--- title: https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2023-fy/en-allianz-financial-supplement-fy-2023.xlsx source_file: tmpv5plgkr_.xlsx source_url: https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2023-fy/en-allianz-financial-supplement-fy-2023.xlsx doc_type: spreadsheet pages: 22 tables: 42 converter: spreadsheet_extract/1 parsed_at: '2026-08-07T07:10:56Z' scanned_pages: [] --- ### Market Data

Exchange rates spot by currency
	Spot
	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023
USD	1.1372	1.1127	1.0455	0.9797	1.0673	1.0865	1.0910	1.0588	1.1047
CHF	1.0362	1.0239	1.0009	0.9642	0.9875	0.9925	0.9761	0.9686	0.9297
GBP	0.8396	0.8451	0.8608	0.8776	0.8873	0.8787	0.8582	0.8674	0.8666
AUD	1.5642	1.4817	1.5204	1.5237	1.5738	1.6222	1.6390	1.6405	1.6189

Exchange rates average by currency
	Average
	1Q 22	2Q 22	3Q 22	4Q 22	2022	1Q 23	2Q 23	3Q 23	4Q 23	2023
USD	1.1221	1.0645	1.0070	1.0211	1.0533	1.0731	1.0884	1.0881	1.0757	1.0814
CHF	1.0366	1.0272	0.9734	0.9835	1.0049	0.9927	0.9783	0.9611	0.9541	0.9715
GBP	0.8366	0.8484	0.8561	0.8697	0.8527	0.8830	0.8694	0.8596	0.8668	0.8697
AUD	1.5493	1.4919	1.4742	1.5532	1.5168	1.5701	1.6295	1.6620	1.6533	1.6288

Valuation rates by contract type, currency, and duration, IFRS 17
%	01.01.2022					31.12.2022					31.03.2023					30.06.2023					30.09.2023					31.12.2023
	1 year	5 years	10 years	20 years	30 years	1 year	5 years	10 years	20 years	30 years	1 year	5 years	10 years	20 years	30 years	1 year	5 years	10 years	20 years	30 years	1 year	5 years	10 years	20 years	30 years	1 year	5 years	10 years	20 years	30 years
Unit-linked contracts	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EUR	-0.49	0.02	0.31	0.56	1.12	3.20	3.16	3.12	2.80	2.74	3.49	2.97	2.90	2.73	2.72	4.00	3.18	2.93	2.72	2.73	4.06	3.33	3.33	3.26	3.17	3.40	2.39	2.46	2.47	2.54
USD	0.49	1.32	1.53	1.70	1.82	4.96	3.88	3.69	3.57	3.30	4.60	3.28	3.11	3.06	3.07	5.23	3.81	3.46	3.32	3.27	5.29	4.26	4.17	4.11	3.96	4.65	3.44	3.39	3.41	3.35
Immediate fixed annuity and P/C liability for incurred claims	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EUR	-0.49	0.02	0.31	0.56	1.12	3.41	3.36	3.33	3.01	2.91	3.70	3.19	3.11	2.94	2.90	4.21	3.39	3.15	2.93	2.91	4.27	3.55	3.54	3.47	3.35	3.60	2.60	2.67	2.68	2.71
USD	0.79	1.61	1.83	2.00	2.10	5.73	4.66	4.47	4.35	4.05	5.45	4.13	3.97	3.92	3.82	6.01	4.59	4.25	4.11	3.96	6.07	5.05	4.95	4.90	4.62	5.34	4.13	4.08	4.10	3.95
Traditional participating and other insurance contracts	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EUR	-0.32 - 0.19	0.19 - 0.70	0.48 - 0.99	0.73 - 1.24	1.25 - 1.67	3.35 - 3.84	3.31 - 3.80	3.27 - 3.76	2.95 - 3.45	2.87 - 3.27	3.65 - 4.21	3.13 - 3.70	3.06 - 3.62	2.89 - 3.45	2.85 - 3.32	4.13 - 4.57	3.31 - 3.75	3.07 - 3.51	2.85 - 3.30	2.84 - 3.21	4.22 - 4.69	3.50 - 3.97	3.49 - 3.96	3.42 - 3.89	3.31 - 3.71	3.55 - 4.03	2.54 - 3.03	2.61 - 3.10	2.63 - 3.11	2.67 - 3.07
USD	0.99 - 1.07	1.81 - 1.89	2.03 - 2.11	2.19 - 2.28	2.29 - 2.36	5.54 - 6.06	4.47 - 4.99	4.28 - 4.80	4.16 - 4.69	3.87 - 4.37	5.25 - 5.70	3.94 - 4.40	3.77 - 4.23	3.73 - 4.19	3.65 - 4.05	5.82 - 6.23	4.41 - 4.82	4.06 - 4.48	3.93 - 4.35	3.80 - 4.17	6.56 - 6.73	5.55 - 5.71	5.45 - 5.62	5.40 - 5.57	5.05 - 5.19	5.84 - 6.20	4.64 - 5.00	4.60- 4.96	4.61 - 4.97	4.39 - 4.70

Source: WM/Reuters. The table sets out the continuously compounded market rates used to discount the cash flows of insurance contracts for major currencies. Source: Refinitiv; internal processing of market quotes. Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency. Basis for the disclosed USD rates changed starting 3Q 23 in order to reflect the most relevant insurance portfolios. ### Balance Sheet

Assets build-up by business unit, Allianz Group
In EUR million	Allianz Group
	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023	∆ 31.12.23 / 31.12.22
Cash and cash equivalents	24,247	24,522	22,215	27,509	22,896	24,534	25,612	24,141	29,210	27.6%
Investments	837,869	784,996	727,832	708,323	690,991	703,527	701,292	693,087	721,802	4.5%
Financial assets for unit-linked contracts	158,359	151,882	141,259	139,095	141,034	146,632	148,892	146,466	152,872	8.4%
Insurance contract assets	36	42	49	421	327	355	477	166	172	-47.3%
Reinsurance contract assets	26,141	25,267	25,164	26,535	25,605	25,031	25,294	24,678	24,719	-3.5%
Deferred tax assets	4,709	5,668	7,054	7,587	6,369	5,707	5,890	5,958	5,992	-5.9%
Other assets	27,222	28,194	31,312	31,733	30,234	32,043	31,606	29,512	29,757	-1.6%
Intangible assets	18,186	18,293	18,430	18,771	18,442	18,693	18,664	18,663	18,649	1.1%
Total assets	1,096,770	1,038,864	973,316	959,976	935,897	956,523	957,728	942,671	983,174	5.1%

Assets build-up by business unit, Property-Casualty
In EUR million	Property-Casualty
	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023	∆ 31.12.23 / 31.12.22
Cash and cash equivalents	4,838	5,672	5,038	5,601	5,342	5,832	5,584	5,623	5,887	10.2%
Investments	122,355	118,873	113,537	111,694	110,442	112,146	112,396	112,872	116,447	5.4%
Financial assets for unit-linked contracts	0	-0	0	0	0	0	0	0	0	n.m.
Insurance contract assets	5	6	7	382	285	311	426	111	103	-63.9%
Reinsurance contract assets	9,585	9,621	9,583	9,668	10,173	10,156	10,237	10,056	10,855	6.7%
Deferred tax assets	1,152	1,411	1,651	1,986	1,781	1,641	1,758	1,741	1,554	-12.7%
Other assets	22,957	23,407	23,981	24,482	22,211	24,753	22,336	22,860	23,562	6.1%
Intangible assets	6,057	6,220	6,166	6,222	6,202	6,325	6,276	6,248	6,284	1.3%
Total assets	166,949	165,210	159,963	160,034	156,436	161,163	159,013	159,510	164,692	5.3%

Assets build-up by business unit, Life/Health
In EUR million	Life/Health
	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023	∆ 31.12.23 / 31.12.22
Cash and cash equivalents	12,429	11,665	10,146	13,451	12,040	13,452	15,359	14,214	17,700	47.0%
Investments	685,440	634,864	585,822	567,542	550,968	560,633	561,674	549,580	573,187	4.0%
Financial assets for unit-linked contracts	158,359	151,882	141,259	139,095	141,034	146,632	148,892	146,466	152,872	8.4%
Insurance contract assets	31	36	42	39	42	45	51	55	69	65.9%
Reinsurance contract assets	16,588	15,672	15,591	16,893	15,450	14,895	15,068	14,649	13,915	-9.9%
Deferred tax assets	3,958	4,388	5,267	5,488	4,914	4,781	4,649	4,866	4,813	-2.1%
Other assets	15,112	14,243	17,424	17,849	17,599	15,944	15,581	14,758	16,752	-4.8%
Intangible assets	4,365	4,369	4,527	4,491	4,517	4,521	4,555	4,484	4,596	1.7%
Total assets	896,280	837,117	780,078	764,848	746,563	760,903	765,828	749,073	783,905	5.0%

Assets build-up by business unit, Asset Management
In EUR million	Asset Management
	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023	∆ 31.12.23 / 31.12.22
Cash and cash equivalents	1,130	1,150	1,194	1,478	1,290	1,190	1,129	1,115	1,183	-8.3%
Investments	492	481	514	1,119	1,046	971	1,012	1,064	1,149	9.8%
Financial assets for unit-linked contracts	0	0	0	0	0	0	0	0	0	n.m.
Insurance contract assets	0	0	0	0	0	0	0	0	0	n.m.
Reinsurance contract assets	0	0	0	0	0	0	0	0	0	n.m.
Deferred tax assets	1,145	714	479	409	307	341	359	320	225	-26.8%
Other assets	6,706	5,669	6,259	6,210	5,687	5,428	5,777	6,412	5,890	3.6%
Intangible assets	7,515	7,590	7,626	7,949	7,615	7,545	7,528	7,634	7,476	-1.8%
Total assets	16,987	15,603	16,072	17,164	15,945	15,475	15,805	16,545	15,922	-0.1%

Assets build-up by business unit, Corporate and Other
In EUR million	Corporate and Other
	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023	∆ 31.12.23 / 31.12.22
Cash and cash equivalents	5,973	6,237	6,009	7,161	4,515	4,402	3,748	3,765	4,689	3.8%
Investments	122,814	127,142	125,991	126,695	127,855	129,022	124,946	127,617	129,335	1.2%
Financial assets for unit-linked contracts	0	0	0	0	0	0	0	0	0	n.m.
Insurance contract assets	0	0	0	0	0	0	0	0	0	n.m.
Reinsurance contract assets	0	0	0	0	0	0	0	0	0	n.m.
Deferred tax assets	812	1,497	2,049	2,585	1,859	1,595	1,447	1,314	1,575	-15.3%
Other assets	7,840	6,666	7,301	8,538	8,422	8,097	8,822	9,176	10,109	20.0%
Intangible assets	250	114	110	110	106	299	302	294	290	174.1%
Total assets	137,689	141,655	141,460	145,088	142,757	143,414	139,265	142,166	145,998	2.3%

Assets time series by type
In EUR million	Consolidation
	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023	∆ 31.12.23 / 31.12.22
Cash and cash equivalents	-122	-202	-170	-182	-292	-342	-208	-576	-249	-14.6%
Investments	-93,231	-96,362	-98,031	-98,726	-99,319	-99,245	-98,735	-98,047	-98,315	-1.0%
Financial assets for unit-linked contracts	0	0	0	0	0	0	0	0	0	n.m.
Insurance contract assets	0	0	0	0	0	0	0	0	0	n.m.
Reinsurance contract assets	-32	-26	-10	-25	-18	-19	-10	-27	-51	177.0%
Deferred tax assets	-2,357	-2,342	-2,392	-2,881	-2,492	-2,651	-2,323	-2,283	-2,175	-12.7%
Other assets	-25,393	-21,791	-23,653	-25,345	-23,686	-22,178	-20,911	-23,694	-26,556	12.1%
Intangible assets	0	0	0	0	3	3	3	3	3	0.0%
Total assets	-121,136	-120,722	-124,256	-127,159	-125,804	-124,432	-122,184	-124,623	-127,343	1.2%

Liabilities and equity time series by type
In EUR million	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023	∆ 31.12.23 / 31.12.22
Financial liabilites	50,877	47,377	50,558	56,243	51,310	53,251	55,133	53,943	56,282	9.7%
Insurance contract liabilities	883,250	832,834	774,023	757,771	740,799	751,373	754,829	741,979	776,944	4.9%
Reinsurance contract liabilities	55	55	51	378	257	354	1,024	271	231	-10.3%
Investment contract liabilities	55,872	54,413	50,779	48,956	47,827	51,360	51,435	49,982	49,686	3.9%
Deferred tax liabilities	2,368	2,155	2,701	2,311	2,158	1,979	1,982	2,039	2,124	-1.6%
Other liabilities	38,956	37,929	36,102	35,878	34,810	36,821	34,501	33,768	34,328	-1.4%
Total liabilities	1,031,378	974,761	914,214	901,536	877,163	895,138	898,904	881,982	919,594	4.8%
Shareholders' equity	61,157	59,957	54,914	54,115	54,415	56,770	54,318	56,089	58,477	7.5%
Issued capital	1,170	1,170	1,170	1,170	1,170	1,170	1,170	1,170	1,170	0.0%
Additional paid-in capital	27,732	27,732	27,732	27,732	27,732	27,732	27,732	27,732	27,732	0.0%
Undated subordinated bonds	4,699	4,747	4,892	5,052	4,843	4,802	4,792	4,862	4,764	-1.6%
Retained earnings	27,391	28,499	26,812	28,819	29,354	30,677	27,928	29,580	30,702	4.6%
Foreign currency translation adjustments	-3,474	-3,018	-1,977	-1,273	-3,048	-3,349	-3,211	-2,398	-2,883	-5.4%
Net unrealized gains and losses	3,639	826	-3,715	-7,386	-5,636	-4,262	-4,094	-4,857	-3,008	-46.6%
Non-controlling interests	4,235	4,145	4,188	4,325	4,320	4,614	4,506	4,600	5,103	18.1%
Total equity	65,392	64,103	59,102	58,440	58,735	61,384	58,823	60,689	63,580	8.2%
Total liabilities and equity	1,096,770	1,038,864	973,316	959,976	935,897	956,523	957,728	942,671	983,174	5.1%

Liabilities and equity time series by type, P&C
In EUR million	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023	∆ 31.12.23 / 31.12.22
Financial liabilites	1,931	2,025	2,346	2,699	2,004	1,794	1,640	1,836	2,502	24.9%
Insurance contract liabilities	97,627	97,456	93,644	93,023	91,641	94,210	94,232	94,105	96,339	5.1%
Reinsurance contract liabilities	0	0	0	233	19	18	77	62	125	n.m.
Investment contract liabilities	0	0	0	0	0	0	0	0	0	n.m.
Deferred tax liabilities	2,331	1,984	1,745	1,489	1,661	1,815	1,743	1,715	1,863	12.2%
Other liabilities	15,681	14,892	15,797	16,353	15,806	17,084	15,344	15,560	16,288	3.1%
Total liabilities	117,571	116,356	113,531	113,796	111,130	114,921	113,035	113,277	117,117	5.4%
Shareholders' equity	47,843	47,344	44,933	44,769	43,848	44,757	44,549	44,796	46,216	5.4%
Non-controlling interests	1,535	1,509	1,498	1,468	1,459	1,486	1,429	1,437	1,359	-6.8%
Total equity	49,378	48,854	46,432	46,238	45,306	46,242	45,978	46,233	47,574	5.0%
Total liabilities and equity	166,949	165,210	159,963	160,034	156,436	161,163	159,013	159,510	164,692	5.3%

Liabilities and equity time series by type, life and health
In EUR million	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023	∆ 31.12.23 / 31.12.22
Financial liabilites	17,180	14,715	15,437	18,192	16,185	18,284	19,705	17,758	20,398	26.0%
Insurance contract liabilities	785,656	735,416	680,399	664,781	649,184	657,195	660,614	647,906	680,654	4.8%
Reinsurance contract liabilities	55	55	51	145	239	336	947	209	105	-55.9%
Investment contract liabilities	55,872	54,413	50,779	48,956	47,827	51,360	51,435	49,982	49,686	3.9%
Deferred tax liabilities	2,027	2,037	2,620	2,746	2,482	2,243	1,982	2,054	1,914	-22.9%
Other liabilities	9,677	8,762	10,403	10,700	10,196	10,310	9,402	9,018	8,533	-16.3%
Total liabilities	870,467	815,397	759,689	745,519	726,112	739,728	744,085	726,928	761,290	4.8%
Shareholders' equity	24,076	20,054	18,876	17,808	18,923	19,571	20,136	20,553	20,934	10.6%
Non-controlling interests	1,738	1,666	1,513	1,521	1,528	1,604	1,607	1,592	1,682	10.1%
Total equity	25,813	21,720	20,389	19,329	20,451	21,175	21,743	22,144	22,615	10.6%
Total liabilities and equity	896,280	837,117	780,078	764,848	746,563	760,903	765,828	749,073	783,905	5.0%

Liabilities and equity time series by type, asset management
In EUR million	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023	∆ 31.12.23 / 31.12.22
Financial liabilites	130	123	116	130	135	105	106	116	116	-14.3%
Insurance contract liabilities	0	0	0	0	0	0	0	0	0	n.m.
Reinsurance contract liabilities	0	0	0	0	0	0	0	0	0	n.m.
Investment contract liabilities	0	0	0	0	0	0	0	0	0	n.m.
Deferred tax liabilities	-15	-19	0	137	125	122	121	125	133	6.7%
Other liabilities	9,343	7,356	5,593	6,333	5,542	4,894	5,197	5,606	5,419	-2.2%
Total liabilities	9,458	7,461	5,709	6,599	5,802	5,121	5,424	5,846	5,668	-2.3%
Shareholders' equity	7,413	8,028	10,247	10,442	10,024	10,246	10,272	10,578	10,131	1.1%
Non-controlling interests	116	114	115	123	119	108	109	120	123	3.5%
Total equity	7,530	8,142	10,362	10,565	10,143	10,354	10,381	10,698	10,254	1.1%
Total liabilities and equity	16,987	15,603	16,072	17,164	15,945	15,475	15,805	16,545	15,922	-0.1%

Liabilities and equity time series by type, holding and consolidation
In EUR million	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023	∆ 31.12.23 / 31.12.22
Financial liabilites	38,170	37,151	38,690	41,677	39,675	39,844	40,876	41,937	40,917	3.1%
Insurance contract liabilities	-0	-0	0	0	0	0	0	0	0	n.m.
Reinsurance contract liabilities	0	0	0	0	0	0	0	0	0	n.m.
Investment contract liabilities	0	0	0	0	0	0	0	0	0	n.m.
Deferred tax liabilities	390	500	715	798	363	430	466	435	396	9.1%
Other liabilities	29,686	28,765	27,905	27,752	26,870	26,560	25,480	27,267	30,614	13.9%
Total liabilities	68,245	66,416	67,311	70,227	66,908	66,835	66,822	69,640	71,927	7.5%
Shareholders' equity	68,374	74,159	72,862	73,421	74,408	74,934	70,854	70,847	72,102	-3.1%
Non-controlling interests	1,070	1,080	1,287	1,440	1,441	1,645	1,589	1,680	1,970	36.7%
Total equity	69,444	75,239	74,149	74,862	75,849	76,579	72,443	72,527	74,072	-2.3%
Total liabilities and equity	137,689	141,655	141,460	145,088	142,757	143,414	139,265	142,166	145,998	2.3%

Liabilities and equity time series by type, consolidation
In EUR million	01.01.2022	31.03.2022	30.06.2022	30.09.2022	31.12.2022	31.03.2023	30.06.2023	30.09.2023	31.12.2023	∆ 31.12.23 / 31.12.22
Financial liabilites	-6,534	-6,638	-6,031	-6,455	-6,689	-6,776	-7,193	-7,703	-7,651	14.4%
Insurance contract liabilities	-33	-38	-19	-33	-26	-32	-16	-33	-49	87.2%
Reinsurance contract liabilities	0	0	0	0	0	0	0	0	0	n.m.
Investment contract liabilities	0	0	0	0	0	0	0	0	0	n.m.
Deferred tax liabilities	-2,364	-2,347	-2,380	-2,859	-2,472	-2,631	-2,330	-2,290	-2,182	-11.7%
Other liabilities	-25,431	-21,847	-23,596	-25,259	-23,603	-22,027	-20,922	-23,683	-26,526	12.4%
Total liabilities	-34,363	-30,869	-32,026	-34,606	-32,790	-31,466	-30,462	-33,709	-36,407	11.0%
Shareholders' equity	-86,549	-89,629	-92,005	-92,326	-92,788	-92,738	-91,493	-90,685	-90,904	-2.0%
Non-controlling interests	-224	-224	-225	-227	-227	-229	-229	-229	-31	-86.2%
Total equity	-86,773	-89,853	-92,230	-92,553	-93,015	-92,966	-91,722	-90,913	-90,936	-2.2%
Total liabilities and equity	-121,136	-120,722	-124,256	-127,159	-125,804	-124,432	-122,184	-124,623	-127,343	1.2%

Shareholders' equity sensitivity by market risk
In EUR billion	As of 31.12.2023
	Impact	S/h equity
Shareholders' equity	—	58.5
Equity markets +30%	4%	60.7
Equity markets -30%	-4%	56.0
Interest rate +50bps	-0%	58.2
Interest rate -50bps	0%	58.7
Credit spread on goverment bonds +50bps	-1%	57.9
Credit spread on non-goverment bonds +50bps	-1%	57.9

### Solvency II

Solvency II ratio rollforward by business unit
In EUR billion	4Q 23			12M 23
	Own funds	SCR	SII ratio / impact	Own funds	SCR	SII ratio / impact
Opening balance excl. transitionals	81.5	38.5	212%	77.9	38.8	201%
Regulatory / model changes	7.0	3.0	2%-p	7.3	2.9	4%-p
Operating SII earnings / business evolution	3.5	0.3	7%-p	13.8	1.1	27%-p
Property-Casualty	1.5	—	—	6.7	—	—
Life/Health	1.4	—	—	5.4	—	—
Asset Management	0.9	—	—	2.9	—	—
Corporate and Other	-0.3	—	—	-1.2	—	—
Market impact	0.1	1.2	-6%-p	1.5	0.8	-1%-p
Capital management / management actions	-2.0	0.0	-5%-p	-6.8	0.1	-16%-p
Tax / other	-0.6	0.4	-3%-p	-4.2	-0.2	-8%-p
Closing balance excl. transitionals	89.6	43.5	206%	89.6	43.5	206%
Opening balance incl. transitionals	91.7	38.5	238%	89.2	38.8	230%
Closing balance incl. transitionals	99.7	43.5	229%	99.7	43.5	229%

Solvency II ratio sensitivity
In EUR billion	As of 31.12.2023
	Impact	SII ratio
Solvency II ratio	—	206%
Equity markets +30%	11%-p	217%
Equity markets -30%	-15%-p	191%
Equity markets (traded equities only) +30%	3%-p	209%
Equity markets (traded equities only) -30%	-3%-p	203%
Interest rate (SII non-parallel) +50bps	2%-p	208%
Interest rate (SII non-parallel) -50bps	-5%-p	201%
Credit spread on government bonds +50bps	-5%-p	201%
Credit spread on non-government bonds +50bps	-1%-p	205%
Combined scenario (IR -50bps, CS +50bps, EQ -30%)	-27%-p	179%

For SCR including cross effects and policyholder participation. Other effects on SCR include diversification effects. Including cross effects. ### Asset Allocation

Asset allocation by business unit
In EUR billion	Property-Casualty		Life/Health		Asset Management		Corporate and Other		Consolidation		Allianz Group
	31.12.2022	31.12.2023	31.12.2022	31.12.2023	31.12.2022	31.12.2023	31.12.2022	31.12.2023	31.12.2022	31.12.2023	31.12.2022	31.12.2023
Net cash investments	7.9	8.6	12.3	19.0	2.5	2.2	-5.2	-6.0	-0.3	-0.3	17.2	23.5
Equities excluding affiliates	3.1	3.0	40.7	38.8	0.6	0.6	4.6	5.8	0.0	0.0	49.1	48.1
Equities carried at fair value through P&L	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Equities carried at fair value through OCI	1.1	1.1	21.6	21.6	0.5	0.5	3.4	3.7	0.0	0.0	26.6	26.9
Equities associates/joint ventures	2.1	1.9	19.1	17.2	0.1	0.1	1.2	2.0	0.0	0.0	22.4	21.2
Debt securities	83.6	89.9	419.9	434.1	0.2	0.3	36.9	39.8	-5.8	-7.1	534.8	557.1
Investment funds	7.8	8.0	57.6	64.4	0.2	0.2	1.0	1.0	0.0	0.0	66.6	73.6
Equity funds	2.7	2.7	24.4	25.3	0.0	0.0	0.9	0.8	0.0	0.0	28.0	28.8
Debt funds	2.7	2.9	15.3	19.3	0.1	0.2	0.1	0.1	0.0	0.0	18.2	22.4
Real estate funds	1.3	1.3	11.6	11.9	0.0	0.0	0.0	0.0	0.0	0.0	12.9	13.2
Other funds	1.0	1.1	6.4	7.9	0.1	0.1	0.0	0.0	0.0	0.0	7.5	9.1
Derivatives	0.5	0.1	2.7	4.6	0.0	0.0	-0.3	-0.3	0.0	0.5	3.0	4.9
Other	4.6	4.3	26.3	23.7	0.0	0.0	1.8	1.6	-0.0	-0.0	32.7	29.6
Real estate	4.1	3.8	22.5	20.9	0.0	0.0	1.1	1.1	-0.0	-0.0	27.6	25.7
Fixed assets of alternative investments	0.4	0.5	1.9	2.2	0.0	0.0	0.1	0.1	0.0	0.0	2.4	2.9
Other investments	0.1	0.1	1.9	0.7	0.0	0.0	0.6	0.4	0.0	0.0	2.6	1.1
Group/segment financial assets excluding affiliates	107.6	114.0	559.4	584.6	3.5	3.4	38.9	41.9	-6.1	-6.9	703.3	736.8
Affiliates	10.5	10.5	0.1	0.1	0.0	0.0	82.2	80.3	-92.8	-90.9	0.0	0.0
Group/segment financial assets including affiliates	118.1	124.5	559.6	584.7	3.5	3.4	121.1	122.1	-99.0	-97.9	703.3	736.8

Net of liabilities from securities lending and including liabilities from cash pooling. Net of liabilities. Excludes real estate held for own use measured at amortized cost. ### Allianz Group - CSM

Gross and net contractual service margin build-up by business unit, IFRS 17
In EUR million	Life/Health		Property-Casualty		Allianz Group
	4Q 23	12M 23	4Q 23	12M 23	4Q 23	12M 23
Opening gross CSM	52,063	52,227	1,237	1,172	53,268	53,382
Closing gross CSM	52,601	52,601	1,239	1,239	53,818	53,818
Present value of non-attributable expenses	—	—	—	—	-6,640	-6,640
Reinsurance	—	—	—	—	-1,907	-1,907
Non-controlling interests	—	—	—	—	-1,079	-1,079
Taxes	—	—	—	—	-11,472	-11,472
Closing net CSM	—	—	—	—	32,720	32,720

Contractual service margin rollforward, IFRS 17
In EUR million	Life/Health
	4Q 23	12M 23
Opening gross CSM	52,063	52,227
CSM@inception	1,081	4,515
Expected in-force return	995	3,022
Economic variances (incl. F/X)	886	500
Non-economic variances and assumption changes	-1,171	-2,696
CSM release	-1,254	-4,967
Closing gross CSM	52,601	52,601

Contractual service margin sensitivity, IFRS 17
In EUR billion	Life/Health
	Impact	Gross CSM
Closing gross CSM	—	52.6
Equity markets +30%	5%	55.2
Equity markets -30%	-5%	49.8
Interest rate (SII non-parallel) +50bps	-1%	52.1
Interest rate (SII non-parallel) -50bps	0%	52.8
Credit spread on government bonds +50bps	-1%	52.0
Credit spread on non-government bonds +50bps	-1%	52.3

Life/Health and Property-Casualty figures don't add up due to consolidation effects. ### Allianz Group

Operating profit build-up by component
In EUR million	1Q 22	2Q 22	3Q 22	4Q 22	2022	1Q 23	2Q 23	3Q 23	4Q 23	2023	∆ 2023 / 2022
Total business volume	44,254	37,409	34,930	36,731	153,324	45,966	39,623	36,517	39,595	161,700	5.5%
Operating insurance service result	—	—	—	—	—	—	—	—	—	—	—
Insurance revenue	20,599	21,456	22,467	22,463	86,985	22,409	22,072	23,022	23,748	91,251	4.9%
Claims and benefits	-13,040	-13,650	-13,835	-14,820	-55,345	-13,722	-13,685	-15,036	-15,597	-58,040	4.9%
Acquisition and administrative expenses	-5,166	-5,289	-5,450	-5,658	-21,563	-5,451	-5,572	-5,769	-5,675	-22,466	4.2%
Reinsurance result	-431	-380	-886	-393	-2,090	-736	-641	-712	-652	-2,742	31.2%
Other insurance service result	-15	-22	-11	227	179	-95	149	166	110	330	84.5%
Subtotal	1,948	2,115	2,284	1,818	8,165	2,404	2,323	1,670	1,934	8,332	2.0%
Operating investment result	—	—	—	—	—	—	—	—	—	—	—
Operating net investment income, excluding interest expenses from external debt	-5,261	-9,864	2,129	1,446	-11,551	7,420	8,174	1,203	9,935	26,732	n.m.
Finance income (expenses) from insurance contracts issued (net)	5,250	10,233	-1,178	-435	13,870	-6,670	-7,133	-267	-8,453	-22,523	n.m.
Finance income (expenses) from reinsurance contracts held (net)	506	547	353	16	1,422	157	143	390	-133	556	-60.9%
Subtotal	495	916	1,303	1,027	3,741	907	1,184	1,326	1,349	4,765	27.4%
Operating result from investment contracts	88	50	121	29	288	88	42	60	48	237	-17.8%
Operating fee and commission result	1,994	1,986	1,893	1,967	7,840	1,810	1,727	1,868	2,233	7,639	-2.6%
Operating other result	-1,520	-1,534	-1,540	-1,625	-6,221	-1,478	-1,494	-1,456	-1,800	-6,228	0.1%
Operating profit	3,004	3,532	4,062	3,216	13,814	3,731	3,783	3,468	3,765	14,746	6.7%
Non-operating items	—	—	—	—	—	—	—	—	—	—	—
Realized gains/losses (net)	341	-28	469	148	930	-26	-31	-233	-12	-302	n.m.
Expected credit loss and impairments (net)	-156	-25	22	-404	-562	-180	-84	120	-59	-203	-63.9%
Result from assets and liabilities measured at fair value incl. derivatives	48	-147	-164	-707	-969	-195	-254	-91	-434	-974	0.5%
thereof: Non-operating market movements	95	-110	-76	-662	-753	-177	-202	-33	-367	-780	3.5%
Interest expenses from external debt	-132	-132	-151	-145	-561	-142	-150	-165	-175	-631	12.5%
Restructuring and integration expenses	-263	-262	-126	-226	-877	-48	-72	-109	-299	-529	-39.7%
Amortization of intangible assets	-76	-75	-73	-78	-302	-75	-74	-72	-77	-298	-1.3%
thereof: Amortization of intangible assets from business combinations	-30	-22	-26	-31	-110	-27	-26	-25	-26	-105	-4.4%
Other	-1,716	-38	20	-73	-1,807	-150	-97	-115	134	-227	-87.4%
Subtotal	-1,954	-708	-3	-1,485	-4,150	-816	-761	-665	-922	-3,164	-23.8%
Income (loss) before income taxes	1,050	2,824	4,059	1,732	9,664	2,915	3,021	2,803	2,843	11,582	19.8%
Income taxes	-465	-734	-1,058	-552	-2,808	-755	-535	-673	-587	-2,550	-9.2%
Net income (loss)	585	2,089	3,001	1,180	6,856	2,160	2,486	2,130	2,255	9,032	31.7%
Net income (loss) attributable to:	—	—	—	—	—	—	—	—	—	—	—
Non-controlling interests	111	112	136	76	435	128	150	108	104	491	12.8%
Shareholders	474	1,977	2,866	1,104	6,421	2,032	2,337	2,021	2,151	8,541	33.0%
Income (loss) before income taxes	1,050	2,824	4,059	1,732	9,664	2,915	3,021	2,803	2,843	11,582	19.8%
Adjustment for non-operating market movements	-95	110	76	662	753	177	202	33	367	780	3.5%
Adjustment for amortization of intangible assets from business combinations	30	22	26	31	110	27	26	25	26	105	-4.4%
Core income (loss) before income taxes	985	2,956	4,161	2,425	10,528	3,119	3,250	2,862	3,236	12,466	18.4%
Income taxes related to core income	-459	-782	-1,100	-671	-3,013	-806	-580	-675	-657	-2,717	-9.8%
Core net income (loss)	526	2,174	3,061	1,754	7,515	2,313	2,670	2,186	2,579	9,749	29.7%
thereof: Shareholders' core net income (loss)	417	2,048	2,912	1,606	6,984	2,173	2,517	2,060	2,351	9,101	30.3%
Core return on equity (in %)	12.7	12.7	12.7	12.7	12.7	16.0	16.0	16.0	16.0	16.0	3.3%-p
Average shareholders equity used for core RoE calculation	n.m.	n.m.	n.m	n.m.	54,014	n.m.	n.m.	n.m.	n.m.	55,965	3.6%

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. Including hyperinflation result and tax reclassifications from the Life/Health segment. For prior year and current year periods the core return on equity for the respective full year is shown. Shareholders‘ equity excluding undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses. ### Allianz Group - EPS

Earnings per share build-up by component
In EUR million	1Q 22	2Q 22	3Q 22	4Q 22	2022	1Q 23	2Q 23	3Q 23	4Q 23	2023	∆ 2023 / 2022
Number of shares issued - end of period	408,457,873	408,457,873	408,457,873	403,313,996	403,313,996	403,313,996	403,313,996	403,313,996	391,718,983	391,718,983	-2.9%
Number of shares outstanding - end of period	407,113,675	404,103,481	402,770,221	401,589,162	401,589,162	398,376,657	396,604,383	393,407,097	391,458,589	391,458,589	-2.5%
Weighted average number of shares outstanding - basic	408,068,074	405,941,124	402,901,266	402,325,247	404,793,132	399,985,391	397,987,832	395,043,792	391,845,447	396,190,104	-2.1%
Potentially dilutive shares	384,072	1,431,836	1,620,694	0	1,467,572	133,708	435,863	110,503	147,372	125,880	-91.4%
Weighted average number of shares outstanding - diluted	408,452,147	407,372,961	404,521,959	402,325,247	406,260,704	400,119,099	398,423,694	395,154,296	391,992,819	396,315,983	-2.4%
Net income attributable to shareholders - basic	474	1,858	2,866	1,104	6,302	2,032	2,195	2,021	2,151	8,399	33.3%
Effect of dilution	-5	-19	-29	0	-13	-2	-5	-6	-6	-6	-51.7%
Net income attributable to shareholders - diluted	469	1,839	2,836	1,104	6,289	2,030	2,190	2,015	2,145	8,393	33.5%
EPS basic (EUR)	1.16	4.58	7.11	2.74	15.57	5.08	5.52	5.12	5.49	21.20	36.2%
EPS diluted (EUR)	1.15	4.51	7.01	2.74	15.48	5.07	5.50	5.10	5.47	21.18	36.8%
Shareholders' core net income - basic	417	1,929	2,912	1,606	6,865	2,173	2,375	2,060	2,351	8,959	30.5%
Effect of dilution	-5	-19	-29	0	-13	-2	-5	-6	-6	-6	-51.7%
Shareholders' core net income - diluted	412	1,910	2,883	1,606	6,852	2,171	2,371	2,054	2,345	8,953	30.7%
Core EPS basic (EUR)	1.02	4.75	7.23	3.99	16.96	5.43	5.97	5.22	6.00	22.61	33.3%
Core EPS diluted (EUR)	1.01	4.69	7.13	3.99	16.87	5.43	5.95	5.20	5.98	22.59	33.9%

Adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity. ### Property-Casualty

Property & casualty operating profit build-up
In EUR million	1Q 22	2Q 22	3Q 22	4Q 22	2022	1Q 23	2Q 23	3Q 23	4Q 23	2023	∆ 2023 / 2022
Total business volume	21,687	16,323	16,203	16,399	70,613	24,108	17,621	17,200	17,603	76,531	8.4%
Operating insurance service result	—	—	—	—	—	—	—	—	—	—	—
Insurance revenue	15,150	15,599	16,712	16,501	63,963	16,428	16,910	17,488	17,931	68,757	7.5%
Claims and benefits	-9,938	-10,370	-10,548	-11,153	-42,009	-10,252	-10,863	-11,752	-12,155	-45,021	7.2%
Acquisition and administrative expenses	-3,841	-3,852	-4,081	-4,161	-15,934	-4,088	-4,188	-4,397	-4,220	-16,893	6.0%
Reinsurance result	-428	-216	-830	-251	-1,725	-753	-542	-671	-643	-2,608	51.2%
Other insurance service result	-3	-6	1	12	4	2	1	-8	12	7	87.8%
Subtotal	939	1,156	1,255	948	4,298	1,336	1,320	660	926	4,242	-1.3%
Operating investment result	—	—	—	—	—	—	—	—	—	—	—
Interest and similar income	806	907	898	965	3,576	945	1,067	1,063	1,085	4,160	16.3%
Interest accretion	-104	-123	-100	-81	-407	-218	-183	-139	-124	-664	63.1%
Valuation result & other	-138	-157	-125	-317	-737	-196	-176	-122	-254	-748	1.5%
thereof: Investment expenses	-103	-120	-116	-134	-474	-120	-112	-112	-146	-490	3.4%
Subtotal	565	627	673	567	2,432	532	708	802	706	2,748	13.0%
Operating fee and commission result	20	14	6	-2	38	6	-30	-13	24	-13	n.m.
Operating other result	2	-7	-6	70	59	-2	-15	-2	-48	-68	n.m.
Operating profit	1,526	1,790	1,928	1,583	6,827	1,872	1,983	1,446	1,608	6,909	1.2%
Non-operating items	—	—	—	—	—	—	—	—	—	—	—
Realized gains/losses (net)	49	-30	15	37	71	-11	-9	-119	10	-129	n.m.
Expected credit loss and impairments (net)	-104	17	-34	-335	-455	5	-66	-15	-38	-114	-75.0%
Result from assets and liabilities measured at fair value incl. derivatives	-167	-114	-13	-377	-671	-92	-62	-32	-136	-322	-52.1%
thereof: Non-operating market movements	-156	-81	19	-378	-596	-54	-51	-22	-119	-246	-58.7%
Restructuring and integration expenses	-201	-96	-70	-157	-525	-35	-53	-88	-91	-267	-49.1%
Amortization of intangible assets	-50	-48	-47	-54	-199	-48	-49	-47	-51	-196	-1.8%
thereof: Amortization of intangible assets from business combinations	-24	-18	-21	-25	-87	-21	-20	-20	-20	-80	-7.3%
Other	-6	-157	-63	-10	-236	-59	-12	-80	5	-146	-38.1%
Subtotal	-479	-429	-212	-896	-2,016	-241	-251	-380	-301	-1,173	-41.8%
Income (loss) before income taxes	1,047	1,361	1,716	687	4,811	1,631	1,731	1,067	1,306	5,736	19.2%
Income taxes	-220	-413	-471	-350	-1,454	-444	-415	-294	-308	-1,462	0.5%
Net income (loss)	827	948	1,245	337	3,357	1,187	1,316	773	998	4,274	27.3%
Net income (loss) attributable to:	—	—	—	—	—	—	—	—	—	—	—
Non-controlling interests	19	35	23	29	105	33	38	19	29	120	13.4%
Shareholders	808	913	1,222	307	3,251	1,154	1,278	753	969	4,154	27.8%
Income (loss) before income taxes	1,047	1,361	1,716	687	4,811	1,631	1,731	1,067	1,306	5,736	19.2%
Adjustment for non-operating market movements	156	81	-19	378	596	54	51	22	119	246	-58.7%
Adjustment for amortization of intangible assets from business combinations	24	18	21	25	87	21	20	20	20	80	-7.3%
Core income (loss) before income taxes	1,226	1,460	1,717	1,090	5,493	1,706	1,803	1,108	1,445	6,062	10.3%
Income taxes related to core income	-278	-488	-456	-391	-1,613	-459	-422	-284	-348	-1,513	-6.2%
Core net income (loss)	948	973	1,262	698	3,881	1,247	1,381	824	1,097	4,549	17.2%
thereof: Shareholders' core net income (loss)	926	926	1,233	664	3,750	1,214	1,342	801	1,064	4,421	17.9%
Loss ratio (in %)	68.4	67.9	68.1	69.1	68.4	67.0	67.4	71.0	71.4	69.3	0.9%-p
Attritional loss ratio (in %)	68.6	69.2	70.4	70.9	69.8	68.3	68.8	68.0	71.3	69.1	-0.7%-p
thereof: discounting impact (in %)	-0.9	-1.5	-2.1	-2.3	-1.7	-3.5	-2.7	-2.9	-2.5	-2.9	-1.2%-p
NatCat impact (in %)	4.8	3.0	2.0	1.6	2.8	0.7	0.9	7.3	4.2	3.4	0.6%-p
Run-off ratio (in %)	-5.0	-4.3	-4.3	-3.4	-4.2	-2.0	-2.3	-4.3	-4.2	-3.2	1.0%-p
Expense ratio (in %)	25.4	24.7	24.4	25.2	24.9	24.9	24.8	25.1	23.5	24.6	-0.3%-p
Combined ratio (in %)	93.8	92.6	92.5	94.3	93.3	91.9	92.2	96.2	94.9	93.8	0.6%-p
Core return on equity (in %)	10.8	10.8	10.8	10.8	10.8	12.6	12.6	12.6	12.6	12.6	1.8%-p
Risk adjustment (net of reinsurance)	1,690	1,629	1,590	1,547	1,547	1,528	1,538	1,460	1,469	1,469	-5.0%

Total business volume comprises gross premiums written and fee and commission income. Net of interest expenses. Other comprises realized gains/losses, investment expenses, F/X gains/losses on insurance assets/liabilities and other. Including hyperinflation result. Reinsurance ratio: 3.6% in 4Q 23 (4Q 22: 1.5%), 3.8% in 12M 23 (12M 22: 2.7%). From 2023 onwards including discounting impact from risk adjustment. For prior year and current year periods the core return on equity for the respective full year is shown. From 9M 23, the core return on equity calculation for segments was amended due to the alignment of the calculation methodology across business segments and with the Allianz Group. Comparative periods have been adjusted. Refers to liability of incurred claims (LIC), not directly related to the loss ratio. ### P&C by Region YTD

Property & casualty key figures by region, YTD
In EUR million	Total business volume			Insurance revenue		Operating profit (loss)		Combined ratio		Loss ratio		Expense ratio
			Internal growth
	12M 22	12M 23		12M 22	12M 23	12M 22	12M 23	12M 22	12M 23	12M 22	12M 23	12M 22	12M 23
	EUR mn		%	EUR mn				%
Germany	11,644	12,400	6.6	11,097	11,650	1,634	1,167	89.8	93.9	64.9	69.2	24.9	24.7
Switzerland	2,014	2,101	0.6	2,017	2,076	281	275	90.0	89.8	67.4	66.8	22.6	23.0
Central & Eastern Europe	3,961	4,337	9.5	3,837	4,142	507	572	89.3	88.8	62.2	62.3	27.2	26.5
German Speaking Countries and Central & Eastern Europe	17,619	18,837	6.5	16,951	17,868	2,422	2,013	89.7	92.2	64.6	67.3	25.1	24.9
Italy	4,348	4,658	7.1	4,197	4,428	629	521	88.5	91.7	61.8	64.9	26.7	26.8
France	4,561	4,723	3.6	4,521	4,656	431	528	96.9	93.8	73.4	70.0	23.5	23.8
Benelux	1,339	1,406	5.0	1,344	1,403	148	181	99.2	92.5	71.6	65.9	27.5	26.6
Türkiye	1,107	1,419	109.1	724	1,046	64	202	109.4	107.0	89.5	87.7	19.9	19.3
Greece	186	283	18.0	168	255	24	26	86.5	93.2	52.6	60.1	34.0	33.2
Allianz Partners	8,206	9,272	12.7	5,717	6,417	285	301	96.7	96.2	65.7	66.5	31.0	29.7
Allianz Direct	1,009	1,087	-0.6	1,003	995	-2	33	102.3	99.3	86.9	85.1	15.4	14.2
Western & Southern Europe, Allianz Direct and Allianz Partners	20,756	22,847	13.6	17,674	19,199	1,578	1,792	95.7	95.0	69.2	69.0	26.5	26.1
Asia Pacific	1,705	1,809	8.6	1,655	1,767	129	162	98.5	97.1	68.1	65.8	30.4	31.3
Australia	4,345	4,523	12.1	4,022	4,137	416	213	91.6	97.5	69.7	74.9	21.9	22.6
Asia-Pacific and Australia	6,050	6,332	11.1	5,677	5,904	545	376	93.6	97.3	69.2	72.2	24.4	25.2
AGCS	11,332	12,245	7.1	10,461	11,091	790	953	95.6	94.5	74.6	73.8	21.0	20.7
thereof: AGCS excluding fronting & captives	7,822	8,732	9.6	6,917	7,386	790	953	93.3	91.7	69.4	68.4	24.0	23.4
Reinsurance P/C	3,549	4,474	28.4	2,434	3,031	486	194	82.6	95.9	78.4	92.1	4.2	3.8
Allianz Trade	3,573	3,884	9.8	2,612	3,191	575	666	80.9	82.4	50.0	55.2	30.9	27.3
United Kingdom	4,839	5,093	7.4	4,634	4,816	173	278	98.4	97.0	74.5	75.2	23.9	21.8
Ireland	616	675	9.6	619	649	102	106	86.0	85.7	61.8	61.6	24.2	24.1
Spain	2,599	2,798	7.7	2,551	2,678	41	174	99.8	95.3	77.4	73.1	22.3	22.3
Portugal	495	543	9.7	486	529	55	58	89.8	90.1	67.7	68.2	22.1	21.9
Latin America	2,635	2,776	25.4	2,408	2,665	1	249	107.8	99.4	82.4	75.4	25.4	23.9
Africa	309	248	n.m.	301	211	31	25	98.5	97.2	62.0	63.5	36.5	33.6
Middle East	263	292	47.1	244	235	26	24	94.6	97.1	75.2	78.4	19.3	18.7
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa	30,209	33,028	12.1	26,750	29,096	2,281	2,728	94.6	94.0	72.9	73.6	21.7	20.5
Consolidation	-4,021	-4,512	n.m.	-3,089	-3,311	-0	0	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
Total	70,613	76,531	11.2	63,963	68,757	6,827	6,909	93.3	93.8	68.4	69.3	24.9	24.6

Total business volume comprises gross premiums written and fee and commission income. This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects. Represents elimination of transactions between Allianz Group entities in different geographic regions. ### P&C by Region QTD

Property & casualty key figures by region, QTD
In EUR million	Total business volume			Insurance revenue		Operating profit (loss)		Combined ratio		Loss ratio		Expense ratio
			Internal growth
	4Q 22	4Q 23		4Q 22	4Q 23	4Q 22	4Q 23	4Q 22	4Q 23	4Q 22	4Q 23	4Q 22	4Q 23
	EUR mn		%	EUR mn				%
Germany	2,179	2,368	8.7	2,795	2,958	421	328	88.7	93.0	62.8	67.7	25.9	25.3
Switzerland	228	254	8.4	517	526	76	45	87.0	92.9	64.6	70.1	22.4	22.9
Central & Eastern Europe	917	1,027	12.2	996	1,063	135	179	89.8	83.5	60.4	61.1	29.4	22.3
German Speaking Countries and Central & Eastern Europe	3,324	3,650	9.6	4,308	4,547	633	553	88.8	90.8	62.5	66.4	26.3	24.3
Italy	1,367	1,465	7.1	1,065	1,150	160	153	87.8	90.5	61.0	64.0	26.8	26.6
France	1,006	1,009	0.4	1,165	1,161	64	118	99.3	95.7	74.9	72.1	24.4	23.7
Benelux	256	279	8.9	335	362	1	21	111.3	99.9	83.2	73.5	28.2	26.3
Türkiye	377	357	62.1	195	237	7	46	111.5	111.2	92.1	93.1	19.3	18.1
Greece	78	81	4.0	61	68	14	14	77.4	82.6	44.7	52.3	32.6	30.3
Allianz Partners	1,922	1,948	4.5	1,499	1,555	63	52	99.5	98.5	68.3	66.9	31.3	31.6
Allianz Direct	256	343	34.0	245	251	-16	18	109.0	99.3	92.6	84.6	16.4	14.7
Western & Southern Europe, Allianz Direct and Allianz Partners	5,262	5,481	10.2	4,565	4,785	294	422	98.3	96.5	71.4	70.0	26.9	26.5
Asia Pacific	441	438	6.4	462	479	26	44	100.8	98.0	70.6	67.1	30.1	30.9
Australia	1,099	1,136	10.0	1,022	1,059	156	-15	86.9	104.3	64.8	81.9	22.1	22.5
Asia-Pacific and Australia	1,540	1,574	8.9	1,485	1,538	182	29	91.2	102.4	66.6	77.3	24.6	25.1
AGCS	2,620	2,806	9.1	2,875	2,984	234	185	95.5	96.4	73.1	76.6	22.4	19.8
thereof: AGCS excluding fronting & captives	1,982	2,211	11.7	1,890	1,944	234	185	93.1	94.5	69.4	71.8	23.7	22.7
Reinsurance P/C	598	825	40.7	534	874	96	74	86.7	94.2	80.2	90.7	6.5	3.5
Allianz Trade	836	902	9.3	673	1,060	113	126	83.4	91.0	50.6	70.6	32.8	20.4
United Kingdom	1,161	1,242	6.6	1,154	1,243	-17	60	103.5	98.0	81.6	76.0	21.9	22.0
Ireland	141	163	15.3	153	175	35	27	79.0	86.6	54.3	63.8	24.7	22.8
Spain	639	707	10.6	643	687	-69	40	111.5	96.5	89.5	74.4	22.0	22.1
Portugal	103	113	10.6	125	137	22	12	83.9	91.8	61.0	70.2	22.8	21.5
Latin America	663	650	-30.7	614	631	7	41	106.9	101.3	84.2	77.1	22.7	24.2
Africa	63	n.m.	n.m.	80	n.m.	11	n.m.	92.4	n.m.	57.8	n.m.	34.6	n.m.
Middle East	96	58	-20.7	103	51	10	1	90.9	103.6	72.3	84.8	18.6	18.7
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa	6,921	7,467	7.6	6,954	7,843	442	567	96.8	95.8	74.6	76.8	22.2	19.1
Consolidation	-647	-569	n.m.	-811	-782	33	36	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
Total	16,399	17,603	9.8	16,501	17,931	1,583	1,608	94.3	94.9	69.1	71.4	25.2	23.5

Property & casualty key figures by customer segment, YTD
In EUR million	Property-Casualty		Retail lines		Commercial lines		Not allocated
	12M 22	12M 23	12M 22	12M 23	12M 22	12M 23	12M 22	12M 23
Total business volume	70,613	76,531	42,577	45,901	26,837	30,329	1,199	301
Insurance revenue	63,963	68,757	39,761	42,181	23,700	26,176	501	400
in %	—	—	—	—	—	—	—	—
Combined ratio	93.3	93.8	95.0	95.8	90.1	90.5	—	—
Loss ratio	68.4	69.3	68.3	69.3	67.7	69.0	—	—
Expense ratio	24.9	24.6	26.7	26.4	22.4	21.5	—	—

Retail including SME and Fleet. Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance. Total business volume comprises gross premiums written and fee and commission income. ### P&C by Cust Segment QTD

Property & casualty key figures by customer segment, QTD
In EUR million	Property-Casualty		Retail lines		Commercial lines		Not allocated
	4Q 22	4Q 23	4Q 22	4Q 23	4Q 22	4Q 23	4Q 22	4Q 23
Total business volume	16,399	17,603	10,153	10,962	6,202	6,477	44	164
Insurance revenue	16,501	17,931	10,126	10,783	6,375	7,047	0	102
in %	—	—	—	—	—	—	—	—
Combined ratio	94.3	94.9	96.4	96.3	91.4	92.9	—	—
Loss ratio	69.1	71.4	69.3	70.1	68.0	72.8	—	—
Expense ratio	25.2	23.5	27.1	26.2	23.4	20.2	—	—

Life & health operating profit build-up
In EUR million	1Q 22	2Q 22	3Q 22	4Q 22	2022	1Q 23	2Q 23	3Q 23	4Q 23	2023	∆ 2023 / 2022
Total business volume	20,649	19,260	16,877	18,472	75,258	20,114	20,296	17,495	19,973	77,878	3.5%
Release CSM	1,191	1,164	1,302	1,362	5,020	1,215	1,245	1,252	1,254	4,967	-1.1%
Release risk adjustment	135	140	149	142	566	129	128	132	123	512	-9.5%
Variances from claims and expenses	-78	-75	-136	-335	-625	-62	-96	-122	-100	-380	-39.1%
Losses on onerous contracts	-58	-3	-38	11	-88	18	-13	-18	-4	-17	-80.5%
Non-attributable expenses	-232	-242	-260	-333	-1,066	-250	-274	-248	-295	-1,067	0.1%
Operating investment result	-269	-68	282	191	137	190	162	240	299	890	n.m.
Other operating result	116	65	76	17	275	81	49	73	85	288	4.7%
Operating profit	806	981	1,375	1,056	4,218	1,320	1,202	1,308	1,362	5,191	23.1%
Non-operating items	—	—	—	—	—	—	—	—	—	—	—
Realized gains/losses (net)	116	20	6	103	245	-2	-11	-111	-8	-133	n.m.
Expected credit loss and impairments (net)	-37	-11	29	-67	-87	-161	-0	141	-3	-23	-73.8%
Result from assets and liabilities measured at fair value incl. derivatives	-19	-68	-25	71	-40	66	-27	-0	-37	3	n.m.
thereof: Non-operating market movements	-7	-65	-1	12	-62	30	-14	13	-26	2	n.m.
Restructuring and integration expenses	-14	-18	-18	-37	-87	-8	-12	-15	-40	-75	-12.9%
Amortization of intangible assets	-17	-20	-18	-19	-74	-17	-17	-17	-16	-68	-8.0%
thereof: Amortization of intangible assets from business combinations	-2	-2	-3	-4	-12	-3	-3	-3	-3	-11	-2.7%
Other (including tax reclassifications)	141	120	87	-32	315	-82	-71	-36	45	-145	n.m.
Subtotal	170	23	60	20	273	-204	-139	-39	-60	-441	n.m.
Income (loss) before income taxes	976	1,004	1,435	1,076	4,491	1,115	1,063	1,270	1,302	4,750	5.8%
Income taxes	-328	-334	-353	-159	-1,174	-275	-165	-299	-223	-962	-18.0%
Net income (loss)	648	670	1,082	917	3,317	840	898	971	1,079	3,788	14.2%
Net income (loss) attributable to:	—	—	—	—	—	—	—	—	—	—	—
Non-controlling interests	38	33	39	47	157	55	43	38	63	200	27.0%
Shareholders	610	637	1,043	870	3,160	785	855	933	1,016	3,589	13.6%
Income (loss) before income taxes	976	1,004	1,435	1,076	4,491	1,115	1,063	1,270	1,302	4,750	5.8%
Adjustment for non-operating market movements	7	65	1	-12	62	-30	14	-13	26	-2	n.m.
Adjustment for amortization of intangible assets from business combinations	2	2	3	4	12	3	3	3	3	11	-2.7%
Core income (loss) before income taxes	986	1,071	1,439	1,069	4,565	1,089	1,080	1,259	1,332	4,760	4.3%
Income taxes related to core income	-330	-344	-356	-159	-1,189	-267	-172	-297	-229	-965	-18.8%
Core net income (loss)	655	727	1,083	910	3,376	822	908	963	1,102	3,795	12.4%
thereof: Shareholders' core net income (loss)	620	697	1,039	849	3,205	766	873	924	1,033	3,595	12.2%
Core return on equity (in %)	14.0	14.0	14.0	14.0	14.0	16.3	16.3	16.3	16.3	16.3	2.3%-p
Operating asset base (in EUR bn)	795.7	734.1	714.5	700.5	700.5	714.9	717.9	703.3	737.4	737.4	5.3%
Net flows (in EUR bn)	2.3	2.8	-0.8	-2.9	1.3	-0.4	0.6	-2.1	-3.2	-5.0	n.m.
Risk adjustment (gross of reinsurance)	5,686	5,568	5,457	5,194	5,194	5,170	5,227	4,907	4,647	4,647	-10.5%

Total business volume comprises statutory gross premiums. Including reinsurance result. Including hyperinflation result. For prior year and current year periods the core return on equity for the respective full year is shown. From 9M 23, the core return on equity calculation for segments was amended due to the alignment of the calculation methodology across business segments and with the Allianz Group. Comparative periods have been adjusted. Life/Health Net Flows comprise statutory gross premiums, policyholder claims, reinsurance premiums paid and claims received, expenses (i.e. acquisition, administrative, investment), and fee/commission income. Interest Income is excluded from the calculation. Refers to liability for remaining coverage (LRC). ### L&H New Business YTD

Life & health new business by region, YTD
In EUR million	Present value of new business premiums		New business margin		Value of new business
	12M 22	12M 23	12M 22	12M 23	12M 22	12M 23
	EUR mn		%		EUR mn
Germany Life	16,610	13,944	5.5	5.5	910	762
Germany Health	2,951	2,683	6.6	5.5	194	147
Switzerland	1,009	823	4.0	5.2	41	43
Central & Eastern Europe	1,489	1,480	8.9	9.6	133	142
German Speaking Countries and Central & Eastern Europe	22,060	18,931	5.8	5.8	1,278	1,094
Italy	12,200	12,039	3.2	3.8	393	458
France	5,949	5,912	2.6	4.9	155	289
Benelux	1,607	1,699	4.1	3.4	66	58
Türkiye	839	1,174	7.1	7.0	60	82
Greece	12	74	4.7	3.9	1	3
Western & Southern Europe	20,607	20,898	3.3	4.3	675	890
Asia-Pacific	5,989	5,818	8.1	9.2	485	538
USA	15,795	18,323	7.9	6.1	1,251	1,125
Reinsurance L/H	814	2,078	2.9	5.3	24	110
Spain	474	411	6.0	4.9	28	20
Portugal	152	128	28.3	33.9	43	43
Latin America	875	967	12.8	15.6	112	151
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa	2,399	3,712	8.7	9.1	209	338
Consolidation and Other	-633	-401	n.m.	n.m.	n.m.	n.m.
Total	66,216	67,281	5.9	5.9	3,898	3,985

Life & health value of new business build-up, YTD
In EUR million	12M 22	12M 23
Value of new business	3,898	3,985
Non-attributable expenses	616	637
Scope / Other	177	-107
CSM@inception	4,691	4,515

Present value of new business premiums for 12M 22 restated vs. 1Q 23 presentation from EUR 67,053 mn. Value of new business for 12M 22 restated vs. 1Q 23 presentation from EUR 3,939 mn. ### L&H New Business QTD

Life/Health new business by region
In EUR million	Present value of new business premiums		New business margin		Value of new business
	4Q 22	4Q 23	4Q 22	4Q 23	4Q 22	4Q 23
	EUR mn		%		EUR mn
Germany Life	3,912	3,739	5.2	4.8	203	181
Germany Health	536	629	6.5	5.7	35	36
Switzerland	181	193	5.7	4.9	10	10
Central & Eastern Europe	363	408	7.7	9.2	28	37
German Speaking Countries and Central & Eastern Europe	4,992	4,969	5.5	5.3	276	263
Italy	2,896	3,515	3.5	4.4	102	155
France	761	731	4.7	6.8	36	50
Benelux	341	441	3.1	3.3	11	14
Türkiye	289	345	7.4	8.2	21	28
Greece	12	23	4.7	3.0	1	1
Western & Southern Europe	4,300	5,056	4.0	4.9	170	249
Asia-Pacific	1,407	1,416	9.2	10.9	130	154
USA	4,021	4,663	8.4	5.6	336	262
Reinsurance L/H	17	209	-4.8	0.5	-1	1
Spain	112	185	6.0	3.3	7	6
Portugal	43	45	22.3	30.3	10	14
Latin America	216	278	16.3	15.3	35	42
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa	388	717	13.1	8.8	51	63
Consolidation and Other	49	-108	n.m.	n.m.	n.m.	n.m.
Total	15,157	16,713	6.4	5.9	963	991

Life/Health new business build-up
In EUR million	4Q 22	4Q 23
Value of new business	963	991
Non-attributable expenses	151	147
Scope / Other	-261	-57
CSM@inception	853	1,081

### L&H by Region YTD

Life/Health business volume, revenue, profit, and contractual service margin by region
In EUR million	Total business volume			Insurance revenue		Operating profit (loss)		Contractual service margin
			Internal growth
	12M 22	12M 23		12M 22	12M 23	12M 22	12M 23	31.12.2022	31.12.2023
	EUR mn		%	EUR mn
Germany Life	22,061	21,915	-0.7	6,105	5,485	1,125	1,079	16,370	16,213
Germany Health	3,990	4,150	4.0	3,955	4,108	208	210	5,768	6,337
Switzerland	1,631	1,700	0.4	539	491	109	116	1,668	1,799
Central & Eastern Europe	2,165	2,106	-0.2	1,069	963	452	454	1,665	1,921
German Speaking Countries and Central & Eastern Europe	29,847	29,872	0.1	11,669	11,047	1,895	1,859	25,471	26,270
Italy	11,133	11,229	0.9	1,064	1,172	512	559	2,894	3,260
France	7,240	7,167	-1.0	3,907	4,023	553	658	4,872	4,585
Benelux	1,869	2,023	8.2	369	371	163	157	887	866
Türkiye	706	852	96.9	83	94	87	110	64	82
Greece	118	171	15.7	76	142	-20	2	6	47
Western & Southern Europe	21,065	21,442	4.2	5,499	5,802	1,295	1,487	8,723	8,841
Asia-Pacific	6,603	5,872	-5.7	2,041	2,224	436	589	4,159	4,666
USA	15,417	18,310	22.2	2,567	2,291	399	1,088	12,086	11,705
Reinsurance L/H	841	934	13.1	740	767	71	37	692	697
Spain	377	436	15.5	312	290	61	59	540	440
Portugal	145	119	-17.7	88	81	17	19	1	1
Latin America	678	814	9.5	174	118	41	76	727	116
Africa	149	92	-0.4	48	67	-2	-4	0	0
Middle East	371	187	8.2	188	112	56	30	0	0
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa	2,561	2,582	9.5	1,550	1,436	245	218	1,960	1,254
Consolidation and Other	-236	-200	n.m.	-213	-219	-51	-49	-173	-136
Total	75,258	77,878	5.6	23,114	22,580	4,218	5,191	52,227	52,601

Total business volume comprises statutory gross premiums. This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects. Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions. ### L&H by Region QTD

Life/Health business volume, revenue, profit, and contractual service margin by region
In EUR million	Total business volume			Insurance revenue		Operating profit (loss)		Contractual service margin
			Internal growth
	4Q 22	4Q 23		4Q 22	4Q 23	4Q 22	4Q 23	31.12.2022	31.12.2023
	EUR mn		%	EUR mn
Germany Life	5,295	5,160	-2.5	1,609	1,551	296	289	16,370	16,213
Germany Health	993	1,041	4.8	1,002	1,049	39	66	5,768	6,337
Switzerland	263	288	6.2	139	128	25	32	1,668	1,799
Central & Eastern Europe	543	546	3.5	275	247	121	97	1,665	1,921
German Speaking Countries and Central & Eastern Europe	7,094	7,035	-0.7	3,025	2,976	481	484	25,471	26,270
Italy	2,765	3,380	22.2	268	313	131	169	2,894	3,260
France	1,955	2,001	2.3	983	977	73	133	4,872	4,585
Benelux	491	554	12.8	92	103	37	54	887	866
Türkiye	250	213	46.7	15	24	18	26	64	82
Greece	44	49	13.6	26	44	-9	-1	6	47
Western & Southern Europe	5,505	6,198	15.4	1,382	1,460	249	380	8,723	8,841
Asia-Pacific	1,349	1,434	12.6	534	578	38	141	4,159	4,666
USA	3,892	4,600	24.5	652	545	154	299	12,086	11,705
Reinsurance L/H	213	258	29.4	239	238	127	15	692	697
Spain	99	178	79.6	88	69	3	21	540	440
Portugal	42	47	11.7	21	20	8	5	1	1
Latin America	181	263	36.7	43	35	0	24	727	116
Africa	41	0	n.a.	37	0	-1	0	0	0
Middle East	103	5	-81.2	50	9	12	-0	0	0
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa	679	751	34.1	477	369	149	64	1,960	1,254
Consolidation and Other	-47	-45	n.m.	-65	-76	-15	-6	-173	-136
Total	18,472	19,973	11.5	6,006	5,853	1,056	1,362	52,227	52,601

Life/Health operating profit build-up by product type
In EUR million	Life/Health segment	Capital-efficient products	Unit-linked without guarantees	Protection & health	Guaranteed savings & annuities
	12M 23
Release CSM	4,967	1,405	575	1,561	1,426
Release risk adjustment	512	100	62	234	116
Variances from claims and expenses	-380	-37	-36	-245	-63
Losses on onerous contracts	-17	12	-4	-14	-10
Non-attributable expenses	-1,067	-251	-87	-315	-415
Operating investment result	890	268	72	91	459
Other operating result	288	64	188	-4	40
Operating profit	5,191	1,562	770	1,307	1,553
Total business volume	77,878	33,330	16,044	14,856	13,648
Insurance revenue	22,580	2,965	1,545	12,467	5,603
Contractual service margin (gross)	52,601	15,674	5,376	16,307	15,244
PVFCF	614,573	207,537	74,033	44,579	288,425
Present value of new business premiums	67,281	30,702	16,806	14,496	5,277
New business margin (in %)	5.9	5.8	4.4	8.0	5.8
Value of new business	3,985	1,775	743	1,161	306

Including reinsurance result. Total business volume comprises statutory gross premiums. Refers to liability for remaining coverage (LRC). ### L&H Details QTD

Life/Health operating profit build-up by product type
In EUR million	Life/Health segment	Capital-efficient products	Unit-linked without guarantees	Protection & health	Guaranteed savings & annuities
	4Q 23
Release CSM	1,254	312	170	465	306
Release risk adjustment	123	27	15	55	27
Variances from claims and expenses	-100	15	-9	-89	-17
Losses on onerous contracts	-4	-0	-4	-1	1
Non-attributable expenses	-295	-69	-22	-93	-111
Operating investment result	299	186	10	-1	103
Other operating result	85	8	51	-6	33
Operating profit	1,362	478	211	330	342
Total business volume	19,973	8,489	4,156	3,762	3,566
Insurance revenue	5,853	896	429	3,237	1,291
Contractual service margin (gross)	52,601	15,674	5,376	16,307	15,244
PVFCF	614,573	207,537	74,033	44,579	288,425
Present value of new business premiums	16,713	8,338	4,210	2,642	1,523
New business margin (in %)	5.9	5.5	4.5	9.7	5.9
Value of new business	991	457	188	256	90

Including reinsurance result. Total business volume comprises statutory gross premiums. Refers to liability for remaining coverage (LRC). ### Asset Management

Asset Management income statement
In EUR million	1Q 22	2Q 22	3Q 22	4Q 22	2022	1Q 23	2Q 23	3Q 23	4Q 23	2023	∆ 2023 / 2022
Net operating revenues	—	—	—	—	—	—	—	—	—	—	—
Net fee and commission income	2,076	2,017	2,026	2,092	8,211	1,875	1,857	1,952	2,275	7,960	-3.1%
thereof: Net fee and commission income excl. performance fees	1,997	1,966	1,970	1,804	7,737	1,776	1,754	1,793	1,818	7,142	-7.7%
thereof: Performance fees	80	51	55	288	474	99	103	159	457	817	72.4%
Other operating revenues	-9	-1	27	6	23	25	20	46	34	126	n.m.
Subtotal	2,067	2,016	2,053	2,098	8,234	1,900	1,877	1,998	2,310	8,086	-1.8%
Operating expenses	-1,235	-1,243	-1,266	-1,292	-5,036	-1,178	-1,174	-1,210	-1,398	-4,959	-1.5%
Operating profit	832	773	787	805	3,198	723	703	788	912	3,126	-2.2%
thereof: PIMCO	631	581	615	637	2,464	561	547	624	720	2,453	-0.5%
thereof: AllianzGI	210	198	178	169	755	165	156	166	181	667	-11.7%
Non-operating items	—	—	—	—	—	—	—	—	—	—	—
Realized gains/losses (net)	-3	0	456	-3	450	-1	1	1	2	4	-99.2%
Expected credit loss and impairments (net)	-0	-1	-1	-3	-5	-0	-1	-1	-1	-3	-42.7%
Result from assets and liabilities measured at fair value incl. derivatives	-1	-3	4	-2	-2	4	3	0	6	13	n.m.
thereof: Non-operating market movements	-1	-3	4	-2	-2	4	3	0	6	13	n.m.
Restructuring and integration expenses	-7	-142	-24	-16	-189	-3	2	-4	-22	-26	-86.1%
Amortization of intangible assets	-4	-4	-4	-5	-17	-5	-3	-4	-4	-15	-12.3%
thereof: Amortization of intangible assets from business combinations	-1	-1	-1	-1	-4	-0	-0	-0	-0	-2	-56.3%
Other	-1,851	-0	1	-5	-1,856	-2	-8	3	73	66	n.m.
Subtotal	-1,866	-150	432	-35	-1,619	-6	-5	-3	54	39	n.m.
Income (loss) before income taxes	-1,034	623	1,219	770	1,578	716	698	785	966	3,165	100.5%
Income taxes	54	-151	-346	-200	-644	-182	-179	-191	-261	-812	26.2%
Net income (loss)	-980	471	873	571	935	535	519	594	706	2,353	151.7%
Net income (loss) attributable to:	—	—	—	—	—	—	—	—	—	—	—
Non-controlling interests	46	42	45	47	180	44	44	50	57	195	8.0%
Shareholders	-1,026	429	828	524	755	491	475	544	649	2,158	186.0%
Income (loss) before income taxes	-1,034	623	1,219	770	1,578	716	698	785	966	3,165	100.5%
Adjustment for non-operating market movements	1	3	-4	2	2	-4	-3	-0	-6	-13	n.m.
Adjustment for amortization of intangible assets from business combinations	1	1	1	1	4	0	0	0	0	2	-56.3%
Core income (loss) before income taxes	-1,031	626	1,216	774	1,585	713	696	785	960	3,154	99.0%
Income taxes related to core income (loss)	53	-152	-346	-201	-646	-181	-178	-191	-259	-809	25.3%
Core net income (loss)	-978	475	870	573	939	532	518	594	701	2,345	149.7%
thereof: Shareholders' core net income (loss)	-1,024	432	825	526	759	488	473	544	645	2,150	183.3%
Cost-income ratio (in %)	59.7	61.7	61.6	61.6	61.2	62.0	62.5	60.5	60.5	61.3	0.2%-p
thereof: PIMCO	57.7	60.5	59.4	59.8	59.4	59.9	61.0	58.4	59.0	59.5	0.2%-p
thereof: AllianzGI	63.7	63.8	66.6	66.9	65.2	67.0	66.6	66.1	66.9	66.7	1.5%-p
3rd party AuM margin (in bps)	38.2	39.2	40.2	39.4	39.2	38.8	38.6	38.9	39.2	38.9	-0.9%
thereof: PIMCO	36.1	37.4	38.8	38.4	37.6	37.6	37.8	37.9	38.1	37.8	0.7%
thereof: AllianzGI	45.2	45.7	45.8	43.6	45.1	43.5	41.4	42.3	43.6	42.7	-5.5%
Core return on equity (in %)	8.7	8.7	8.7	8.7	8.7	21.3	21.3	21.3	21.3	21.3	12.6%-p

Asset Management assets under management and net flows by segment
In EUR billion	1Q 22	2Q 22	3Q 22	4Q 22	2022	1Q 23	2Q 23	3Q 23	4Q 23	2023	∆ 31.12.2023 / 31.12.2022
Assets under management	2,478	2,319	2,246	2,141	2,141	2,174	2,163	2,162	2,224	2,224	3.8%
Allianz Group assets under management	600	550	520	506	506	506	500	491	511	511	1.0%
Third-party assets under management	1,878	1,769	1,726	1,635	1,635	1,668	1,662	1,670	1,712	1,712	4.7%
thereof: PIMCO	1,447	1,386	1,382	1,295	1,295	1,318	1,308	1,320	1,346	1,346	3.9%
thereof: AllianzGI	430	383	344	340	340	350	355	350	366	366	7.7%
Third-party net flows	-9	-34	-20	-19	-81	15	3	11	-7	22	n.m.
thereof: PIMCO	-14	-29	-15	-18	-75	14	4	10	-3	24	n.m.
thereof: AllianzGI	5	-5	-5	-1	-6	1	-1	1	-3	-3	-54.0%

Includes operating result from PIMCO, AllianzGI and other entities. Includes, if applicable, acquisition-related expenses, income taxes related incidental benefits/expenses, litigation expenses and one-time effects from significant reinsurance transactions with disposal character. Excluding performance fees and other income. For prior year and current year periods the core return on equity for the respective full year is shown. From 9M 23, the core return on equity calculation for segments was amended due to the alignment of the calculation methodology across business segments and with the Allianz Group. Comparative periods have been adjusted. ### Corporate and Other

Corporate and other income build-up
In EUR million	1Q 22	2Q 22	3Q 22	4Q 22	2022	1Q 23	2Q 23	3Q 23	4Q 23	2023	∆ 2023 / 2022
Operating net investment income, excluding interest expenses from external debt	32	169	149	86	436	44	157	131	134	467	7.1%
Finance income (expenses) from insurance contracts issued (net)	0	-0	0	0	0	0	0	0	0	0	n.m.
Finance income (expenses) from reinsurance contracts held (net)	0	0	0	0	0	0	0	0	0	0	n.m.
Operating investment result	32	169	149	86	436	44	157	131	134	467	7.1%
Operating administrative expenses	-306	-299	-287	-390	-1,282	-302	-302	-271	-415	-1,289	0.6%
Operating fee and commission result	73	66	80	89	307	82	34	68	166	349	13.8%
Operating other result	0	0	-0	0	0	0	-0	0	-0	0	n.m.
Operating profit	-201	-65	-59	-216	-540	-176	-111	-71	-115	-474	-12.3%
Non-operating items	—	—	—	—	—	—	—	—	—	—	—
Realized gains/losses (net)	179	-19	-10	12	161	-12	-14	-5	-20	-50	n.m.
Expected credit loss and impairments (net)	-15	-29	28	1	-15	-23	-18	-6	-17	-64	n.m.
Result from assets and liabilities measured at fair value incl. derivatives	235	42	-126	-407	-257	-177	-164	-63	-269	-673	162.2%
thereof: Non-operating market movements	262	36	-110	-278	-90	-160	-135	-29	-230	-553	n.m.
Interest expenses from external debt	-132	-132	-151	-145	-561	-142	-150	-165	-175	-631	12.5%
Restructuring and integration expenses	-41	-6	-14	-16	-77	-3	-9	-2	-147	-160	107.9%
Amortization of intangible assets	-5	-3	-3	-3	-15	-5	-5	-5	-5	-19	28.3%
thereof: Amortization of intangible assets from business combinations	-3	-1	-1	-1	-7	-3	-3	-3	-3	-11	61.6%
Other	-0	-1	-4	-26	-30	-7	-5	-2	12	-2	-93.2%
Subtotal	220	-148	-281	-585	-794	-368	-363	-247	-620	-1,599	101.3%
Income (loss) before income taxes	19	-213	-340	-801	-1,334	-544	-474	-319	-736	-2,073	55.3%
Income taxes	40	177	120	156	492	145	226	112	205	688	39.7%
Net income (loss)	59	-36	-220	-645	-842	-398	-249	-207	-531	-1,385	64.4%
Net income (loss) attributable to:	—	—	—	—	—	—	—	—	—	—	—
Non-controlling interests	9	3	29	-47	-7	-4	25	1	-45	-23	226.8%
Shareholders	51	-39	-249	-598	-835	-394	-274	-208	-485	-1,361	63.1%
Income (loss) before income taxes	19	-213	-340	-801	-1,334	-544	-474	-319	-736	-2,073	55.3%
Adjustment for non-operating market movements	-262	-36	110	278	90	160	135	29	230	553	n.m.
Adjustment for amortization of intangible assets from business combinations	3	1	1	1	7	3	3	3	3	11	61.6%
Core income (loss) before income taxes	-239	-247	-229	-522	-1,237	-381	-336	-288	-503	-1,508	21.9%
Income taxes related to core income (loss)	107	214	64	79	464	101	193	97	180	571	23.1%
Core net income (loss)	-133	-33	-164	-443	-773	-280	-143	-190	-323	-937	21.1%
thereof: Shareholders' core net income (loss)	-139	-40	-196	-449	-824	-288	-178	-205	-392	-1,062	28.9%

### Consolidation

Consolidation income build-up
In EUR million	1Q 22	2Q 22	3Q 22	4Q 22	2022	1Q 23	2Q 23	3Q 23	4Q 23	2023	∆ 2023 / 2022
Total business volume	-150	-191	-202	-238	-781	-157	-172	-176	-290	-795	1.7%
Insurance revenue	-15	-33	0	-44	-91	-18	-22	-10	-36	-86	-5.5%
Operating profit	42	53	30	-12	112	-7	6	-4	-1	-7	n.m.
Non-operating items	—	—	—	—	—	—	—	—	—	—	—
Realized gains/losses (net)	-0	1	2	-0	3	-0	2	0	3	5	98.5%
Expected credit loss and impairments (net)	0	0	0	0	0	0	0	0	0	0	n.m.
Result from assets and liabilities measured at fair value incl. derivatives	-0	-5	-3	8	1	3	-4	4	1	4	n.m.
thereof: Non-operating market movements	-3	4	11	-15	-4	3	-4	4	1	4	n.m.
Interest expenses from external debt	0	0	0	0	0	0	0	0	0	0	n.m.
Restructuring and integration expenses	0	0	0	0	0	0	0	0	0	0	n.m.
Amortization of intangible assets	0	0	0	3	3	0	0	0	0	0	-100.0%
thereof: Amortization of intangible assets from business combinations	0	0	0	0	0	0	0	0	0	0	n.m.
Other	0	0	0	0	0	0	0	0	0	0	-100.0%
Subtotal	-0	-3	-1	11	7	3	-3	4	5	10	47.5%
Income (loss) before income taxes	41	49	29	-1	119	-4	3	0	4	3	-97.6%
Income taxes	-10	-13	-7	1	-29	0	-1	0	-1	-1	-95.5%
Net income (loss)	31	36	21	0	89	-4	2	0	3	2	-98.3%
Net income (loss) attributable to:	—	—	—	—	—	—	—	—	—	—	—
Non-controlling interests	0	-1	-0	0	-1	-0	-0	0	-0	-0	-87.7%
Shareholders	31	37	22	0	90	-4	2	0	3	2	-98.2%
Income (loss) before income taxes	41	49	29	-1	119	-4	3	0	4	3	-97.6%
Adjustment for non-operating market movements	3	-4	-11	15	4	-3	4	-4	-1	-4	n.m.
Adjustment for amortization of intangible assets from business combinations	0	0	0	0	0	0	0	0	0	0	n.m.
Core income (loss) before income taxes	44	45	18	15	122	-8	7	-4	2	-2	n.m.
Income taxes related to core income (loss)	-10	-13	-7	1	-29	0	-1	0	-1	-1	-95.5%
Core net income (loss)	34	33	10	16	93	-7	6	-4	2	-3	n.m.
thereof: Shareholders' core net income (loss)	34	33	11	16	94	-7	6	-4	2	-3	n.m.

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.