th><th>4Q 24</th><th>2024</th><th>1Q 25</th><th>2Q 25</th><th>3Q 25</th><th>4Q 25</th><th>2025</th><th>∆ 2025 / 2024</th></tr>
<tr><td><b>Total business volume <fn ref="15"/></b></td><td><b>48,410</b></td><td><b>42,635</b></td><td><b>42,820</b></td><td><b>45,913</b></td><td><b>179,778</b></td><td><b>54,014</b></td><td><b>44,459</b></td><td><b>42,775</b></td><td><b>45,690</b></td><td><b>186,938</b></td><td><b>4.0%</b></td></tr>
<tr><td><b>Operating insurance service result</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Operating insurance revenue</td><td>23,438</td><td>23,848</td><td>24,571</td><td>25,819</td><td><b>97,675</b></td><td>25,034</td><td>25,140</td><td>25,913</td><td>26,547</td><td><b>102,635</b></td><td><b>5.1%</b></td></tr>
<tr><td>Claims and benefits</td><td>-14,299</td><td>-15,149</td><td>-15,464</td><td>-16,864</td><td><b>-61,775</b></td><td>-15,542</td><td>-15,439</td><td>-16,198</td><td>-16,741</td><td><b>-63,920</b></td><td><b>3.5%</b></td></tr>
<tr><td>Operating acquisition and administrative expenses</td><td>-5,773</td><td>-5,897</td><td>-5,931</td><td>-6,410</td><td><b>-24,011</b></td><td>-6,124</td><td>-6,031</td><td>-6,279</td><td>-6,473</td><td><b>-24,907</b></td><td><b>3.7%</b></td></tr>
<tr><td>Operating reinsurance result</td><td>-810</td><td>-827</td><td>-1,099</td><td>-394</td><td><b>-3,130</b></td><td>-735</td><td>-856</td><td>-886</td><td>-800</td><td><b>-3,277</b></td><td><b>4.7%</b></td></tr>
<tr><td>Other insurance service result</td><td>-11</td><td>363</td><td>294</td><td>86</td><td><b>732</b></td><td>153</td><td>142</td><td>204</td><td>-68</td><td><b>431</b></td><td><b>-41.0%</b></td></tr>
<tr><td><b>Subtotal</b></td><td><b>2,545</b></td><td><b>2,338</b></td><td><b>2,371</b></td><td><b>2,238</b></td><td><b>9,491</b></td><td><b>2,786</b></td><td><b>2,956</b></td><td><b>2,754</b></td><td><b>2,465</b></td><td><b>10,961</b></td><td><b>15.5%</b></td></tr>
<tr><td><b>Operating investment result</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Operating net investment income, excluding interest expenses from external debt</td><td>12,357</td><td>6,562</td><td>9,835</td><td>8,247</td><td><b>37,001</b></td><td>648</td><td>7,018</td><td>12,738</td><td>9,729</td><td><b>30,134</b></td><td><b>-18.6%</b></td></tr>
<tr><td>Finance income (expenses) from insurance contracts issued (net)</td><td>-11,499</td><td>-5,532</td><td>-8,573</td><td>-6,962</td><td><b>-32,567</b></td><td>115</td><td>-6,277</td><td>-11,540</td><td>-8,674</td><td><b>-26,376</b></td><td><b>-19.0%</b></td></tr>
<tr><td>Finance income (expenses) from reinsurance contracts held (net)</td><td>173</td><td>174</td><td>-65</td><td>134</td><td><b>416</b></td><td>243</td><td>256</td><td>94</td><td>157</td><td><b>749</b></td><td><b>80.2%</b></td></tr>
<tr><td><b>Subtotal</b></td><td><b>1,030</b></td><td><b>1,204</b></td><td><b>1,197</b></td><td><b>1,419</b></td><td><b>4,850</b></td><td><b>1,006</b></td><td><b>997</b></td><td><b>1,292</b></td><td><b>1,212</b></td><td><b>4,507</b></td><td><b>-7.1%</b></td></tr>
<tr><td>Operating result from investment contracts</td><td>54</td><td>81</td><td>69</td><td>80</td><td><b>284</b></td><td>73</td><td>76</td><td>62</td><td>63</td><td><b>273</b></td><td><b>-3.9%</b></td></tr>
<tr><td>Operating fee and commission result</td><td>1,890</td><td>1,879</td><td>1,906</td><td>2,282</td><td><b>7,957</b></td><td>2,022</td><td>1,947</td><td>2,023</td><td>2,313</td><td><b>8,304</b></td><td><b>4.4%</b></td></tr>
<tr><td>Operating other result</td><td>-1,533</td><td>-1,577</td><td>-1,605</td><td>-1,844</td><td><b>-6,559</b></td><td>-1,648</td><td>-1,570</td><td>-1,697</td><td>-1,755</td><td><b>-6,670</b></td><td><b>1.7%</b></td></tr>
<tr><td><b>Operating profit</b></td><td><b>3,986</b></td><td><b>3,926</b></td><td><b>3,938</b></td><td><b>4,174</b></td><td><b>16,023</b></td><td><b>4,238</b></td><td><b>4,406</b></td><td><b>4,433</b></td><td><b>4,297</b></td><td><b>17,374</b></td><td><b>8.4%</b></td></tr>
<tr><td><b>Non-operating items</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Realized gains/losses (net)</td><td>-77</td><td>-5</td><td>-0</td><td>-86</td><td><b>-168</b></td><td>1</td><td>369</td><td>48</td><td>224</td><td><b>643</b></td><td><b>n.m.</b></td></tr>
<tr><td>Expected credit loss and impairments (net)</td><td>-7</td><td>-26</td><td>-33</td><td>18</td><td><b>-48</b></td><td>-34</td><td>5</td><td>-30</td><td>6</td><td><b>-53</b></td><td><b>9.3%</b></td></tr>
<tr><td>Result from assets and liabilities measured at fair value incl. derivatives</td><td>-1</td><td>-78</td><td>-123</td><td>-25</td><td><b>-227</b></td><td>-198</td><td>-224</td><td>-54</td><td>-155</td><td><b>-631</b></td><td><b>178.5%</b></td></tr>
<tr><td>thereof: Non-operating market movements</td><td>102</td><td>-15</td><td>-49</td><td>55</td><td><b>92</b></td><td>-134</td><td>-136</td><td>15</td><td>-48</td><td><b>-303</b></td><td><b>n.m.</b></td></tr>
<tr><td>Interest expenses from external debt</td><td>-183</td><td>-182</td><td>-192</td><td>-204</td><td><b>-762</b></td><td>-190</td><td>-197</td><td>-186</td><td>-184</td><td><b>-758</b></td><td><b>-0.5%</b></td></tr>
<tr><td>Restructuring and integration expenses</td><td>-89</td><td>-123</td><td>-202</td><td>-254</td><td><b>-669</b></td><td>-144</td><td>-152</td><td>-145</td><td>-266</td><td><b>-708</b></td><td><b>5.9%</b></td></tr>
<tr><td>Amortization of intangible assets</td><td>-67</td><td>-68</td><td>-73</td><td>-74</td><td><b>-282</b></td><td>-68</td><td>-71</td><td>-66</td><td>-67</td><td><b>-271</b></td><td><b>-3.8%</b></td></tr>
<tr><td>thereof: Amortization of intangible assets from business combinations</td><td>-24</td><td>-25</td><td>-28</td><td>-26</td><td><b>-102</b></td><td>-24</td><td>-24</td><td>-24</td><td>-24</td><td><b>-97</b></td><td><b>-5.2%</b></td></tr>
<tr><td>Other <fn ref="16"/></td><td>-68</td><td>40</td><td>207</td><td>-31</td><td><b>149</b></td><td>-49</td><td>-35</td><td>2</td><td>-54</td><td><b>-136</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Subtotal</b></td><td><b>-493</b></td><td><b>-441</b></td><td><b>-417</b></td><td><b>-655</b></td><td><b>-2,007</b></td><td><b>-683</b></td><td><b>-304</b></td><td><b>-431</b></td><td><b>-497</b></td><td><b>-1,914</b></td><td><b>-4.6%</b></td></tr>
<tr><td><b>Income (loss) before income taxes</b></td><td><b>3,493</b></td><td><b>3,484</b></td><td><b>3,521</b></td><td><b>3,518</b></td><td><b>14,016</b></td><td><b>3,555</b></td><td><b>4,102</b></td><td><b>4,002</b></td><td><b>3,800</b></td><td><b>15,460</b></td><td><b>10.3%</b></td></tr>
<tr><td>Income taxes</td><td>-861</td><td>-823</td><td>-910</td><td>-883</td><td><b>-3,476</b></td><td>-974</td><td>-1,084</td><td>-992</td><td>-980</td><td><b>-4,030</b></td><td><b>15.9%</b></td></tr>
<tr><td><b>Net income (loss)</b></td><td><b>2,631</b></td><td><b>2,661</b></td><td><b>2,611</b></td><td><b>2,636</b></td><td><b>10,540</b></td><td><b>2,581</b></td><td><b>3,018</b></td><td><b>3,010</b></td><td><b>2,821</b></td><td><b>11,430</b></td><td><b>8.4%</b></td></tr>
<tr><td><b>Net income (loss) attributable to:</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Non-controlling interests</td><td>156</td><td>149</td><td>141</td><td>163</td><td><b>609</b></td><td>158</td><td>177</td><td>163</td><td>157</td><td><b>655</b></td><td><b>7.7%</b></td></tr>
<tr><td><b>Shareholders</b></td><td><b>2,475</b></td><td><b>2,513</b></td><td><b>2,471</b></td><td><b>2,472</b></td><td><b>9,931</b></td><td><b>2,423</b></td><td><b>2,841</b></td><td><b>2,847</b></td><td><b>2,664</b></td><td><b>10,775</b></td><td><b>8.5%</b></td></tr>
<tr><td><b>Income (loss) before income taxes</b></td><td><b>3,493</b></td><td><b>3,484</b></td><td><b>3,521</b></td><td><b>3,518</b></td><td><b>14,016</b></td><td><b>3,555</b></td><td><b>4,102</b></td><td><b>4,002</b></td><td><b>3,800</b></td><td><b>15,460</b></td><td><b>10.3%</b></td></tr>
<tr><td>Adjustment for non-operating market movements</td><td>-102</td><td>15</td><td>49</td><td>-55</td><td><b>-92</b></td><td>134</td><td>136</td><td>-15</td><td>48</td><td><b>303</b></td><td><b>n.m.</b></td></tr>
<tr><td>Adjustment for amortization of intangible assets from business combinations</td><td>24</td><td>25</td><td>28</td><td>26</td><td><b>102</b></td><td>24</td><td>24</td><td>24</td><td>24</td><td><b>97</b></td><td><b>-5.2%</b></td></tr>
<tr><td><b>Core income (loss) before income taxes</b></td><td><b>3,414</b></td><td><b>3,524</b></td><td><b>3,598</b></td><td><b>3,490</b></td><td><b>14,026</b></td><td><b>3,713</b></td><td><b>4,262</b></td><td><b>4,011</b></td><td><b>3,873</b></td><td><b>15,860</b></td><td><b>13.1%</b></td></tr>
<tr><td>Income taxes related to core income</td><td>-881</td><td>-835</td><td>-924</td><td>-882</td><td><b>-3,521</b></td><td>-999</td><td>-1,106</td><td>-991</td><td>-982</td><td><b>-4,078</b></td><td><b>15.8%</b></td></tr>
<tr><td><b>Core net income (loss)</b></td><td><b>2,533</b></td><td><b>2,690</b></td><td><b>2,674</b></td><td><b>2,608</b></td><td><b>10,505</b></td><td><b>2,714</b></td><td><b>3,156</b></td><td><b>3,020</b></td><td><b>2,891</b></td><td><b>11,781</b></td><td><b>12.2%</b></td></tr>
<tr><td><b>thereof: Shareholders' core net income (loss)</b></td><td>2,513</td><td>2,536</td><td>2,534</td><td>2,434</td><td><b>10,017</b></td><td>2,550</td><td>2,976</td><td>2,855</td><td>2,731</td><td><b>11,113</b></td><td><b>10.9%</b></td></tr>
<tr><td><b>Core return on equity<fn ref="17"/> (in %)</b></td><td><b>16.9</b></td><td><b>16.9</b></td><td><b>16.9</b></td><td><b>16.9</b></td><td><b>16.9</b></td><td><b>18.1</b></td><td><b>18.1</b></td><td><b>18.1</b></td><td><b>18.1</b></td><td><b>18.1</b></td><td><b>1.2%-p</b></td></tr>
<tr><td><b>Average shareholders' equity<fn ref="18"/> used for core RoE calculation</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m</b></td><td><b>n.m.</b></td><td><b>58,544</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>60,619</b></td><td><b>3.5%</b></td></tr>
</table>

<footnotes>
<fn id="15">Total business volume comprises gross premiums written and fee and commission income in Property-Casualty, statutory gross premiums in Life/Health, and operating revenues in Asset Management.</fn>
<fn id="16">Including hyperinflation result, tax reclassifications from the Life/Health segment, and reclassification impacts from the Asset Management segment.</fn>
<fn id="17">For current year periods and prior year periods, the core return on equity for the respective full year is shown.</fn>
<fn id="18">Shareholders‘ equity excluding undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses.</fn>
</footnotes>

<!-- page 8 -->
### Allianz Group – EPS

<table id="21">
<caption>EPS build-up by quarter and year</caption>
<tr><th>In EUR million</th><th>1Q 24</th><th>2Q 24</th><th>3Q 24</th><th>4Q 24</th><th>2024</th><th>1Q 25</th><th>2Q 25</th><th>3Q 25</th><th>4Q 25</th><th>2025</th><th>∆ 2025 / 2024</th></tr>
<tr><td>Number of shares issued - end of period</td><td>391,718,983</td><td>391,718,983</td><td>391,718,983</td><td>386,166,676</td><td><b>386,166,676</b></td><td>386,166,676</td><td>386,166,676</td><td>386,166,676</td><td>380,418,897</td><td><b>380,418,897</b></td><td><b>-1.5%</b></td></tr>
<tr><td>Number of shares outstanding - end of period</td><td>390,785,989</td><td>387,986,127</td><td>386,211,294</td><td>385,919,437</td><td><b>385,919,437</b></td><td>385,551,332</td><td>382,995,688</td><td>380,239,760</td><td>380,242,198</td><td><b>380,242,198</b></td><td><b>-1.5%</b></td></tr>
<tr><td>Weighted average number of shares outstanding - basic</td><td>391,366,716</td><td>389,341,572</td><td>387,329,274</td><td>385,853,086</td><td><b>388,462,381</b></td><td>385,901,408</td><td>384,152,768</td><td>381,391,281</td><td>380,128,259</td><td><b>382,873,496</b></td><td><b>-1.4%</b></td></tr>
<tr><td>Potentially dilutive shares</td><td>219,181</td><td>1,557,024</td><td>63,050</td><td>1,954,385</td><td><b>120,869</b></td><td>117,521</td><td>30,576</td><td>51,250</td><td>70,365</td><td><b>85,195</b></td><td><b>-29.5%</b></td></tr>
<tr><td>Weighted average number of shares outstanding - diluted</td><td>391,585,898</td><td>390,898,596</td><td>387,392,324</td><td>387,807,471</td><td><b>388,583,250</b></td><td>386,018,928</td><td>384,183,344</td><td>381,442,531</td><td>380,198,624</td><td><b>382,958,691</b></td><td><b>-1.4%</b></td></tr>
<tr><td>Net income attributable to shareholders - basic <fn ref="19"/></td><td>2,475</td><td>2,369</td><td>2,471</td><td>2,472</td><td><b>9,788</b></td><td>2,423</td><td>2,702</td><td>2,823</td><td>2,655</td><td><b>10,603</b></td><td><b>8.3%</b></td></tr>
<tr><td>Effect of dilution</td><td>-3</td><td>-1</td><td>-1</td><td>9</td><td><b>-5</b></td><td>-2</td><td>-1</td><td>-1</td><td>-1</td><td><b>-5</b></td><td><b>0.4%</b></td></tr>
<tr><td>Net income attributable to shareholders - diluted</td><td>2,472</td><td>2,368</td><td>2,470</td><td>2,482</td><td><b>9,783</b></td><td>2,421</td><td>2,701</td><td>2,821</td><td>2,654</td><td><b>10,598</b></td><td><b>8.3%</b></td></tr>
<tr><td><b>EPS basic (EUR)</b></td><td><b>6.32</b></td><td><b>6.09</b></td><td><b>6.38</b></td><td><b>6.41</b></td><td><b>25.20</b></td><td><b>6.28</b></td><td><b>7.03</b></td><td><b>7.40</b></td><td><b>6.98</b></td><td><b>27.69</b></td><td><b>9.9%</b></td></tr>
<tr><td><b>EPS diluted (EUR)</b></td><td><b>6.31</b></td><td><b>6.06</b></td><td><b>6.38</b></td><td><b>6.40</b></td><td><b>25.18</b></td><td><b>6.27</b></td><td><b>7.03</b></td><td><b>7.40</b></td><td><b>6.98</b></td><td><b>27.67</b></td><td><b>9.9%</b></td></tr>
<tr><td>Shareholders' core net income - basic <fn ref="19"/></td><td>2,513</td><td>2,393</td><td>2,534</td><td>2,434</td><td><b>9,874</b></td><td>2,550</td><td>2,837</td><td>2,838</td><td>2,727</td><td><b>10,953</b></td><td><b>10.9%</b></td></tr>
<tr><td>Effect of dilution</td><td>-3</td><td>-1</td><td>-1</td><td>9</td><td><b>-5</b></td><td>-2</td><td>-1</td><td>-1</td><td>-1</td><td><b>-5</b></td><td><b>0.4%</b></td></tr>
<tr><td>Shareholders' core net income - diluted</td><td>2,510</td><td>2,392</td><td>2,533</td><td>2,443</td><td><b>9,869</b></td><td>2,548</td><td>2,836</td><td>2,837</td><td>2,726</td><td><b>10,948</b></td><td><b>10.9%</b></td></tr>
<tr><td><b>Core EPS basic (EUR)</b></td><td><b>6.42</b></td><td><b>6.15</b></td><td><b>6.54</b></td><td><b>6.31</b></td><td><b>25.42</b></td><td><b>6.61</b></td><td><b>7.39</b></td><td><b>7.44</b></td><td><b>7.17</b></td><td><b>28.61</b></td><td><b>12.5%</b></td></tr>
<tr><td><b>Core EPS diluted (EUR)</b></td><td><b>6.41</b></td><td><b>6.12</b></td><td><b>6.54</b></td><td><b>6.30</b></td><td><b>25.40</b></td><td><b>6.60</b></td><td><b>7.38</b></td><td><b>7.44</b></td><td><b>7.17</b></td><td><b>28.59</b></td><td><b>12.6%</b></td></tr>
</table>

<footnotes>
<fn id="19">Adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity. For core EPS basic and core EPS diluted, net financial charges excluding any foreign currency translation effects incurred in the redemption of these bonds.</fn>
</footnotes>

<!-- page 9 -->
### Property-Casualty

<table id="22">
<caption>Property-Casualty operating profit build-up by quarter and year</caption>
<tr><th>In EUR million</th><th>1Q 24</th><th>2Q 24</th><th>3Q 24</th><th>4Q 24</th><th>2024</th><th>1Q 25</th><th>2Q 25</th><th>3Q 25</th><th>4Q 25</th><th>2025</th><th>∆ 2025 / 2024</th></tr>
<tr><td><b>Total business volume <fn ref="20"/></b></td><td><b>25,488</b></td><td><b>19,278</b></td><td><b>18,583</b></td><td><b>19,534</b></td><td><b>82,883</b></td><td><b>27,008</b></td><td><b>20,126</b></td><td><b>19,734</b></td><td><b>19,873</b></td><td><b>86,741</b></td><td><b>4.7%</b></td></tr>
<tr><td><b>Operating insurance service result</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Operating insurance revenue</td><td>17,680</td><td>18,436</td><td>18,907</td><td>19,596</td><td><b>74,619</b></td><td>18,926</td><td>19,139</td><td>20,018</td><td>20,081</td><td><b>78,164</b></td><td><b>4.8%</b></td></tr>
<tr><td>Claims and benefits</td><td>-11,214</td><td>-11,981</td><td>-12,092</td><td>-13,485</td><td><b>-48,771</b></td><td>-12,122</td><td>-12,183</td><td>-12,821</td><td>-13,261</td><td><b>-50,386</b></td><td><b>3.3%</b></td></tr>
<tr><td>Operating acquisition and administrative expenses</td><td>-4,353</td><td>-4,469</td><td>-4,486</td><td>-4,715</td><td><b>-18,022</b></td><td>-4,569</td><td>-4,569</td><td>-4,724</td><td>-4,783</td><td><b>-18,645</b></td><td><b>3.5%</b></td></tr>
<tr><td>Operating reinsurance result</td><td>-680</td><td>-783</td><td>-1,098</td><td>-365</td><td><b>-2,927</b></td><td>-686</td><td>-711</td><td>-842</td><td>-760</td><td><b>-3,000</b></td><td><b>2.5%</b></td></tr>
<tr><td>Other insurance service result</td><td>-0</td><td>0</td><td>3</td><td>6</td><td><b>10</b></td><td>0</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>-100.0%</b></td></tr>
<tr><td><b>Subtotal</b></td><td><b>1,433</b></td><td><b>1,203</b></td><td><b>1,234</b></td><td><b>1,038</b></td><td><b>4,908</b></td><td><b>1,549</b></td><td><b>1,676</b></td><td><b>1,631</b></td><td><b>1,276</b></td><td><b>6,133</b></td><td><b>24.9%</b></td></tr>
<tr><td><b>Operating investment result</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Interest and similar income <fn ref="21"/></td><td>1,162</td><td>1,290</td><td>1,223</td><td>1,305</td><td><b>4,980</b></td><td>1,217</td><td>1,180</td><td>1,137</td><td>1,204</td><td><b>4,737</b></td><td><b>-4.9%</b></td></tr>
<tr><td>Interest accretion</td><td>-362</td><td>-346</td><td>-225</td><td>-225</td><td><b>-1,159</b></td><td>-445</td><td>-398</td><td>-256</td><td>-238</td><td><b>-1,336</b></td><td><b>15.3%</b></td></tr>
<tr><td>Valuation result &amp; other <fn ref="22"/></td><td>-168</td><td>-218</td><td>-250</td><td>-175</td><td><b>-811</b></td><td>-150</td><td>-146</td><td>-118</td><td>-136</td><td><b>-549</b></td><td><b>-32.2%</b></td></tr>
<tr><td>thereof: Investment expenses</td><td>-133</td><td>-130</td><td>-136</td><td>-139</td><td><b>-539</b></td><td>-95</td><td>-89</td><td>-109</td><td>-125</td><td><b>-418</b></td><td><b>-22.3%</b></td></tr>
<tr><td><b>Subtotal</b></td><td><b>632</b></td><td><b>725</b></td><td><b>748</b></td><td><b>905</b></td><td><b>3,011</b></td><td><b>622</b></td><td><b>636</b></td><td><b>763</b></td><td><b>830</b></td><td><b>2,851</b></td><td><b>-5.3%</b></td></tr>
<tr><td>Operating fee and commission result</td><td>15</td><td>4</td><td>5</td><td>36</td><td><b>59</b></td><td>7</td><td>18</td><td>17</td><td>28</td><td><b>70</b></td><td><b>18.3%</b></td></tr>
<tr><td>Operating other result</td><td>-13</td><td>-17</td><td>-18</td><td>-31</td><td><b>-79</b></td><td>-9</td><td>-34</td><td>-17</td><td>-0</td><td><b>-61</b></td><td><b>-23.1%</b></td></tr>
<tr><td><b>Operating profit</b></td><td><b>2,066</b></td><td><b>1,915</b></td><td><b>1,969</b></td><td><b>1,948</b></td><td><b>7,898</b></td><td><b>2,170</b></td><td><b>2,295</b></td><td><b>2,394</b></td><td><b>2,134</b></td><td><b>8,992</b></td><td><b>13.9%</b></td></tr>
<tr><td><b>Non-operating items</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Realized gains/losses (net)</td><td>-36</td><td>27</td><td>-2</td><td>-57</td><td><b>-68</b></td><td>-6</td><td>30</td><td>56</td><td>247</td><td><b>327</b></td><td><b>n.m.</b></td></tr>
<tr><td>Expected credit loss and impairments (net)</td><td>-2</td><td>-27</td><td>-24</td><td>24</td><td><b>-29</b></td><td>-5</td><td>7</td><td>-27</td><td>13</td><td><b>-12</b></td><td><b>-59.3%</b></td></tr>
<tr><td>Result from assets and liabilities measured at fair value incl. derivatives</td><td>20</td><td>-8</td><td>-16</td><td>36</td><td><b>32</b></td><td>-82</td><td>-115</td><td>-15</td><td>-56</td><td><b>-269</b></td><td><b>n.m.</b></td></tr>
<tr><td>thereof: Non-operating market movements</td><td>25</td><td>1</td><td>-6</td><td>27</td><td><b>47</b></td><td>-82</td><td>-106</td><td>-19</td><td>-58</td><td><b>-265</b></td><td><b>n.m.</b></td></tr>
<tr><td>Restructuring and integration expenses</td><td>-54</td><td>-53</td><td>-145</td><td>-135</td><td><b>-387</b></td><td>-53</td><td>-111</td><td>-132</td><td>-180</td><td><b>-476</b></td><td><b>23.0%</b></td></tr>
<tr><td>Amortization of intangible assets</td><td>-46</td><td>-47</td><td>-52</td><td>-52</td><td><b>-196</b></td><td>-48</td><td>-46</td><td>-50</td><td>-50</td><td><b>-193</b></td><td><b>-1.5%</b></td></tr>
<tr><td>thereof: Amortization of intangible assets from business combinations</td><td>-18</td><td>-19</td><td>-22</td><td>-19</td><td><b>-77</b></td><td>-17</td><td>-17</td><td>-18</td><td>-18</td><td><b>-71</b></td><td><b>-8.5%</b></td></tr>
<tr><td>Other <fn ref="23"/></td><td>-97</td><td>-51</td><td>113</td><td>-283</td><td><b>-318</b></td><td>-56</td><td>-37</td><td>-46</td><td>-87</td><td><b>-226</b></td><td><b>-28.9%</b></td></tr>
<tr><td><b>Subtotal</b></td><td><b>-214</b></td><td><b>-160</b></td><td><b>-125</b></td><td><b>-467</b></td><td><b>-966</b></td><td><b>-250</b></td><td><b>-272</b></td><td><b>-214</b></td><td><b>-113</b></td><td><b>-849</b></td><td><b>-12.1%</b></td></tr>
<tr><td><b>Income (loss) before income taxes</b></td><td><b>1,852</b></td><td><b>1,755</b></td><td><b>1,844</b></td><td><b>1,481</b></td><td><b>6,932</b></td><td><b>1,920</b></td><td><b>2,023</b></td><td><b>2,179</b></td><td><b>2,022</b></td><td><b>8,144</b></td><td><b>17.5%</b></td></tr>
<tr><td>Income taxes</td><td>-445</td><td>-415</td><td>-430</td><td>-400</td><td><b>-1,691</b></td><td>-567</td><td>-568</td><td>-471</td><td>-619</td><td><b>-2,225</b></td><td><b>31.6%</b></td></tr>
<tr><td><b>Net income (loss)</b></td><td><b>1,407</b></td><td><b>1,340</b></td><td><b>1,415</b></td><td><b>1,080</b></td><td><b>5,241</b></td><td><b>1,352</b></td><td><b>1,455</b></td><td><b>1,708</b></td><td><b>1,403</b></td><td><b>5,918</b></td><td><b>12.9%</b></td></tr>
<tr><td><b>Net income (loss) attributable to:</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Non-controlling interests</td><td>36</td><td>41</td><td>28</td><td>39</td><td><b>144</b></td><td>44</td><td>53</td><td>64</td><td>54</td><td><b>215</b></td><td><b>49.0%</b></td></tr>
<tr><td><b>Shareholders</b></td><td><b>1,371</b></td><td><b>1,299</b></td><td><b>1,387</b></td><td><b>1,041</b></td><td><b>5,097</b></td><td><b>1,309</b></td><td><b>1,402</b></td><td><b>1,645</b></td><td><b>1,348</b></td><td><b>5,703</b></td><td><b>11.9%</b></td></tr>
<tr><td><b>Income (loss) before income taxes</b></td><td><b>1,852</b></td><td><b>1,755</b></td><td><b>1,844</b></td><td><b>1,481</b></td><td><b>6,932</b></td><td><b>1,920</b></td><td><b>2,023</b></td><td><b>2,179</b></td><td><b>2,022</b></td><td><b>8,144</b></td><td><b>17.5%</b></td></tr>
<tr><td>Adjustment for non-operating market movements</td><td>-25</td><td>-1</td><td>6</td><td>-27</td><td><b>-47</b></td><td>82</td><td>106</td><td>19</td><td>58</td><td><b>265</b></td><td><b>n.m.</b></td></tr>
<tr><td>Adjustment for amortization of intangible assets from business combinations</td><td>18</td><td>19</td><td>22</td><td>19</td><td><b>77</b></td><td>17</td><td>17</td><td>18</td><td>18</td><td><b>71</b></td><td><b>-8.5%</b></td></tr>
<tr><td><b>Core income (loss) before income taxes</b></td><td><b>1,845</b></td><td><b>1,773</b></td><td><b>1,872</b></td><td><b>1,473</b></td><td><b>6,962</b></td><td><b>2,019</b></td><td><b>2,147</b></td><td><b>2,216</b></td><td><b>2,098</b></td><td><b>8,479</b></td><td><b>21.8%</b></td></tr>
<tr><td>Income taxes related to core income</td><td>-448</td><td>-417</td><td>-423</td><td>-400</td><td><b>-1,688</b></td><td>-581</td><td>-580</td><td>-482</td><td>-622</td><td><b>-2,264</b></td><td><b>34.1%</b></td></tr>
<tr><td><b>Core net income (loss)</b></td><td><b>1,397</b></td><td><b>1,356</b></td><td><b>1,449</b></td><td><b>1,072</b></td><td><b>5,274</b></td><td><b>1,438</b></td><td><b>1,567</b></td><td><b>1,734</b></td><td><b>1,476</b></td><td><b>6,215</b></td><td><b>17.8%</b></td></tr>
<tr><td><b>thereof: Shareholders' core net income (loss)</b></td><td><b>1,360</b></td><td><b>1,313</b></td><td><b>1,420</b></td><td><b>1,026</b></td><td><b>5,119</b></td><td><b>1,392</b></td><td><b>1,511</b></td><td><b>1,670</b></td><td><b>1,419</b></td><td><b>5,991</b></td><td><b>17.0%</b></td></tr>
<tr><td><b>Loss ratio<fn ref="25"/> (in %)</b></td><td><b>67.3</b></td><td><b>69.2</b></td><td><b>69.8</b></td><td><b>70.7</b></td><td><b>69.3</b></td><td><b>67.7</b></td><td><b>67.4</b></td><td><b>68.3</b></td><td><b>69.8</b></td><td><b>68.3</b></td><td><b>-1.0%-p</b></td></tr>
<tr><td>Attritional loss ratio (in %)</td><td>68.1</td><td>69.6</td><td>69.3</td><td>69.0</td><td><b>69.0</b></td><td>68.1</td><td>67.9</td><td>68.6</td><td>70.5</td><td><b>68.8</b></td><td><b>-0.2%-p</b></td></tr>
<tr><td>thereof: discounting impact (in %)</td><td>-3.6</td><td>-2.8</td><td>-2.4</td><td>-2.4</td><td><b>-2.8</b></td><td>-3.4</td><td>-2.5</td><td>-1.9</td><td>-2.3</td><td><b>-2.5</b></td><td><b>0.3%-p</b></td></tr>
<tr><td>NatCat impact (in %)</td><td>0.4</td><td>3.5</td><td>3.4</td><td>2.1</td><td><b>2.4</b></td><td>2.1</td><td>1.4</td><td>0.3</td><td>1.9</td><td><b>1.4</b></td><td><b>-0.9%-p</b></td></tr>
<tr><td>Run-off ratio (in %)</td><td>-1.2</td><td>-3.8</td><td>-3.0</td><td>-0.4</td><td><b>-2.1</b></td><td>-2.5</td><td>-1.9</td><td>-0.6</td><td>-2.6</td><td><b>-1.9</b></td><td><b>0.2%-p</b></td></tr>
<tr><td><b>Expense ratio (in %)</b></td><td><b>24.6</b></td><td><b>24.2</b></td><td><b>23.7</b></td><td><b>24.1</b></td><td><b>24.2</b></td><td><b>24.1</b></td><td><b>23.9</b></td><td><b>23.6</b></td><td><b>23.8</b></td><td><b>23.9</b></td><td><b>-0.3%-p</b></td></tr>
<tr><td><b>Combined ratio (in %)</b></td><td><b>91.9</b></td><td><b>93.5</b></td><td><b>93.5</b></td><td><b>94.7</b></td><td><b>93.4</b></td><td><b>91.8</b></td><td><b>91.2</b></td><td><b>91.9</b></td><td><b>93.6</b></td><td><b>92.2</b></td><td><b>-1.3%-p</b></td></tr>
<tr><td><b>Core return on equity<fn ref="26"/> (in %)</b></td><td><b>13.5</b></td><td><b>13.5</b></td><td><b>13.5</b></td><td><b>13.5</b></td><td><b>13.5</b></td><td><b>15.1</b></td><td><b>15.1</b></td><td><b>15.1</b></td><td><b>15.1</b></td><td><b>15.1</b></td><td><b>1.6%-p</b></td></tr>
<tr><td><b>Risk adjustment (net of reinsurance) <fn ref="24"/></b></td><td><b>1,472</b></td><td><b>1,460</b></td><td><b>1,501</b></td><td><b>1,499</b></td><td><b>1,499</b></td><td><b>1,466</b></td><td><b>1,446</b></td><td><b>1,423</b></td><td><b>1,442</b></td><td><b>1,442</b></td><td><b>-3.8%</b></td></tr>
</table>

<footnotes>
<fn id="20">Total business volume comprises gross premiums written and fee and commission income.</fn>
<fn id="21">Net of interest expenses.</fn>
<fn id="22">Other comprises realized gains/losses, investment expenses, F/X gains/losses on insurance assets/liabilities and other.</fn>
<fn id="23">Including hyperinflation result.</fn>
<fn id="25">Reinsurance ratio: 3.8% in 4Q 25 (4Q 24: 1.9%), 3.8% in 12M 25 (12M 24: 3.9%).</fn>
<fn id="26">For current year periods and prior year periods, the core return on equity for the respective full year is shown.</fn>
<fn id="24">Refers to liability of incurred claims (LIC), not directly related to the loss ratio.</fn>
</footnotes>

<!-- page 10 -->
### P&C by Region YTD

<table id="23">
<caption>Property-Casualty key performance indicators by region, year to date</caption>
<tr><th>In EUR million</th><th colspan="3">Total business volume <fn ref="27"/></th><th colspan="2">Operating insurance revenue</th><th colspan="2">Operating profit (loss)</th><th colspan="2">Combined ratio</th><th colspan="2">Loss ratio</th><th colspan="2">Expense ratio</th></tr>
<tr><th></th><th></th><th></th><th>Internal growth <fn ref="28"/></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr>
<tr><th></th><th>12M 24</th><th colspan="2">12M 25</th><th>12M 24</th><th>12M 25</th><th>12M 24</th><th>12M 25</th><th>12M 24</th><th>12M 25</th><th>12M 24</th><th>12M 25</th><th>12M 24</th><th>12M 25</th></tr>
<tr><th></th><th colspan="2">EUR mn</th><th>%</th><th colspan="4">EUR mn</th><th colspan="6">%</th></tr>
<tr><td>Germany</td><td>13,399</td><td><b>14,134</b></td><td><b>9.8</b></td><td>12,596</td><td><b>13,598</b></td><td>1,376</td><td><b>1,899</b></td><td>93.0</td><td><b>88.9</b></td><td>68.6</td><td><b>65.0</b></td><td>24.5</td><td><b>24.0</b></td></tr>
<tr><td>Switzerland</td><td>2,214</td><td><b>2,342</b></td><td><b>3.8</b></td><td>2,182</td><td><b>2,297</b></td><td>293</td><td><b>289</b></td><td>90.0</td><td><b>89.8</b></td><td>67.3</td><td><b>66.9</b></td><td>22.7</td><td><b>22.9</b></td></tr>
<tr><td>Central Europe</td><td>4,570</td><td><b>4,623</b></td><td><b>4.5</b></td><td>4,414</td><td><b>4,505</b></td><td>565</td><td><b>583</b></td><td>89.6</td><td><b>89.5</b></td><td>63.3</td><td><b>62.5</b></td><td>26.3</td><td><b>27.0</b></td></tr>
<tr><td><b>German Speaking Countries and Central Europe</b></td><td><b>20,182</b></td><td><b>21,099</b></td><td><b>7.9</b></td><td><b>19,192</b></td><td><b>20,399</b></td><td><b>2,234</b></td><td><b>2,771</b></td><td><b>91.9</b></td><td><b>89.2</b></td><td><b>67.2</b></td><td><b>64.6</b></td><td><b>24.7</b></td><td><b>24.5</b></td></tr>
<tr><td>Italy</td><td>5,481</td><td><b>5,682</b></td><td><b>3.7</b></td><td>5,285</td><td><b>5,449</b></td><td>652</td><td><b>705</b></td><td>90.8</td><td><b>90.8</b></td><td>63.5</td><td><b>63.8</b></td><td>27.3</td><td><b>27.0</b></td></tr>
<tr><td>France</td><td>5,107</td><td><b>5,456</b></td><td><b>6.8</b></td><td>5,019</td><td><b>5,342</b></td><td>527</td><td><b>517</b></td><td>93.6</td><td><b>94.0</b></td><td>70.2</td><td><b>70.7</b></td><td>23.4</td><td><b>23.3</b></td></tr>
<tr><td>Benelux</td><td>1,486</td><td><b>1,540</b></td><td><b>3.6</b></td><td>1,483</td><td><b>1,544</b></td><td>150</td><td><b>156</b></td><td>93.6</td><td><b>94.3</b></td><td>66.5</td><td><b>67.3</b></td><td>27.1</td><td><b>27.0</b></td></tr>
<tr><td>Türkiye</td><td>2,224</td><td><b>2,264</b></td><td><b>40.2</b></td><td>1,714</td><td><b>1,905</b></td><td>385</td><td><b>477</b></td><td>103.0</td><td><b>99.4</b></td><td>83.5</td><td><b>79.9</b></td><td>19.5</td><td><b>19.5</b></td></tr>
<tr><td>Greece</td><td>299</td><td><b>283</b></td><td><b>-5.4</b></td><td>272</td><td><b>286</b></td><td>24</td><td><b>19</b></td><td>94.7</td><td><b>96.4</b></td><td>63.0</td><td><b>64.1</b></td><td>31.7</td><td><b>32.3</b></td></tr>
<tr><td>Allianz Partners</td><td>10,076</td><td><b>10,587</b></td><td><b>7.2</b></td><td>7,138</td><td><b>7,638</b></td><td>333</td><td><b>402</b></td><td>97.1</td><td><b>96.7</b></td><td>69.9</td><td><b>69.7</b></td><td>27.1</td><td><b>26.9</b></td></tr>
<tr><td>Allianz Direct</td><td>1,253</td><td><b>1,542</b></td><td><b>19.8</b></td><td>1,079</td><td><b>1,482</b></td><td>50</td><td><b>75</b></td><td>97.4</td><td><b>95.5</b></td><td>81.6</td><td><b>80.7</b></td><td>15.7</td><td><b>14.8</b></td></tr>
<tr><td><b>Western &amp; Southern Europe, Allianz Direct and Allianz Partners</b></td><td><b>25,926</b></td><td><b>27,354</b></td><td><b>9.4</b></td><td><b>21,991</b></td><td><b>23,645</b></td><td><b>2,122</b></td><td><b>2,350</b></td><td><b>95.0</b></td><td><b>94.7</b></td><td><b>69.7</b></td><td><b>69.9</b></td><td><b>25.2</b></td><td><b>24.8</b></td></tr>
<tr><td>Australia</td><td>5,040</td><td><b>5,179</b></td><td><b>6.1</b></td><td>4,679</td><td><b>4,850</b></td><td>514</td><td><b>350</b></td><td>91.2</td><td><b>95.4</b></td><td>68.7</td><td><b>73.6</b></td><td>22.5</td><td><b>21.8</b></td></tr>
<tr><td>Asia Pacific other</td><td>2,013</td><td><b>2,166</b></td><td><b>9.7</b></td><td>1,969</td><td><b>2,123</b></td><td>175</td><td><b>170</b></td><td>97.7</td><td><b>96.5</b></td><td>67.1</td><td><b>66.4</b></td><td>30.6</td><td><b>30.1</b></td></tr>
<tr><td><b>Asia Pacific</b></td><td><b>7,053</b></td><td><b>7,345</b></td><td><b>7.1</b></td><td><b>6,648</b></td><td><b>6,974</b></td><td><b>689</b></td><td><b>520</b></td><td><b>93.1</b></td><td><b>95.7</b></td><td><b>68.3</b></td><td><b>71.4</b></td><td><b>24.9</b></td><td><b>24.3</b></td></tr>
<tr><td>AGCS</td><td>12,141</td><td><b>12,053</b></td><td><b>3.5</b></td><td>11,222</td><td><b>10,667</b></td><td>825</td><td><b>780</b></td><td>95.6</td><td><b>95.5</b></td><td>76.4</td><td><b>76.4</b></td><td>19.2</td><td><b>19.1</b></td></tr>
<tr><td>thereof: AGCS excluding fronting &amp; captives <fn ref="29"/></td><td>7,880</td><td><b>7,788</b></td><td><b>7.8</b></td><td>7,026</td><td><b>6,588</b></td><td>825</td><td><b>780</b></td><td>92.9</td><td><b>92.7</b></td><td>70.9</td><td><b>68.9</b></td><td>22.0</td><td><b>23.8</b></td></tr>
<tr><td>Reinsurance P/C and Other</td><td>5,739</td><td><b>6,426</b></td><td><b>14.9</b></td><td>3,620</td><td><b>4,006</b></td><td>191</td><td><b>539</b></td><td>97.3</td><td><b>88.1</b></td><td>94.0</td><td><b>84.6</b></td><td>3.3</td><td><b>3.5</b></td></tr>
<tr><td>Allianz Trade</td><td>3,966</td><td><b>4,004</b></td><td><b>2.1</b></td><td>3,242</td><td><b>3,216</b></td><td>668</td><td><b>700</b></td><td>82.9</td><td><b>81.7</b></td><td>55.8</td><td><b>54.7</b></td><td>27.1</td><td><b>27.0</b></td></tr>
<tr><td>United Kingdom</td><td>5,506</td><td><b>5,421</b></td><td><b>-0.3</b></td><td>5,235</td><td><b>5,264</b></td><td>434</td><td><b>556</b></td><td>95.0</td><td><b>93.0</b></td><td>71.7</td><td><b>70.0</b></td><td>23.2</td><td><b>22.9</b></td></tr>
<tr><td>Ireland</td><td>801</td><td><b>877</b></td><td><b>9.5</b></td><td>747</td><td><b>838</b></td><td>127</td><td><b>127</b></td><td>86.4</td><td><b>87.5</b></td><td>62.5</td><td><b>64.1</b></td><td>23.8</td><td><b>23.3</b></td></tr>
<tr><td>Spain</td><td>3,114</td><td><b>3,371</b></td><td><b>8.3</b></td><td>2,969</td><td><b>3,247</b></td><td>163</td><td><b>168</b></td><td>96.5</td><td><b>96.4</b></td><td>74.1</td><td><b>74.2</b></td><td>22.4</td><td><b>22.2</b></td></tr>
<tr><td>Portugal</td><td>607</td><td><b>699</b></td><td><b>15.2</b></td><td>585</td><td><b>672</b></td><td>60</td><td><b>68</b></td><td>90.5</td><td><b>90.8</b></td><td>68.4</td><td><b>69.0</b></td><td>22.2</td><td><b>21.9</b></td></tr>
<tr><td>Latin America</td><td>2,984</td><td><b>3,187</b></td><td><b>18.1</b></td><td>2,839</td><td><b>2,969</b></td><td>328</td><td><b>321</b></td><td>96.1</td><td><b>93.9</b></td><td>70.5</td><td><b>68.4</b></td><td>25.6</td><td><b>25.4</b></td></tr>
<tr><td>Africa</td><td>n.m.</td><td><b>n.m.</b></td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>45</td><td><b>93</b></td><td>n.m.</td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td></tr>
<tr><td>Middle East</td><td>36</td><td><b>n.m.</b></td><td><b>n.m.</b></td><td>56</td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>101.9</td><td><b>n.m.</b></td><td>81.8</td><td><b>n.m.</b></td><td>20.2</td><td><b>n.m.</b></td></tr>
<tr><td><b>Global Insurance Lines &amp; Anglo Markets, Iberia &amp; Latin America, Africa</b></td><td><b>34,894</b></td><td><b>36,039</b></td><td><b>6.7</b></td><td><b>30,516</b></td><td><b>30,879</b></td><td><b>2,841</b></td><td><b>3,351</b></td><td><b>94.2</b></td><td><b>92.3</b></td><td><b>74.2</b></td><td><b>72.6</b></td><td><b>19.9</b></td><td><b>19.7</b></td></tr>
<tr><td><b>Consolidation <fn ref="30"/></b></td><td><b>-5,173</b></td><td><b>-5,096</b></td><td><b>n.m.</b></td><td><b>-3,728</b></td><td><b>-3,734</b></td><td><b>12</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Total</b></td><td><b>82,883</b></td><td><b>86,741</b></td><td><b>8.2</b></td><td><b>74,619</b></td><td><b>78,164</b></td><td><b>7,898</b></td><td><b>8,992</b></td><td><b>93.4</b></td><td><b>92.2</b></td><td><b>69.3</b></td><td><b>68.3</b></td><td><b>24.2</b></td><td><b>23.9</b></td></tr>
</table>

<footnotes>
<fn id="27">Total business volume comprises gross premiums written and fee and commission income.</fn>
<fn id="28">This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.</fn>
<fn id="29">Internal growth exlcudes Arch transaction.</fn>
<fn id="30">Represents elimination of transactions between Allianz Group entities in different geographic regions.</fn>
</footnotes>

<!-- page 11 -->
### P&C by Region QTD

<table id="24">
<caption>Property-Casualty key performance indicators by region, quarter to date</caption>
<tr><th>In EUR million</th><th colspan="3">Total business volume <fn ref="31"/></th><th colspan="2">Operating insurance revenue</th><th colspan="2">Operating profit (loss)</th><th colspan="2">Combined ratio</th><th colspan="2">Loss ratio</th><th colspan="2">Expense ratio</th></tr>
<tr><th></th><th></th><th></th><th>Internal growth <fn ref="32"/></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr>
<tr><th></th><th>4Q 24</th><th colspan="2">4Q 25</th><th>4Q 24</th><th>4Q 25</th><th>4Q 24</th><th>4Q 25</th><th>4Q 24</th><th>4Q 25</th><th>4Q 24</th><th>4Q 25</th><th>4Q 24</th><th>4Q 25</th></tr>
<tr><th></th><th colspan="2">EUR mn</th><th>%</th><th colspan="4">EUR mn</th><th colspan="6">%</th></tr>
<tr><td>Germany</td><td>2,614</td><td><b>2,759</b></td><td><b>11.8</b></td><td>3,215</td><td><b>3,469</b></td><td>442</td><td><b>365</b></td><td>90.4</td><td><b>93.3</b></td><td>65.3</td><td><b>67.7</b></td><td>25.1</td><td><b>25.6</b></td></tr>
<tr><td>Switzerland</td><td>251</td><td><b>300</b></td><td><b>11.8</b></td><td>547</td><td><b>586</b></td><td>56</td><td><b>96</b></td><td>93.2</td><td><b>85.1</b></td><td>70.0</td><td><b>61.0</b></td><td>23.1</td><td><b>24.1</b></td></tr>
<tr><td>Central Europe</td><td>1,083</td><td><b>1,108</b></td><td><b>5.2</b></td><td>1,123</td><td><b>1,148</b></td><td>174</td><td><b>172</b></td><td>87.3</td><td><b>88.8</b></td><td>60.4</td><td><b>61.9</b></td><td>26.9</td><td><b>26.9</b></td></tr>
<tr><td><b>German Speaking Countries and Central Europe</b></td><td><b>3,948</b></td><td><b>4,168</b></td><td><b>10.0</b></td><td><b>4,885</b></td><td><b>5,203</b></td><td><b>672</b></td><td><b>632</b></td><td><b>90.0</b></td><td><b>91.4</b></td><td><b>64.7</b></td><td><b>65.7</b></td><td><b>25.3</b></td><td><b>25.7</b></td></tr>
<tr><td>Italy</td><td>1,658</td><td><b>1,735</b></td><td><b>4.7</b></td><td>1,376</td><td><b>1,413</b></td><td>162</td><td><b>198</b></td><td>92.4</td><td><b>90.4</b></td><td>64.5</td><td><b>64.1</b></td><td>27.9</td><td><b>26.3</b></td></tr>
<tr><td>France</td><td>1,147</td><td><b>1,214</b></td><td><b>5.8</b></td><td>1,298</td><td><b>1,376</b></td><td>96</td><td><b>141</b></td><td>98.8</td><td><b>94.4</b></td><td>75.5</td><td><b>71.1</b></td><td>23.3</td><td><b>23.3</b></td></tr>
<tr><td>Benelux</td><td>287</td><td><b>295</b></td><td><b>2.9</b></td><td>378</td><td><b>391</b></td><td>29</td><td><b>58</b></td><td>93.3</td><td><b>89.8</b></td><td>65.1</td><td><b>61.4</b></td><td>28.2</td><td><b>28.4</b></td></tr>
<tr><td>Türkiye</td><td>788</td><td><b>672</b></td><td><b>17.5</b></td><td>552</td><td><b>485</b></td><td>114</td><td><b>114</b></td><td>107.1</td><td><b>101.6</b></td><td>88.1</td><td><b>82.1</b></td><td>19.0</td><td><b>19.5</b></td></tr>
<tr><td>Greece</td><td>86</td><td><b>74</b></td><td><b>-14.3</b></td><td>70</td><td><b>73</b></td><td>7</td><td><b>8</b></td><td>94.6</td><td><b>91.1</b></td><td>64.2</td><td><b>59.1</b></td><td>30.4</td><td><b>32.0</b></td></tr>
<tr><td>Allianz Partners</td><td>2,321</td><td><b>2,291</b></td><td><b>3.5</b></td><td>1,882</td><td><b>1,880</b></td><td>70</td><td><b>102</b></td><td>99.2</td><td><b>97.2</b></td><td>73.2</td><td><b>70.2</b></td><td>26.0</td><td><b>27.1</b></td></tr>
<tr><td>Allianz Direct</td><td>312</td><td><b>377</b></td><td><b>16.1</b></td><td>276</td><td><b>389</b></td><td>30</td><td><b>20</b></td><td>93.5</td><td><b>95.8</b></td><td>77.3</td><td><b>85.3</b></td><td>16.2</td><td><b>10.5</b></td></tr>
<tr><td><b>Western &amp; Southern Europe, Allianz Direct and Allianz Partners</b></td><td><b>6,600</b></td><td><b>6,658</b></td><td><b>6.2</b></td><td><b>5,834</b></td><td><b>6,007</b></td><td><b>508</b></td><td><b>641</b></td><td><b>97.5</b></td><td><b>94.7</b></td><td><b>72.6</b></td><td><b>70.2</b></td><td><b>24.9</b></td><td><b>24.5</b></td></tr>
<tr><td>Australia</td><td>1,263</td><td><b>1,314</b></td><td><b>4.0</b></td><td>1,241</td><td><b>1,310</b></td><td>108</td><td><b>-100</b></td><td>93.5</td><td><b>112.2</b></td><td>70.4</td><td><b>91.1</b></td><td>23.1</td><td><b>21.1</b></td></tr>
<tr><td>Asia Pacific other</td><td>522</td><td><b>519</b></td><td><b>6.5</b></td><td>567</td><td><b>557</b></td><td>46</td><td><b>38</b></td><td>98.9</td><td><b>97.3</b></td><td>64.6</td><td><b>65.5</b></td><td>34.3</td><td><b>31.8</b></td></tr>
<tr><td><b>Asia Pacific</b></td><td><b>1,786</b></td><td><b>1,832</b></td><td><b>4.7</b></td><td><b>1,807</b></td><td><b>1,867</b></td><td><b>155</b></td><td><b>-62</b></td><td><b>95.2</b></td><td><b>107.7</b></td><td><b>68.6</b></td><td><b>83.4</b></td><td><b>26.6</b></td><td><b>24.3</b></td></tr>
<tr><td>AGCS</td><td>2,912</td><td><b>2,786</b></td><td><b>4.4</b></td><td>3,078</td><td><b>2,812</b></td><td>148</td><td><b>189</b></td><td>98.0</td><td><b>96.2</b></td><td>80.5</td><td><b>77.7</b></td><td>17.5</td><td><b>18.5</b></td></tr>
<tr><td>thereof: AGCS excluding fronting &amp; captives <fn ref="33"/></td><td>1,765</td><td><b>1,947</b></td><td><b>9.4</b></td><td>1,611</td><td><b>1,747</b></td><td>148</td><td><b>189</b></td><td>96.3</td><td><b>93.9</b></td><td>75.0</td><td><b>69.3</b></td><td>21.2</td><td><b>24.6</b></td></tr>
<tr><td>Reinsurance P/C and Other</td><td>1,147</td><td><b>1,114</b></td><td><b>4.1</b></td><td>1,012</td><td><b>1,024</b></td><td>55</td><td><b>181</b></td><td>97.9</td><td><b>84.8</b></td><td>94.7</td><td><b>81.0</b></td><td>3.2</td><td><b>3.8</b></td></tr>
<tr><td>Allianz Trade</td><td>910</td><td><b>879</b></td><td><b>-1.2</b></td><td>815</td><td><b>793</b></td><td>146</td><td><b>184</b></td><td>85.3</td><td><b>80.5</b></td><td>58.4</td><td><b>53.2</b></td><td>26.9</td><td><b>27.3</b></td></tr>
<tr><td>United Kingdom</td><td>1,331</td><td><b>1,289</b></td><td><b>1.8</b></td><td>1,358</td><td><b>1,290</b></td><td>95</td><td><b>123</b></td><td>97.4</td><td><b>94.7</b></td><td>72.3</td><td><b>70.2</b></td><td>25.2</td><td><b>24.5</b></td></tr>
<tr><td>Ireland</td><td>188</td><td><b>202</b></td><td><b>7.9</b></td><td>199</td><td><b>217</b></td><td>25</td><td><b>33</b></td><td>91.4</td><td><b>88.3</b></td><td>67.1</td><td><b>64.5</b></td><td>24.2</td><td><b>23.8</b></td></tr>
<tr><td>Spain</td><td>789</td><td><b>855</b></td><td><b>8.3</b></td><td>772</td><td><b>842</b></td><td>1</td><td><b>52</b></td><td>101.8</td><td><b>95.6</b></td><td>78.7</td><td><b>74.7</b></td><td>23.1</td><td><b>20.9</b></td></tr>
<tr><td>Portugal</td><td>125</td><td><b>144</b></td><td><b>14.7</b></td><td>152</td><td><b>176</b></td><td>15</td><td><b>19</b></td><td>91.1</td><td><b>90.8</b></td><td>68.6</td><td><b>69.1</b></td><td>22.5</td><td><b>21.7</b></td></tr>
<tr><td>Latin America</td><td>805</td><td><b>894</b></td><td><b>14.3</b></td><td>718</td><td><b>802</b></td><td>60</td><td><b>90</b></td><td>99.1</td><td><b>94.6</b></td><td>72.2</td><td><b>69.8</b></td><td>26.9</td><td><b>24.8</b></td></tr>
<tr><td>Africa</td><td>n.m.</td><td><b>n.m.</b></td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>13</td><td><b>4</b></td><td>n.m.</td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td></tr>
<tr><td>Middle East</td><td>n.m.</td><td><b>n.m.</b></td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>0</td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td></tr>
<tr><td><b>Global Insurance Lines &amp; Anglo Markets, Iberia &amp; Latin America, Africa</b></td><td><b>8,208</b></td><td><b>8,164</b></td><td><b>4.9</b></td><td><b>8,105</b></td><td><b>7,957</b></td><td><b>558</b></td><td><b>874</b></td><td><b>96.8</b></td><td><b>92.4</b></td><td><b>77.2</b></td><td><b>72.8</b></td><td><b>19.6</b></td><td><b>19.6</b></td></tr>
<tr><td><b>Consolidation <fn ref="34"/></b></td><td><b>-1,007</b></td><td><b>-949</b></td><td><b>n.m.</b></td><td><b>-1,035</b></td><td><b>-953</b></td><td><b>56</b></td><td><b>49</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Total</b></td><td><b>19,534</b></td><td><b>19,873</b></td><td><b>6.7</b></td><td><b>19,596</b></td><td><b>20,081</b></td><td><b>1,948</b></td><td><b>2,134</b></td><td><b>94.7</b></td><td><b>93.6</b></td><td><b>70.7</b></td><td><b>69.8</b></td><td><b>24.1</b></td><td><b>23.8</b></td></tr>
</table>

<footnotes>
<fn id="31">Total business volume comprises gross premiums written and fee and commission income.</fn>
<fn id="32">This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.</fn>
<fn id="33">Internal growth exlcudes Arch transaction.</fn>
<fn id="34">Represents elimination of transactions between Allianz Group entities in different geographic regions.</fn>
</footnotes>

<!-- page 12 -->
### P&C by Customer Segment YTD

<table id="25">
<caption>Property &amp; casualty business volume and operating insurance revenue by customer segment</caption>
<tr><th>In EUR million</th><th colspan="2">Property-Casualty</th><th colspan="2">Retail lines <fn ref="35"/></th><th colspan="2">Commercial lines <fn ref="36"/></th><th colspan="2">Not allocated</th></tr>
<tr><th></th><th>12M 24</th><th>12M 25</th><th>12M 24</th><th>12M 25</th><th>12M 24</th><th>12M 25</th><th>12M 24</th><th>12M 25</th></tr>
<tr><td><b>Total business volume <fn ref="37"/></b></td><td><b>82,883</b></td><td><b>86,741</b></td><td><b>50,229</b></td><td><b>52,789</b></td><td><b>32,711</b></td><td><b>33,828</b></td><td><b>-58</b></td><td><b>124</b></td></tr>
<tr><td><b>Operating insurance revenue</b></td><td><b>74,619</b></td><td><b>78,164</b></td><td><b>46,219</b></td><td><b>49,505</b></td><td><b>28,209</b></td><td><b>28,579</b></td><td><b>191</b></td><td><b>80</b></td></tr>
<tr><td><b>in %</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td><b>Combined ratio</b></td><td><b>93.4</b></td><td><b>92.2</b></td><td><b>94.1</b></td><td><b>92.4</b></td><td><b>92.2</b></td><td><b>91.7</b></td><td>—</td><td>—</td></tr>
<tr><td>Loss ratio</td><td>69.3</td><td><b>68.3</b></td><td>67.9</td><td><b>66.6</b></td><td>71.5</td><td><b>71.1</b></td><td>—</td><td>—</td></tr>
<tr><td>Expense ratio</td><td>24.2</td><td><b>23.9</b></td><td>26.3</td><td><b>25.8</b></td><td>20.7</td><td><b>20.5</b></td><td>—</td><td>—</td></tr>
</table>

<footnotes>
<fn id="35">Retail including SME and Fleet.</fn>
<fn id="36">Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.</fn>
<fn id="37">Total business volume comprises gross premiums written and fee and commission income.</fn>
</footnotes>

<!-- page 13 -->
### P&C by Customer Segment QTD

<table id="26">
<caption>Property &amp; casualty business volume and operating insurance revenue by customer segment</caption>
<tr><th>In EUR million</th><th colspan="2">Property-Casualty</th><th colspan="2">Retail lines <fn ref="38"/></th><th colspan="2">Commercial lines <fn ref="39"/></th><th colspan="2">Not allocated</th></tr>
<tr><th></th><th>4Q 24</th><th>4Q 25</th><th>4Q 24</th><th>4Q 25</th><th>4Q 24</th><th>4Q 25</th><th>4Q 24</th><th>4Q 25</th></tr>
<tr><td><b>Total business volume <fn ref="40"/></b></td><td><b>19,534</b></td><td><b>19,873</b></td><td><b>12,132</b></td><td><b>12,730</b></td><td><b>7,395</b></td><td><b>7,129</b></td><td><b>7</b></td><td><b>14</b></td></tr>
<tr><td><b>Operating insurance revenue</b></td><td><b>19,596</b></td><td><b>20,081</b></td><td><b>11,930</b></td><td><b>12,705</b></td><td><b>7,631</b></td><td><b>7,336</b></td><td><b>35</b></td><td><b>40</b></td></tr>
<tr><td><b>in %</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td><b>Combined ratio</b></td><td><b>94.7</b></td><td><b>93.6</b></td><td><b>94.0</b></td><td><b>94.5</b></td><td><b>96.6</b></td><td><b>92.6</b></td><td>—</td><td>—</td></tr>
<tr><td>Loss ratio</td><td>70.7</td><td><b>69.8</b></td><td>66.8</td><td><b>68.7</b></td><td>76.8</td><td><b>71.7</b></td><td>—</td><td>—</td></tr>
<tr><td>Expense ratio</td><td>24.1</td><td><b>23.8</b></td><td>27.2</td><td><b>25.8</b></td><td>19.8</td><td><b>20.9</b></td><td>—</td><td>—</td></tr>
</table>

<footnotes>
<fn id="38">Retail including SME and Fleet.</fn>
<fn id="39">Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.</fn>
<fn id="40">Total business volume comprises gross premiums written and fee and commission income.</fn>
</footnotes>

<!-- page 14 -->
### Life & Health

<table id="27">
<caption>Life &amp; health operating profit build-up</caption>
<tr><th>In EUR million</th><th>1Q 24</th><th>2Q 24</th><th>3Q 24</th><th>4Q 24</th><th>2024</th><th>1Q 25</th><th>2Q 25</th><th>3Q 25</th><th>4Q 25</th><th>2025</th><th>∆ 2025 / 2024</th></tr>
<tr><td><b>Total business volume <fn ref="41"/></b></td><td><b>21,104</b></td><td><b>21,547</b></td><td><b>22,389</b></td><td><b>24,277</b></td><td><b>89,317</b></td><td><b>25,024</b></td><td><b>22,541</b></td><td><b>21,107</b></td><td><b>23,642</b></td><td><b>92,314</b></td><td><b>3.4%</b></td></tr>
<tr><td>Release CSM</td><td>1,276</td><td>1,241</td><td>1,267</td><td>1,354</td><td><b>5,137</b></td><td>1,360</td><td>1,458</td><td>1,265</td><td>1,357</td><td><b>5,440</b></td><td><b>5.9%</b></td></tr>
<tr><td>Release risk adjustment</td><td>120</td><td>123</td><td>121</td><td>125</td><td><b>488</b></td><td>128</td><td>125</td><td>126</td><td>144</td><td><b>523</b></td><td><b>7.1%</b></td></tr>
<tr><td>Variances from claims and expenses <fn ref="42"/></td><td>-37</td><td>16</td><td>12</td><td>65</td><td><b>56</b></td><td>17</td><td>-51</td><td>50</td><td>30</td><td><b>46</b></td><td><b>-18.7%</b></td></tr>
<tr><td>Losses on onerous contracts</td><td>-6</td><td>4</td><td>-18</td><td>-20</td><td><b>-41</b></td><td>-14</td><td>-12</td><td>-17</td><td>-42</td><td><b>-84</b></td><td><b>105.3%</b></td></tr>
<tr><td>Non-attributable expenses</td><td>-268</td><td>-262</td><td>-274</td><td>-337</td><td><b>-1,141</b></td><td>-284</td><td>-277</td><td>-320</td><td>-320</td><td><b>-1,202</b></td><td><b>5.4%</b></td></tr>
<tr><td>Operating investment result</td><td>164</td><td>165</td><td>182</td><td>151</td><td><b>662</b></td><td>135</td><td>73</td><td>215</td><td>102</td><td><b>525</b></td><td><b>-20.7%</b></td></tr>
<tr><td>Other operating result</td><td>79</td><td>92</td><td>86</td><td>86</td><td><b>343</b></td><td>85</td><td>87</td><td>90</td><td>92</td><td><b>353</b></td><td><b>2.9%</b></td></tr>
<tr><td><b>Operating profit</b></td><td><b>1,327</b></td><td><b>1,379</b></td><td><b>1,376</b></td><td><b>1,424</b></td><td><b>5,505</b></td><td><b>1,427</b></td><td><b>1,403</b></td><td><b>1,407</b></td><td><b>1,364</b></td><td><b>5,601</b></td><td><b>1.7%</b></td></tr>
<tr><td><b>Non-operating items</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Realized gains/losses (net)</td><td>-48</td><td>-40</td><td>0</td><td>-32</td><td><b>-120</b></td><td>12</td><td>261</td><td>-4</td><td>-46</td><td><b>223</b></td><td><b>n.m.</b></td></tr>
<tr><td>Expected credit loss and impairments (net)</td><td>-3</td><td>5</td><td>-0</td><td>9</td><td><b>11</b></td><td>-4</td><td>-1</td><td>-2</td><td>-1</td><td><b>-8</b></td><td><b>n.m.</b></td></tr>
<tr><td>Result from assets and liabilities measured at fair value incl. derivatives</td><td>-51</td><td>-17</td><td>29</td><td>-9</td><td><b>-47</b></td><td>-19</td><td>-6</td><td>10</td><td>-19</td><td><b>-33</b></td><td><b>-30.7%</b></td></tr>
<tr><td>thereof: Non-operating market movements</td><td>-40</td><td>-4</td><td>41</td><td>4</td><td><b>0</b></td><td>-7</td><td>6</td><td>23</td><td>-7</td><td><b>15</b></td><td><b>n.m.</b></td></tr>
<tr><td>Restructuring and integration expenses</td><td>-3</td><td>-13</td><td>-10</td><td>-30</td><td><b>-55</b></td><td>-7</td><td>-11</td><td>-14</td><td>-39</td><td><b>-71</b></td><td><b>27.7%</b></td></tr>
<tr><td>Amortization of intangible assets</td><td>-17</td><td>-17</td><td>-17</td><td>-17</td><td><b>-68</b></td><td>-13</td><td>-20</td><td>-11</td><td>-12</td><td><b>-56</b></td><td><b>-17.2%</b></td></tr>
<tr><td>thereof: Amortization of intangible assets from business combinations</td><td>-3</td><td>-3</td><td>-3</td><td>-3</td><td><b>-11</b></td><td>-3</td><td>-3</td><td>-2</td><td>-3</td><td><b>-10</b></td><td><b>-9.7%</b></td></tr>
<tr><td>Other (including tax reclassifications) <fn ref="43"/></td><td>25</td><td>93</td><td>90</td><td>-45</td><td><b>163</b></td><td>8</td><td>39</td><td>45</td><td>-32</td><td><b>59</b></td><td><b>-63.5%</b></td></tr>
<tr><td><b>Subtotal</b></td><td><b>-98</b></td><td><b>12</b></td><td><b>92</b></td><td><b>-124</b></td><td><b>-117</b></td><td><b>-23</b></td><td><b>263</b></td><td><b>23</b></td><td><b>-149</b></td><td><b>114</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Income (loss) before income taxes</b></td><td><b>1,229</b></td><td><b>1,391</b></td><td><b>1,468</b></td><td><b>1,300</b></td><td><b>5,388</b></td><td><b>1,404</b></td><td><b>1,666</b></td><td><b>1,430</b></td><td><b>1,215</b></td><td><b>5,715</b></td><td><b>6.1%</b></td></tr>
<tr><td>Income taxes</td><td><b>-285</b></td><td>-360</td><td>-354</td><td>-301</td><td><b>-1,300</b></td><td><b>-398</b></td><td>-354</td><td>-584</td><td>-242</td><td><b>-1,579</b></td><td><b>21.4%</b></td></tr>
<tr><td><b>Net income (loss)</b></td><td><b>944</b></td><td><b>1,031</b></td><td><b>1,114</b></td><td><b>999</b></td><td><b>4,088</b></td><td><b>1,006</b></td><td><b>1,312</b></td><td><b>846</b></td><td><b>973</b></td><td><b>4,137</b></td><td><b>1.2%</b></td></tr>
<tr><td><b>Net income (loss) attributable to:</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Non-controlling interests</td><td>-7</td><td>60</td><td>60</td><td>63</td><td><b>176</b></td><td>58</td><td>63</td><td>40</td><td>42</td><td><b>203</b></td><td><b>15.3%</b></td></tr>
<tr><td><b>Shareholders</b></td><td><b>951</b></td><td><b>971</b></td><td><b>1,053</b></td><td><b>936</b></td><td><b>3,912</b></td><td><b>948</b></td><td><b>1,250</b></td><td><b>806</b></td><td><b>930</b></td><td><b>3,934</b></td><td><b>0.6%</b></td></tr>
<tr><td><b>Income (loss) before income taxes</b></td><td><b>1,229</b></td><td><b>1,391</b></td><td><b>1,468</b></td><td><b>1,300</b></td><td><b>5,388</b></td><td><b>1,404</b></td><td><b>1,666</b></td><td><b>1,430</b></td><td><b>1,215</b></td><td><b>5,715</b></td><td><b>6.1%</b></td></tr>
<tr><td>Adjustment for non-operating market movements</td><td>40</td><td>4</td><td>-41</td><td>-4</td><td><b>-0</b></td><td>7</td><td>-6</td><td>-23</td><td>7</td><td><b>-15</b></td><td><b>n.m.</b></td></tr>
<tr><td>Adjustment for amortization of intangible assets from business combinations</td><td>3</td><td>3</td><td>3</td><td>3</td><td><b>11</b></td><td>3</td><td>3</td><td>2</td><td>3</td><td><b>10</b></td><td><b>-9.7%</b></td></tr>
<tr><td><b>Core income (loss) before income taxes</b></td><td><b>1,272</b></td><td><b>1,398</b></td><td><b>1,430</b></td><td><b>1,300</b></td><td><b>5,400</b></td><td>1,414</td><td><b>1,663</b></td><td><b>1,410</b></td><td><b>1,225</b></td><td><b>5,711</b></td><td><b>5.8%</b></td></tr>
<tr><td>Income taxes related to core income</td><td>-294</td><td>-362</td><td>-347</td><td>-300</td><td><b>-1,303</b></td><td>-401</td><td>-354</td><td>-580</td><td>-241</td><td><b>-1,576</b></td><td><b>20.9%</b></td></tr>
<tr><td><b>Core net income (loss)</b></td><td><b>978</b></td><td><b>1,036</b></td><td><b>1,083</b></td><td><b>1,000</b></td><td><b>4,097</b></td><td>1,013</td><td><b>1,309</b></td><td><b>829</b></td><td><b>983</b></td><td><b>4,135</b></td><td><b>0.9%</b></td></tr>
<tr><td><b>thereof: Shareholders' core net income (loss)</b></td><td><b>983</b></td><td><b>974</b></td><td><b>1,024</b></td><td><b>935</b></td><td><b>3,917</b></td><td>953</td><td><b>1,246</b></td><td><b>788</b></td><td><b>940</b></td><td><b>3,928</b></td><td><b>0.3%</b></td></tr>
<tr><td><b>Core return on equity<fn ref="45"/> (in %)</b></td><td><b>16.3</b></td><td><b>16.3</b></td><td><b>16.3</b></td><td><b>16.3</b></td><td><b>16.3</b></td><td><b>15.2</b></td><td><b>15.2</b></td><td><b>15.2</b></td><td><b>15.2</b></td><td><b>15.2</b></td><td><b>-1.1%-p</b></td></tr>
<tr><td>Operating asset base (in EUR bn)</td><td>750.4</td><td>749.3</td><td>770.9</td><td>783.5</td><td><b>783.5</b></td><td>774.8</td><td>742.5</td><td>759.9</td><td>769.8</td><td><b>769.8</b></td><td><b>-1.7%</b></td></tr>
<tr><td>Net flows (in EUR bn)</td><td>-0.1</td><td>0.8</td><td>2.2</td><td>1.8</td><td><b>4.7</b></td><td>3.5</td><td>3.3</td><td>2.7</td><td>2.3</td><td><b>11.7</b></td><td><b>150.1%</b></td></tr>
<tr><td><b>Risk adjustment (gross of reinsurance) <fn ref="44"/></b></td><td>4,714</td><td>4,746</td><td>4,748</td><td>4,928</td><td><b>4,928</b></td><td>4,948</td><td>4,832</td><td>4,788</td><td>4,836</td><td><b>4,836</b></td><td><b>-1.9%</b></td></tr>
</table>

<footnotes>
<fn id="41">Total business volume comprises statutory gross premiums.</fn>
<fn id="42">Including operating reinsurance result.</fn>
<fn id="43">Including hyperinflation result.</fn>
<fn id="45">For current year periods and prior year periods, the core return on equity for the respective full year is shown.</fn>
<fn id="44">Refers to liability for remaining coverage (LRC).</fn>
</footnotes>

<!-- page 15 -->
### L&H New Business YTD

<table id="28">
<caption>Life &amp; health new business by region</caption>
<tr><th>In EUR million</th><th colspan="2">Present value of new business premiums</th><th colspan="2">New business margin</th><th colspan="2">Value of new business</th></tr>
<tr><th></th><th>12M 24</th><th>12M 25</th><th>12M 24</th><th>12M 25</th><th>12M 24</th><th>12M 25</th></tr>
<tr><th></th><th colspan="2">EUR mn</th><th colspan="2">%</th><th colspan="2">EUR mn</th></tr>
<tr><td>Germany Life</td><td>18,614</td><td><b>18,292</b></td><td>4.7</td><td><b>4.6</b></td><td>884</td><td><b>833</b></td></tr>
<tr><td>Germany Health</td><td>3,609</td><td><b>5,382</b></td><td>5.7</td><td><b>5.6</b></td><td>206</td><td><b>300</b></td></tr>
<tr><td>Germany APR</td><td>n.m.</td><td><b>359</b></td><td>n.m.</td><td><b>7.9</b></td><td>n.m.</td><td><b>28</b></td></tr>
<tr><td>Switzerland</td><td>840</td><td><b>1,047</b></td><td>4.8</td><td><b>4.6</b></td><td>40</td><td><b>48</b></td></tr>
<tr><td>Central Europe <fn ref="46"/></td><td>1,633</td><td><b>2,074</b></td><td>9.9</td><td><b>10.6</b></td><td>162</td><td><b>220</b></td></tr>
<tr><td><b>German Speaking Countries and Central Europe</b></td><td><b>24,697</b></td><td><b>27,153</b></td><td><b>5.2</b></td><td><b>5.3</b></td><td><b>1,292</b></td><td><b>1,429</b></td></tr>
<tr><td>Italy</td><td>14,099</td><td><b>14,325</b></td><td>3.6</td><td><b>3.5</b></td><td>513</td><td><b>505</b></td></tr>
<tr><td>France</td><td>6,665</td><td><b>6,871</b></td><td>4.6</td><td><b>5.3</b></td><td>305</td><td><b>365</b></td></tr>
<tr><td>Benelux</td><td>2,164</td><td><b>2,569</b></td><td>4.2</td><td><b>4.5</b></td><td>90</td><td><b>116</b></td></tr>
<tr><td>Türkiye</td><td>1,696</td><td><b>2,474</b></td><td>7.0</td><td><b>6.1</b></td><td>118</td><td><b>151</b></td></tr>
<tr><td>Greece</td><td>86</td><td><b>96</b></td><td>2.5</td><td><b>2.5</b></td><td>2</td><td><b>2</b></td></tr>
<tr><td><b>Western &amp; Southern Europe</b></td><td><b>24,709</b></td><td><b>26,335</b></td><td><b>4.2</b></td><td><b>4.3</b></td><td><b>1,029</b></td><td><b>1,140</b></td></tr>
<tr><td><b>Asia Pacific</b></td><td><b>7,185</b></td><td><b>7,757</b></td><td><b>9.8</b></td><td><b>9.2</b></td><td><b>707</b></td><td><b>716</b></td></tr>
<tr><td><b>USA</b></td><td><b>21,843</b></td><td><b>21,239</b></td><td><b>6.1</b></td><td><b>6.3</b></td><td><b>1,337</b></td><td><b>1,345</b></td></tr>
<tr><td>Reinsurance L/H</td><td>1,687</td><td><b>210</b></td><td>8.1</td><td><b>8.3</b></td><td>137</td><td><b>17</b></td></tr>
<tr><td>Spain</td><td>574</td><td><b>627</b></td><td>3.6</td><td><b>3.4</b></td><td>20</td><td><b>22</b></td></tr>
<tr><td>Portugal</td><td>192</td><td><b>222</b></td><td>14.8</td><td><b>11.1</b></td><td>28</td><td><b>25</b></td></tr>
<tr><td>Latin America</td><td>1,063</td><td><b>1,730</b></td><td>13.4</td><td><b>7.8</b></td><td>143</td><td><b>136</b></td></tr>
<tr><td><b>Global Insurance Lines &amp; Anglo Markets, Iberia &amp; Latin America, Africa</b></td><td><b>3,516</b></td><td><b>2,788</b></td><td><b>9.4</b></td><td><b>7.2</b></td><td><b>329</b></td><td><b>199</b></td></tr>
<tr><td><b>Consolidation and Other</b></td><td><b>-123</b></td><td><b>-591</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Total</b></td><td><b>81,827</b></td><td><b>84,682</b></td><td><b>5.7</b></td><td><b>5.7</b></td><td><b>4,694</b></td><td><b>4,829</b></td></tr>
</table>

<table id="29">
<caption>Life &amp; health value of new business build-up</caption>
<tr><th>In EUR million</th><th>12M 24</th><th>12M 25</th></tr>
<tr><td><b>Value of new business</b></td><td><b>4,694</b></td><td><b>4,829</b></td></tr>
<tr><td>Non-attributable expenses</td><td>693</td><td>772</td></tr>
<tr><td>Scope / Other</td><td>681</td><td>-183</td></tr>
<tr><td><b>CSM@inception</b></td><td><b>6,067</b></td><td><b>5,419</b></td></tr>
</table>

<footnotes>
<fn id="46">Includes the Austrian health business from 01.01.2025.</fn>
</footnotes>

<!-- page 16 -->
### L&H New Business QTD

<table id="30">
<caption>Life &amp; health new business by region</caption>
<tr><th>In EUR million</th><th colspan="2">Present value of new business premiums</th><th colspan="2">New business margin</th><th colspan="2">Value of new business</th></tr>
<tr><th></th><th>4Q 24</th><th>4Q 25</th><th>4Q 24</th><th>4Q 25</th><th>4Q 24</th><th>4Q 25</th></tr>
<tr><th></th><th colspan="2">EUR mn</th><th colspan="2">%</th><th colspan="2">EUR mn</th></tr>
<tr><td>Germany Life</td><td>5,786</td><td><b>4,634</b></td><td>4.5</td><td><b>4.6</b></td><td>259</td><td><b>212</b></td></tr>
<tr><td>Germany Health</td><td>1,044</td><td><b>1,306</b></td><td>5.9</td><td><b>5.8</b></td><td>62</td><td><b>76</b></td></tr>
<tr><td>Germany APR</td><td>n.m.</td><td><b>113</b></td><td>n.m.</td><td><b>7.8</b></td><td>n.m.</td><td><b>9</b></td></tr>
<tr><td>Switzerland</td><td>161</td><td><b>172</b></td><td>5.2</td><td><b>5.2</b></td><td>8</td><td><b>9</b></td></tr>
<tr><td>Central Europe <fn ref="47"/></td><td>456</td><td><b>605</b></td><td>9.2</td><td><b>10.4</b></td><td>42</td><td><b>63</b></td></tr>
<tr><td><b>German Speaking Countries and Central Europe</b></td><td><b>7,447</b></td><td><b>6,830</b></td><td><b>5.0</b></td><td><b>5.4</b></td><td><b>371</b></td><td><b>368</b></td></tr>
<tr><td>Italy</td><td>3,997</td><td><b>3,261</b></td><td>3.7</td><td><b>4.2</b></td><td>149</td><td><b>136</b></td></tr>
<tr><td>France</td><td>1,039</td><td><b>1,272</b></td><td>4.8</td><td><b>4.9</b></td><td>50</td><td><b>62</b></td></tr>
<tr><td>Benelux</td><td>555</td><td><b>677</b></td><td>4.4</td><td><b>4.0</b></td><td>24</td><td><b>27</b></td></tr>
<tr><td>Türkiye</td><td>517</td><td><b>818</b></td><td>6.7</td><td><b>5.1</b></td><td>35</td><td><b>42</b></td></tr>
<tr><td>Greece</td><td>27</td><td><b>29</b></td><td>2.8</td><td><b>3.4</b></td><td>1</td><td><b>1</b></td></tr>
<tr><td><b>Western &amp; Southern Europe</b></td><td><b>6,136</b></td><td><b>6,057</b></td><td><b>4.2</b></td><td><b>4.4</b></td><td><b>258</b></td><td><b>268</b></td></tr>
<tr><td><b>Asia Pacific</b></td><td><b>1,836</b></td><td><b>1,787</b></td><td><b>10.2</b></td><td><b>9.6</b></td><td><b>187</b></td><td><b>172</b></td></tr>
<tr><td><b>USA</b></td><td><b>5,224</b></td><td><b>5,731</b></td><td><b>5.6</b></td><td><b>6.2</b></td><td><b>292</b></td><td><b>355</b></td></tr>
<tr><td>Reinsurance L/H</td><td>47</td><td><b>108</b></td><td>9.5</td><td><b>5.3</b></td><td>4</td><td><b>6</b></td></tr>
<tr><td>Spain</td><td>175</td><td><b>202</b></td><td>3.9</td><td><b>2.7</b></td><td>7</td><td><b>5</b></td></tr>
<tr><td>Portugal</td><td>80</td><td><b>84</b></td><td>8.8</td><td><b>8.4</b></td><td>7</td><td><b>7</b></td></tr>
<tr><td>Latin America</td><td>296</td><td><b>473</b></td><td>10.0</td><td><b>7.6</b></td><td>30</td><td><b>36</b></td></tr>
<tr><td><b>Global Insurance Lines &amp; Anglo Markets, Iberia &amp; Latin America, Africa</b></td><td><b>598</b></td><td><b>866</b></td><td><b>8.0</b></td><td><b>6.2</b></td><td><b>48</b></td><td><b>54</b></td></tr>
<tr><td><b>Consolidation and Other</b></td><td><b>-33</b></td><td><b>-107</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Total</b></td><td><b>21,207</b></td><td><b>21,163</b></td><td><b>5.5</b></td><td><b>5.8</b></td><td><b>1,156</b></td><td><b>1,217</b></td></tr>
</table>

<table id="31">
<caption>Life &amp; health value of new business build-up</caption>
<tr><th>In EUR million</th><th>4Q 24</th><th>4Q 25</th></tr>
<tr><td><b>Value of new business</b></td><td><b>1,156</b></td><td><b>1,217</b></td></tr>
<tr><td>Non-attributable expenses</td><td>184</td><td>195</td></tr>
<tr><td>Scope / Other</td><td>801</td><td>-59</td></tr>
<tr><td><b>CSM@inception</b></td><td><b>2,142</b></td><td><b>1,353</b></td></tr>
</table>

<footnotes>
<fn id="47">Includes the Austrian health business from 01.01.2025.</fn>
</footnotes>

<!-- page 17 -->
### L&H by Region YTD

<table id="32">
<caption>Life &amp; health business volume, operating insurance revenue, operating profit, and contractual service margin by region</caption>
<tr><th>In EUR million</th><th colspan="3">Total business volume <fn ref="48"/></th><th colspan="2">Operating insurance revenue</th><th colspan="2">Operating profit (loss)</th><th colspan="2">Contractual service margin <fn ref="49"/></th></tr>
<tr><th></th><th></th><th></th><th>Internal growth <fn ref="50"/></th><th></th><th></th><th></th><th></th><th></th><th></th></tr>
<tr><th></th><th>12M 24</th><th colspan="2">12M 25</th><th>12M 24</th><th>12M 25</th><th>12M 24</th><th>12M 25</th><th>31.12.2024</th><th>31.12.2025</th></tr>
<tr><th></th><th colspan="2">EUR mn</th><th>%</th><th colspan="6">EUR mn</th></tr>
<tr><td>Germany Life</td><td>24,421</td><td><b>26,929</b></td><td><b>10.3</b></td><td>5,349</td><td><b>5,810</b></td><td>1,184</td><td><b>1,192</b></td><td>15,840</td><td><b>16,916</b></td></tr>
<tr><td>Germany Health</td><td>4,322</td><td><b>4,663</b></td><td><b>7.9</b></td><td>4,386</td><td><b>4,720</b></td><td>244</td><td><b>259</b></td><td>7,379</td><td><b>7,437</b></td></tr>
<tr><td>Germany APR</td><td>n.m.</td><td><b>474</b></td><td><b>1.2</b></td><td>n.m.</td><td><b>165</b></td><td>n.m.</td><td><b>67</b></td><td>n.m.</td><td><b>515</b></td></tr>
<tr><td>Switzerland</td><td>1,697</td><td><b>1,767</b></td><td><b>3.0</b></td><td>491</td><td><b>483</b></td><td>120</td><td><b>122</b></td><td>1,838</td><td><b>1,830</b></td></tr>
<tr><td>Central Europe <fn ref="51"/></td><td>2,118</td><td><b>2,402</b></td><td><b>5.0</b></td><td>1,044</td><td><b>1,309</b></td><td>517</td><td><b>588</b></td><td>2,002</td><td><b>2,951</b></td></tr>
<tr><td><b>German Speaking Countries and Central Europe</b></td><td><b>32,559</b></td><td><b>36,236</b></td><td><b>9.1</b></td><td><b>11,271</b></td><td><b>12,486</b></td><td><b>2,065</b></td><td><b>2,229</b></td><td><b>27,059</b></td><td><b>29,649</b></td></tr>
<tr><td>Italy</td><td>13,257</td><td><b>12,485</b></td><td><b>15.5</b></td><td>1,421</td><td><b>1,141</b></td><td>585</td><td><b>494</b></td><td>3,532</td><td><b>2,978</b></td></tr>
<tr><td>France</td><td>8,003</td><td><b>7,911</b></td><td><b>-1.1</b></td><td>3,888</td><td><b>3,811</b></td><td>625</td><td><b>645</b></td><td>4,306</td><td><b>4,655</b></td></tr>
<tr><td>Benelux</td><td>2,424</td><td><b>2,571</b></td><td><b>6.1</b></td><td>441</td><td><b>472</b></td><td>151</td><td><b>152</b></td><td>981</td><td><b>1,126</b></td></tr>
<tr><td>Türkiye</td><td>1,474</td><td><b>2,057</b></td><td><b>92.2</b></td><td>165</td><td><b>192</b></td><td>180</td><td><b>189</b></td><td>105</td><td><b>129</b></td></tr>
<tr><td>Greece</td><td>157</td><td><b>163</b></td><td><b>3.8</b></td><td>114</td><td><b>116</b></td><td>3</td><td><b>-6</b></td><td>54</td><td><b>54</b></td></tr>
<tr><td><b>Western &amp; Southern Europe</b></td><td><b>25,315</b></td><td><b>25,187</b></td><td><b>13.5</b></td><td><b>6,029</b></td><td><b>5,731</b></td><td><b>1,544</b></td><td><b>1,474</b></td><td><b>8,977</b></td><td><b>8,942</b></td></tr>
<tr><td><b>Asia Pacific</b></td><td><b>6,795</b></td><td><b>7,304</b></td><td><b>9.6</b></td><td><b>2,311</b></td><td><b>2,524</b></td><td><b>620</b></td><td><b>603</b></td><td><b>5,306</b></td><td><b>5,296</b></td></tr>
<tr><td><b>USA</b></td><td><b>22,383</b></td><td><b>21,829</b></td><td><b>2.0</b></td><td><b>2,666</b></td><td><b>2,812</b></td><td><b>1,076</b></td><td><b>1,038</b></td><td><b>13,169</b></td><td><b>10,923</b></td></tr>
<tr><td>Reinsurance L/H</td><td>578</td><td><b>542</b></td><td><b>-6.6</b></td><td>505</td><td><b>484</b></td><td>39</td><td><b>47</b></td><td>663</td><td><b>520</b></td></tr>
<tr><td>Spain</td><td>618</td><td><b>268</b></td><td><b>4.6</b></td><td>294</td><td><b>414</b></td><td>65</td><td><b>76</b></td><td>417</td><td><b>364</b></td></tr>
<tr><td>Portugal</td><td>182</td><td><b>168</b></td><td><b>-7.5</b></td><td>77</td><td><b>74</b></td><td>15</td><td><b>13</b></td><td>1</td><td><b>1</b></td></tr>
<tr><td>Latin America</td><td>1,017</td><td><b>1,286</b></td><td><b>37.9</b></td><td>127</td><td><b>129</b></td><td>93</td><td><b>99</b></td><td>112</td><td><b>118</b></td></tr>
<tr><td>Africa</td><td>n.m.</td><td><b>n.m.</b></td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>24</td><td><b>63</b></td><td>n.m.</td><td><b>n.m.</b></td></tr>
<tr><td>Middle East</td><td>5</td><td><b>n.m.</b></td><td><b>n.m.</b></td><td>3</td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td></tr>
<tr><td><b>Global Insurance Lines &amp; Anglo Markets, Iberia &amp; Latin America, Africa</b></td><td><b>2,400</b></td><td><b>2,264</b></td><td><b>15.1</b></td><td><b>1,007</b></td><td><b>1,101</b></td><td><b>236</b></td><td><b>296</b></td><td><b>1,192</b></td><td><b>1,002</b></td></tr>
<tr><td><b>Consolidation and Other <fn ref="52"/></b></td><td><b>-135</b></td><td><b>-507</b></td><td><b>n.m.</b></td><td><b>-145</b></td><td><b>-128</b></td><td><b>-35</b></td><td><b>-39</b></td><td><b>-132</b></td><td><b>-108</b></td></tr>
<tr><td><b>Total</b></td><td><b>89,317</b></td><td><b>92,314</b></td><td><b>8.2</b></td><td><b>23,138</b></td><td><b>24,527</b></td><td><b>5,505</b></td><td><b>5,601</b></td><td><b>55,571</b></td><td><b>55,703</b></td></tr>
</table>

<footnotes>
<fn id="48">Total business volume comprises statutory gross premiums.</fn>
<fn id="49">Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.</fn>
<fn id="50">This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.</fn>
<fn id="51">Includes the Austrian health business from 01.01.2025.</fn>
<fn id="52">Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.</fn>
</footnotes>

<!-- page 18 -->
### L&H by Region QTD

<table id="33">
<caption>Life and health business volume, operating insurance revenue, operating profit, and contractual service margin by region</caption>
<tr><th>In EUR million</th><th colspan="3">Total business volume <fn ref="53"/></th><th colspan="2">Operating insurance revenue</th><th colspan="2">Operating profit (loss)</th><th colspan="2">Contractual service margin <fn ref="54"/></th></tr>
<tr><th></th><th></th><th></th><th>Internal growth <fn ref="55"/></th><th></th><th></th><th></th><th></th><th></th><th></th></tr>
<tr><th></th><th>4Q 24</th><th colspan="2">4Q 25</th><th>4Q 24</th><th>4Q 25</th><th>4Q 24</th><th>4Q 25</th><th>31.12.2024</th><th>31.12.2025</th></tr>
<tr><th></th><th colspan="2">EUR mn</th><th>%</th><th colspan="6">EUR mn</th></tr>
<tr><td>Germany Life</td><td>7,358</td><td><b>6,124</b></td><td><b>-16.8</b></td><td>1,601</td><td><b>1,866</b></td><td>328</td><td><b>332</b></td><td>15,840</td><td><b>16,916</b></td></tr>
<tr><td>Germany Health</td><td>1,087</td><td><b>1,177</b></td><td><b>8.2</b></td><td>1,137</td><td><b>1,186</b></td><td>81</td><td><b>76</b></td><td>7,379</td><td><b>7,437</b></td></tr>
<tr><td>Germany APR</td><td>n.m.</td><td><b>130</b></td><td><b>4.6</b></td><td>n.m.</td><td><b>39</b></td><td>n.m.</td><td><b>14</b></td><td>n.m.</td><td><b>515</b></td></tr>
<tr><td>Switzerland</td><td>261</td><td><b>278</b></td><td><b>5.6</b></td><td>129</td><td><b>124</b></td><td>33</td><td><b>38</b></td><td>1,838</td><td><b>1,830</b></td></tr>
<tr><td>Central Europe <fn ref="56"/></td><td>551</td><td><b>645</b></td><td><b>7.9</b></td><td>276</td><td><b>354</b></td><td>128</td><td><b>145</b></td><td>2,002</td><td><b>2,951</b></td></tr>
<tr><td><b>German Speaking Countries and Central Europe</b></td><td><b>9,257</b></td><td><b>8,355</b></td><td><b>-11.4</b></td><td><b>3,144</b></td><td><b>3,570</b></td><td><b>570</b></td><td><b>605</b></td><td><b>27,059</b></td><td><b>29,649</b></td></tr>
<tr><td>Italy</td><td>3,809</td><td><b>3,017</b></td><td><b>18.9</b></td><td>469</td><td><b>270</b></td><td>132</td><td><b>91</b></td><td>3,532</td><td><b>2,978</b></td></tr>
<tr><td>France</td><td>2,101</td><td><b>2,288</b></td><td><b>8.9</b></td><td>904</td><td><b>866</b></td><td>151</td><td><b>193</b></td><td>4,306</td><td><b>4,655</b></td></tr>
<tr><td>Benelux</td><td>696</td><td><b>790</b></td><td><b>13.5</b></td><td>121</td><td><b>123</b></td><td>37</td><td><b>42</b></td><td>981</td><td><b>1,126</b></td></tr>
<tr><td>Türkiye</td><td>511</td><td><b>742</b></td><td><b>99.9</b></td><td>52</td><td><b>49</b></td><td>56</td><td><b>46</b></td><td>105</td><td><b>129</b></td></tr>
<tr><td>Greece</td><td>43</td><td><b>45</b></td><td><b>3.6</b></td><td>30</td><td><b>31</b></td><td>-0</td><td><b>-4</b></td><td>54</td><td><b>54</b></td></tr>
<tr><td><b>Western &amp; Southern Europe</b></td><td><b>7,161</b></td><td><b>6,882</b></td><td><b>21.6</b></td><td><b>1,576</b></td><td><b>1,339</b></td><td><b>376</b></td><td><b>368</b></td><td><b>8,977</b></td><td><b>8,942</b></td></tr>
<tr><td><b>Asia Pacific</b></td><td><b>1,794</b></td><td><b>1,763</b></td><td><b>4.9</b></td><td><b>614</b></td><td><b>651</b></td><td><b>164</b></td><td><b>104</b></td><td><b>5,306</b></td><td><b>5,296</b></td></tr>
<tr><td><b>USA</b></td><td><b>5,417</b></td><td><b>5,882</b></td><td><b>18.4</b></td><td><b>717</b></td><td><b>707</b></td><td><b>250</b></td><td><b>209</b></td><td><b>13,169</b></td><td><b>10,923</b></td></tr>
<tr><td>Reinsurance L/H</td><td>143</td><td><b>126</b></td><td><b>-12.8</b></td><td>110</td><td><b>127</b></td><td>14</td><td><b>13</b></td><td>663</td><td><b>520</b></td></tr>
<tr><td>Spain</td><td>191</td><td><b>207</b></td><td><b>8.4</b></td><td>76</td><td><b>73</b></td><td>19</td><td><b>20</b></td><td>417</td><td><b>364</b></td></tr>
<tr><td>Portugal</td><td>76</td><td><b>76</b></td><td><b>-0.1</b></td><td>19</td><td><b>18</b></td><td>3</td><td><b>2</b></td><td>1</td><td><b>1</b></td></tr>
<tr><td>Latin America</td><td>261</td><td><b>377</b></td><td><b>43.0</b></td><td>33</td><td><b>37</b></td><td>23</td><td><b>26</b></td><td>112</td><td><b>118</b></td></tr>
<tr><td>Africa</td><td>n.m.</td><td><b>n.m.</b></td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>4</td><td><b>21</b></td><td>n.m.</td><td><b>n.m.</b></td></tr>
<tr><td>Middle East</td><td>n.m.</td><td><b>n.m.</b></td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td><td>n.m.</td><td><b>n.m.</b></td></tr>
<tr><td><b>Global Insurance Lines &amp; Anglo Markets, Iberia &amp; Latin America, Africa</b></td><td><b>671</b></td><td><b>785</b></td><td><b>16.4</b></td><td><b>239</b></td><td><b>255</b></td><td><b>63</b></td><td><b>83</b></td><td><b>1,192</b></td><td><b>1,002</b></td></tr>
<tr><td><b>Consolidation and Other <fn ref="57"/></b></td><td><b>-25</b></td><td><b>-25</b></td><td><b>n.m.</b></td><td><b>-25</b></td><td><b>-45</b></td><td><b>-0</b></td><td><b>-5</b></td><td><b>-132</b></td><td><b>-108</b></td></tr>
<tr><td><b>Total</b></td><td><b>24,277</b></td><td><b>23,642</b></td><td><b>6.0</b></td><td><b>6,264</b></td><td><b>6,476</b></td><td><b>1,424</b></td><td><b>1,364</b></td><td><b>55,571</b></td><td><b>55,703</b></td></tr>
</table>

<footnotes>
<fn id="53">Total business volume comprises statutory gross premiums.</fn>
<fn id="54">Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.</fn>
<fn id="55">This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.</fn>
<fn id="56">Includes the Austrian health business from 01.01.2025.</fn>
<fn id="57">Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.</fn>
</footnotes>

<!-- page 19 -->
### L&H Details YTD

<table id="34">
<caption>Life and health segment operating profit build-up by product type, YTD</caption>
<tr><th>In EUR million</th><th colspan="2">Life/Health segment</th><th colspan="2">Capital-efficient products</th><th colspan="2">Unit-linked without guarantees</th><th colspan="2">Protection &amp; health</th><th colspan="2">Guaranteed savings &amp; annuities</th></tr>
<tr><th></th><th>12M 24</th><th>12M 25 <fn ref="58"/></th><th>12M 24</th><th>12M 25 <fn ref="58"/></th><th>12M 24</th><th>12M 25 <fn ref="58"/></th><th>12M 24</th><th>12M 25 <fn ref="58"/></th><th>12M 24</th><th>12M 25 <fn ref="58"/></th></tr>
<tr><td>Release CSM</td><td>5,137</td><td>5,440</td><td>1,602</td><td>1,625</td><td>619</td><td>637</td><td>1,537</td><td>1,702</td><td>1,378</td><td>1,476</td></tr>
<tr><td>Release risk adjustment</td><td>488</td><td>523</td><td>104</td><td>105</td><td>70</td><td>81</td><td>212</td><td>228</td><td>102</td><td>108</td></tr>
<tr><td>Variances from claims and expenses <fn ref="59"/></td><td>56</td><td>46</td><td>49</td><td>188</td><td>-15</td><td>-21</td><td>-18</td><td>-26</td><td>40</td><td>-96</td></tr>
<tr><td>Losses on onerous contracts</td><td>-41</td><td>-84</td><td>-1</td><td>-2</td><td>1</td><td>-2</td><td>-37</td><td>-60</td><td>-4</td><td>-20</td></tr>
<tr><td>Non-attributable expenses</td><td>-1,141</td><td>-1,202</td><td>-289</td><td>-295</td><td>-96</td><td>-80</td><td>-350</td><td>-367</td><td>-405</td><td>-460</td></tr>
<tr><td>Operating investment result</td><td>662</td><td>525</td><td>80</td><td>-52</td><td>80</td><td>92</td><td>45</td><td>19</td><td>456</td><td>467</td></tr>
<tr><td>Other operating result</td><td>343</td><td>353</td><td>22</td><td>34</td><td>292</td><td>285</td><td>-7</td><td>2</td><td>36</td><td>32</td></tr>
<tr><td><b>Operating profit</b></td><td><b>5,505</b></td><td><b>5,601</b></td><td><b>1,567</b></td><td><b>1,603</b></td><td><b>952</b></td><td><b>993</b></td><td><b>1,382</b></td><td><b>1,498</b></td><td><b>1,604</b></td><td><b>1,507</b></td></tr>
<tr><td><b>Total business volume <fn ref="60"/></b></td><td><b>89,317</b></td><td><b>92,314</b></td><td><b>40,884</b></td><td><b>41,759</b></td><td><b>19,922</b></td><td><b>21,405</b></td><td><b>15,319</b></td><td><b>15,908</b></td><td><b>13,191</b></td><td><b>13,242</b></td></tr>
<tr><td><b>Operating insurance revenue</b></td><td><b>23,138</b></td><td><b>24,527</b></td><td><b>3,433</b></td><td><b>3,733</b></td><td><b>1,577</b></td><td><b>1,592</b></td><td><b>12,820</b></td><td><b>13,558</b></td><td><b>5,307</b></td><td><b>5,644</b></td></tr>
<tr><td><b>Contractual service margin (gross) <fn ref="61"/></b></td><td><b>55,571</b></td><td><b>55,703</b></td><td><b>17,190</b></td><td><b>16,245</b></td><td><b>6,045</b></td><td><b>6,382</b></td><td><b>17,388</b></td><td><b>18,018</b></td><td><b>14,948</b></td><td><b>15,058</b></td></tr>
<tr><td><b>PVFCF <fn ref="62"/></b></td><td><b>649,968</b></td><td><b>633,941</b></td><td><b>234,052</b></td><td><b>237,659</b></td><td><b>83,794</b></td><td><b>78,990</b></td><td><b>46,648</b></td><td><b>45,147</b></td><td><b>285,474</b></td><td><b>272,145</b></td></tr>
<tr><td><b>Present value of new business premiums</b></td><td><b>81,827</b></td><td><b>84,682</b></td><td><b>40,403</b></td><td><b>37,961</b></td><td><b>19,478</b></td><td><b>22,380</b></td><td><b>16,072</b></td><td><b>16,960</b></td><td><b>5,874</b></td><td><b>7,381</b></td></tr>
<tr><td><b>New business margin (in %)</b></td><td><b>5.7</b></td><td><b>5.7</b></td><td><b>5.2</b></td><td><b>5.3</b></td><td><b>4.2</b></td><td><b>4.1</b></td><td><b>9.2</b></td><td><b>9.2</b></td><td><b>5.1</b></td><td><b>4.9</b></td></tr>
<tr><td><b>Value of new business</b></td><td><b>4,694</b></td><td><b>4,829</b></td><td><b>2,112</b></td><td><b>2,002</b></td><td><b>813</b></td><td><b>907</b></td><td><b>1,472</b></td><td><b>1,562</b></td><td><b>297</b></td><td><b>358</b></td></tr>
</table>

<footnotes>
<fn id="58">Includes the German APR and the Austrian health businesses from 01.01.2025.</fn>
<fn id="59">Including operating reinsurance result.</fn>
<fn id="60">Total business volume comprises statutory gross premiums.</fn>
<fn id="61">Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.</fn>
<fn id="62">Refers to liability for remaining coverage (LRC). Includes gross PVFCF of 21.2bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.</fn>
</footnotes>

<!-- page 20 -->
### L&H Details QTD

<table id="35">
<caption>Life and health segment operating profit build-up by product type, QTD</caption>
<tr><th>In EUR million</th><th colspan="2">Life/Health segment</th><th colspan="2">Capital-efficient products</th><th colspan="2">Unit-linked without guarantees</th><th colspan="2">Protection &amp; health</th><th colspan="2">Guaranteed savings &amp; annuities</th></tr>
<tr><th></th><th>4Q 24</th><th>4Q 25 <fn ref="63"/></th><th>4Q 24</th><th>4Q 25 <fn ref="63"/></th><th>4Q 24</th><th>4Q 25 <fn ref="63"/></th><th>4Q 24</th><th>4Q 25 <fn ref="63"/></th><th>4Q 24</th><th>4Q 25 <fn ref="63"/></th></tr>
<tr><td>Release CSM</td><td>1,354</td><td>1,357</td><td>430</td><td>379</td><td>147</td><td>177</td><td>402</td><td>440</td><td>375</td><td>361</td></tr>
<tr><td>Release risk adjustment</td><td>125</td><td>144</td><td>24</td><td>27</td><td>21</td><td>26</td><td>52</td><td>58</td><td>27</td><td>33</td></tr>
<tr><td>Variances from claims and expenses <fn ref="64"/></td><td>65</td><td>30</td><td>64</td><td>50</td><td>5</td><td>-11</td><td>-6</td><td>5</td><td>2</td><td>-14</td></tr>
<tr><td>Losses on onerous contracts</td><td>-20</td><td>-42</td><td>-1</td><td>-1</td><td>1</td><td>-2</td><td>-17</td><td>-24</td><td>-3</td><td>-14</td></tr>
<tr><td>Non-attributable expenses</td><td>-337</td><td>-320</td><td>-94</td><td>-76</td><td>-35</td><td>-25</td><td>-101</td><td>-95</td><td>-106</td><td>-124</td></tr>
<tr><td>Operating investment result</td><td>151</td><td>102</td><td>-22</td><td>-54</td><td>24</td><td>26</td><td>20</td><td>-3</td><td>129</td><td>133</td></tr>
<tr><td>Other operating result</td><td>86</td><td>92</td><td>-1</td><td>8</td><td>79</td><td>78</td><td>-2</td><td>1</td><td>10</td><td>6</td></tr>
<tr><td><b>Operating profit</b></td><td><b>1,424</b></td><td><b>1,364</b></td><td><b>400</b></td><td><b>332</b></td><td><b>242</b></td><td><b>270</b></td><td><b>348</b></td><td><b>382</b></td><td><b>434</b></td><td><b>381</b></td></tr>
<tr><td><b>Total business volume <fn ref="65"/></b></td><td><b>24,277</b></td><td><b>23,642</b></td><td><b>11,323</b></td><td><b>10,026</b></td><td><b>5,495</b></td><td><b>5,906</b></td><td><b>3,905</b></td><td><b>3,920</b></td><td><b>3,554</b></td><td><b>3,791</b></td></tr>
<tr><td><b>Operating insurance revenue</b></td><td><b>6,264</b></td><td><b>6,476</b></td><td><b>939</b></td><td><b>977</b></td><td><b>393</b></td><td><b>397</b></td><td><b>3,341</b></td><td><b>3,381</b></td><td><b>1,590</b></td><td><b>1,720</b></td></tr>
<tr><td><b>Contractual service margin (gross) <fn ref="66"/></b></td><td><b>55,571</b></td><td><b>55,703</b></td><td><b>17,190</b></td><td><b>16,245</b></td><td><b>6,045</b></td><td><b>6,382</b></td><td><b>17,388</b></td><td><b>18,018</b></td><td><b>14,948</b></td><td><b>15,058</b></td></tr>
<tr><td><b>PVFCF <fn ref="67"/></b></td><td><b>649,968</b></td><td><b>633,941</b></td><td><b>234,052</b></td><td><b>237,659</b></td><td><b>83,794</b></td><td><b>78,990</b></td><td><b>46,648</b></td><td><b>45,147</b></td><td><b>285,474</b></td><td><b>272,145</b></td></tr>
<tr><td><b>Present value of new business premiums</b></td><td><b>21,207</b></td><td><b>21,163</b></td><td><b>10,850</b></td><td><b>9,818</b></td><td><b>5,466</b></td><td><b>5,716</b></td><td><b>3,237</b></td><td><b>3,473</b></td><td><b>1,653</b></td><td><b>2,156</b></td></tr>
<tr><td><b>New business margin (in %)</b></td><td><b>5.5</b></td><td><b>5.8</b></td><td><b>4.8</b></td><td><b>5.2</b></td><td><b>4.1</b></td><td><b>4.3</b></td><td><b>10.1</b></td><td><b>10.0</b></td><td><b>5.3</b></td><td><b>4.9</b></td></tr>
<tr><td><b>Value of new business</b></td><td><b>1,156</b></td><td><b>1,217</b></td><td><b>516</b></td><td><b>515</b></td><td><b>224</b></td><td><b>248</b></td><td><b>328</b></td><td><b>348</b></td><td><b>88</b></td><td><b>106</b></td></tr>
</table>

<footnotes>
<fn id="63">Includes the German APR and the Austrian health businesses from 01.01.2025.</fn>
<fn id="64">Including operating reinsurance result.</fn>
<fn id="65">Total business volume comprises statutory gross premiums.</fn>
<fn id="66">Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.</fn>
<fn id="67">Refers to liability for remaining coverage (LRC). Includes gross PVFCF of 21.2bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.</fn>
</footnotes>

<!-- page 21 -->
### Asset Management

<table id="36">
<caption>Asset management net operating revenues build-up</caption>
<tr><th>In EUR million</th><th>1Q 24</th><th>2Q 24</th><th>3Q 24</th><th>4Q 24</th><th>2024</th><th>1Q 25</th><th>2Q 25</th><th>3Q 25</th><th>4Q 25</th><th>2025</th><th>∆ 2025 / 2024</th></tr>
<tr><td><b>Net operating revenues</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Net fee and commission income</td><td>1,957</td><td>1,947</td><td>1,980</td><td>2,301</td><td><b>8,186</b></td><td>2,061</td><td>2,002</td><td>2,056</td><td>2,289</td><td><b>8,408</b></td><td><b>2.7%</b></td></tr>
<tr><td>thereof: Net fee and commission income excl. performance fees</td><td>1,830</td><td>1,867</td><td>1,919</td><td>2,024</td><td><b>7,640</b></td><td>2,011</td><td>1,942</td><td>1,960</td><td>2,093</td><td><b>8,007</b></td><td><b>4.8%</b></td></tr>
<tr><td>thereof: Performance fees</td><td>127</td><td>80</td><td>62</td><td>277</td><td><b>545</b></td><td>49</td><td>60</td><td>96</td><td>196</td><td><b>402</b></td><td><b>-26.4%</b></td></tr>
<tr><td>Other operating revenues</td><td>33</td><td>27</td><td>25</td><td>54</td><td><b>139</b></td><td>32</td><td>8</td><td>28</td><td>31</td><td><b>99</b></td><td><b>-29.0%</b></td></tr>
<tr><td><b>Subtotal</b></td><td><b>1,990</b></td><td><b>1,974</b></td><td><b>2,005</b></td><td><b>2,355</b></td><td><b>8,324</b></td><td><b>2,092</b></td><td><b>2,010</b></td><td><b>2,084</b></td><td><b>2,320</b></td><td><b>8,507</b></td><td><b>2.2%</b></td></tr>
<tr><td><b>Operating expenses</b></td><td><b>-1,217</b></td><td><b>-1,232</b></td><td><b>-1,223</b></td><td><b>-1,414</b></td><td><b>-5,086</b></td><td><b>-1,282</b></td><td><b>-1,232</b></td><td><b>-1,256</b></td><td><b>-1,392</b></td><td><b>-5,162</b></td><td><b>1.5%</b></td></tr>
<tr><td><b>Operating profit <fn ref="68"/></b></td><td><b>773</b></td><td><b>742</b></td><td><b>782</b></td><td><b>941</b></td><td><b>3,239</b></td><td><b>811</b></td><td><b>779</b></td><td><b>828</b></td><td><b>928</b></td><td><b>3,345</b></td><td><b>3.3%</b></td></tr>
<tr><td>thereof: PIMCO</td><td>613</td><td>582</td><td>601</td><td>722</td><td><b>2,518</b></td><td>623</td><td>615</td><td>653</td><td>702</td><td><b>2,593</b></td><td><b>3.0%</b></td></tr>
<tr><td>thereof: AllianzGI</td><td>162</td><td>164</td><td>190</td><td>216</td><td><b>733</b></td><td>190</td><td>170</td><td>186</td><td>224</td><td><b>770</b></td><td><b>5.1%</b></td></tr>
<tr><td><b>Non-operating items</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Realized gains/losses (net)</td><td>7</td><td>8</td><td>0</td><td>3</td><td><b>17</b></td><td>5</td><td>87</td><td>2</td><td>0</td><td><b>94</b></td><td><b>n.m.</b></td></tr>
<tr><td>Expected credit loss and impairments (net)</td><td>-1</td><td>1</td><td>0</td><td>-0</td><td><b>-0</b></td><td>-0</td><td>0</td><td>0</td><td>-0</td><td><b>-0</b></td><td><b>-84.6%</b></td></tr>
<tr><td>Result from assets and liabilities measured at fair value incl. derivatives</td><td>5</td><td>1</td><td>2</td><td>2</td><td><b>11</b></td><td>-1</td><td>-8</td><td>-1</td><td>19</td><td><b>9</b></td><td><b>-20.0%</b></td></tr>
<tr><td>thereof: Non-operating market movements</td><td>5</td><td>1</td><td>2</td><td>2</td><td><b>11</b></td><td>-1</td><td>-8</td><td>-1</td><td>19</td><td><b>9</b></td><td><b>-20.0%</b></td></tr>
<tr><td>Restructuring and integration expenses</td><td>-1</td><td>-2</td><td>-7</td><td>-2</td><td><b>-11</b></td><td>-52</td><td>-2</td><td>4</td><td>-13</td><td><b>-64</b></td><td><b>n.m.</b></td></tr>
<tr><td>Amortization of intangible assets</td><td>-2</td><td>-2</td><td>-2</td><td>-2</td><td><b>-7</b></td><td>-2</td><td>-2</td><td>-2</td><td>-2</td><td><b>-7</b></td><td><b>0.3%</b></td></tr>
<tr><td>thereof: Amortization of intangible assets from business combinations</td><td>-0</td><td>-0</td><td>-0</td><td>-0</td><td><b>-2</b></td><td>-0</td><td>-0</td><td>-0</td><td>-0</td><td><b>-2</b></td><td><b>-4.1%</b></td></tr>
<tr><td>Other <fn ref="69"/></td><td>2</td><td>-1</td><td>4</td><td>3</td><td><b>8</b></td><td>0</td><td>-27</td><td>1</td><td>-2</td><td><b>-29</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Subtotal</b></td><td><b>11</b></td><td><b>5</b></td><td><b>-2</b></td><td><b>3</b></td><td><b>18</b></td><td><b>-50</b></td><td><b>48</b></td><td><b>3</b></td><td><b>2</b></td><td><b>3</b></td><td><b>-84.3%</b></td></tr>
<tr><td><b>Income (loss) before income taxes</b></td><td><b>784</b></td><td><b>748</b></td><td><b>780</b></td><td><b>945</b></td><td><b>3,257</b></td><td><b>761</b></td><td><b>826</b></td><td><b>831</b></td><td><b>929</b></td><td><b>3,348</b></td><td><b>2.8%</b></td></tr>
<tr><td>Income taxes</td><td>-199</td><td>-191</td><td>-199</td><td>-240</td><td><b>-829</b></td><td>-193</td><td>-218</td><td>-223</td><td>-201</td><td><b>-835</b></td><td><b>0.8%</b></td></tr>
<tr><td><b>Net income (loss)</b></td><td><b>585</b></td><td><b>557</b></td><td><b>581</b></td><td><b>705</b></td><td><b>2,428</b></td><td><b>567</b></td><td><b>609</b></td><td><b>608</b></td><td><b>728</b></td><td><b>2,513</b></td><td><b>3.5%</b></td></tr>
<tr><td><b>Net income (loss) attributable to:</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Non-controlling interests</td><td>51</td><td>49</td><td>51</td><td>60</td><td><b>210</b></td><td>53</td><td>58</td><td>55</td><td>60</td><td><b>226</b></td><td><b>7.3%</b></td></tr>
<tr><td><b>Shareholders</b></td><td><b>534</b></td><td><b>508</b></td><td><b>531</b></td><td><b>645</b></td><td><b>2,218</b></td><td><b>514</b></td><td><b>551</b></td><td><b>553</b></td><td><b>669</b></td><td><b>2,287</b></td><td><b>3.1%</b></td></tr>
<tr><td><b>Income (loss) before income taxes</b></td><td><b>784</b></td><td><b>748</b></td><td><b>780</b></td><td><b>945</b></td><td><b>3,257</b></td><td><b>761</b></td><td><b>826</b></td><td><b>831</b></td><td><b>929</b></td><td><b>3,348</b></td><td><b>2.8%</b></td></tr>
<tr><td>Adjustment for non-operating market movements</td><td>-5</td><td>-1</td><td>-2</td><td>-2</td><td><b>-11</b></td><td>1</td><td>8</td><td>1</td><td>-19</td><td><b>-9</b></td><td><b>-20.0%</b></td></tr>
<tr><td>Adjustment for amortization of intangible assets from business combinations</td><td>0</td><td>0</td><td>0</td><td>0</td><td><b>2</b></td><td>0</td><td>0</td><td>0</td><td>0</td><td><b>2</b></td><td><b>-4.1%</b></td></tr>
<tr><td><b>Core income (loss) before income taxes</b></td><td><b>780</b></td><td><b>747</b></td><td><b>778</b></td><td><b>943</b></td><td><b>3,248</b></td><td><b>762</b></td><td><b>835</b></td><td><b>833</b></td><td><b>911</b></td><td><b>3,341</b></td><td><b>2.9%</b></td></tr>
<tr><td>Income taxes related to core income (loss)</td><td>-198</td><td>-191</td><td>-198</td><td>-239</td><td><b>-826</b></td><td>-194</td><td>-220</td><td>-224</td><td>-196</td><td><b>-834</b></td><td><b>0.9%</b></td></tr>
<tr><td><b>Core net income (loss)</b></td><td><b>581</b></td><td><b>556</b></td><td><b>580</b></td><td><b>704</b></td><td><b>2,421</b></td><td><b>568</b></td><td><b>614</b></td><td><b>610</b></td><td><b>715</b></td><td><b>2,507</b></td><td><b>3.5%</b></td></tr>
<tr><td><b>thereof: Shareholders' core net income (loss)</b></td><td><b>531</b></td><td><b>508</b></td><td><b>529</b></td><td><b>644</b></td><td><b>2,211</b></td><td><b>515</b></td><td><b>556</b></td><td><b>555</b></td><td><b>655</b></td><td><b>2,282</b></td><td><b>3.2%</b></td></tr>
<tr><td><b>Cost-income ratio (in %)</b></td><td><b>61.1</b></td><td><b>62.4</b></td><td><b>61.0</b></td><td><b>60.0</b></td><td><b>61.1</b></td><td><b>61.3</b></td><td><b>61.3</b></td><td><b>60.3</b></td><td><b>60.0</b></td><td><b>60.7</b></td><td><b>-0.4%-p</b></td></tr>
<tr><td>thereof: PIMCO</td><td>59.1</td><td>60.6</td><td>59.2</td><td>59.4</td><td><b>59.6</b></td><td>60.0</td><td>59.8</td><td>58.8</td><td>60.5</td><td><b>59.8</b></td><td><b>0.2%-p</b></td></tr>
<tr><td>thereof: AllianzGI</td><td>66.8</td><td>66.9</td><td>64.2</td><td>62.1</td><td><b>64.9</b></td><td>64.3</td><td>64.6</td><td>62.6</td><td>58.5</td><td><b>62.4</b></td><td><b>-2.4%-p</b></td></tr>
<tr><td><b>3rd party AuM margin<fn ref="70"/> (in bps)</b></td><td><b>38.1</b></td><td><b>38.2</b></td><td><b>38.4</b></td><td><b>39.1</b></td><td><b>38.5</b></td><td><b>38.0</b></td><td><b>37.8</b></td><td><b>38.1</b></td><td><b>38.9</b></td><td><b>38.2</b></td><td><b>-0.7%</b></td></tr>
<tr><td>thereof: PIMCO</td><td>37.5</td><td>37.5</td><td>37.2</td><td>38.0</td><td><b>37.6</b></td><td>37.0</td><td>37.3</td><td>37.4</td><td>38.0</td><td><b>37.4</b></td><td><b>-0.3%</b></td></tr>
<tr><td>thereof: AllianzGI</td><td>40.6</td><td>40.8</td><td>43.1</td><td>43.3</td><td><b>42.0</b></td><td>41.9</td><td>39.9</td><td>40.5</td><td>42.5</td><td><b>41.2</b></td><td><b>-1.7%</b></td></tr>
<tr><td><b>Core return on equity<fn ref="71"/> (in %)</b></td><td><b>21.5</b></td><td><b>21.5</b></td><td><b>21.5</b></td><td><b>21.5</b></td><td><b>21.5</b></td><td><b>22.3</b></td><td><b>22.3</b></td><td><b>22.3</b></td><td><b>22.3</b></td><td><b>22.3</b></td><td><b>0.9%-p</b></td></tr>
</table>

<footnotes>
<fn id="68">Includes operating result from PIMCO, AllianzGI and other entities.</fn>
<fn id="69">Includes mainly reclassification effects from operating to non-operating result related to a disposal of an investment as of 30.06.2025 and, if applicable, acquisition-related expenses, income taxes related incidental benefits/expenses and litigation expenses.</fn>
<fn id="70">Excluding performance fees and other income.</fn>
<fn id="71">For current year periods and prior year periods, the core return on equity for the respective full year is shown.</fn>
</footnotes>

<!-- page 22 -->
### AM AUM

<table id="37">
<caption>Asset management assets under management breakdown by client type, asset class, and region</caption>
<tr><th>In EUR billion</th><th>1Q 24</th><th>2Q 24</th><th>3Q 24</th><th>4Q 24</th><th>2024</th><th>1Q 25</th><th>2Q 25</th><th>3Q 25</th><th>4Q 25</th><th>2025</th><th>∆ 31.12.2025 / 31.12.2024</th></tr>
<tr><td><b>Assets under management</b></td><td><b>2,297</b></td><td><b>2,309</b></td><td><b>2,362</b></td><td><b>2,448</b></td><td><b>2,448</b></td><td><b>2,438</b></td><td><b>2,360</b></td><td><b>2,449</b></td><td><b>2,512</b></td><td><b>2,512</b></td><td><b>2.6%</b></td></tr>
<tr><td>Allianz Group assets under management</td><td>513</td><td>506</td><td>522</td><td>528</td><td><b>528</b></td><td>524</td><td>519</td><td>520</td><td>522</td><td><b>522</b></td><td><b>-1.2%</b></td></tr>
<tr><td>Third-party assets under management</td><td>1,784</td><td>1,803</td><td>1,840</td><td>1,920</td><td><b>1,920</b></td><td>1,914</td><td>1,842</td><td>1,928</td><td>1,990</td><td><b>1,990</b></td><td><b>3.6%</b></td></tr>
<tr><td>thereof: PIMCO</td><td>1,399</td><td>1,414</td><td>1,452</td><td>1,521</td><td><b>1,521</b></td><td>1,525</td><td>1,451</td><td>1,521</td><td>1,573</td><td><b>1,573</b></td><td><b>3.4%</b></td></tr>
<tr><td>thereof: AllianzGI</td><td>385</td><td>389</td><td>389</td><td>399</td><td><b>399</b></td><td>389</td><td>390</td><td>407</td><td>417</td><td><b>417</b></td><td><b>4.6%</b></td></tr>
<tr><td>Third-party assets under management by asset classes</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Fixed income</td><td>1,361</td><td>1,372</td><td>1,407</td><td>1,472</td><td><b>1,472</b></td><td>1,473</td><td>1,405</td><td>1,471</td><td>1,523</td><td><b>1,523</b></td><td><b>3.5%</b></td></tr>
<tr><td>Multi-assets</td><td>180</td><td>182</td><td>184</td><td>189</td><td><b>189</b></td><td>185</td><td>183</td><td>191</td><td>196</td><td><b>196</b></td><td><b>3.5%</b></td></tr>
<tr><td>Equities</td><td>156</td><td>159</td><td>160</td><td>165</td><td><b>165</b></td><td>157</td><td>159</td><td>167</td><td>172</td><td><b>172</b></td><td><b>4.8%</b></td></tr>
<tr><td>Alternatives</td><td>86</td><td>90</td><td>89</td><td>95</td><td><b>95</b></td><td>98</td><td>94</td><td>99</td><td>98</td><td><b>98</b></td><td><b>4.0%</b></td></tr>
<tr><td>Third-party assets under management by regions</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>America</td><td>912</td><td>925</td><td>939</td><td>998</td><td><b>998</b></td><td>1,000</td><td>946</td><td>986</td><td>1,024</td><td><b>1,024</b></td><td><b>2.6%</b></td></tr>
<tr><td>Europe</td><td>545</td><td>545</td><td>552</td><td>558</td><td><b>558</b></td><td>550</td><td>546</td><td>569</td><td>584</td><td><b>584</b></td><td><b>4.7%</b></td></tr>
<tr><td>Asia Pacific</td><td>327</td><td>332</td><td>349</td><td>364</td><td><b>364</b></td><td>364</td><td>350</td><td>373</td><td>382</td><td><b>382</b></td><td><b>4.8%</b></td></tr>
</table>

<table id="38">
<caption>Third-party net flows by asset manager</caption>
<tr><th>In EUR billion</th><th>1Q 24</th><th>2Q 24</th><th>3Q 24</th><th>4Q 24</th><th>2024</th><th>1Q 25</th><th>2Q 25</th><th>3Q 25</th><th>4Q 25</th><th>2025</th><th>∆ 2025 / 2024</th></tr>
<tr><td><b>Third-party net flows</b></td><td><b>34</b></td><td><b>14</b></td><td><b>20</b></td><td><b>17</b></td><td><b>85</b></td><td><b>29</b></td><td><b>14</b></td><td><b>51</b></td><td><b>45</b></td><td><b>139</b></td><td><b>64.2%</b></td></tr>
<tr><td>thereof: PIMCO</td><td>32</td><td>13</td><td>25</td><td>14</td><td><b>84</b></td><td>26</td><td>15</td><td>49</td><td>43</td><td><b>133</b></td><td><b>57.7%</b></td></tr>
<tr><td>thereof: AllianzGI</td><td>2</td><td>1</td><td>-5</td><td>3</td><td><b>0</b></td><td>2</td><td>-1</td><td>2</td><td>3</td><td><b>6</b></td><td><b>n.m.</b></td></tr>
</table>

<!-- page 23 -->
### Corporate and Other

<table id="39">
<caption>Corporate and other operating profit build-up</caption>
<tr><th>In EUR million</th><th>1Q 24</th><th>2Q 24</th><th>3Q 24</th><th>4Q 24</th><th>2024</th><th>1Q 25</th><th>2Q 25</th><th>3Q 25</th><th>4Q 25</th><th>2025</th><th>∆ 2025 / 2024</th></tr>
<tr><td>Operating net investment income, excluding interest expenses from external debt</td><td>71</td><td>140</td><td>108</td><td>100</td><td><b>419</b></td><td><b>86</b></td><td>142</td><td>141</td><td>106</td><td><b>474</b></td><td><b>13.3%</b></td></tr>
<tr><td>Finance income (expenses) from insurance contracts issued (net)</td><td>0</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Finance income (expenses) from reinsurance contracts held (net)</td><td>0</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Operating investment result</b></td><td><b>71</b></td><td><b>140</b></td><td><b>108</b></td><td><b>100</b></td><td><b>419</b></td><td><b>86</b></td><td><b>142</b></td><td><b>141</b></td><td><b>106</b></td><td><b>474</b></td><td><b>13.3%</b></td></tr>
<tr><td>Operating administrative expenses</td><td>-310</td><td>-332</td><td>-359</td><td>-417</td><td><b>-1,418</b></td><td><b>-356</b></td><td>-324</td><td>-433</td><td>-364</td><td><b>-1,477</b></td><td><b>4.2%</b></td></tr>
<tr><td>Operating fee and commission result</td><td>61</td><td>80</td><td>66</td><td>177</td><td><b>384</b></td><td><b>106</b></td><td>108</td><td>96</td><td>129</td><td><b>438</b></td><td><b>14.1%</b></td></tr>
<tr><td>Operating other result</td><td>0</td><td>-0</td><td>-0</td><td>0</td><td><b>0</b></td><td><b>-0</b></td><td>0</td><td>-0</td><td>-0</td><td><b>-0</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Operating profit</b></td><td><b>-179</b></td><td><b>-112</b></td><td><b>-185</b></td><td><b>-140</b></td><td><b>-615</b></td><td><b>-165</b></td><td><b>-74</b></td><td><b>-197</b></td><td><b>-129</b></td><td><b>-565</b></td><td><b>-8.2%</b></td></tr>
<tr><td><b>Non-operating items</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Realized gains/losses (net)</td><td>1</td><td>-0</td><td>3</td><td>0</td><td><b>3</b></td><td><b>-10</b></td><td>-8</td><td>-6</td><td>22</td><td><b>-1</b></td><td><b>n.m.</b></td></tr>
<tr><td>Expected credit loss and impairments (net)</td><td>-2</td><td>-4</td><td>-9</td><td>-15</td><td><b>-30</b></td><td><b>-25</b></td><td>-1</td><td>-2</td><td>-6</td><td><b>-33</b></td><td><b>9.1%</b></td></tr>
<tr><td>Result from assets and liabilities measured at fair value incl. derivatives</td><td>23</td><td>-53</td><td>-144</td><td>-50</td><td><b>-223</b></td><td><b>-100</b></td><td>-95</td><td>-46</td><td>-99</td><td><b>-339</b></td><td><b>52.1%</b></td></tr>
<tr><td>thereof: Non-operating market movements</td><td>111</td><td>-12</td><td>-92</td><td>27</td><td><b>33</b></td><td><b>-47</b></td><td>-28</td><td>14</td><td>-1</td><td><b>-62</b></td><td><b>n.m.</b></td></tr>
<tr><td>Interest expenses from external debt</td><td>-183</td><td>-182</td><td>-192</td><td>-204</td><td><b>-762</b></td><td><b>-190</b></td><td>-197</td><td>-186</td><td>-184</td><td><b>-758</b></td><td><b>-0.5%</b></td></tr>
<tr><td>Restructuring and integration expenses</td><td>-31</td><td>-56</td><td>-41</td><td>-87</td><td><b>-215</b></td><td><b>-32</b></td><td>-29</td><td>-2</td><td>-34</td><td><b>-97</b></td><td><b>-54.8%</b></td></tr>
<tr><td>Amortization of intangible assets</td><td>-3</td><td>-3</td><td>-3</td><td>-3</td><td><b>-11</b></td><td><b>-6</b></td><td>-4</td><td>-4</td><td>-3</td><td><b>-16</b></td><td><b>39.0%</b></td></tr>
<tr><td>thereof: Amortization of intangible assets from business combinations</td><td>-3</td><td>-3</td><td>-3</td><td>-3</td><td><b>-11</b></td><td><b>-4</b></td><td>-4</td><td>-4</td><td>-3</td><td><b>-14</b></td><td><b>21.5%</b></td></tr>
<tr><td>Other</td><td>2</td><td>-0</td><td>-0</td><td>291</td><td><b>292</b></td><td><b>-2</b></td><td>-7</td><td>3</td><td>67</td><td><b>61</b></td><td><b>-79.1%</b></td></tr>
<tr><td><b>Subtotal</b></td><td><b>-194</b></td><td><b>-298</b></td><td><b>-387</b></td><td><b>-67</b></td><td><b>-946</b></td><td><b>-364</b></td><td><b>-340</b></td><td><b>-243</b></td><td><b>-237</b></td><td><b>-1,183</b></td><td><b>25.1%</b></td></tr>
<tr><td><b>Income (loss) before income taxes</b></td><td><b>-373</b></td><td><b>-410</b></td><td><b>-572</b></td><td><b>-207</b></td><td><b>-1,561</b></td><td><b>-529</b></td><td><b>-413</b></td><td><b>-440</b></td><td><b>-366</b></td><td><b>-1,748</b></td><td><b>12.0%</b></td></tr>
<tr><td>Income taxes</td><td>68</td><td>144</td><td>73</td><td>58</td><td><b>344</b></td><td><b>185</b></td><td>55</td><td>288</td><td>83</td><td><b>610</b></td><td><b>77.5%</b></td></tr>
<tr><td><b>Net income (loss)</b></td><td><b>-304</b></td><td><b>-266</b></td><td><b>-499</b></td><td><b>-148</b></td><td><b>-1,217</b></td><td><b>-344</b></td><td><b>-358</b></td><td><b>-152</b></td><td><b>-283</b></td><td><b>-1,138</b></td><td><b>-6.5%</b></td></tr>
<tr><td><b>Net income (loss) attributable to:</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Non-controlling interests</td><td>76</td><td>-1</td><td>2</td><td>1</td><td><b>78</b></td><td><b>4</b></td><td>3</td><td>5</td><td>1</td><td><b>12</b></td><td><b>-84.8%</b></td></tr>
<tr><td><b>Shareholders</b></td><td><b>-381</b></td><td><b>-265</b></td><td><b>-500</b></td><td><b>-150</b></td><td><b>-1,295</b></td><td><b>-348</b></td><td><b>-361</b></td><td><b>-157</b></td><td><b>-284</b></td><td><b>-1,149</b></td><td><b>-11.3%</b></td></tr>
<tr><td><b>Income (loss) before income taxes</b></td><td><b>-373</b></td><td><b>-410</b></td><td><b>-572</b></td><td><b>-207</b></td><td><b>-1,561</b></td><td><b>-529</b></td><td><b>-413</b></td><td><b>-440</b></td><td><b>-366</b></td><td><b>-1,748</b></td><td><b>12.0%</b></td></tr>
<tr><td>Adjustment for non-operating market movements</td><td>-111</td><td>12</td><td>92</td><td>-27</td><td><b>-33</b></td><td><b>47</b></td><td>28</td><td>-14</td><td>1</td><td><b>62</b></td><td><b>n.m.</b></td></tr>
<tr><td>Adjustment for amortization of intangible assets from business combinations</td><td>3</td><td>3</td><td>3</td><td>3</td><td><b>11</b></td><td><b>4</b></td><td>4</td><td>4</td><td>3</td><td><b>14</b></td><td><b>21.5%</b></td></tr>
<tr><td><b>Core income (loss) before income taxes</b></td><td><b>-480</b></td><td><b>-395</b></td><td><b>-477</b></td><td><b>-231</b></td><td><b>-1,583</b></td><td><b>-479</b></td><td><b>-382</b></td><td><b>-450</b></td><td><b>-361</b></td><td><b>-1,672</b></td><td><b>5.6%</b></td></tr>
<tr><td>Income taxes related to core income (loss)</td><td>59</td><td>136</td><td>45</td><td>57</td><td><b>296</b></td><td><b>176</b></td><td>48</td><td>296</td><td>78</td><td><b>597</b></td><td><b>101.5%</b></td></tr>
<tr><td><b>Core net income (loss)</b></td><td><b>-421</b></td><td><b>-260</b></td><td><b>-432</b></td><td><b>-174</b></td><td><b>-1,287</b></td><td><b>-303</b></td><td><b>-334</b></td><td><b>-155</b></td><td><b>-283</b></td><td><b>-1,075</b></td><td><b>-16.5%</b></td></tr>
<tr><td><b>thereof: Shareholders' core net income (loss)</b></td><td><b>-359</b></td><td><b>-259</b></td><td><b>-433</b></td><td><b>-176</b></td><td><b>-1,228</b></td><td><b>-307</b></td><td><b>-337</b></td><td><b>-160</b></td><td><b>-283</b></td><td><b>-1,087</b></td><td><b>-11.5%</b></td></tr>
</table>

<!-- page 24 -->
### Consolidation

<table id="40">
<caption>Consolidation operating profit build-up</caption>
<tr><th>In EUR million</th><th>1Q 24</th><th>2Q 24</th><th>3Q 24</th><th>4Q 24</th><th>2024</th><th>1Q 25</th><th>2Q 25</th><th>3Q 25</th><th>4Q 25</th><th>2025</th><th>∆ 2025 / 2024</th></tr>
<tr><td><b>Total business volume <fn ref="72"/></b></td><td><b>-172</b></td><td><b>-164</b></td><td><b>-156</b></td><td><b>-253</b></td><td><b>-746</b></td><td><b>-110</b></td><td><b>-218</b></td><td><b>-150</b></td><td><b>-145</b></td><td><b>-623</b></td><td><b>-16.5%</b></td></tr>
<tr><td><b>Operating insurance revenue</b></td><td><b>1</b></td><td><b>-29</b></td><td><b>-12</b></td><td><b>-41</b></td><td><b>-81</b></td><td><b>-9</b></td><td><b>-14</b></td><td><b>-23</b></td><td><b>-10</b></td><td><b>-56</b></td><td><b>-30.3%</b></td></tr>
<tr><td><b>Operating profit</b></td><td><b>-2</b></td><td><b>2</b></td><td><b>-5</b></td><td><b>1</b></td><td><b>-4</b></td><td><b>-4</b></td><td><b>3</b></td><td><b>1</b></td><td><b>0</b></td><td><b>1</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Non-operating items</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Realized gains/losses (net)</td><td><b>0</b></td><td>-0</td><td>-1</td><td>1</td><td><b>-0</b></td><td>0</td><td>0</td><td>1</td><td>-0</td><td><b>1</b></td><td><b>n.m.</b></td></tr>
<tr><td>Expected credit loss and impairments (net)</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Result from assets and liabilities measured at fair value incl. derivatives</td><td><b>2</b></td><td>-1</td><td>6</td><td>-5</td><td><b>1</b></td><td>3</td><td>-0</td><td>-2</td><td>-0</td><td><b>1</b></td><td><b>-27.0%</b></td></tr>
<tr><td>thereof: Non-operating market movements</td><td><b>2</b></td><td>-1</td><td>6</td><td>-5</td><td><b>1</b></td><td>3</td><td>-0</td><td>-2</td><td>-0</td><td><b>1</b></td><td><b>-27.0%</b></td></tr>
<tr><td>Interest expenses from external debt</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Restructuring and integration expenses</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Amortization of intangible assets</td><td><b>0</b></td><td>0</td><td>0</td><td>-1</td><td><b>-1</b></td><td>0</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>-100.0%</b></td></tr>
<tr><td>thereof: Amortization of intangible assets from business combinations</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Other</td><td><b>0</b></td><td>0</td><td>0</td><td>4</td><td><b>4</b></td><td>1</td><td>-2</td><td>0</td><td>0</td><td><b>-1</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Subtotal</b></td><td><b>2</b></td><td><b>-1</b></td><td><b>5</b></td><td><b>-1</b></td><td><b>4</b></td><td><b>4</b></td><td><b>-3</b></td><td><b>-0</b></td><td><b>-0</b></td><td><b>1</b></td><td><b>-86.8%</b></td></tr>
<tr><td><b>Income (loss) before income taxes</b></td><td><b>0</b></td><td><b>0</b></td><td><b>-0</b></td><td><b>-0</b></td><td><b>-0</b></td><td><b>0</b></td><td><b>0</b></td><td><b>1</b></td><td><b>-0</b></td><td><b>1</b></td><td><b>n.m.</b></td></tr>
<tr><td>Income taxes</td><td><b>0</b></td><td>-0</td><td>0</td><td>0</td><td><b>-0</b></td><td>0</td><td>0</td><td>-1</td><td>0</td><td><b>-1</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Net income (loss)</b></td><td><b>0</b></td><td><b>0</b></td><td><b>-0</b></td><td><b>-0</b></td><td><b>-0</b></td><td><b>0</b></td><td><b>0</b></td><td><b>0</b></td><td><b>-0</b></td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Net income (loss) attributable to:</b></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr>
<tr><td>Non-controlling interests</td><td><b>0</b></td><td>-0</td><td>-0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>-100.0%</b></td></tr>
<tr><td><b>Shareholders</b></td><td><b>0</b></td><td><b>0</b></td><td><b>-0</b></td><td><b>-0</b></td><td><b>-0</b></td><td><b>0</b></td><td><b>0</b></td><td><b>0</b></td><td><b>-0</b></td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Income (loss) before income taxes</b></td><td><b>0</b></td><td><b>0</b></td><td><b>-0</b></td><td><b>-0</b></td><td><b>-0</b></td><td><b>0</b></td><td><b>0</b></td><td><b>1</b></td><td><b>-0</b></td><td><b>1</b></td><td><b>n.m.</b></td></tr>
<tr><td>Adjustment for non-operating market movements</td><td><b>-2</b></td><td>1</td><td>-6</td><td>5</td><td><b>-1</b></td><td>-3</td><td>0</td><td>2</td><td>0</td><td><b>-1</b></td><td><b>-27.0%</b></td></tr>
<tr><td>Adjustment for amortization of intangible assets from business combinations</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td>0</td><td>0</td><td>0</td><td>0</td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Core income (loss) before income taxes</b></td><td><b>-2</b></td><td><b>2</b></td><td><b>-6</b></td><td><b>5</b></td><td><b>-1</b></td><td><b>-3</b></td><td><b>0</b></td><td><b>3</b></td><td><b>0</b></td><td><b>0</b></td><td><b>n.m.</b></td></tr>
<tr><td>Income taxes related to core income (loss)</td><td><b>0</b></td><td>-0</td><td>0</td><td>0</td><td><b>-0</b></td><td>0</td><td>0</td><td>-1</td><td>0</td><td><b>-1</b></td><td><b>n.m.</b></td></tr>
<tr><td><b>Core net income (loss)</b></td><td><b>-2</b></td><td><b>1</b></td><td><b>-6</b></td><td><b>5</b></td><td><b>-1</b></td><td><b>-3</b></td><td><b>0</b></td><td><b>2</b></td><td><b>0</b></td><td><b>-1</b></td><td><b>-54.6%</b></td></tr>
<tr><td><b>thereof: Shareholders' core net income (loss)</b></td><td><b>-2</b></td><td><b>1</b></td><td><b>-6</b></td><td><b>5</b></td><td><b>-1</b></td><td><b>-3</b></td><td><b>0</b></td><td><b>2</b></td><td><b>0</b></td><td><b>-1</b></td><td><b>-54.6%</b></td></tr>
</table>

<footnotes>
<fn id="72">Total business volume comprises gross premiums written and fee and commission income in Property-Casualty, statutory gross premiums in Life/Health, and operating revenues in Asset Management.</fn>
</footnotes>