View source for Document:Allianz/2025/FY/Financial supplement (Excel)

{{Infobox doc_archive
  | organization         = Allianz
  | year                 = 2025
  | period               = FY
  | period_label         = FY25
  | document_category    = Financial supplement
  | document_name        = Allianz Financial supplement FY 2025
  | publication_date     = 2026-02-26
  | language             = English
  | pages                = 24
  | source_url           = https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx
  | stored_file          = File:Allianz-2025-FY-Financial supplement Excel.pdf
  | wide                 = yes
  | original_md          = <!-- ARCHIVE_MD_LINK_HERE -->
  | article              = Allianz/2025/FY/Financial supplement (Excel)
  | doc_id               = g85r2a
}}

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

{{source unit|1|label=Market Data|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Market Data ===

<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ Exchange rates spot by currency {{fn ref|1|2=Source: WM/Reuters.}}
|-
! style="text-align:left" |
! colspan="8" style="text-align:left" | Spot
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 31.03.2024
! class="col-s" style="text-align:right" | 30.06.2024
! class="col-s" style="text-align:right" | 30.09.2024
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.03.2025
! class="col-s" style="text-align:right" | 30.06.2025
! class="col-s" style="text-align:right" | 30.09.2025
! class="col-s" style="text-align:right" | 31.12.2025
|-
| style="text-align:left" | <b>USD</b>
| style="text-align:right" | 1.0800
| style="text-align:right" | 1.0717
| style="text-align:right" | 1.1160
| style="text-align:right" | <b>1.0355</b>
| style="text-align:right" | 1.0802
| style="text-align:right" | 1.1739
| style="text-align:right" | 1.1750
| style="text-align:right" | <b>1.1744</b>
|-
| style="text-align:left" | <b>CHF</b>
| style="text-align:right" | 0.9728
| style="text-align:right" | 0.9630
| style="text-align:right" | 0.9415
| style="text-align:right" | <b>0.9385</b>
| style="text-align:right" | 0.9557
| style="text-align:right" | 0.9344
| style="text-align:right" | 0.9348
| style="text-align:right" | <b>0.9305</b>
|-
| style="text-align:left" | <b>GBP</b>
| style="text-align:right" | 0.8549
| style="text-align:right" | 0.8478
| style="text-align:right" | 0.8320
| style="text-align:right" | <b>0.8268</b>
| style="text-align:right" | 0.8368
| style="text-align:right" | 0.8566
| style="text-align:right" | 0.8728
| style="text-align:right" | <b>0.8731</b>
|-
| style="text-align:left" | <b>AUD</b>
| style="text-align:right" | 1.6555
| style="text-align:right" | 1.6048
| style="text-align:right" | 1.6087
| style="text-align:right" | <b>1.6724</b>
| style="text-align:right" | 1.7334
| style="text-align:right" | 1.7912
| style="text-align:right" | 1.7730
| style="text-align:right" | <b>1.7612</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Exchange rates average by currency {{fn ref|1|2=Source: WM/Reuters.}}
|-
! style="text-align:left" |
! colspan="10" style="text-align:left" | Average
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 1Q 24
! class="col-s" style="text-align:right" | 2Q 24
! class="col-s" style="text-align:right" | 3Q 24
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 1Q 25
! class="col-s" style="text-align:right" | 2Q 25
! class="col-s" style="text-align:right" | 3Q 25
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 2025
|-
| style="text-align:left" | <b>USD</b>
| style="text-align:right" | 1.0854
| style="text-align:right" | 1.0766
| style="text-align:right" | 1.0987
| style="text-align:right" | 1.0671
| style="text-align:right" | <b>1.0820</b>
| style="text-align:right" | 1.0529
| style="text-align:right" | 1.1347
| style="text-align:right" | 1.1686
| style="text-align:right" | 1.1640
| style="text-align:right" | <b>1.1308</b>
|-
| style="text-align:left" | <b>CHF</b>
| style="text-align:right" | 0.9490
| style="text-align:right" | 0.9738
| style="text-align:right" | 0.9517
| style="text-align:right" | 0.9360
| style="text-align:right" | <b>0.9526</b>
| style="text-align:right" | 0.9463
| style="text-align:right" | 0.9369
| style="text-align:right" | 0.9352
| style="text-align:right" | 0.9303
| style="text-align:right" | <b>0.9371</b>
|-
| style="text-align:left" | <b>GBP</b>
| style="text-align:right" | 0.8560
| style="text-align:right" | 0.8532
| style="text-align:right" | 0.8450
| style="text-align:right" | 0.8324
| style="text-align:right" | <b>0.8466</b>
| style="text-align:right" | 0.8358
| style="text-align:right" | 0.8493
| style="text-align:right" | 0.8667
| style="text-align:right" | 0.8752
| style="text-align:right" | <b>0.8570</b>
|-
| style="text-align:left" | <b>AUD</b>
| style="text-align:right" | 1.6510
| style="text-align:right" | 1.6338
| style="text-align:right" | 1.6401
| style="text-align:right" | 1.6351
| style="text-align:right" | <b>1.6399</b>
| style="text-align:right" | 1.6773
| style="text-align:right" | 1.7694
| style="text-align:right" | 1.7865
| style="text-align:right" | 1.7730
| style="text-align:right" | <b>1.7522</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|+ Valuation rates by currency and duration, IFRS 17 {{fn ref|3|2=The table sets out the continuously compounded market rates used to discount the cash flows of insurance contracts for major currencies. Source: LSEG Data &amp; Analytics; internal processing of market quotes.}}
|-
! style="text-align:left" | %
! colspan="5" style="text-align:left" | 31.12.2024
! colspan="5" style="text-align:left" | 31.03.2025
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 1 year
! class="col-s" style="text-align:right" | 5 years
! class="col-s" style="text-align:right" | 10 years
! class="col-s" style="text-align:right" | 20 years
! class="col-s" style="text-align:right" | 30 years
! class="col-s" style="text-align:right" | 1 year
! class="col-s" style="text-align:right" | 5 years
! class="col-s" style="text-align:right" | 10 years
! class="col-s" style="text-align:right" | 20 years
! class="col-s" style="text-align:right" | 30 years
|-
| style="text-align:left" | <b>Unit-linked contracts</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.27
| style="text-align:right" | 2.18
| style="text-align:right" | 2.30
| style="text-align:right" | 2.29
| style="text-align:right" | 2.38
| style="text-align:right" | 2.18
| style="text-align:right" | 2.35
| style="text-align:right" | 2.60
| style="text-align:right" | 2.70
| style="text-align:right" | 2.66
|-
| style="text-align:left" | USD
| style="text-align:right" | 4.09
| style="text-align:right" | 3.94
| style="text-align:right" | 3.99
| style="text-align:right" | 4.02
| style="text-align:right" | 3.80
| style="text-align:right" | 3.90
| style="text-align:right" | 3.58
| style="text-align:right" | 3.71
| style="text-align:right" | 3.86
| style="text-align:right" | 3.72
|-
| style="text-align:left" | <b>Immediate fixed annuity and P/C liability for incurred claims</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.55
| style="text-align:right" | 2.46
| style="text-align:right" | 2.58
| style="text-align:right" | 2.58
| style="text-align:right" | 2.62
| style="text-align:right" | 2.45
| style="text-align:right" | 2.62
| style="text-align:right" | 2.87
| style="text-align:right" | 2.97
| style="text-align:right" | 2.89
|-
| style="text-align:left" | USD
| style="text-align:right" | 4.64
| style="text-align:right" | 4.49
| style="text-align:right" | 4.53
| style="text-align:right" | 4.57
| style="text-align:right" | 4.33
| style="text-align:right" | 4.59
| style="text-align:right" | 4.27
| style="text-align:right" | 4.40
| style="text-align:right" | 4.55
| style="text-align:right" | 4.38
|-
| style="text-align:left" | <b>Traditional participating and other insurance contracts {{fn ref|2|2=Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency.}}</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.47 - 3.11
| style="text-align:right" | 2.38 - 3.02
| style="text-align:right" | 2.50 - 3.14
| style="text-align:right" | 2.49 - 3.13
| style="text-align:right" | 2.55 - 3.08
| style="text-align:right" | 2.36 - 3.00
| style="text-align:right" | 2.53 - 3.17
| style="text-align:right" | 2.78 - 3.41
| style="text-align:right" | 2.88 - 3.51
| style="text-align:right" | 2.81 - 3.34
|-
| style="text-align:left" | USD
| style="text-align:right" | 5.34 - 5.41
| style="text-align:right" | 5.19 - 5.25
| style="text-align:right" | 5.24 - 5.30
| style="text-align:right" | 5.27 - 5.34
| style="text-align:right" | 5.00 - 5.06
| style="text-align:right" | 5.19 - 5.37
| style="text-align:right" | 4.87 - 5.05
| style="text-align:right" | 5.00 - 5.18
| style="text-align:right" | 5.15 - 5.33
| style="text-align:right" | 4.95 - 5.13
|}
</div>

<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|+ Valuation rates by currency and duration, IFRS 17 {{fn ref|3|2=The table sets out the continuously compounded market rates used to discount the cash flows of insurance contracts for major currencies. Source: LSEG Data &amp; Analytics; internal processing of market quotes.}}
|-
! style="text-align:left" | %
! colspan="5" style="text-align:left" | 30.06.2025
! colspan="5" style="text-align:left" | 30.09.2025
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 1 year
! class="col-s" style="text-align:right" | 5 years
! class="col-s" style="text-align:right" | 10 years
! class="col-s" style="text-align:right" | 20 years
! class="col-s" style="text-align:right" | 30 years
! class="col-s" style="text-align:right" | 1 year
! class="col-s" style="text-align:right" | 5 years
! class="col-s" style="text-align:right" | 10 years
! class="col-s" style="text-align:right" | 20 years
! class="col-s" style="text-align:right" | 30 years
|-
| style="text-align:left" | <b>Unit-linked contracts</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EUR
| style="text-align:right" | 1.93
| style="text-align:right" | 2.20
| style="text-align:right" | 2.54
| style="text-align:right" | 2.76
| style="text-align:right" | 2.82
| style="text-align:right" | 2.05
| style="text-align:right" | 2.31
| style="text-align:right" | 2.62
| style="text-align:right" | 2.88
| style="text-align:right" | 2.93
|-
| style="text-align:left" | USD
| style="text-align:right" | 3.80
| style="text-align:right" | 3.37
| style="text-align:right" | 3.65
| style="text-align:right" | 3.96
| style="text-align:right" | 3.87
| style="text-align:right" | 3.58
| style="text-align:right" | 3.34
| style="text-align:right" | 3.63
| style="text-align:right" | 3.98
| style="text-align:right" | 3.91
|-
| style="text-align:left" | <b>Immediate fixed annuity and P/C liability for incurred claims</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.19
| style="text-align:right" | 2.45
| style="text-align:right" | 2.79
| style="text-align:right" | 3.01
| style="text-align:right" | 3.04
| style="text-align:right" | 2.26
| style="text-align:right" | 2.52
| style="text-align:right" | 2.82
| style="text-align:right" | 3.08
| style="text-align:right" | 3.12
|-
| style="text-align:left" | USD
| style="text-align:right" | 4.51
| style="text-align:right" | 4.09
| style="text-align:right" | 4.36
| style="text-align:right" | 4.67
| style="text-align:right" | 4.54
| style="text-align:right" | 4.17
| style="text-align:right" | 3.94
| style="text-align:right" | 4.22
| style="text-align:right" | 4.57
| style="text-align:right" | 4.47
|-
| style="text-align:left" | <b>Traditional participating and other insurance contracts {{fn ref|2|2=Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency.}}</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EUR
| style="text-align:right" | 1.93 - 2.68
| style="text-align:right" | 2.20 - 2.94
| style="text-align:right" | 2.54 - 3.28
| style="text-align:right" | 2.76 - 3.51
| style="text-align:right" | 2.82 - 3.47
| style="text-align:right" | 2.05 - 2.75
| style="text-align:right" | 2.31 - 3.01
| style="text-align:right" | 2.62 - 3.32
| style="text-align:right" | 2.88 - 3.57
| style="text-align:right" | 2.93 - 3.56
|-
| style="text-align:left" | USD
| style="text-align:right" | 5.09 - 5.29
| style="text-align:right" | 4.67 - 4.87
| style="text-align:right" | 4.95 - 5.15
| style="text-align:right" | 5.25 - 5.45
| style="text-align:right" | 5.10 - 5.29
| style="text-align:right" | 4.69 - 4.95
| style="text-align:right" | 4.45 - 4.71
| style="text-align:right" | 4.74 - 5.00
| style="text-align:right" | 5.09 - 5.34
| style="text-align:right" | 4.96 - 5.21
|}
</div>

<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ Valuation rates by currency and duration, IFRS 17 {{fn ref|3|2=The table sets out the continuously compounded market rates used to discount the cash flows of insurance contracts for major currencies. Source: LSEG Data &amp; Analytics; internal processing of market quotes.}}
|-
! style="text-align:left" | %
! colspan="5" style="text-align:left" | 31.12.2025
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 1 year
! class="col-s" style="text-align:right" | 5 years
! class="col-s" style="text-align:right" | 10 years
! class="col-s" style="text-align:right" | 20 years
! class="col-s" style="text-align:right" | 30 years
|-
| style="text-align:left" | <b>Unit-linked contracts</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.09
| style="text-align:right" | 2.49
| style="text-align:right" | 2.86
| style="text-align:right" | 3.20
| style="text-align:right" | 3.25
|-
| style="text-align:left" | USD
| style="text-align:right" | 3.37
| style="text-align:right" | 3.41
| style="text-align:right" | 3.77
| style="text-align:right" | 4.19
| style="text-align:right" | 4.14
|-
| style="text-align:left" | <b>Immediate fixed annuity and P/C liability for incurred claims</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.27
| style="text-align:right" | 2.66
| style="text-align:right" | 3.04
| style="text-align:right" | 3.37
| style="text-align:right" | 3.40
|-
| style="text-align:left" | USD
| style="text-align:right" | 3.93
| style="text-align:right" | 3.97
| style="text-align:right" | 4.32
| style="text-align:right" | 4.75
| style="text-align:right" | 4.67
|-
| style="text-align:left" | <b>Traditional participating and other insurance contracts {{fn ref|2|2=Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency.}}</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.09 - 2.74
| style="text-align:right" | 2.49 - 3.14
| style="text-align:right" | 2.86 - 3.51
| style="text-align:right" | 3.20 - 3.84
| style="text-align:right" | 3.25 - 3.80
|-
| style="text-align:left" | USD
| style="text-align:right" | 4.40 - 4.63
| style="text-align:right" | 4.44 - 4.67
| style="text-align:right" | 4.79 - 5.02
| style="text-align:right" | 5.22 - 5.44
| style="text-align:right" | 5.11 - 5.33
|}
</div>

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

{{source unit|2|label=Balance Sheet|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Balance Sheet ===

<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ Allianz Group balance sheet
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 31.03.2024
! class="col-s" style="text-align:right" | 30.06.2024
! class="col-s" style="text-align:right" | 30.09.2024
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.03.2025
! class="col-s" style="text-align:right" | 30.06.2025
! class="col-s" style="text-align:right" | 30.09.2025
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | <b>Assets</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 28,368
| style="text-align:right" | 28,058
| style="text-align:right" | 30,957
| style="text-align:right" | <b>31,637</b>
| style="text-align:right" | 32,620
| style="text-align:right" | 33,886
| style="text-align:right" | 32,079
| style="text-align:right" | <b>29,854</b>
| style="text-align:right" | <b>-5.6%</b>
|-
| style="text-align:left" | Investments
| style="text-align:right" | 735,375
| style="text-align:right" | 729,065
| style="text-align:right" | 741,988
| style="text-align:right" | <b>752,815</b>
| style="text-align:right" | 738,766
| style="text-align:right" | 732,606
| style="text-align:right" | 748,021
| style="text-align:right" | <b>753,487</b>
| style="text-align:right" | <b>0.1%</b>
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 159,150
| style="text-align:right" | 160,465
| style="text-align:right" | 141,900
| style="text-align:right" | <b>146,470</b>
| style="text-align:right" | 143,969
| style="text-align:right" | 145,831
| style="text-align:right" | 152,187
| style="text-align:right" | <b>158,203</b>
| style="text-align:right" | <b>8.0%</b>
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 77
| style="text-align:right" | 88
| style="text-align:right" | 109
| style="text-align:right" | <b>142</b>
| style="text-align:right" | 223
| style="text-align:right" | 214
| style="text-align:right" | 187
| style="text-align:right" | <b>223</b>
| style="text-align:right" | <b>57.2%</b>
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 25,199
| style="text-align:right" | 25,627
| style="text-align:right" | 27,224
| style="text-align:right" | <b>28,770</b>
| style="text-align:right" | 27,370
| style="text-align:right" | 26,059
| style="text-align:right" | 27,902
| style="text-align:right" | <b>27,797</b>
| style="text-align:right" | <b>-3.4%</b>
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 6,090
| style="text-align:right" | 6,305
| style="text-align:right" | 6,663
| style="text-align:right" | <b>6,055</b>
| style="text-align:right" | 5,556
| style="text-align:right" | 5,354
| style="text-align:right" | 4,935
| style="text-align:right" | <b>5,161</b>
| style="text-align:right" | <b>-14.8%</b>
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 30,468
| style="text-align:right" | 29,744
| style="text-align:right" | 58,805
| style="text-align:right" | <b>59,564</b>
| style="text-align:right" | 59,445
| style="text-align:right" | 30,550
| style="text-align:right" | 28,823
| style="text-align:right" | <b>30,928</b>
| style="text-align:right" | <b>-48.1%</b>
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 19,004
| style="text-align:right" | 19,003
| style="text-align:right" | 18,844
| style="text-align:right" | <b>19,126</b>
| style="text-align:right" | 18,908
| style="text-align:right" | 18,384
| style="text-align:right" | 18,638
| style="text-align:right" | <b>18,623</b>
| style="text-align:right" | <b>-2.6%</b>
|-
| style="text-align:left" | <b>Total assets</b>
| style="text-align:right" | <b>1,003,731</b>
| style="text-align:right" | <b>998,354</b>
| style="text-align:right" | <b>1,026,489</b>
| style="text-align:right" | <b>1,044,578</b>
| style="text-align:right" | <b>1,026,857</b>
| style="text-align:right" | <b>992,884</b>
| style="text-align:right" | <b>1,012,773</b>
| style="text-align:right" | <b>1,024,276</b>
| style="text-align:right" | <b>-1.9%</b>
|-
| style="text-align:left" | <b>Liabilities and equity</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial liabilites
| style="text-align:right" | 62,340
| style="text-align:right" | 62,690
| style="text-align:right" | 64,440
| style="text-align:right" | <b>66,137</b>
| style="text-align:right" | 60,976
| style="text-align:right" | 64,717
| style="text-align:right" | 66,151
| style="text-align:right" | <b>66,291</b>
| style="text-align:right" | <b>0.2%</b>
|-
| style="text-align:left" | Insurance contract liabilities
| style="text-align:right" | 789,271
| style="text-align:right" | 789,512
| style="text-align:right" | 789,353
| style="text-align:right" | <b>800,511</b>
| style="text-align:right" | 785,857
| style="text-align:right" | 780,496
| style="text-align:right" | 793,533
| style="text-align:right" | <b>800,677</b>
| style="text-align:right" | <b>0.0%</b>
|-
| style="text-align:left" | Reinsurance contract liabilities
| style="text-align:right" | 327
| style="text-align:right" | 267
| style="text-align:right" | 264
| style="text-align:right" | <b>316</b>
| style="text-align:right" | 457
| style="text-align:right" | 434
| style="text-align:right" | 471
| style="text-align:right" | <b>497</b>
| style="text-align:right" | <b>57.3%</b>
|-
| style="text-align:left" | Investment contract liabilities
| style="text-align:right" | 50,380
| style="text-align:right" | 50,252
| style="text-align:right" | 42,905
| style="text-align:right" | <b>44,553</b>
| style="text-align:right" | 44,805
| style="text-align:right" | 46,328
| style="text-align:right" | 48,817
| style="text-align:right" | <b>50,550</b>
| style="text-align:right" | <b>13.5%</b>
|-
| style="text-align:left" | Deferred tax liabilities
| style="text-align:right" | 2,148
| style="text-align:right" | 2,283
| style="text-align:right" | 2,495
| style="text-align:right" | <b>2,257</b>
| style="text-align:right" | 2,174
| style="text-align:right" | 2,231
| style="text-align:right" | 2,318
| style="text-align:right" | <b>2,436</b>
| style="text-align:right" | <b>7.9%</b>
|-
| style="text-align:left" | Other liabilities
| style="text-align:right" | 35,847
| style="text-align:right" | 34,541
| style="text-align:right" | 65,652
| style="text-align:right" | <b>66,728</b>
| style="text-align:right" | 66,382
| style="text-align:right" | 38,166
| style="text-align:right" | 37,779
| style="text-align:right" | <b>37,477</b>
| style="text-align:right" | <b>-43.8%</b>
|-
| style="text-align:left" | <b>Total liabilities</b>
| style="text-align:right" | <b>940,311</b>
| style="text-align:right" | <b>939,544</b>
| style="text-align:right" | <b>965,109</b>
| style="text-align:right" | <b>980,502</b>
| style="text-align:right" | <b>960,652</b>
| style="text-align:right" | <b>932,372</b>
| style="text-align:right" | <b>949,070</b>
| style="text-align:right" | <b>957,928</b>
| style="text-align:right" | <b>-2.3%</b>
|-
| style="text-align:left" | Shareholders' equity
| style="text-align:right" | 59,979
| style="text-align:right" | 55,511
| style="text-align:right" | 57,772
| style="text-align:right" | <b>60,287</b>
| style="text-align:right" | 62,386
| style="text-align:right" | 57,195
| style="text-align:right" | 60,208
| style="text-align:right" | <b>62,722</b>
| style="text-align:right" | <b>4.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | Issued capital
| style="text-align:right" | 1,170
| style="text-align:right" | 1,170
| style="text-align:right" | 1,170
| style="text-align:right" | <b>1,170</b>
| style="text-align:right" | 1,170
| style="text-align:right" | 1,170
| style="text-align:right" | 1,170
| style="text-align:right" | <b>1,170</b>
| style="text-align:right" | <b>0.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | Additional paid-in capital
| style="text-align:right" | 27,732
| style="text-align:right" | 27,732
| style="text-align:right" | 27,732
| style="text-align:right" | <b>27,732</b>
| style="text-align:right" | 27,732
| style="text-align:right" | 27,732
| style="text-align:right" | 27,732
| style="text-align:right" | <b>27,732</b>
| style="text-align:right" | <b>0.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | Undated subordinated bonds
| style="text-align:right" | 4,815
| style="text-align:right" | 4,833
| style="text-align:right" | 4,741
| style="text-align:right" | <b>4,915</b>
| style="text-align:right" | 4,815
| style="text-align:right" | 4,630
| style="text-align:right" | 4,906
| style="text-align:right" | <b>4,629</b>
| style="text-align:right" | <b>-5.8%</b>
|-
| class="wt-indent-1" style="text-align:left" | Retained earnings
| style="text-align:right" | 32,683
| style="text-align:right" | 29,073
| style="text-align:right" | 30,899
| style="text-align:right" | <b>33,316</b>
| style="text-align:right" | 35,911
| style="text-align:right" | 31,739
| style="text-align:right" | 33,602
| style="text-align:right" | <b>36,243</b>
| style="text-align:right" | <b>8.8%</b>
|-
| class="wt-indent-1" style="text-align:left" | Foreign currency translation adjustments
| style="text-align:right" | -2,541
| style="text-align:right" | -2,379
| style="text-align:right" | -2,865
| style="text-align:right" | <b>-1,614</b>
| style="text-align:right" | -2,651
| style="text-align:right" | -4,473
| style="text-align:right" | -4,619
| style="text-align:right" | <b>-4,512</b>
| style="text-align:right" | <b>179.6%</b>
|-
| class="wt-indent-1" style="text-align:left" | Net unrealized gains and losses
| style="text-align:right" | -3,880
| style="text-align:right" | -4,917
| style="text-align:right" | -3,905
| style="text-align:right" | <b>-5,232</b>
| style="text-align:right" | -4,590
| style="text-align:right" | -3,602
| style="text-align:right" | -2,582
| style="text-align:right" | <b>-2,540</b>
| style="text-align:right" | <b>-51.5%</b>
|-
| style="text-align:left" | Non-controlling interests
| style="text-align:right" | 3,441
| style="text-align:right" | 3,299
| style="text-align:right" | 3,609
| style="text-align:right" | <b>3,789</b>
| style="text-align:right" | 3,819
| style="text-align:right" | 3,317
| style="text-align:right" | 3,495
| style="text-align:right" | <b>3,627</b>
| style="text-align:right" | <b>-4.3%</b>
|-
| style="text-align:left" | <b>Total equity</b>
| style="text-align:right" | <b>63,420</b>
| style="text-align:right" | <b>58,810</b>
| style="text-align:right" | <b>61,381</b>
| style="text-align:right" | <b>64,076</b>
| style="text-align:right" | <b>66,205</b>
| style="text-align:right" | <b>60,512</b>
| style="text-align:right" | <b>63,703</b>
| style="text-align:right" | <b>66,349</b>
| style="text-align:right" | <b>3.5%</b>
|-
| style="text-align:left" | <b>Total liabilities and equity</b>
| style="text-align:right" | <b>1,003,731</b>
| style="text-align:right" | <b>998,354</b>
| style="text-align:right" | <b>1,026,489</b>
| style="text-align:right" | <b>1,044,578</b>
| style="text-align:right" | <b>1,026,857</b>
| style="text-align:right" | <b>992,884</b>
| style="text-align:right" | <b>1,012,773</b>
| style="text-align:right" | <b>1,024,276</b>
| style="text-align:right" | <b>-1.9%</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|+ Property-Casualty balance sheet
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 31.03.2024
! class="col-s" style="text-align:right" | 30.06.2024
! class="col-s" style="text-align:right" | 30.09.2024
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.03.2025
! class="col-s" style="text-align:right" | 30.06.2025
! class="col-s" style="text-align:right" | 30.09.2025
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | <b>Assets</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 6,033
| style="text-align:right" | 5,602
| style="text-align:right" | 6,363
| style="text-align:right" | <b>7,322</b>
| style="text-align:right" | 7,305
| style="text-align:right" | 6,749
| style="text-align:right" | 6,605
| style="text-align:right" | <b>6,101</b>
| style="text-align:right" | <b>-16.7%</b>
|-
| style="text-align:left" | Investments
| style="text-align:right" | 119,704
| style="text-align:right" | 119,869
| style="text-align:right" | 121,087
| style="text-align:right" | <b>121,318</b>
| style="text-align:right" | 113,432
| style="text-align:right" | 112,410
| style="text-align:right" | 113,662
| style="text-align:right" | <b>114,015</b>
| style="text-align:right" | <b>-6.0%</b>
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 11
| style="text-align:right" | <b>18</b>
| style="text-align:right" | 88
| style="text-align:right" | 63
| style="text-align:right" | 24
| style="text-align:right" | <b>34</b>
| style="text-align:right" | <b>95.1%</b>
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 10,972
| style="text-align:right" | 11,390
| style="text-align:right" | 13,173
| style="text-align:right" | <b>14,366</b>
| style="text-align:right" | 13,760
| style="text-align:right" | 13,718
| style="text-align:right" | 15,496
| style="text-align:right" | <b>15,601</b>
| style="text-align:right" | <b>8.6%</b>
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 1,574
| style="text-align:right" | 1,650
| style="text-align:right" | 1,730
| style="text-align:right" | <b>1,829</b>
| style="text-align:right" | 1,746
| style="text-align:right" | 1,575
| style="text-align:right" | 1,499
| style="text-align:right" | <b>1,353</b>
| style="text-align:right" | <b>-26.0%</b>
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 25,199
| style="text-align:right" | 25,202
| style="text-align:right" | 25,948
| style="text-align:right" | <b>26,878</b>
| style="text-align:right" | 26,734
| style="text-align:right" | 27,354
| style="text-align:right" | 27,025
| style="text-align:right" | <b>26,500</b>
| style="text-align:right" | <b>-1.4%</b>
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 6,538
| style="text-align:right" | 6,518
| style="text-align:right" | 6,512
| style="text-align:right" | <b>6,450</b>
| style="text-align:right" | 6,289
| style="text-align:right" | 6,220
| style="text-align:right" | 6,510
| style="text-align:right" | <b>6,475</b>
| style="text-align:right" | <b>0.4%</b>
|-
| style="text-align:left" | <b>Total assets</b>
| style="text-align:right" | <b>170,021</b>
| style="text-align:right" | <b>170,232</b>
| style="text-align:right" | <b>174,823</b>
| style="text-align:right" | <b>178,180</b>
| style="text-align:right" | <b>169,353</b>
| style="text-align:right" | <b>168,088</b>
| style="text-align:right" | <b>170,821</b>
| style="text-align:right" | <b>170,080</b>
| style="text-align:right" | <b>-4.5%</b>
|-
| style="text-align:left" | <b>Liabilities and equity</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial liabilites
| style="text-align:right" | 1,997
| style="text-align:right" | 1,983
| style="text-align:right" | 2,068
| style="text-align:right" | <b>2,996</b>
| style="text-align:right" | 2,856
| style="text-align:right" | 3,322
| style="text-align:right" | 2,612
| style="text-align:right" | <b>1,881</b>
| style="text-align:right" | <b>-37.2%</b>
|-
| style="text-align:left" | Insurance contract liabilities
| style="text-align:right" | 98,794
| style="text-align:right" | 99,699
| style="text-align:right" | 101,381
| style="text-align:right" | <b>102,436</b>
| style="text-align:right" | 96,028
| style="text-align:right" | 95,523
| style="text-align:right" | 96,899
| style="text-align:right" | <b>96,308</b>
| style="text-align:right" | <b>-6.0%</b>
|-
| style="text-align:left" | Reinsurance contract liabilities
| style="text-align:right" | 228
| style="text-align:right" | 113
| style="text-align:right" | 122
| style="text-align:right" | <b>124</b>
| style="text-align:right" | 245
| style="text-align:right" | 227
| style="text-align:right" | 251
| style="text-align:right" | <b>261</b>
| style="text-align:right" | <b>109.7%</b>
|-
| style="text-align:left" | Investment contract liabilities
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Deferred tax liabilities
| style="text-align:right" | 1,774
| style="text-align:right" | 1,752
| style="text-align:right" | 2,236
| style="text-align:right" | <b>2,274</b>
| style="text-align:right" | 1,961
| style="text-align:right" | 2,072
| style="text-align:right" | 1,979
| style="text-align:right" | <b>2,233</b>
| style="text-align:right" | <b>-1.8%</b>
|-
| style="text-align:left" | Other liabilities
| style="text-align:right" | 16,288
| style="text-align:right" | 16,605
| style="text-align:right" | 17,211
| style="text-align:right" | <b>18,070</b>
| style="text-align:right" | 16,991
| style="text-align:right" | 16,654
| style="text-align:right" | 17,465
| style="text-align:right" | <b>17,708</b>
| style="text-align:right" | <b>-2.0%</b>
|-
| style="text-align:left" | <b>Total liabilities</b>
| style="text-align:right" | <b>119,080</b>
| style="text-align:right" | <b>120,152</b>
| style="text-align:right" | <b>123,017</b>
| style="text-align:right" | <b>125,901</b>
| style="text-align:right" | <b>118,081</b>
| style="text-align:right" | <b>117,799</b>
| style="text-align:right" | <b>119,206</b>
| style="text-align:right" | <b>118,390</b>
| style="text-align:right" | <b>-6.0%</b>
|-
| style="text-align:left" | Shareholders' equity
| style="text-align:right" | 49,397
| style="text-align:right" | 48,595
| style="text-align:right" | 50,242
| style="text-align:right" | <b>50,632</b>
| style="text-align:right" | 49,607
| style="text-align:right" | 48,664
| style="text-align:right" | 49,927
| style="text-align:right" | <b>49,946</b>
| style="text-align:right" | <b>-1.4%</b>
|-
| style="text-align:left" | Non-controlling interests
| style="text-align:right" | 1,543
| style="text-align:right" | 1,485
| style="text-align:right" | 1,564
| style="text-align:right" | <b>1,647</b>
| style="text-align:right" | 1,665
| style="text-align:right" | 1,624
| style="text-align:right" | 1,689
| style="text-align:right" | <b>1,743</b>
| style="text-align:right" | <b>5.8%</b>
|-
| style="text-align:left" | <b>Total equity</b>
| style="text-align:right" | <b>50,940</b>
| style="text-align:right" | <b>50,080</b>
| style="text-align:right" | <b>51,806</b>
| style="text-align:right" | <b>52,280</b>
| style="text-align:right" | <b>51,272</b>
| style="text-align:right" | <b>50,289</b>
| style="text-align:right" | <b>51,615</b>
| style="text-align:right" | <b>51,689</b>
| style="text-align:right" | <b>-1.1%</b>
|-
| style="text-align:left" | <b>Total liabilities and equity</b>
| style="text-align:right" | <b>170,021</b>
| style="text-align:right" | <b>170,232</b>
| style="text-align:right" | <b>174,823</b>
| style="text-align:right" | <b>178,180</b>
| style="text-align:right" | <b>169,353</b>
| style="text-align:right" | <b>168,088</b>
| style="text-align:right" | <b>170,821</b>
| style="text-align:right" | <b>170,080</b>
| style="text-align:right" | <b>-4.5%</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t8" class="wikitable fintable"
|+ Life/Health balance sheet
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 31.03.2024
! class="col-s" style="text-align:right" | 30.06.2024
! class="col-s" style="text-align:right" | 30.09.2024
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.03.2025
! class="col-s" style="text-align:right" | 30.06.2025
! class="col-s" style="text-align:right" | 30.09.2025
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | <b>Assets</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 16,928
| style="text-align:right" | 16,501
| style="text-align:right" | 19,522
| style="text-align:right" | <b>17,364</b>
| style="text-align:right" | 18,442
| style="text-align:right" | 20,056
| style="text-align:right" | 19,624
| style="text-align:right" | <b>18,641</b>
| style="text-align:right" | <b>7.4%</b>
|-
| style="text-align:left" | Investments
| style="text-align:right" | 585,649
| style="text-align:right" | 582,175
| style="text-align:right" | 589,989
| style="text-align:right" | <b>598,409</b>
| style="text-align:right" | 589,860
| style="text-align:right" | 586,224
| style="text-align:right" | 600,164
| style="text-align:right" | <b>605,446</b>
| style="text-align:right" | <b>1.2%</b>
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 159,150
| style="text-align:right" | 160,465
| style="text-align:right" | 141,900
| style="text-align:right" | <b>146,470</b>
| style="text-align:right" | 143,969
| style="text-align:right" | 145,831
| style="text-align:right" | 152,187
| style="text-align:right" | <b>158,203</b>
| style="text-align:right" | <b>8.0%</b>
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 77
| style="text-align:right" | 88
| style="text-align:right" | 98
| style="text-align:right" | <b>124</b>
| style="text-align:right" | 134
| style="text-align:right" | 151
| style="text-align:right" | 163
| style="text-align:right" | <b>188</b>
| style="text-align:right" | <b>51.7%</b>
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 14,327
| style="text-align:right" | 14,311
| style="text-align:right" | 14,152
| style="text-align:right" | <b>14,546</b>
| style="text-align:right" | 13,768
| style="text-align:right" | 12,471
| style="text-align:right" | 12,567
| style="text-align:right" | <b>12,284</b>
| style="text-align:right" | <b>-15.6%</b>
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 4,949
| style="text-align:right" | 5,006
| style="text-align:right" | 10,735
| style="text-align:right" | <b>12,359</b>
| style="text-align:right" | 13,075
| style="text-align:right" | 12,203
| style="text-align:right" | 10,759
| style="text-align:right" | <b>11,476</b>
| style="text-align:right" | <b>-7.1%</b>
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 15,013
| style="text-align:right" | 15,452
| style="text-align:right" | 45,680
| style="text-align:right" | <b>47,166</b>
| style="text-align:right" | 47,363
| style="text-align:right" | 19,088
| style="text-align:right" | 17,753
| style="text-align:right" | <b>18,304</b>
| style="text-align:right" | <b>-61.2%</b>
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 4,617
| style="text-align:right" | 4,609
| style="text-align:right" | 4,603
| style="text-align:right" | <b>4,633</b>
| style="text-align:right" | 4,744
| style="text-align:right" | 4,588
| style="text-align:right" | 4,564
| style="text-align:right" | <b>4,585</b>
| style="text-align:right" | <b>-1.0%</b>
|-
| style="text-align:left" | <b>Total assets</b>
| style="text-align:right" | <b>800,710</b>
| style="text-align:right" | <b>798,606</b>
| style="text-align:right" | <b>826,678</b>
| style="text-align:right" | <b>841,071</b>
| style="text-align:right" | <b>831,355</b>
| style="text-align:right" | <b>800,613</b>
| style="text-align:right" | <b>817,781</b>
| style="text-align:right" | <b>829,128</b>
| style="text-align:right" | <b>-1.4%</b>
|-
| style="text-align:left" | <b>Liabilities and equity</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial liabilites
| style="text-align:right" | 25,615
| style="text-align:right" | 25,470
| style="text-align:right" | 26,319
| style="text-align:right" | <b>26,608</b>
| style="text-align:right" | 21,695
| style="text-align:right" | 24,529
| style="text-align:right" | 27,288
| style="text-align:right" | <b>28,398</b>
| style="text-align:right" | <b>6.7%</b>
|-
| style="text-align:left" | Insurance contract liabilities
| style="text-align:right" | 690,585
| style="text-align:right" | 689,908
| style="text-align:right" | 688,073
| style="text-align:right" | <b>698,221</b>
| style="text-align:right" | 689,956
| style="text-align:right" | 685,064
| style="text-align:right" | 696,783
| style="text-align:right" | <b>704,423</b>
| style="text-align:right" | <b>0.9%</b>
|-
| style="text-align:left" | Reinsurance contract liabilities
| style="text-align:right" | 99
| style="text-align:right" | 154
| style="text-align:right" | 142
| style="text-align:right" | <b>191</b>
| style="text-align:right" | 212
| style="text-align:right" | 207
| style="text-align:right" | 220
| style="text-align:right" | <b>235</b>
| style="text-align:right" | <b>23.0%</b>
|-
| style="text-align:left" | Investment contract liabilities
| style="text-align:right" | 50,380
| style="text-align:right" | 50,252
| style="text-align:right" | 42,905
| style="text-align:right" | <b>44,553</b>
| style="text-align:right" | 44,805
| style="text-align:right" | 46,328
| style="text-align:right" | 48,817
| style="text-align:right" | <b>50,550</b>
| style="text-align:right" | <b>13.5%</b>
|-
| style="text-align:left" | Deferred tax liabilities
| style="text-align:right" | 1,920
| style="text-align:right" | 2,064
| style="text-align:right" | 7,103
| style="text-align:right" | <b>8,732</b>
| style="text-align:right" | 9,892
| style="text-align:right" | 8,903
| style="text-align:right" | 7,838
| style="text-align:right" | <b>8,022</b>
| style="text-align:right" | <b>-8.1%</b>
|-
| style="text-align:left" | Other liabilities
| style="text-align:right" | 8,525
| style="text-align:right" | 8,329
| style="text-align:right" | 39,002
| style="text-align:right" | <b>39,226</b>
| style="text-align:right" | 37,805
| style="text-align:right" | 9,658
| style="text-align:right" | 9,286
| style="text-align:right" | <b>9,266</b>
| style="text-align:right" | <b>-76.4%</b>
|-
| style="text-align:left" | <b>Total liabilities</b>
| style="text-align:right" | <b>777,123</b>
| style="text-align:right" | <b>776,178</b>
| style="text-align:right" | <b>803,544</b>
| style="text-align:right" | <b>817,531</b>
| style="text-align:right" | <b>804,365</b>
| style="text-align:right" | <b>774,689</b>
| style="text-align:right" | <b>790,232</b>
| style="text-align:right" | <b>800,894</b>
| style="text-align:right" | <b>-2.0%</b>
|-
| style="text-align:left" | Shareholders' equity
| style="text-align:right" | 21,853
| style="text-align:right" | 20,779
| style="text-align:right" | 21,276
| style="text-align:right" | <b>21,601</b>
| style="text-align:right" | 25,040
| style="text-align:right" | 24,449
| style="text-align:right" | 26,080
| style="text-align:right" | <b>26,701</b>
| style="text-align:right" | <b>23.6%</b>
|-
| style="text-align:left" | Non-controlling interests
| style="text-align:right" | 1,734
| style="text-align:right" | 1,650
| style="text-align:right" | 1,857
| style="text-align:right" | <b>1,939</b>
| style="text-align:right" | 1,951
| style="text-align:right" | 1,475
| style="text-align:right" | 1,470
| style="text-align:right" | <b>1,533</b>
| style="text-align:right" | <b>-20.9%</b>
|-
| style="text-align:left" | <b>Total equity</b>
| style="text-align:right" | <b>23,587</b>
| style="text-align:right" | <b>22,428</b>
| style="text-align:right" | <b>23,134</b>
| style="text-align:right" | <b>23,540</b>
| style="text-align:right" | <b>26,990</b>
| style="text-align:right" | <b>25,924</b>
| style="text-align:right" | <b>27,549</b>
| style="text-align:right" | <b>28,234</b>
| style="text-align:right" | <b>19.9%</b>
|-
| style="text-align:left" | <b>Total liabilities and equity</b>
| style="text-align:right" | <b>800,710</b>
| style="text-align:right" | <b>798,606</b>
| style="text-align:right" | <b>826,678</b>
| style="text-align:right" | <b>841,071</b>
| style="text-align:right" | <b>831,355</b>
| style="text-align:right" | <b>800,613</b>
| style="text-align:right" | <b>817,781</b>
| style="text-align:right" | <b>829,128</b>
| style="text-align:right" | <b>-1.4%</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+ Asset Management balance sheet by asset and liability type
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 31.03.2024
! class="col-s" style="text-align:right" | 30.06.2024
! class="col-s" style="text-align:right" | 30.09.2024
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.03.2025
! class="col-s" style="text-align:right" | 30.06.2025
! class="col-s" style="text-align:right" | 30.09.2025
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | <b>Assets</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 1,317
| style="text-align:right" | 1,326
| style="text-align:right" | 1,159
| style="text-align:right" | <b>1,195</b>
| style="text-align:right" | 1,264
| style="text-align:right" | 975
| style="text-align:right" | 1,072
| style="text-align:right" | <b>1,064</b>
| style="text-align:right" | <b>-11.0%</b>
|-
| style="text-align:left" | Investments
| style="text-align:right" | 1,175
| style="text-align:right" | 1,169
| style="text-align:right" | 1,180
| style="text-align:right" | <b>1,340</b>
| style="text-align:right" | 1,246
| style="text-align:right" | 1,263
| style="text-align:right" | 1,369
| style="text-align:right" | <b>1,472</b>
| style="text-align:right" | <b>9.9%</b>
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 255
| style="text-align:right" | 266
| style="text-align:right" | 242
| style="text-align:right" | <b>242</b>
| style="text-align:right" | 264
| style="text-align:right" | 264
| style="text-align:right" | 256
| style="text-align:right" | <b>260</b>
| style="text-align:right" | <b>7.6%</b>
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 5,649
| style="text-align:right" | 5,845
| style="text-align:right" | 6,438
| style="text-align:right" | <b>6,431</b>
| style="text-align:right" | 5,651
| style="text-align:right" | 5,870
| style="text-align:right" | 6,404
| style="text-align:right" | <b>6,563</b>
| style="text-align:right" | <b>2.0%</b>
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 7,555
| style="text-align:right" | 7,582
| style="text-align:right" | 7,436
| style="text-align:right" | <b>7,708</b>
| style="text-align:right" | 7,549
| style="text-align:right" | 7,257
| style="text-align:right" | 7,251
| style="text-align:right" | <b>7,251</b>
| style="text-align:right" | <b>-5.9%</b>
|-
| style="text-align:left" | <b>Total assets</b>
| style="text-align:right" | <b>15,951</b>
| style="text-align:right" | <b>16,188</b>
| style="text-align:right" | <b>16,455</b>
| style="text-align:right" | <b>16,917</b>
| style="text-align:right" | <b>15,973</b>
| style="text-align:right" | <b>15,629</b>
| style="text-align:right" | <b>16,351</b>
| style="text-align:right" | <b>16,611</b>
| style="text-align:right" | <b>-1.8%</b>
|-
| style="text-align:left" | <b>Liabilities and equity</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial liabilites
| style="text-align:right" | 113
| style="text-align:right" | 116
| style="text-align:right" | 112
| style="text-align:right" | <b>108</b>
| style="text-align:right" | 4
| style="text-align:right" | 4
| style="text-align:right" | 24
| style="text-align:right" | <b>169</b>
| style="text-align:right" | <b>56.4%</b>
|-
| style="text-align:left" | Insurance contract liabilities
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Reinsurance contract liabilities
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Investment contract liabilities
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Deferred tax liabilities
| style="text-align:right" | 134
| style="text-align:right" | 135
| style="text-align:right" | 134
| style="text-align:right" | <b>156</b>
| style="text-align:right" | 143
| style="text-align:right" | 142
| style="text-align:right" | 150
| style="text-align:right" | <b>140</b>
| style="text-align:right" | <b>-9.9%</b>
|-
| style="text-align:left" | Other liabilities
| style="text-align:right" | 5,299
| style="text-align:right" | 5,577
| style="text-align:right" | 6,021
| style="text-align:right" | <b>6,065</b>
| style="text-align:right" | 5,399
| style="text-align:right" | 5,453
| style="text-align:right" | 6,074
| style="text-align:right" | <b>6,206</b>
| style="text-align:right" | <b>2.3%</b>
|-
| style="text-align:left" | <b>Total liabilities</b>
| style="text-align:right" | <b>5,546</b>
| style="text-align:right" | <b>5,828</b>
| style="text-align:right" | <b>6,268</b>
| style="text-align:right" | <b>6,329</b>
| style="text-align:right" | <b>5,546</b>
| style="text-align:right" | <b>5,600</b>
| style="text-align:right" | <b>6,249</b>
| style="text-align:right" | <b>6,516</b>
| style="text-align:right" | <b>3.0%</b>
|-
| style="text-align:left" | Shareholders' equity
| style="text-align:right" | 10,289
| style="text-align:right" | 10,246
| style="text-align:right" | 10,074
| style="text-align:right" | <b>10,461</b>
| style="text-align:right" | 10,312
| style="text-align:right" | 9,913
| style="text-align:right" | 9,987
| style="text-align:right" | <b>9,976</b>
| style="text-align:right" | <b>-4.6%</b>
|-
| style="text-align:left" | Non-controlling interests
| style="text-align:right" | 116
| style="text-align:right" | 114
| style="text-align:right" | 113
| style="text-align:right" | <b>127</b>
| style="text-align:right" | 116
| style="text-align:right" | 117
| style="text-align:right" | 115
| style="text-align:right" | <b>120</b>
| style="text-align:right" | <b>-6.1%</b>
|-
| style="text-align:left" | <b>Total equity</b>
| style="text-align:right" | <b>10,405</b>
| style="text-align:right" | <b>10,360</b>
| style="text-align:right" | <b>10,187</b>
| style="text-align:right" | <b>10,588</b>
| style="text-align:right" | <b>10,427</b>
| style="text-align:right" | <b>10,030</b>
| style="text-align:right" | <b>10,102</b>
| style="text-align:right" | <b>10,095</b>
| style="text-align:right" | <b>-4.7%</b>
|-
| style="text-align:left" | <b>Total liabilities and equity</b>
| style="text-align:right" | <b>15,951</b>
| style="text-align:right" | <b>16,188</b>
| style="text-align:right" | <b>16,455</b>
| style="text-align:right" | <b>16,917</b>
| style="text-align:right" | <b>15,973</b>
| style="text-align:right" | <b>15,629</b>
| style="text-align:right" | <b>16,351</b>
| style="text-align:right" | <b>16,611</b>
| style="text-align:right" | <b>-1.8%</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ Corporate and Other balance sheet by asset and liability type
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 31.03.2024
! class="col-s" style="text-align:right" | 30.06.2024
! class="col-s" style="text-align:right" | 30.09.2024
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.03.2025
! class="col-s" style="text-align:right" | 30.06.2025
! class="col-s" style="text-align:right" | 30.09.2025
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | <b>Assets</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 4,548
| style="text-align:right" | 4,922
| style="text-align:right" | 4,137
| style="text-align:right" | <b>5,982</b>
| style="text-align:right" | 5,830
| style="text-align:right" | 6,250
| style="text-align:right" | 4,908
| style="text-align:right" | <b>4,214</b>
| style="text-align:right" | <b>-29.6%</b>
|-
| style="text-align:left" | Investments
| style="text-align:right" | 129,325
| style="text-align:right" | 126,338
| style="text-align:right" | 130,329
| style="text-align:right" | <b>132,690</b>
| style="text-align:right" | 136,126
| style="text-align:right" | 134,567
| style="text-align:right" | 134,566
| style="text-align:right" | <b>134,224</b>
| style="text-align:right" | <b>1.2%</b>
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 1,389
| style="text-align:right" | 1,489
| style="text-align:right" | 1,404
| style="text-align:right" | <b>971</b>
| style="text-align:right" | 858
| style="text-align:right" | 819
| style="text-align:right" | 759
| style="text-align:right" | <b>791</b>
| style="text-align:right" | <b>-18.5%</b>
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 8,011
| style="text-align:right" | 8,769
| style="text-align:right" | 9,568
| style="text-align:right" | <b>10,418</b>
| style="text-align:right" | 8,380
| style="text-align:right" | 8,761
| style="text-align:right" | 9,644
| style="text-align:right" | <b>10,188</b>
| style="text-align:right" | <b>-2.2%</b>
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 290
| style="text-align:right" | 290
| style="text-align:right" | 291
| style="text-align:right" | <b>331</b>
| style="text-align:right" | 323
| style="text-align:right" | 316
| style="text-align:right" | 310
| style="text-align:right" | <b>307</b>
| style="text-align:right" | <b>-7.2%</b>
|-
| style="text-align:left" | <b>Total assets</b>
| style="text-align:right" | <b>143,563</b>
| style="text-align:right" | <b>141,809</b>
| style="text-align:right" | <b>145,729</b>
| style="text-align:right" | <b>150,392</b>
| style="text-align:right" | <b>151,518</b>
| style="text-align:right" | <b>150,713</b>
| style="text-align:right" | <b>150,187</b>
| style="text-align:right" | <b>149,724</b>
| style="text-align:right" | <b>-0.4%</b>
|-
| style="text-align:left" | <b>Liabilities and equity</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial liabilites
| style="text-align:right" | 42,420
| style="text-align:right" | 42,704
| style="text-align:right" | 43,764
| style="text-align:right" | <b>44,597</b>
| style="text-align:right" | 44,317
| style="text-align:right" | 44,464
| style="text-align:right" | 43,675
| style="text-align:right" | <b>42,706</b>
| style="text-align:right" | <b>-4.2%</b>
|-
| style="text-align:left" | Insurance contract liabilities
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Reinsurance contract liabilities
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Investment contract liabilities
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Deferred tax liabilities
| style="text-align:right" | 405
| style="text-align:right" | 444
| style="text-align:right" | 478
| style="text-align:right" | <b>443</b>
| style="text-align:right" | 569
| style="text-align:right" | 625
| style="text-align:right" | 693
| style="text-align:right" | <b>762</b>
| style="text-align:right" | <b>71.9%</b>
|-
| style="text-align:left" | Other liabilities
| style="text-align:right" | 29,082
| style="text-align:right" | 29,499
| style="text-align:right" | 32,120
| style="text-align:right" | <b>34,603</b>
| style="text-align:right" | 34,762
| style="text-align:right" | 36,878
| style="text-align:right" | 36,914
| style="text-align:right" | <b>34,862</b>
| style="text-align:right" | <b>0.7%</b>
|-
| style="text-align:left" | <b>Total liabilities</b>
| style="text-align:right" | <b>71,907</b>
| style="text-align:right" | <b>72,648</b>
| style="text-align:right" | <b>76,361</b>
| style="text-align:right" | <b>79,643</b>
| style="text-align:right" | <b>79,648</b>
| style="text-align:right" | <b>81,967</b>
| style="text-align:right" | <b>81,282</b>
| style="text-align:right" | <b>78,330</b>
| style="text-align:right" | <b>-1.6%</b>
|-
| style="text-align:left" | Shareholders' equity
| style="text-align:right" | 71,388
| style="text-align:right" | 68,890
| style="text-align:right" | 69,075
| style="text-align:right" | <b>70,455</b>
| style="text-align:right" | 71,563
| style="text-align:right" | 68,423
| style="text-align:right" | 68,465
| style="text-align:right" | <b>70,945</b>
| style="text-align:right" | <b>0.7%</b>
|-
| style="text-align:left" | Non-controlling interests
| style="text-align:right" | 268
| style="text-align:right" | 271
| style="text-align:right" | 293
| style="text-align:right" | <b>294</b>
| style="text-align:right" | 307
| style="text-align:right" | 323
| style="text-align:right" | 441
| style="text-align:right" | <b>449</b>
| style="text-align:right" | <b>52.9%</b>
|-
| style="text-align:left" | <b>Total equity</b>
| style="text-align:right" | <b>71,656</b>
| style="text-align:right" | <b>69,161</b>
| style="text-align:right" | <b>69,368</b>
| style="text-align:right" | <b>70,749</b>
| style="text-align:right" | <b>71,870</b>
| style="text-align:right" | <b>68,745</b>
| style="text-align:right" | <b>68,905</b>
| style="text-align:right" | <b>71,395</b>
| style="text-align:right" | <b>0.9%</b>
|-
| style="text-align:left" | <b>Total liabilities and equity</b>
| style="text-align:right" | <b>143,563</b>
| style="text-align:right" | <b>141,809</b>
| style="text-align:right" | <b>145,729</b>
| style="text-align:right" | <b>150,392</b>
| style="text-align:right" | <b>151,518</b>
| style="text-align:right" | <b>150,713</b>
| style="text-align:right" | <b>150,187</b>
| style="text-align:right" | <b>149,724</b>
| style="text-align:right" | <b>-0.4%</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
|+ Consolidation balance sheet by asset and liability type
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 31.03.2024
! class="col-s" style="text-align:right" | 30.06.2024
! class="col-s" style="text-align:right" | 30.09.2024
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.03.2025
! class="col-s" style="text-align:right" | 30.06.2025
! class="col-s" style="text-align:right" | 30.09.2025
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | <b>Assets</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | -458
| style="text-align:right" | -293
| style="text-align:right" | -223
| style="text-align:right" | <b>-227</b>
| style="text-align:right" | -221
| style="text-align:right" | -144
| style="text-align:right" | -130
| style="text-align:right" | <b>-166</b>
| style="text-align:right" | <b>-26.7%</b>
|-
| style="text-align:left" | Investments
| style="text-align:right" | -100,477
| style="text-align:right" | -100,486
| style="text-align:right" | -100,596
| style="text-align:right" | <b>-100,941</b>
| style="text-align:right" | -101,897
| style="text-align:right" | -101,858
| style="text-align:right" | -101,740
| style="text-align:right" | <b>-101,670</b>
| style="text-align:right" | <b>0.7%</b>
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | -100
| style="text-align:right" | -75
| style="text-align:right" | -101
| style="text-align:right" | <b>-142</b>
| style="text-align:right" | -158
| style="text-align:right" | -130
| style="text-align:right" | -161
| style="text-align:right" | <b>-89</b>
| style="text-align:right" | <b>-37.7%</b>
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | -2,078
| style="text-align:right" | -2,106
| style="text-align:right" | -7,449
| style="text-align:right" | <b>-9,345</b>
| style="text-align:right" | -10,387
| style="text-align:right" | -9,508
| style="text-align:right" | -8,338
| style="text-align:right" | <b>-8,718</b>
| style="text-align:right" | <b>-6.7%</b>
|-
| style="text-align:left" | Other assets
| style="text-align:right" | -23,403
| style="text-align:right" | -25,525
| style="text-align:right" | -28,829
| style="text-align:right" | <b>-31,329</b>
| style="text-align:right" | -28,682
| style="text-align:right" | -30,523
| style="text-align:right" | -32,002
| style="text-align:right" | <b>-30,627</b>
| style="text-align:right" | <b>-2.2%</b>
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | <b>3</b>
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | <b>3</b>
| style="text-align:right" | <b>23.7%</b>
|-
| style="text-align:left" | <b>Total assets</b>
| style="text-align:right" | <b>-126,513</b>
| style="text-align:right" | <b>-128,481</b>
| style="text-align:right" | <b>-137,195</b>
| style="text-align:right" | <b>-141,983</b>
| style="text-align:right" | <b>-141,342</b>
| style="text-align:right" | <b>-142,158</b>
| style="text-align:right" | <b>-142,368</b>
| style="text-align:right" | <b>-141,267</b>
| style="text-align:right" | <b>-0.5%</b>
|-
| style="text-align:left" | <b>Liabilities and equity</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial liabilites
| style="text-align:right" | -7,805
| style="text-align:right" | -7,583
| style="text-align:right" | -7,822
| style="text-align:right" | <b>-8,172</b>
| style="text-align:right" | -7,897
| style="text-align:right" | -7,603
| style="text-align:right" | -7,448
| style="text-align:right" | <b>-6,864</b>
| style="text-align:right" | <b>-16.0%</b>
|-
| style="text-align:left" | Insurance contract liabilities
| style="text-align:right" | -107
| style="text-align:right" | -96
| style="text-align:right" | -100
| style="text-align:right" | <b>-145</b>
| style="text-align:right" | -127
| style="text-align:right" | -92
| style="text-align:right" | -150
| style="text-align:right" | <b>-54</b>
| style="text-align:right" | <b>-63.1%</b>
|-
| style="text-align:left" | Reinsurance contract liabilities
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Investment contract liabilities
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Deferred tax liabilities
| style="text-align:right" | -2,085
| style="text-align:right" | -2,113
| style="text-align:right" | -7,456
| style="text-align:right" | <b>-9,348</b>
| style="text-align:right" | -10,391
| style="text-align:right" | -9,511
| style="text-align:right" | -8,341
| style="text-align:right" | <b>-8,721</b>
| style="text-align:right" | <b>-6.7%</b>
|-
| style="text-align:left" | Other liabilities
| style="text-align:right" | -23,348
| style="text-align:right" | -25,470
| style="text-align:right" | -28,703
| style="text-align:right" | <b>-31,235</b>
| style="text-align:right" | -28,574
| style="text-align:right" | -30,478
| style="text-align:right" | -31,961
| style="text-align:right" | <b>-30,564</b>
| style="text-align:right" | <b>-2.1%</b>
|-
| style="text-align:left" | <b>Total liabilities</b>
| style="text-align:right" | <b>-33,345</b>
| style="text-align:right" | <b>-35,262</b>
| style="text-align:right" | <b>-44,081</b>
| style="text-align:right" | <b>-48,901</b>
| style="text-align:right" | <b>-46,988</b>
| style="text-align:right" | <b>-47,683</b>
| style="text-align:right" | <b>-47,899</b>
| style="text-align:right" | <b>-46,202</b>
| style="text-align:right" | <b>-5.5%</b>
|-
| style="text-align:left" | Shareholders' equity
| style="text-align:right" | -92,948
| style="text-align:right" | -92,999
| style="text-align:right" | -92,895
| style="text-align:right" | <b>-92,862</b>
| style="text-align:right" | -94,135
| style="text-align:right" | -94,254
| style="text-align:right" | -94,250
| style="text-align:right" | <b>-94,846</b>
| style="text-align:right" | <b>2.1%</b>
|-
| style="text-align:left" | Non-controlling interests
| style="text-align:right" | -221
| style="text-align:right" | -221
| style="text-align:right" | -219
| style="text-align:right" | <b>-219</b>
| style="text-align:right" | -219
| style="text-align:right" | -221
| style="text-align:right" | -219
| style="text-align:right" | <b>-219</b>
| style="text-align:right" | <b>-0.0%</b>
|-
| style="text-align:left" | <b>Total equity</b>
| style="text-align:right" | <b>-93,168</b>
| style="text-align:right" | <b>-93,219</b>
| style="text-align:right" | <b>-93,114</b>
| style="text-align:right" | <b>-93,081</b>
| style="text-align:right" | <b>-94,354</b>
| style="text-align:right" | <b>-94,475</b>
| style="text-align:right" | <b>-94,469</b>
| style="text-align:right" | <b>-95,064</b>
| style="text-align:right" | <b>2.1%</b>
|-
| style="text-align:left" | <b>Total liabilities and equity</b>
| style="text-align:right" | <b>-126,513</b>
| style="text-align:right" | <b>-128,481</b>
| style="text-align:right" | <b>-137,195</b>
| style="text-align:right" | <b>-141,983</b>
| style="text-align:right" | <b>-141,342</b>
| style="text-align:right" | <b>-142,158</b>
| style="text-align:right" | <b>-142,368</b>
| style="text-align:right" | <b>-141,267</b>
| style="text-align:right" | <b>-0.5%</b>
|}
</div>

{{source unit|3|label=Shareholders’ Equity|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Shareholders’ Equity ===

<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|+ Shareholders' equity rollforward
|-
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:left" | Allianz Group
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 12M 25
|-
| style="text-align:left" | <b>Opening balance</b>
| style="text-align:right" | <b>60,208</b>
| style="text-align:right" | <b>60,287</b>
|-
| class="wt-indent-1" style="text-align:left" | Total comprehensive income
| style="text-align:right" | <b>2,483</b>
| style="text-align:right" | <b>10,517</b>
|-
| class="wt-indent-2" style="text-align:left" | thereof: shareholders' net income
| style="text-align:right" | <b>2,664</b>
| style="text-align:right" | <b>10,775</b>
|-
| class="wt-indent-1" style="text-align:left" | Purchase, sale, use and cancellation of treasury shares
| style="text-align:right" | <b>-2</b>
| style="text-align:right" | <b>-1,994</b>
|-
| class="wt-indent-1" style="text-align:left" | Changes in scope of consolidation
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
|-
| class="wt-indent-1" style="text-align:left" | Changes in ownership interests in subsidiaries
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-34</b>
|-
| class="wt-indent-1" style="text-align:left" | Capital increases and decreases
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
|-
| class="wt-indent-1" style="text-align:left" | Other changes
| style="text-align:right" | <b>36</b>
| style="text-align:right" | <b>29</b>
|-
| class="wt-indent-1" style="text-align:left" | Dividends paid
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-5,924</b>
|-
| class="wt-indent-1" style="text-align:left" | Other distributions
| style="text-align:right" | <b>-3</b>
| style="text-align:right" | <b>-158</b>
|-
| style="text-align:left" | <b>Closing balance</b>
| style="text-align:right" | <b>62,722</b>
| style="text-align:right" | <b>62,722</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|+ Shareholders' equity sensitivity by market factor
|-
! style="text-align:left" | In EUR billion
! colspan="2" style="text-align:left" | As of 31.12.2025
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Impact
! class="col-s" style="text-align:right" | S/h equity
|-
| style="text-align:left" | <b>Shareholders' equity</b>
| style="text-align:right" | —
| style="text-align:right" | <b>62.7</b>
|-
| class="wt-indent-1" style="text-align:left" | Equity markets +30%
| style="text-align:right" | 4%
| style="text-align:right" | <b>65.3</b>
|-
| class="wt-indent-1" style="text-align:left" | Equity markets -30%
| style="text-align:right" | -5%
| style="text-align:right" | <b>59.5</b>
|-
| class="wt-indent-1" style="text-align:left" | Interest rates +50bps
| style="text-align:right" | -1%
| style="text-align:right" | <b>62.0</b>
|-
| class="wt-indent-1" style="text-align:left" | Interest rates -50bps
| style="text-align:right" | 1%
| style="text-align:right" | <b>63.4</b>
|-
| class="wt-indent-1" style="text-align:left" | Credit spread on goverment bonds +50bps
| style="text-align:right" | -1%
| style="text-align:right" | <b>61.8</b>
|-
| class="wt-indent-1" style="text-align:left" | Credit spread on non-goverment bonds +50bps
| style="text-align:right" | -1%
| style="text-align:right" | <b>62.2</b>
|}
</div>

{{source unit|4|label=Solvency II|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Solvency II ===

<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|+ Solvency II ratio build-up by movement
|-
! style="text-align:left" | In EUR billion
! colspan="3" style="text-align:left" | 4Q 25
! colspan="3" style="text-align:left" | 12M 25
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Own funds
! class="col-s" style="text-align:right" | SCR
! class="col-s" style="text-align:right" | SII ratio / impact
! class="col-s" style="text-align:right" | Own funds
! class="col-s" style="text-align:right" | SCR
! class="col-s" style="text-align:right" | SII ratio / impact
|-
| style="text-align:left" | <b>Opening balance</b>
| style="text-align:right" | 94.7
| style="text-align:right" | 45.4
| style="text-align:right" | <b>209%</b>
| style="text-align:right" | 93.2
| style="text-align:right" | 44.7
| style="text-align:right" | <b>209%</b>
|-
| class="wt-indent-1" style="text-align:left" | Regulatory / model changes
| style="text-align:right" | -1.1
| style="text-align:right" | -2.1
| style="text-align:right" | <b>7%-p</b>
| style="text-align:right" | -1.0
| style="text-align:right" | -2.0
| style="text-align:right" | <b>7%-p</b>
|-
| class="wt-indent-1" style="text-align:left" | Operating SII earnings / business evolution {{fn ref|4|2=Operating SII earnings after tax/before dividend.}}
| style="text-align:right" | 3.1
| style="text-align:right" | 0.3
| style="text-align:right" | <b>5%-p</b>
| style="text-align:right" | 13.0
| style="text-align:right" | 1.0
| style="text-align:right" | <b>25%-p</b>
|-
| class="wt-indent-2" style="text-align:left" | Property-Casualty
| style="text-align:right" | 1.6
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 6.8
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-2" style="text-align:left" | Life/Health
| style="text-align:right" | 1.1
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.9
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-2" style="text-align:left" | Asset Management
| style="text-align:right" | 0.7
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2.3
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-2" style="text-align:left" | Corporate and Other
| style="text-align:right" | -0.3
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -1.0
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Market impact {{fn ref|5|2=For SCR including cross effects and policyholder participation.}}
| style="text-align:right" | 1.1
| style="text-align:right" | -0.2
| style="text-align:right" | <b>3%-p</b>
| style="text-align:right" | -0.2
| style="text-align:right" | -0.8
| style="text-align:right" | <b>4%-p</b>
|-
| class="wt-indent-1" style="text-align:left" | Dividends and share buy-back {{fn ref|8|2=After tax.}}
| style="text-align:right" | -2.1
| style="text-align:right" | 0.0
| style="text-align:right" | <b>-5%-p</b>
| style="text-align:right" | -8.5
| style="text-align:right" | 0.0
| style="text-align:right" | <b>-20%-p</b>
|-
| class="wt-indent-1" style="text-align:left" | Management actions, debt and other {{fn ref|6|2=Other effects on SCR include diversification effects.}}
| style="text-align:right" | -1.2
| style="text-align:right" | -0.2
| style="text-align:right" | <b>-2%-p</b>
| style="text-align:right" | -2.0
| style="text-align:right" | 0.4
| style="text-align:right" | <b>-6%-p</b>
|-
| style="text-align:left" | <b>Closing balance</b>
| style="text-align:right" | 94.5
| style="text-align:right" | 43.3
| style="text-align:right" | <b>218%</b>
| style="text-align:right" | 94.5
| style="text-align:right" | 43.3
| style="text-align:right" | <b>218%</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t15" class="wikitable"
|+ Solvency II ratio sensitivity by market factor
|-
! style="text-align:left" | In EUR billion
! colspan="2" style="text-align:left" | As of 31.12.2025
|-
! style="text-align:left" |
! style="text-align:right" | Impact
! style="text-align:right" | SII ratio
|-
| style="text-align:left" | <b>Solvency II ratio</b>
| style="text-align:right" | —
| style="text-align:right" | <b>218%</b>
|-
| class="wt-indent-1" style="text-align:left" | Equity markets +30%
| style="text-align:right" | 10%-p
| style="text-align:right" | <b>229%</b>
|-
| class="wt-indent-1" style="text-align:left" | Equity markets -30%
| style="text-align:right" | -13%-p
| style="text-align:right" | <b>205%</b>
|-
| class="wt-indent-1" style="text-align:left" | Equity markets (traded equities only) +30%
| style="text-align:right" | 4%-p
| style="text-align:right" | <b>222%</b>
|-
| class="wt-indent-1" style="text-align:left" | Equity markets (traded equities only) -30%
| style="text-align:right" | -4%-p
| style="text-align:right" | <b>214%</b>
|-
| class="wt-indent-1" style="text-align:left" | Interest rates +50bps
| style="text-align:right" | 0%-p
| style="text-align:right" | <b>219%</b>
|-
| class="wt-indent-1" style="text-align:left" | Interest rates -50bps
| style="text-align:right" | -1%-p
| style="text-align:right" | <b>218%</b>
|-
| class="wt-indent-1" style="text-align:left" | Credit spread on government bonds +50bps
| style="text-align:right" | -4%-p
| style="text-align:right" | <b>214%</b>
|-
| class="wt-indent-1" style="text-align:left" | Credit spread on non-government bonds +50bps
| style="text-align:right" | 0%-p
| style="text-align:right" | <b>219%</b>
|-
| class="wt-indent-1" style="text-align:left" | Combined scenario{{fn ref|7|2=Including cross effects.}} (IR -50bps, CS +50bps, EQ -30%)
| style="text-align:right" | -22%-p
| style="text-align:right" | <b>196%</b>
|}
</div>

{{fn note|1=4|2=Operating SII earnings after tax/before dividend.}}
{{fn note|1=5|2=For SCR including cross effects and policyholder participation.}}
{{fn note|1=8|2=After tax.}}
{{fn note|1=6|2=Other effects on SCR include diversification effects.}}
{{fn note|1=7|2=Including cross effects.}}

{{source unit|5|label=Asset Allocation|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Asset Allocation ===

<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|+ Asset allocation by business unit and asset type
|-
! style="text-align:left" | In EUR billion
! colspan="2" style="text-align:left" | Property-Casualty
! colspan="2" style="text-align:left" | Life/Health
! colspan="2" style="text-align:left" | Asset Management
! colspan="2" style="text-align:left" | Corporate and Other
! colspan="2" style="text-align:left" | Consolidation
! colspan="2" style="text-align:left" | Allianz Group
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.12.2025
|-
| style="text-align:left" | Net cash investments {{fn ref|9|2=Net of liabilities from securities lending and including liabilities from cash pooling.}}
| style="text-align:right" | 11.4
| style="text-align:right" | <b>9.2</b>
| style="text-align:right" | 20.5
| style="text-align:right" | <b>20.3</b>
| style="text-align:right" | 2.5
| style="text-align:right" | <b>2.3</b>
| style="text-align:right" | -8.0
| style="text-align:right" | <b>-9.2</b>
| style="text-align:right" | 0.1
| style="text-align:right" | <b>-0.1</b>
| style="text-align:right" | 26.6
| style="text-align:right" | <b>22.5</b>
|-
| style="text-align:left" | Equities excluding affiliates
| style="text-align:right" | 4.0
| style="text-align:right" | <b>3.0</b>
| style="text-align:right" | 41.8
| style="text-align:right" | <b>43.6</b>
| style="text-align:right" | 0.7
| style="text-align:right" | <b>0.7</b>
| style="text-align:right" | 2.9
| style="text-align:right" | <b>3.2</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 49.4
| style="text-align:right" | <b>50.5</b>
|-
| class="wt-indent-1" style="text-align:left" | Equities carried at fair value through P&amp;L
| style="text-align:right" | 0.1
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 0.4
| style="text-align:right" | <b>0.4</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 0.3
| style="text-align:right" | <b>0.3</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 0.8
| style="text-align:right" | <b>0.9</b>
|-
| class="wt-indent-1" style="text-align:left" | Equities carried at fair value through OCI
| style="text-align:right" | 1.0
| style="text-align:right" | <b>0.9</b>
| style="text-align:right" | 22.6
| style="text-align:right" | <b>25.6</b>
| style="text-align:right" | 0.7
| style="text-align:right" | <b>0.6</b>
| style="text-align:right" | 2.1
| style="text-align:right" | <b>2.6</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 26.3
| style="text-align:right" | <b>29.7</b>
|-
| class="wt-indent-1" style="text-align:left" | Equities associates/joint ventures
| style="text-align:right" | 3.0
| style="text-align:right" | <b>2.1</b>
| style="text-align:right" | 18.8
| style="text-align:right" | <b>17.5</b>
| style="text-align:right" | 0.1
| style="text-align:right" | <b>0.1</b>
| style="text-align:right" | 0.5
| style="text-align:right" | <b>0.3</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 22.3
| style="text-align:right" | <b>20.0</b>
|-
| style="text-align:left" | Debt securities
| style="text-align:right" | 92.4
| style="text-align:right" | <b>89.6</b>
| style="text-align:right" | 443.9
| style="text-align:right" | <b>441.7</b>
| style="text-align:right" | 0.4
| style="text-align:right" | <b>0.3</b>
| style="text-align:right" | 45.0
| style="text-align:right" | <b>46.3</b>
| style="text-align:right" | -7.6
| style="text-align:right" | <b>-6.5</b>
| style="text-align:right" | 574.1
| style="text-align:right" | <b>571.3</b>
|-
| style="text-align:left" | Investment funds
| style="text-align:right" | 8.3
| style="text-align:right" | <b>6.8</b>
| style="text-align:right" | 72.9
| style="text-align:right" | <b>73.5</b>
| style="text-align:right" | 0.2
| style="text-align:right" | <b>0.4</b>
| style="text-align:right" | 1.0
| style="text-align:right" | <b>0.9</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 82.5
| style="text-align:right" | <b>81.6</b>
|-
| class="wt-indent-1" style="text-align:left" | Equity funds
| style="text-align:right" | 2.7
| style="text-align:right" | <b>2.2</b>
| style="text-align:right" | 27.7
| style="text-align:right" | <b>26.6</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 0.8
| style="text-align:right" | <b>0.6</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 31.2
| style="text-align:right" | <b>29.4</b>
|-
| class="wt-indent-1" style="text-align:left" | Debt funds
| style="text-align:right" | 3.3
| style="text-align:right" | <b>2.9</b>
| style="text-align:right" | 23.6
| style="text-align:right" | <b>25.8</b>
| style="text-align:right" | 0.1
| style="text-align:right" | <b>0.3</b>
| style="text-align:right" | 0.1
| style="text-align:right" | <b>0.1</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 27.1
| style="text-align:right" | <b>29.1</b>
|-
| class="wt-indent-1" style="text-align:left" | Real estate funds
| style="text-align:right" | 1.3
| style="text-align:right" | <b>0.9</b>
| style="text-align:right" | 11.7
| style="text-align:right" | <b>10.9</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 0.1
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 13.0
| style="text-align:right" | <b>11.8</b>
|-
| class="wt-indent-1" style="text-align:left" | Other funds
| style="text-align:right" | 1.1
| style="text-align:right" | <b>0.8</b>
| style="text-align:right" | 9.9
| style="text-align:right" | <b>10.2</b>
| style="text-align:right" | 0.1
| style="text-align:right" | <b>0.1</b>
| style="text-align:right" | 0.1
| style="text-align:right" | <b>0.1</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 11.2
| style="text-align:right" | <b>11.2</b>
|-
| style="text-align:left" | Derivatives {{fn ref|10|2=Net of liabilities.}}
| style="text-align:right" | -0.2
| style="text-align:right" | <b>0.2</b>
| style="text-align:right" | 3.6
| style="text-align:right" | <b>9.8</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>-0.2</b>
| style="text-align:right" | 0.6
| style="text-align:right" | <b>0.7</b>
| style="text-align:right" | 4.0
| style="text-align:right" | <b>10.6</b>
|-
| style="text-align:left" | Other
| style="text-align:right" | 4.6
| style="text-align:right" | <b>3.7</b>
| style="text-align:right" | 24.5
| style="text-align:right" | <b>22.7</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 1.2
| style="text-align:right" | <b>1.2</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 30.4
| style="text-align:right" | <b>27.6</b>
|-
| class="wt-indent-1" style="text-align:left" | Real estate {{fn ref|11|2=Excludes real estate held for own use measured at amortized cost.}}
| style="text-align:right" | 3.9
| style="text-align:right" | <b>3.2</b>
| style="text-align:right" | 19.6
| style="text-align:right" | <b>18.9</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 0.8
| style="text-align:right" | <b>0.8</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 24.3
| style="text-align:right" | <b>23.0</b>
|-
| class="wt-indent-1" style="text-align:left" | Fixed assets of alternative investments
| style="text-align:right" | 0.5
| style="text-align:right" | <b>0.4</b>
| style="text-align:right" | 2.2
| style="text-align:right" | <b>2.6</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 0.2
| style="text-align:right" | <b>0.3</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 2.9
| style="text-align:right" | <b>3.3</b>
|-
| class="wt-indent-1" style="text-align:left" | Other investments
| style="text-align:right" | 0.2
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 2.8
| style="text-align:right" | <b>1.2</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 0.2
| style="text-align:right" | <b>0.1</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 3.2
| style="text-align:right" | <b>1.3</b>
|-
| style="text-align:left" | <b>Group/segment financial assets excluding affiliates</b>
| style="text-align:right" | <b>120.6</b>
| style="text-align:right" | <b>112.4</b>
| style="text-align:right" | <b>607.3</b>
| style="text-align:right" | <b>611.6</b>
| style="text-align:right" | <b>3.8</b>
| style="text-align:right" | <b>3.8</b>
| style="text-align:right" | <b>42.2</b>
| style="text-align:right" | <b>42.3</b>
| style="text-align:right" | <b>-6.9</b>
| style="text-align:right" | <b>-5.9</b>
| style="text-align:right" | <b>767.0</b>
| style="text-align:right" | <b>764.2</b>
|-
| style="text-align:left" | Affiliates
| style="text-align:right" | 11.5
| style="text-align:right" | <b>10.4</b>
| style="text-align:right" | 0.1
| style="text-align:right" | <b>2.8</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
| style="text-align:right" | 81.5
| style="text-align:right" | <b>81.8</b>
| style="text-align:right" | -93.1
| style="text-align:right" | <b>-95.1</b>
| style="text-align:right" | 0.0
| style="text-align:right" | <b>0.0</b>
|-
| style="text-align:left" | <b>Group/segment financial assets including affiliates</b>
| style="text-align:right" | <b>132.0</b>
| style="text-align:right" | <b>122.8</b>
| style="text-align:right" | <b>607.4</b>
| style="text-align:right" | <b>614.4</b>
| style="text-align:right" | <b>3.8</b>
| style="text-align:right" | <b>3.8</b>
| style="text-align:right" | <b>123.6</b>
| style="text-align:right" | <b>124.1</b>
| style="text-align:right" | <b>-100.0</b>
| style="text-align:right" | <b>-101.0</b>
| style="text-align:right" | <b>767.0</b>
| style="text-align:right" | <b>764.2</b>
|}
</div>

{{fn note|1=9|2=Net of liabilities from securities lending and including liabilities from cash pooling.}}
{{fn note|1=10|2=Net of liabilities.}}
{{fn note|1=11|2=Excludes real estate held for own use measured at amortized cost.}}

{{source unit|6|label=Allianz Group – CSM|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Allianz Group – CSM ===

<div style="overflow-x:auto">
{| id="t17" class="wikitable fintable"
|+ CSM build-up by business unit
|-
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:left" | Life/Health
! colspan="2" style="text-align:left" | Property-Casualty
! colspan="2" style="text-align:left" | Allianz Group {{fn ref|12|2=Life/Health and Property-Casualty figures don't add up due to consolidation effects.}}
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 12M 25
|-
| style="text-align:left" | <b>Opening gross CSM {{fn ref|13|2=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.}}</b>
| style="text-align:right" | <b>55,543</b>
| style="text-align:right" | <b>56,789</b>
| style="text-align:right" | <b>202</b>
| style="text-align:right" | <b>64</b>
| style="text-align:right" | <b>55,734</b>
| style="text-align:right" | <b>56,851</b>
|-
| style="text-align:left" | <b>Closing gross CSM</b>
| style="text-align:right" | <b>55,703</b>
| style="text-align:right" | <b>55,703</b>
| style="text-align:right" | <b>202</b>
| style="text-align:right" | <b>202</b>
| style="text-align:right" | <b>55,897</b>
| style="text-align:right" | <b>55,897</b>
|-
| class="wt-indent-1" style="text-align:left" | Present value of non-attributable expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | <b>-7,087</b>
| style="text-align:right" | <b>-7,087</b>
|-
| class="wt-indent-1" style="text-align:left" | Reinsurance
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | <b>-1,411</b>
| style="text-align:right" | <b>-1,411</b>
|-
| class="wt-indent-1" style="text-align:left" | Non-controlling interests
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | <b>-898</b>
| style="text-align:right" | <b>-898</b>
|-
| class="wt-indent-1" style="text-align:left" | Taxes
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | <b>-11,121</b>
| style="text-align:right" | <b>-11,121</b>
|-
| style="text-align:left" | <b>Closing net CSM</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | <b>35,379</b>
| style="text-align:right" | <b>35,379</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t18" class="wikitable fintable"
|+ Life/Health CSM rollforward
|-
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:left" | Life/Health
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 12M 25
|-
| style="text-align:left" | <b>Opening gross CSM {{fn ref|13|2=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.}}</b>
| style="text-align:right" | <b>55,543</b>
| style="text-align:right" | <b>56,789</b>
|-
| class="wt-indent-1" style="text-align:left" | CSM@inception
| style="text-align:right" | <b>1,353</b>
| style="text-align:right" | <b>5,419</b>
|-
| class="wt-indent-1" style="text-align:left" | Expected in-force return
| style="text-align:right" | <b>773</b>
| style="text-align:right" | <b>2,972</b>
|-
| class="wt-indent-1" style="text-align:left" | Economic variances (incl. F/X)
| style="text-align:right" | <b>-108</b>
| style="text-align:right" | <b>-1,924</b>
|-
| class="wt-indent-1" style="text-align:left" | Non-economic variances and assumption changes
| style="text-align:right" | <b>-501</b>
| style="text-align:right" | <b>-1,310</b>
|-
| class="wt-indent-1" style="text-align:left" | CSM release
| style="text-align:right" | <b>-1,357</b>
| style="text-align:right" | <b>-5,440</b>
|-
| class="wt-indent-1" style="text-align:left" | Change in scope {{fn ref|14|2=The change in scope refers to the sale of UniCredit Allianz Vita S.p.A., which was completed in 2Q 25.}}
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-802</b>
|-
| style="text-align:left" | <b>Closing gross CSM</b>
| style="text-align:right" | <b>55,703</b>
| style="text-align:right" | <b>55,703</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t19" class="wikitable fintable"
|+ CSM sensitivity by scenario and business unit
|-
! style="text-align:left" | In EUR billion
! colspan="2" style="text-align:left" | Life/Health
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Impact
! class="col-s" style="text-align:right" | Gross CSM
|-
| style="text-align:left" | <b>Closing gross CSM</b>
| style="text-align:right" | —
| style="text-align:right" | <b>55.7</b>
|-
| class="wt-indent-1" style="text-align:left" | Equity markets +30%
| style="text-align:right" | 7%
| style="text-align:right" | <b>59.5</b>
|-
| class="wt-indent-1" style="text-align:left" | Equity markets -30%
| style="text-align:right" | -8%
| style="text-align:right" | <b>51.4</b>
|-
| class="wt-indent-1" style="text-align:left" | Interest rate (SII non-parallel) +50bps
| style="text-align:right" | -1%
| style="text-align:right" | <b>54.9</b>
|-
| class="wt-indent-1" style="text-align:left" | Interest rate (SII non-parallel) -50bps
| style="text-align:right" | 1%
| style="text-align:right" | <b>56.4</b>
|-
| class="wt-indent-1" style="text-align:left" | Credit spread on government bonds +50bps
| style="text-align:right" | -1%
| style="text-align:right" | <b>54.9</b>
|-
| class="wt-indent-1" style="text-align:left" | Credit spread on non-government bonds +50bps
| style="text-align:right" | -1%
| style="text-align:right" | <b>55.1</b>
|}
</div>

{{fn note|1=12|2=Life/Health and Property-Casualty figures don't add up due to consolidation effects.}}
{{fn note|1=13|2=Life/Health and Group include gross CSM of EUR 0.8bn as of 31.12.2024 and 01.01.2025 for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Effective 01.01.2025, the German APR and the Austrian health businesses have been transferred from the Property-Casualty segment to the Life/Health segment resulting in a EUR 1.2bn shift in the gross CSM opening balance.}}
{{fn note|1=14|2=The change in scope refers to the sale of UniCredit Allianz Vita S.p.A., which was completed in 2Q 25.}}

{{source unit|7|label=Allianz Group|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Allianz Group ===

<div style="overflow-x:auto">
{| id="t20" class="wikitable fintable"
|+ Operating profit build-up by quarter and year
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 1Q 24
! class="col-s" style="text-align:right" | 2Q 24
! class="col-s" style="text-align:right" | 3Q 24
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 1Q 25
! class="col-s" style="text-align:right" | 2Q 25
! class="col-s" style="text-align:right" | 3Q 25
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | ∆ 2025 / 2024
|-
| style="text-align:left" | <b>Total business volume {{fn ref|15|2=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.}}</b>
| style="text-align:right" | <b>48,410</b>
| style="text-align:right" | <b>42,635</b>
| style="text-align:right" | <b>42,820</b>
| style="text-align:right" | <b>45,913</b>
| style="text-align:right" | <b>179,778</b>
| style="text-align:right" | <b>54,014</b>
| style="text-align:right" | <b>44,459</b>
| style="text-align:right" | <b>42,775</b>
| style="text-align:right" | <b>45,690</b>
| style="text-align:right" | <b>186,938</b>
| style="text-align:right" | <b>4.0%</b>
|-
| style="text-align:left" | <b>Operating insurance service result</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Operating insurance revenue
| style="text-align:right" | 23,438
| style="text-align:right" | 23,848
| style="text-align:right" | 24,571
| style="text-align:right" | 25,819
| style="text-align:right" | <b>97,675</b>
| style="text-align:right" | 25,034
| style="text-align:right" | 25,140
| style="text-align:right" | 25,913
| style="text-align:right" | 26,547
| style="text-align:right" | <b>102,635</b>
| style="text-align:right" | <b>5.1%</b>
|-
| class="wt-indent-1" style="text-align:left" | Claims and benefits
| style="text-align:right" | -14,299
| style="text-align:right" | -15,149
| style="text-align:right" | -15,464
| style="text-align:right" | -16,864
| style="text-align:right" | <b>-61,775</b>
| style="text-align:right" | -15,542
| style="text-align:right" | -15,439
| style="text-align:right" | -16,198
| style="text-align:right" | -16,741
| style="text-align:right" | <b>-63,920</b>
| style="text-align:right" | <b>3.5%</b>
|-
| class="wt-indent-1" style="text-align:left" | Operating acquisition and administrative expenses
| style="text-align:right" | -5,773
| style="text-align:right" | -5,897
| style="text-align:right" | -5,931
| style="text-align:right" | -6,410
| style="text-align:right" | <b>-24,011</b>
| style="text-align:right" | -6,124
| style="text-align:right" | -6,031
| style="text-align:right" | -6,279
| style="text-align:right" | -6,473
| style="text-align:right" | <b>-24,907</b>
| style="text-align:right" | <b>3.7%</b>
|-
| class="wt-indent-1" style="text-align:left" | Operating reinsurance result
| style="text-align:right" | -810
| style="text-align:right" | -827
| style="text-align:right" | -1,099
| style="text-align:right" | -394
| style="text-align:right" | <b>-3,130</b>
| style="text-align:right" | -735
| style="text-align:right" | -856
| style="text-align:right" | -886
| style="text-align:right" | -800
| style="text-align:right" | <b>-3,277</b>
| style="text-align:right" | <b>4.7%</b>
|-
| class="wt-indent-1" style="text-align:left" | Other insurance service result
| style="text-align:right" | -11
| style="text-align:right" | 363
| style="text-align:right" | 294
| style="text-align:right" | 86
| style="text-align:right" | <b>732</b>
| style="text-align:right" | 153
| style="text-align:right" | 142
| style="text-align:right" | 204
| style="text-align:right" | -68
| style="text-align:right" | <b>431</b>
| style="text-align:right" | <b>-41.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Subtotal</b>
| style="text-align:right" | <b>2,545</b>
| style="text-align:right" | <b>2,338</b>
| style="text-align:right" | <b>2,371</b>
| style="text-align:right" | <b>2,238</b>
| style="text-align:right" | <b>9,491</b>
| style="text-align:right" | <b>2,786</b>
| style="text-align:right" | <b>2,956</b>
| style="text-align:right" | <b>2,754</b>
| style="text-align:right" | <b>2,465</b>
| style="text-align:right" | <b>10,961</b>
| style="text-align:right" | <b>15.5%</b>
|-
| style="text-align:left" | <b>Operating investment result</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Operating net investment income, excluding interest expenses from external debt
| style="text-align:right" | 12,357
| style="text-align:right" | 6,562
| style="text-align:right" | 9,835
| style="text-align:right" | 8,247
| style="text-align:right" | <b>37,001</b>
| style="text-align:right" | 648
| style="text-align:right" | 7,018
| style="text-align:right" | 12,738
| style="text-align:right" | 9,729
| style="text-align:right" | <b>30,134</b>
| style="text-align:right" | <b>-18.6%</b>
|-
| class="wt-indent-1" style="text-align:left" | Finance income (expenses) from insurance contracts issued (net)
| style="text-align:right" | -11,499
| style="text-align:right" | -5,532
| style="text-align:right" | -8,573
| style="text-align:right" | -6,962
| style="text-align:right" | <b>-32,567</b>
| style="text-align:right" | 115
| style="text-align:right" | -6,277
| style="text-align:right" | -11,540
| style="text-align:right" | -8,674
| style="text-align:right" | <b>-26,376</b>
| style="text-align:right" | <b>-19.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | Finance income (expenses) from reinsurance contracts held (net)
| style="text-align:right" | 173
| style="text-align:right" | 174
| style="text-align:right" | -65
| style="text-align:right" | 134
| style="text-align:right" | <b>416</b>
| style="text-align:right" | 243
| style="text-align:right" | 256
| style="text-align:right" | 94
| style="text-align:right" | 157
| style="text-align:right" | <b>749</b>
| style="text-align:right" | <b>80.2%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Subtotal</b>
| style="text-align:right" | <b>1,030</b>
| style="text-align:right" | <b>1,204</b>
| style="text-align:right" | <b>1,197</b>
| style="text-align:right" | <b>1,419</b>
| style="text-align:right" | <b>4,850</b>
| style="text-align:right" | <b>1,006</b>
| style="text-align:right" | <b>997</b>
| style="text-align:right" | <b>1,292</b>
| style="text-align:right" | <b>1,212</b>
| style="text-align:right" | <b>4,507</b>
| style="text-align:right" | <b>-7.1%</b>
|-
| style="text-align:left" | Operating result from investment contracts
| style="text-align:right" | 54
| style="text-align:right" | 81
| style="text-align:right" | 69
| style="text-align:right" | 80
| style="text-align:right" | <b>284</b>
| style="text-align:right" | 73
| style="text-align:right" | 76
| style="text-align:right" | 62
| style="text-align:right" | 63
| style="text-align:right" | <b>273</b>
| style="text-align:right" | <b>-3.9%</b>
|-
| style="text-align:left" | Operating fee and commission result
| style="text-align:right" | 1,890
| style="text-align:right" | 1,879
| style="text-align:right" | 1,906
| style="text-align:right" | 2,282
| style="text-align:right" | <b>7,957</b>
| style="text-align:right" | 2,022
| style="text-align:right" | 1,947
| style="text-align:right" | 2,023
| style="text-align:right" | 2,313
| style="text-align:right" | <b>8,304</b>
| style="text-align:right" | <b>4.4%</b>
|-
| style="text-align:left" | Operating other result
| style="text-align:right" | -1,533
| style="text-align:right" | -1,577
| style="text-align:right" | -1,605
| style="text-align:right" | -1,844
| style="text-align:right" | <b>-6,559</b>
| style="text-align:right" | -1,648
| style="text-align:right" | -1,570
| style="text-align:right" | -1,697
| style="text-align:right" | -1,755
| style="text-align:right" | <b>-6,670</b>
| style="text-align:right" | <b>1.7%</b>
|-
| style="text-align:left" | <b>Operating profit</b>
| style="text-align:right" | <b>3,986</b>
| style="text-align:right" | <b>3,926</b>
| style="text-align:right" | <b>3,938</b>
| style="text-align:right" | <b>4,174</b>
| style="text-align:right" | <b>16,023</b>
| style="text-align:right" | <b>4,238</b>
| style="text-align:right" | <b>4,406</b>
| style="text-align:right" | <b>4,433</b>
| style="text-align:right" | <b>4,297</b>
| style="text-align:right" | <b>17,374</b>
| style="text-align:right" | <b>8.4%</b>
|-
| style="text-align:left" | <b>Non-operating items</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Realized gains/losses (net)
| style="text-align:right" | -77
| style="text-align:right" | -5
| style="text-align:right" | -0
| style="text-align:right" | -86
| style="text-align:right" | <b>-168</b>
| style="text-align:right" | 1
| style="text-align:right" | 369
| style="text-align:right" | 48
| style="text-align:right" | 224
| style="text-align:right" | <b>643</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Expected credit loss and impairments (net)
| style="text-align:right" | -7
| style="text-align:right" | -26
| style="text-align:right" | -33
| style="text-align:right" | 18
| style="text-align:right" | <b>-48</b>
| style="text-align:right" | -34
| style="text-align:right" | 5
| style="text-align:right" | -30
| style="text-align:right" | 6
| style="text-align:right" | <b>-53</b>
| style="text-align:right" | <b>9.3%</b>
|-
| class="wt-indent-1" style="text-align:left" | Result from assets and liabilities measured at fair value incl. derivatives
| style="text-align:right" | -1
| style="text-align:right" | -78
| style="text-align:right" | -123
| style="text-align:right" | -25
| style="text-align:right" | <b>-227</b>
| style="text-align:right" | -198
| style="text-align:right" | -224
| style="text-align:right" | -54
| style="text-align:right" | -155
| style="text-align:right" | <b>-631</b>
| style="text-align:right" | <b>178.5%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Non-operating market movements
| style="text-align:right" | 102
| style="text-align:right" | -15
| style="text-align:right" | -49
| style="text-align:right" | 55
| style="text-align:right" | <b>92</b>
| style="text-align:right" | -134
| style="text-align:right" | -136
| style="text-align:right" | 15
| style="text-align:right" | -48
| style="text-align:right" | <b>-303</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Interest expenses from external debt
| style="text-align:right" | -183
| style="text-align:right" | -182
| style="text-align:right" | -192
| style="text-align:right" | -204
| style="text-align:right" | <b>-762</b>
| style="text-align:right" | -190
| style="text-align:right" | -197
| style="text-align:right" | -186
| style="text-align:right" | -184
| style="text-align:right" | <b>-758</b>
| style="text-align:right" | <b>-0.5%</b>
|-
| class="wt-indent-1" style="text-align:left" | Restructuring and integration expenses
| style="text-align:right" | -89
| style="text-align:right" | -123
| style="text-align:right" | -202
| style="text-align:right" | -254
| style="text-align:right" | <b>-669</b>
| style="text-align:right" | -144
| style="text-align:right" | -152
| style="text-align:right" | -145
| style="text-align:right" | -266
| style="text-align:right" | <b>-708</b>
| style="text-align:right" | <b>5.9%</b>
|-
| class="wt-indent-1" style="text-align:left" | Amortization of intangible assets
| style="text-align:right" | -67
| style="text-align:right" | -68
| style="text-align:right" | -73
| style="text-align:right" | -74
| style="text-align:right" | <b>-282</b>
| style="text-align:right" | -68
| style="text-align:right" | -71
| style="text-align:right" | -66
| style="text-align:right" | -67
| style="text-align:right" | <b>-271</b>
| style="text-align:right" | <b>-3.8%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Amortization of intangible assets from business combinations
| style="text-align:right" | -24
| style="text-align:right" | -25
| style="text-align:right" | -28
| style="text-align:right" | -26
| style="text-align:right" | <b>-102</b>
| style="text-align:right" | -24
| style="text-align:right" | -24
| style="text-align:right" | -24
| style="text-align:right" | -24
| style="text-align:right" | <b>-97</b>
| style="text-align:right" | <b>-5.2%</b>
|-
| class="wt-indent-1" style="text-align:left" | Other {{fn ref|16|2=Including hyperinflation result, tax reclassifications from the Life/Health segment, and reclassification impacts from the Asset Management segment.}}
| style="text-align:right" | -68
| style="text-align:right" | 40
| style="text-align:right" | 207
| style="text-align:right" | -31
| style="text-align:right" | <b>149</b>
| style="text-align:right" | -49
| style="text-align:right" | -35
| style="text-align:right" | 2
| style="text-align:right" | -54
| style="text-align:right" | <b>-136</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Subtotal</b>
| style="text-align:right" | <b>-493</b>
| style="text-align:right" | <b>-441</b>
| style="text-align:right" | <b>-417</b>
| style="text-align:right" | <b>-655</b>
| style="text-align:right" | <b>-2,007</b>
| style="text-align:right" | <b>-683</b>
| style="text-align:right" | <b>-304</b>
| style="text-align:right" | <b>-431</b>
| style="text-align:right" | <b>-497</b>
| style="text-align:right" | <b>-1,914</b>
| style="text-align:right" | <b>-4.6%</b>
|-
| style="text-align:left" | <b>Income (loss) before income taxes</b>
| style="text-align:right" | <b>3,493</b>
| style="text-align:right" | <b>3,484</b>
| style="text-align:right" | <b>3,521</b>
| style="text-align:right" | <b>3,518</b>
| style="text-align:right" | <b>14,016</b>
| style="text-align:right" | <b>3,555</b>
| style="text-align:right" | <b>4,102</b>
| style="text-align:right" | <b>4,002</b>
| style="text-align:right" | <b>3,800</b>
| style="text-align:right" | <b>15,460</b>
| style="text-align:right" | <b>10.3%</b>
|-
| style="text-align:left" | Income taxes
| style="text-align:right" | -861
| style="text-align:right" | -823
| style="text-align:right" | -910
| style="text-align:right" | -883
| style="text-align:right" | <b>-3,476</b>
| style="text-align:right" | -974
| style="text-align:right" | -1,084
| style="text-align:right" | -992
| style="text-align:right" | -980
| style="text-align:right" | <b>-4,030</b>
| style="text-align:right" | <b>15.9%</b>
|-
| style="text-align:left" | <b>Net income (loss)</b>
| style="text-align:right" | <b>2,631</b>
| style="text-align:right" | <b>2,661</b>
| style="text-align:right" | <b>2,611</b>
| style="text-align:right" | <b>2,636</b>
| style="text-align:right" | <b>10,540</b>
| style="text-align:right" | <b>2,581</b>
| style="text-align:right" | <b>3,018</b>
| style="text-align:right" | <b>3,010</b>
| style="text-align:right" | <b>2,821</b>
| style="text-align:right" | <b>11,430</b>
| style="text-align:right" | <b>8.4%</b>
|-
| style="text-align:left" | <b>Net income (loss) attributable to:</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Non-controlling interests
| style="text-align:right" | 156
| style="text-align:right" | 149
| style="text-align:right" | 141
| style="text-align:right" | 163
| style="text-align:right" | <b>609</b>
| style="text-align:right" | 158
| style="text-align:right" | 177
| style="text-align:right" | 163
| style="text-align:right" | 157
| style="text-align:right" | <b>655</b>
| style="text-align:right" | <b>7.7%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Shareholders</b>
| style="text-align:right" | <b>2,475</b>
| style="text-align:right" | <b>2,513</b>
| style="text-align:right" | <b>2,471</b>
| style="text-align:right" | <b>2,472</b>
| style="text-align:right" | <b>9,931</b>
| style="text-align:right" | <b>2,423</b>
| style="text-align:right" | <b>2,841</b>
| style="text-align:right" | <b>2,847</b>
| style="text-align:right" | <b>2,664</b>
| style="text-align:right" | <b>10,775</b>
| style="text-align:right" | <b>8.5%</b>
|-
| style="text-align:left" | <b>Income (loss) before income taxes</b>
| style="text-align:right" | <b>3,493</b>
| style="text-align:right" | <b>3,484</b>
| style="text-align:right" | <b>3,521</b>
| style="text-align:right" | <b>3,518</b>
| style="text-align:right" | <b>14,016</b>
| style="text-align:right" | <b>3,555</b>
| style="text-align:right" | <b>4,102</b>
| style="text-align:right" | <b>4,002</b>
| style="text-align:right" | <b>3,800</b>
| style="text-align:right" | <b>15,460</b>
| style="text-align:right" | <b>10.3%</b>
|-
| style="text-align:left" | Adjustment for non-operating market movements
| style="text-align:right" | -102
| style="text-align:right" | 15
| style="text-align:right" | 49
| style="text-align:right" | -55
| style="text-align:right" | <b>-92</b>
| style="text-align:right" | 134
| style="text-align:right" | 136
| style="text-align:right" | -15
| style="text-align:right" | 48
| style="text-align:right" | <b>303</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Adjustment for amortization of intangible assets from business combinations
| style="text-align:right" | 24
| style="text-align:right" | 25
| style="text-align:right" | 28
| style="text-align:right" | 26
| style="text-align:right" | <b>102</b>
| style="text-align:right" | 24
| style="text-align:right" | 24
| style="text-align:right" | 24
| style="text-align:right" | 24
| style="text-align:right" | <b>97</b>
| style="text-align:right" | <b>-5.2%</b>
|-
| style="text-align:left" | <b>Core income (loss) before income taxes</b>
| style="text-align:right" | <b>3,414</b>
| style="text-align:right" | <b>3,524</b>
| style="text-align:right" | <b>3,598</b>
| style="text-align:right" | <b>3,490</b>
| style="text-align:right" | <b>14,026</b>
| style="text-align:right" | <b>3,713</b>
| style="text-align:right" | <b>4,262</b>
| style="text-align:right" | <b>4,011</b>
| style="text-align:right" | <b>3,873</b>
| style="text-align:right" | <b>15,860</b>
| style="text-align:right" | <b>13.1%</b>
|-
| style="text-align:left" | Income taxes related to core income
| style="text-align:right" | -881
| style="text-align:right" | -835
| style="text-align:right" | -924
| style="text-align:right" | -882
| style="text-align:right" | <b>-3,521</b>
| style="text-align:right" | -999
| style="text-align:right" | -1,106
| style="text-align:right" | -991
| style="text-align:right" | -982
| style="text-align:right" | <b>-4,078</b>
| style="text-align:right" | <b>15.8%</b>
|-
| style="text-align:left" | <b>Core net income (loss)</b>
| style="text-align:right" | <b>2,533</b>
| style="text-align:right" | <b>2,690</b>
| style="text-align:right" | <b>2,674</b>
| style="text-align:right" | <b>2,608</b>
| style="text-align:right" | <b>10,505</b>
| style="text-align:right" | <b>2,714</b>
| style="text-align:right" | <b>3,156</b>
| style="text-align:right" | <b>3,020</b>
| style="text-align:right" | <b>2,891</b>
| style="text-align:right" | <b>11,781</b>
| style="text-align:right" | <b>12.2%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>thereof: Shareholders' core net income (loss)</b>
| style="text-align:right" | 2,513
| style="text-align:right" | 2,536
| style="text-align:right" | 2,534
| style="text-align:right" | 2,434
| style="text-align:right" | <b>10,017</b>
| style="text-align:right" | 2,550
| style="text-align:right" | 2,976
| style="text-align:right" | 2,855
| style="text-align:right" | 2,731
| style="text-align:right" | <b>11,113</b>
| style="text-align:right" | <b>10.9%</b>
|-
| style="text-align:left" | <b>Core return on equity{{fn ref|17|2=For current year periods and prior year periods, the core return on equity for the respective full year is shown.}} (in %)</b>
| style="text-align:right" | <b>16.9</b>
| style="text-align:right" | <b>16.9</b>
| style="text-align:right" | <b>16.9</b>
| style="text-align:right" | <b>16.9</b>
| style="text-align:right" | <b>16.9</b>
| style="text-align:right" | <b>18.1</b>
| style="text-align:right" | <b>18.1</b>
| style="text-align:right" | <b>18.1</b>
| style="text-align:right" | <b>18.1</b>
| style="text-align:right" | <b>18.1</b>
| style="text-align:right" | <b>1.2%-p</b>
|-
| style="text-align:left" | <b>Average shareholders' equity{{fn ref|18|2=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</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>58,544</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>60,619</b>
| style="text-align:right" | <b>3.5%</b>
|}
</div>

{{fn note|1=15|2=Total business volume comprises gross premiums written and fee and commission income in Property-Casualty, statutory gross premiums in Life/Health, and operating revenues in Asset Management.}}
{{fn note|1=16|2=Including hyperinflation result, tax reclassifications from the Life/Health segment, and reclassification impacts from the Asset Management segment.}}
{{fn note|1=17|2=For current year periods and prior year periods, the core return on equity for the respective full year is shown.}}
{{fn note|1=18|2=Shareholders‘ equity excluding undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses.}}

{{source unit|8|label=Allianz Group – EPS|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Allianz Group – EPS ===

<div style="overflow-x:auto">
{| id="t21" class="wikitable fintable"
|+ EPS build-up by quarter and year
|-
! style="text-align:left" | In EUR million
! class="col-m" style="text-align:right" | 1Q 24
! class="col-m" style="text-align:right" | 2Q 24
! class="col-m" style="text-align:right" | 3Q 24
! class="col-m" style="text-align:right" | 4Q 24
! class="col-m" style="text-align:right" | 2024
! class="col-m" style="text-align:right" | 1Q 25
! class="col-m" style="text-align:right" | 2Q 25
! class="col-m" style="text-align:right" | 3Q 25
! class="col-m" style="text-align:right" | 4Q 25
! class="col-m" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | ∆ 2025 / 2024
|-
| style="text-align:left" | Number of shares issued - end of period
| style="text-align:right" | 391,718,983
| style="text-align:right" | 391,718,983
| style="text-align:right" | 391,718,983
| style="text-align:right" | 386,166,676
| style="text-align:right" | <b>386,166,676</b>
| style="text-align:right" | 386,166,676
| style="text-align:right" | 386,166,676
| style="text-align:right" | 386,166,676
| style="text-align:right" | 380,418,897
| style="text-align:right" | <b>380,418,897</b>
| style="text-align:right" | <b>-1.5%</b>
|-
| style="text-align:left" | Number of shares outstanding - end of period
| style="text-align:right" | 390,785,989
| style="text-align:right" | 387,986,127
| style="text-align:right" | 386,211,294
| style="text-align:right" | 385,919,437
| style="text-align:right" | <b>385,919,437</b>
| style="text-align:right" | 385,551,332
| style="text-align:right" | 382,995,688
| style="text-align:right" | 380,239,760
| style="text-align:right" | 380,242,198
| style="text-align:right" | <b>380,242,198</b>
| style="text-align:right" | <b>-1.5%</b>
|-
| style="text-align:left" | Weighted average number of shares outstanding - basic
| style="text-align:right" | 391,366,716
| style="text-align:right" | 389,341,572
| style="text-align:right" | 387,329,274
| style="text-align:right" | 385,853,086
| style="text-align:right" | <b>388,462,381</b>
| style="text-align:right" | 385,901,408
| style="text-align:right" | 384,152,768
| style="text-align:right" | 381,391,281
| style="text-align:right" | 380,128,259
| style="text-align:right" | <b>382,873,496</b>
| style="text-align:right" | <b>-1.4%</b>
|-
| style="text-align:left" | Potentially dilutive shares
| style="text-align:right" | 219,181
| style="text-align:right" | 1,557,024
| style="text-align:right" | 63,050
| style="text-align:right" | 1,954,385
| style="text-align:right" | <b>120,869</b>
| style="text-align:right" | 117,521
| style="text-align:right" | 30,576
| style="text-align:right" | 51,250
| style="text-align:right" | 70,365
| style="text-align:right" | <b>85,195</b>
| style="text-align:right" | <b>-29.5%</b>
|-
| style="text-align:left" | Weighted average number of shares outstanding - diluted
| style="text-align:right" | 391,585,898
| style="text-align:right" | 390,898,596
| style="text-align:right" | 387,392,324
| style="text-align:right" | 387,807,471
| style="text-align:right" | <b>388,583,250</b>
| style="text-align:right" | 386,018,928
| style="text-align:right" | 384,183,344
| style="text-align:right" | 381,442,531
| style="text-align:right" | 380,198,624
| style="text-align:right" | <b>382,958,691</b>
| style="text-align:right" | <b>-1.4%</b>
|-
| style="text-align:left" | Net income attributable to shareholders - basic {{fn ref|19|2=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.}}
| style="text-align:right" | 2,475
| style="text-align:right" | 2,369
| style="text-align:right" | 2,471
| style="text-align:right" | 2,472
| style="text-align:right" | <b>9,788</b>
| style="text-align:right" | 2,423
| style="text-align:right" | 2,702
| style="text-align:right" | 2,823
| style="text-align:right" | 2,655
| style="text-align:right" | <b>10,603</b>
| style="text-align:right" | <b>8.3%</b>
|-
| style="text-align:left" | Effect of dilution
| style="text-align:right" | -3
| style="text-align:right" | -1
| style="text-align:right" | -1
| style="text-align:right" | 9
| style="text-align:right" | <b>-5</b>
| style="text-align:right" | -2
| style="text-align:right" | -1
| style="text-align:right" | -1
| style="text-align:right" | -1
| style="text-align:right" | <b>-5</b>
| style="text-align:right" | <b>0.4%</b>
|-
| style="text-align:left" | Net income attributable to shareholders - diluted
| style="text-align:right" | 2,472
| style="text-align:right" | 2,368
| style="text-align:right" | 2,470
| style="text-align:right" | 2,482
| style="text-align:right" | <b>9,783</b>
| style="text-align:right" | 2,421
| style="text-align:right" | 2,701
| style="text-align:right" | 2,821
| style="text-align:right" | 2,654
| style="text-align:right" | <b>10,598</b>
| style="text-align:right" | <b>8.3%</b>
|-
| style="text-align:left" | <b>EPS basic (EUR)</b>
| style="text-align:right" | <b>6.32</b>
| style="text-align:right" | <b>6.09</b>
| style="text-align:right" | <b>6.38</b>
| style="text-align:right" | <b>6.41</b>
| style="text-align:right" | <b>25.20</b>
| style="text-align:right" | <b>6.28</b>
| style="text-align:right" | <b>7.03</b>
| style="text-align:right" | <b>7.40</b>
| style="text-align:right" | <b>6.98</b>
| style="text-align:right" | <b>27.69</b>
| style="text-align:right" | <b>9.9%</b>
|-
| style="text-align:left" | <b>EPS diluted (EUR)</b>
| style="text-align:right" | <b>6.31</b>
| style="text-align:right" | <b>6.06</b>
| style="text-align:right" | <b>6.38</b>
| style="text-align:right" | <b>6.40</b>
| style="text-align:right" | <b>25.18</b>
| style="text-align:right" | <b>6.27</b>
| style="text-align:right" | <b>7.03</b>
| style="text-align:right" | <b>7.40</b>
| style="text-align:right" | <b>6.98</b>
| style="text-align:right" | <b>27.67</b>
| style="text-align:right" | <b>9.9%</b>
|-
| style="text-align:left" | Shareholders' core net income - basic {{fn ref|19|2=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.}}
| style="text-align:right" | 2,513
| style="text-align:right" | 2,393
| style="text-align:right" | 2,534
| style="text-align:right" | 2,434
| style="text-align:right" | <b>9,874</b>
| style="text-align:right" | 2,550
| style="text-align:right" | 2,837
| style="text-align:right" | 2,838
| style="text-align:right" | 2,727
| style="text-align:right" | <b>10,953</b>
| style="text-align:right" | <b>10.9%</b>
|-
| style="text-align:left" | Effect of dilution
| style="text-align:right" | -3
| style="text-align:right" | -1
| style="text-align:right" | -1
| style="text-align:right" | 9
| style="text-align:right" | <b>-5</b>
| style="text-align:right" | -2
| style="text-align:right" | -1
| style="text-align:right" | -1
| style="text-align:right" | -1
| style="text-align:right" | <b>-5</b>
| style="text-align:right" | <b>0.4%</b>
|-
| style="text-align:left" | Shareholders' core net income - diluted
| style="text-align:right" | 2,510
| style="text-align:right" | 2,392
| style="text-align:right" | 2,533
| style="text-align:right" | 2,443
| style="text-align:right" | <b>9,869</b>
| style="text-align:right" | 2,548
| style="text-align:right" | 2,836
| style="text-align:right" | 2,837
| style="text-align:right" | 2,726
| style="text-align:right" | <b>10,948</b>
| style="text-align:right" | <b>10.9%</b>
|-
| style="text-align:left" | <b>Core EPS basic (EUR)</b>
| style="text-align:right" | <b>6.42</b>
| style="text-align:right" | <b>6.15</b>
| style="text-align:right" | <b>6.54</b>
| style="text-align:right" | <b>6.31</b>
| style="text-align:right" | <b>25.42</b>
| style="text-align:right" | <b>6.61</b>
| style="text-align:right" | <b>7.39</b>
| style="text-align:right" | <b>7.44</b>
| style="text-align:right" | <b>7.17</b>
| style="text-align:right" | <b>28.61</b>
| style="text-align:right" | <b>12.5%</b>
|-
| style="text-align:left" | <b>Core EPS diluted (EUR)</b>
| style="text-align:right" | <b>6.41</b>
| style="text-align:right" | <b>6.12</b>
| style="text-align:right" | <b>6.54</b>
| style="text-align:right" | <b>6.30</b>
| style="text-align:right" | <b>25.40</b>
| style="text-align:right" | <b>6.60</b>
| style="text-align:right" | <b>7.38</b>
| style="text-align:right" | <b>7.44</b>
| style="text-align:right" | <b>7.17</b>
| style="text-align:right" | <b>28.59</b>
| style="text-align:right" | <b>12.6%</b>
|}
</div>

{{fn note|1=19|2=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.}}

{{source unit|9|label=Property-Casualty|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Property-Casualty ===

<div style="overflow-x:auto">
{| id="t22" class="wikitable fintable"
|+ Property-Casualty operating profit build-up by quarter and year
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 1Q 24
! class="col-s" style="text-align:right" | 2Q 24
! class="col-s" style="text-align:right" | 3Q 24
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 1Q 25
! class="col-s" style="text-align:right" | 2Q 25
! class="col-s" style="text-align:right" | 3Q 25
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | ∆ 2025 / 2024
|-
| style="text-align:left" | <b>Total business volume {{fn ref|20|2=Total business volume comprises gross premiums written and fee and commission income.}}</b>
| style="text-align:right" | <b>25,488</b>
| style="text-align:right" | <b>19,278</b>
| style="text-align:right" | <b>18,583</b>
| style="text-align:right" | <b>19,534</b>
| style="text-align:right" | <b>82,883</b>
| style="text-align:right" | <b>27,008</b>
| style="text-align:right" | <b>20,126</b>
| style="text-align:right" | <b>19,734</b>
| style="text-align:right" | <b>19,873</b>
| style="text-align:right" | <b>86,741</b>
| style="text-align:right" | <b>4.7%</b>
|-
| style="text-align:left" | <b>Operating insurance service result</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Operating insurance revenue
| style="text-align:right" | 17,680
| style="text-align:right" | 18,436
| style="text-align:right" | 18,907
| style="text-align:right" | 19,596
| style="text-align:right" | <b>74,619</b>
| style="text-align:right" | 18,926
| style="text-align:right" | 19,139
| style="text-align:right" | 20,018
| style="text-align:right" | 20,081
| style="text-align:right" | <b>78,164</b>
| style="text-align:right" | <b>4.8%</b>
|-
| class="wt-indent-1" style="text-align:left" | Claims and benefits
| style="text-align:right" | -11,214
| style="text-align:right" | -11,981
| style="text-align:right" | -12,092
| style="text-align:right" | -13,485
| style="text-align:right" | <b>-48,771</b>
| style="text-align:right" | -12,122
| style="text-align:right" | -12,183
| style="text-align:right" | -12,821
| style="text-align:right" | -13,261
| style="text-align:right" | <b>-50,386</b>
| style="text-align:right" | <b>3.3%</b>
|-
| class="wt-indent-1" style="text-align:left" | Operating acquisition and administrative expenses
| style="text-align:right" | -4,353
| style="text-align:right" | -4,469
| style="text-align:right" | -4,486
| style="text-align:right" | -4,715
| style="text-align:right" | <b>-18,022</b>
| style="text-align:right" | -4,569
| style="text-align:right" | -4,569
| style="text-align:right" | -4,724
| style="text-align:right" | -4,783
| style="text-align:right" | <b>-18,645</b>
| style="text-align:right" | <b>3.5%</b>
|-
| class="wt-indent-1" style="text-align:left" | Operating reinsurance result
| style="text-align:right" | -680
| style="text-align:right" | -783
| style="text-align:right" | -1,098
| style="text-align:right" | -365
| style="text-align:right" | <b>-2,927</b>
| style="text-align:right" | -686
| style="text-align:right" | -711
| style="text-align:right" | -842
| style="text-align:right" | -760
| style="text-align:right" | <b>-3,000</b>
| style="text-align:right" | <b>2.5%</b>
|-
| class="wt-indent-1" style="text-align:left" | Other insurance service result
| style="text-align:right" | -0
| style="text-align:right" | 0
| style="text-align:right" | 3
| style="text-align:right" | 6
| style="text-align:right" | <b>10</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-100.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Subtotal</b>
| style="text-align:right" | <b>1,433</b>
| style="text-align:right" | <b>1,203</b>
| style="text-align:right" | <b>1,234</b>
| style="text-align:right" | <b>1,038</b>
| style="text-align:right" | <b>4,908</b>
| style="text-align:right" | <b>1,549</b>
| style="text-align:right" | <b>1,676</b>
| style="text-align:right" | <b>1,631</b>
| style="text-align:right" | <b>1,276</b>
| style="text-align:right" | <b>6,133</b>
| style="text-align:right" | <b>24.9%</b>
|-
| style="text-align:left" | <b>Operating investment result</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Interest and similar income {{fn ref|21|2=Net of interest expenses.}}
| style="text-align:right" | 1,162
| style="text-align:right" | 1,290
| style="text-align:right" | 1,223
| style="text-align:right" | 1,305
| style="text-align:right" | <b>4,980</b>
| style="text-align:right" | 1,217
| style="text-align:right" | 1,180
| style="text-align:right" | 1,137
| style="text-align:right" | 1,204
| style="text-align:right" | <b>4,737</b>
| style="text-align:right" | <b>-4.9%</b>
|-
| class="wt-indent-1" style="text-align:left" | Interest accretion
| style="text-align:right" | -362
| style="text-align:right" | -346
| style="text-align:right" | -225
| style="text-align:right" | -225
| style="text-align:right" | <b>-1,159</b>
| style="text-align:right" | -445
| style="text-align:right" | -398
| style="text-align:right" | -256
| style="text-align:right" | -238
| style="text-align:right" | <b>-1,336</b>
| style="text-align:right" | <b>15.3%</b>
|-
| class="wt-indent-1" style="text-align:left" | Valuation result &amp; other {{fn ref|22|2=Other comprises realized gains/losses, investment expenses, F/X gains/losses on insurance assets/liabilities and other.}}
| style="text-align:right" | -168
| style="text-align:right" | -218
| style="text-align:right" | -250
| style="text-align:right" | -175
| style="text-align:right" | <b>-811</b>
| style="text-align:right" | -150
| style="text-align:right" | -146
| style="text-align:right" | -118
| style="text-align:right" | -136
| style="text-align:right" | <b>-549</b>
| style="text-align:right" | <b>-32.2%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Investment expenses
| style="text-align:right" | -133
| style="text-align:right" | -130
| style="text-align:right" | -136
| style="text-align:right" | -139
| style="text-align:right" | <b>-539</b>
| style="text-align:right" | -95
| style="text-align:right" | -89
| style="text-align:right" | -109
| style="text-align:right" | -125
| style="text-align:right" | <b>-418</b>
| style="text-align:right" | <b>-22.3%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Subtotal</b>
| style="text-align:right" | <b>632</b>
| style="text-align:right" | <b>725</b>
| style="text-align:right" | <b>748</b>
| style="text-align:right" | <b>905</b>
| style="text-align:right" | <b>3,011</b>
| style="text-align:right" | <b>622</b>
| style="text-align:right" | <b>636</b>
| style="text-align:right" | <b>763</b>
| style="text-align:right" | <b>830</b>
| style="text-align:right" | <b>2,851</b>
| style="text-align:right" | <b>-5.3%</b>
|-
| style="text-align:left" | Operating fee and commission result
| style="text-align:right" | 15
| style="text-align:right" | 4
| style="text-align:right" | 5
| style="text-align:right" | 36
| style="text-align:right" | <b>59</b>
| style="text-align:right" | 7
| style="text-align:right" | 18
| style="text-align:right" | 17
| style="text-align:right" | 28
| style="text-align:right" | <b>70</b>
| style="text-align:right" | <b>18.3%</b>
|-
| style="text-align:left" | Operating other result
| style="text-align:right" | -13
| style="text-align:right" | -17
| style="text-align:right" | -18
| style="text-align:right" | -31
| style="text-align:right" | <b>-79</b>
| style="text-align:right" | -9
| style="text-align:right" | -34
| style="text-align:right" | -17
| style="text-align:right" | -0
| style="text-align:right" | <b>-61</b>
| style="text-align:right" | <b>-23.1%</b>
|-
| style="text-align:left" | <b>Operating profit</b>
| style="text-align:right" | <b>2,066</b>
| style="text-align:right" | <b>1,915</b>
| style="text-align:right" | <b>1,969</b>
| style="text-align:right" | <b>1,948</b>
| style="text-align:right" | <b>7,898</b>
| style="text-align:right" | <b>2,170</b>
| style="text-align:right" | <b>2,295</b>
| style="text-align:right" | <b>2,394</b>
| style="text-align:right" | <b>2,134</b>
| style="text-align:right" | <b>8,992</b>
| style="text-align:right" | <b>13.9%</b>
|-
| style="text-align:left" | <b>Non-operating items</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Realized gains/losses (net)
| style="text-align:right" | -36
| style="text-align:right" | 27
| style="text-align:right" | -2
| style="text-align:right" | -57
| style="text-align:right" | <b>-68</b>
| style="text-align:right" | -6
| style="text-align:right" | 30
| style="text-align:right" | 56
| style="text-align:right" | 247
| style="text-align:right" | <b>327</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Expected credit loss and impairments (net)
| style="text-align:right" | -2
| style="text-align:right" | -27
| style="text-align:right" | -24
| style="text-align:right" | 24
| style="text-align:right" | <b>-29</b>
| style="text-align:right" | -5
| style="text-align:right" | 7
| style="text-align:right" | -27
| style="text-align:right" | 13
| style="text-align:right" | <b>-12</b>
| style="text-align:right" | <b>-59.3%</b>
|-
| class="wt-indent-1" style="text-align:left" | Result from assets and liabilities measured at fair value incl. derivatives
| style="text-align:right" | 20
| style="text-align:right" | -8
| style="text-align:right" | -16
| style="text-align:right" | 36
| style="text-align:right" | <b>32</b>
| style="text-align:right" | -82
| style="text-align:right" | -115
| style="text-align:right" | -15
| style="text-align:right" | -56
| style="text-align:right" | <b>-269</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Non-operating market movements
| style="text-align:right" | 25
| style="text-align:right" | 1
| style="text-align:right" | -6
| style="text-align:right" | 27
| style="text-align:right" | <b>47</b>
| style="text-align:right" | -82
| style="text-align:right" | -106
| style="text-align:right" | -19
| style="text-align:right" | -58
| style="text-align:right" | <b>-265</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Restructuring and integration expenses
| style="text-align:right" | -54
| style="text-align:right" | -53
| style="text-align:right" | -145
| style="text-align:right" | -135
| style="text-align:right" | <b>-387</b>
| style="text-align:right" | -53
| style="text-align:right" | -111
| style="text-align:right" | -132
| style="text-align:right" | -180
| style="text-align:right" | <b>-476</b>
| style="text-align:right" | <b>23.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | Amortization of intangible assets
| style="text-align:right" | -46
| style="text-align:right" | -47
| style="text-align:right" | -52
| style="text-align:right" | -52
| style="text-align:right" | <b>-196</b>
| style="text-align:right" | -48
| style="text-align:right" | -46
| style="text-align:right" | -50
| style="text-align:right" | -50
| style="text-align:right" | <b>-193</b>
| style="text-align:right" | <b>-1.5%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Amortization of intangible assets from business combinations
| style="text-align:right" | -18
| style="text-align:right" | -19
| style="text-align:right" | -22
| style="text-align:right" | -19
| style="text-align:right" | <b>-77</b>
| style="text-align:right" | -17
| style="text-align:right" | -17
| style="text-align:right" | -18
| style="text-align:right" | -18
| style="text-align:right" | <b>-71</b>
| style="text-align:right" | <b>-8.5%</b>
|-
| class="wt-indent-1" style="text-align:left" | Other {{fn ref|23|2=Including hyperinflation result.}}
| style="text-align:right" | -97
| style="text-align:right" | -51
| style="text-align:right" | 113
| style="text-align:right" | -283
| style="text-align:right" | <b>-318</b>
| style="text-align:right" | -56
| style="text-align:right" | -37
| style="text-align:right" | -46
| style="text-align:right" | -87
| style="text-align:right" | <b>-226</b>
| style="text-align:right" | <b>-28.9%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Subtotal</b>
| style="text-align:right" | <b>-214</b>
| style="text-align:right" | <b>-160</b>
| style="text-align:right" | <b>-125</b>
| style="text-align:right" | <b>-467</b>
| style="text-align:right" | <b>-966</b>
| style="text-align:right" | <b>-250</b>
| style="text-align:right" | <b>-272</b>
| style="text-align:right" | <b>-214</b>
| style="text-align:right" | <b>-113</b>
| style="text-align:right" | <b>-849</b>
| style="text-align:right" | <b>-12.1%</b>
|-
| style="text-align:left" | <b>Income (loss) before income taxes</b>
| style="text-align:right" | <b>1,852</b>
| style="text-align:right" | <b>1,755</b>
| style="text-align:right" | <b>1,844</b>
| style="text-align:right" | <b>1,481</b>
| style="text-align:right" | <b>6,932</b>
| style="text-align:right" | <b>1,920</b>
| style="text-align:right" | <b>2,023</b>
| style="text-align:right" | <b>2,179</b>
| style="text-align:right" | <b>2,022</b>
| style="text-align:right" | <b>8,144</b>
| style="text-align:right" | <b>17.5%</b>
|-
| style="text-align:left" | Income taxes
| style="text-align:right" | -445
| style="text-align:right" | -415
| style="text-align:right" | -430
| style="text-align:right" | -400
| style="text-align:right" | <b>-1,691</b>
| style="text-align:right" | -567
| style="text-align:right" | -568
| style="text-align:right" | -471
| style="text-align:right" | -619
| style="text-align:right" | <b>-2,225</b>
| style="text-align:right" | <b>31.6%</b>
|-
| style="text-align:left" | <b>Net income (loss)</b>
| style="text-align:right" | <b>1,407</b>
| style="text-align:right" | <b>1,340</b>
| style="text-align:right" | <b>1,415</b>
| style="text-align:right" | <b>1,080</b>
| style="text-align:right" | <b>5,241</b>
| style="text-align:right" | <b>1,352</b>
| style="text-align:right" | <b>1,455</b>
| style="text-align:right" | <b>1,708</b>
| style="text-align:right" | <b>1,403</b>
| style="text-align:right" | <b>5,918</b>
| style="text-align:right" | <b>12.9%</b>
|-
| style="text-align:left" | <b>Net income (loss) attributable to:</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Non-controlling interests
| style="text-align:right" | 36
| style="text-align:right" | 41
| style="text-align:right" | 28
| style="text-align:right" | 39
| style="text-align:right" | <b>144</b>
| style="text-align:right" | 44
| style="text-align:right" | 53
| style="text-align:right" | 64
| style="text-align:right" | 54
| style="text-align:right" | <b>215</b>
| style="text-align:right" | <b>49.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Shareholders</b>
| style="text-align:right" | <b>1,371</b>
| style="text-align:right" | <b>1,299</b>
| style="text-align:right" | <b>1,387</b>
| style="text-align:right" | <b>1,041</b>
| style="text-align:right" | <b>5,097</b>
| style="text-align:right" | <b>1,309</b>
| style="text-align:right" | <b>1,402</b>
| style="text-align:right" | <b>1,645</b>
| style="text-align:right" | <b>1,348</b>
| style="text-align:right" | <b>5,703</b>
| style="text-align:right" | <b>11.9%</b>
|-
| style="text-align:left" | <b>Income (loss) before income taxes</b>
| style="text-align:right" | <b>1,852</b>
| style="text-align:right" | <b>1,755</b>
| style="text-align:right" | <b>1,844</b>
| style="text-align:right" | <b>1,481</b>
| style="text-align:right" | <b>6,932</b>
| style="text-align:right" | <b>1,920</b>
| style="text-align:right" | <b>2,023</b>
| style="text-align:right" | <b>2,179</b>
| style="text-align:right" | <b>2,022</b>
| style="text-align:right" | <b>8,144</b>
| style="text-align:right" | <b>17.5%</b>
|-
| style="text-align:left" | Adjustment for non-operating market movements
| style="text-align:right" | -25
| style="text-align:right" | -1
| style="text-align:right" | 6
| style="text-align:right" | -27
| style="text-align:right" | <b>-47</b>
| style="text-align:right" | 82
| style="text-align:right" | 106
| style="text-align:right" | 19
| style="text-align:right" | 58
| style="text-align:right" | <b>265</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Adjustment for amortization of intangible assets from business combinations
| style="text-align:right" | 18
| style="text-align:right" | 19
| style="text-align:right" | 22
| style="text-align:right" | 19
| style="text-align:right" | <b>77</b>
| style="text-align:right" | 17
| style="text-align:right" | 17
| style="text-align:right" | 18
| style="text-align:right" | 18
| style="text-align:right" | <b>71</b>
| style="text-align:right" | <b>-8.5%</b>
|-
| style="text-align:left" | <b>Core income (loss) before income taxes</b>
| style="text-align:right" | <b>1,845</b>
| style="text-align:right" | <b>1,773</b>
| style="text-align:right" | <b>1,872</b>
| style="text-align:right" | <b>1,473</b>
| style="text-align:right" | <b>6,962</b>
| style="text-align:right" | <b>2,019</b>
| style="text-align:right" | <b>2,147</b>
| style="text-align:right" | <b>2,216</b>
| style="text-align:right" | <b>2,098</b>
| style="text-align:right" | <b>8,479</b>
| style="text-align:right" | <b>21.8%</b>
|-
| style="text-align:left" | Income taxes related to core income
| style="text-align:right" | -448
| style="text-align:right" | -417
| style="text-align:right" | -423
| style="text-align:right" | -400
| style="text-align:right" | <b>-1,688</b>
| style="text-align:right" | -581
| style="text-align:right" | -580
| style="text-align:right" | -482
| style="text-align:right" | -622
| style="text-align:right" | <b>-2,264</b>
| style="text-align:right" | <b>34.1%</b>
|-
| style="text-align:left" | <b>Core net income (loss)</b>
| style="text-align:right" | <b>1,397</b>
| style="text-align:right" | <b>1,356</b>
| style="text-align:right" | <b>1,449</b>
| style="text-align:right" | <b>1,072</b>
| style="text-align:right" | <b>5,274</b>
| style="text-align:right" | <b>1,438</b>
| style="text-align:right" | <b>1,567</b>
| style="text-align:right" | <b>1,734</b>
| style="text-align:right" | <b>1,476</b>
| style="text-align:right" | <b>6,215</b>
| style="text-align:right" | <b>17.8%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>thereof: Shareholders' core net income (loss)</b>
| style="text-align:right" | <b>1,360</b>
| style="text-align:right" | <b>1,313</b>
| style="text-align:right" | <b>1,420</b>
| style="text-align:right" | <b>1,026</b>
| style="text-align:right" | <b>5,119</b>
| style="text-align:right" | <b>1,392</b>
| style="text-align:right" | <b>1,511</b>
| style="text-align:right" | <b>1,670</b>
| style="text-align:right" | <b>1,419</b>
| style="text-align:right" | <b>5,991</b>
| style="text-align:right" | <b>17.0%</b>
|-
| style="text-align:left" | <b>Loss ratio{{fn ref|25|2=Reinsurance ratio: 3.8% in 4Q 25 (4Q 24: 1.9%), 3.8% in 12M 25 (12M 24: 3.9%).}} (in %)</b>
| style="text-align:right" | <b>67.3</b>
| style="text-align:right" | <b>69.2</b>
| style="text-align:right" | <b>69.8</b>
| style="text-align:right" | <b>70.7</b>
| style="text-align:right" | <b>69.3</b>
| style="text-align:right" | <b>67.7</b>
| style="text-align:right" | <b>67.4</b>
| style="text-align:right" | <b>68.3</b>
| style="text-align:right" | <b>69.8</b>
| style="text-align:right" | <b>68.3</b>
| style="text-align:right" | <b>-1.0%-p</b>
|-
| class="wt-indent-1" style="text-align:left" | Attritional loss ratio (in %)
| style="text-align:right" | 68.1
| style="text-align:right" | 69.6
| style="text-align:right" | 69.3
| style="text-align:right" | 69.0
| style="text-align:right" | <b>69.0</b>
| style="text-align:right" | 68.1
| style="text-align:right" | 67.9
| style="text-align:right" | 68.6
| style="text-align:right" | 70.5
| style="text-align:right" | <b>68.8</b>
| style="text-align:right" | <b>-0.2%-p</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: discounting impact (in %)
| style="text-align:right" | -3.6
| style="text-align:right" | -2.8
| style="text-align:right" | -2.4
| style="text-align:right" | -2.4
| style="text-align:right" | <b>-2.8</b>
| style="text-align:right" | -3.4
| style="text-align:right" | -2.5
| style="text-align:right" | -1.9
| style="text-align:right" | -2.3
| style="text-align:right" | <b>-2.5</b>
| style="text-align:right" | <b>0.3%-p</b>
|-
| class="wt-indent-1" style="text-align:left" | NatCat impact (in %)
| style="text-align:right" | 0.4
| style="text-align:right" | 3.5
| style="text-align:right" | 3.4
| style="text-align:right" | 2.1
| style="text-align:right" | <b>2.4</b>
| style="text-align:right" | 2.1
| style="text-align:right" | 1.4
| style="text-align:right" | 0.3
| style="text-align:right" | 1.9
| style="text-align:right" | <b>1.4</b>
| style="text-align:right" | <b>-0.9%-p</b>
|-
| class="wt-indent-1" style="text-align:left" | Run-off ratio (in %)
| style="text-align:right" | -1.2
| style="text-align:right" | -3.8
| style="text-align:right" | -3.0
| style="text-align:right" | -0.4
| style="text-align:right" | <b>-2.1</b>
| style="text-align:right" | -2.5
| style="text-align:right" | -1.9
| style="text-align:right" | -0.6
| style="text-align:right" | -2.6
| style="text-align:right" | <b>-1.9</b>
| style="text-align:right" | <b>0.2%-p</b>
|-
| style="text-align:left" | <b>Expense ratio (in %)</b>
| style="text-align:right" | <b>24.6</b>
| style="text-align:right" | <b>24.2</b>
| style="text-align:right" | <b>23.7</b>
| style="text-align:right" | <b>24.1</b>
| style="text-align:right" | <b>24.2</b>
| style="text-align:right" | <b>24.1</b>
| style="text-align:right" | <b>23.9</b>
| style="text-align:right" | <b>23.6</b>
| style="text-align:right" | <b>23.8</b>
| style="text-align:right" | <b>23.9</b>
| style="text-align:right" | <b>-0.3%-p</b>
|-
| style="text-align:left" | <b>Combined ratio (in %)</b>
| style="text-align:right" | <b>91.9</b>
| style="text-align:right" | <b>93.5</b>
| style="text-align:right" | <b>93.5</b>
| style="text-align:right" | <b>94.7</b>
| style="text-align:right" | <b>93.4</b>
| style="text-align:right" | <b>91.8</b>
| style="text-align:right" | <b>91.2</b>
| style="text-align:right" | <b>91.9</b>
| style="text-align:right" | <b>93.6</b>
| style="text-align:right" | <b>92.2</b>
| style="text-align:right" | <b>-1.3%-p</b>
|-
| style="text-align:left" | <b>Core return on equity{{fn ref|26|2=For current year periods and prior year periods, the core return on equity for the respective full year is shown.}} (in %)</b>
| style="text-align:right" | <b>13.5</b>
| style="text-align:right" | <b>13.5</b>
| style="text-align:right" | <b>13.5</b>
| style="text-align:right" | <b>13.5</b>
| style="text-align:right" | <b>13.5</b>
| style="text-align:right" | <b>15.1</b>
| style="text-align:right" | <b>15.1</b>
| style="text-align:right" | <b>15.1</b>
| style="text-align:right" | <b>15.1</b>
| style="text-align:right" | <b>15.1</b>
| style="text-align:right" | <b>1.6%-p</b>
|-
| style="text-align:left" | <b>Risk adjustment (net of reinsurance) {{fn ref|24|2=Refers to liability of incurred claims (LIC), not directly related to the loss ratio.}}</b>
| style="text-align:right" | <b>1,472</b>
| style="text-align:right" | <b>1,460</b>
| style="text-align:right" | <b>1,501</b>
| style="text-align:right" | <b>1,499</b>
| style="text-align:right" | <b>1,499</b>
| style="text-align:right" | <b>1,466</b>
| style="text-align:right" | <b>1,446</b>
| style="text-align:right" | <b>1,423</b>
| style="text-align:right" | <b>1,442</b>
| style="text-align:right" | <b>1,442</b>
| style="text-align:right" | <b>-3.8%</b>
|}
</div>

{{fn note|1=20|2=Total business volume comprises gross premiums written and fee and commission income.}}
{{fn note|1=21|2=Net of interest expenses.}}
{{fn note|1=22|2=Other comprises realized gains/losses, investment expenses, F/X gains/losses on insurance assets/liabilities and other.}}
{{fn note|1=23|2=Including hyperinflation result.}}
{{fn note|1=25|2=Reinsurance ratio: 3.8% in 4Q 25 (4Q 24: 1.9%), 3.8% in 12M 25 (12M 24: 3.9%).}}
{{fn note|1=26|2=For current year periods and prior year periods, the core return on equity for the respective full year is shown.}}
{{fn note|1=24|2=Refers to liability of incurred claims (LIC), not directly related to the loss ratio.}}

{{source unit|10|label=P&C by Region YTD|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== P&C by Region YTD ===

<div style="overflow-x:auto">
{| id="t23" class="wikitable fintable"
|+ Property-Casualty key performance indicators by region, year to date
|-
! style="text-align:left" | In EUR million
! colspan="3" style="text-align:left" | Total business volume {{fn ref|27|2=Total business volume comprises gross premiums written and fee and commission income.}}
! colspan="2" style="text-align:left" | Operating insurance revenue
! colspan="2" style="text-align:left" | Operating profit (loss)
! colspan="2" style="text-align:left" | Combined ratio
! colspan="2" style="text-align:left" | Loss ratio
! colspan="2" style="text-align:left" | Expense ratio
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" | Internal growth {{fn ref|28|2=This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.}}
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 12M 24
! colspan="2" style="text-align:left" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
|-
! style="text-align:left" |
! colspan="2" style="text-align:left" | EUR mn
! class="col-s" style="text-align:right" | %
! colspan="4" style="text-align:left" | EUR mn
! colspan="6" style="text-align:left" | %
|-
| style="text-align:left" | Germany
| style="text-align:right" | 13,399
| style="text-align:right" | <b>14,134</b>
| style="text-align:right" | <b>9.8</b>
| style="text-align:right" | 12,596
| style="text-align:right" | <b>13,598</b>
| style="text-align:right" | 1,376
| style="text-align:right" | <b>1,899</b>
| style="text-align:right" | 93.0
| style="text-align:right" | <b>88.9</b>
| style="text-align:right" | 68.6
| style="text-align:right" | <b>65.0</b>
| style="text-align:right" | 24.5
| style="text-align:right" | <b>24.0</b>
|-
| style="text-align:left" | Switzerland
| style="text-align:right" | 2,214
| style="text-align:right" | <b>2,342</b>
| style="text-align:right" | <b>3.8</b>
| style="text-align:right" | 2,182
| style="text-align:right" | <b>2,297</b>
| style="text-align:right" | 293
| style="text-align:right" | <b>289</b>
| style="text-align:right" | 90.0
| style="text-align:right" | <b>89.8</b>
| style="text-align:right" | 67.3
| style="text-align:right" | <b>66.9</b>
| style="text-align:right" | 22.7
| style="text-align:right" | <b>22.9</b>
|-
| style="text-align:left" | Central Europe
| style="text-align:right" | 4,570
| style="text-align:right" | <b>4,623</b>
| style="text-align:right" | <b>4.5</b>
| style="text-align:right" | 4,414
| style="text-align:right" | <b>4,505</b>
| style="text-align:right" | 565
| style="text-align:right" | <b>583</b>
| style="text-align:right" | 89.6
| style="text-align:right" | <b>89.5</b>
| style="text-align:right" | 63.3
| style="text-align:right" | <b>62.5</b>
| style="text-align:right" | 26.3
| style="text-align:right" | <b>27.0</b>
|-
| style="text-align:left" | <b>German Speaking Countries and Central Europe</b>
| style="text-align:right" | <b>20,182</b>
| style="text-align:right" | <b>21,099</b>
| style="text-align:right" | <b>7.9</b>
| style="text-align:right" | <b>19,192</b>
| style="text-align:right" | <b>20,399</b>
| style="text-align:right" | <b>2,234</b>
| style="text-align:right" | <b>2,771</b>
| style="text-align:right" | <b>91.9</b>
| style="text-align:right" | <b>89.2</b>
| style="text-align:right" | <b>67.2</b>
| style="text-align:right" | <b>64.6</b>
| style="text-align:right" | <b>24.7</b>
| style="text-align:right" | <b>24.5</b>
|-
| style="text-align:left" | Italy
| style="text-align:right" | 5,481
| style="text-align:right" | <b>5,682</b>
| style="text-align:right" | <b>3.7</b>
| style="text-align:right" | 5,285
| style="text-align:right" | <b>5,449</b>
| style="text-align:right" | 652
| style="text-align:right" | <b>705</b>
| style="text-align:right" | 90.8
| style="text-align:right" | <b>90.8</b>
| style="text-align:right" | 63.5
| style="text-align:right" | <b>63.8</b>
| style="text-align:right" | 27.3
| style="text-align:right" | <b>27.0</b>
|-
| style="text-align:left" | France
| style="text-align:right" | 5,107
| style="text-align:right" | <b>5,456</b>
| style="text-align:right" | <b>6.8</b>
| style="text-align:right" | 5,019
| style="text-align:right" | <b>5,342</b>
| style="text-align:right" | 527
| style="text-align:right" | <b>517</b>
| style="text-align:right" | 93.6
| style="text-align:right" | <b>94.0</b>
| style="text-align:right" | 70.2
| style="text-align:right" | <b>70.7</b>
| style="text-align:right" | 23.4
| style="text-align:right" | <b>23.3</b>
|-
| style="text-align:left" | Benelux
| style="text-align:right" | 1,486
| style="text-align:right" | <b>1,540</b>
| style="text-align:right" | <b>3.6</b>
| style="text-align:right" | 1,483
| style="text-align:right" | <b>1,544</b>
| style="text-align:right" | 150
| style="text-align:right" | <b>156</b>
| style="text-align:right" | 93.6
| style="text-align:right" | <b>94.3</b>
| style="text-align:right" | 66.5
| style="text-align:right" | <b>67.3</b>
| style="text-align:right" | 27.1
| style="text-align:right" | <b>27.0</b>
|-
| style="text-align:left" | Türkiye
| style="text-align:right" | 2,224
| style="text-align:right" | <b>2,264</b>
| style="text-align:right" | <b>40.2</b>
| style="text-align:right" | 1,714
| style="text-align:right" | <b>1,905</b>
| style="text-align:right" | 385
| style="text-align:right" | <b>477</b>
| style="text-align:right" | 103.0
| style="text-align:right" | <b>99.4</b>
| style="text-align:right" | 83.5
| style="text-align:right" | <b>79.9</b>
| style="text-align:right" | 19.5
| style="text-align:right" | <b>19.5</b>
|-
| style="text-align:left" | Greece
| style="text-align:right" | 299
| style="text-align:right" | <b>283</b>
| style="text-align:right" | <b>-5.4</b>
| style="text-align:right" | 272
| style="text-align:right" | <b>286</b>
| style="text-align:right" | 24
| style="text-align:right" | <b>19</b>
| style="text-align:right" | 94.7
| style="text-align:right" | <b>96.4</b>
| style="text-align:right" | 63.0
| style="text-align:right" | <b>64.1</b>
| style="text-align:right" | 31.7
| style="text-align:right" | <b>32.3</b>
|-
| style="text-align:left" | Allianz Partners
| style="text-align:right" | 10,076
| style="text-align:right" | <b>10,587</b>
| style="text-align:right" | <b>7.2</b>
| style="text-align:right" | 7,138
| style="text-align:right" | <b>7,638</b>
| style="text-align:right" | 333
| style="text-align:right" | <b>402</b>
| style="text-align:right" | 97.1
| style="text-align:right" | <b>96.7</b>
| style="text-align:right" | 69.9
| style="text-align:right" | <b>69.7</b>
| style="text-align:right" | 27.1
| style="text-align:right" | <b>26.9</b>
|-
| style="text-align:left" | Allianz Direct
| style="text-align:right" | 1,253
| style="text-align:right" | <b>1,542</b>
| style="text-align:right" | <b>19.8</b>
| style="text-align:right" | 1,079
| style="text-align:right" | <b>1,482</b>
| style="text-align:right" | 50
| style="text-align:right" | <b>75</b>
| style="text-align:right" | 97.4
| style="text-align:right" | <b>95.5</b>
| style="text-align:right" | 81.6
| style="text-align:right" | <b>80.7</b>
| style="text-align:right" | 15.7
| style="text-align:right" | <b>14.8</b>
|-
| style="text-align:left" | <b>Western &amp; Southern Europe, Allianz Direct and Allianz Partners</b>
| style="text-align:right" | <b>25,926</b>
| style="text-align:right" | <b>27,354</b>
| style="text-align:right" | <b>9.4</b>
| style="text-align:right" | <b>21,991</b>
| style="text-align:right" | <b>23,645</b>
| style="text-align:right" | <b>2,122</b>
| style="text-align:right" | <b>2,350</b>
| style="text-align:right" | <b>95.0</b>
| style="text-align:right" | <b>94.7</b>
| style="text-align:right" | <b>69.7</b>
| style="text-align:right" | <b>69.9</b>
| style="text-align:right" | <b>25.2</b>
| style="text-align:right" | <b>24.8</b>
|-
| style="text-align:left" | Australia
| style="text-align:right" | 5,040
| style="text-align:right" | <b>5,179</b>
| style="text-align:right" | <b>6.1</b>
| style="text-align:right" | 4,679
| style="text-align:right" | <b>4,850</b>
| style="text-align:right" | 514
| style="text-align:right" | <b>350</b>
| style="text-align:right" | 91.2
| style="text-align:right" | <b>95.4</b>
| style="text-align:right" | 68.7
| style="text-align:right" | <b>73.6</b>
| style="text-align:right" | 22.5
| style="text-align:right" | <b>21.8</b>
|-
| style="text-align:left" | Asia Pacific other
| style="text-align:right" | 2,013
| style="text-align:right" | <b>2,166</b>
| style="text-align:right" | <b>9.7</b>
| style="text-align:right" | 1,969
| style="text-align:right" | <b>2,123</b>
| style="text-align:right" | 175
| style="text-align:right" | <b>170</b>
| style="text-align:right" | 97.7
| style="text-align:right" | <b>96.5</b>
| style="text-align:right" | 67.1
| style="text-align:right" | <b>66.4</b>
| style="text-align:right" | 30.6
| style="text-align:right" | <b>30.1</b>
|-
| style="text-align:left" | <b>Asia Pacific</b>
| style="text-align:right" | <b>7,053</b>
| style="text-align:right" | <b>7,345</b>
| style="text-align:right" | <b>7.1</b>
| style="text-align:right" | <b>6,648</b>
| style="text-align:right" | <b>6,974</b>
| style="text-align:right" | <b>689</b>
| style="text-align:right" | <b>520</b>
| style="text-align:right" | <b>93.1</b>
| style="text-align:right" | <b>95.7</b>
| style="text-align:right" | <b>68.3</b>
| style="text-align:right" | <b>71.4</b>
| style="text-align:right" | <b>24.9</b>
| style="text-align:right" | <b>24.3</b>
|-
| style="text-align:left" | AGCS
| style="text-align:right" | 12,141
| style="text-align:right" | <b>12,053</b>
| style="text-align:right" | <b>3.5</b>
| style="text-align:right" | 11,222
| style="text-align:right" | <b>10,667</b>
| style="text-align:right" | 825
| style="text-align:right" | <b>780</b>
| style="text-align:right" | 95.6
| style="text-align:right" | <b>95.5</b>
| style="text-align:right" | 76.4
| style="text-align:right" | <b>76.4</b>
| style="text-align:right" | 19.2
| style="text-align:right" | <b>19.1</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: AGCS excluding fronting &amp; captives {{fn ref|29|2=Internal growth exlcudes Arch transaction.}}
| style="text-align:right" | 7,880
| style="text-align:right" | <b>7,788</b>
| style="text-align:right" | <b>7.8</b>
| style="text-align:right" | 7,026
| style="text-align:right" | <b>6,588</b>
| style="text-align:right" | 825
| style="text-align:right" | <b>780</b>
| style="text-align:right" | 92.9
| style="text-align:right" | <b>92.7</b>
| style="text-align:right" | 70.9
| style="text-align:right" | <b>68.9</b>
| style="text-align:right" | 22.0
| style="text-align:right" | <b>23.8</b>
|-
| style="text-align:left" | Reinsurance P/C and Other
| style="text-align:right" | 5,739
| style="text-align:right" | <b>6,426</b>
| style="text-align:right" | <b>14.9</b>
| style="text-align:right" | 3,620
| style="text-align:right" | <b>4,006</b>
| style="text-align:right" | 191
| style="text-align:right" | <b>539</b>
| style="text-align:right" | 97.3
| style="text-align:right" | <b>88.1</b>
| style="text-align:right" | 94.0
| style="text-align:right" | <b>84.6</b>
| style="text-align:right" | 3.3
| style="text-align:right" | <b>3.5</b>
|-
| style="text-align:left" | Allianz Trade
| style="text-align:right" | 3,966
| style="text-align:right" | <b>4,004</b>
| style="text-align:right" | <b>2.1</b>
| style="text-align:right" | 3,242
| style="text-align:right" | <b>3,216</b>
| style="text-align:right" | 668
| style="text-align:right" | <b>700</b>
| style="text-align:right" | 82.9
| style="text-align:right" | <b>81.7</b>
| style="text-align:right" | 55.8
| style="text-align:right" | <b>54.7</b>
| style="text-align:right" | 27.1
| style="text-align:right" | <b>27.0</b>
|-
| style="text-align:left" | United Kingdom
| style="text-align:right" | 5,506
| style="text-align:right" | <b>5,421</b>
| style="text-align:right" | <b>-0.3</b>
| style="text-align:right" | 5,235
| style="text-align:right" | <b>5,264</b>
| style="text-align:right" | 434
| style="text-align:right" | <b>556</b>
| style="text-align:right" | 95.0
| style="text-align:right" | <b>93.0</b>
| style="text-align:right" | 71.7
| style="text-align:right" | <b>70.0</b>
| style="text-align:right" | 23.2
| style="text-align:right" | <b>22.9</b>
|-
| style="text-align:left" | Ireland
| style="text-align:right" | 801
| style="text-align:right" | <b>877</b>
| style="text-align:right" | <b>9.5</b>
| style="text-align:right" | 747
| style="text-align:right" | <b>838</b>
| style="text-align:right" | 127
| style="text-align:right" | <b>127</b>
| style="text-align:right" | 86.4
| style="text-align:right" | <b>87.5</b>
| style="text-align:right" | 62.5
| style="text-align:right" | <b>64.1</b>
| style="text-align:right" | 23.8
| style="text-align:right" | <b>23.3</b>
|-
| style="text-align:left" | Spain
| style="text-align:right" | 3,114
| style="text-align:right" | <b>3,371</b>
| style="text-align:right" | <b>8.3</b>
| style="text-align:right" | 2,969
| style="text-align:right" | <b>3,247</b>
| style="text-align:right" | 163
| style="text-align:right" | <b>168</b>
| style="text-align:right" | 96.5
| style="text-align:right" | <b>96.4</b>
| style="text-align:right" | 74.1
| style="text-align:right" | <b>74.2</b>
| style="text-align:right" | 22.4
| style="text-align:right" | <b>22.2</b>
|-
| style="text-align:left" | Portugal
| style="text-align:right" | 607
| style="text-align:right" | <b>699</b>
| style="text-align:right" | <b>15.2</b>
| style="text-align:right" | 585
| style="text-align:right" | <b>672</b>
| style="text-align:right" | 60
| style="text-align:right" | <b>68</b>
| style="text-align:right" | 90.5
| style="text-align:right" | <b>90.8</b>
| style="text-align:right" | 68.4
| style="text-align:right" | <b>69.0</b>
| style="text-align:right" | 22.2
| style="text-align:right" | <b>21.9</b>
|-
| style="text-align:left" | Latin America
| style="text-align:right" | 2,984
| style="text-align:right" | <b>3,187</b>
| style="text-align:right" | <b>18.1</b>
| style="text-align:right" | 2,839
| style="text-align:right" | <b>2,969</b>
| style="text-align:right" | 328
| style="text-align:right" | <b>321</b>
| style="text-align:right" | 96.1
| style="text-align:right" | <b>93.9</b>
| style="text-align:right" | 70.5
| style="text-align:right" | <b>68.4</b>
| style="text-align:right" | 25.6
| style="text-align:right" | <b>25.4</b>
|-
| style="text-align:left" | Africa
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | 45
| style="text-align:right" | <b>93</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Middle East
| style="text-align:right" | 36
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | 56
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | 101.9
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | 81.8
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | 20.2
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Global Insurance Lines &amp; Anglo Markets, Iberia &amp; Latin America, Africa</b>
| style="text-align:right" | <b>34,894</b>
| style="text-align:right" | <b>36,039</b>
| style="text-align:right" | <b>6.7</b>
| style="text-align:right" | <b>30,516</b>
| style="text-align:right" | <b>30,879</b>
| style="text-align:right" | <b>2,841</b>
| style="text-align:right" | <b>3,351</b>
| style="text-align:right" | <b>94.2</b>
| style="text-align:right" | <b>92.3</b>
| style="text-align:right" | <b>74.2</b>
| style="text-align:right" | <b>72.6</b>
| style="text-align:right" | <b>19.9</b>
| style="text-align:right" | <b>19.7</b>
|-
| style="text-align:left" | <b>Consolidation {{fn ref|30|2=Represents elimination of transactions between Allianz Group entities in different geographic regions.}}</b>
| style="text-align:right" | <b>-5,173</b>
| style="text-align:right" | <b>-5,096</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>-3,728</b>
| style="text-align:right" | <b>-3,734</b>
| style="text-align:right" | <b>12</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>82,883</b>
| style="text-align:right" | <b>86,741</b>
| style="text-align:right" | <b>8.2</b>
| style="text-align:right" | <b>74,619</b>
| style="text-align:right" | <b>78,164</b>
| style="text-align:right" | <b>7,898</b>
| style="text-align:right" | <b>8,992</b>
| style="text-align:right" | <b>93.4</b>
| style="text-align:right" | <b>92.2</b>
| style="text-align:right" | <b>69.3</b>
| style="text-align:right" | <b>68.3</b>
| style="text-align:right" | <b>24.2</b>
| style="text-align:right" | <b>23.9</b>
|}
</div>

{{fn note|1=27|2=Total business volume comprises gross premiums written and fee and commission income.}}
{{fn note|1=28|2=This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.}}
{{fn note|1=29|2=Internal growth exlcudes Arch transaction.}}
{{fn note|1=30|2=Represents elimination of transactions between Allianz Group entities in different geographic regions.}}

{{source unit|11|label=P&C by Region QTD|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== P&C by Region QTD ===

<div style="overflow-x:auto">
{| id="t24" class="wikitable fintable"
|+ Property-Casualty key performance indicators by region, quarter to date
|-
! style="text-align:left" | In EUR million
! colspan="3" style="text-align:left" | Total business volume {{fn ref|31|2=Total business volume comprises gross premiums written and fee and commission income.}}
! colspan="2" style="text-align:left" | Operating insurance revenue
! colspan="2" style="text-align:left" | Operating profit (loss)
! colspan="2" style="text-align:left" | Combined ratio
! colspan="2" style="text-align:left" | Loss ratio
! colspan="2" style="text-align:left" | Expense ratio
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" | Internal growth {{fn ref|32|2=This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.}}
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 4Q 24
! colspan="2" style="text-align:left" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
|-
! style="text-align:left" |
! colspan="2" style="text-align:left" | EUR mn
! class="col-s" style="text-align:right" | %
! colspan="4" style="text-align:left" | EUR mn
! colspan="6" style="text-align:left" | %
|-
| style="text-align:left" | Germany
| style="text-align:right" | 2,614
| style="text-align:right" | <b>2,759</b>
| style="text-align:right" | <b>11.8</b>
| style="text-align:right" | 3,215
| style="text-align:right" | <b>3,469</b>
| style="text-align:right" | 442
| style="text-align:right" | <b>365</b>
| style="text-align:right" | 90.4
| style="text-align:right" | <b>93.3</b>
| style="text-align:right" | 65.3
| style="text-align:right" | <b>67.7</b>
| style="text-align:right" | 25.1
| style="text-align:right" | <b>25.6</b>
|-
| style="text-align:left" | Switzerland
| style="text-align:right" | 251
| style="text-align:right" | <b>300</b>
| style="text-align:right" | <b>11.8</b>
| style="text-align:right" | 547
| style="text-align:right" | <b>586</b>
| style="text-align:right" | 56
| style="text-align:right" | <b>96</b>
| style="text-align:right" | 93.2
| style="text-align:right" | <b>85.1</b>
| style="text-align:right" | 70.0
| style="text-align:right" | <b>61.0</b>
| style="text-align:right" | 23.1
| style="text-align:right" | <b>24.1</b>
|-
| style="text-align:left" | Central Europe
| style="text-align:right" | 1,083
| style="text-align:right" | <b>1,108</b>
| style="text-align:right" | <b>5.2</b>
| style="text-align:right" | 1,123
| style="text-align:right" | <b>1,148</b>
| style="text-align:right" | 174
| style="text-align:right" | <b>172</b>
| style="text-align:right" | 87.3
| style="text-align:right" | <b>88.8</b>
| style="text-align:right" | 60.4
| style="text-align:right" | <b>61.9</b>
| style="text-align:right" | 26.9
| style="text-align:right" | <b>26.9</b>
|-
| style="text-align:left" | <b>German Speaking Countries and Central Europe</b>
| style="text-align:right" | <b>3,948</b>
| style="text-align:right" | <b>4,168</b>
| style="text-align:right" | <b>10.0</b>
| style="text-align:right" | <b>4,885</b>
| style="text-align:right" | <b>5,203</b>
| style="text-align:right" | <b>672</b>
| style="text-align:right" | <b>632</b>
| style="text-align:right" | <b>90.0</b>
| style="text-align:right" | <b>91.4</b>
| style="text-align:right" | <b>64.7</b>
| style="text-align:right" | <b>65.7</b>
| style="text-align:right" | <b>25.3</b>
| style="text-align:right" | <b>25.7</b>
|-
| style="text-align:left" | Italy
| style="text-align:right" | 1,658
| style="text-align:right" | <b>1,735</b>
| style="text-align:right" | <b>4.7</b>
| style="text-align:right" | 1,376
| style="text-align:right" | <b>1,413</b>
| style="text-align:right" | 162
| style="text-align:right" | <b>198</b>
| style="text-align:right" | 92.4
| style="text-align:right" | <b>90.4</b>
| style="text-align:right" | 64.5
| style="text-align:right" | <b>64.1</b>
| style="text-align:right" | 27.9
| style="text-align:right" | <b>26.3</b>
|-
| style="text-align:left" | France
| style="text-align:right" | 1,147
| style="text-align:right" | <b>1,214</b>
| style="text-align:right" | <b>5.8</b>
| style="text-align:right" | 1,298
| style="text-align:right" | <b>1,376</b>
| style="text-align:right" | 96
| style="text-align:right" | <b>141</b>
| style="text-align:right" | 98.8
| style="text-align:right" | <b>94.4</b>
| style="text-align:right" | 75.5
| style="text-align:right" | <b>71.1</b>
| style="text-align:right" | 23.3
| style="text-align:right" | <b>23.3</b>
|-
| style="text-align:left" | Benelux
| style="text-align:right" | 287
| style="text-align:right" | <b>295</b>
| style="text-align:right" | <b>2.9</b>
| style="text-align:right" | 378
| style="text-align:right" | <b>391</b>
| style="text-align:right" | 29
| style="text-align:right" | <b>58</b>
| style="text-align:right" | 93.3
| style="text-align:right" | <b>89.8</b>
| style="text-align:right" | 65.1
| style="text-align:right" | <b>61.4</b>
| style="text-align:right" | 28.2
| style="text-align:right" | <b>28.4</b>
|-
| style="text-align:left" | Türkiye
| style="text-align:right" | 788
| style="text-align:right" | <b>672</b>
| style="text-align:right" | <b>17.5</b>
| style="text-align:right" | 552
| style="text-align:right" | <b>485</b>
| style="text-align:right" | 114
| style="text-align:right" | <b>114</b>
| style="text-align:right" | 107.1
| style="text-align:right" | <b>101.6</b>
| style="text-align:right" | 88.1
| style="text-align:right" | <b>82.1</b>
| style="text-align:right" | 19.0
| style="text-align:right" | <b>19.5</b>
|-
| style="text-align:left" | Greece
| style="text-align:right" | 86
| style="text-align:right" | <b>74</b>
| style="text-align:right" | <b>-14.3</b>
| style="text-align:right" | 70
| style="text-align:right" | <b>73</b>
| style="text-align:right" | 7
| style="text-align:right" | <b>8</b>
| style="text-align:right" | 94.6
| style="text-align:right" | <b>91.1</b>
| style="text-align:right" | 64.2
| style="text-align:right" | <b>59.1</b>
| style="text-align:right" | 30.4
| style="text-align:right" | <b>32.0</b>
|-
| style="text-align:left" | Allianz Partners
| style="text-align:right" | 2,321
| style="text-align:right" | <b>2,291</b>
| style="text-align:right" | <b>3.5</b>
| style="text-align:right" | 1,882
| style="text-align:right" | <b>1,880</b>
| style="text-align:right" | 70
| style="text-align:right" | <b>102</b>
| style="text-align:right" | 99.2
| style="text-align:right" | <b>97.2</b>
| style="text-align:right" | 73.2
| style="text-align:right" | <b>70.2</b>
| style="text-align:right" | 26.0
| style="text-align:right" | <b>27.1</b>
|-
| style="text-align:left" | Allianz Direct
| style="text-align:right" | 312
| style="text-align:right" | <b>377</b>
| style="text-align:right" | <b>16.1</b>
| style="text-align:right" | 276
| style="text-align:right" | <b>389</b>
| style="text-align:right" | 30
| style="text-align:right" | <b>20</b>
| style="text-align:right" | 93.5
| style="text-align:right" | <b>95.8</b>
| style="text-align:right" | 77.3
| style="text-align:right" | <b>85.3</b>
| style="text-align:right" | 16.2
| style="text-align:right" | <b>10.5</b>
|-
| style="text-align:left" | <b>Western &amp; Southern Europe, Allianz Direct and Allianz Partners</b>
| style="text-align:right" | <b>6,600</b>
| style="text-align:right" | <b>6,658</b>
| style="text-align:right" | <b>6.2</b>
| style="text-align:right" | <b>5,834</b>
| style="text-align:right" | <b>6,007</b>
| style="text-align:right" | <b>508</b>
| style="text-align:right" | <b>641</b>
| style="text-align:right" | <b>97.5</b>
| style="text-align:right" | <b>94.7</b>
| style="text-align:right" | <b>72.6</b>
| style="text-align:right" | <b>70.2</b>
| style="text-align:right" | <b>24.9</b>
| style="text-align:right" | <b>24.5</b>
|-
| style="text-align:left" | Australia
| style="text-align:right" | 1,263
| style="text-align:right" | <b>1,314</b>
| style="text-align:right" | <b>4.0</b>
| style="text-align:right" | 1,241
| style="text-align:right" | <b>1,310</b>
| style="text-align:right" | 108
| style="text-align:right" | <b>-100</b>
| style="text-align:right" | 93.5
| style="text-align:right" | <b>112.2</b>
| style="text-align:right" | 70.4
| style="text-align:right" | <b>91.1</b>
| style="text-align:right" | 23.1
| style="text-align:right" | <b>21.1</b>
|-
| style="text-align:left" | Asia Pacific other
| style="text-align:right" | 522
| style="text-align:right" | <b>519</b>
| style="text-align:right" | <b>6.5</b>
| style="text-align:right" | 567
| style="text-align:right" | <b>557</b>
| style="text-align:right" | 46
| style="text-align:right" | <b>38</b>
| style="text-align:right" | 98.9
| style="text-align:right" | <b>97.3</b>
| style="text-align:right" | 64.6
| style="text-align:right" | <b>65.5</b>
| style="text-align:right" | 34.3
| style="text-align:right" | <b>31.8</b>
|-
| style="text-align:left" | <b>Asia Pacific</b>
| style="text-align:right" | <b>1,786</b>
| style="text-align:right" | <b>1,832</b>
| style="text-align:right" | <b>4.7</b>
| style="text-align:right" | <b>1,807</b>
| style="text-align:right" | <b>1,867</b>
| style="text-align:right" | <b>155</b>
| style="text-align:right" | <b>-62</b>
| style="text-align:right" | <b>95.2</b>
| style="text-align:right" | <b>107.7</b>
| style="text-align:right" | <b>68.6</b>
| style="text-align:right" | <b>83.4</b>
| style="text-align:right" | <b>26.6</b>
| style="text-align:right" | <b>24.3</b>
|-
| style="text-align:left" | AGCS
| style="text-align:right" | 2,912
| style="text-align:right" | <b>2,786</b>
| style="text-align:right" | <b>4.4</b>
| style="text-align:right" | 3,078
| style="text-align:right" | <b>2,812</b>
| style="text-align:right" | 148
| style="text-align:right" | <b>189</b>
| style="text-align:right" | 98.0
| style="text-align:right" | <b>96.2</b>
| style="text-align:right" | 80.5
| style="text-align:right" | <b>77.7</b>
| style="text-align:right" | 17.5
| style="text-align:right" | <b>18.5</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: AGCS excluding fronting &amp; captives {{fn ref|33|2=Internal growth exlcudes Arch transaction.}}
| style="text-align:right" | 1,765
| style="text-align:right" | <b>1,947</b>
| style="text-align:right" | <b>9.4</b>
| style="text-align:right" | 1,611
| style="text-align:right" | <b>1,747</b>
| style="text-align:right" | 148
| style="text-align:right" | <b>189</b>
| style="text-align:right" | 96.3
| style="text-align:right" | <b>93.9</b>
| style="text-align:right" | 75.0
| style="text-align:right" | <b>69.3</b>
| style="text-align:right" | 21.2
| style="text-align:right" | <b>24.6</b>
|-
| style="text-align:left" | Reinsurance P/C and Other
| style="text-align:right" | 1,147
| style="text-align:right" | <b>1,114</b>
| style="text-align:right" | <b>4.1</b>
| style="text-align:right" | 1,012
| style="text-align:right" | <b>1,024</b>
| style="text-align:right" | 55
| style="text-align:right" | <b>181</b>
| style="text-align:right" | 97.9
| style="text-align:right" | <b>84.8</b>
| style="text-align:right" | 94.7
| style="text-align:right" | <b>81.0</b>
| style="text-align:right" | 3.2
| style="text-align:right" | <b>3.8</b>
|-
| style="text-align:left" | Allianz Trade
| style="text-align:right" | 910
| style="text-align:right" | <b>879</b>
| style="text-align:right" | <b>-1.2</b>
| style="text-align:right" | 815
| style="text-align:right" | <b>793</b>
| style="text-align:right" | 146
| style="text-align:right" | <b>184</b>
| style="text-align:right" | 85.3
| style="text-align:right" | <b>80.5</b>
| style="text-align:right" | 58.4
| style="text-align:right" | <b>53.2</b>
| style="text-align:right" | 26.9
| style="text-align:right" | <b>27.3</b>
|-
| style="text-align:left" | United Kingdom
| style="text-align:right" | 1,331
| style="text-align:right" | <b>1,289</b>
| style="text-align:right" | <b>1.8</b>
| style="text-align:right" | 1,358
| style="text-align:right" | <b>1,290</b>
| style="text-align:right" | 95
| style="text-align:right" | <b>123</b>
| style="text-align:right" | 97.4
| style="text-align:right" | <b>94.7</b>
| style="text-align:right" | 72.3
| style="text-align:right" | <b>70.2</b>
| style="text-align:right" | 25.2
| style="text-align:right" | <b>24.5</b>
|-
| style="text-align:left" | Ireland
| style="text-align:right" | 188
| style="text-align:right" | <b>202</b>
| style="text-align:right" | <b>7.9</b>
| style="text-align:right" | 199
| style="text-align:right" | <b>217</b>
| style="text-align:right" | 25
| style="text-align:right" | <b>33</b>
| style="text-align:right" | 91.4
| style="text-align:right" | <b>88.3</b>
| style="text-align:right" | 67.1
| style="text-align:right" | <b>64.5</b>
| style="text-align:right" | 24.2
| style="text-align:right" | <b>23.8</b>
|-
| style="text-align:left" | Spain
| style="text-align:right" | 789
| style="text-align:right" | <b>855</b>
| style="text-align:right" | <b>8.3</b>
| style="text-align:right" | 772
| style="text-align:right" | <b>842</b>
| style="text-align:right" | 1
| style="text-align:right" | <b>52</b>
| style="text-align:right" | 101.8
| style="text-align:right" | <b>95.6</b>
| style="text-align:right" | 78.7
| style="text-align:right" | <b>74.7</b>
| style="text-align:right" | 23.1
| style="text-align:right" | <b>20.9</b>
|-
| style="text-align:left" | Portugal
| style="text-align:right" | 125
| style="text-align:right" | <b>144</b>
| style="text-align:right" | <b>14.7</b>
| style="text-align:right" | 152
| style="text-align:right" | <b>176</b>
| style="text-align:right" | 15
| style="text-align:right" | <b>19</b>
| style="text-align:right" | 91.1
| style="text-align:right" | <b>90.8</b>
| style="text-align:right" | 68.6
| style="text-align:right" | <b>69.1</b>
| style="text-align:right" | 22.5
| style="text-align:right" | <b>21.7</b>
|-
| style="text-align:left" | Latin America
| style="text-align:right" | 805
| style="text-align:right" | <b>894</b>
| style="text-align:right" | <b>14.3</b>
| style="text-align:right" | 718
| style="text-align:right" | <b>802</b>
| style="text-align:right" | 60
| style="text-align:right" | <b>90</b>
| style="text-align:right" | 99.1
| style="text-align:right" | <b>94.6</b>
| style="text-align:right" | 72.2
| style="text-align:right" | <b>69.8</b>
| style="text-align:right" | 26.9
| style="text-align:right" | <b>24.8</b>
|-
| style="text-align:left" | Africa
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | 13
| style="text-align:right" | <b>4</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Middle East
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | 0
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Global Insurance Lines &amp; Anglo Markets, Iberia &amp; Latin America, Africa</b>
| style="text-align:right" | <b>8,208</b>
| style="text-align:right" | <b>8,164</b>
| style="text-align:right" | <b>4.9</b>
| style="text-align:right" | <b>8,105</b>
| style="text-align:right" | <b>7,957</b>
| style="text-align:right" | <b>558</b>
| style="text-align:right" | <b>874</b>
| style="text-align:right" | <b>96.8</b>
| style="text-align:right" | <b>92.4</b>
| style="text-align:right" | <b>77.2</b>
| style="text-align:right" | <b>72.8</b>
| style="text-align:right" | <b>19.6</b>
| style="text-align:right" | <b>19.6</b>
|-
| style="text-align:left" | <b>Consolidation {{fn ref|34|2=Represents elimination of transactions between Allianz Group entities in different geographic regions.}}</b>
| style="text-align:right" | <b>-1,007</b>
| style="text-align:right" | <b>-949</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>-1,035</b>
| style="text-align:right" | <b>-953</b>
| style="text-align:right" | <b>56</b>
| style="text-align:right" | <b>49</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>19,534</b>
| style="text-align:right" | <b>19,873</b>
| style="text-align:right" | <b>6.7</b>
| style="text-align:right" | <b>19,596</b>
| style="text-align:right" | <b>20,081</b>
| style="text-align:right" | <b>1,948</b>
| style="text-align:right" | <b>2,134</b>
| style="text-align:right" | <b>94.7</b>
| style="text-align:right" | <b>93.6</b>
| style="text-align:right" | <b>70.7</b>
| style="text-align:right" | <b>69.8</b>
| style="text-align:right" | <b>24.1</b>
| style="text-align:right" | <b>23.8</b>
|}
</div>

{{fn note|1=31|2=Total business volume comprises gross premiums written and fee and commission income.}}
{{fn note|1=32|2=This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.}}
{{fn note|1=33|2=Internal growth exlcudes Arch transaction.}}
{{fn note|1=34|2=Represents elimination of transactions between Allianz Group entities in different geographic regions.}}

{{source unit|12|label=P&C by Customer Segment YTD|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== P&C by Customer Segment YTD ===

<div style="overflow-x:auto">
{| id="t25" class="wikitable fintable"
|+ Property &amp; casualty business volume and operating insurance revenue by customer segment
|-
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:left" | Property-Casualty
! colspan="2" style="text-align:left" | Retail lines {{fn ref|35|2=Retail including SME and Fleet.}}
! colspan="2" style="text-align:left" | Commercial lines {{fn ref|36|2=Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.}}
! colspan="2" style="text-align:left" | Not allocated
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
|-
| style="text-align:left" | <b>Total business volume {{fn ref|37|2=Total business volume comprises gross premiums written and fee and commission income.}}</b>
| style="text-align:right" | <b>82,883</b>
| style="text-align:right" | <b>86,741</b>
| style="text-align:right" | <b>50,229</b>
| style="text-align:right" | <b>52,789</b>
| style="text-align:right" | <b>32,711</b>
| style="text-align:right" | <b>33,828</b>
| style="text-align:right" | <b>-58</b>
| style="text-align:right" | <b>124</b>
|-
| style="text-align:left" | <b>Operating insurance revenue</b>
| style="text-align:right" | <b>74,619</b>
| style="text-align:right" | <b>78,164</b>
| style="text-align:right" | <b>46,219</b>
| style="text-align:right" | <b>49,505</b>
| style="text-align:right" | <b>28,209</b>
| style="text-align:right" | <b>28,579</b>
| style="text-align:right" | <b>191</b>
| style="text-align:right" | <b>80</b>
|-
| style="text-align:left" | <b>in %</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Combined ratio</b>
| style="text-align:right" | <b>93.4</b>
| style="text-align:right" | <b>92.2</b>
| style="text-align:right" | <b>94.1</b>
| style="text-align:right" | <b>92.4</b>
| style="text-align:right" | <b>92.2</b>
| style="text-align:right" | <b>91.7</b>
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Loss ratio
| style="text-align:right" | 69.3
| style="text-align:right" | <b>68.3</b>
| style="text-align:right" | 67.9
| style="text-align:right" | <b>66.6</b>
| style="text-align:right" | 71.5
| style="text-align:right" | <b>71.1</b>
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Expense ratio
| style="text-align:right" | 24.2
| style="text-align:right" | <b>23.9</b>
| style="text-align:right" | 26.3
| style="text-align:right" | <b>25.8</b>
| style="text-align:right" | 20.7
| style="text-align:right" | <b>20.5</b>
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

{{fn note|1=35|2=Retail including SME and Fleet.}}
{{fn note|1=36|2=Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.}}
{{fn note|1=37|2=Total business volume comprises gross premiums written and fee and commission income.}}

{{source unit|13|label=P&C by Customer Segment QTD|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== P&C by Customer Segment QTD ===

<div style="overflow-x:auto">
{| id="t26" class="wikitable fintable"
|+ Property &amp; casualty business volume and operating insurance revenue by customer segment
|-
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:left" | Property-Casualty
! colspan="2" style="text-align:left" | Retail lines {{fn ref|38|2=Retail including SME and Fleet.}}
! colspan="2" style="text-align:left" | Commercial lines {{fn ref|39|2=Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.}}
! colspan="2" style="text-align:left" | Not allocated
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
|-
| style="text-align:left" | <b>Total business volume {{fn ref|40|2=Total business volume comprises gross premiums written and fee and commission income.}}</b>
| style="text-align:right" | <b>19,534</b>
| style="text-align:right" | <b>19,873</b>
| style="text-align:right" | <b>12,132</b>
| style="text-align:right" | <b>12,730</b>
| style="text-align:right" | <b>7,395</b>
| style="text-align:right" | <b>7,129</b>
| style="text-align:right" | <b>7</b>
| style="text-align:right" | <b>14</b>
|-
| style="text-align:left" | <b>Operating insurance revenue</b>
| style="text-align:right" | <b>19,596</b>
| style="text-align:right" | <b>20,081</b>
| style="text-align:right" | <b>11,930</b>
| style="text-align:right" | <b>12,705</b>
| style="text-align:right" | <b>7,631</b>
| style="text-align:right" | <b>7,336</b>
| style="text-align:right" | <b>35</b>
| style="text-align:right" | <b>40</b>
|-
| style="text-align:left" | <b>in %</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | <b>Combined ratio</b>
| style="text-align:right" | <b>94.7</b>
| style="text-align:right" | <b>93.6</b>
| style="text-align:right" | <b>94.0</b>
| style="text-align:right" | <b>94.5</b>
| style="text-align:right" | <b>96.6</b>
| style="text-align:right" | <b>92.6</b>
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Loss ratio
| style="text-align:right" | 70.7
| style="text-align:right" | <b>69.8</b>
| style="text-align:right" | 66.8
| style="text-align:right" | <b>68.7</b>
| style="text-align:right" | 76.8
| style="text-align:right" | <b>71.7</b>
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Expense ratio
| style="text-align:right" | 24.1
| style="text-align:right" | <b>23.8</b>
| style="text-align:right" | 27.2
| style="text-align:right" | <b>25.8</b>
| style="text-align:right" | 19.8
| style="text-align:right" | <b>20.9</b>
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

{{fn note|1=38|2=Retail including SME and Fleet.}}
{{fn note|1=39|2=Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.}}
{{fn note|1=40|2=Total business volume comprises gross premiums written and fee and commission income.}}

{{source unit|14|label=Life & Health|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Life & Health ===

<div style="overflow-x:auto">
{| id="t27" class="wikitable fintable"
|+ Life &amp; health operating profit build-up
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 1Q 24
! class="col-s" style="text-align:right" | 2Q 24
! class="col-s" style="text-align:right" | 3Q 24
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 1Q 25
! class="col-s" style="text-align:right" | 2Q 25
! class="col-s" style="text-align:right" | 3Q 25
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | ∆ 2025 / 2024
|-
| style="text-align:left" | <b>Total business volume {{fn ref|41|2=Total business volume comprises statutory gross premiums.}}</b>
| style="text-align:right" | <b>21,104</b>
| style="text-align:right" | <b>21,547</b>
| style="text-align:right" | <b>22,389</b>
| style="text-align:right" | <b>24,277</b>
| style="text-align:right" | <b>89,317</b>
| style="text-align:right" | <b>25,024</b>
| style="text-align:right" | <b>22,541</b>
| style="text-align:right" | <b>21,107</b>
| style="text-align:right" | <b>23,642</b>
| style="text-align:right" | <b>92,314</b>
| style="text-align:right" | <b>3.4%</b>
|-
| class="wt-indent-1" style="text-align:left" | Release CSM
| style="text-align:right" | 1,276
| style="text-align:right" | 1,241
| style="text-align:right" | 1,267
| style="text-align:right" | 1,354
| style="text-align:right" | <b>5,137</b>
| style="text-align:right" | 1,360
| style="text-align:right" | 1,458
| style="text-align:right" | 1,265
| style="text-align:right" | 1,357
| style="text-align:right" | <b>5,440</b>
| style="text-align:right" | <b>5.9%</b>
|-
| class="wt-indent-1" style="text-align:left" | Release risk adjustment
| style="text-align:right" | 120
| style="text-align:right" | 123
| style="text-align:right" | 121
| style="text-align:right" | 125
| style="text-align:right" | <b>488</b>
| style="text-align:right" | 128
| style="text-align:right" | 125
| style="text-align:right" | 126
| style="text-align:right" | 144
| style="text-align:right" | <b>523</b>
| style="text-align:right" | <b>7.1%</b>
|-
| class="wt-indent-1" style="text-align:left" | Variances from claims and expenses {{fn ref|42|2=Including operating reinsurance result.}}
| style="text-align:right" | -37
| style="text-align:right" | 16
| style="text-align:right" | 12
| style="text-align:right" | 65
| style="text-align:right" | <b>56</b>
| style="text-align:right" | 17
| style="text-align:right" | -51
| style="text-align:right" | 50
| style="text-align:right" | 30
| style="text-align:right" | <b>46</b>
| style="text-align:right" | <b>-18.7%</b>
|-
| class="wt-indent-1" style="text-align:left" | Losses on onerous contracts
| style="text-align:right" | -6
| style="text-align:right" | 4
| style="text-align:right" | -18
| style="text-align:right" | -20
| style="text-align:right" | <b>-41</b>
| style="text-align:right" | -14
| style="text-align:right" | -12
| style="text-align:right" | -17
| style="text-align:right" | -42
| style="text-align:right" | <b>-84</b>
| style="text-align:right" | <b>105.3%</b>
|-
| class="wt-indent-1" style="text-align:left" | Non-attributable expenses
| style="text-align:right" | -268
| style="text-align:right" | -262
| style="text-align:right" | -274
| style="text-align:right" | -337
| style="text-align:right" | <b>-1,141</b>
| style="text-align:right" | -284
| style="text-align:right" | -277
| style="text-align:right" | -320
| style="text-align:right" | -320
| style="text-align:right" | <b>-1,202</b>
| style="text-align:right" | <b>5.4%</b>
|-
| class="wt-indent-1" style="text-align:left" | Operating investment result
| style="text-align:right" | 164
| style="text-align:right" | 165
| style="text-align:right" | 182
| style="text-align:right" | 151
| style="text-align:right" | <b>662</b>
| style="text-align:right" | 135
| style="text-align:right" | 73
| style="text-align:right" | 215
| style="text-align:right" | 102
| style="text-align:right" | <b>525</b>
| style="text-align:right" | <b>-20.7%</b>
|-
| class="wt-indent-1" style="text-align:left" | Other operating result
| style="text-align:right" | 79
| style="text-align:right" | 92
| style="text-align:right" | 86
| style="text-align:right" | 86
| style="text-align:right" | <b>343</b>
| style="text-align:right" | 85
| style="text-align:right" | 87
| style="text-align:right" | 90
| style="text-align:right" | 92
| style="text-align:right" | <b>353</b>
| style="text-align:right" | <b>2.9%</b>
|-
| style="text-align:left" | <b>Operating profit</b>
| style="text-align:right" | <b>1,327</b>
| style="text-align:right" | <b>1,379</b>
| style="text-align:right" | <b>1,376</b>
| style="text-align:right" | <b>1,424</b>
| style="text-align:right" | <b>5,505</b>
| style="text-align:right" | <b>1,427</b>
| style="text-align:right" | <b>1,403</b>
| style="text-align:right" | <b>1,407</b>
| style="text-align:right" | <b>1,364</b>
| style="text-align:right" | <b>5,601</b>
| style="text-align:right" | <b>1.7%</b>
|-
| style="text-align:left" | <b>Non-operating items</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Realized gains/losses (net)
| style="text-align:right" | -48
| style="text-align:right" | -40
| style="text-align:right" | 0
| style="text-align:right" | -32
| style="text-align:right" | <b>-120</b>
| style="text-align:right" | 12
| style="text-align:right" | 261
| style="text-align:right" | -4
| style="text-align:right" | -46
| style="text-align:right" | <b>223</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Expected credit loss and impairments (net)
| style="text-align:right" | -3
| style="text-align:right" | 5
| style="text-align:right" | -0
| style="text-align:right" | 9
| style="text-align:right" | <b>11</b>
| style="text-align:right" | -4
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -1
| style="text-align:right" | <b>-8</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Result from assets and liabilities measured at fair value incl. derivatives
| style="text-align:right" | -51
| style="text-align:right" | -17
| style="text-align:right" | 29
| style="text-align:right" | -9
| style="text-align:right" | <b>-47</b>
| style="text-align:right" | -19
| style="text-align:right" | -6
| style="text-align:right" | 10
| style="text-align:right" | -19
| style="text-align:right" | <b>-33</b>
| style="text-align:right" | <b>-30.7%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Non-operating market movements
| style="text-align:right" | -40
| style="text-align:right" | -4
| style="text-align:right" | 41
| style="text-align:right" | 4
| style="text-align:right" | <b>0</b>
| style="text-align:right" | -7
| style="text-align:right" | 6
| style="text-align:right" | 23
| style="text-align:right" | -7
| style="text-align:right" | <b>15</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Restructuring and integration expenses
| style="text-align:right" | -3
| style="text-align:right" | -13
| style="text-align:right" | -10
| style="text-align:right" | -30
| style="text-align:right" | <b>-55</b>
| style="text-align:right" | -7
| style="text-align:right" | -11
| style="text-align:right" | -14
| style="text-align:right" | -39
| style="text-align:right" | <b>-71</b>
| style="text-align:right" | <b>27.7%</b>
|-
| class="wt-indent-1" style="text-align:left" | Amortization of intangible assets
| style="text-align:right" | -17
| style="text-align:right" | -17
| style="text-align:right" | -17
| style="text-align:right" | -17
| style="text-align:right" | <b>-68</b>
| style="text-align:right" | -13
| style="text-align:right" | -20
| style="text-align:right" | -11
| style="text-align:right" | -12
| style="text-align:right" | <b>-56</b>
| style="text-align:right" | <b>-17.2%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Amortization of intangible assets from business combinations
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | <b>-11</b>
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | -2
| style="text-align:right" | -3
| style="text-align:right" | <b>-10</b>
| style="text-align:right" | <b>-9.7%</b>
|-
| class="wt-indent-1" style="text-align:left" | Other (including tax reclassifications) {{fn ref|43|2=Including hyperinflation result.}}
| style="text-align:right" | 25
| style="text-align:right" | 93
| style="text-align:right" | 90
| style="text-align:right" | -45
| style="text-align:right" | <b>163</b>
| style="text-align:right" | 8
| style="text-align:right" | 39
| style="text-align:right" | 45
| style="text-align:right" | -32
| style="text-align:right" | <b>59</b>
| style="text-align:right" | <b>-63.5%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Subtotal</b>
| style="text-align:right" | <b>-98</b>
| style="text-align:right" | <b>12</b>
| style="text-align:right" | <b>92</b>
| style="text-align:right" | <b>-124</b>
| style="text-align:right" | <b>-117</b>
| style="text-align:right" | <b>-23</b>
| style="text-align:right" | <b>263</b>
| style="text-align:right" | <b>23</b>
| style="text-align:right" | <b>-149</b>
| style="text-align:right" | <b>114</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Income (loss) before income taxes</b>
| style="text-align:right" | <b>1,229</b>
| style="text-align:right" | <b>1,391</b>
| style="text-align:right" | <b>1,468</b>
| style="text-align:right" | <b>1,300</b>
| style="text-align:right" | <b>5,388</b>
| style="text-align:right" | <b>1,404</b>
| style="text-align:right" | <b>1,666</b>
| style="text-align:right" | <b>1,430</b>
| style="text-align:right" | <b>1,215</b>
| style="text-align:right" | <b>5,715</b>
| style="text-align:right" | <b>6.1%</b>
|-
| style="text-align:left" | Income taxes
| style="text-align:right" | <b>-285</b>
| style="text-align:right" | -360
| style="text-align:right" | -354
| style="text-align:right" | -301
| style="text-align:right" | <b>-1,300</b>
| style="text-align:right" | <b>-398</b>
| style="text-align:right" | -354
| style="text-align:right" | -584
| style="text-align:right" | -242
| style="text-align:right" | <b>-1,579</b>
| style="text-align:right" | <b>21.4%</b>
|-
| style="text-align:left" | <b>Net income (loss)</b>
| style="text-align:right" | <b>944</b>
| style="text-align:right" | <b>1,031</b>
| style="text-align:right" | <b>1,114</b>
| style="text-align:right" | <b>999</b>
| style="text-align:right" | <b>4,088</b>
| style="text-align:right" | <b>1,006</b>
| style="text-align:right" | <b>1,312</b>
| style="text-align:right" | <b>846</b>
| style="text-align:right" | <b>973</b>
| style="text-align:right" | <b>4,137</b>
| style="text-align:right" | <b>1.2%</b>
|-
| style="text-align:left" | <b>Net income (loss) attributable to:</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Non-controlling interests
| style="text-align:right" | -7
| style="text-align:right" | 60
| style="text-align:right" | 60
| style="text-align:right" | 63
| style="text-align:right" | <b>176</b>
| style="text-align:right" | 58
| style="text-align:right" | 63
| style="text-align:right" | 40
| style="text-align:right" | 42
| style="text-align:right" | <b>203</b>
| style="text-align:right" | <b>15.3%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Shareholders</b>
| style="text-align:right" | <b>951</b>
| style="text-align:right" | <b>971</b>
| style="text-align:right" | <b>1,053</b>
| style="text-align:right" | <b>936</b>
| style="text-align:right" | <b>3,912</b>
| style="text-align:right" | <b>948</b>
| style="text-align:right" | <b>1,250</b>
| style="text-align:right" | <b>806</b>
| style="text-align:right" | <b>930</b>
| style="text-align:right" | <b>3,934</b>
| style="text-align:right" | <b>0.6%</b>
|-
| style="text-align:left" | <b>Income (loss) before income taxes</b>
| style="text-align:right" | <b>1,229</b>
| style="text-align:right" | <b>1,391</b>
| style="text-align:right" | <b>1,468</b>
| style="text-align:right" | <b>1,300</b>
| style="text-align:right" | <b>5,388</b>
| style="text-align:right" | <b>1,404</b>
| style="text-align:right" | <b>1,666</b>
| style="text-align:right" | <b>1,430</b>
| style="text-align:right" | <b>1,215</b>
| style="text-align:right" | <b>5,715</b>
| style="text-align:right" | <b>6.1%</b>
|-
| style="text-align:left" | Adjustment for non-operating market movements
| style="text-align:right" | 40
| style="text-align:right" | 4
| style="text-align:right" | -41
| style="text-align:right" | -4
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | 7
| style="text-align:right" | -6
| style="text-align:right" | -23
| style="text-align:right" | 7
| style="text-align:right" | <b>-15</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Adjustment for amortization of intangible assets from business combinations
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | <b>11</b>
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | <b>10</b>
| style="text-align:right" | <b>-9.7%</b>
|-
| style="text-align:left" | <b>Core income (loss) before income taxes</b>
| style="text-align:right" | <b>1,272</b>
| style="text-align:right" | <b>1,398</b>
| style="text-align:right" | <b>1,430</b>
| style="text-align:right" | <b>1,300</b>
| style="text-align:right" | <b>5,400</b>
| style="text-align:right" | 1,414
| style="text-align:right" | <b>1,663</b>
| style="text-align:right" | <b>1,410</b>
| style="text-align:right" | <b>1,225</b>
| style="text-align:right" | <b>5,711</b>
| style="text-align:right" | <b>5.8%</b>
|-
| style="text-align:left" | Income taxes related to core income
| style="text-align:right" | -294
| style="text-align:right" | -362
| style="text-align:right" | -347
| style="text-align:right" | -300
| style="text-align:right" | <b>-1,303</b>
| style="text-align:right" | -401
| style="text-align:right" | -354
| style="text-align:right" | -580
| style="text-align:right" | -241
| style="text-align:right" | <b>-1,576</b>
| style="text-align:right" | <b>20.9%</b>
|-
| style="text-align:left" | <b>Core net income (loss)</b>
| style="text-align:right" | <b>978</b>
| style="text-align:right" | <b>1,036</b>
| style="text-align:right" | <b>1,083</b>
| style="text-align:right" | <b>1,000</b>
| style="text-align:right" | <b>4,097</b>
| style="text-align:right" | 1,013
| style="text-align:right" | <b>1,309</b>
| style="text-align:right" | <b>829</b>
| style="text-align:right" | <b>983</b>
| style="text-align:right" | <b>4,135</b>
| style="text-align:right" | <b>0.9%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>thereof: Shareholders' core net income (loss)</b>
| style="text-align:right" | <b>983</b>
| style="text-align:right" | <b>974</b>
| style="text-align:right" | <b>1,024</b>
| style="text-align:right" | <b>935</b>
| style="text-align:right" | <b>3,917</b>
| style="text-align:right" | 953
| style="text-align:right" | <b>1,246</b>
| style="text-align:right" | <b>788</b>
| style="text-align:right" | <b>940</b>
| style="text-align:right" | <b>3,928</b>
| style="text-align:right" | <b>0.3%</b>
|-
| style="text-align:left" | <b>Core return on equity{{fn ref|45|2=For current year periods and prior year periods, the core return on equity for the respective full year is shown.}} (in %)</b>
| style="text-align:right" | <b>16.3</b>
| style="text-align:right" | <b>16.3</b>
| style="text-align:right" | <b>16.3</b>
| style="text-align:right" | <b>16.3</b>
| style="text-align:right" | <b>16.3</b>
| style="text-align:right" | <b>15.2</b>
| style="text-align:right" | <b>15.2</b>
| style="text-align:right" | <b>15.2</b>
| style="text-align:right" | <b>15.2</b>
| style="text-align:right" | <b>15.2</b>
| style="text-align:right" | <b>-1.1%-p</b>
|-
| style="text-align:left" | Operating asset base (in EUR bn)
| style="text-align:right" | 750.4
| style="text-align:right" | 749.3
| style="text-align:right" | 770.9
| style="text-align:right" | 783.5
| style="text-align:right" | <b>783.5</b>
| style="text-align:right" | 774.8
| style="text-align:right" | 742.5
| style="text-align:right" | 759.9
| style="text-align:right" | 769.8
| style="text-align:right" | <b>769.8</b>
| style="text-align:right" | <b>-1.7%</b>
|-
| style="text-align:left" | Net flows (in EUR bn)
| style="text-align:right" | -0.1
| style="text-align:right" | 0.8
| style="text-align:right" | 2.2
| style="text-align:right" | 1.8
| style="text-align:right" | <b>4.7</b>
| style="text-align:right" | 3.5
| style="text-align:right" | 3.3
| style="text-align:right" | 2.7
| style="text-align:right" | 2.3
| style="text-align:right" | <b>11.7</b>
| style="text-align:right" | <b>150.1%</b>
|-
| style="text-align:left" | <b>Risk adjustment (gross of reinsurance) {{fn ref|44|2=Refers to liability for remaining coverage (LRC).}}</b>
| style="text-align:right" | 4,714
| style="text-align:right" | 4,746
| style="text-align:right" | 4,748
| style="text-align:right" | 4,928
| style="text-align:right" | <b>4,928</b>
| style="text-align:right" | 4,948
| style="text-align:right" | 4,832
| style="text-align:right" | 4,788
| style="text-align:right" | 4,836
| style="text-align:right" | <b>4,836</b>
| style="text-align:right" | <b>-1.9%</b>
|}
</div>

{{fn note|1=41|2=Total business volume comprises statutory gross premiums.}}
{{fn note|1=42|2=Including operating reinsurance result.}}
{{fn note|1=43|2=Including hyperinflation result.}}
{{fn note|1=45|2=For current year periods and prior year periods, the core return on equity for the respective full year is shown.}}
{{fn note|1=44|2=Refers to liability for remaining coverage (LRC).}}

{{source unit|15|label=L&H New Business YTD|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== L&H New Business YTD ===

<div style="overflow-x:auto">
{| id="t28" class="wikitable fintable"
|+ Life &amp; health new business by region
|-
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:left" | Present value of new business premiums
! colspan="2" style="text-align:left" | New business margin
! colspan="2" style="text-align:left" | Value of new business
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
|-
! style="text-align:left" |
! colspan="2" style="text-align:left" | EUR mn
! colspan="2" style="text-align:left" | %
! colspan="2" style="text-align:left" | EUR mn
|-
| style="text-align:left" | Germany Life
| style="text-align:right" | 18,614
| style="text-align:right" | <b>18,292</b>
| style="text-align:right" | 4.7
| style="text-align:right" | <b>4.6</b>
| style="text-align:right" | 884
| style="text-align:right" | <b>833</b>
|-
| style="text-align:left" | Germany Health
| style="text-align:right" | 3,609
| style="text-align:right" | <b>5,382</b>
| style="text-align:right" | 5.7
| style="text-align:right" | <b>5.6</b>
| style="text-align:right" | 206
| style="text-align:right" | <b>300</b>
|-
| style="text-align:left" | Germany APR
| style="text-align:right" | n.m.
| style="text-align:right" | <b>359</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>7.9</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>28</b>
|-
| style="text-align:left" | Switzerland
| style="text-align:right" | 840
| style="text-align:right" | <b>1,047</b>
| style="text-align:right" | 4.8
| style="text-align:right" | <b>4.6</b>
| style="text-align:right" | 40
| style="text-align:right" | <b>48</b>
|-
| style="text-align:left" | Central Europe {{fn ref|46|2=Includes the Austrian health business from 01.01.2025.}}
| style="text-align:right" | 1,633
| style="text-align:right" | <b>2,074</b>
| style="text-align:right" | 9.9
| style="text-align:right" | <b>10.6</b>
| style="text-align:right" | 162
| style="text-align:right" | <b>220</b>
|-
| style="text-align:left" | <b>German Speaking Countries and Central Europe</b>
| style="text-align:right" | <b>24,697</b>
| style="text-align:right" | <b>27,153</b>
| style="text-align:right" | <b>5.2</b>
| style="text-align:right" | <b>5.3</b>
| style="text-align:right" | <b>1,292</b>
| style="text-align:right" | <b>1,429</b>
|-
| style="text-align:left" | Italy
| style="text-align:right" | 14,099
| style="text-align:right" | <b>14,325</b>
| style="text-align:right" | 3.6
| style="text-align:right" | <b>3.5</b>
| style="text-align:right" | 513
| style="text-align:right" | <b>505</b>
|-
| style="text-align:left" | France
| style="text-align:right" | 6,665
| style="text-align:right" | <b>6,871</b>
| style="text-align:right" | 4.6
| style="text-align:right" | <b>5.3</b>
| style="text-align:right" | 305
| style="text-align:right" | <b>365</b>
|-
| style="text-align:left" | Benelux
| style="text-align:right" | 2,164
| style="text-align:right" | <b>2,569</b>
| style="text-align:right" | 4.2
| style="text-align:right" | <b>4.5</b>
| style="text-align:right" | 90
| style="text-align:right" | <b>116</b>
|-
| style="text-align:left" | Türkiye
| style="text-align:right" | 1,696
| style="text-align:right" | <b>2,474</b>
| style="text-align:right" | 7.0
| style="text-align:right" | <b>6.1</b>
| style="text-align:right" | 118
| style="text-align:right" | <b>151</b>
|-
| style="text-align:left" | Greece
| style="text-align:right" | 86
| style="text-align:right" | <b>96</b>
| style="text-align:right" | 2.5
| style="text-align:right" | <b>2.5</b>
| style="text-align:right" | 2
| style="text-align:right" | <b>2</b>
|-
| style="text-align:left" | <b>Western &amp; Southern Europe</b>
| style="text-align:right" | <b>24,709</b>
| style="text-align:right" | <b>26,335</b>
| style="text-align:right" | <b>4.2</b>
| style="text-align:right" | <b>4.3</b>
| style="text-align:right" | <b>1,029</b>
| style="text-align:right" | <b>1,140</b>
|-
| style="text-align:left" | <b>Asia Pacific</b>
| style="text-align:right" | <b>7,185</b>
| style="text-align:right" | <b>7,757</b>
| style="text-align:right" | <b>9.8</b>
| style="text-align:right" | <b>9.2</b>
| style="text-align:right" | <b>707</b>
| style="text-align:right" | <b>716</b>
|-
| style="text-align:left" | <b>USA</b>
| style="text-align:right" | <b>21,843</b>
| style="text-align:right" | <b>21,239</b>
| style="text-align:right" | <b>6.1</b>
| style="text-align:right" | <b>6.3</b>
| style="text-align:right" | <b>1,337</b>
| style="text-align:right" | <b>1,345</b>
|-
| style="text-align:left" | Reinsurance L/H
| style="text-align:right" | 1,687
| style="text-align:right" | <b>210</b>
| style="text-align:right" | 8.1
| style="text-align:right" | <b>8.3</b>
| style="text-align:right" | 137
| style="text-align:right" | <b>17</b>
|-
| style="text-align:left" | Spain
| style="text-align:right" | 574
| style="text-align:right" | <b>627</b>
| style="text-align:right" | 3.6
| style="text-align:right" | <b>3.4</b>
| style="text-align:right" | 20
| style="text-align:right" | <b>22</b>
|-
| style="text-align:left" | Portugal
| style="text-align:right" | 192
| style="text-align:right" | <b>222</b>
| style="text-align:right" | 14.8
| style="text-align:right" | <b>11.1</b>
| style="text-align:right" | 28
| style="text-align:right" | <b>25</b>
|-
| style="text-align:left" | Latin America
| style="text-align:right" | 1,063
| style="text-align:right" | <b>1,730</b>
| style="text-align:right" | 13.4
| style="text-align:right" | <b>7.8</b>
| style="text-align:right" | 143
| style="text-align:right" | <b>136</b>
|-
| style="text-align:left" | <b>Global Insurance Lines &amp; Anglo Markets, Iberia &amp; Latin America, Africa</b>
| style="text-align:right" | <b>3,516</b>
| style="text-align:right" | <b>2,788</b>
| style="text-align:right" | <b>9.4</b>
| style="text-align:right" | <b>7.2</b>
| style="text-align:right" | <b>329</b>
| style="text-align:right" | <b>199</b>
|-
| style="text-align:left" | <b>Consolidation and Other</b>
| style="text-align:right" | <b>-123</b>
| style="text-align:right" | <b>-591</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>81,827</b>
| style="text-align:right" | <b>84,682</b>
| style="text-align:right" | <b>5.7</b>
| style="text-align:right" | <b>5.7</b>
| style="text-align:right" | <b>4,694</b>
| style="text-align:right" | <b>4,829</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|+ Life &amp; health value of new business build-up
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
|-
| style="text-align:left" | <b>Value of new business</b>
| style="text-align:right" | <b>4,694</b>
| style="text-align:right" | <b>4,829</b>
|-
| style="text-align:left" | Non-attributable expenses
| style="text-align:right" | 693
| style="text-align:right" | 772
|-
| style="text-align:left" | Scope / Other
| style="text-align:right" | 681
| style="text-align:right" | -183
|-
| style="text-align:left" | <b>CSM@inception</b>
| style="text-align:right" | <b>6,067</b>
| style="text-align:right" | <b>5,419</b>
|}
</div>

{{fn note|1=46|2=Includes the Austrian health business from 01.01.2025.}}

{{source unit|16|label=L&H New Business QTD|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== L&H New Business QTD ===

<div style="overflow-x:auto">
{| id="t30" class="wikitable fintable"
|+ Life &amp; health new business by region
|-
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:left" | Present value of new business premiums
! colspan="2" style="text-align:left" | New business margin
! colspan="2" style="text-align:left" | Value of new business
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
|-
! style="text-align:left" |
! colspan="2" style="text-align:left" | EUR mn
! colspan="2" style="text-align:left" | %
! colspan="2" style="text-align:left" | EUR mn
|-
| style="text-align:left" | Germany Life
| style="text-align:right" | 5,786
| style="text-align:right" | <b>4,634</b>
| style="text-align:right" | 4.5
| style="text-align:right" | <b>4.6</b>
| style="text-align:right" | 259
| style="text-align:right" | <b>212</b>
|-
| style="text-align:left" | Germany Health
| style="text-align:right" | 1,044
| style="text-align:right" | <b>1,306</b>
| style="text-align:right" | 5.9
| style="text-align:right" | <b>5.8</b>
| style="text-align:right" | 62
| style="text-align:right" | <b>76</b>
|-
| style="text-align:left" | Germany APR
| style="text-align:right" | n.m.
| style="text-align:right" | <b>113</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>7.8</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>9</b>
|-
| style="text-align:left" | Switzerland
| style="text-align:right" | 161
| style="text-align:right" | <b>172</b>
| style="text-align:right" | 5.2
| style="text-align:right" | <b>5.2</b>
| style="text-align:right" | 8
| style="text-align:right" | <b>9</b>
|-
| style="text-align:left" | Central Europe {{fn ref|47|2=Includes the Austrian health business from 01.01.2025.}}
| style="text-align:right" | 456
| style="text-align:right" | <b>605</b>
| style="text-align:right" | 9.2
| style="text-align:right" | <b>10.4</b>
| style="text-align:right" | 42
| style="text-align:right" | <b>63</b>
|-
| style="text-align:left" | <b>German Speaking Countries and Central Europe</b>
| style="text-align:right" | <b>7,447</b>
| style="text-align:right" | <b>6,830</b>
| style="text-align:right" | <b>5.0</b>
| style="text-align:right" | <b>5.4</b>
| style="text-align:right" | <b>371</b>
| style="text-align:right" | <b>368</b>
|-
| style="text-align:left" | Italy
| style="text-align:right" | 3,997
| style="text-align:right" | <b>3,261</b>
| style="text-align:right" | 3.7
| style="text-align:right" | <b>4.2</b>
| style="text-align:right" | 149
| style="text-align:right" | <b>136</b>
|-
| style="text-align:left" | France
| style="text-align:right" | 1,039
| style="text-align:right" | <b>1,272</b>
| style="text-align:right" | 4.8
| style="text-align:right" | <b>4.9</b>
| style="text-align:right" | 50
| style="text-align:right" | <b>62</b>
|-
| style="text-align:left" | Benelux
| style="text-align:right" | 555
| style="text-align:right" | <b>677</b>
| style="text-align:right" | 4.4
| style="text-align:right" | <b>4.0</b>
| style="text-align:right" | 24
| style="text-align:right" | <b>27</b>
|-
| style="text-align:left" | Türkiye
| style="text-align:right" | 517
| style="text-align:right" | <b>818</b>
| style="text-align:right" | 6.7
| style="text-align:right" | <b>5.1</b>
| style="text-align:right" | 35
| style="text-align:right" | <b>42</b>
|-
| style="text-align:left" | Greece
| style="text-align:right" | 27
| style="text-align:right" | <b>29</b>
| style="text-align:right" | 2.8
| style="text-align:right" | <b>3.4</b>
| style="text-align:right" | 1
| style="text-align:right" | <b>1</b>
|-
| style="text-align:left" | <b>Western &amp; Southern Europe</b>
| style="text-align:right" | <b>6,136</b>
| style="text-align:right" | <b>6,057</b>
| style="text-align:right" | <b>4.2</b>
| style="text-align:right" | <b>4.4</b>
| style="text-align:right" | <b>258</b>
| style="text-align:right" | <b>268</b>
|-
| style="text-align:left" | <b>Asia Pacific</b>
| style="text-align:right" | <b>1,836</b>
| style="text-align:right" | <b>1,787</b>
| style="text-align:right" | <b>10.2</b>
| style="text-align:right" | <b>9.6</b>
| style="text-align:right" | <b>187</b>
| style="text-align:right" | <b>172</b>
|-
| style="text-align:left" | <b>USA</b>
| style="text-align:right" | <b>5,224</b>
| style="text-align:right" | <b>5,731</b>
| style="text-align:right" | <b>5.6</b>
| style="text-align:right" | <b>6.2</b>
| style="text-align:right" | <b>292</b>
| style="text-align:right" | <b>355</b>
|-
| style="text-align:left" | Reinsurance L/H
| style="text-align:right" | 47
| style="text-align:right" | <b>108</b>
| style="text-align:right" | 9.5
| style="text-align:right" | <b>5.3</b>
| style="text-align:right" | 4
| style="text-align:right" | <b>6</b>
|-
| style="text-align:left" | Spain
| style="text-align:right" | 175
| style="text-align:right" | <b>202</b>
| style="text-align:right" | 3.9
| style="text-align:right" | <b>2.7</b>
| style="text-align:right" | 7
| style="text-align:right" | <b>5</b>
|-
| style="text-align:left" | Portugal
| style="text-align:right" | 80
| style="text-align:right" | <b>84</b>
| style="text-align:right" | 8.8
| style="text-align:right" | <b>8.4</b>
| style="text-align:right" | 7
| style="text-align:right" | <b>7</b>
|-
| style="text-align:left" | Latin America
| style="text-align:right" | 296
| style="text-align:right" | <b>473</b>
| style="text-align:right" | 10.0
| style="text-align:right" | <b>7.6</b>
| style="text-align:right" | 30
| style="text-align:right" | <b>36</b>
|-
| style="text-align:left" | <b>Global Insurance Lines &amp; Anglo Markets, Iberia &amp; Latin America, Africa</b>
| style="text-align:right" | <b>598</b>
| style="text-align:right" | <b>866</b>
| style="text-align:right" | <b>8.0</b>
| style="text-align:right" | <b>6.2</b>
| style="text-align:right" | <b>48</b>
| style="text-align:right" | <b>54</b>
|-
| style="text-align:left" | <b>Consolidation and Other</b>
| style="text-align:right" | <b>-33</b>
| style="text-align:right" | <b>-107</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>21,207</b>
| style="text-align:right" | <b>21,163</b>
| style="text-align:right" | <b>5.5</b>
| style="text-align:right" | <b>5.8</b>
| style="text-align:right" | <b>1,156</b>
| style="text-align:right" | <b>1,217</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|+ Life &amp; health value of new business build-up
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
|-
| style="text-align:left" | <b>Value of new business</b>
| style="text-align:right" | <b>1,156</b>
| style="text-align:right" | <b>1,217</b>
|-
| style="text-align:left" | Non-attributable expenses
| style="text-align:right" | 184
| style="text-align:right" | 195
|-
| style="text-align:left" | Scope / Other
| style="text-align:right" | 801
| style="text-align:right" | -59
|-
| style="text-align:left" | <b>CSM@inception</b>
| style="text-align:right" | <b>2,142</b>
| style="text-align:right" | <b>1,353</b>
|}
</div>

{{fn note|1=47|2=Includes the Austrian health business from 01.01.2025.}}

{{source unit|17|label=L&H by Region YTD|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== L&H by Region YTD ===

<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|+ Life &amp; health business volume, operating insurance revenue, operating profit, and contractual service margin by region
|-
! style="text-align:left" | In EUR million
! colspan="3" style="text-align:left" | Total business volume {{fn ref|48|2=Total business volume comprises statutory gross premiums.}}
! colspan="2" style="text-align:left" | Operating insurance revenue
! colspan="2" style="text-align:left" | Operating profit (loss)
! colspan="2" style="text-align:left" | Contractual service margin {{fn ref|49|2=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.}}
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" | Internal growth {{fn ref|50|2=This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.}}
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 12M 24
! colspan="2" style="text-align:left" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.12.2025
|-
! style="text-align:left" |
! colspan="2" style="text-align:left" | EUR mn
! class="col-s" style="text-align:right" | %
! colspan="6" style="text-align:left" | EUR mn
|-
| style="text-align:left" | Germany Life
| style="text-align:right" | 24,421
| style="text-align:right" | <b>26,929</b>
| style="text-align:right" | <b>10.3</b>
| style="text-align:right" | 5,349
| style="text-align:right" | <b>5,810</b>
| style="text-align:right" | 1,184
| style="text-align:right" | <b>1,192</b>
| style="text-align:right" | 15,840
| style="text-align:right" | <b>16,916</b>
|-
| style="text-align:left" | Germany Health
| style="text-align:right" | 4,322
| style="text-align:right" | <b>4,663</b>
| style="text-align:right" | <b>7.9</b>
| style="text-align:right" | 4,386
| style="text-align:right" | <b>4,720</b>
| style="text-align:right" | 244
| style="text-align:right" | <b>259</b>
| style="text-align:right" | 7,379
| style="text-align:right" | <b>7,437</b>
|-
| style="text-align:left" | Germany APR
| style="text-align:right" | n.m.
| style="text-align:right" | <b>474</b>
| style="text-align:right" | <b>1.2</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>165</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>67</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>515</b>
|-
| style="text-align:left" | Switzerland
| style="text-align:right" | 1,697
| style="text-align:right" | <b>1,767</b>
| style="text-align:right" | <b>3.0</b>
| style="text-align:right" | 491
| style="text-align:right" | <b>483</b>
| style="text-align:right" | 120
| style="text-align:right" | <b>122</b>
| style="text-align:right" | 1,838
| style="text-align:right" | <b>1,830</b>
|-
| style="text-align:left" | Central Europe {{fn ref|51|2=Includes the Austrian health business from 01.01.2025.}}
| style="text-align:right" | 2,118
| style="text-align:right" | <b>2,402</b>
| style="text-align:right" | <b>5.0</b>
| style="text-align:right" | 1,044
| style="text-align:right" | <b>1,309</b>
| style="text-align:right" | 517
| style="text-align:right" | <b>588</b>
| style="text-align:right" | 2,002
| style="text-align:right" | <b>2,951</b>
|-
| style="text-align:left" | <b>German Speaking Countries and Central Europe</b>
| style="text-align:right" | <b>32,559</b>
| style="text-align:right" | <b>36,236</b>
| style="text-align:right" | <b>9.1</b>
| style="text-align:right" | <b>11,271</b>
| style="text-align:right" | <b>12,486</b>
| style="text-align:right" | <b>2,065</b>
| style="text-align:right" | <b>2,229</b>
| style="text-align:right" | <b>27,059</b>
| style="text-align:right" | <b>29,649</b>
|-
| style="text-align:left" | Italy
| style="text-align:right" | 13,257
| style="text-align:right" | <b>12,485</b>
| style="text-align:right" | <b>15.5</b>
| style="text-align:right" | 1,421
| style="text-align:right" | <b>1,141</b>
| style="text-align:right" | 585
| style="text-align:right" | <b>494</b>
| style="text-align:right" | 3,532
| style="text-align:right" | <b>2,978</b>
|-
| style="text-align:left" | France
| style="text-align:right" | 8,003
| style="text-align:right" | <b>7,911</b>
| style="text-align:right" | <b>-1.1</b>
| style="text-align:right" | 3,888
| style="text-align:right" | <b>3,811</b>
| style="text-align:right" | 625
| style="text-align:right" | <b>645</b>
| style="text-align:right" | 4,306
| style="text-align:right" | <b>4,655</b>
|-
| style="text-align:left" | Benelux
| style="text-align:right" | 2,424
| style="text-align:right" | <b>2,571</b>
| style="text-align:right" | <b>6.1</b>
| style="text-align:right" | 441
| style="text-align:right" | <b>472</b>
| style="text-align:right" | 151
| style="text-align:right" | <b>152</b>
| style="text-align:right" | 981
| style="text-align:right" | <b>1,126</b>
|-
| style="text-align:left" | Türkiye
| style="text-align:right" | 1,474
| style="text-align:right" | <b>2,057</b>
| style="text-align:right" | <b>92.2</b>
| style="text-align:right" | 165
| style="text-align:right" | <b>192</b>
| style="text-align:right" | 180
| style="text-align:right" | <b>189</b>
| style="text-align:right" | 105
| style="text-align:right" | <b>129</b>
|-
| style="text-align:left" | Greece
| style="text-align:right" | 157
| style="text-align:right" | <b>163</b>
| style="text-align:right" | <b>3.8</b>
| style="text-align:right" | 114
| style="text-align:right" | <b>116</b>
| style="text-align:right" | 3
| style="text-align:right" | <b>-6</b>
| style="text-align:right" | 54
| style="text-align:right" | <b>54</b>
|-
| style="text-align:left" | <b>Western &amp; Southern Europe</b>
| style="text-align:right" | <b>25,315</b>
| style="text-align:right" | <b>25,187</b>
| style="text-align:right" | <b>13.5</b>
| style="text-align:right" | <b>6,029</b>
| style="text-align:right" | <b>5,731</b>
| style="text-align:right" | <b>1,544</b>
| style="text-align:right" | <b>1,474</b>
| style="text-align:right" | <b>8,977</b>
| style="text-align:right" | <b>8,942</b>
|-
| style="text-align:left" | <b>Asia Pacific</b>
| style="text-align:right" | <b>6,795</b>
| style="text-align:right" | <b>7,304</b>
| style="text-align:right" | <b>9.6</b>
| style="text-align:right" | <b>2,311</b>
| style="text-align:right" | <b>2,524</b>
| style="text-align:right" | <b>620</b>
| style="text-align:right" | <b>603</b>
| style="text-align:right" | <b>5,306</b>
| style="text-align:right" | <b>5,296</b>
|-
| style="text-align:left" | <b>USA</b>
| style="text-align:right" | <b>22,383</b>
| style="text-align:right" | <b>21,829</b>
| style="text-align:right" | <b>2.0</b>
| style="text-align:right" | <b>2,666</b>
| style="text-align:right" | <b>2,812</b>
| style="text-align:right" | <b>1,076</b>
| style="text-align:right" | <b>1,038</b>
| style="text-align:right" | <b>13,169</b>
| style="text-align:right" | <b>10,923</b>
|-
| style="text-align:left" | Reinsurance L/H
| style="text-align:right" | 578
| style="text-align:right" | <b>542</b>
| style="text-align:right" | <b>-6.6</b>
| style="text-align:right" | 505
| style="text-align:right" | <b>484</b>
| style="text-align:right" | 39
| style="text-align:right" | <b>47</b>
| style="text-align:right" | 663
| style="text-align:right" | <b>520</b>
|-
| style="text-align:left" | Spain
| style="text-align:right" | 618
| style="text-align:right" | <b>268</b>
| style="text-align:right" | <b>4.6</b>
| style="text-align:right" | 294
| style="text-align:right" | <b>414</b>
| style="text-align:right" | 65
| style="text-align:right" | <b>76</b>
| style="text-align:right" | 417
| style="text-align:right" | <b>364</b>
|-
| style="text-align:left" | Portugal
| style="text-align:right" | 182
| style="text-align:right" | <b>168</b>
| style="text-align:right" | <b>-7.5</b>
| style="text-align:right" | 77
| style="text-align:right" | <b>74</b>
| style="text-align:right" | 15
| style="text-align:right" | <b>13</b>
| style="text-align:right" | 1
| style="text-align:right" | <b>1</b>
|-
| style="text-align:left" | Latin America
| style="text-align:right" | 1,017
| style="text-align:right" | <b>1,286</b>
| style="text-align:right" | <b>37.9</b>
| style="text-align:right" | 127
| style="text-align:right" | <b>129</b>
| style="text-align:right" | 93
| style="text-align:right" | <b>99</b>
| style="text-align:right" | 112
| style="text-align:right" | <b>118</b>
|-
| style="text-align:left" | Africa
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | 24
| style="text-align:right" | <b>63</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Middle East
| style="text-align:right" | 5
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | 3
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Global Insurance Lines &amp; Anglo Markets, Iberia &amp; Latin America, Africa</b>
| style="text-align:right" | <b>2,400</b>
| style="text-align:right" | <b>2,264</b>
| style="text-align:right" | <b>15.1</b>
| style="text-align:right" | <b>1,007</b>
| style="text-align:right" | <b>1,101</b>
| style="text-align:right" | <b>236</b>
| style="text-align:right" | <b>296</b>
| style="text-align:right" | <b>1,192</b>
| style="text-align:right" | <b>1,002</b>
|-
| style="text-align:left" | <b>Consolidation and Other {{fn ref|52|2=Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.}}</b>
| style="text-align:right" | <b>-135</b>
| style="text-align:right" | <b>-507</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>-145</b>
| style="text-align:right" | <b>-128</b>
| style="text-align:right" | <b>-35</b>
| style="text-align:right" | <b>-39</b>
| style="text-align:right" | <b>-132</b>
| style="text-align:right" | <b>-108</b>
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>89,317</b>
| style="text-align:right" | <b>92,314</b>
| style="text-align:right" | <b>8.2</b>
| style="text-align:right" | <b>23,138</b>
| style="text-align:right" | <b>24,527</b>
| style="text-align:right" | <b>5,505</b>
| style="text-align:right" | <b>5,601</b>
| style="text-align:right" | <b>55,571</b>
| style="text-align:right" | <b>55,703</b>
|}
</div>

{{fn note|1=48|2=Total business volume comprises statutory gross premiums.}}
{{fn note|1=49|2=Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.}}
{{fn note|1=50|2=This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.}}
{{fn note|1=51|2=Includes the Austrian health business from 01.01.2025.}}
{{fn note|1=52|2=Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.}}

{{source unit|18|label=L&H by Region QTD|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== L&H by Region QTD ===

<div style="overflow-x:auto">
{| id="t33" class="wikitable fintable"
|+ Life and health business volume, operating insurance revenue, operating profit, and contractual service margin by region
|-
! style="text-align:left" | In EUR million
! colspan="3" style="text-align:left" | Total business volume {{fn ref|53|2=Total business volume comprises statutory gross premiums.}}
! colspan="2" style="text-align:left" | Operating insurance revenue
! colspan="2" style="text-align:left" | Operating profit (loss)
! colspan="2" style="text-align:left" | Contractual service margin {{fn ref|54|2=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.}}
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" | Internal growth {{fn ref|55|2=This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.}}
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 4Q 24
! colspan="2" style="text-align:left" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.12.2025
|-
! style="text-align:left" |
! colspan="2" style="text-align:left" | EUR mn
! class="col-s" style="text-align:right" | %
! colspan="6" style="text-align:left" | EUR mn
|-
| style="text-align:left" | Germany Life
| style="text-align:right" | 7,358
| style="text-align:right" | <b>6,124</b>
| style="text-align:right" | <b>-16.8</b>
| style="text-align:right" | 1,601
| style="text-align:right" | <b>1,866</b>
| style="text-align:right" | 328
| style="text-align:right" | <b>332</b>
| style="text-align:right" | 15,840
| style="text-align:right" | <b>16,916</b>
|-
| style="text-align:left" | Germany Health
| style="text-align:right" | 1,087
| style="text-align:right" | <b>1,177</b>
| style="text-align:right" | <b>8.2</b>
| style="text-align:right" | 1,137
| style="text-align:right" | <b>1,186</b>
| style="text-align:right" | 81
| style="text-align:right" | <b>76</b>
| style="text-align:right" | 7,379
| style="text-align:right" | <b>7,437</b>
|-
| style="text-align:left" | Germany APR
| style="text-align:right" | n.m.
| style="text-align:right" | <b>130</b>
| style="text-align:right" | <b>4.6</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>39</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>14</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>515</b>
|-
| style="text-align:left" | Switzerland
| style="text-align:right" | 261
| style="text-align:right" | <b>278</b>
| style="text-align:right" | <b>5.6</b>
| style="text-align:right" | 129
| style="text-align:right" | <b>124</b>
| style="text-align:right" | 33
| style="text-align:right" | <b>38</b>
| style="text-align:right" | 1,838
| style="text-align:right" | <b>1,830</b>
|-
| style="text-align:left" | Central Europe {{fn ref|56|2=Includes the Austrian health business from 01.01.2025.}}
| style="text-align:right" | 551
| style="text-align:right" | <b>645</b>
| style="text-align:right" | <b>7.9</b>
| style="text-align:right" | 276
| style="text-align:right" | <b>354</b>
| style="text-align:right" | 128
| style="text-align:right" | <b>145</b>
| style="text-align:right" | 2,002
| style="text-align:right" | <b>2,951</b>
|-
| style="text-align:left" | <b>German Speaking Countries and Central Europe</b>
| style="text-align:right" | <b>9,257</b>
| style="text-align:right" | <b>8,355</b>
| style="text-align:right" | <b>-11.4</b>
| style="text-align:right" | <b>3,144</b>
| style="text-align:right" | <b>3,570</b>
| style="text-align:right" | <b>570</b>
| style="text-align:right" | <b>605</b>
| style="text-align:right" | <b>27,059</b>
| style="text-align:right" | <b>29,649</b>
|-
| style="text-align:left" | Italy
| style="text-align:right" | 3,809
| style="text-align:right" | <b>3,017</b>
| style="text-align:right" | <b>18.9</b>
| style="text-align:right" | 469
| style="text-align:right" | <b>270</b>
| style="text-align:right" | 132
| style="text-align:right" | <b>91</b>
| style="text-align:right" | 3,532
| style="text-align:right" | <b>2,978</b>
|-
| style="text-align:left" | France
| style="text-align:right" | 2,101
| style="text-align:right" | <b>2,288</b>
| style="text-align:right" | <b>8.9</b>
| style="text-align:right" | 904
| style="text-align:right" | <b>866</b>
| style="text-align:right" | 151
| style="text-align:right" | <b>193</b>
| style="text-align:right" | 4,306
| style="text-align:right" | <b>4,655</b>
|-
| style="text-align:left" | Benelux
| style="text-align:right" | 696
| style="text-align:right" | <b>790</b>
| style="text-align:right" | <b>13.5</b>
| style="text-align:right" | 121
| style="text-align:right" | <b>123</b>
| style="text-align:right" | 37
| style="text-align:right" | <b>42</b>
| style="text-align:right" | 981
| style="text-align:right" | <b>1,126</b>
|-
| style="text-align:left" | Türkiye
| style="text-align:right" | 511
| style="text-align:right" | <b>742</b>
| style="text-align:right" | <b>99.9</b>
| style="text-align:right" | 52
| style="text-align:right" | <b>49</b>
| style="text-align:right" | 56
| style="text-align:right" | <b>46</b>
| style="text-align:right" | 105
| style="text-align:right" | <b>129</b>
|-
| style="text-align:left" | Greece
| style="text-align:right" | 43
| style="text-align:right" | <b>45</b>
| style="text-align:right" | <b>3.6</b>
| style="text-align:right" | 30
| style="text-align:right" | <b>31</b>
| style="text-align:right" | -0
| style="text-align:right" | <b>-4</b>
| style="text-align:right" | 54
| style="text-align:right" | <b>54</b>
|-
| style="text-align:left" | <b>Western &amp; Southern Europe</b>
| style="text-align:right" | <b>7,161</b>
| style="text-align:right" | <b>6,882</b>
| style="text-align:right" | <b>21.6</b>
| style="text-align:right" | <b>1,576</b>
| style="text-align:right" | <b>1,339</b>
| style="text-align:right" | <b>376</b>
| style="text-align:right" | <b>368</b>
| style="text-align:right" | <b>8,977</b>
| style="text-align:right" | <b>8,942</b>
|-
| style="text-align:left" | <b>Asia Pacific</b>
| style="text-align:right" | <b>1,794</b>
| style="text-align:right" | <b>1,763</b>
| style="text-align:right" | <b>4.9</b>
| style="text-align:right" | <b>614</b>
| style="text-align:right" | <b>651</b>
| style="text-align:right" | <b>164</b>
| style="text-align:right" | <b>104</b>
| style="text-align:right" | <b>5,306</b>
| style="text-align:right" | <b>5,296</b>
|-
| style="text-align:left" | <b>USA</b>
| style="text-align:right" | <b>5,417</b>
| style="text-align:right" | <b>5,882</b>
| style="text-align:right" | <b>18.4</b>
| style="text-align:right" | <b>717</b>
| style="text-align:right" | <b>707</b>
| style="text-align:right" | <b>250</b>
| style="text-align:right" | <b>209</b>
| style="text-align:right" | <b>13,169</b>
| style="text-align:right" | <b>10,923</b>
|-
| style="text-align:left" | Reinsurance L/H
| style="text-align:right" | 143
| style="text-align:right" | <b>126</b>
| style="text-align:right" | <b>-12.8</b>
| style="text-align:right" | 110
| style="text-align:right" | <b>127</b>
| style="text-align:right" | 14
| style="text-align:right" | <b>13</b>
| style="text-align:right" | 663
| style="text-align:right" | <b>520</b>
|-
| style="text-align:left" | Spain
| style="text-align:right" | 191
| style="text-align:right" | <b>207</b>
| style="text-align:right" | <b>8.4</b>
| style="text-align:right" | 76
| style="text-align:right" | <b>73</b>
| style="text-align:right" | 19
| style="text-align:right" | <b>20</b>
| style="text-align:right" | 417
| style="text-align:right" | <b>364</b>
|-
| style="text-align:left" | Portugal
| style="text-align:right" | 76
| style="text-align:right" | <b>76</b>
| style="text-align:right" | <b>-0.1</b>
| style="text-align:right" | 19
| style="text-align:right" | <b>18</b>
| style="text-align:right" | 3
| style="text-align:right" | <b>2</b>
| style="text-align:right" | 1
| style="text-align:right" | <b>1</b>
|-
| style="text-align:left" | Latin America
| style="text-align:right" | 261
| style="text-align:right" | <b>377</b>
| style="text-align:right" | <b>43.0</b>
| style="text-align:right" | 33
| style="text-align:right" | <b>37</b>
| style="text-align:right" | 23
| style="text-align:right" | <b>26</b>
| style="text-align:right" | 112
| style="text-align:right" | <b>118</b>
|-
| style="text-align:left" | Africa
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | 4
| style="text-align:right" | <b>21</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Middle East
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | n.m.
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Global Insurance Lines &amp; Anglo Markets, Iberia &amp; Latin America, Africa</b>
| style="text-align:right" | <b>671</b>
| style="text-align:right" | <b>785</b>
| style="text-align:right" | <b>16.4</b>
| style="text-align:right" | <b>239</b>
| style="text-align:right" | <b>255</b>
| style="text-align:right" | <b>63</b>
| style="text-align:right" | <b>83</b>
| style="text-align:right" | <b>1,192</b>
| style="text-align:right" | <b>1,002</b>
|-
| style="text-align:left" | <b>Consolidation and Other {{fn ref|57|2=Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.}}</b>
| style="text-align:right" | <b>-25</b>
| style="text-align:right" | <b>-25</b>
| style="text-align:right" | <b>n.m.</b>
| style="text-align:right" | <b>-25</b>
| style="text-align:right" | <b>-45</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>-5</b>
| style="text-align:right" | <b>-132</b>
| style="text-align:right" | <b>-108</b>
|-
| style="text-align:left" | <b>Total</b>
| style="text-align:right" | <b>24,277</b>
| style="text-align:right" | <b>23,642</b>
| style="text-align:right" | <b>6.0</b>
| style="text-align:right" | <b>6,264</b>
| style="text-align:right" | <b>6,476</b>
| style="text-align:right" | <b>1,424</b>
| style="text-align:right" | <b>1,364</b>
| style="text-align:right" | <b>55,571</b>
| style="text-align:right" | <b>55,703</b>
|}
</div>

{{fn note|1=53|2=Total business volume comprises statutory gross premiums.}}
{{fn note|1=54|2=Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.}}
{{fn note|1=55|2=This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.}}
{{fn note|1=56|2=Includes the Austrian health business from 01.01.2025.}}
{{fn note|1=57|2=Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.}}

{{source unit|19|label=L&H Details YTD|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== L&H Details YTD ===

<div style="overflow-x:auto">
{| id="t34" class="wikitable fintable"
|+ Life and health segment operating profit build-up by product type, YTD
|-
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:left" | Life/Health segment
! colspan="2" style="text-align:left" | Capital-efficient products
! colspan="2" style="text-align:left" | Unit-linked without guarantees
! colspan="2" style="text-align:left" | Protection &amp; health
! colspan="2" style="text-align:left" | Guaranteed savings &amp; annuities
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25 {{fn ref|58|2=Includes the German APR and the Austrian health businesses from 01.01.2025.}}
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25 {{fn ref|58|2=Includes the German APR and the Austrian health businesses from 01.01.2025.}}
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25 {{fn ref|58|2=Includes the German APR and the Austrian health businesses from 01.01.2025.}}
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25 {{fn ref|58|2=Includes the German APR and the Austrian health businesses from 01.01.2025.}}
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25 {{fn ref|58|2=Includes the German APR and the Austrian health businesses from 01.01.2025.}}
|-
| style="text-align:left" | Release CSM
| style="text-align:right" | 5,137
| style="text-align:right" | 5,440
| style="text-align:right" | 1,602
| style="text-align:right" | 1,625
| style="text-align:right" | 619
| style="text-align:right" | 637
| style="text-align:right" | 1,537
| style="text-align:right" | 1,702
| style="text-align:right" | 1,378
| style="text-align:right" | 1,476
|-
| style="text-align:left" | Release risk adjustment
| style="text-align:right" | 488
| style="text-align:right" | 523
| style="text-align:right" | 104
| style="text-align:right" | 105
| style="text-align:right" | 70
| style="text-align:right" | 81
| style="text-align:right" | 212
| style="text-align:right" | 228
| style="text-align:right" | 102
| style="text-align:right" | 108
|-
| style="text-align:left" | Variances from claims and expenses {{fn ref|59|2=Including operating reinsurance result.}}
| style="text-align:right" | 56
| style="text-align:right" | 46
| style="text-align:right" | 49
| style="text-align:right" | 188
| style="text-align:right" | -15
| style="text-align:right" | -21
| style="text-align:right" | -18
| style="text-align:right" | -26
| style="text-align:right" | 40
| style="text-align:right" | -96
|-
| style="text-align:left" | Losses on onerous contracts
| style="text-align:right" | -41
| style="text-align:right" | -84
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | 1
| style="text-align:right" | -2
| style="text-align:right" | -37
| style="text-align:right" | -60
| style="text-align:right" | -4
| style="text-align:right" | -20
|-
| style="text-align:left" | Non-attributable expenses
| style="text-align:right" | -1,141
| style="text-align:right" | -1,202
| style="text-align:right" | -289
| style="text-align:right" | -295
| style="text-align:right" | -96
| style="text-align:right" | -80
| style="text-align:right" | -350
| style="text-align:right" | -367
| style="text-align:right" | -405
| style="text-align:right" | -460
|-
| style="text-align:left" | Operating investment result
| style="text-align:right" | 662
| style="text-align:right" | 525
| style="text-align:right" | 80
| style="text-align:right" | -52
| style="text-align:right" | 80
| style="text-align:right" | 92
| style="text-align:right" | 45
| style="text-align:right" | 19
| style="text-align:right" | 456
| style="text-align:right" | 467
|-
| style="text-align:left" | Other operating result
| style="text-align:right" | 343
| style="text-align:right" | 353
| style="text-align:right" | 22
| style="text-align:right" | 34
| style="text-align:right" | 292
| style="text-align:right" | 285
| style="text-align:right" | -7
| style="text-align:right" | 2
| style="text-align:right" | 36
| style="text-align:right" | 32
|-
| style="text-align:left" | <b>Operating profit</b>
| style="text-align:right" | <b>5,505</b>
| style="text-align:right" | <b>5,601</b>
| style="text-align:right" | <b>1,567</b>
| style="text-align:right" | <b>1,603</b>
| style="text-align:right" | <b>952</b>
| style="text-align:right" | <b>993</b>
| style="text-align:right" | <b>1,382</b>
| style="text-align:right" | <b>1,498</b>
| style="text-align:right" | <b>1,604</b>
| style="text-align:right" | <b>1,507</b>
|-
| style="text-align:left" | <b>Total business volume {{fn ref|60|2=Total business volume comprises statutory gross premiums.}}</b>
| style="text-align:right" | <b>89,317</b>
| style="text-align:right" | <b>92,314</b>
| style="text-align:right" | <b>40,884</b>
| style="text-align:right" | <b>41,759</b>
| style="text-align:right" | <b>19,922</b>
| style="text-align:right" | <b>21,405</b>
| style="text-align:right" | <b>15,319</b>
| style="text-align:right" | <b>15,908</b>
| style="text-align:right" | <b>13,191</b>
| style="text-align:right" | <b>13,242</b>
|-
| style="text-align:left" | <b>Operating insurance revenue</b>
| style="text-align:right" | <b>23,138</b>
| style="text-align:right" | <b>24,527</b>
| style="text-align:right" | <b>3,433</b>
| style="text-align:right" | <b>3,733</b>
| style="text-align:right" | <b>1,577</b>
| style="text-align:right" | <b>1,592</b>
| style="text-align:right" | <b>12,820</b>
| style="text-align:right" | <b>13,558</b>
| style="text-align:right" | <b>5,307</b>
| style="text-align:right" | <b>5,644</b>
|-
| style="text-align:left" | <b>Contractual service margin (gross) {{fn ref|61|2=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.}}</b>
| style="text-align:right" | <b>55,571</b>
| style="text-align:right" | <b>55,703</b>
| style="text-align:right" | <b>17,190</b>
| style="text-align:right" | <b>16,245</b>
| style="text-align:right" | <b>6,045</b>
| style="text-align:right" | <b>6,382</b>
| style="text-align:right" | <b>17,388</b>
| style="text-align:right" | <b>18,018</b>
| style="text-align:right" | <b>14,948</b>
| style="text-align:right" | <b>15,058</b>
|-
| style="text-align:left" | <b>PVFCF {{fn ref|62|2=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.}}</b>
| style="text-align:right" | <b>649,968</b>
| style="text-align:right" | <b>633,941</b>
| style="text-align:right" | <b>234,052</b>
| style="text-align:right" | <b>237,659</b>
| style="text-align:right" | <b>83,794</b>
| style="text-align:right" | <b>78,990</b>
| style="text-align:right" | <b>46,648</b>
| style="text-align:right" | <b>45,147</b>
| style="text-align:right" | <b>285,474</b>
| style="text-align:right" | <b>272,145</b>
|-
| style="text-align:left" | <b>Present value of new business premiums</b>
| style="text-align:right" | <b>81,827</b>
| style="text-align:right" | <b>84,682</b>
| style="text-align:right" | <b>40,403</b>
| style="text-align:right" | <b>37,961</b>
| style="text-align:right" | <b>19,478</b>
| style="text-align:right" | <b>22,380</b>
| style="text-align:right" | <b>16,072</b>
| style="text-align:right" | <b>16,960</b>
| style="text-align:right" | <b>5,874</b>
| style="text-align:right" | <b>7,381</b>
|-
| style="text-align:left" | <b>New business margin (in %)</b>
| style="text-align:right" | <b>5.7</b>
| style="text-align:right" | <b>5.7</b>
| style="text-align:right" | <b>5.2</b>
| style="text-align:right" | <b>5.3</b>
| style="text-align:right" | <b>4.2</b>
| style="text-align:right" | <b>4.1</b>
| style="text-align:right" | <b>9.2</b>
| style="text-align:right" | <b>9.2</b>
| style="text-align:right" | <b>5.1</b>
| style="text-align:right" | <b>4.9</b>
|-
| style="text-align:left" | <b>Value of new business</b>
| style="text-align:right" | <b>4,694</b>
| style="text-align:right" | <b>4,829</b>
| style="text-align:right" | <b>2,112</b>
| style="text-align:right" | <b>2,002</b>
| style="text-align:right" | <b>813</b>
| style="text-align:right" | <b>907</b>
| style="text-align:right" | <b>1,472</b>
| style="text-align:right" | <b>1,562</b>
| style="text-align:right" | <b>297</b>
| style="text-align:right" | <b>358</b>
|}
</div>

{{fn note|1=58|2=Includes the German APR and the Austrian health businesses from 01.01.2025.}}
{{fn note|1=59|2=Including operating reinsurance result.}}
{{fn note|1=60|2=Total business volume comprises statutory gross premiums.}}
{{fn note|1=61|2=Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.}}
{{fn note|1=62|2=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.}}

{{source unit|20|label=L&H Details QTD|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== L&H Details QTD ===

<div style="overflow-x:auto">
{| id="t35" class="wikitable fintable"
|+ Life and health segment operating profit build-up by product type, QTD
|-
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:left" | Life/Health segment
! colspan="2" style="text-align:left" | Capital-efficient products
! colspan="2" style="text-align:left" | Unit-linked without guarantees
! colspan="2" style="text-align:left" | Protection &amp; health
! colspan="2" style="text-align:left" | Guaranteed savings &amp; annuities
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25 {{fn ref|63|2=Includes the German APR and the Austrian health businesses from 01.01.2025.}}
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25 {{fn ref|63|2=Includes the German APR and the Austrian health businesses from 01.01.2025.}}
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25 {{fn ref|63|2=Includes the German APR and the Austrian health businesses from 01.01.2025.}}
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25 {{fn ref|63|2=Includes the German APR and the Austrian health businesses from 01.01.2025.}}
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25 {{fn ref|63|2=Includes the German APR and the Austrian health businesses from 01.01.2025.}}
|-
| style="text-align:left" | Release CSM
| style="text-align:right" | 1,354
| style="text-align:right" | 1,357
| style="text-align:right" | 430
| style="text-align:right" | 379
| style="text-align:right" | 147
| style="text-align:right" | 177
| style="text-align:right" | 402
| style="text-align:right" | 440
| style="text-align:right" | 375
| style="text-align:right" | 361
|-
| style="text-align:left" | Release risk adjustment
| style="text-align:right" | 125
| style="text-align:right" | 144
| style="text-align:right" | 24
| style="text-align:right" | 27
| style="text-align:right" | 21
| style="text-align:right" | 26
| style="text-align:right" | 52
| style="text-align:right" | 58
| style="text-align:right" | 27
| style="text-align:right" | 33
|-
| style="text-align:left" | Variances from claims and expenses {{fn ref|64|2=Including operating reinsurance result.}}
| style="text-align:right" | 65
| style="text-align:right" | 30
| style="text-align:right" | 64
| style="text-align:right" | 50
| style="text-align:right" | 5
| style="text-align:right" | -11
| style="text-align:right" | -6
| style="text-align:right" | 5
| style="text-align:right" | 2
| style="text-align:right" | -14
|-
| style="text-align:left" | Losses on onerous contracts
| style="text-align:right" | -20
| style="text-align:right" | -42
| style="text-align:right" | -1
| style="text-align:right" | -1
| style="text-align:right" | 1
| style="text-align:right" | -2
| style="text-align:right" | -17
| style="text-align:right" | -24
| style="text-align:right" | -3
| style="text-align:right" | -14
|-
| style="text-align:left" | Non-attributable expenses
| style="text-align:right" | -337
| style="text-align:right" | -320
| style="text-align:right" | -94
| style="text-align:right" | -76
| style="text-align:right" | -35
| style="text-align:right" | -25
| style="text-align:right" | -101
| style="text-align:right" | -95
| style="text-align:right" | -106
| style="text-align:right" | -124
|-
| style="text-align:left" | Operating investment result
| style="text-align:right" | 151
| style="text-align:right" | 102
| style="text-align:right" | -22
| style="text-align:right" | -54
| style="text-align:right" | 24
| style="text-align:right" | 26
| style="text-align:right" | 20
| style="text-align:right" | -3
| style="text-align:right" | 129
| style="text-align:right" | 133
|-
| style="text-align:left" | Other operating result
| style="text-align:right" | 86
| style="text-align:right" | 92
| style="text-align:right" | -1
| style="text-align:right" | 8
| style="text-align:right" | 79
| style="text-align:right" | 78
| style="text-align:right" | -2
| style="text-align:right" | 1
| style="text-align:right" | 10
| style="text-align:right" | 6
|-
| style="text-align:left" | <b>Operating profit</b>
| style="text-align:right" | <b>1,424</b>
| style="text-align:right" | <b>1,364</b>
| style="text-align:right" | <b>400</b>
| style="text-align:right" | <b>332</b>
| style="text-align:right" | <b>242</b>
| style="text-align:right" | <b>270</b>
| style="text-align:right" | <b>348</b>
| style="text-align:right" | <b>382</b>
| style="text-align:right" | <b>434</b>
| style="text-align:right" | <b>381</b>
|-
| style="text-align:left" | <b>Total business volume {{fn ref|65|2=Total business volume comprises statutory gross premiums.}}</b>
| style="text-align:right" | <b>24,277</b>
| style="text-align:right" | <b>23,642</b>
| style="text-align:right" | <b>11,323</b>
| style="text-align:right" | <b>10,026</b>
| style="text-align:right" | <b>5,495</b>
| style="text-align:right" | <b>5,906</b>
| style="text-align:right" | <b>3,905</b>
| style="text-align:right" | <b>3,920</b>
| style="text-align:right" | <b>3,554</b>
| style="text-align:right" | <b>3,791</b>
|-
| style="text-align:left" | <b>Operating insurance revenue</b>
| style="text-align:right" | <b>6,264</b>
| style="text-align:right" | <b>6,476</b>
| style="text-align:right" | <b>939</b>
| style="text-align:right" | <b>977</b>
| style="text-align:right" | <b>393</b>
| style="text-align:right" | <b>397</b>
| style="text-align:right" | <b>3,341</b>
| style="text-align:right" | <b>3,381</b>
| style="text-align:right" | <b>1,590</b>
| style="text-align:right" | <b>1,720</b>
|-
| style="text-align:left" | <b>Contractual service margin (gross) {{fn ref|66|2=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.}}</b>
| style="text-align:right" | <b>55,571</b>
| style="text-align:right" | <b>55,703</b>
| style="text-align:right" | <b>17,190</b>
| style="text-align:right" | <b>16,245</b>
| style="text-align:right" | <b>6,045</b>
| style="text-align:right" | <b>6,382</b>
| style="text-align:right" | <b>17,388</b>
| style="text-align:right" | <b>18,018</b>
| style="text-align:right" | <b>14,948</b>
| style="text-align:right" | <b>15,058</b>
|-
| style="text-align:left" | <b>PVFCF {{fn ref|67|2=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.}}</b>
| style="text-align:right" | <b>649,968</b>
| style="text-align:right" | <b>633,941</b>
| style="text-align:right" | <b>234,052</b>
| style="text-align:right" | <b>237,659</b>
| style="text-align:right" | <b>83,794</b>
| style="text-align:right" | <b>78,990</b>
| style="text-align:right" | <b>46,648</b>
| style="text-align:right" | <b>45,147</b>
| style="text-align:right" | <b>285,474</b>
| style="text-align:right" | <b>272,145</b>
|-
| style="text-align:left" | <b>Present value of new business premiums</b>
| style="text-align:right" | <b>21,207</b>
| style="text-align:right" | <b>21,163</b>
| style="text-align:right" | <b>10,850</b>
| style="text-align:right" | <b>9,818</b>
| style="text-align:right" | <b>5,466</b>
| style="text-align:right" | <b>5,716</b>
| style="text-align:right" | <b>3,237</b>
| style="text-align:right" | <b>3,473</b>
| style="text-align:right" | <b>1,653</b>
| style="text-align:right" | <b>2,156</b>
|-
| style="text-align:left" | <b>New business margin (in %)</b>
| style="text-align:right" | <b>5.5</b>
| style="text-align:right" | <b>5.8</b>
| style="text-align:right" | <b>4.8</b>
| style="text-align:right" | <b>5.2</b>
| style="text-align:right" | <b>4.1</b>
| style="text-align:right" | <b>4.3</b>
| style="text-align:right" | <b>10.1</b>
| style="text-align:right" | <b>10.0</b>
| style="text-align:right" | <b>5.3</b>
| style="text-align:right" | <b>4.9</b>
|-
| style="text-align:left" | <b>Value of new business</b>
| style="text-align:right" | <b>1,156</b>
| style="text-align:right" | <b>1,217</b>
| style="text-align:right" | <b>516</b>
| style="text-align:right" | <b>515</b>
| style="text-align:right" | <b>224</b>
| style="text-align:right" | <b>248</b>
| style="text-align:right" | <b>328</b>
| style="text-align:right" | <b>348</b>
| style="text-align:right" | <b>88</b>
| style="text-align:right" | <b>106</b>
|}
</div>

{{fn note|1=63|2=Includes the German APR and the Austrian health businesses from 01.01.2025.}}
{{fn note|1=64|2=Including operating reinsurance result.}}
{{fn note|1=65|2=Total business volume comprises statutory gross premiums.}}
{{fn note|1=66|2=Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.}}
{{fn note|1=67|2=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.}}

{{source unit|21|label=Asset Management|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Asset Management ===

<div style="overflow-x:auto">
{| id="t36" class="wikitable fintable"
|+ Asset management net operating revenues build-up
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 1Q 24
! class="col-s" style="text-align:right" | 2Q 24
! class="col-s" style="text-align:right" | 3Q 24
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 1Q 25
! class="col-s" style="text-align:right" | 2Q 25
! class="col-s" style="text-align:right" | 3Q 25
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | ∆ 2025 / 2024
|-
| style="text-align:left" | <b>Net operating revenues</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Net fee and commission income
| style="text-align:right" | 1,957
| style="text-align:right" | 1,947
| style="text-align:right" | 1,980
| style="text-align:right" | 2,301
| style="text-align:right" | <b>8,186</b>
| style="text-align:right" | 2,061
| style="text-align:right" | 2,002
| style="text-align:right" | 2,056
| style="text-align:right" | 2,289
| style="text-align:right" | <b>8,408</b>
| style="text-align:right" | <b>2.7%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Net fee and commission income excl. performance fees
| style="text-align:right" | 1,830
| style="text-align:right" | 1,867
| style="text-align:right" | 1,919
| style="text-align:right" | 2,024
| style="text-align:right" | <b>7,640</b>
| style="text-align:right" | 2,011
| style="text-align:right" | 1,942
| style="text-align:right" | 1,960
| style="text-align:right" | 2,093
| style="text-align:right" | <b>8,007</b>
| style="text-align:right" | <b>4.8%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Performance fees
| style="text-align:right" | 127
| style="text-align:right" | 80
| style="text-align:right" | 62
| style="text-align:right" | 277
| style="text-align:right" | <b>545</b>
| style="text-align:right" | 49
| style="text-align:right" | 60
| style="text-align:right" | 96
| style="text-align:right" | 196
| style="text-align:right" | <b>402</b>
| style="text-align:right" | <b>-26.4%</b>
|-
| class="wt-indent-1" style="text-align:left" | Other operating revenues
| style="text-align:right" | 33
| style="text-align:right" | 27
| style="text-align:right" | 25
| style="text-align:right" | 54
| style="text-align:right" | <b>139</b>
| style="text-align:right" | 32
| style="text-align:right" | 8
| style="text-align:right" | 28
| style="text-align:right" | 31
| style="text-align:right" | <b>99</b>
| style="text-align:right" | <b>-29.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Subtotal</b>
| style="text-align:right" | <b>1,990</b>
| style="text-align:right" | <b>1,974</b>
| style="text-align:right" | <b>2,005</b>
| style="text-align:right" | <b>2,355</b>
| style="text-align:right" | <b>8,324</b>
| style="text-align:right" | <b>2,092</b>
| style="text-align:right" | <b>2,010</b>
| style="text-align:right" | <b>2,084</b>
| style="text-align:right" | <b>2,320</b>
| style="text-align:right" | <b>8,507</b>
| style="text-align:right" | <b>2.2%</b>
|-
| style="text-align:left" | <b>Operating expenses</b>
| style="text-align:right" | <b>-1,217</b>
| style="text-align:right" | <b>-1,232</b>
| style="text-align:right" | <b>-1,223</b>
| style="text-align:right" | <b>-1,414</b>
| style="text-align:right" | <b>-5,086</b>
| style="text-align:right" | <b>-1,282</b>
| style="text-align:right" | <b>-1,232</b>
| style="text-align:right" | <b>-1,256</b>
| style="text-align:right" | <b>-1,392</b>
| style="text-align:right" | <b>-5,162</b>
| style="text-align:right" | <b>1.5%</b>
|-
| style="text-align:left" | <b>Operating profit {{fn ref|68|2=Includes operating result from PIMCO, AllianzGI and other entities.}}</b>
| style="text-align:right" | <b>773</b>
| style="text-align:right" | <b>742</b>
| style="text-align:right" | <b>782</b>
| style="text-align:right" | <b>941</b>
| style="text-align:right" | <b>3,239</b>
| style="text-align:right" | <b>811</b>
| style="text-align:right" | <b>779</b>
| style="text-align:right" | <b>828</b>
| style="text-align:right" | <b>928</b>
| style="text-align:right" | <b>3,345</b>
| style="text-align:right" | <b>3.3%</b>
|-
| class="wt-indent-2" style="text-align:left" | thereof: PIMCO
| style="text-align:right" | 613
| style="text-align:right" | 582
| style="text-align:right" | 601
| style="text-align:right" | 722
| style="text-align:right" | <b>2,518</b>
| style="text-align:right" | 623
| style="text-align:right" | 615
| style="text-align:right" | 653
| style="text-align:right" | 702
| style="text-align:right" | <b>2,593</b>
| style="text-align:right" | <b>3.0%</b>
|-
| class="wt-indent-2" style="text-align:left" | thereof: AllianzGI
| style="text-align:right" | 162
| style="text-align:right" | 164
| style="text-align:right" | 190
| style="text-align:right" | 216
| style="text-align:right" | <b>733</b>
| style="text-align:right" | 190
| style="text-align:right" | 170
| style="text-align:right" | 186
| style="text-align:right" | 224
| style="text-align:right" | <b>770</b>
| style="text-align:right" | <b>5.1%</b>
|-
| style="text-align:left" | <b>Non-operating items</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Realized gains/losses (net)
| style="text-align:right" | 7
| style="text-align:right" | 8
| style="text-align:right" | 0
| style="text-align:right" | 3
| style="text-align:right" | <b>17</b>
| style="text-align:right" | 5
| style="text-align:right" | 87
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | <b>94</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Expected credit loss and impairments (net)
| style="text-align:right" | -1
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | -0
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | -0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -0
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>-84.6%</b>
|-
| class="wt-indent-1" style="text-align:left" | Result from assets and liabilities measured at fair value incl. derivatives
| style="text-align:right" | 5
| style="text-align:right" | 1
| style="text-align:right" | 2
| style="text-align:right" | 2
| style="text-align:right" | <b>11</b>
| style="text-align:right" | -1
| style="text-align:right" | -8
| style="text-align:right" | -1
| style="text-align:right" | 19
| style="text-align:right" | <b>9</b>
| style="text-align:right" | <b>-20.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Non-operating market movements
| style="text-align:right" | 5
| style="text-align:right" | 1
| style="text-align:right" | 2
| style="text-align:right" | 2
| style="text-align:right" | <b>11</b>
| style="text-align:right" | -1
| style="text-align:right" | -8
| style="text-align:right" | -1
| style="text-align:right" | 19
| style="text-align:right" | <b>9</b>
| style="text-align:right" | <b>-20.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | Restructuring and integration expenses
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -7
| style="text-align:right" | -2
| style="text-align:right" | <b>-11</b>
| style="text-align:right" | -52
| style="text-align:right" | -2
| style="text-align:right" | 4
| style="text-align:right" | -13
| style="text-align:right" | <b>-64</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Amortization of intangible assets
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | <b>-7</b>
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | <b>-7</b>
| style="text-align:right" | <b>0.3%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Amortization of intangible assets from business combinations
| style="text-align:right" | -0
| style="text-align:right" | -0
| style="text-align:right" | -0
| style="text-align:right" | -0
| style="text-align:right" | <b>-2</b>
| style="text-align:right" | -0
| style="text-align:right" | -0
| style="text-align:right" | -0
| style="text-align:right" | -0
| style="text-align:right" | <b>-2</b>
| style="text-align:right" | <b>-4.1%</b>
|-
| class="wt-indent-1" style="text-align:left" | Other {{fn ref|69|2=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.}}
| style="text-align:right" | 2
| style="text-align:right" | -1
| style="text-align:right" | 4
| style="text-align:right" | 3
| style="text-align:right" | <b>8</b>
| style="text-align:right" | 0
| style="text-align:right" | -27
| style="text-align:right" | 1
| style="text-align:right" | -2
| style="text-align:right" | <b>-29</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Subtotal</b>
| style="text-align:right" | <b>11</b>
| style="text-align:right" | <b>5</b>
| style="text-align:right" | <b>-2</b>
| style="text-align:right" | <b>3</b>
| style="text-align:right" | <b>18</b>
| style="text-align:right" | <b>-50</b>
| style="text-align:right" | <b>48</b>
| style="text-align:right" | <b>3</b>
| style="text-align:right" | <b>2</b>
| style="text-align:right" | <b>3</b>
| style="text-align:right" | <b>-84.3%</b>
|-
| style="text-align:left" | <b>Income (loss) before income taxes</b>
| style="text-align:right" | <b>784</b>
| style="text-align:right" | <b>748</b>
| style="text-align:right" | <b>780</b>
| style="text-align:right" | <b>945</b>
| style="text-align:right" | <b>3,257</b>
| style="text-align:right" | <b>761</b>
| style="text-align:right" | <b>826</b>
| style="text-align:right" | <b>831</b>
| style="text-align:right" | <b>929</b>
| style="text-align:right" | <b>3,348</b>
| style="text-align:right" | <b>2.8%</b>
|-
| style="text-align:left" | Income taxes
| style="text-align:right" | -199
| style="text-align:right" | -191
| style="text-align:right" | -199
| style="text-align:right" | -240
| style="text-align:right" | <b>-829</b>
| style="text-align:right" | -193
| style="text-align:right" | -218
| style="text-align:right" | -223
| style="text-align:right" | -201
| style="text-align:right" | <b>-835</b>
| style="text-align:right" | <b>0.8%</b>
|-
| style="text-align:left" | <b>Net income (loss)</b>
| style="text-align:right" | <b>585</b>
| style="text-align:right" | <b>557</b>
| style="text-align:right" | <b>581</b>
| style="text-align:right" | <b>705</b>
| style="text-align:right" | <b>2,428</b>
| style="text-align:right" | <b>567</b>
| style="text-align:right" | <b>609</b>
| style="text-align:right" | <b>608</b>
| style="text-align:right" | <b>728</b>
| style="text-align:right" | <b>2,513</b>
| style="text-align:right" | <b>3.5%</b>
|-
| style="text-align:left" | <b>Net income (loss) attributable to:</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Non-controlling interests
| style="text-align:right" | 51
| style="text-align:right" | 49
| style="text-align:right" | 51
| style="text-align:right" | 60
| style="text-align:right" | <b>210</b>
| style="text-align:right" | 53
| style="text-align:right" | 58
| style="text-align:right" | 55
| style="text-align:right" | 60
| style="text-align:right" | <b>226</b>
| style="text-align:right" | <b>7.3%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Shareholders</b>
| style="text-align:right" | <b>534</b>
| style="text-align:right" | <b>508</b>
| style="text-align:right" | <b>531</b>
| style="text-align:right" | <b>645</b>
| style="text-align:right" | <b>2,218</b>
| style="text-align:right" | <b>514</b>
| style="text-align:right" | <b>551</b>
| style="text-align:right" | <b>553</b>
| style="text-align:right" | <b>669</b>
| style="text-align:right" | <b>2,287</b>
| style="text-align:right" | <b>3.1%</b>
|-
| style="text-align:left" | <b>Income (loss) before income taxes</b>
| style="text-align:right" | <b>784</b>
| style="text-align:right" | <b>748</b>
| style="text-align:right" | <b>780</b>
| style="text-align:right" | <b>945</b>
| style="text-align:right" | <b>3,257</b>
| style="text-align:right" | <b>761</b>
| style="text-align:right" | <b>826</b>
| style="text-align:right" | <b>831</b>
| style="text-align:right" | <b>929</b>
| style="text-align:right" | <b>3,348</b>
| style="text-align:right" | <b>2.8%</b>
|-
| style="text-align:left" | Adjustment for non-operating market movements
| style="text-align:right" | -5
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | <b>-11</b>
| style="text-align:right" | 1
| style="text-align:right" | 8
| style="text-align:right" | 1
| style="text-align:right" | -19
| style="text-align:right" | <b>-9</b>
| style="text-align:right" | <b>-20.0%</b>
|-
| style="text-align:left" | Adjustment for amortization of intangible assets from business combinations
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>2</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>2</b>
| style="text-align:right" | <b>-4.1%</b>
|-
| style="text-align:left" | <b>Core income (loss) before income taxes</b>
| style="text-align:right" | <b>780</b>
| style="text-align:right" | <b>747</b>
| style="text-align:right" | <b>778</b>
| style="text-align:right" | <b>943</b>
| style="text-align:right" | <b>3,248</b>
| style="text-align:right" | <b>762</b>
| style="text-align:right" | <b>835</b>
| style="text-align:right" | <b>833</b>
| style="text-align:right" | <b>911</b>
| style="text-align:right" | <b>3,341</b>
| style="text-align:right" | <b>2.9%</b>
|-
| style="text-align:left" | Income taxes related to core income (loss)
| style="text-align:right" | -198
| style="text-align:right" | -191
| style="text-align:right" | -198
| style="text-align:right" | -239
| style="text-align:right" | <b>-826</b>
| style="text-align:right" | -194
| style="text-align:right" | -220
| style="text-align:right" | -224
| style="text-align:right" | -196
| style="text-align:right" | <b>-834</b>
| style="text-align:right" | <b>0.9%</b>
|-
| style="text-align:left" | <b>Core net income (loss)</b>
| style="text-align:right" | <b>581</b>
| style="text-align:right" | <b>556</b>
| style="text-align:right" | <b>580</b>
| style="text-align:right" | <b>704</b>
| style="text-align:right" | <b>2,421</b>
| style="text-align:right" | <b>568</b>
| style="text-align:right" | <b>614</b>
| style="text-align:right" | <b>610</b>
| style="text-align:right" | <b>715</b>
| style="text-align:right" | <b>2,507</b>
| style="text-align:right" | <b>3.5%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>thereof: Shareholders' core net income (loss)</b>
| style="text-align:right" | <b>531</b>
| style="text-align:right" | <b>508</b>
| style="text-align:right" | <b>529</b>
| style="text-align:right" | <b>644</b>
| style="text-align:right" | <b>2,211</b>
| style="text-align:right" | <b>515</b>
| style="text-align:right" | <b>556</b>
| style="text-align:right" | <b>555</b>
| style="text-align:right" | <b>655</b>
| style="text-align:right" | <b>2,282</b>
| style="text-align:right" | <b>3.2%</b>
|-
| style="text-align:left" | <b>Cost-income ratio (in %)</b>
| style="text-align:right" | <b>61.1</b>
| style="text-align:right" | <b>62.4</b>
| style="text-align:right" | <b>61.0</b>
| style="text-align:right" | <b>60.0</b>
| style="text-align:right" | <b>61.1</b>
| style="text-align:right" | <b>61.3</b>
| style="text-align:right" | <b>61.3</b>
| style="text-align:right" | <b>60.3</b>
| style="text-align:right" | <b>60.0</b>
| style="text-align:right" | <b>60.7</b>
| style="text-align:right" | <b>-0.4%-p</b>
|-
| class="wt-indent-2" style="text-align:left" | thereof: PIMCO
| style="text-align:right" | 59.1
| style="text-align:right" | 60.6
| style="text-align:right" | 59.2
| style="text-align:right" | 59.4
| style="text-align:right" | <b>59.6</b>
| style="text-align:right" | 60.0
| style="text-align:right" | 59.8
| style="text-align:right" | 58.8
| style="text-align:right" | 60.5
| style="text-align:right" | <b>59.8</b>
| style="text-align:right" | <b>0.2%-p</b>
|-
| class="wt-indent-2" style="text-align:left" | thereof: AllianzGI
| style="text-align:right" | 66.8
| style="text-align:right" | 66.9
| style="text-align:right" | 64.2
| style="text-align:right" | 62.1
| style="text-align:right" | <b>64.9</b>
| style="text-align:right" | 64.3
| style="text-align:right" | 64.6
| style="text-align:right" | 62.6
| style="text-align:right" | 58.5
| style="text-align:right" | <b>62.4</b>
| style="text-align:right" | <b>-2.4%-p</b>
|-
| style="text-align:left" | <b>3rd party AuM margin{{fn ref|70|2=Excluding performance fees and other income.}} (in bps)</b>
| style="text-align:right" | <b>38.1</b>
| style="text-align:right" | <b>38.2</b>
| style="text-align:right" | <b>38.4</b>
| style="text-align:right" | <b>39.1</b>
| style="text-align:right" | <b>38.5</b>
| style="text-align:right" | <b>38.0</b>
| style="text-align:right" | <b>37.8</b>
| style="text-align:right" | <b>38.1</b>
| style="text-align:right" | <b>38.9</b>
| style="text-align:right" | <b>38.2</b>
| style="text-align:right" | <b>-0.7%</b>
|-
| class="wt-indent-2" style="text-align:left" | thereof: PIMCO
| style="text-align:right" | 37.5
| style="text-align:right" | 37.5
| style="text-align:right" | 37.2
| style="text-align:right" | 38.0
| style="text-align:right" | <b>37.6</b>
| style="text-align:right" | 37.0
| style="text-align:right" | 37.3
| style="text-align:right" | 37.4
| style="text-align:right" | 38.0
| style="text-align:right" | <b>37.4</b>
| style="text-align:right" | <b>-0.3%</b>
|-
| class="wt-indent-2" style="text-align:left" | thereof: AllianzGI
| style="text-align:right" | 40.6
| style="text-align:right" | 40.8
| style="text-align:right" | 43.1
| style="text-align:right" | 43.3
| style="text-align:right" | <b>42.0</b>
| style="text-align:right" | 41.9
| style="text-align:right" | 39.9
| style="text-align:right" | 40.5
| style="text-align:right" | 42.5
| style="text-align:right" | <b>41.2</b>
| style="text-align:right" | <b>-1.7%</b>
|-
| style="text-align:left" | <b>Core return on equity{{fn ref|71|2=For current year periods and prior year periods, the core return on equity for the respective full year is shown.}} (in %)</b>
| style="text-align:right" | <b>21.5</b>
| style="text-align:right" | <b>21.5</b>
| style="text-align:right" | <b>21.5</b>
| style="text-align:right" | <b>21.5</b>
| style="text-align:right" | <b>21.5</b>
| style="text-align:right" | <b>22.3</b>
| style="text-align:right" | <b>22.3</b>
| style="text-align:right" | <b>22.3</b>
| style="text-align:right" | <b>22.3</b>
| style="text-align:right" | <b>22.3</b>
| style="text-align:right" | <b>0.9%-p</b>
|}
</div>

{{fn note|1=68|2=Includes operating result from PIMCO, AllianzGI and other entities.}}
{{fn note|1=69|2=Includes mainly reclassification effects from operating to non-operating result related to a disposal of an investment as of 30.06.2025 and, if applicable, acquisition-related expenses, income taxes related incidental benefits/expenses and litigation expenses.}}
{{fn note|1=70|2=Excluding performance fees and other income.}}
{{fn note|1=71|2=For current year periods and prior year periods, the core return on equity for the respective full year is shown.}}

{{source unit|22|label=AM AUM|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== AM AUM ===

<div style="overflow-x:auto">
{| id="t37" class="wikitable fintable"
|+ Asset management assets under management breakdown by client type, asset class, and region
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | 1Q 24
! class="col-s" style="text-align:right" | 2Q 24
! class="col-s" style="text-align:right" | 3Q 24
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 1Q 25
! class="col-s" style="text-align:right" | 2Q 25
! class="col-s" style="text-align:right" | 3Q 25
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | ∆ 31.12.2025 / 31.12.2024
|-
| style="text-align:left" | <b>Assets under management</b>
| style="text-align:right" | <b>2,297</b>
| style="text-align:right" | <b>2,309</b>
| style="text-align:right" | <b>2,362</b>
| style="text-align:right" | <b>2,448</b>
| style="text-align:right" | <b>2,448</b>
| style="text-align:right" | <b>2,438</b>
| style="text-align:right" | <b>2,360</b>
| style="text-align:right" | <b>2,449</b>
| style="text-align:right" | <b>2,512</b>
| style="text-align:right" | <b>2,512</b>
| style="text-align:right" | <b>2.6%</b>
|-
| class="wt-indent-1" style="text-align:left" | Allianz Group assets under management
| style="text-align:right" | 513
| style="text-align:right" | 506
| style="text-align:right" | 522
| style="text-align:right" | 528
| style="text-align:right" | <b>528</b>
| style="text-align:right" | 524
| style="text-align:right" | 519
| style="text-align:right" | 520
| style="text-align:right" | 522
| style="text-align:right" | <b>522</b>
| style="text-align:right" | <b>-1.2%</b>
|-
| class="wt-indent-1" style="text-align:left" | Third-party assets under management
| style="text-align:right" | 1,784
| style="text-align:right" | 1,803
| style="text-align:right" | 1,840
| style="text-align:right" | 1,920
| style="text-align:right" | <b>1,920</b>
| style="text-align:right" | 1,914
| style="text-align:right" | 1,842
| style="text-align:right" | 1,928
| style="text-align:right" | 1,990
| style="text-align:right" | <b>1,990</b>
| style="text-align:right" | <b>3.6%</b>
|-
| class="wt-indent-2" style="text-align:left" | thereof: PIMCO
| style="text-align:right" | 1,399
| style="text-align:right" | 1,414
| style="text-align:right" | 1,452
| style="text-align:right" | 1,521
| style="text-align:right" | <b>1,521</b>
| style="text-align:right" | 1,525
| style="text-align:right" | 1,451
| style="text-align:right" | 1,521
| style="text-align:right" | 1,573
| style="text-align:right" | <b>1,573</b>
| style="text-align:right" | <b>3.4%</b>
|-
| class="wt-indent-2" style="text-align:left" | thereof: AllianzGI
| style="text-align:right" | 385
| style="text-align:right" | 389
| style="text-align:right" | 389
| style="text-align:right" | 399
| style="text-align:right" | <b>399</b>
| style="text-align:right" | 389
| style="text-align:right" | 390
| style="text-align:right" | 407
| style="text-align:right" | 417
| style="text-align:right" | <b>417</b>
| style="text-align:right" | <b>4.6%</b>
|-
| class="wt-indent-1" style="text-align:left" | Third-party assets under management by asset classes
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-3" style="text-align:left" | Fixed income
| style="text-align:right" | 1,361
| style="text-align:right" | 1,372
| style="text-align:right" | 1,407
| style="text-align:right" | 1,472
| style="text-align:right" | <b>1,472</b>
| style="text-align:right" | 1,473
| style="text-align:right" | 1,405
| style="text-align:right" | 1,471
| style="text-align:right" | 1,523
| style="text-align:right" | <b>1,523</b>
| style="text-align:right" | <b>3.5%</b>
|-
| class="wt-indent-3" style="text-align:left" | Multi-assets
| style="text-align:right" | 180
| style="text-align:right" | 182
| style="text-align:right" | 184
| style="text-align:right" | 189
| style="text-align:right" | <b>189</b>
| style="text-align:right" | 185
| style="text-align:right" | 183
| style="text-align:right" | 191
| style="text-align:right" | 196
| style="text-align:right" | <b>196</b>
| style="text-align:right" | <b>3.5%</b>
|-
| class="wt-indent-3" style="text-align:left" | Equities
| style="text-align:right" | 156
| style="text-align:right" | 159
| style="text-align:right" | 160
| style="text-align:right" | 165
| style="text-align:right" | <b>165</b>
| style="text-align:right" | 157
| style="text-align:right" | 159
| style="text-align:right" | 167
| style="text-align:right" | 172
| style="text-align:right" | <b>172</b>
| style="text-align:right" | <b>4.8%</b>
|-
| class="wt-indent-3" style="text-align:left" | Alternatives
| style="text-align:right" | 86
| style="text-align:right" | 90
| style="text-align:right" | 89
| style="text-align:right" | 95
| style="text-align:right" | <b>95</b>
| style="text-align:right" | 98
| style="text-align:right" | 94
| style="text-align:right" | 99
| style="text-align:right" | 98
| style="text-align:right" | <b>98</b>
| style="text-align:right" | <b>4.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | Third-party assets under management by regions
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-3" style="text-align:left" | America
| style="text-align:right" | 912
| style="text-align:right" | 925
| style="text-align:right" | 939
| style="text-align:right" | 998
| style="text-align:right" | <b>998</b>
| style="text-align:right" | 1,000
| style="text-align:right" | 946
| style="text-align:right" | 986
| style="text-align:right" | 1,024
| style="text-align:right" | <b>1,024</b>
| style="text-align:right" | <b>2.6%</b>
|-
| class="wt-indent-3" style="text-align:left" | Europe
| style="text-align:right" | 545
| style="text-align:right" | 545
| style="text-align:right" | 552
| style="text-align:right" | 558
| style="text-align:right" | <b>558</b>
| style="text-align:right" | 550
| style="text-align:right" | 546
| style="text-align:right" | 569
| style="text-align:right" | 584
| style="text-align:right" | <b>584</b>
| style="text-align:right" | <b>4.7%</b>
|-
| class="wt-indent-2" style="text-align:left" | Asia Pacific
| style="text-align:right" | 327
| style="text-align:right" | 332
| style="text-align:right" | 349
| style="text-align:right" | 364
| style="text-align:right" | <b>364</b>
| style="text-align:right" | 364
| style="text-align:right" | 350
| style="text-align:right" | 373
| style="text-align:right" | 382
| style="text-align:right" | <b>382</b>
| style="text-align:right" | <b>4.8%</b>
|}
</div>

<div style="overflow-x:auto">
{| id="t38" class="wikitable fintable"
|+ Third-party net flows by asset manager
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | 1Q 24
! class="col-s" style="text-align:right" | 2Q 24
! class="col-s" style="text-align:right" | 3Q 24
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 1Q 25
! class="col-s" style="text-align:right" | 2Q 25
! class="col-s" style="text-align:right" | 3Q 25
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | ∆ 2025 / 2024
|-
| style="text-align:left" | <b>Third-party net flows</b>
| style="text-align:right" | <b>34</b>
| style="text-align:right" | <b>14</b>
| style="text-align:right" | <b>20</b>
| style="text-align:right" | <b>17</b>
| style="text-align:right" | <b>85</b>
| style="text-align:right" | <b>29</b>
| style="text-align:right" | <b>14</b>
| style="text-align:right" | <b>51</b>
| style="text-align:right" | <b>45</b>
| style="text-align:right" | <b>139</b>
| style="text-align:right" | <b>64.2%</b>
|-
| class="wt-indent-2" style="text-align:left" | thereof: PIMCO
| style="text-align:right" | 32
| style="text-align:right" | 13
| style="text-align:right" | 25
| style="text-align:right" | 14
| style="text-align:right" | <b>84</b>
| style="text-align:right" | 26
| style="text-align:right" | 15
| style="text-align:right" | 49
| style="text-align:right" | 43
| style="text-align:right" | <b>133</b>
| style="text-align:right" | <b>57.7%</b>
|-
| class="wt-indent-2" style="text-align:left" | thereof: AllianzGI
| style="text-align:right" | 2
| style="text-align:right" | 1
| style="text-align:right" | -5
| style="text-align:right" | 3
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 2
| style="text-align:right" | -1
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | <b>6</b>
| style="text-align:right" | <b>n.m.</b>
|}
</div>

{{source unit|23|label=Corporate and Other|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Corporate and Other ===

<div style="overflow-x:auto">
{| id="t39" class="wikitable fintable"
|+ Corporate and other operating profit build-up
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 1Q 24
! class="col-s" style="text-align:right" | 2Q 24
! class="col-s" style="text-align:right" | 3Q 24
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 1Q 25
! class="col-s" style="text-align:right" | 2Q 25
! class="col-s" style="text-align:right" | 3Q 25
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | ∆ 2025 / 2024
|-
| style="text-align:left" | Operating net investment income, excluding interest expenses from external debt
| style="text-align:right" | 71
| style="text-align:right" | 140
| style="text-align:right" | 108
| style="text-align:right" | 100
| style="text-align:right" | <b>419</b>
| style="text-align:right" | <b>86</b>
| style="text-align:right" | 142
| style="text-align:right" | 141
| style="text-align:right" | 106
| style="text-align:right" | <b>474</b>
| style="text-align:right" | <b>13.3%</b>
|-
| style="text-align:left" | Finance income (expenses) from insurance contracts issued (net)
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Finance income (expenses) from reinsurance contracts held (net)
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Operating investment result</b>
| style="text-align:right" | <b>71</b>
| style="text-align:right" | <b>140</b>
| style="text-align:right" | <b>108</b>
| style="text-align:right" | <b>100</b>
| style="text-align:right" | <b>419</b>
| style="text-align:right" | <b>86</b>
| style="text-align:right" | <b>142</b>
| style="text-align:right" | <b>141</b>
| style="text-align:right" | <b>106</b>
| style="text-align:right" | <b>474</b>
| style="text-align:right" | <b>13.3%</b>
|-
| style="text-align:left" | Operating administrative expenses
| style="text-align:right" | -310
| style="text-align:right" | -332
| style="text-align:right" | -359
| style="text-align:right" | -417
| style="text-align:right" | <b>-1,418</b>
| style="text-align:right" | <b>-356</b>
| style="text-align:right" | -324
| style="text-align:right" | -433
| style="text-align:right" | -364
| style="text-align:right" | <b>-1,477</b>
| style="text-align:right" | <b>4.2%</b>
|-
| style="text-align:left" | Operating fee and commission result
| style="text-align:right" | 61
| style="text-align:right" | 80
| style="text-align:right" | 66
| style="text-align:right" | 177
| style="text-align:right" | <b>384</b>
| style="text-align:right" | <b>106</b>
| style="text-align:right" | 108
| style="text-align:right" | 96
| style="text-align:right" | 129
| style="text-align:right" | <b>438</b>
| style="text-align:right" | <b>14.1%</b>
|-
| style="text-align:left" | Operating other result
| style="text-align:right" | 0
| style="text-align:right" | -0
| style="text-align:right" | -0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | 0
| style="text-align:right" | -0
| style="text-align:right" | -0
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Operating profit</b>
| style="text-align:right" | <b>-179</b>
| style="text-align:right" | <b>-112</b>
| style="text-align:right" | <b>-185</b>
| style="text-align:right" | <b>-140</b>
| style="text-align:right" | <b>-615</b>
| style="text-align:right" | <b>-165</b>
| style="text-align:right" | <b>-74</b>
| style="text-align:right" | <b>-197</b>
| style="text-align:right" | <b>-129</b>
| style="text-align:right" | <b>-565</b>
| style="text-align:right" | <b>-8.2%</b>
|-
| style="text-align:left" | <b>Non-operating items</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Realized gains/losses (net)
| style="text-align:right" | 1
| style="text-align:right" | -0
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | <b>3</b>
| style="text-align:right" | <b>-10</b>
| style="text-align:right" | -8
| style="text-align:right" | -6
| style="text-align:right" | 22
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Expected credit loss and impairments (net)
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | -9
| style="text-align:right" | -15
| style="text-align:right" | <b>-30</b>
| style="text-align:right" | <b>-25</b>
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -6
| style="text-align:right" | <b>-33</b>
| style="text-align:right" | <b>9.1%</b>
|-
| class="wt-indent-1" style="text-align:left" | Result from assets and liabilities measured at fair value incl. derivatives
| style="text-align:right" | 23
| style="text-align:right" | -53
| style="text-align:right" | -144
| style="text-align:right" | -50
| style="text-align:right" | <b>-223</b>
| style="text-align:right" | <b>-100</b>
| style="text-align:right" | -95
| style="text-align:right" | -46
| style="text-align:right" | -99
| style="text-align:right" | <b>-339</b>
| style="text-align:right" | <b>52.1%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Non-operating market movements
| style="text-align:right" | 111
| style="text-align:right" | -12
| style="text-align:right" | -92
| style="text-align:right" | 27
| style="text-align:right" | <b>33</b>
| style="text-align:right" | <b>-47</b>
| style="text-align:right" | -28
| style="text-align:right" | 14
| style="text-align:right" | -1
| style="text-align:right" | <b>-62</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Interest expenses from external debt
| style="text-align:right" | -183
| style="text-align:right" | -182
| style="text-align:right" | -192
| style="text-align:right" | -204
| style="text-align:right" | <b>-762</b>
| style="text-align:right" | <b>-190</b>
| style="text-align:right" | -197
| style="text-align:right" | -186
| style="text-align:right" | -184
| style="text-align:right" | <b>-758</b>
| style="text-align:right" | <b>-0.5%</b>
|-
| class="wt-indent-1" style="text-align:left" | Restructuring and integration expenses
| style="text-align:right" | -31
| style="text-align:right" | -56
| style="text-align:right" | -41
| style="text-align:right" | -87
| style="text-align:right" | <b>-215</b>
| style="text-align:right" | <b>-32</b>
| style="text-align:right" | -29
| style="text-align:right" | -2
| style="text-align:right" | -34
| style="text-align:right" | <b>-97</b>
| style="text-align:right" | <b>-54.8%</b>
|-
| class="wt-indent-1" style="text-align:left" | Amortization of intangible assets
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | <b>-11</b>
| style="text-align:right" | <b>-6</b>
| style="text-align:right" | -4
| style="text-align:right" | -4
| style="text-align:right" | -3
| style="text-align:right" | <b>-16</b>
| style="text-align:right" | <b>39.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Amortization of intangible assets from business combinations
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | <b>-11</b>
| style="text-align:right" | <b>-4</b>
| style="text-align:right" | -4
| style="text-align:right" | -4
| style="text-align:right" | -3
| style="text-align:right" | <b>-14</b>
| style="text-align:right" | <b>21.5%</b>
|-
| class="wt-indent-1" style="text-align:left" | Other
| style="text-align:right" | 2
| style="text-align:right" | -0
| style="text-align:right" | -0
| style="text-align:right" | 291
| style="text-align:right" | <b>292</b>
| style="text-align:right" | <b>-2</b>
| style="text-align:right" | -7
| style="text-align:right" | 3
| style="text-align:right" | 67
| style="text-align:right" | <b>61</b>
| style="text-align:right" | <b>-79.1%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Subtotal</b>
| style="text-align:right" | <b>-194</b>
| style="text-align:right" | <b>-298</b>
| style="text-align:right" | <b>-387</b>
| style="text-align:right" | <b>-67</b>
| style="text-align:right" | <b>-946</b>
| style="text-align:right" | <b>-364</b>
| style="text-align:right" | <b>-340</b>
| style="text-align:right" | <b>-243</b>
| style="text-align:right" | <b>-237</b>
| style="text-align:right" | <b>-1,183</b>
| style="text-align:right" | <b>25.1%</b>
|-
| style="text-align:left" | <b>Income (loss) before income taxes</b>
| style="text-align:right" | <b>-373</b>
| style="text-align:right" | <b>-410</b>
| style="text-align:right" | <b>-572</b>
| style="text-align:right" | <b>-207</b>
| style="text-align:right" | <b>-1,561</b>
| style="text-align:right" | <b>-529</b>
| style="text-align:right" | <b>-413</b>
| style="text-align:right" | <b>-440</b>
| style="text-align:right" | <b>-366</b>
| style="text-align:right" | <b>-1,748</b>
| style="text-align:right" | <b>12.0%</b>
|-
| style="text-align:left" | Income taxes
| style="text-align:right" | 68
| style="text-align:right" | 144
| style="text-align:right" | 73
| style="text-align:right" | 58
| style="text-align:right" | <b>344</b>
| style="text-align:right" | <b>185</b>
| style="text-align:right" | 55
| style="text-align:right" | 288
| style="text-align:right" | 83
| style="text-align:right" | <b>610</b>
| style="text-align:right" | <b>77.5%</b>
|-
| style="text-align:left" | <b>Net income (loss)</b>
| style="text-align:right" | <b>-304</b>
| style="text-align:right" | <b>-266</b>
| style="text-align:right" | <b>-499</b>
| style="text-align:right" | <b>-148</b>
| style="text-align:right" | <b>-1,217</b>
| style="text-align:right" | <b>-344</b>
| style="text-align:right" | <b>-358</b>
| style="text-align:right" | <b>-152</b>
| style="text-align:right" | <b>-283</b>
| style="text-align:right" | <b>-1,138</b>
| style="text-align:right" | <b>-6.5%</b>
|-
| style="text-align:left" | <b>Net income (loss) attributable to:</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Non-controlling interests
| style="text-align:right" | 76
| style="text-align:right" | -1
| style="text-align:right" | 2
| style="text-align:right" | 1
| style="text-align:right" | <b>78</b>
| style="text-align:right" | <b>4</b>
| style="text-align:right" | 3
| style="text-align:right" | 5
| style="text-align:right" | 1
| style="text-align:right" | <b>12</b>
| style="text-align:right" | <b>-84.8%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Shareholders</b>
| style="text-align:right" | <b>-381</b>
| style="text-align:right" | <b>-265</b>
| style="text-align:right" | <b>-500</b>
| style="text-align:right" | <b>-150</b>
| style="text-align:right" | <b>-1,295</b>
| style="text-align:right" | <b>-348</b>
| style="text-align:right" | <b>-361</b>
| style="text-align:right" | <b>-157</b>
| style="text-align:right" | <b>-284</b>
| style="text-align:right" | <b>-1,149</b>
| style="text-align:right" | <b>-11.3%</b>
|-
| style="text-align:left" | <b>Income (loss) before income taxes</b>
| style="text-align:right" | <b>-373</b>
| style="text-align:right" | <b>-410</b>
| style="text-align:right" | <b>-572</b>
| style="text-align:right" | <b>-207</b>
| style="text-align:right" | <b>-1,561</b>
| style="text-align:right" | <b>-529</b>
| style="text-align:right" | <b>-413</b>
| style="text-align:right" | <b>-440</b>
| style="text-align:right" | <b>-366</b>
| style="text-align:right" | <b>-1,748</b>
| style="text-align:right" | <b>12.0%</b>
|-
| style="text-align:left" | Adjustment for non-operating market movements
| style="text-align:right" | -111
| style="text-align:right" | 12
| style="text-align:right" | 92
| style="text-align:right" | -27
| style="text-align:right" | <b>-33</b>
| style="text-align:right" | <b>47</b>
| style="text-align:right" | 28
| style="text-align:right" | -14
| style="text-align:right" | 1
| style="text-align:right" | <b>62</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Adjustment for amortization of intangible assets from business combinations
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | <b>11</b>
| style="text-align:right" | <b>4</b>
| style="text-align:right" | 4
| style="text-align:right" | 4
| style="text-align:right" | 3
| style="text-align:right" | <b>14</b>
| style="text-align:right" | <b>21.5%</b>
|-
| style="text-align:left" | <b>Core income (loss) before income taxes</b>
| style="text-align:right" | <b>-480</b>
| style="text-align:right" | <b>-395</b>
| style="text-align:right" | <b>-477</b>
| style="text-align:right" | <b>-231</b>
| style="text-align:right" | <b>-1,583</b>
| style="text-align:right" | <b>-479</b>
| style="text-align:right" | <b>-382</b>
| style="text-align:right" | <b>-450</b>
| style="text-align:right" | <b>-361</b>
| style="text-align:right" | <b>-1,672</b>
| style="text-align:right" | <b>5.6%</b>
|-
| style="text-align:left" | Income taxes related to core income (loss)
| style="text-align:right" | 59
| style="text-align:right" | 136
| style="text-align:right" | 45
| style="text-align:right" | 57
| style="text-align:right" | <b>296</b>
| style="text-align:right" | <b>176</b>
| style="text-align:right" | 48
| style="text-align:right" | 296
| style="text-align:right" | 78
| style="text-align:right" | <b>597</b>
| style="text-align:right" | <b>101.5%</b>
|-
| style="text-align:left" | <b>Core net income (loss)</b>
| style="text-align:right" | <b>-421</b>
| style="text-align:right" | <b>-260</b>
| style="text-align:right" | <b>-432</b>
| style="text-align:right" | <b>-174</b>
| style="text-align:right" | <b>-1,287</b>
| style="text-align:right" | <b>-303</b>
| style="text-align:right" | <b>-334</b>
| style="text-align:right" | <b>-155</b>
| style="text-align:right" | <b>-283</b>
| style="text-align:right" | <b>-1,075</b>
| style="text-align:right" | <b>-16.5%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>thereof: Shareholders' core net income (loss)</b>
| style="text-align:right" | <b>-359</b>
| style="text-align:right" | <b>-259</b>
| style="text-align:right" | <b>-433</b>
| style="text-align:right" | <b>-176</b>
| style="text-align:right" | <b>-1,228</b>
| style="text-align:right" | <b>-307</b>
| style="text-align:right" | <b>-337</b>
| style="text-align:right" | <b>-160</b>
| style="text-align:right" | <b>-283</b>
| style="text-align:right" | <b>-1,087</b>
| style="text-align:right" | <b>-11.5%</b>
|}
</div>

{{source unit|24|label=Consolidation|url=https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx}}
=== Consolidation ===

<div style="overflow-x:auto">
{| id="t40" class="wikitable fintable"
|+ Consolidation operating profit build-up
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 1Q 24
! class="col-s" style="text-align:right" | 2Q 24
! class="col-s" style="text-align:right" | 3Q 24
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 1Q 25
! class="col-s" style="text-align:right" | 2Q 25
! class="col-s" style="text-align:right" | 3Q 25
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | ∆ 2025 / 2024
|-
| style="text-align:left" | <b>Total business volume {{fn ref|72|2=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.}}</b>
| style="text-align:right" | <b>-172</b>
| style="text-align:right" | <b>-164</b>
| style="text-align:right" | <b>-156</b>
| style="text-align:right" | <b>-253</b>
| style="text-align:right" | <b>-746</b>
| style="text-align:right" | <b>-110</b>
| style="text-align:right" | <b>-218</b>
| style="text-align:right" | <b>-150</b>
| style="text-align:right" | <b>-145</b>
| style="text-align:right" | <b>-623</b>
| style="text-align:right" | <b>-16.5%</b>
|-
| style="text-align:left" | <b>Operating insurance revenue</b>
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>-29</b>
| style="text-align:right" | <b>-12</b>
| style="text-align:right" | <b>-41</b>
| style="text-align:right" | <b>-81</b>
| style="text-align:right" | <b>-9</b>
| style="text-align:right" | <b>-14</b>
| style="text-align:right" | <b>-23</b>
| style="text-align:right" | <b>-10</b>
| style="text-align:right" | <b>-56</b>
| style="text-align:right" | <b>-30.3%</b>
|-
| style="text-align:left" | <b>Operating profit</b>
| style="text-align:right" | <b>-2</b>
| style="text-align:right" | <b>2</b>
| style="text-align:right" | <b>-5</b>
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>-4</b>
| style="text-align:right" | <b>-4</b>
| style="text-align:right" | <b>3</b>
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Non-operating items</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Realized gains/losses (net)
| style="text-align:right" | <b>0</b>
| style="text-align:right" | -0
| style="text-align:right" | -1
| style="text-align:right" | 1
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | -0
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Expected credit loss and impairments (net)
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Result from assets and liabilities measured at fair value incl. derivatives
| style="text-align:right" | <b>2</b>
| style="text-align:right" | -1
| style="text-align:right" | 6
| style="text-align:right" | -5
| style="text-align:right" | <b>1</b>
| style="text-align:right" | 3
| style="text-align:right" | -0
| style="text-align:right" | -2
| style="text-align:right" | -0
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>-27.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Non-operating market movements
| style="text-align:right" | <b>2</b>
| style="text-align:right" | -1
| style="text-align:right" | 6
| style="text-align:right" | -5
| style="text-align:right" | <b>1</b>
| style="text-align:right" | 3
| style="text-align:right" | -0
| style="text-align:right" | -2
| style="text-align:right" | -0
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>-27.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | Interest expenses from external debt
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Restructuring and integration expenses
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Amortization of intangible assets
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-100.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | thereof: Amortization of intangible assets from business combinations
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | Other
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 4
| style="text-align:right" | <b>4</b>
| style="text-align:right" | 1
| style="text-align:right" | -2
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | <b>n.m.</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Subtotal</b>
| style="text-align:right" | <b>2</b>
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | <b>5</b>
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | <b>4</b>
| style="text-align:right" | <b>4</b>
| style="text-align:right" | <b>-3</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>-86.8%</b>
|-
| style="text-align:left" | <b>Income (loss) before income taxes</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Income taxes
| style="text-align:right" | <b>0</b>
| style="text-align:right" | -0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | 0
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Net income (loss)</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Net income (loss) attributable to:</b>
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Non-controlling interests
| style="text-align:right" | <b>0</b>
| style="text-align:right" | -0
| style="text-align:right" | -0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-100.0%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>Shareholders</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Income (loss) before income taxes</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Adjustment for non-operating market movements
| style="text-align:right" | <b>-2</b>
| style="text-align:right" | 1
| style="text-align:right" | -6
| style="text-align:right" | 5
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | <b>-27.0%</b>
|-
| style="text-align:left" | Adjustment for amortization of intangible assets from business combinations
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Core income (loss) before income taxes</b>
| style="text-align:right" | <b>-2</b>
| style="text-align:right" | <b>2</b>
| style="text-align:right" | <b>-6</b>
| style="text-align:right" | <b>5</b>
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | <b>-3</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>3</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | Income taxes related to core income (loss)
| style="text-align:right" | <b>0</b>
| style="text-align:right" | -0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | <b>-0</b>
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | 0
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | <b>n.m.</b>
|-
| style="text-align:left" | <b>Core net income (loss)</b>
| style="text-align:right" | <b>-2</b>
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>-6</b>
| style="text-align:right" | <b>5</b>
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | <b>-3</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>2</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | <b>-54.6%</b>
|-
| class="wt-indent-1" style="text-align:left" | <b>thereof: Shareholders' core net income (loss)</b>
| style="text-align:right" | <b>-2</b>
| style="text-align:right" | <b>1</b>
| style="text-align:right" | <b>-6</b>
| style="text-align:right" | <b>5</b>
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | <b>-3</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>2</b>
| style="text-align:right" | <b>0</b>
| style="text-align:right" | <b>-1</b>
| style="text-align:right" | <b>-54.6%</b>
|}
</div>

{{fn note|1=72|2=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.}}