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

# Allianz/2025/FY/Financial supplement

## Market Data

Caption: Foreign exchange spot rates by currency for June 2024 to December 2025
<table id="1">
|  | Spot | Spot | Spot | Spot |
|  | 30.06.2024 | 31.12.2024 | 30.06.2025 | 31.12.2025 |
| --- | --- | --- | --- | --- |
| '''USD''' | (footnote: 93 - 2.68.)07175 | '''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 fiscal years 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 for unit-linked contracts and immediate fixed annuity and P/C liability for incurred claims by currency and duration as of December 2024 and March 2025 (footnote: Traditional participating and other insurance contracts³.) (footnote: EUR.) (footnote: USD.)
<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 | (footnote: 47 - 3.11.)27 | (footnote: 38 - 3.02.)18 | (footnote: 50 - 3.14.)3 | (footnote: 49 - 3.13.)29 | (footnote: 55 - 3.08.)38 | (footnote: 36 - 3.00.)180063 |
| USD | (footnote: 87 - 5.05.)09 | (footnote: 20 - 3.84.)94 | (footnote: 25 - 3.80.)99 | (footnote: 95 - 5.13.)02 | 3.80 | 3.90 |
| '''Immediate fixed annuity and P/C liability for incurred claims''' |  |  |  |  |  |  |
| EUR | (footnote: 53 - 3.17.)55 | (footnote: 78 - 3.41.)46 | (footnote: 88 - 3.51.)58 | (footnote: 81 - 3.34.)58 | (footnote: 20 - 2.94.)62 | (footnote: 54 - 3.28.)45365 |
| USD | (footnote: 67 - 4.87.)64 | (footnote: 95 - 5.15.)49 | (footnote: 69 - 4.95.)53 | (footnote: 45 - 4.71.)57 | (footnote: 74 - 5.00.)33 | (footnote: 96 - 5.21.)586971 |
</table>

Caption: Discount rates for unit-linked contracts and immediate fixed annuity and P/C liability for incurred claims by currency and duration as of June 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 | (footnote: 76 - 3.51.)195914 | (footnote: 82 - 3.47.)538581 | (footnote: 05 - 2.75.)761319 | (footnote: 31 - 3.01.)820266 | (footnote: 62 - 3.32.)051855 |
| USD | 3.80 | 3.37 | 3.65 | 3.96 | 3.87 | 3.58 |
| '''Immediate fixed annuity and P/C liability for incurred claims''' |  |  |  |  |  |  |
| EUR | (footnote: 88 - 3.57.)18789 | (footnote: 93 - 3.56.)449944 | (footnote: 09 - 2.74.)791743 | 3.01 | 3.04 | (footnote: 49 - 3.14.)257378 |
| USD | (footnote: 40 - 4.63.)508521 | (footnote: 44 - 4.67.)0856 | (footnote: 79 - 5.02.)364947 | 4.67 | 4.54 | 4.17 |
</table>

Caption: Discount rates for unit-linked contracts and immediate fixed annuity and P/C liability for incurred claims by currency and duration as of 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 | (footnote: 86 - 3.51.)093924 | 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 |
</table>

## Balance Sheet

Caption: Total assets breakdown by type for June and December 2024 and 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 breakdown by type for June and December 2024 and 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 breakdown by type for June and December 2024 and 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: Assets breakdown by type for 30.06.2024, 31.12.2024, 30.06.2025, and 31.12.2025
<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: Assets breakdown by type for 30.06.2024, 31.12.2024, 30.06.2025, and 31.12.2025
<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: Assets breakdown by type for 30.06.2024, 31.12.2024, 30.06.2025, and 31.12.2025
<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: Liabilities and equity breakdown by type for 30.06.2024, 31.12.2024, 30.06.2025, and 31.12.2025
<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: Liabilities and equity breakdown by type for 30.06.2024, 31.12.2024, 30.06.2025, and 31.12.2025
<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: Liabilities and equity breakdown by type for 30.06.2024, 31.12.2024, 30.06.2025, and 31.12.2025
<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: Liabilities and equity breakdown by type for 30.06.2024, 31.12.2024, 30.06.2025, and 31.12.2025
<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: Liabilities and equity breakdown by type for 30.06.2024, 31.12.2024, 30.06.2025, and 31.12.2025
<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: Liabilities and equity breakdown 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 Allianz Group for 12 months 2025
<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 for fiscal year 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 2025 and 12 months 2025
<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: 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.) | 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: Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency.) | 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 for fiscal year 2025
<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 scenario (footnote: 34 - 5.41.) (IR -50bps, CS +50bps, EQ -30%) | -22%-p | '''196%''' |
</table>

## Asset Allocation

Caption: Asset allocation breakdown by segment 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: Source: WM/Reuters.) | 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: Operating SII earnings after tax/before dividend.) | -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: For SCR including cross effects and policyholder participation.) | 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''' | '''- (footnote: 19 - 5.25.)909277''' | '''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: Contractual service margin (CSM) build-up for Allianz Group for 12 months 2025
<table id="23">
| EUR million | Life/Health | Property-Casualty | Allianz Group (footnote: After tax.) |
|  | 12M 25 | 12M 25 | 12M 25 |
| --- | --- | --- | --- |
| '''Opening gross CSM (footnote: Net of liabilities.)''' | '''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: Contractual service margin (CSM) rollforward for Life/Health for 12 months 2025
<table id="24">
| EUR million | Life/Health |
|  | 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''' |
| 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: Excludes real estate held for own use measured at amortized cost.) | '''-802''' |
| '''Closing gross CSM''' | '''55,703''' |
</table>

Caption: Contractual service margin (CSM) sensitivity to market movements for an unspecified period
<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 Allianz group for fiscal years 2024 and 2025
<table id="26">
| EUR million | 2024 | 2025 |
| --- | --- | --- |
| '''Total business volume (footnote: Net of liabilities from securities lending and including liabilities from cash pooling.)''' | '''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 equity (footnote: The change in scope refers to the sale of UniCredit Allianz Vita S.p.A., which was completed in 2Q 25.) (in %)''' | '''16.9''' | '''18.1''' |
| '''Average shareholders' equity (footnote: Shareholders‘ equity excluding undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses.) used for core RoE calculation''' | '''58,544''' | '''60,619''' |
</table>

## Allianz Group – EPS

Caption: Earnings per share (EPS) time series for Allianz group 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: Life/Health and Property-Casualty figures don't add up due to consolidation effects.) | '''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 - basic (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.) | '''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: Operating profit build-up for property-casualty segment for fiscal years 2024 and 2025
<table id="28">
| EUR million | 2024 | 2025 |
| --- | --- | --- |
| '''Total business volume (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.)''' | '''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: For current year periods and prior year periods, the core return on equity for the respective full year is shown.) | '''-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 ratio (footnote: 24 - 5.30.) (in %)''' | '''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 equity (footnote: For current year periods and prior year periods, the core return on equity for the respective full year is shown.) (in %)''' | '''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 underwriting experience 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 volume (footnote: Total business volume comprises statutory gross premiums.) | Total business volume (footnote: Includes the Austrian health business from 01.01.2025.) | 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''' | '''- (footnote: 27 - 5.34.)430547''' | 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: Other comprises realized gains/losses, investment expenses, F/X gains/losses on insurance assets/liabilities and other.) | 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 underwriting experience breakdown by region for 4Q 2024 and 4Q 2025
<table id="30">
| EUR million | Total business volume (footnote: Includes the German APR and the Austrian health businesses from 01.01.2025.) | Total business volume (footnote: Includes operating result from PIMCO, AllianzGI and other entities.) | 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: Retail including SME and Fleet.) |  |  |  |  |  |  |  |  |  |  |
|  | 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''' | '''(footnote: 00 - 5.06.)1783''' | 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''' | '''(footnote: 19 - 5.37.)812894''' | 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: For current year periods and prior year periods, the core return on equity for the respective full year is shown.)''' | '''-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 underwriting experience breakdown by customer segment for 12 months 2024 and 12 months 2025
<table id="31">
| EUR million | Property-casualty | Property-casualty | Retail lines (footnote: Including operating reinsurance result.) | Retail lines (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.) | Commercial lines (footnote: Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.) | Commercial lines (footnote: Including hyperinflation result.) | Not allocated | Not allocated |
|  | 12M 24 | 12M 25 | 12M 24 | 12M 25 | 12M 24 | 12M 25 | 12M 24 | 12M 25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| '''Total business volume¹''' | '''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: Operating profit build-up for life and health segment for fiscal years 2024 and 2025
<table id="32">
| EUR million | 2024 | 2025 |
| --- | --- | --- |
| '''Total business volume¹''' | '''89,317''' | '''92,314''' |
| Release CSM | '''5,137''' | '''5,440''' |
| Release risk adjustment | '''488''' | '''523''' |
| Variances from claims and expenses² | '''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: 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.) | '''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 equity (footnote: Includes the Austrian health business from 01.01.2025.) (in %)''' | '''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: 00 - 5.18.)''' | '''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''' | (footnote: 15 - 5.33.)706414 | '''(footnote: 09 - 5.29.)579824''' | 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 Europe¹ | 1,633 | '''2,074''' | 9.9 | '''10.6''' | 162 | '''220''' |
| '''German speaking countries and Central Europe''' | '''24,697''' | '''27,153''' | '''(footnote: 25 - 5.45.)232174''' | '''(footnote: 10 - 5.29.)263442''' | '''1,292''' | '''1,429''' |
| Italy | 14,099 | '''14,325''' | 3.6 | '''3.5''' | 513 | '''505''' |
| France | 6,665 | '''6,871''' | 4.6 | '''(footnote: 09 - 5.34.)317884''' | 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''' | '''(footnote: 22 - 5.44.)736046''' | '''(footnote: 11 - 5.33.)702428''' | '''4,694''' | '''4,829''' |
</table>

Caption: Contractual service margin (CSM) at inception 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 Europe¹ | 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) at inception 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 segment breakdown by region for 12-month periods 2024 and 2025 (footnote: Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.)
<table id="37">
| EUR million | Total business volume¹ | Total business volume¹ | Total business volume¹ | Operating insurance revenue | Operating insurance revenue | Operating profit (loss) | Operating profit (loss) | Contractual service margin (footnote: Total business volume comprises statutory gross premiums.) | Contractual service margin (footnote: Excluding performance fees and other income.) |
|  |  |  | Internal growth² |  |  |  |  |  |  |
|  | 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 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.) | 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: Including cross effects.)''' | '''-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 segment breakdown by region for fourth quarters 2024 and 2025
<table id="38">
| EUR million | Total business volume¹ | Total business volume¹ | Total business volume¹ | Operating insurance revenue | Operating insurance revenue | Operating profit (loss) | Operating profit (loss) | Contractual service margin³ | Contractual service margin³ |
|  |  |  | Internal growth² |  |  |  |  |  |  |
|  | 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 Europe⁴ | 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: Reinsurance ratio: 3.8% in 4Q 25 (4Q 24: 1.9%), 3.8% in 12M 25 (12M 24: 3.9%).)''' | '''-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 breakdown by product type for 12-month periods 2024 and 2025 (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.)
<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 25¹ | 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 expenses² | 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 volume³''' | '''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)⁴''' | '''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).)''' | '''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 segment operating profit build-up 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 | '''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 profit¹''' | '''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''' |
| Other² | '''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 %)''' | '''21.5''' | '''22.3''' |
</table>

## AM AuM

Caption: Assets under management breakdown by segment, 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 segment 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 and non-operating items for corporate and other segment 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 and non-operating items for fiscal years 2024 and 2025
<table id="44">
| EUR million | 2024 | 2025 |
| --- | --- | --- |
| '''Total business volume¹''' | '''-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>