---
title: Allianz/2025/FY/Financial supplement
---

# Allianz/2025/FY/Financial supplement

## Market Data

Caption: Spot foreign exchange rates by currency for June 2024, December 2024, June 2025, and December 2025 (footnote: Source: WM/Reuters.)
<table id="1">
|  | Spot | Spot | Spot | Spot |
|  | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| '''USD''' | 1.0717 | '''1.0355''' | 1.1739 | '''1.1744''' |
| '''CHF''' | 0.9630 | '''0.9385''' | 0.9344 | '''0.9305''' |
| '''GBP''' | 0.8478 | '''0.8268''' | 0.8566 | '''0.8731''' |
| '''AUD''' | 1.6048 | '''1.6724''' | 1.7912 | '''1.7612''' |
</table>

Caption: Average foreign exchange rates by currency for 2024 and 2025
<table id="2">
|  | Average | Average |
|  | 2024 | 2025 |
| --- | --- | --- |
| '''USD''' | '''1.0820''' | '''1.1308''' |
| '''CHF''' | '''0.9526''' | '''0.9371''' |
| '''GBP''' | '''0.8466''' | '''0.8570''' |
| '''AUD''' | '''1.6399''' | '''1.7522''' |
</table>

Caption: Discount rates by contract type, currency, and maturity for December 2024 and March 2025 (footnote: 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.)
<table id="3">
|  | 31.12.2024 | 31.12.2024 | 31.12.2024 | 31.12.2024 | 31.12.2024 | 31.03.2025 |
|  | 1 year | 5 years | 10 years | 20 years | 30 years | 1 year |
| --- | --- | --- | --- | --- | --- | --- |
| '''Unit-linked contracts''' |  |  |  |  |  |  |
| EUR | 2.27 | 2.18 | 2.30 | 2.29 | 2.38 | 2.18 |
| USD | 4.09 | 3.94 | 3.99 | 4.02 | 3.80 | 3.90 |
| '''Immediate fixed annuity and P/C liability for incurred claims''' |  |  |  |  |  |  |
| EUR | 2.55 | 2.46 | 2.58 | 2.58 | 2.62 | 2.45 |
| USD | 4.64 | 4.49 | 4.53 | 4.57 | 4.33 | 4.59 |
| '''Traditional participating and other insurance contracts (footnote: Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency.)''' |  |  |  |  |  |  |
| EUR | 2.47 - 3.11 | 2.38 - 3.02 | 2.50 - 3.14 | 2.49 - 3.13 | 2.55 - 3.08 | 2.36 - 3.00 |
| USD | 5.34 - 5.41 | 5.19 - 5.25 | 5.24 - 5.30 | 5.27 - 5.34 | 5.00 - 5.06 | 5.19 - 5.37 |
</table>

Caption: Discount rates by contract type, currency, and maturity for June 2025 and September 2025
<table id="4">
|  | 30.06.2025 | 30.06.2025 | 30.06.2025 | 30.06.2025 | 30.06.2025 | 30.09.2025 |
|  | 1 year | 5 years | 10 years | 20 years | 30 years | 1 year |
| --- | --- | --- | --- | --- | --- | --- |
| '''Unit-linked contracts''' |  |  |  |  |  |  |
| EUR | 1.93 | 2.20 | 2.54 | 2.76 | 2.82 | 2.05 |
| USD | 3.80 | 3.37 | 3.65 | 3.96 | 3.87 | 3.58 |
| '''Immediate fixed annuity and P/C liability for incurred claims''' |  |  |  |  |  |  |
| EUR | 2.19 | 2.45 | 2.79 | 3.01 | 3.04 | 2.26 |
| USD | 4.51 | 4.09 | 4.36 | 4.67 | 4.54 | 4.17 |
| '''Traditional participating and other insurance contracts³''' |  |  |  |  |  |  |
| EUR | 1.93 - 2.68 | 2.20 - 2.94 | 2.54 - 3.28 | 2.76 - 3.51 | 2.82 - 3.47 | 2.05 - 2.75 |
| USD | 5.09 - 5.29 | 4.67 - 4.87 | 4.95 - 5.15 | 5.25 - 5.45 | 5.10 - 5.29 | 4.69 - 4.95 |
</table>

Caption: Discount rates by contract type, currency, and maturity for December 2025
<table id="5">
|  | 31.12.2025 | 31.12.2025 | 31.12.2025 | 31.12.2025 | 31.12.2025 |
|  | 1 year | 5 years | 10 years | 20 years | 30 years |
| --- | --- | --- | --- | --- | --- |
| '''Unit-linked contracts''' |  |  |  |  |  |
| EUR | 2.09 | 2.49 | 2.86 | 3.20 | 3.25 |
| USD | 3.37 | 3.41 | 3.77 | 4.19 | 4.14 |
| '''Immediate fixed annuity and P/C liability for incurred claims''' |  |  |  |  |  |
| EUR | 2.27 | 2.66 | 3.04 | 3.37 | 3.40 |
| USD | 3.93 | 3.97 | 4.32 | 4.75 | 4.67 |
| '''Traditional participating and other insurance contracts³''' |  |  |  |  |  |
| EUR | 2.09 - 2.74 | 2.49 - 3.14 | 2.86 - 3.51 | 3.20 - 3.84 | 3.25 - 3.80 |
| USD | 4.40 - 4.63 | 4.44 - 4.67 | 4.79 - 5.02 | 5.22 - 5.44 | 5.11 - 5.33 |
</table>

## Balance Sheet

Caption: Total assets build-up by asset type for June 2024, December 2024, June 2025, and December 2025
<table id="6">
| EUR million |  |  |  |  |
|  | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| Cash and cash equivalents | 28,058 | '''31,637''' | 33,886 | '''29,854''' |
| Investments | 729,065 | '''752,815''' | 732,606 | '''753,487''' |
| Financial assets for unit-linked contracts | 160,465 | '''146,470''' | 145,831 | '''158,203''' |
| Insurance contract assets | 88 | '''142''' | 214 | '''223''' |
| Reinsurance contract assets | 25,627 | '''28,770''' | 26,059 | '''27,797''' |
| Deferred tax assets | 6,305 | '''6,055''' | 5,354 | '''5,161''' |
| Other assets | 29,744 | '''59,564''' | 30,550 | '''30,928''' |
| Intangible assets | 19,003 | '''19,126''' | 18,384 | '''18,623''' |
| '''Total assets''' | '''998,354''' | '''1,044,578''' | '''992,884''' | '''1,024,276''' |
</table>

Caption: Total assets build-up by asset type for June 2024, December 2024, June 2025, and December 2025
<table id="7">
| EUR million |  |  |  |  |
|  | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| Cash and cash equivalents | 5,602 | '''7,322''' | 6,749 | '''6,101''' |
| Investments | 119,869 | '''121,318''' | 112,410 | '''114,015''' |
| Financial assets for unit-linked contracts | 0 | '''0''' | 0 | '''0''' |
| Insurance contract assets | 0 | '''18''' | 63 | '''34''' |
| Reinsurance contract assets | 11,390 | '''14,366''' | 13,718 | '''15,601''' |
| Deferred tax assets | 1,650 | '''1,829''' | 1,575 | '''1,353''' |
| Other assets | 25,202 | '''26,878''' | 27,354 | '''26,500''' |
| Intangible assets | 6,518 | '''6,450''' | 6,220 | '''6,475''' |
| '''Total assets''' | '''170,232''' | '''178,180''' | '''168,088''' | '''170,080''' |
</table>

Caption: Total assets build-up by asset type for June 2024, December 2024, June 2025, and December 2025
<table id="8">
| EUR million |  |  |  |  |
|  | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| Cash and cash equivalents | 16,501 | '''17,364''' | 20,056 | '''18,641''' |
| Investments | 582,175 | '''598,409''' | 586,224 | '''605,446''' |
| Financial assets for unit-linked contracts | 160,465 | '''146,470''' | 145,831 | '''158,203''' |
| Insurance contract assets | 88 | '''124''' | 151 | '''188''' |
| Reinsurance contract assets | 14,311 | '''14,546''' | 12,471 | '''12,284''' |
| Deferred tax assets | 5,006 | '''12,359''' | 12,203 | '''11,476''' |
| Other assets | 15,452 | '''47,166''' | 19,088 | '''18,304''' |
| Intangible assets | 4,609 | '''4,633''' | 4,588 | '''4,585''' |
| '''Total assets''' | '''798,606''' | '''841,071''' | '''800,613''' | '''829,128''' |
</table>

Caption: Total assets build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
<table id="9">
| EUR million |  |  |  |  |
|  | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| Cash and cash equivalents | 1,326 | '''1,195''' | 975 | '''1,064''' |
| Investments | 1,169 | '''1,340''' | 1,263 | '''1,472''' |
| Financial assets for unit-linked contracts | 0 | '''0''' | 0 | '''0''' |
| Insurance contract assets | 0 | '''0''' | 0 | '''0''' |
| Reinsurance contract assets | 0 | '''0''' | 0 | '''0''' |
| Deferred tax assets | 266 | '''242''' | 264 | '''260''' |
| Other assets | 5,845 | '''6,431''' | 5,870 | '''6,563''' |
| Intangible assets | 7,582 | '''7,708''' | 7,257 | '''7,251''' |
| '''Total assets''' | '''16,188''' | '''16,917''' | '''15,629''' | '''16,611''' |
</table>

Caption: Total assets build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
<table id="10">
| EUR million |  |  |  |  |
|  | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| Cash and cash equivalents | 4,922 | '''5,982''' | 6,250 | '''4,214''' |
| Investments | 126,338 | '''132,690''' | 134,567 | '''134,224''' |
| Financial assets for unit-linked contracts | 0 | '''0''' | 0 | '''0''' |
| Insurance contract assets | 0 | '''0''' | 0 | '''0''' |
| Reinsurance contract assets | 0 | '''0''' | 0 | '''0''' |
| Deferred tax assets | 1,489 | '''971''' | 819 | '''791''' |
| Other assets | 8,769 | '''10,418''' | 8,761 | '''10,188''' |
| Intangible assets | 290 | '''331''' | 316 | '''307''' |
| '''Total assets''' | '''141,809''' | '''150,392''' | '''150,713''' | '''149,724''' |
</table>

Caption: Total assets build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
<table id="11">
| EUR million |  |  |  |  |
|  | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| Cash and cash equivalents | -293 | '''-227''' | -144 | '''-166''' |
| Investments | -100,486 | '''-100,941''' | -101,858 | '''-101,670''' |
| Financial assets for unit-linked contracts | 0 | '''0''' | 0 | '''0''' |
| Insurance contract assets | 0 | '''0''' | 0 | '''0''' |
| Reinsurance contract assets | -75 | '''-142''' | -130 | '''-89''' |
| Deferred tax assets | -2,106 | '''-9,345''' | -9,508 | '''-8,718''' |
| Other assets | -25,525 | '''-31,329''' | -30,523 | '''-30,627''' |
| Intangible assets | 3 | '''3''' | 3 | '''3''' |
| '''Total assets''' | '''-128,481''' | '''-141,983''' | '''-142,158''' | '''-141,267''' |
</table>

Caption: Total liabilities and equity build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
<table id="12">
| EUR million | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| Financial liabilities | 62,690 | '''66,137''' | 64,717 | '''66,291''' |
| Insurance contract liabilities | 789,512 | '''800,511''' | 780,496 | '''800,677''' |
| Reinsurance contract liabilities | 267 | '''316''' | 434 | '''497''' |
| Investment contract liabilities | 50,252 | '''44,553''' | 46,328 | '''50,550''' |
| Deferred tax liabilities | 2,283 | '''2,257''' | 2,231 | '''2,436''' |
| Other liabilities | 34,541 | '''66,728''' | 38,166 | '''37,477''' |
| '''Total liabilities''' | '''939,544''' | '''980,502''' | '''932,372''' | '''957,928''' |
| Shareholders' equity | 55,511 | '''60,287''' | 57,195 | '''62,722''' |
| Issued capital | 1,170 | '''1,170''' | 1,170 | '''1,170''' |
| Additional paid-in capital | 27,732 | '''27,732''' | 27,732 | '''27,732''' |
| Undated subordinated bonds | 4,833 | '''4,915''' | 4,630 | '''4,629''' |
| Retained earnings | 29,073 | '''33,316''' | 31,739 | '''36,243''' |
| Foreign currency translation adjustments | -2,379 | '''-1,614''' | -4,473 | '''-4,512''' |
| Net unrealized gains and losses | -4,917 | '''-5,232''' | -3,602 | '''-2,540''' |
| Non-controlling interests | 3,299 | '''3,789''' | 3,317 | '''3,627''' |
| '''Total equity''' | '''58,810''' | '''64,076''' | '''60,512''' | '''66,349''' |
| '''Total liabilities and equity''' | '''998,354''' | '''1,044,578''' | '''992,884''' | '''1,024,276''' |
</table>

Caption: Total liabilities and equity build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
<table id="13">
| EUR million | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| Financial liabilities | 1,983 | '''2,996''' | 3,322 | '''1,881''' |
| Insurance contract liabilities | 99,699 | '''102,436''' | 95,523 | '''96,308''' |
| Reinsurance contract liabilities | 113 | '''124''' | 227 | '''261''' |
| Investment contract liabilities | 0 | '''0''' | 0 | '''0''' |
| Deferred tax liabilities | 1,752 | '''2,274''' | 2,072 | '''2,233''' |
| Other liabilities | 16,605 | '''18,070''' | 16,654 | '''17,708''' |
| '''Total liabilities''' | '''120,152''' | '''125,901''' | '''117,799''' | '''118,390''' |
| Shareholders' equity | 48,595 | '''50,632''' | 48,664 | '''49,946''' |
| Non-controlling interests | 1,485 | '''1,647''' | 1,624 | '''1,743''' |
| '''Total equity''' | '''50,080''' | '''52,280''' | '''50,289''' | '''51,689''' |
| '''Total liabilities and equity''' | '''170,232''' | '''178,180''' | '''168,088''' | '''170,080''' |
</table>

Caption: Total liabilities and equity build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
<table id="14">
| EUR million | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| Financial liabilities | 25,470 | '''26,608''' | 24,529 | '''28,398''' |
| Insurance contract liabilities | 689,908 | '''698,221''' | 685,064 | '''704,423''' |
| Reinsurance contract liabilities | 154 | '''191''' | 207 | '''235''' |
| Investment contract liabilities | 50,252 | '''44,553''' | 46,328 | '''50,550''' |
| Deferred tax liabilities | 2,064 | '''8,732''' | 8,903 | '''8,022''' |
| Other liabilities | 8,329 | '''39,226''' | 9,658 | '''9,266''' |
| '''Total liabilities''' | '''776,178''' | '''817,531''' | '''774,689''' | '''800,894''' |
| Shareholders' equity | 20,779 | '''21,601''' | 24,449 | '''26,701''' |
| Non-controlling interests | 1,650 | '''1,939''' | 1,475 | '''1,533''' |
| '''Total equity''' | '''22,428''' | '''23,540''' | '''25,924''' | '''28,234''' |
| '''Total liabilities and equity''' | '''798,606''' | '''841,071''' | '''800,613''' | '''829,128''' |
</table>

Caption: Total liabilities and equity build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
<table id="15">
| EUR million | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| Financial liabilities | 116 | '''108''' | 4 | '''169''' |
| Insurance contract liabilities | 0 | '''0''' | 0 | '''0''' |
| Reinsurance contract liabilities | 0 | '''0''' | 0 | '''0''' |
| Investment contract liabilities | 0 | '''0''' | 0 | '''0''' |
| Deferred tax liabilities | 135 | '''156''' | 142 | '''140''' |
| Other liabilities | 5,577 | '''6,065''' | 5,453 | '''6,206''' |
| '''Total liabilities''' | '''5,828''' | '''6,329''' | '''5,600''' | '''6,516''' |
| Shareholders' equity | 10,246 | '''10,461''' | 9,913 | '''9,976''' |
| Non-controlling interests | 114 | '''127''' | 117 | '''120''' |
| '''Total equity''' | '''10,360''' | '''10,588''' | '''10,030''' | '''10,095''' |
| '''Total liabilities and equity''' | '''16,188''' | '''16,917''' | '''15,629''' | '''16,611''' |
</table>

Caption: Total liabilities and equity build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
<table id="16">
| EUR million | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| Financial liabilities | 42,704 | '''44,597''' | 44,464 | '''42,706''' |
| Insurance contract liabilities | 0 | '''0''' | 0 | '''0''' |
| Reinsurance contract liabilities | 0 | '''0''' | 0 | '''0''' |
| Investment contract liabilities | 0 | '''0''' | 0 | '''0''' |
| Deferred tax liabilities | 444 | '''443''' | 625 | '''762''' |
| Other liabilities | 29,499 | '''34,603''' | 36,878 | '''34,862''' |
| '''Total liabilities''' | '''72,648''' | '''79,643''' | '''81,967''' | '''78,330''' |
| Shareholders' equity | 68,890 | '''70,455''' | 68,423 | '''70,945''' |
| Non-controlling interests | 271 | '''294''' | 323 | '''449''' |
| '''Total equity''' | '''69,161''' | '''70,749''' | '''68,745''' | '''71,395''' |
| '''Total liabilities and equity''' | '''141,809''' | '''150,392''' | '''150,713''' | '''149,724''' |
</table>

Caption: Total liabilities and equity build-up for fiscal years 2024 and 2025
<table id="17">
| EUR million | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| Financial liabilities | -7,583 | '''-8,172''' | -7,603 | '''-6,864''' |
| Insurance contract liabilities | -96 | '''-145''' | -92 | '''-54''' |
| Reinsurance contract liabilities | 0 | '''0''' | 0 | '''0''' |
| Investment contract liabilities | 0 | '''0''' | 0 | '''0''' |
| Deferred tax liabilities | -2,113 | '''-9,348''' | -9,511 | '''-8,721''' |
| Other liabilities | -25,470 | '''-31,235''' | -30,478 | '''-30,564''' |
| '''Total liabilities''' | '''-35,262''' | '''-48,901''' | '''-47,683''' | '''-46,202''' |
| Shareholders' equity | -92,999 | '''-92,862''' | -94,254 | '''-94,846''' |
| Non-controlling interests | -221 | '''-219''' | -221 | '''-219''' |
| '''Total equity''' | '''-93,219''' | '''-93,081''' | '''-94,475''' | '''-95,064''' |
| '''Total liabilities and equity''' | '''-128,481''' | '''-141,983''' | '''-142,158''' | '''-141,267''' |
</table>

## Shareholders’ Equity

Caption: Shareholders' equity rollforward for 12M 25
<table id="18">
| EUR million | Allianz group |
|  | 12M 25 |
| --- | --- |
| '''Opening balance''' | '''60,287''' |
| Total comprehensive income | '''10,517''' |
| Thereof: shareholders' net income | '''10,775''' |
| Purchase, sale, use and cancellation of treasury shares | '''-1,994''' |
| Changes in scope of consolidation | '''0''' |
| Changes in ownership interests in subsidiaries | '''-34''' |
| Capital increases and decreases | '''0''' |
| Other changes | '''29''' |
| Dividends paid | '''-5,924''' |
| Other distributions | '''-158''' |
| '''Closing balance''' | '''62,722''' |
</table>

Caption: Shareholders' equity sensitivity to market movements as of 31.12.2025
<table id="19">
| EUR million | As of 31.12.2025 | As of 31.12.2025 |
|  | Impact | S/h equity |
| --- | --- | --- |
| '''Shareholders' equity''' |  | '''62.7''' |
| Equity markets +30% | 4% | '''65.3''' |
| Equity markets -30% | -5% | '''59.5''' |
| Interest rates +50bps | -1% | '''62.0''' |
| Interest rates -50bps | 1% | '''63.4''' |
| Credit spread on government bonds +50bps | -1% | '''61.8''' |
| Credit spread on non-government bonds +50bps | -1% | '''62.2''' |
</table>

## Solvency II

Caption: Solvency II own funds and SCR rollforward for 4Q 25 and 12M 25
<table id="20">
| EUR billion | 4Q 25 | 12M 25 | 12M 25 | 12M 25 |
|  | Own funds | Own funds | SCR | SII ratio / impact |
| --- | --- | --- | --- | --- |
| '''Opening balance''' | 94.7 | 93.2 | 44.7 | '''209%''' |
| Regulatory / model changes | -1.1 | -1.0 | -2.0 | '''7%-p''' |
| Operating SII earnings / business evolution (footnote: Operating SII earnings after tax/before dividend.) | 3.1 | 13.0 | 1.0 | '''25%-p''' |
| Property-casualty | 1.6 | 6.8 |  |  |
| Life/health | 1.1 | 4.9 |  |  |
| Asset management | 0.7 | 2.3 |  |  |
| Corporate and other | -0.3 | -1.0 |  |  |
| Market impact (footnote: For SCR including cross effects and policyholder participation.) | 1.1 | -0.2 | -0.8 | '''4%-p''' |
| Dividends and share buy-back | -2.1 | -8.5 | 0.0 | '''-20%-p''' |
| Management actions, debt and other (footnote: Other effects on SCR include diversification effects.) | -1.2 | -2.0 | 0.4 | '''-6%-p''' |
| '''Closing balance''' | 94.5 | 94.5 | 43.3 | '''218%''' |
| '''Opening balance incl. transitionals''' | 0.0 | #REF! | #REF! | '''n/a''' |
| '''Closing balance incl. transitionals''' | 0.0 | #REF! | #REF! | '''n/a''' |
</table>

Caption: Solvency II ratio sensitivity to market movements as of 31.12.2025 (footnote: After tax.)
<table id="21">
| EUR billion | As of 31.12.2025 | As of 31.12.2025 |
|  | Impact | SII ratio |
| --- | --- | --- |
| '''Solvency II ratio''' |  | '''218%''' |
| Equity markets +30% | 10%-p | '''229%''' |
| Equity markets -30% | -13%-p | '''205%''' |
| Equity markets (traded equities only) +30% | 4%-p | '''222%''' |
| Equity markets (traded equities only) -30% | -4%-p | '''214%''' |
| Interest rates +50bps | 0%-p | '''219%''' |
| Interest rates -50bps | -1%-p | '''218%''' |
| Credit spread on government bonds +50bps | -4%-p | '''214%''' |
| Credit spread on non-government bonds +50bps | 0%-p | '''219%''' |
| Combined scenario⁵ (IR -50bps, CS +50bps, EQ -30%) (footnote: Including cross effects.) | -22%-p | '''196%''' |
</table>

## Asset Allocation

Caption: Financial assets breakdown by segment and asset type for fiscal years 2024 and 2025
<table id="22">
| EUR billion | Property-Casualty | Property-Casualty | Life/Health | Life/Health | Asset Management | Asset Management | Corporate and Other | Corporate and Other | Consolidation | Consolidation | Allianz Group | Allianz Group |
|  | 31.12.2024 | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | 31.12.2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Net cash investments (footnote: Net of liabilities from securities lending and including liabilities from cash pooling.) | 11.4 | '''9.2''' | 20.5 | '''20.3''' | 2.5 | '''2.3''' | -8.0 | '''-9.2''' | 0.1 | '''-0.1''' | 26.6 | '''22.5''' |
| Equities excluding affiliates | 4.0 | '''3.0''' | 41.8 | '''43.6''' | 0.7 | '''0.7''' | 2.9 | '''3.2''' | 0.0 | '''0.0''' | 49.4 | '''50.5''' |
| Equities carried at fair value through P&L | 0.1 | '''0.0''' | 0.4 | '''0.4''' | 0.0 | '''0.0''' | 0.3 | '''0.3''' | 0.0 | '''0.0''' | 0.8 | '''0.9''' |
| Equities carried at fair value through OCI | 1.0 | '''0.9''' | 22.6 | '''25.6''' | 0.7 | '''0.6''' | 2.1 | '''2.6''' | 0.0 | '''0.0''' | 26.3 | '''29.7''' |
| Equities associates/joint ventures | 3.0 | '''2.1''' | 18.8 | '''17.5''' | 0.1 | '''0.1''' | 0.5 | '''0.3''' | 0.0 | '''0.0''' | 22.3 | '''20.0''' |
| Debt securities | 92.4 | '''89.6''' | 443.9 | '''441.7''' | 0.4 | '''0.3''' | 45.0 | '''46.3''' | -7.6 | '''-6.5''' | 574.1 | '''571.3''' |
| Investment funds | 8.3 | '''6.8''' | 72.9 | '''73.5''' | 0.2 | '''0.4''' | 1.0 | '''0.9''' | 0.0 | '''0.0''' | 82.5 | '''81.6''' |
| Equity funds | 2.7 | '''2.2''' | 27.7 | '''26.6''' | 0.0 | '''0.0''' | 0.8 | '''0.6''' | 0.0 | '''0.0''' | 31.2 | '''29.4''' |
| Debt funds | 3.3 | '''2.9''' | 23.6 | '''25.8''' | 0.1 | '''0.3''' | 0.1 | '''0.1''' | 0.0 | '''0.0''' | 27.1 | '''29.1''' |
| Real estate funds | 1.3 | '''0.9''' | 11.7 | '''10.9''' | 0.0 | '''0.0''' | 0.1 | '''0.0''' | 0.0 | '''0.0''' | 13.0 | '''11.8''' |
| Other funds | 1.1 | '''0.8''' | 9.9 | '''10.2''' | 0.1 | '''0.1''' | 0.1 | '''0.1''' | 0.0 | '''0.0''' | 11.2 | '''11.2''' |
| Derivatives (footnote: Net of liabilities.) | -0.2 | '''0.2''' | 3.6 | '''9.8''' | 0.0 | '''0.0''' | 0.0 | '''-0.2''' | 0.6 | '''0.7''' | 4.0 | '''10.6''' |
| Other | 4.6 | '''3.7''' | 24.5 | '''22.7''' | 0.0 | '''0.0''' | 1.2 | '''1.2''' | 0.0 | '''0.0''' | 30.4 | '''27.6''' |
| Real estate (footnote: Excludes real estate held for own use measured at amortized cost.) | 3.9 | '''3.2''' | 19.6 | '''18.9''' | 0.0 | '''0.0''' | 0.8 | '''0.8''' | 0.0 | '''0.0''' | 24.3 | '''23.0''' |
| Fixed assets of alternative investments | 0.5 | '''0.4''' | 2.2 | '''2.6''' | 0.0 | '''0.0''' | 0.2 | '''0.3''' | 0.0 | '''0.0''' | 2.9 | '''3.3''' |
| Other investments | 0.2 | '''0.0''' | 2.8 | '''1.2''' | 0.0 | '''0.0''' | 0.2 | '''0.1''' | 0.0 | '''0.0''' | 3.2 | '''1.3''' |
| '''Group/segment financial assets excluding affiliates''' | '''120.6''' | '''112.4''' | '''607.3''' | '''611.6''' | '''3.8''' | '''3.8''' | '''42.2''' | '''42.3''' | '''-6.9''' | '''-5.9''' | '''767.0''' | '''764.2''' |
| Affiliates | 11.5 | '''10.4''' | 0.1 | '''2.8''' | 0.0 | '''0.0''' | 81.5 | '''81.8''' | -93.1 | '''-95.1''' | 0.0 | '''0.0''' |
| '''Group/segment financial assets including affiliates''' | '''132.0''' | '''122.8''' | '''607.4''' | '''614.4''' | '''3.8''' | '''3.8''' | '''123.6''' | '''124.1''' | '''-100.0''' | '''-101.0''' | '''767.0''' | '''764.2''' |
</table>

## Allianz Group – CSM

Caption: Gross and net contractual service margin (CSM) rollforward by segment for 12M 25
<table id="23">
| EUR million | Life/Health | Property-Casualty | Allianz group (footnote: Life/Health and Property-Casualty figures don't add up due to consolidation effects.) |
|  | 12M 25 | 12M 25 | 12M 25 |
| --- | --- | --- | --- |
| '''Opening gross CSM (footnote: 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.)''' | '''56,789''' | '''64''' | '''56,851''' |
| '''Closing gross CSM''' | '''55,703''' | '''202''' | '''55,897''' |
| Present value of non-attributable expenses |  |  | '''-7,087''' |
| Reinsurance |  |  | '''-1,411''' |
| Non-controlling interests |  |  | '''-898''' |
| Taxes |  |  | '''-11,121''' |
| '''Closing net CSM''' |  |  | '''35,379''' |
</table>

Caption: Gross contractual service margin (CSM) rollforward for life/health for 12M 25
<table id="24">
| EUR million | Life/Health |
|  | 12M 25 |
| --- | --- |
| '''Opening gross CSM²''' | '''56,789''' |
| CSM@inception | '''5,419''' |
| Expected in-force return | '''2,972''' |
| Economic variances (incl. F/X) | '''-1,924''' |
| Non-economic variances and assumption changes | '''-1,310''' |
| CSM release | '''-5,440''' |
| Change in scope (footnote: The change in scope refers to the sale of UniCredit Allianz Vita S.p.A., which was completed in 2Q 25.) | '''-802''' |
| '''Closing gross CSM''' | '''55,703''' |
</table>

Caption: Contractual service margin (CSM) sensitivity by equity markets, interest rate, and credit spread for fiscal year 2025
<table id="25">
| EUR million | Life/health | Life/health |
|  | Impact | Gross CSM |
| --- | --- | --- |
| '''Closing gross CSM''' |  | '''55.7''' |
| Equity markets +30% | 7% | '''59.5''' |
| Equity markets -30% | -8% | '''51.4''' |
| Interest rate (SII non-parallel) +50bps | -1% | '''54.9''' |
| Interest rate (SII non-parallel) -50bps | 1% | '''56.4''' |
| Credit spread on government bonds +50bps | -1% | '''54.9''' |
| Credit spread on non-government bonds +50bps | -1% | '''55.1''' |
</table>

## Allianz Group

Caption: Operating profit build-up for fiscal years 2024 and 2025
<table id="26">
| EUR million | 2024 | 2025 |
| --- | --- | --- |
| '''Total business volume (footnote: 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.)''' | '''179,778''' | '''186,938''' |
| '''Operating insurance service result''' |  |  |
| Operating insurance revenue | '''97,675''' | '''102,635''' |
| Claims and benefits | '''-61,775''' | '''-63,920''' |
| Operating acquisition and administrative expenses | '''-24,011''' | '''-24,907''' |
| Operating reinsurance result | '''-3,130''' | '''-3,277''' |
| Other insurance service result | '''732''' | '''431''' |
| '''Subtotal''' | '''9,491''' | '''10,961''' |
| '''Operating investment result''' |  |  |
| Operating net investment income, excluding interest expenses from external debt | '''37,001''' | '''30,134''' |
| Finance income (expenses) from insurance contracts issued (net) | '''-32,567''' | '''-26,376''' |
| Finance income (expenses) from reinsurance contracts held (net) | '''416''' | '''749''' |
| '''Subtotal''' | '''4,850''' | '''4,507''' |
| Operating result from investment contracts | '''284''' | '''273''' |
| Operating fee and commission result | '''7,957''' | '''8,304''' |
| Operating other result | '''-6,559''' | '''-6,670''' |
| '''Operating profit''' | '''16,023''' | '''17,374''' |
| '''Non-operating items''' |  |  |
| Realized gains/losses (net) | '''-168''' | '''643''' |
| Expected credit loss and impairments (net) | '''-48''' | '''-53''' |
| Result from assets and liabilities measured at fair value incl. derivatives | '''-227''' | '''-631''' |
| Thereof: non-operating market movements | '''92''' | '''-303''' |
| Interest expenses from external debt | '''-762''' | '''-758''' |
| Restructuring and integration expenses | '''-669''' | '''-708''' |
| Amortization of intangible assets | '''-282''' | '''-271''' |
| Thereof: amortization of intangible assets from business combinations | '''-102''' | '''-97''' |
| Other (footnote: Including hyperinflation result, tax reclassifications from the Life/Health segment, and reclassification impacts from the Asset Management segment.) | '''149''' | '''-136''' |
| '''Subtotal''' | '''-2,007''' | '''-1,914''' |
| '''Income (loss) before income taxes''' | '''14,016''' | '''15,460''' |
| Income taxes | '''-3,476''' | '''-4,030''' |
| '''Net income (loss)''' | '''10,540''' | '''11,430''' |
| '''Net income (loss) attributable to:''' |  |  |
| Non-controlling interests | '''609''' | '''655''' |
| '''Shareholders''' | '''9,931''' | '''10,775''' |
| '''Income (loss) before income taxes''' | '''14,016''' | '''15,460''' |
| Adjustment for non-operating market movements | '''-92''' | '''303''' |
| Adjustment for amortization of intangible assets from business combinations | '''102''' | '''97''' |
| '''Core income (loss) before income taxes''' | '''14,026''' | '''15,860''' |
| Income taxes related to core income | '''-3,521''' | '''-4,078''' |
| '''Core net income (loss)''' | '''10,505''' | '''11,781''' |
| '''thereof: Shareholders' core net income (loss)''' | '''10,017''' | '''11,113''' |
| '''Core return on equity³ (in %) (footnote: For current year periods and prior year periods, the core return on equity for the respective full year is shown.)''' | '''16.9''' | '''18.1''' |
| '''Average shareholders' equity⁴ used for core RoE calculation (footnote: Shareholders‘ equity excluding undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses.)''' | '''58,544''' | '''60,619''' |
</table>

## Allianz Group – EPS

Caption: Earnings per share (EPS) time series for fiscal years 2024 and 2025
<table id="27">
| EUR million | 2024 | 2025 |
| --- | --- | --- |
| Number of shares issued - end of period | '''386,166,676''' | '''380,418,897''' |
| Number of shares outstanding - end of period | '''385,919,437''' | '''380,242,198''' |
| Weighted average number of shares outstanding - basic | '''388,462,381''' | '''382,873,496''' |
| Potentially dilutive shares | '''120,869''' | '''85,195''' |
| Weighted average number of shares outstanding - diluted | '''388,583,250''' | '''382,958,691''' |
| Net income attributable to shareholders - basic (footnote: 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.) | '''9,788''' | '''10,603''' |
| Effect of dilution | '''-5''' | '''-5''' |
| Net income attributable to shareholders - diluted | '''9,783''' | '''10,598''' |
| '''EPS basic (EUR)''' | '''25.20''' | '''27.69''' |
| '''EPS diluted (EUR)''' | '''25.18''' | '''27.67''' |
| Shareholders' core net income - basic¹ | '''9,874''' | '''10,953''' |
| Effect of dilution | '''-5''' | '''-5''' |
| Shareholders' core net income - diluted | '''9,869''' | '''10,948''' |
| '''Core EPS basic (EUR)''' | '''25.42''' | '''28.61''' |
| '''Core EPS diluted (EUR)''' | '''25.40''' | '''28.59''' |
</table>

## Property-Casualty

Caption: Property-casualty operating profit build-up for fiscal years 2024 and 2025
<table id="28">
| EUR million | 2024 | 2025 |
| --- | --- | --- |
| '''Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.)''' | '''82,883''' | '''86,741''' |
| '''Operating insurance service result''' |  |  |
| Operating insurance revenue | '''74,619''' | '''78,164''' |
| Claims and benefits | '''-48,771''' | '''-50,386''' |
| Operating acquisition and administrative expenses | '''-18,022''' | '''-18,645''' |
| Operating reinsurance result | '''-2,927''' | '''-3,000''' |
| Other insurance service result | '''10''' | '''0''' |
| '''Subtotal''' | '''4,908''' | '''6,133''' |
| '''Operating investment result''' |  |  |
| Interest and similar income (footnote: Net of interest expenses.) | '''4,980''' | '''4,737''' |
| Interest accretion | '''-1,159''' | '''-1,336''' |
| Valuation result & other (footnote: Other comprises realized gains/losses, investment expenses, F/X gains/losses on insurance assets/liabilities and other.) | '''-811''' | '''-549''' |
| Thereof: investment expenses | '''-539''' | '''-418''' |
| '''Subtotal''' | '''3,011''' | '''2,851''' |
| Operating fee and commission result | '''59''' | '''70''' |
| Operating other result | '''-79''' | '''-61''' |
| '''Operating profit''' | '''7,898''' | '''8,992''' |
| '''Non-operating items''' |  |  |
| Realized gains/losses (net) | '''-68''' | '''327''' |
| Expected credit loss and impairments (net) | '''-29''' | '''-12''' |
| Result from assets and liabilities measured at fair value incl. derivatives | '''32''' | '''-269''' |
| Thereof: non-operating market movements | '''47''' | '''-265''' |
| Restructuring and integration expenses | '''-387''' | '''-476''' |
| Amortization of intangible assets | '''-196''' | '''-193''' |
| Thereof: amortization of intangible assets from business combinations | '''-77''' | '''-71''' |
| Other (footnote: Including hyperinflation result.) | '''-318''' | '''-226''' |
| '''Subtotal''' | '''-966''' | '''-849''' |
| '''Income (loss) before income taxes''' | '''6,932''' | '''8,144''' |
| Income taxes | '''-1,691''' | '''-2,225''' |
| '''Net income (loss)''' | '''5,241''' | '''5,918''' |
| '''Net income (loss) attributable to:''' |  |  |
| Non-controlling interests | '''144''' | '''215''' |
| '''Shareholders''' | '''5,097''' | '''5,703''' |
| '''Income (loss) before income taxes''' | '''6,932''' | '''8,144''' |
| Adjustment for non-operating market movements | '''-47''' | '''265''' |
| Adjustment for amortization of intangible assets from business combinations | '''77''' | '''71''' |
| '''Core income (loss) before income taxes''' | '''6,962''' | '''8,479''' |
| Income taxes related to core income | '''-1,688''' | '''-2,264''' |
| '''Core net income (loss)''' | '''5,274''' | '''6,215''' |
| '''thereof: Shareholders' core net income (loss)''' | '''5,119''' | '''5,991''' |
| '''Loss ratio⁵ (in %) (footnote: Reinsurance ratio: 3.8% in 4Q 25 (4Q 24: 1.9%), 3.8% in 12M 25 (12M 24: 3.9%).)''' | '''69.3''' | '''68.3''' |
| Attritional loss ratio (in %) | '''69.0''' | '''68.8''' |
| thereof: discounting impact (in %) | '''-2.8''' | '''-2.5''' |
| NatCat impact (in %) | '''2.4''' | '''1.4''' |
| Run-off ratio (in %) | '''-2.1''' | '''-1.9''' |
| '''Expense ratio (in %)''' | '''24.2''' | '''23.9''' |
| '''Combined ratio (in %)''' | '''93.4''' | '''92.2''' |
| '''Core return on equity⁶ (in %) (footnote: For current year periods and prior year periods, the core return on equity for the respective full year is shown.)''' | '''13.5''' | '''15.1''' |
| '''Risk adjustment (net of reinsurance) (footnote: Refers to liability of incurred claims (LIC), not directly related to the loss ratio.)''' | '''1,499''' | '''1,442''' |
</table>

## P&C by Region YTD

Caption: Property-casualty breakdown by region for 12 months 2024 and 12 months 2025
<table id="29">
| EUR million | Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.) | Total business volume¹ | Total business volume¹ | Operating insurance revenue | Operating insurance revenue | Operating profit (loss) | Operating profit (loss) | Combined ratio | Combined ratio | Loss ratio | Loss ratio | Expense ratio | Expense ratio |
|  |  |  | Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.) |  |  |  |  |  |  |  |  |  |  |
|  | 12M 24 | 12M 25 | 12M 25 | 12M 24 | 12M 25 | 12M 24 | 12M 25 | 12M 24 | 12M 25 | 12M 24 | 12M 25 | 12M 24 | 12M 25 |
|  | EUR mn | EUR mn | % | EUR mn | EUR mn | EUR mn | EUR mn | % | % | % | % | % | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Germany | 13,399 | '''14,134''' | '''9.8''' | 12,596 | '''13,598''' | 1,376 | '''1,899''' | 93.0 | '''88.9''' | 68.6 | '''65.0''' | 24.5 | '''24.0''' |
| Switzerland | 2,214 | '''2,342''' | '''3.8''' | 2,182 | '''2,297''' | 293 | '''289''' | 90.0 | '''89.8''' | 67.3 | '''66.9''' | 22.7 | '''22.9''' |
| Central Europe | 4,570 | '''4,623''' | '''4.5''' | 4,414 | '''4,505''' | 565 | '''583''' | 89.6 | '''89.5''' | 63.3 | '''62.5''' | 26.3 | '''27.0''' |
| '''German speaking countries and central Europe''' | '''20,182''' | '''21,099''' | '''7.9''' | '''19,192''' | '''20,399''' | '''2,234''' | '''2,771''' | '''91.9''' | '''89.2''' | '''67.2''' | '''64.6''' | '''24.7''' | '''24.5''' |
| Italy | 5,481 | '''5,682''' | '''3.7''' | 5,285 | '''5,449''' | 652 | '''705''' | 90.8 | '''90.8''' | 63.5 | '''63.8''' | 27.3 | '''27.0''' |
| France | 5,107 | '''5,456''' | '''6.8''' | 5,019 | '''5,342''' | 527 | '''517''' | 93.6 | '''94.0''' | 70.2 | '''70.7''' | 23.4 | '''23.3''' |
| Benelux | 1,486 | '''1,540''' | '''3.6''' | 1,483 | '''1,544''' | 150 | '''156''' | 93.6 | '''94.3''' | 66.5 | '''67.3''' | 27.1 | '''27.0''' |
| Türkiye | 2,224 | '''2,264''' | '''40.2''' | 1,714 | '''1,905''' | 385 | '''477''' | 103.0 | '''99.4''' | 83.5 | '''79.9''' | 19.5 | '''19.5''' |
| Greece | 299 | '''283''' | '''-5.4''' | 272 | '''286''' | 24 | '''19''' | 94.7 | '''96.4''' | 63.0 | '''64.1''' | 31.7 | '''32.3''' |
| Allianz partners | 10,076 | '''10,587''' | '''7.2''' | 7,138 | '''7,638''' | 333 | '''402''' | 97.1 | '''96.7''' | 69.9 | '''69.7''' | 27.1 | '''26.9''' |
| Allianz direct | 1,253 | '''1,542''' | '''19.8''' | 1,079 | '''1,482''' | 50 | '''75''' | 97.4 | '''95.5''' | 81.6 | '''80.7''' | 15.7 | '''14.8''' |
| '''Western & southern Europe, Allianz direct and Allianz partners''' | '''25,926''' | '''27,354''' | '''9.4''' | '''21,991''' | '''23,645''' | '''2,122''' | '''2,350''' | '''95.0''' | '''94.7''' | '''69.7''' | '''69.9''' | '''25.2''' | '''24.8''' |
| Australia | 5,040 | '''5,179''' | '''6.1''' | 4,679 | '''4,850''' | 514 | '''350''' | 91.2 | '''95.4''' | 68.7 | '''73.6''' | 22.5 | '''21.8''' |
| Asia Pacific other | 2,013 | '''2,166''' | '''9.7''' | 1,969 | '''2,123''' | 175 | '''170''' | 97.7 | '''96.5''' | 67.1 | '''66.4''' | 30.6 | '''30.1''' |
| '''Asia Pacific''' | '''7,053''' | '''7,345''' | '''7.1''' | '''6,648''' | '''6,974''' | '''689''' | '''520''' | '''93.1''' | '''95.7''' | '''68.3''' | '''71.4''' | '''24.9''' | '''24.3''' |
| AGCS | 12,141 | '''12,053''' | '''3.5''' | 11,222 | '''10,667''' | 825 | '''780''' | 95.6 | '''95.5''' | 76.4 | '''76.4''' | 19.2 | '''19.1''' |
| Thereof: AGCS excluding fronting & captives (footnote: Internal growth exlcudes Arch transaction.) | 7,880 | '''7,788''' | '''7.8''' | 7,026 | '''6,588''' | 825 | '''780''' | 92.9 | '''92.7''' | 70.9 | '''68.9''' | 22.0 | '''23.8''' |
| Reinsurance P/C and other | 5,739 | '''6,426''' | '''14.9''' | 3,620 | '''4,006''' | 191 | '''539''' | 97.3 | '''88.1''' | 94.0 | '''84.6''' | 3.3 | '''3.5''' |
| Allianz trade | 3,966 | '''4,004''' | '''2.1''' | 3,242 | '''3,216''' | 668 | '''700''' | 82.9 | '''81.7''' | 55.8 | '''54.7''' | 27.1 | '''27.0''' |
| United Kingdom | 5,506 | '''5,421''' | '''-0.3''' | 5,235 | '''5,264''' | 434 | '''556''' | 95.0 | '''93.0''' | 71.7 | '''70.0''' | 23.2 | '''22.9''' |
| Ireland | 801 | '''877''' | '''9.5''' | 747 | '''838''' | 127 | '''127''' | 86.4 | '''87.5''' | 62.5 | '''64.1''' | 23.8 | '''23.3''' |
| Spain | 3,114 | '''3,371''' | '''8.3''' | 2,969 | '''3,247''' | 163 | '''168''' | 96.5 | '''96.4''' | 74.1 | '''74.2''' | 22.4 | '''22.2''' |
| Portugal | 607 | '''699''' | '''15.2''' | 585 | '''672''' | 60 | '''68''' | 90.5 | '''90.8''' | 68.4 | '''69.0''' | 22.2 | '''21.9''' |
| Latin America | 2,984 | '''3,187''' | '''18.1''' | 2,839 | '''2,969''' | 328 | '''321''' | 96.1 | '''93.9''' | 70.5 | '''68.4''' | 25.6 | '''25.4''' |
| Africa | n.m. | '''n.m.''' | '''n.m.''' | n.m. | '''n.m.''' | 45 | '''93''' | n.m. | '''n.m.''' | n.m. | '''n.m.''' | n.m. | '''n.m.''' |
| Middle East | 36 | '''n.m.''' | '''n.m.''' | 56 | '''n.m.''' | n.m. | '''n.m.''' | 101.9 | '''n.m.''' | 81.8 | '''n.m.''' | 20.2 | '''n.m.''' |
| '''Global insurance lines & Anglo markets, Iberia & Latin America, Africa''' | '''34,894''' | '''36,039''' | '''6.7''' | '''30,516''' | '''30,879''' | '''2,841''' | '''3,351''' | '''94.2''' | '''92.3''' | '''74.2''' | '''72.6''' | '''19.9''' | '''19.7''' |
| '''Consolidation (footnote: Represents elimination of transactions between Allianz Group entities in different geographic regions.)''' | '''-5,173''' | '''-5,096''' | '''n.m.''' | '''-3,728''' | '''-3,734''' | '''12''' | '''n.m.''' | '''n.m.''' | '''n.m.''' | '''n.m.''' | '''n.m.''' | '''n.m.''' | '''n.m.''' |
| '''Total''' | '''82,883''' | '''86,741''' | '''8.2''' | '''74,619''' | '''78,164''' | '''7,898''' | '''8,992''' | '''93.4''' | '''92.2''' | '''69.3''' | '''68.3''' | '''24.2''' | '''23.9''' |
</table>

## P&C by Region QTD

Caption: Property-casualty breakdown by region for 4Q 2024 and 4Q 2025
<table id="30">
| EUR million | Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.) | Total business volume¹ | Total business volume¹ | Operating insurance revenue | Operating insurance revenue | Operating profit (loss) | Operating profit (loss) | Combined ratio | Combined ratio | Loss ratio | Loss ratio | Expense ratio | Expense ratio |
|  |  |  | Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.) |  |  |  |  |  |  |  |  |  |  |
|  | 4Q 24 | 4Q 25 | 4Q 25 | 4Q 24 | 4Q 25 | 4Q 24 | 4Q 25 | 4Q 24 | 4Q 25 | 4Q 24 | 4Q 25 | 4Q 24 | 4Q 25 |
|  | EUR mn | EUR mn | % | EUR mn | EUR mn | EUR mn | EUR mn | % | % | % | % | % | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Germany | 2,614 | '''2,759''' | '''11.8''' | 3,215 | '''3,469''' | 442 | '''365''' | 90.4 | '''93.3''' | 65.3 | '''67.7''' | 25.1 | '''25.6''' |
| Switzerland | 251 | '''300''' | '''11.8''' | 547 | '''586''' | 56 | '''96''' | 93.2 | '''85.1''' | 70.0 | '''61.0''' | 23.1 | '''24.1''' |
| Central Europe | 1,083 | '''1,108''' | '''5.2''' | 1,123 | '''1,148''' | 174 | '''172''' | 87.3 | '''88.8''' | 60.4 | '''61.9''' | 26.9 | '''26.9''' |
| '''German speaking countries and central Europe''' | '''3,948''' | '''4,168''' | '''10.0''' | '''4,885''' | '''5,203''' | '''672''' | '''632''' | '''90.0''' | '''91.4''' | '''64.7''' | '''65.7''' | '''25.3''' | '''25.7''' |
| Italy | 1,658 | '''1,735''' | '''4.7''' | 1,376 | '''1,413''' | 162 | '''198''' | 92.4 | '''90.4''' | 64.5 | '''64.1''' | 27.9 | '''26.3''' |
| France | 1,147 | '''1,214''' | '''5.8''' | 1,298 | '''1,376''' | 96 | '''141''' | 98.8 | '''94.4''' | 75.5 | '''71.1''' | 23.3 | '''23.3''' |
| Benelux | 287 | '''295''' | '''2.9''' | 378 | '''391''' | 29 | '''58''' | 93.3 | '''89.8''' | 65.1 | '''61.4''' | 28.2 | '''28.4''' |
| Türkiye | 788 | '''672''' | '''17.5''' | 552 | '''485''' | 114 | '''114''' | 107.1 | '''101.6''' | 88.1 | '''82.1''' | 19.0 | '''19.5''' |
| Greece | 86 | '''74''' | '''-14.3''' | 70 | '''73''' | 7 | '''8''' | 94.6 | '''91.1''' | 64.2 | '''59.1''' | 30.4 | '''32.0''' |
| Allianz partners | 2,321 | '''2,291''' | '''3.5''' | 1,882 | '''1,880''' | 70 | '''102''' | 99.2 | '''97.2''' | 73.2 | '''70.2''' | 26.0 | '''27.1''' |
| Allianz direct | 312 | '''377''' | '''16.1''' | 276 | '''389''' | 30 | '''20''' | 93.5 | '''95.8''' | 77.3 | '''85.3''' | 16.2 | '''10.5''' |
| '''Western & southern Europe, Allianz direct and Allianz partners''' | '''6,600''' | '''6,658''' | '''6.2''' | '''5,834''' | '''6,007''' | '''508''' | '''641''' | '''97.5''' | '''94.7''' | '''72.6''' | '''70.2''' | '''24.9''' | '''24.5''' |
| Australia | 1,263 | '''1,314''' | '''4.0''' | 1,241 | '''1,310''' | 108 | '''-100''' | 93.5 | '''112.2''' | 70.4 | '''91.1''' | 23.1 | '''21.1''' |
| Asia Pacific other | 522 | '''519''' | '''6.5''' | 567 | '''557''' | 46 | '''38''' | 98.9 | '''97.3''' | 64.6 | '''65.5''' | 34.3 | '''31.8''' |
| '''Asia Pacific''' | '''1,786''' | '''1,832''' | '''4.7''' | '''1,807''' | '''1,867''' | '''155''' | '''-62''' | '''95.2''' | '''107.7''' | '''68.6''' | '''83.4''' | '''26.6''' | '''24.3''' |
| AGCS | 2,912 | '''2,786''' | '''4.4''' | 3,078 | '''2,812''' | 148 | '''189''' | 98.0 | '''96.2''' | 80.5 | '''77.7''' | 17.5 | '''18.5''' |
| Thereof: AGCS excluding fronting & captives (footnote: Internal growth exlcudes Arch transaction.) | 1,765 | '''1,947''' | '''9.4''' | 1,611 | '''1,747''' | 148 | '''189''' | 96.3 | '''93.9''' | 75.0 | '''69.3''' | 21.2 | '''24.6''' |
| Reinsurance P/C and other | 1,147 | '''1,114''' | '''4.1''' | 1,012 | '''1,024''' | 55 | '''181''' | 97.9 | '''84.8''' | 94.7 | '''81.0''' | 3.2 | '''3.8''' |
| Allianz trade | 910 | '''879''' | '''-1.2''' | 815 | '''793''' | 146 | '''184''' | 85.3 | '''80.5''' | 58.4 | '''53.2''' | 26.9 | '''27.3''' |
| United Kingdom | 1,331 | '''1,289''' | '''1.8''' | 1,358 | '''1,290''' | 95 | '''123''' | 97.4 | '''94.7''' | 72.3 | '''70.2''' | 25.2 | '''24.5''' |
| Ireland | 188 | '''202''' | '''7.9''' | 199 | '''217''' | 25 | '''33''' | 91.4 | '''88.3''' | 67.1 | '''64.5''' | 24.2 | '''23.8''' |
| Spain | 789 | '''855''' | '''8.3''' | 772 | '''842''' | 1 | '''52''' | 101.8 | '''95.6''' | 78.7 | '''74.7''' | 23.1 | '''20.9''' |
| Portugal | 125 | '''144''' | '''14.7''' | 152 | '''176''' | 15 | '''19''' | 91.1 | '''90.8''' | 68.6 | '''69.1''' | 22.5 | '''21.7''' |
| Latin America | 805 | '''894''' | '''14.3''' | 718 | '''802''' | 60 | '''90''' | 99.1 | '''94.6''' | 72.2 | '''69.8''' | 26.9 | '''24.8''' |
| Africa | n.m. | '''n.m.''' | '''n.m.''' | n.m. | '''n.m.''' | 13 | '''4''' | n.m. | '''n.m.''' | n.m. | '''n.m.''' | n.m. | '''n.m.''' |
| Middle East | n.m. | '''n.m.''' | '''n.m.''' | n.m. | '''n.m.''' | 0 | '''n.m.''' | n.m. | '''n.m.''' | n.m. | '''n.m.''' | n.m. | '''n.m.''' |
| '''Global insurance lines & Anglo markets, Iberia & Latin America, Africa''' | '''8,208''' | '''8,164''' | '''4.9''' | '''8,105''' | '''7,957''' | '''558''' | '''874''' | '''96.8''' | '''92.4''' | '''77.2''' | '''72.8''' | '''19.6''' | '''19.6''' |
| '''Consolidation (footnote: Represents elimination of transactions between Allianz Group entities in different geographic regions.)''' | '''-1,007''' | '''-949''' | '''n.m.''' | '''-1,035''' | '''-953''' | '''56''' | '''49''' | '''n.m.''' | '''n.m.''' | '''n.m.''' | '''n.m.''' | '''n.m.''' | '''n.m.''' |
| '''Total''' | '''19,534''' | '''19,873''' | '''6.7''' | '''19,596''' | '''20,081''' | '''1,948''' | '''2,134''' | '''94.7''' | '''93.6''' | '''70.7''' | '''69.8''' | '''24.1''' | '''23.8''' |
</table>

## P&C by Customer Segment YTD

Caption: Property-casualty breakdown by customer segment for 12 months 2024 and 12 months 2025
<table id="31">
| EUR million | Property-Casualty | Property-Casualty | Retail lines (footnote: Retail including SME and Fleet.) | Retail lines² | Commercial lines (footnote: Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.) | Commercial lines³ | Not allocated | Not allocated |
|  | 12M 24 | 12M 25 | 12M 24 | 12M 25 | 12M 24 | 12M 25 | 12M 24 | 12M 25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.)''' | '''82,883''' | '''86,741''' | '''50,229''' | '''52,789''' | '''32,711''' | '''33,828''' | '''-58''' | '''124''' |
| '''Operating insurance revenue''' | '''74,619''' | '''78,164''' | '''46,219''' | '''49,505''' | '''28,209''' | '''28,579''' | '''191''' | '''80''' |
| '''In %''' |  |  |  |  |  |  |  |  |
| '''Combined ratio''' | '''93.4''' | '''92.2''' | '''94.1''' | '''92.4''' | '''92.2''' | '''91.7''' |  |  |
| Loss ratio | 69.3 | '''68.3''' | 67.9 | '''66.6''' | 71.5 | '''71.1''' |  |  |
| Expense ratio | 24.2 | '''23.9''' | 26.3 | '''25.8''' | 20.7 | '''20.5''' |  |  |
</table>

## P&C by Customer Segment QTD

## Life & Health

Caption: Life and health operating profit build-up for fiscal years 2024 and 2025
<table id="32">
| EUR million | 2024 | 2025 |
| --- | --- | --- |
| '''Total business volume (footnote: Total business volume comprises statutory gross premiums.)''' | '''89,317''' | '''92,314''' |
| Release CSM | '''5,137''' | '''5,440''' |
| Release risk adjustment | '''488''' | '''523''' |
| Variances from claims and expenses (footnote: Including operating reinsurance result.) | '''56''' | '''46''' |
| Losses on onerous contracts | '''-41''' | '''-84''' |
| Non-attributable expenses | '''-1,141''' | '''-1,202''' |
| Operating investment result | '''662''' | '''525''' |
| Other operating result | '''343''' | '''353''' |
| '''Operating profit''' | '''5,505''' | '''5,601''' |
| '''Non-operating items''' |  |  |
| Realized gains/losses (net) | '''-120''' | '''223''' |
| Expected credit loss and impairments (net) | '''11''' | '''-8''' |
| Result from assets and liabilities measured at fair value incl. derivatives | '''-47''' | '''-33''' |
| Thereof: non-operating market movements | '''0''' | '''15''' |
| Restructuring and integration expenses | '''-55''' | '''-71''' |
| Amortization of intangible assets | '''-68''' | '''-56''' |
| Thereof: amortization of intangible assets from business combinations | '''-11''' | '''-10''' |
| Other (including tax reclassifications) (footnote: Including hyperinflation result.) | '''163''' | '''59''' |
| '''Subtotal''' | '''-117''' | '''114''' |
| '''Income (loss) before income taxes''' | '''5,388''' | '''5,715''' |
| Income taxes | '''-1,300''' | '''-1,579''' |
| '''Net income (loss)''' | '''4,088''' | '''4,137''' |
| '''Net income (loss) attributable to:''' |  |  |
| Non-controlling interests | '''176''' | '''203''' |
| '''Shareholders''' | '''3,912''' | '''3,934''' |
| '''Income (loss) before income taxes''' | '''5,388''' | '''5,715''' |
| Adjustment for non-operating market movements | '''-0''' | '''-15''' |
| Adjustment for amortization of intangible assets from business combinations | '''11''' | '''10''' |
| '''Core income (loss) before income taxes''' | '''5,400''' | '''5,711''' |
| Income taxes related to core income | '''-1,303''' | '''-1,576''' |
| '''Core net income (loss)''' | '''4,097''' | '''4,135''' |
| '''thereof: Shareholders' core net income (loss)''' | '''3,917''' | '''3,928''' |
| '''Core return on equity⁴ (in %) (footnote: For current year periods and prior year periods, the core return on equity for the respective full year is shown.)''' | '''16.3''' | '''15.2''' |
| Operating asset base (in EUR bn) | '''783.5''' | '''769.8''' |
| Net flows (in EUR bn) | '''4.7''' | '''11.7''' |
| '''Risk adjustment (gross of reinsurance) (footnote: Refers to liability for remaining coverage (LRC).)''' | '''4,928''' | '''4,836''' |
</table>

## L&H New Business YTD

Caption: Life and health new business breakdown by segment for 12-month periods 2024 and 2025
<table id="33">
| EUR million | Present value of new business premiums | Present value of new business premiums | New business margin | New business margin | Value of new business | Value of new business |
|  | 12M 24 | 12M 25 | 12M 24 | 12M 25 | 12M 24 | 12M 25 |
|  | EUR mn | EUR mn | % | % | EUR mn | EUR mn |
| --- | --- | --- | --- | --- | --- | --- |
| Germany life | 18,614 | '''18,292''' | 4.7 | '''4.6''' | 884 | '''833''' |
| Germany health | 3,609 | '''5,382''' | 5.7 | '''5.6''' | 206 | '''300''' |
| Germany APR | n.m. | '''359''' | n.m. | '''7.9''' | n.m. | '''28''' |
| Switzerland | 840 | '''1,047''' | 4.8 | '''4.6''' | 40 | '''48''' |
| Central Europe (footnote: Includes the Austrian health business from 01.01.2025.) | 1,633 | '''2,074''' | 9.9 | '''10.6''' | 162 | '''220''' |
| '''German speaking countries and Central Europe''' | '''24,697''' | '''27,153''' | '''5.2''' | '''5.3''' | '''1,292''' | '''1,429''' |
| Italy | 14,099 | '''14,325''' | 3.6 | '''3.5''' | 513 | '''505''' |
| France | 6,665 | '''6,871''' | 4.6 | '''5.3''' | 305 | '''365''' |
| Benelux | 2,164 | '''2,569''' | 4.2 | '''4.5''' | 90 | '''116''' |
| Türkiye | 1,696 | '''2,474''' | 7.0 | '''6.1''' | 118 | '''151''' |
| Greece | 86 | '''96''' | 2.5 | '''2.5''' | 2 | '''2''' |
| '''Western & Southern Europe''' | '''24,709''' | '''26,335''' | '''4.2''' | '''4.3''' | '''1,029''' | '''1,140''' |
| '''Asia Pacific''' | '''7,185''' | '''7,757''' | '''9.8''' | '''9.2''' | '''707''' | '''716''' |
| '''USA''' | '''21,843''' | '''21,239''' | '''6.1''' | '''6.3''' | '''1,337''' | '''1,345''' |
| Reinsurance L/H | 1,687 | '''210''' | 8.1 | '''8.3''' | 137 | '''17''' |
| Spain | 574 | '''627''' | 3.6 | '''3.4''' | 20 | '''22''' |
| Portugal | 192 | '''222''' | 14.8 | '''11.1''' | 28 | '''25''' |
| Latin America | 1,063 | '''1,730''' | 13.4 | '''7.8''' | 143 | '''136''' |
| '''Global insurance lines & Anglo markets, Iberia & Latin America, Africa''' | '''3,516''' | '''2,788''' | '''9.4''' | '''7.2''' | '''329''' | '''199''' |
| '''Consolidation and other''' | '''-123''' | '''-591''' | '''n.m.''' | '''n.m.''' | '''n.m.''' | '''n.m.''' |
| '''Total''' | '''81,827''' | '''84,682''' | '''5.7''' | '''5.7''' | '''4,694''' | '''4,829''' |
</table>

Caption: Contractual service margin (CSM) build-up for 12-month periods 2024 and 2025
<table id="34">
| EUR million | 12M 24 | 12M 25 |
| --- | --- | --- |
| '''Value of new business''' | '''4,694''' | '''4,829''' |
| Non-attributable expenses | 693 | 772 |
| Scope / other | 681 | -183 |
| '''CSM at inception''' | '''6,067''' | '''5,419''' |
</table>

## L&H New Business QTD

Caption: Life and health new business breakdown by segment for fourth quarters 2024 and 2025
<table id="35">
| EUR million | Present value of new business premiums | Present value of new business premiums | New business margin | New business margin | Value of new business | Value of new business |
|  | 4Q 24 | 4Q 25 | 4Q 24 | 4Q 25 | 4Q 24 | 4Q 25 |
|  | EUR mn | EUR mn | % | % | EUR mn | EUR mn |
| --- | --- | --- | --- | --- | --- | --- |
| Germany life | 5,786 | '''4,634''' | 4.5 | '''4.6''' | 259 | '''212''' |
| Germany health | 1,044 | '''1,306''' | 5.9 | '''5.8''' | 62 | '''76''' |
| Germany APR | n.m. | '''113''' | n.m. | '''7.8''' | n.m. | '''9''' |
| Switzerland | 161 | '''172''' | 5.2 | '''5.2''' | 8 | '''9''' |
| Central Europe (footnote: Includes the Austrian health business from 01.01.2025.) | 456 | '''605''' | 9.2 | '''10.4''' | 42 | '''63''' |
| '''German speaking countries and Central Europe''' | '''7,447''' | '''6,830''' | '''5.0''' | '''5.4''' | '''371''' | '''368''' |
| Italy | 3,997 | '''3,261''' | 3.7 | '''4.2''' | 149 | '''136''' |
| France | 1,039 | '''1,272''' | 4.8 | '''4.9''' | 50 | '''62''' |
| Benelux | 555 | '''677''' | 4.4 | '''4.0''' | 24 | '''27''' |
| Türkiye | 517 | '''818''' | 6.7 | '''5.1''' | 35 | '''42''' |
| Greece | 27 | '''29''' | 2.8 | '''3.4''' | 1 | '''1''' |
| '''Western & Southern Europe''' | '''6,136''' | '''6,057''' | '''4.2''' | '''4.4''' | '''258''' | '''268''' |
| '''Asia Pacific''' | '''1,836''' | '''1,787''' | '''10.2''' | '''9.6''' | '''187''' | '''172''' |
| '''USA''' | '''5,224''' | '''5,731''' | '''5.6''' | '''6.2''' | '''292''' | '''355''' |
| Reinsurance L/H | 47 | '''108''' | 9.5 | '''5.3''' | 4 | '''6''' |
| Spain | 175 | '''202''' | 3.9 | '''2.7''' | 7 | '''5''' |
| Portugal | 80 | '''84''' | 8.8 | '''8.4''' | 7 | '''7''' |
| Latin America | 296 | '''473''' | 10.0 | '''7.6''' | 30 | '''36''' |
| '''Global insurance lines & Anglo markets, Iberia & Latin America, Africa''' | '''598''' | '''866''' | '''8.0''' | '''6.2''' | '''48''' | '''54''' |
| '''Consolidation and other''' | '''-33''' | '''-107''' | '''n.m.''' | '''n.m.''' | '''n.m.''' | '''n.m.''' |
| '''Total''' | '''21,207''' | '''21,163''' | '''5.5''' | '''5.8''' | '''1,156''' | '''1,217''' |
</table>

Caption: Contractual service margin (CSM) build-up for fourth quarters 2024 and 2025
<table id="36">
| EUR million | 4Q 24 | 4Q 25 |
| --- | --- | --- |
| '''Value of new business''' | '''1,156''' | '''1,217''' |
| Non-attributable expenses | 184 | 195 |
| Scope / other | 801 | -59 |
| '''CSM at inception''' | '''2,142''' | '''1,353''' |
</table>

## L&H by Region YTD

Caption: Life and health business volume, operating insurance revenue, operating profit, and contractual service margin by region for 12-month periods 2024 and 2025
<table id="37">
| EUR million | Total business volume (footnote: Total business volume comprises statutory gross premiums.) | Total business volume¹ | Total business volume¹ | Operating insurance revenue | Operating insurance revenue | Operating profit (loss) | Operating profit (loss) | Contractual service margin (footnote: 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.) | Contractual service margin³ |
|  |  |  | Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.) |  |  |  |  |  |  |
|  | 12M 24 | 12M 25 | 12M 25 | 12M 24 | 12M 25 | 12M 24 | 12M 25 | 31.12.2024 | 31.12.2025 |
|  | EUR mn | EUR mn | % | EUR mn | EUR mn | EUR mn | EUR mn | EUR mn | EUR mn |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Germany life | 24,421 | '''26,929''' | '''10.3''' | 5,349 | '''5,810''' | 1,184 | '''1,192''' | 15,840 | '''16,916''' |
| Germany health | 4,322 | '''4,663''' | '''7.9''' | 4,386 | '''4,720''' | 244 | '''259''' | 7,379 | '''7,437''' |
| Germany APR | n.m. | '''474''' | '''1.2''' | n.m. | '''165''' | n.m. | '''67''' | n.m. | '''515''' |
| Switzerland | 1,697 | '''1,767''' | '''3.0''' | 491 | '''483''' | 120 | '''122''' | 1,838 | '''1,830''' |
| Central Europe (footnote: Includes the Austrian health business from 01.01.2025.) | 2,118 | '''2,402''' | '''5.0''' | 1,044 | '''1,309''' | 517 | '''588''' | 2,002 | '''2,951''' |
| '''German speaking countries and Central Europe''' | '''32,559''' | '''36,236''' | '''9.1''' | '''11,271''' | '''12,486''' | '''2,065''' | '''2,229''' | '''27,059''' | '''29,649''' |
| Italy | 13,257 | '''12,485''' | '''15.5''' | 1,421 | '''1,141''' | 585 | '''494''' | 3,532 | '''2,978''' |
| France | 8,003 | '''7,911''' | '''-1.1''' | 3,888 | '''3,811''' | 625 | '''645''' | 4,306 | '''4,655''' |
| Benelux | 2,424 | '''2,571''' | '''6.1''' | 441 | '''472''' | 151 | '''152''' | 981 | '''1,126''' |
| Türkiye | 1,474 | '''2,057''' | '''92.2''' | 165 | '''192''' | 180 | '''189''' | 105 | '''129''' |
| Greece | 157 | '''163''' | '''3.8''' | 114 | '''116''' | 3 | '''-6''' | 54 | '''54''' |
| '''Western & Southern Europe''' | '''25,315''' | '''25,187''' | '''13.5''' | '''6,029''' | '''5,731''' | '''1,544''' | '''1,474''' | '''8,977''' | '''8,942''' |
| '''Asia Pacific''' | '''6,795''' | '''7,304''' | '''9.6''' | '''2,311''' | '''2,524''' | '''620''' | '''603''' | '''5,306''' | '''5,296''' |
| '''USA''' | '''22,383''' | '''21,829''' | '''2.0''' | '''2,666''' | '''2,812''' | '''1,076''' | '''1,038''' | '''13,169''' | '''10,923''' |
| Reinsurance L/H | 578 | '''542''' | '''-6.6''' | 505 | '''484''' | 39 | '''47''' | 663 | '''520''' |
| Spain | 618 | '''268''' | '''4.6''' | 294 | '''414''' | 65 | '''76''' | 417 | '''364''' |
| Portugal | 182 | '''168''' | '''-7.5''' | 77 | '''74''' | 15 | '''13''' | 1 | '''1''' |
| Latin America | 1,017 | '''1,286''' | '''37.9''' | 127 | '''129''' | 93 | '''99''' | 112 | '''118''' |
| Africa | n.m. | '''n.m.''' | '''n.m.''' | n.m. | '''n.m.''' | 24 | '''63''' | n.m. | '''n.m.''' |
| Middle East | 5 | '''n.m.''' | '''n.m.''' | 3 | '''n.m.''' | n.m. | '''n.m.''' | n.m. | '''n.m.''' |
| '''Global insurance lines & Anglo markets, Iberia & Latin America, Africa''' | '''2,400''' | '''2,264''' | '''15.1''' | '''1,007''' | '''1,101''' | '''236''' | '''296''' | '''1,192''' | '''1,002''' |
| '''Consolidation and other (footnote: Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.)''' | '''-135''' | '''-507''' | '''n.m.''' | '''-145''' | '''-128''' | '''-35''' | '''-39''' | '''-132''' | '''-108''' |
| '''Total''' | '''89,317''' | '''92,314''' | '''8.2''' | '''23,138''' | '''24,527''' | '''5,505''' | '''5,601''' | '''55,571''' | '''55,703''' |
</table>

## L&H by Region QTD

Caption: Life and health business volume, operating insurance revenue, operating profit, and contractual service margin by region for fourth quarters 2024 and 2025
<table id="38">
| EUR million | Total business volume (footnote: Total business volume comprises statutory gross premiums.) | Total business volume¹ | Total business volume¹ | Operating insurance revenue | Operating insurance revenue | Operating profit (loss) | Operating profit (loss) | Contractual service margin (footnote: 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.) | Contractual service margin³ |
|  |  |  | Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.) |  |  |  |  |  |  |
|  | 4Q 24 | 4Q 25 | 4Q 25 | 4Q 24 | 4Q 25 | 4Q 24 | 4Q 25 | 31.12.2024 | 31.12.2025 |
|  | EUR mn | EUR mn | % | EUR mn | EUR mn | EUR mn | EUR mn | EUR mn | EUR mn |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Germany life | 7,358 | '''6,124''' | '''-16.8''' | 1,601 | '''1,866''' | 328 | '''332''' | 15,840 | '''16,916''' |
| Germany health | 1,087 | '''1,177''' | '''8.2''' | 1,137 | '''1,186''' | 81 | '''76''' | 7,379 | '''7,437''' |
| Germany APR | n.m. | '''130''' | '''4.6''' | n.m. | '''39''' | n.m. | '''14''' | n.m. | '''515''' |
| Switzerland | 261 | '''278''' | '''5.6''' | 129 | '''124''' | 33 | '''38''' | 1,838 | '''1,830''' |
| Central Europe (footnote: Includes the Austrian health business from 01.01.2025.) | 551 | '''645''' | '''7.9''' | 276 | '''354''' | 128 | '''145''' | 2,002 | '''2,951''' |
| '''German speaking countries and Central Europe''' | '''9,257''' | '''8,355''' | '''-11.4''' | '''3,144''' | '''3,570''' | '''570''' | '''605''' | '''27,059''' | '''29,649''' |
| Italy | 3,809 | '''3,017''' | '''18.9''' | 469 | '''270''' | 132 | '''91''' | 3,532 | '''2,978''' |
| France | 2,101 | '''2,288''' | '''8.9''' | 904 | '''866''' | 151 | '''193''' | 4,306 | '''4,655''' |
| Benelux | 696 | '''790''' | '''13.5''' | 121 | '''123''' | 37 | '''42''' | 981 | '''1,126''' |
| Türkiye | 511 | '''742''' | '''99.9''' | 52 | '''49''' | 56 | '''46''' | 105 | '''129''' |
| Greece | 43 | '''45''' | '''3.6''' | 30 | '''31''' | -0 | '''-4''' | 54 | '''54''' |
| '''Western & Southern Europe''' | '''7,161''' | '''6,882''' | '''21.6''' | '''1,576''' | '''1,339''' | '''376''' | '''368''' | '''8,977''' | '''8,942''' |
| '''Asia Pacific''' | '''1,794''' | '''1,763''' | '''4.9''' | '''614''' | '''651''' | '''164''' | '''104''' | '''5,306''' | '''5,296''' |
| '''USA''' | '''5,417''' | '''5,882''' | '''18.4''' | '''717''' | '''707''' | '''250''' | '''209''' | '''13,169''' | '''10,923''' |
| Reinsurance L/H | 143 | '''126''' | '''-12.8''' | 110 | '''127''' | 14 | '''13''' | 663 | '''520''' |
| Spain | 191 | '''207''' | '''8.4''' | 76 | '''73''' | 19 | '''20''' | 417 | '''364''' |
| Portugal | 76 | '''76''' | '''-0.1''' | 19 | '''18''' | 3 | '''2''' | 1 | '''1''' |
| Latin America | 261 | '''377''' | '''43.0''' | 33 | '''37''' | 23 | '''26''' | 112 | '''118''' |
| Africa | n.m. | '''n.m.''' | '''n.m.''' | n.m. | '''n.m.''' | 4 | '''21''' | n.m. | '''n.m.''' |
| Middle East | n.m. | '''n.m.''' | '''n.m.''' | n.m. | '''n.m.''' | n.m. | '''n.m.''' | n.m. | '''n.m.''' |
| '''Global insurance lines & Anglo markets, Iberia & Latin America, Africa''' | '''671''' | '''785''' | '''16.4''' | '''239''' | '''255''' | '''63''' | '''83''' | '''1,192''' | '''1,002''' |
| '''Consolidation and other (footnote: Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.)''' | '''-25''' | '''-25''' | '''n.m.''' | '''-25''' | '''-45''' | '''-0''' | '''-5''' | '''-132''' | '''-108''' |
| '''Total''' | '''24,277''' | '''23,642''' | '''6.0''' | '''6,264''' | '''6,476''' | '''1,424''' | '''1,364''' | '''55,571''' | '''55,703''' |
</table>

## L&H Details YTD

Caption: Life and health segment operating profit and business volume by product type for 12-month periods 2024 and 2025
<table id="39">
| EUR million | Life/health segment | Life/health segment | Capital-efficient products | Capital-efficient products | Unit-linked without guarantees | Unit-linked without guarantees | Protection & health | Protection & health | Guaranteed savings & annuities | Guaranteed savings & annuities |
|  | 12M 24 | 12M 25 (footnote: Includes the German APR and the Austrian health businesses from 01.01.2025.) | 12M 24 | 12M 25¹ | 12M 24 | 12M 25¹ | 12M 24 | 12M 25¹ | 12M 24 | 12M 25¹ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Release CSM | 5,137 | 5,440 | 1,602 | 1,625 | 619 | 637 | 1,537 | 1,702 | 1,378 | 1,476 |
| Release risk adjustment | 488 | 523 | 104 | 105 | 70 | 81 | 212 | 228 | 102 | 108 |
| Variances from claims and expenses (footnote: Including operating reinsurance result.) | 56 | 46 | 49 | 188 | -15 | -21 | -18 | -26 | 40 | -96 |
| Losses on onerous contracts | -41 | -84 | -1 | -2 | 1 | -2 | -37 | -60 | -4 | -20 |
| Non-attributable expenses | -1,141 | -1,202 | -289 | -295 | -96 | -80 | -350 | -367 | -405 | -460 |
| Operating investment result | 662 | 525 | 80 | -52 | 80 | 92 | 45 | 19 | 456 | 467 |
| Other operating result | 343 | 353 | 22 | 34 | 292 | 285 | -7 | 2 | 36 | 32 |
| '''Operating profit''' | '''5,505''' | '''5,601''' | '''1,567''' | '''1,603''' | '''952''' | '''993''' | '''1,382''' | '''1,498''' | '''1,604''' | '''1,507''' |
| '''Total business volume (footnote: Total business volume comprises statutory gross premiums.)''' | '''89,317''' | '''92,314''' | '''40,884''' | '''41,759''' | '''19,922''' | '''21,405''' | '''15,319''' | '''15,908''' | '''13,191''' | '''13,242''' |
| '''Operating insurance revenue''' | '''23,138''' | '''24,527''' | '''3,433''' | '''3,733''' | '''1,577''' | '''1,592''' | '''12,820''' | '''13,558''' | '''5,307''' | '''5,644''' |
| '''Contractual service margin (gross) (footnote: 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.)''' | '''55,571''' | '''55,703''' | '''17,190''' | '''16,245''' | '''6,045''' | '''6,382''' | '''17,388''' | '''18,018''' | '''14,948''' | '''15,058''' |
| '''PVFCF (footnote: 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.)''' | '''649,968''' | '''633,941''' | '''234,052''' | '''237,659''' | '''83,794''' | '''78,990''' | '''46,648''' | '''45,147''' | '''285,474''' | '''272,145''' |
| '''Present value of new business premiums''' | '''81,827''' | '''84,682''' | '''40,403''' | '''37,961''' | '''19,478''' | '''22,380''' | '''16,072''' | '''16,960''' | '''5,874''' | '''7,381''' |
| '''New business margin (in %)''' | '''5.7''' | '''5.7''' | '''5.2''' | '''5.3''' | '''4.2''' | '''4.1''' | '''9.2''' | '''9.2''' | '''5.1''' | '''4.9''' |
| '''Value of new business''' | '''4,694''' | '''4,829''' | '''2,112''' | '''2,002''' | '''813''' | '''907''' | '''1,472''' | '''1,562''' | '''297''' | '''358''' |
</table>

## L&H Details QTD

## Asset Management

Caption: Asset management income statement for fiscal years 2024 and 2025
<table id="40">
| EUR million | 2024 | 2025 |
| --- | --- | --- |
| '''Net operating revenues''' |  |  |
| Net fee and commission income | '''8,186''' | '''8,408''' |
| Thereof: net fee and commission income excl. performance fees (footnote: Excluding performance fees and other income.) | '''7,640''' | '''8,007''' |
| Thereof: performance fees | '''545''' | '''402''' |
| Other operating revenues | '''139''' | '''99''' |
| '''Subtotal''' | '''8,324''' | '''8,507''' |
| '''Operating expenses''' | '''-5,086''' | '''-5,162''' |
| '''Operating profit (footnote: Includes operating result from PIMCO, AllianzGI and other entities.)''' | '''3,239''' | '''3,345''' |
| Thereof: PIMCO | '''2,518''' | '''2,593''' |
| Thereof: AllianzGI | '''733''' | '''770''' |
| '''Non-operating items''' |  |  |
| Realized gains/losses (net) | '''17''' | '''94''' |
| Expected credit loss and impairments (net) | '''-0''' | '''-0''' |
| Result from assets and liabilities measured at fair value incl. derivatives | '''11''' | '''9''' |
| Thereof: non-operating market movements | '''11''' | '''9''' |
| Restructuring and integration expenses | '''-11''' | '''-64''' |
| Amortization of intangible assets | '''-7''' | '''-7''' |
| Thereof: amortization of intangible assets from business combinations | '''-2''' | '''-2''' |
| Other (footnote: 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.) | '''8''' | '''-29''' |
| '''Subtotal''' | '''18''' | '''3''' |
| '''Income (loss) before income taxes''' | '''3,257''' | '''3,348''' |
| Income taxes | '''-829''' | '''-835''' |
| '''Net income (loss)''' | '''2,428''' | '''2,513''' |
| '''Net income (loss) attributable to:''' |  |  |
| Non-controlling interests | '''210''' | '''226''' |
| '''Shareholders''' | '''2,218''' | '''2,287''' |
| '''Income (loss) before income taxes''' | '''3,257''' | '''3,348''' |
| Adjustment for non-operating market movements | '''-11''' | '''-9''' |
| Adjustment for amortization of intangible assets from business combinations | '''2''' | '''2''' |
| '''Core income (loss) before income taxes''' | '''3,248''' | '''3,341''' |
| Income taxes related to core income (loss) | '''-826''' | '''-834''' |
| '''Core net income (loss)''' | '''2,421''' | '''2,507''' |
| '''thereof: Shareholders' core net income (loss)''' | '''2,211''' | '''2,282''' |
| '''Cost-income ratio (in %)''' | '''61.1''' | '''60.7''' |
| Thereof: PIMCO | '''59.6''' | '''59.8''' |
| Thereof: AllianzGI | '''64.9''' | '''62.4''' |
| '''3rd party AuM margin³ (in bps)''' | '''38.5''' | '''38.2''' |
| Thereof: PIMCO | '''37.6''' | '''37.4''' |
| Thereof: AllianzGI | '''42.0''' | '''41.2''' |
| '''Core return on equity⁴ (in %) (footnote: For current year periods and prior year periods, the core return on equity for the respective full year is shown.)''' | '''21.5''' | '''22.3''' |
</table>

## AM AUM

Caption: Assets under management breakdown by type, asset class, and region for fiscal years 2024 and 2025
<table id="41">
| EUR billion | 2024 | 2025 |
| --- | --- | --- |
| '''Assets under management''' | '''2,448''' | '''2,512''' |
| Allianz Group assets under management | '''528''' | '''522''' |
| Third-party assets under management | '''1,920''' | '''1,990''' |
| Thereof: PIMCO | '''1,521''' | '''1,573''' |
| Thereof: AllianzGI | '''399''' | '''417''' |
| Third-party assets under management by asset classes |  |  |
| Fixed income | '''1,472''' | '''1,523''' |
| Multi-assets | '''189''' | '''196''' |
| Equities | '''165''' | '''172''' |
| Alternatives | '''95''' | '''98''' |
| Third-party assets under management by regions |  |  |
| America | '''998''' | '''1,024''' |
| Europe | '''558''' | '''584''' |
| Asia Pacific | '''364''' | '''382''' |
</table>

Caption: Third-party net flows breakdown by PIMCO and AllianzGI for fiscal years 2024 and 2025
<table id="42">
| EUR billion | 2024 | 2025 |
| --- | --- | --- |
| '''Third-party net flows''' | '''85''' | '''139''' |
| Thereof: PIMCO | '''84''' | '''133''' |
| Thereof: AllianzGI | '''0''' | '''6''' |
</table>

## Corporate and Other

Caption: Operating profit and non-operating items build-up for corporate and other for fiscal years 2024 and 2025
<table id="43">
| EUR million | 2024 | 2025 |
| --- | --- | --- |
| Operating net investment income, excluding interest expenses from external debt | '''419''' | '''474''' |
| Finance income (expenses) from insurance contracts issued (net) | '''0''' | '''0''' |
| Finance income (expenses) from reinsurance contracts held (net) | '''0''' | '''0''' |
| '''Operating investment result''' | '''419''' | '''474''' |
| Operating administrative expenses | '''-1,418''' | '''-1,477''' |
| Operating fee and commission result | '''384''' | '''438''' |
| Operating other result | '''0''' | '''-0''' |
| '''Operating profit''' | '''-615''' | '''-565''' |
| '''Non-operating items''' |  |  |
| Realized gains/losses (net) | '''3''' | '''-1''' |
| Expected credit loss and impairments (net) | '''-30''' | '''-33''' |
| Result from assets and liabilities measured at fair value incl. derivatives | '''-223''' | '''-339''' |
| Thereof: non-operating market movements | '''33''' | '''-62''' |
| Interest expenses from external debt | '''-762''' | '''-758''' |
| Restructuring and integration expenses | '''-215''' | '''-97''' |
| Amortization of intangible assets | '''-11''' | '''-16''' |
| Thereof: amortization of intangible assets from business combinations | '''-11''' | '''-14''' |
| Other | '''292''' | '''61''' |
| '''Subtotal''' | '''-946''' | '''-1,183''' |
| '''Income (loss) before income taxes''' | '''-1,561''' | '''-1,748''' |
| Income taxes | '''344''' | '''610''' |
| '''Net income (loss)''' | '''-1,217''' | '''-1,138''' |
| '''Net income (loss) attributable to:''' |  |  |
| Non-controlling interests | '''78''' | '''12''' |
| '''Shareholders''' | '''-1,295''' | '''-1,149''' |
| '''Income (loss) before income taxes''' | '''-1,561''' | '''-1,748''' |
| Adjustment for non-operating market movements | '''-33''' | '''62''' |
| Adjustment for amortization of intangible assets from business combinations | '''11''' | '''14''' |
| '''Core income (loss) before income taxes''' | '''-1,583''' | '''-1,672''' |
| Income taxes related to core income (loss) | '''296''' | '''597''' |
| '''Core net income (loss)''' | '''-1,287''' | '''-1,075''' |
| '''thereof: Shareholders' core net income (loss)''' | '''-1,228''' | '''-1,087''' |
</table>

## Consolidation

Caption: Consolidation of operating profit and non-operating items for fiscal years 2024 and 2025
<table id="44">
| EUR million | 2024 | 2025 |
| --- | --- | --- |
| '''Total business volume (footnote: 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.)''' | '''-746''' | '''-623''' |
| '''Operating insurance revenue''' | '''-81''' | '''-56''' |
| '''Operating profit''' | '''-4''' | '''1''' |
| '''Non-operating items''' |  |  |
| Realized gains/losses (net) | '''-0''' | '''1''' |
| Expected credit loss and impairments (net) | '''0''' | '''0''' |
| Result from assets and liabilities measured at fair value incl. derivatives | '''1''' | '''1''' |
| Thereof: non-operating market movements | '''1''' | '''1''' |
| Interest expenses from external debt | '''0''' | '''0''' |
| Restructuring and integration expenses | '''0''' | '''0''' |
| Amortization of intangible assets | '''-1''' | '''0''' |
| Thereof: amortization of intangible assets from business combinations | '''0''' | '''0''' |
| Other | '''4''' | '''-1''' |
| '''Subtotal''' | '''4''' | '''1''' |
| '''Income (loss) before income taxes''' | '''-0''' | '''1''' |
| Income taxes | '''-0''' | '''-1''' |
| '''Net income (loss)''' | '''-0''' | '''0''' |
| '''Net income (loss) attributable to:''' |  |  |
| Non-controlling interests | '''0''' | '''0''' |
| '''Shareholders''' | '''-0''' | '''0''' |
| '''Income (loss) before income taxes''' | '''-0''' | '''1''' |
| Adjustment for non-operating market movements | '''-1''' | '''-1''' |
| Adjustment for amortization of intangible assets from business combinations | '''0''' | '''0''' |
| '''Core income (loss) before income taxes''' | '''-1''' | '''0''' |
| Income taxes related to core income (loss) | '''-0''' | '''-1''' |
| '''Core net income (loss)''' | '''-1''' | '''-1''' |
| '''Thereof: shareholders' core net income (loss)''' | '''-1''' | '''-1''' |
</table>