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| period = FY
| period = FY
| period_label = FY24
| period_label = FY24
| document_type = Financial supplement
| document_category = Financial supplement
| language = English
| language = English
| source_url = https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2024-fy/en-allianz-financial-supplement-fy-2024.xlsx
| source_url = https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2024-fy/en-allianz-financial-supplement-fy-2024.xlsx

Latest revision as of 19:49, 3 July 2026

Document info
OrganizationAllianz
Year2024
PeriodFY
Period labelFY24
Document categoryFinancial supplement
LanguageEnglish
SourceOriginal URL
Archive file.md file

Allianz Group 2024 FY financial supplement.

Market Data

Exchange rates spot by currency (footnote: Source: WM/Reuters.)
Spot
— 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024
USD 1.0864 1.0910 1.0588 1.1046 1.0800 1.0717 1.1160 1.0355
CHF 0.9925 0.9760 0.9686 0.9297 0.9728 0.9630 0.9415 0.9385
GBP 0.8787 0.8581 0.8674 0.8666 0.8549 0.8478 0.8320 0.8268
AUD 1.6222 1.6390 1.6404 1.6189 1.6555 1.6048 1.6087 1.6724
Exchange rates average by currency (footnote: Source: WM/Reuters.)
Average
— 1Q 23 2Q 23 3Q 23 4Q 23 2023 1Q 24 2Q 24 3Q 24 4Q 24 2024
USD 1.0731 1.0884 1.0881 1.0757 1.0814 1.0854 1.0766 1.0987 1.0671 1.0820
CHF 0.9927 0.9783 0.9611 0.9541 0.9715 0.9490 0.9738 0.9517 0.9360 0.9526
GBP 0.8830 0.8694 0.8596 0.8668 0.8697 0.8560 0.8532 0.8450 0.8324 0.8466
AUD 1.5701 1.6295 1.6620 1.6533 1.6288 1.6510 1.6338 1.6401 1.6351 1.6399
Valuation rates by currency and duration (footnote: The table sets out the continuously compounded market rates used to discount the cash flows of insurance contracts for major currencies. Source: LSEG Data & Analytics; internal processing of market quotes.)
% 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024
— 1 year 5 years 10 years 20 years 30 years 1 year 5 years 10 years 20 years 30 years 1 year 5 years 10 years 20 years 30 years 1 year 5 years 10 years 20 years 30 years 1 year 5 years 10 years 20 years 30 years
Unit-linked contracts — — — — — — — — — — — — — — — — — — — — — — — — —
EUR 3.40 2.39 2.46 2.47 2.54 3.54 2.60 2.52 2.46 2.52 3.46 2.81 2.77 2.70 2.71 2.61 2.16 2.30 2.38 2.48 2.27 2.18 2.30 2.29 2.38
USD 4.65 3.44 3.39 3.41 3.35 4.93 3.88 3.74 3.71 3.49 4.93 3.98 3.87 3.83 3.61 3.78 3.19 3.27 3.39 3.26 4.09 3.94 3.99 4.02 3.80
Immediate fixed annuity and P/C liability for incurred claims — — — — — — — — — — — — — — — — — — — — — — — — —
EUR 3.60 2.60 2.67 2.68 2.71 3.71 2.77 2.69 2.64 2.67 3.62 2.97 2.93 2.87 2.85 2.85 2.40 2.54 2.62 2.68 2.55 2.46 2.58 2.58 2.62
USD 5.34 4.13 4.08 4.10 3.95 5.44 4.40 4.26 4.23 4.00 5.48 4.54 4.42 4.39 4.15 4.38 3.79 3.87 3.99 3.84 4.64 4.49 4.53 4.57 4.33
Traditional participating and other insurance contracts (footnote: Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency.) — — — — — — — — — — — — — — — — — — — — — — — — —
EUR 3.55 - 4.03 2.54 - 3.03 2.61 - 3.10 2.63 - 3.11 2.67 - 3.07 3.67 - 4.16 2.73 - 3.22 2.65 - 3.14 2.59 - 3.09 2.63 - 3.05 3.58 - 4.14 2.93 - 3.49 2.89 - 3.45 2.82 - 3.39 2.81 - 3.29 2.80 - 3.36 2.35 - 2.91 2.49 - 3.05 2.57 - 3.13 2.64 - 3.11 2.47 - 3.11 2.38 - 3.02 2.50 - 3.14 2.49 - 3.13 2.55 - 3.08
USD 5.84 - 6.20 4.64 - 5.00 4.60- 4.96 4.61 - 4.97 4.39 - 4.70 6.09 - 6.30 5.05 - 5.26 4.91 - 5.12 4.88 - 5.09 4.63 - 4.83 6.18 - 6.34 5.24 - 5.41 5.13 - 5.29 5.10 - 5.26 4.83 - 4.99 5.02 - 5.26 4.43 - 4.67 4.51 - 4.75 4.64 - 4.87 4.47 - 4.69 5.34 - 5.41 5.19 - 5.25 5.24 - 5.30 5.27 - 5.34 5.00 - 5.06

Balance Sheet

Allianz Group balance sheet build-up by asset and liability type
EUR million 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 ∆ 31.12.24 / 31.12.23
Assets — — — — — — — — —
Cash and cash equivalents 24,534 25,612 24,141 29,210 28,368 28,058 30,957 31,637 8.3%
Investments 703,527 701,292 693,087 721,802 735,375 729,065 741,988 752,815 4.3%
Financial assets for unit-linked contracts 146,632 148,892 146,466 152,872 159,150 160,465 141,900 146,470 -4.2%
Insurance contract assets 355 477 166 172 77 88 109 142 -17.9%
Reinsurance contract assets 25,031 25,294 24,678 24,719 25,199 25,627 27,224 28,770 16.4%
Deferred tax assets 5,707 5,890 5,958 5,992 6,090 6,305 6,663 6,055 1.1%
Other assets (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.) 32,043 31,606 29,512 29,757 30,468 29,744 58,805 59,564 100.2%
Intangible assets 18,693 18,664 18,663 18,649 19,004 19,003 18,844 19,126 2.6%
Total assets 956,523 957,728 942,671 983,174 1,003,731 998,354 1,026,489 1,044,578 6.2%
Liabilities and equity — — — — — — — — —
Financial liabilites (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.) 54,943 56,774 55,666 58,301 62,340 62,690 64,440 66,137 13.4%
Insurance contract liabilities 751,373 754,829 741,979 776,944 789,271 789,512 789,353 800,511 3.0%
Reinsurance contract liabilities 354 1,024 271 231 327 267 264 316 37.0%
Investment contract liabilities 51,360 51,435 49,982 49,686 50,380 50,252 42,905 44,553 -10.3%
Deferred tax liabilities 1,979 1,982 2,039 2,124 2,148 2,283 2,495 2,257 6.3%
Other liabilities (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.) 36,821 34,501 33,768 34,328 35,847 34,541 65,652 66,728 94.4%
Total liabilities (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).) 896,831 900,545 883,705 921,614 940,311 939,544 965,109 980,502 6.4%
Shareholders' equity (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).) 56,532 54,079 55,851 58,239 59,979 55,511 57,772 60,287 3.5%
Issued capital 1,170 1,170 1,170 1,170 1,170 1,170 1,170 1,170 0.0%
Additional paid-in capital 27,732 27,732 27,732 27,732 27,732 27,732 27,732 27,732 0.0%
Undated subordinated bonds 4,802 4,792 4,862 4,764 4,815 4,833 4,741 4,915 3.2%
Retained earnings (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).) 30,439 27,690 29,342 30,464 32,683 29,073 30,899 33,316 9.4%
Foreign currency translation adjustments -3,349 -3,211 -2,398 -2,883 -2,541 -2,379 -2,865 -1,614 -44.0%
Net unrealized gains and losses (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).) -4,262 -4,094 -4,857 -3,008 -3,880 -4,917 -3,905 -5,232 73.9%
Non-controlling interests (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).) 3,160 3,104 3,115 3,321 3,441 3,299 3,609 3,789 14.1%
Total equity (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).) 59,691 57,183 58,966 61,560 63,420 58,810 61,381 64,076 4.1%
Total liabilities and equity 956,523 957,728 942,671 983,174 1,003,731 998,354 1,026,489 1,044,578 6.2%
Property-Casualty balance sheet build-up by asset and liability type
EUR million 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 ∆ 31.12.24 / 31.12.23
Assets — — — — — — — — —
Cash and cash equivalents 5,832 5,584 5,623 5,887 6,033 5,602 6,363 7,322 24.4%
Investments 112,146 112,396 112,872 116,447 119,704 119,869 121,087 121,318 4.2%
Financial assets for unit-linked contracts 0 0 0 0 0 0 0 0 n.m.
Insurance contract assets 311 426 111 103 1 0 11 18 -82.8%
Reinsurance contract assets 10,156 10,237 10,056 10,855 10,972 11,390 13,173 14,366 32.3%
Deferred tax assets 1,641 1,758 1,741 1,554 1,574 1,650 1,730 1,829 17.7%
Other assets 24,753 22,336 22,860 23,562 25,199 25,202 25,948 26,878 14.1%
Intangible assets 6,325 6,276 6,248 6,284 6,538 6,518 6,512 6,450 2.7%
Total assets 161,163 159,013 159,510 164,692 170,021 170,232 174,823 178,180 8.2%
Liabilities and equity — — — — — — — — —
Financial liabilites 1,794 1,640 1,836 2,502 1,997 1,983 2,068 2,996 19.7%
Insurance contract liabilities 94,210 94,232 94,105 96,339 98,794 99,699 101,381 102,436 6.3%
Reinsurance contract liabilities 18 77 62 125 228 113 122 124 -0.7%
Investment contract liabilities 0 0 0 0 0 0 0 0 n.m.
Deferred tax liabilities 1,815 1,743 1,715 1,863 1,774 1,752 2,236 2,274 22.1%
Other liabilities 17,084 15,344 15,560 16,288 16,288 16,605 17,211 18,070 10.9%
Total liabilities 114,921 113,035 113,277 117,117 119,080 120,152 123,017 125,901 7.5%
Shareholders' equity 44,757 44,549 44,796 46,216 49,397 48,595 50,242 50,632 9.6%
Non-controlling interests 1,486 1,429 1,437 1,359 1,543 1,485 1,564 1,647 21.2%
Total equity 46,242 45,978 46,233 47,574 50,940 50,080 51,806 52,280 9.9%
Total liabilities and equity 161,163 159,013 159,510 164,692 170,021 170,232 174,823 178,180 8.2%
Life/Health balance sheet build-up by asset and liability type
EUR million 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 ∆ 31.12.24 / 31.12.23
Assets — — — — — — — — —
Cash and cash equivalents 13,452 15,359 14,214 17,700 16,928 16,501 19,522 17,364 -1.9%
Investments 560,633 561,674 549,580 573,187 585,649 582,175 589,989 598,409 4.4%
Financial assets for unit-linked contracts 146,632 148,892 146,466 152,872 159,150 160,465 141,900 146,470 -4.2%
Insurance contract assets 45 51 55 69 77 88 98 124 78.4%
Reinsurance contract assets 14,895 15,068 14,649 13,915 14,327 14,311 14,152 14,546 4.5%
Deferred tax assets 4,781 4,649 4,866 4,813 4,949 5,006 10,735 12,359 156.8%
Other assets 15,944 15,581 14,758 16,752 15,013 15,452 45,680 47,166 181.6%
Intangible assets 4,521 4,555 4,484 4,596 4,617 4,609 4,603 4,633 0.8%
Total assets 760,903 765,828 749,073 783,905 800,710 798,606 826,678 841,071 7.3%
Liabilities and equity — — — — — — — — —
Financial liabilites 18,284 19,705 17,758 20,398 25,615 25,470 26,319 26,608 30.4%
Insurance contract liabilities 657,195 660,614 647,906 680,654 690,585 689,908 688,073 698,221 2.6%
Reinsurance contract liabilities 336 947 209 105 99 154 142 191 81.9%
Investment contract liabilities 51,360 51,435 49,982 49,686 50,380 50,252 42,905 44,553 -10.3%
Deferred tax liabilities 2,243 1,982 2,054 1,914 1,920 2,064 7,103 8,732 n.m.
Other liabilities 10,310 9,402 9,018 8,533 8,525 8,329 39,002 39,226 n.m.
Total liabilities 739,728 744,085 726,928 761,290 777,123 776,178 803,544 817,531 7.4%
Shareholders' equity 19,571 20,136 20,553 20,934 21,853 20,779 21,276 21,601 3.2%
Non-controlling interests 1,604 1,607 1,592 1,682 1,734 1,650 1,857 1,939 15.3%
Total equity 21,175 21,743 22,144 22,615 23,587 22,428 23,134 23,540 4.1%
Total liabilities and equity 760,903 765,828 749,073 783,905 800,710 798,606 826,678 841,071 7.3%
Asset Management balance sheet build-up by asset and liability type
EUR million 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 ∆ 31.12.24 / 31.12.23
Assets — — — — — — — — —
Cash and cash equivalents 1,190 1,129 1,115 1,183 1,317 1,326 1,159 1,195 1.1%
Investments 971 1,012 1,064 1,149 1,175 1,169 1,180 1,340 16.7%
Financial assets for unit-linked contracts 0 0 0 0 0 0 0 0 n.m.
Insurance contract assets 0 0 0 0 0 0 0 0 n.m.
Reinsurance contract assets 0 0 0 0 0 0 0 0 n.m.
Deferred tax assets 341 359 320 225 255 266 242 242 7.7%
Other assets 5,428 5,777 6,412 5,890 5,649 5,845 6,438 6,431 9.2%
Intangible assets 7,545 7,528 7,634 7,476 7,555 7,582 7,436 7,708 3.1%
Total assets 15,475 15,805 16,545 15,922 15,951 16,188 16,455 16,917 6.3%
Liabilities and equity — — — — — — — — —
Financial liabilites 105 106 116 116 113 116 112 108 -6.4%
Insurance contract liabilities 0 0 0 0 0 0 0 0 n.m.
Reinsurance contract liabilities 0 0 0 0 0 0 0 0 n.m.
Investment contract liabilities 0 0 0 0 0 0 0 0 n.m.
Deferred tax liabilities 122 121 125 133 134 135 134 156 17.1%
Other liabilities 4,894 5,197 5,606 5,419 5,299 5,577 6,021 6,065 11.9%
Total liabilities 5,121 5,424 5,846 5,668 5,546 5,828 6,268 6,329 11.7%
Shareholders' equity 10,246 10,272 10,578 10,131 10,289 10,246 10,074 10,461 3.3%
Non-controlling interests 108 109 120 123 116 114 113 127 3.1%
Total equity 10,354 10,381 10,698 10,254 10,405 10,360 10,187 10,588 3.3%
Total liabilities and equity 15,475 15,805 16,545 15,922 15,951 16,188 16,455 16,917 6.3%
Corporate and Other balance sheet build-up by asset and liability type
EUR million 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 ∆ 31.12.24 / 31.12.23
Assets — — — — — — — — —
Cash and cash equivalents 4,402 3,748 3,765 4,689 4,548 4,922 4,137 5,982 27.6%
Investments 129,022 124,946 127,617 129,335 129,325 126,338 130,329 132,690 2.6%
Financial assets for unit-linked contracts 0 0 0 0 0 0 0 0 n.m.
Insurance contract assets 0 0 0 0 0 0 0 0 n.m.
Reinsurance contract assets 0 0 0 0 0 0 0 0 n.m.
Deferred tax assets 1,595 1,447 1,314 1,575 1,389 1,489 1,404 971 -38.4%
Other assets 8,097 8,822 9,176 10,109 8,011 8,769 9,568 10,418 3.1%
Intangible assets 299 302 294 290 290 290 291 331 13.9%
Total assets 143,414 139,265 142,166 145,998 143,563 141,809 145,729 150,392 3.0%
Liabilities and equity — — — — — — — — —
Financial liabilites (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.) 41,537 42,516 43,660 42,937 42,420 42,704 43,764 44,597 3.9%
Insurance contract liabilities 0 0 0 0 0 0 0 0 n.m.
Reinsurance contract liabilities 0 0 0 0 0 0 0 0 n.m.
Investment contract liabilities 0 0 0 0 0 0 0 0 n.m.
Deferred tax liabilities 430 466 435 396 405 444 478 443 11.9%
Other liabilities 26,560 25,480 27,267 30,614 29,082 29,499 32,120 34,603 13.0%
Total liabilities (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.) 68,527 68,462 71,362 73,946 71,907 72,648 76,361 79,643 7.7%
Shareholders' equity (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.) 74,696 70,616 70,609 71,863 71,388 68,890 69,075 70,455 -2.0%
Non-controlling interests (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.) 191 187 195 189 268 271 293 294 55.6%
Total equity (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.) 74,887 70,803 70,804 72,052 71,656 69,161 69,368 70,749 -1.8%
Total liabilities and equity 143,414 139,265 142,166 145,998 143,563 141,809 145,729 150,392 3.0%
Consolidation time series by asset and liability
EUR million 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 ∆ 31.12.24 / 31.12.23
Assets — — — — — — — — —
Cash and cash equivalents -342 -208 -576 -249 -458 -293 -223 -227 -9.0%
Investments -99,245 -98,735 -98,047 -98,315 -100,477 -100,486 -100,596 -100,941 2.7%
Financial assets for unit-linked contracts 0 0 0 0 0 0 0 0 n.m.
Insurance contract assets 0 0 0 0 0 0 0 0 n.m.
Reinsurance contract assets -19 -10 -27 -51 -100 -75 -101 -142 178.2%
Deferred tax assets -2,651 -2,323 -2,283 -2,175 -2,078 -2,106 -7,449 -9,345 n.m.
Other assets -22,178 -20,911 -23,694 -26,556 -23,403 -25,525 -28,829 -31,329 18.0%
Intangible assets 3 3 3 3 3 3 3 3 -19.1%
Total assets -124,432 -122,184 -124,623 -127,343 -126,513 -128,481 -137,195 -141,983 11.5%
Liabilities and equity — — — — — — — — —
Financial liabilites -6,776 -7,193 -7,703 -7,651 -7,805 -7,583 -7,822 -8,172 6.8%
Insurance contract liabilities -32 -16 -33 -49 -107 -96 -100 -145 199.2%
Reinsurance contract liabilities 0 0 0 0 0 0 0 0 n.m.
Investment contract liabilities 0 0 0 0 0 0 0 0 n.m.
Deferred tax liabilities -2,631 -2,330 -2,290 -2,182 -2,085 -2,113 -7,456 -9,348 n.m.
Other liabilities -22,027 -20,922 -23,683 -26,526 -23,348 -25,470 -28,703 -31,235 17.8%
Total liabilities -31,466 -30,462 -33,709 -36,407 -33,345 -35,262 -44,081 -48,901 34.3%
Shareholders' equity -92,738 -91,493 -90,685 -90,904 -92,948 -92,999 -92,895 -92,862 2.2%
Non-controlling interests -229 -229 -229 -31 -221 -221 -219 -219 n.m.
Total equity -92,966 -91,722 -90,913 -90,936 -93,168 -93,219 -93,114 -93,081 2.4%
Total liabilities and equity -124,432 -122,184 -124,623 -127,343 -126,513 -128,481 -137,195 -141,983 11.5%

Shareholders' Equity

Shareholders' equity rollforward
EUR million Allianz Group
— 4Q 24 12M 24
Opening balance (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).) 57,772 58,239
Total comprehensive income 2,594 9,060
thereof: shareholders' net income 2,472 9,931
Purchase, sale, use and cancellation of treasury shares -90 -1,500
Changes in scope of consolidation 11 23
Changes in ownership interests in subsidiaries 0 0
Capital increases and decreases 0 0
Other changes 0 -14
Dividends paid 0 -5,376
Other distributions 0 -144
Closing balance 60,287 60,287
Shareholders' equity sensitivity by market factor
EUR billion As of 31.12.2024
— Impact S/h equity
Shareholders' equity — 60.3
Equity markets +30% 4% 62.8
Equity markets -30% -5% 57.3
Interest rates +50bps -0% 60.1
Interest rates -50bps 0% 60.5
Credit spread on goverment bonds +50bps -1% 59.4
Credit spread on non-goverment bonds +50bps -1% 59.8

Solvency II

Solvency II ratio rollforward by business unit
EUR billion 4Q 24 12M 24
— Own funds (footnote: Opening balance based on quarterly dividend accrual.) SCR SII ratio / impact (footnote: Opening balance based on quarterly dividend accrual.) Own funds (footnote: Opening balance excluding transitionals. Including the application of transitional measures for technical provisions, Own Funds amounted to EUR 99.7bn and Solvency II capitalization ratio amounted to 229% as of 31.12.2023. As of 30.09.2024 and 31.12.2024, the application of transitional measures for technical provisions had no impact on the Solvency II capitalization ratio.) SCR SII ratio / impact (footnote: Opening balance excluding transitionals. Including the application of transitional measures for technical provisions, Own Funds amounted to EUR 99.7bn and Solvency II capitalization ratio amounted to 229% as of 31.12.2023. As of 30.09.2024 and 31.12.2024, the application of transitional measures for technical provisions had no impact on the Solvency II capitalization ratio.)
Opening balance 94.1 45.0 209% 89.6 43.5 206%
Regulatory / model changes -0.7 -1.3 4%-p -0.8 -1.1 3%-p
Operating SII earnings / business evolution 3.6 0.3 7%-p 15.1 1.2 29%-p
Property-Casualty 2.2 — — 8.4 — —
Life/Health 0.9 — — 5.2 — —
Asset Management 0.9 — — 3.0 — —
Corporate and Other -0.3 — — -1.4 — —
Market impact (footnote: For SCR including cross effects and policyholder participation.) -1.0 0.5 -4%-p -0.0 1.3 -7%-p
Capital management / management actions -2.1 0.3 -6%-p -7.5 -0.3 -15%-p
Tax / other (footnote: Other effects on SCR include diversification effects.) -0.8 -0.1 -1%-p -3.2 0.1 -8%-p
Closing balance 93.2 44.7 209% 93.2 44.7 209%
Solvency II ratio sensitivity by market factor
EUR billion As of 31.12.2024
— Impact SII ratio
Solvency II ratio — 209%
Equity markets +30% 10%-p 219%
Equity markets -30% -12%-p 197%
Equity markets (traded equities only) +30% 4%-p 213%
Equity markets (traded equities only) -30% -3%-p 206%
Interest rates +50bps 2%-p 211%
Interest rates -50bps -4%-p 204%
Credit spread on government bonds +50bps -4%-p 204%
Credit spread on non-government bonds +50bps 1%-p 209%
Combined scenario(footnote: Including cross effects.) (IR -50bps, CS +50bps, EQ -30%) -23%-p 185%

Asset Allocation

Asset allocation by business unit and asset class
EUR billion Property-Casualty Life/Health Asset Management Corporate and Other Consolidation Allianz Group
— 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024
Net cash investments (footnote: Net of liabilities from securities lending and including liabilities from cash pooling.) 8.6 11.4 19.0 20.5 2.2 2.5 -6.0 -8.0 -0.3 0.1 23.5 26.6
Equities excluding affiliates 3.0 4.0 38.8 41.8 0.6 0.7 5.8 2.9 0.0 0.0 48.1 49.4
Equities carried at fair value through P&L (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities, which also resulted in a minor shift within the asset allocation of equities (EUR 0.3bn as of 31.12.2023).) 0.0 0.1 0.0 0.4 0.0 0.0 0.3 0.3 0.0 0.0 0.3 0.8
Equities carried at fair value through OCI (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities, which also resulted in a minor shift within the asset allocation of equities (EUR 0.3bn as of 31.12.2023).) 1.1 1.0 21.6 22.6 0.5 0.7 3.4 2.1 0.0 0.0 26.6 26.3
Equities associates/joint ventures 1.9 3.0 17.2 18.8 0.1 0.1 2.0 0.5 0.0 0.0 21.2 22.3
Debt securities 89.9 92.4 434.1 443.9 0.3 0.4 39.8 45.0 -7.1 -7.6 557.1 574.1
Investment funds 8.0 8.3 64.4 72.9 0.2 0.2 1.0 1.0 0.0 0.0 73.6 82.5
Equity funds 2.7 2.7 25.3 27.7 0.0 0.0 0.8 0.8 0.0 0.0 28.8 31.2
Debt funds 2.9 3.3 19.3 23.6 0.2 0.1 0.1 0.1 0.0 0.0 22.4 27.1
Real estate funds 1.3 1.3 11.9 11.7 0.0 0.0 0.0 0.1 0.0 0.0 13.2 13.0
Other funds 1.1 1.1 7.9 9.9 0.1 0.1 0.0 0.1 0.0 0.0 9.1 11.2
Derivatives (footnote: Net of liabilities.) 0.1 -0.2 4.6 3.6 0.0 0.0 -0.3 0.0 0.5 0.6 4.9 4.0
Other 4.3 4.6 23.7 24.5 0.0 0.0 1.6 1.2 -0.0 0.0 29.6 30.4
Real estate (footnote: Excludes real estate held for own use measured at amortized cost.) 3.8 3.9 20.9 19.6 0.0 0.0 1.1 0.8 -0.0 0.0 25.7 24.3
Fixed assets of alternative investments 0.5 0.5 2.2 2.2 0.0 0.0 0.1 0.2 0.0 0.0 2.9 2.9
Other investments 0.1 0.2 0.7 2.8 0.0 0.0 0.4 0.2 0.0 0.0 1.1 3.2
Group/segment financial assets excluding affiliates 114.0 120.6 584.6 607.3 3.4 3.8 41.9 42.2 -6.9 -6.9 736.8 767.0
Affiliates 10.5 11.5 0.1 0.1 0.0 0.0 80.3 81.5 -90.9 -93.1 0.0 0.0
Group/segment financial assets including affiliates 124.5 132.0 584.7 607.4 3.4 3.8 122.1 123.6 -97.9 -100.0 736.8 767.0

Allianz Group – CSM

CSM build-up by business unit
EUR million Life/Health Property-Casualty Allianz Group (footnote: Life/Health and Property-Casualty figures don't add up due to consolidation effects.)
— 4Q 24 12M 24 4Q 24 12M 24 4Q 24 12M 24
Opening gross CSM 54,150 52,601 1,294 1,239 55,437 53,818
Closing gross CSM (footnote: Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.) 55,571 55,571 1,282 1,282 56,851 56,851
Present value of non-attributable expenses — — — — -7,040 -7,040
Reinsurance — — — — -1,883 -1,883
Non-controlling interests — — — — -1,235 -1,235
Taxes — — — — -12,144 -12,144
Closing net CSM (footnote: Includes net CSM of EUR 0.3bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.) — — — — 34,550 34,550
CSM rollforward by movement
EUR million Life/Health
— 4Q 24 12M 24
Opening gross CSM 54,150 52,601
CSM@inception (footnote: Adjusted by EUR 0.8bn for a fund merger in Italy, for which IFRS prescribes derecognition and re-recognition as new business.) 1,311 5,237
Expected in-force return 817 3,092
Economic variances (incl. F/X) 221 484
Non-economic variances and assumption changes (footnote: Adjusted by EUR 0.8bn for a fund merger in Italy, for which IFRS prescribes derecognition and re-recognition as new business.) 425 -706
CSM release -1,354 -5,137
Closing gross CSM (footnote: Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.) 55,571 55,571
CSM sensitivity to market movements
EUR billion Life/Health
— Impact Gross CSM
Closing gross CSM (footnote: Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.) — 55.6
Equity markets +30% 6% 59.0
Equity markets -30% -7% 51.8
Interest rates +50bps -1% 54.9
Interest rates -50bps 1% 56.1
Credit spread on government bonds +50bps -1% 54.7
Credit spread on non-government bonds +50bps -1% 55.0

Allianz Group

Allianz Group operating profit build-up by quarter
EUR million 1Q 23 2Q 23 3Q 23 4Q 23 2023 1Q 24 2Q 24 3Q 24 4Q 24 2024 ∆ 2024 / 2023
Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income in Property-Casualty, statutory gross premiums in Life/Health, and operating revenues in Asset Management.) 45,966 39,623 36,517 39,595 161,700 48,410 42,635 42,820 45,913 179,778 11.2%
Operating insurance service result — — — — — — — — — — —
Insurance revenue 22,409 22,072 23,022 23,748 91,251 23,438 23,848 24,571 25,819 97,675 7.0%
Claims and benefits -13,722 -13,685 -15,036 -15,597 -58,040 -14,299 -15,149 -15,464 -16,864 -61,775 6.4%
Acquisition and administrative expenses -5,451 -5,572 -5,769 -5,675 -22,466 -5,773 -5,897 -5,931 -6,410 -24,011 6.9%
Reinsurance result -736 -641 -712 -652 -2,742 -810 -827 -1,099 -394 -3,130 14.2%
Other insurance service result -95 149 166 110 330 -11 363 294 86 732 121.9%
Subtotal 2,404 2,323 1,670 1,934 8,332 2,545 2,338 2,371 2,238 9,491 13.9%
Operating investment result — — — — — — — — — — —
Operating net investment income, excluding interest expenses from external debt 7,420 8,174 1,203 9,935 26,732 12,357 6,562 9,835 8,247 37,001 38.4%
Finance income (expenses) from insurance contracts issued (net) -6,670 -7,133 -267 -8,453 -22,523 -11,499 -5,532 -8,573 -6,962 -32,567 44.6%
Finance income (expenses) from reinsurance contracts held (net) 157 143 390 -133 556 173 174 -65 134 416 -25.2%
Subtotal 907 1,184 1,326 1,349 4,765 1,030 1,204 1,197 1,419 4,850 1.8%
Operating result from investment contracts 88 42 60 48 237 54 81 69 80 284 19.6%
Operating fee and commission result 1,810 1,727 1,868 2,233 7,639 1,890 1,879 1,906 2,282 7,957 4.2%
Operating other result -1,478 -1,494 -1,456 -1,800 -6,228 -1,533 -1,577 -1,605 -1,844 -6,559 5.3%
Operating profit 3,731 3,783 3,468 3,765 14,746 3,986 3,926 3,938 4,174 16,023 8.7%
Non-operating items — — — — — — — — — — —
Realized gains/losses (net) -26 -31 -233 -12 -302 -77 -5 -0 -86 -168 -44.5%
Expected credit loss and impairments (net) -180 -84 120 -59 -203 -7 -26 -33 18 -48 -76.1%
Result from assets and liabilities measured at fair value incl. derivatives -195 -254 -91 -434 -974 -1 -78 -123 -25 -227 -76.8%
thereof: Non-operating market movements -177 -202 -33 -367 -780 102 -15 -49 55 92 n.m.
Interest expenses from external debt -142 -150 -165 -175 -631 -183 -182 -192 -204 -762 20.7%
Restructuring and integration expenses -48 -72 -109 -299 -529 -89 -123 -202 -254 -669 26.5%
Amortization of intangible assets -75 -74 -72 -77 -298 -67 -68 -73 -74 -282 -5.3%
thereof: Amortization of intangible assets from business combinations -27 -26 -25 -26 -105 -24 -25 -28 -26 -102 -3.0%
Other (footnote: Including hyperinflation result and tax reclassifications from the Life/Health segment.) -150 -97 -115 134 -227 -68 40 207 -31 149 n.m.
Subtotal -816 -761 -665 -922 -3,164 -493 -441 -417 -655 -2,007 -36.6%
Income (loss) before income taxes 2,915 3,021 2,803 2,843 11,582 3,493 3,484 3,521 3,518 14,016 21.0%
Income taxes -755 -535 -673 -587 -2,550 -861 -823 -910 -883 -3,476 36.3%
Net income (loss) 2,160 2,486 2,130 2,255 9,032 2,631 2,661 2,611 2,636 10,540 16.7%
Net income (loss) attributable to: — — — — — — — — — — —
Non-controlling interests 128 150 108 104 491 156 149 141 163 609 24.0%
Shareholders 2,032 2,337 2,021 2,151 8,541 2,475 2,513 2,471 2,472 9,931 16.3%
Income (loss) before income taxes 2,915 3,021 2,803 2,843 11,582 3,493 3,484 3,521 3,518 14,016 21.0%
Adjustment for non-operating market movements 177 202 33 367 780 -102 15 49 -55 -92 n.m.
Adjustment for amortization of intangible assets from business combinations 27 26 25 26 105 24 25 28 26 102 -3.0%
Core income (loss) before income taxes 3,119 3,250 2,862 3,236 12,466 3,414 3,524 3,598 3,490 14,026 12.5%
Income taxes related to core income -806 -580 -675 -657 -2,717 -881 -835 -924 -882 -3,521 29.6%
Core net income (loss) 2,313 2,670 2,186 2,579 9,749 2,533 2,690 2,674 2,608 10,505 7.7%
thereof: Shareholders' core net income (loss) 2,173 2,517 2,060 2,351 9,101 2,513 2,536 2,534 2,434 10,017 10.1%
Core return on equity(footnote: For prior year periods, the core return on equity for the respective full year is shown. For current year periods the latest year-to-date core return on equity is shown. In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Due to adjustment of prior periods comparative figures for the balance sheet, the core RoE changed by +0.1%-p compared to the published figure as of 31.12.2023.) (in %) 16.1 16.1 16.1 16.1 16.1 16.9 16.9 16.9 16.9 16.9 0.8%-p
Average shareholders' equity(footnote: Shareholders‘ equity excluding undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses. In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Due to an adjustment of prior periods comparative figures for the balance sheet, the average shareholders' equity used for core RoE calculation changed compared to the published figure as of 31.12.2023.) used for core RoE calculation n.m. n.m. n.m n.m. 55,727 n.m. n.m. n.m. n.m. 58,544 5.1%

Allianz Group – EPS

EPS build-up by quarter
EUR million 1Q 23 2Q 23 3Q 23 4Q 23 2023 1Q 24 2Q 24 3Q 24 4Q 24 2024 ∆ 2024 / 2023
Number of shares issued - end of period 403,313,996 403,313,996 403,313,996 391,718,983 391,718,983 391,718,983 391,718,983 391,718,983 386,166,676 386,166,676 -1.4%
Number of shares outstanding - end of period 398,376,657 396,604,383 393,407,097 391,458,589 391,458,589 390,785,989 387,986,127 386,211,294 385,919,437 385,919,437 -1.4%
Weighted average number of shares outstanding - basic 399,985,391 397,987,832 395,043,792 391,845,447 396,190,104 391,366,716 389,341,572 387,329,274 385,853,086 388,462,381 -2.0%
Potentially dilutive shares 133,708 435,863 110,503 147,372 125,880 219,181 1,557,024 63,050 1,954,385 120,869 -4.0%
Weighted average number of shares outstanding - diluted 400,119,099 398,423,694 395,154,296 391,992,819 396,315,983 391,585,898 390,898,596 387,392,324 387,807,471 388,583,250 -2.0%
Net income attributable to shareholders - basic (footnote: Adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity.) 2,032 2,195 2,021 2,151 8,399 2,475 2,369 2,471 2,472 9,788 16.5%
Effect of dilution -2 -5 -6 -6 -6 -3 -1 -1 9 -5 -22.6%
Net income attributable to shareholders - diluted 2,030 2,190 2,015 2,145 8,393 2,472 2,368 2,470 2,482 9,783 16.6%
EPS basic (EUR) 5.08 5.52 5.12 5.49 21.20 6.32 6.09 6.38 6.41 25.20 18.8%
EPS diluted (EUR) 5.07 5.50 5.10 5.47 21.18 6.31 6.06 6.38 6.40 25.18 18.9%
Shareholders' core net income - basic (footnote: Adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity.) 2,173 2,375 2,060 2,351 8,959 2,513 2,393 2,534 2,434 9,874 10.2%
Effect of dilution -2 -5 -6 -6 -6 -3 -1 -1 9 -5 -22.6%
Shareholders' core net income - diluted 2,171 2,371 2,054 2,345 8,953 2,510 2,392 2,533 2,443 9,869 10.2%
Core EPS basic (EUR) 5.43 5.97 5.22 6.00 22.61 6.42 6.15 6.54 6.31 25.42 12.4%
Core EPS diluted (EUR) 5.43 5.95 5.20 5.98 22.59 6.41 6.12 6.54 6.30 25.40 12.4%

Property-Casualty

Property-Casualty operating profit build-up by quarter
EUR million 1Q 23 2Q 23 3Q 23 4Q 23 2023 1Q 24 2Q 24 3Q 24 4Q 24 2024 ∆ 2024 / 2023
Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.) 24,108 17,621 17,200 17,603 76,531 25,488 19,278 18,583 19,534 82,883 8.3%
Operating insurance service result — — — — — — — — — — —
Insurance revenue 16,428 16,910 17,488 17,931 68,757 17,680 18,436 18,907 19,596 74,619 8.5%
Claims and benefits -10,252 -10,863 -11,752 -12,155 -45,021 -11,214 -11,981 -12,092 -13,485 -48,771 8.3%
Acquisition and administrative expenses -4,088 -4,188 -4,397 -4,220 -16,893 -4,353 -4,469 -4,486 -4,715 -18,022 6.7%
Reinsurance result -753 -542 -671 -643 -2,608 -680 -783 -1,098 -365 -2,927 12.2%
Other insurance service result 2 1 -8 12 7 -0 0 3 6 10 38.5%
Subtotal 1,336 1,320 660 926 4,242 1,433 1,203 1,234 1,038 4,908 15.7%
Operating investment result — — — — — — — — — — —
Interest and similar income (footnote: Net of interest expenses.) 945 1,067 1,063 1,085 4,160 1,162 1,290 1,223 1,305 4,980 19.7%
Interest accretion -218 -183 -139 -124 -664 -362 -346 -225 -225 -1,159 74.5%
Valuation result & other (footnote: Other comprises realized gains/losses, investment expenses, F/X gains/losses on insurance assets/liabilities and other.) -196 -176 -122 -254 -748 -168 -218 -250 -175 -811 8.4%
thereof: Investment expenses -120 -112 -112 -146 -490 -133 -130 -136 -139 -539 9.9%
Subtotal 532 708 802 706 2,748 632 725 748 905 3,011 9.6%
Operating fee and commission result 6 -30 -13 24 -13 15 4 5 36 59 n.m.
Operating other result -2 -15 -2 -48 -68 -13 -17 -18 -31 -79 17.1%
Operating profit 1,872 1,983 1,446 1,608 6,909 2,066 1,915 1,969 1,948 7,898 14.3%
Non-operating items — — — — — — — — — — —
Realized gains/losses (net) -11 -9 -119 10 -129 -36 27 -2 -57 -68 -47.2%
Expected credit loss and impairments (net) 5 -66 -15 -38 -114 -2 -27 -24 24 -29 -74.4%
Result from assets and liabilities measured at fair value incl. derivatives -92 -62 -32 -136 -322 20 -8 -16 36 32 n.m.
thereof: Non-operating market movements -54 -51 -22 -119 -246 25 1 -6 27 47 n.m.
Restructuring and integration expenses -35 -53 -88 -91 -267 -54 -53 -145 -135 -387 44.9%
Amortization of intangible assets -48 -49 -47 -51 -196 -46 -47 -52 -52 -196 -0.1%
thereof: Amortization of intangible assets from business combinations -21 -20 -20 -20 -80 -18 -19 -22 -19 -77 -3.8%
Other (footnote: Including hyperinflation result.) -59 -12 -80 5 -146 -97 -51 113 -283 -318 117.9%
Subtotal -241 -251 -380 -301 -1,173 -214 -160 -125 -467 -966 -17.6%
Income (loss) before income taxes 1,631 1,731 1,067 1,306 5,736 1,852 1,755 1,844 1,481 6,932 20.9%
Income taxes -444 -415 -294 -308 -1,462 -445 -415 -430 -400 -1,691 15.6%
Net income (loss) 1,187 1,316 773 998 4,274 1,407 1,340 1,415 1,080 5,241 22.6%
Net income (loss) attributable to: — — — — — — — — — — —
Non-controlling interests 33 38 19 29 120 36 41 28 39 144 20.5%
Shareholders 1,154 1,278 753 969 4,154 1,371 1,299 1,387 1,041 5,097 22.7%
Income (loss) before income taxes 1,631 1,731 1,067 1,306 5,736 1,852 1,755 1,844 1,481 6,932 20.9%
Adjustment for non-operating market movements 54 51 22 119 246 -25 -1 6 -27 -47 n.m.
Adjustment for amortization of intangible assets from business combinations 21 20 20 20 80 18 19 22 19 77 -3.8%
Core income (loss) before income taxes 1,706 1,803 1,108 1,445 6,062 1,845 1,773 1,872 1,473 6,962 14.9%
Income taxes related to core income -459 -422 -284 -348 -1,513 -448 -417 -423 -400 -1,688 11.6%
Core net income (loss) 1,247 1,381 824 1,097 4,549 1,397 1,356 1,449 1,072 5,274 15.9%
thereof: Shareholders' core net income (loss) 1,214 1,342 801 1,064 4,421 1,360 1,313 1,420 1,026 5,119 15.8%
Loss ratio(footnote: Reinsurance ratio: 1.9% in 4Q 24 (4Q 23: 3.6%), 3.9% in 12M 24 (12M 23: 3.8%).) (in %) 67.0 67.4 71.0 71.4 69.3 67.3 69.2 69.8 70.7 69.3 0.0%-p
Attritional loss ratio (in %) 68.3 68.8 68.0 71.3 69.1 68.1 69.6 69.3 69.0 69.0 -0.1%-p
thereof: discounting impact (in %) -3.5 -2.7 -2.9 -2.5 -2.9 -3.6 -2.8 -2.4 -2.4 -2.8 0.1%-p
NatCat impact (in %) 0.7 0.9 7.3 4.2 3.4 0.4 3.5 3.4 2.1 2.4 -1.0%-p
Run-off ratio (in %) -2.0 -2.3 -4.3 -4.2 -3.2 -1.2 -3.8 -3.0 -0.4 -2.1 1.1%-p
Expense ratio (in %) 24.9 24.8 25.1 23.5 24.6 24.6 24.2 23.7 24.1 24.2 -0.4%-p
Combined ratio (in %) 91.9 92.2 96.2 94.9 93.8 91.9 93.5 93.5 94.7 93.4 -0.4%-p
Core return on equity(footnote: For prior year periods, the core return on equity for the respective full year is shown. For current year periods the latest year-to-date core return on equity is shown.) (in %) 12.6 12.6 12.6 12.6 12.6 13.5 13.5 13.5 13.5 13.5 0.9%-p
Risk adjustment (net of reinsurance) (footnote: Refers to liability of incurred claims (LIC), not directly related to the loss ratio.) 1,528 1,538 1,460 1,469 1,469 1,472 1,460 1,501 1,499 1,499 2.1%

P&C by Region YTD

Property-Casualty key performance indicators by region, YTD
EUR million Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.) Insurance revenue Operating profit (loss) Combined ratio Loss ratio Expense ratio
Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.)
12M 23 12M 24 12M 23 12M 24 12M 23 12M 24 12M 23 12M 24 12M 23 12M 24 12M 23 12M 24
— EUR mn % EUR mn %
Germany 12,400 13,399 8.1 11,650 12,596 1,167 1,376 93.9 93.0 69.2 68.6 24.7 24.5
Switzerland 2,101 2,214 2.2 2,076 2,182 275 293 89.8 90.0 66.8 67.3 23.0 22.7
Central Europe 4,337 4,570 6.1 4,142 4,414 572 565 88.8 89.6 62.3 63.3 26.5 26.3
German Speaking Countries and Central Europe 18,837 20,182 7.0 17,868 19,192 2,013 2,234 92.2 91.9 67.3 67.2 24.9 24.7
Italy 4,658 5,481 8.6 4,428 5,285 521 652 91.7 90.8 64.9 63.5 26.8 27.3
France 4,723 5,107 8.1 4,656 5,019 528 527 93.8 93.6 70.0 70.2 23.8 23.4
Benelux 1,406 1,486 5.7 1,403 1,483 181 150 92.5 93.6 65.9 66.5 26.6 27.1
Türkiye 1,419 2,224 76.4 1,046 1,714 202 385 107.0 103.0 87.7 83.5 19.3 19.5
Greece 283 299 5.6 255 272 26 24 93.2 94.7 60.1 63.0 33.2 31.7
Allianz Partners 9,272 10,076 3.1 6,417 7,138 301 333 96.2 97.1 66.5 69.9 29.7 27.1
Allianz Direct 1,087 1,253 12.2 995 1,079 33 50 99.3 97.4 85.1 81.6 14.2 15.7
Western & Southern Europe, Allianz Direct and Allianz Partners 22,847 25,926 10.5 19,199 21,991 1,792 2,122 95.0 95.0 69.0 69.7 26.1 25.2
Asia Pacific 1,809 2,013 13.9 1,767 1,969 162 175 97.1 97.7 65.8 67.1 31.3 30.6
Australia 4,523 5,040 12.1 4,137 4,679 213 514 97.5 91.2 74.9 68.7 22.6 22.5
Asia Pacific 6,332 7,053 12.6 5,904 6,648 376 689 97.3 93.1 72.2 68.3 25.2 24.9
AGCS 12,245 12,141 -0.8 11,091 11,222 953 825 94.5 95.6 73.8 76.4 20.7 19.2
thereof: AGCS excluding fronting & captives (footnote: Internal growth exlcudes Arch transaction.) 8,732 7,880 -3.0 7,386 7,026 953 825 91.7 92.9 68.4 70.9 23.4 22.0
Reinsurance P/C and Other 4,474 5,739 29.1 3,031 3,620 194 191 95.9 97.3 92.1 94.0 3.8 3.3
Allianz Trade 3,884 3,966 1.3 3,191 3,242 666 668 82.4 82.9 55.2 55.8 27.3 27.1
United Kingdom 5,093 5,506 5.4 4,816 5,235 278 434 97.0 95.0 75.2 71.7 21.8 23.2
Ireland 675 801 18.6 649 747 106 127 85.7 86.4 61.6 62.5 24.1 23.8
Spain 2,798 3,114 11.3 2,678 2,969 174 163 95.3 96.5 73.1 74.1 22.3 22.4
Portugal 543 607 11.8 529 585 58 60 90.1 90.5 68.2 68.4 21.9 22.2
Latin America 2,776 2,984 14.7 2,665 2,839 249 328 99.4 96.1 75.4 70.5 23.9 25.6
Africa 248 n.m. n.m. 211 n.m. 25 45 97.2 n.m. 63.5 n.m. 33.6 n.m.
Middle East 292 36 -29.7 235 56 24 n.m. 97.1 101.9 78.4 81.8 18.7 20.2
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Africa 33,028 34,894 7.5 29,096 30,516 2,728 2,841 94.0 94.2 73.6 74.2 20.5 19.9
Consolidation (footnote: Represents elimination of transactions between Allianz Group entities in different geographic regions.) -4,512 -5,173 n.m. -3,311 -3,728 n.m. 12 n.m. n.m. n.m. n.m. n.m. n.m.
Total 76,531 82,883 8.2 68,757 74,619 6,909 7,898 93.8 93.4 69.3 69.3 24.6 24.2

P&C by Region QTD

Property-Casualty key performance indicators by region, QTD
EUR million Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.) Insurance revenue Operating profit (loss) Combined ratio Loss ratio Expense ratio
Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.)
4Q 23 4Q 24 4Q 23 4Q 24 4Q 23 4Q 24 4Q 23 4Q 24 4Q 23 4Q 24 4Q 23 4Q 24
— EUR mn % EUR mn %
Germany 2,368 2,614 10.4 2,958 3,215 328 442 93.0 90.4 67.7 65.3 25.3 25.1
Switzerland 254 251 -3.4 526 547 45 56 92.9 93.2 70.1 70.0 22.9 23.1
Central Europe 1,027 1,083 6.2 1,063 1,123 179 174 83.5 87.3 61.1 60.4 22.3 26.9
German Speaking Countries and Central Europe 3,650 3,948 8.3 4,547 4,885 553 672 90.8 90.0 66.4 64.7 24.3 25.3
Italy 1,465 1,658 6.7 1,150 1,376 153 162 90.5 92.4 64.0 64.5 26.6 27.9
France 1,009 1,147 13.7 1,161 1,298 118 96 95.7 98.8 72.1 75.5 23.7 23.3
Benelux 279 287 3.0 362 378 21 29 99.9 93.3 73.5 65.1 26.3 28.2
Türkiye 357 788 148.1 237 552 46 114 111.2 107.1 93.1 88.1 18.1 19.0
Greece 81 86 6.9 68 70 14 7 82.6 94.6 52.3 64.2 30.3 30.4
Allianz Partners 1,948 2,321 13.6 1,555 1,882 52 70 98.5 99.2 66.9 73.2 31.6 26.0
Allianz Direct 343 312 -11.5 251 276 18 30 99.3 93.5 84.6 77.3 14.7 16.2
Western & Southern Europe, Allianz Direct and Allianz Partners 5,481 6,600 18.3 4,785 5,834 422 508 96.5 97.5 70.0 72.6 26.5 24.9
Asia Pacific 438 522 17.3 479 567 44 46 98.0 98.9 67.1 64.6 30.9 34.3
Australia 1,136 1,263 10.0 1,059 1,241 -15 108 104.3 93.5 81.9 70.4 22.5 23.1
Asia Pacific 1,574 1,786 12.0 1,538 1,807 29 155 102.4 95.2 77.3 68.6 25.1 26.6
AGCS 2,806 2,912 3.3 2,984 3,078 185 148 96.4 98.0 76.6 80.5 19.8 17.5
thereof: AGCS excluding fronting & captives (footnote: Internal growth exlcudes Arch transaction.) 2,211 1,765 -7.0 1,944 1,611 185 148 94.5 96.3 71.8 75.0 22.7 21.2
Reinsurance P/C and Other 825 1,147 40.0 874 1,012 74 55 94.2 97.9 90.7 94.7 3.5 3.2
Allianz Trade 902 910 0.9 1,060 815 126 146 91.0 85.3 70.6 58.4 20.4 26.9
United Kingdom 1,242 1,331 3.1 1,243 1,358 60 95 98.0 97.4 76.0 72.3 22.0 25.2
Ireland 163 188 15.2 175 199 27 25 86.6 91.4 63.8 67.1 22.8 24.2
Spain 707 789 11.6 687 772 40 1 96.5 101.8 74.4 78.7 22.1 23.1
Portugal 113 125 10.5 137 152 12 15 91.8 91.1 70.2 68.6 21.5 22.5
Latin America 650 805 42.6 631 718 41 60 101.3 99.1 77.1 72.2 24.2 26.9
Africa n.m. n.m. n.m. n.m. n.m. n.m. 13 n.m. n.m. n.m. n.m. n.m. n.m.
Middle East 58 n.m. n.m. 51 n.m. 1 n.m. 103.6 n.m. 84.8 n.m. 18.7 n.m.
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Africa 7,467 8,208 11.7 7,843 8,105 567 558 95.8 96.8 76.8 77.2 19.1 19.6
Consolidation (footnote: Represents elimination of transactions between Allianz Group entities in different geographic regions.) -569 -1,007 n.m. -782 -1,035 36 56 n.m. n.m. n.m. n.m. n.m. n.m.
Total 17,603 19,534 10.9 17,931 19,596 1,608 1,948 94.9 94.7 71.4 70.7 23.5 24.1

P&C by Customer Segment YTD

Property-Casualty key performance indicators by customer segment, YTD
EUR million Property-Casualty Retail lines (footnote: Retail including SME and Fleet.) Commercial lines (footnote: Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.) Not allocated
— 12M 23 12M 24 12M 23 12M 24 12M 23 12M 24 12M 23 12M 24
Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.) 76,531 82,883 45,901 50,229 30,329 32,711 301 -58
Insurance revenue 68,757 74,619 42,181 46,219 26,176 28,209 400 191
in % — — — — — — — —
Combined ratio 93.8 93.4 95.8 94.1 90.5 92.2 — —
Loss ratio 69.3 69.3 69.3 67.9 69.0 71.5 — —
Expense ratio 24.6 24.2 26.4 26.3 21.5 20.7 — —

P&C by Customer Segment QTD

Property-Casualty key performance indicators by customer segment, QTD
EUR million Property-Casualty Retail lines (footnote: Retail including SME and Fleet.) Commercial lines (footnote: Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.) Not allocated
— 4Q 23 4Q 24 4Q 23 4Q 24 4Q 23 4Q 24 4Q 23 4Q 24
Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.) 17,603 19,534 10,962 12,132 6,477 7,395 164 7
Insurance revenue 17,931 19,596 10,783 11,930 7,047 7,631 102 35
in % — — — — — — — —
Combined ratio 94.9 94.7 96.3 94.0 92.9 96.6 — —
Loss ratio 71.4 70.7 70.1 66.8 72.8 76.8 — —
Expense ratio 23.5 24.1 26.2 27.2 20.2 19.8 — —

Life & Health

Life and health income statement build-up
EUR million 1Q 23 2Q 23 3Q 23 4Q 23 2023 1Q 24 2Q 24 3Q 24 4Q 24 2024 ∆ 2024 / 2023
Total business volume (footnote: Total business volume comprises statutory gross premiums.) 20,114 20,296 17,495 19,973 77,878 21,104 21,547 22,389 24,277 89,317 14.7%
Release CSM 1,215 1,245 1,252 1,254 4,967 1,276 1,241 1,267 1,354 5,137 3.4%
Release risk adjustment 129 128 132 123 512 120 123 121 125 488 -4.6%
Variances from claims and expenses (footnote: Including reinsurance result.) -62 -96 -122 -100 -380 -37 16 12 65 56 n.m.
Losses on onerous contracts 18 -13 -18 -4 -17 -6 4 -18 -20 -41 139.6%
Non-attributable expenses -250 -274 -248 -295 -1,067 -268 -262 -274 -337 -1,141 6.9%
Operating investment result 190 162 240 299 890 164 165 182 151 662 -25.6%
Other operating result 81 49 73 85 288 79 92 86 86 343 19.2%
Operating profit 1,320 1,202 1,308 1,362 5,191 1,327 1,379 1,376 1,424 5,505 6.0%
Non-operating items — — — — — — — — — — —
Realized gains/losses (net) -2 -11 -111 -8 -133 -48 -40 0 -32 -120 -9.4%
Expected credit loss and impairments (net) -161 -0 141 -3 -23 -3 5 -0 9 11 n.m.
Result from assets and liabilities measured at fair value incl. derivatives 66 -27 -0 -37 3 -51 -17 29 -9 -47 n.m.
thereof: Non-operating market movements 30 -14 13 -26 2 -40 -4 41 4 0 -99.7%
Restructuring and integration expenses -8 -12 -15 -40 -75 -3 -13 -10 -30 -55 -26.5%
Amortization of intangible assets -17 -17 -17 -16 -68 -17 -17 -17 -17 -68 -0.2%
thereof: Amortization of intangible assets from business combinations -3 -3 -3 -3 -11 -3 -3 -3 -3 -11 -1.1%
Other (including tax reclassifications) (footnote: Including hyperinflation result.) -82 -71 -36 45 -145 25 93 90 -45 163 n.m.
Subtotal -204 -139 -39 -60 -441 -98 12 92 -124 -117 -73.6%
Income (loss) before income taxes 1,115 1,063 1,270 1,302 4,750 1,229 1,391 1,468 1,300 5,388 13.4%
Income taxes -275 -165 -299 -223 -962 -285 -360 -354 -301 -1,300 35.2%
Net income (loss) 840 898 971 1,079 3,788 944 1,031 1,114 999 4,088 7.9%
Net income (loss) attributable to: — — — — — — — — — — —
Non-controlling interests 55 43 38 63 200 -7 60 60 63 176 -11.8%
Shareholders 785 855 933 1,016 3,589 951 971 1,053 936 3,912 9.0%
Income (loss) before income taxes 1,115 1,063 1,270 1,302 4,750 1,229 1,391 1,468 1,300 5,388 13.4%
Adjustment for non-operating market movements -30 14 -13 26 -2 40 4 -41 -4 -0 -99.7%
Adjustment for amortization of intangible assets from business combinations 3 3 3 3 11 3 3 3 3 11 -1.1%
Core income (loss) before income taxes 1,089 1,080 1,259 1,332 4,760 1,272 1,398 1,430 1,300 5,400 13.4%
Income taxes related to core income -267 -172 -297 -229 -965 -294 -362 -347 -300 -1,303 35.0%
Core net income (loss) 822 908 963 1,102 3,795 978 1,036 1,083 1,000 4,097 8.0%
thereof: Shareholders' core net income (loss) 766 873 924 1,033 3,595 983 974 1,024 935 3,917 9.0%
Core return on equity(footnote: For prior year periods, the core return on equity for the respective full year is shown. For current year periods the latest year-to-date core return on equity is shown.) (in %) 16.3 16.3 16.3 16.3 16.3 16.3 16.3 16.3 16.3 16.3 0.0%-p
Operating asset base (in EUR bn) (footnote: Includes EUR 30bn operating asset base as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in 3Q 24.) 714.9 717.9 703.3 737.4 737.4 750.4 749.3 770.9 783.5 783.5 6.2%
Net flows(footnote: From 1Q 24 our net flows definition was changed to reflect customer net flows only, which represent the difference between total business volume and policyholder claims on a gross basis. For prior periods, net flows are in line with the previously used definition and published figures.) (in EUR bn) -0.4 0.6 -2.1 -3.2 -5.0 -0.1 0.8 2.2 1.8 4.7 n.m.
Risk adjustment (gross of reinsurance) (footnote: Refers to liability for remaining coverage (LRC). Includes EUR 43mn risk adjustment as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in 3Q 24.) 5,170 5,227 4,907 4,647 4,647 4,714 4,746 4,748 4,928 4,928 6.0%

L&H New Business YTD

Life and health new business by region, YTD
EUR million Present value of new business premiums New business margin Value of new business
12M 23 12M 24 12M 23 12M 24 12M 23 12M 24
— EUR mn % EUR mn
Germany Life 13,944 18,614 5.5 4.7 762 884
Germany Health 2,683 3,609 5.5 5.7 147 206
Switzerland 823 840 5.2 4.8 43 40
Central Europe 1,480 1,633 9.6 9.9 142 162
German Speaking Countries and Central Europe 18,931 24,697 5.8 5.2 1,094 1,292
Italy 12,039 14,099 3.8 3.6 458 513
France 5,912 6,665 4.9 4.6 289 305
Benelux 1,699 2,164 3.4 4.2 58 90
Türkiye 1,174 1,696 7.0 7.0 82 118
Greece 74 86 3.9 2.5 3 2
Western & Southern Europe 20,898 24,709 4.3 4.2 890 1,029
Asia Pacific 5,818 7,185 9.2 9.8 538 707
USA 18,323 21,843 6.1 6.1 1,125 1,337
Reinsurance L/H 2,078 1,687 5.3 8.1 110 137
Spain 411 574 4.9 3.6 20 20
Portugal 128 192 33.9 14.8 43 28
Latin America 967 1,063 15.6 13.4 151 143
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Africa 3,712 3,516 9.1 9.4 338 329
Consolidation and Other -401 -123 n.m. n.m. n.m. n.m.
Total 67,281 81,827 5.9 5.7 3,985 4,694
Life and health new business build-up
EUR million 12M 23 12M 24
Value of new business 3,985 4,694
Non-attributable expenses 637 693
Scope / Other -107 -150
CSM@inception (footnote: Adjusted by EUR 0.8bn for a fund merger in Italy in 4Q 24, for which IFRS prescribes derecognition and re-recognition as new business.) 4,515 5,237

L&H New Business QTD

Life and health new business by region, QTD
EUR million Present value of new business premiums New business margin Value of new business
4Q 23 4Q 24 4Q 23 4Q 24 4Q 23 4Q 24
— EUR mn % EUR mn
Germany Life 3,739 5,786 4.8 4.5 181 259
Germany Health 629 1,044 5.7 5.9 36 62
Switzerland 193 161 4.9 5.2 10 8
Central Europe 408 456 9.2 9.2 37 42
German Speaking Countries and Central Europe 4,969 7,447 5.3 5.0 263 371
Italy 3,515 3,997 4.4 3.7 155 149
France 731 1,039 6.8 4.8 50 50
Benelux 441 555 3.3 4.4 14 24
Türkiye 345 517 8.2 6.7 28 35
Greece 23 27 3.0 2.8 1 1
Western & Southern Europe 5,056 6,136 4.9 4.2 249 258
Asia Pacific 1,416 1,836 10.9 10.2 154 187
USA 4,663 5,224 5.6 5.6 262 292
Reinsurance L/H 209 47 0.5 9.5 1 4
Spain 185 175 3.3 3.9 6 7
Portugal 45 80 30.3 8.8 14 7
Latin America 278 296 15.3 10.0 42 30
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Africa 717 598 8.8 8.0 63 48
Consolidation and Other -108 -33 n.m. n.m. n.m. n.m.
Total 16,713 21,207 5.9 5.5 991 1,156
Life and health new business build-up, QTD
EUR million 4Q 23 4Q 24
Value of new business 991 1,156
Non-attributable expenses 147 184
Scope / Other -57 -29
CSM@inception (footnote: Adjusted by EUR 0.8bn for a fund merger in Italy in 4Q 24, for which IFRS prescribes derecognition and re-recognition as new business.) 1,081 1,311

L&H by Region YTD

Life and health key figures by region, YTD
EUR million Total business volume (footnote: Total business volume comprises statutory gross premiums.) Insurance revenue Operating profit (loss) Contractual service margin (footnote: Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.)
Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.)
12M 23 12M 24 12M 23 12M 24 12M 23 12M 24 31.12.2023 31.12.2024
— EUR mn % EUR mn
Germany Life 21,915 24,421 11.4 5,485 5,349 1,079 1,184 16,213 15,840
Germany Health 4,150 4,322 4.1 4,108 4,386 210 244 6,337 7,379
Switzerland 1,700 1,697 -3.2 491 491 116 120 1,799 1,838
Central Europe 2,106 2,118 1.9 963 1,044 454 517 1,921 2,002
German Speaking Countries and Central Europe 29,872 32,559 8.9 11,047 11,271 1,859 2,065 26,270 27,059
Italy 11,229 13,257 18.1 1,172 1,421 559 585 3,260 3,532
France 7,167 8,003 11.7 4,023 3,888 658 625 4,585 4,306
Benelux 2,023 2,424 19.8 371 441 157 151 866 981
Türkiye 852 1,474 94.7 94 165 110 180 82 105
Greece 171 157 -8.3 142 114 2 3 47 54
Western & Southern Europe 21,442 25,315 18.9 5,802 6,029 1,487 1,544 8,841 8,977
Asia Pacific 5,872 6,795 18.7 2,224 2,311 589 620 4,666 5,306
USA 18,310 22,383 22.3 2,291 2,666 1,088 1,076 11,705 13,169
Reinsurance L/H 934 578 19.1 767 505 37 39 697 663
Spain 436 618 41.7 290 294 59 65 440 417
Portugal 119 182 52.9 81 77 19 15 1 1
Latin America 814 1,017 28.9 118 127 76 93 116 112
Africa 92 n.m. n.m. 67 n.m. -4 24 n.m. n.m.
Middle East 187 5 -5.5 112 3 30 n.m. n.m. n.m.
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Africa 2,582 2,400 30.8 1,436 1,007 218 236 1,254 1,192
Consolidation and Other (footnote: Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.) -200 -135 n.m. -219 -145 -49 -35 -136 -132
Total 77,878 89,317 16.3 22,580 23,138 5,191 5,505 52,601 55,571

L&H by Region QTD

Life and health key figures by region, QTD
EUR million Total business volume (footnote: Total business volume comprises statutory gross premiums.) Insurance revenue Operating profit (loss) Contractual service margin (footnote: Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.)
Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.)
4Q 23 4Q 24 4Q 23 4Q 24 4Q 23 4Q 24 31.12.2023 31.12.2024
— EUR mn % EUR mn
Germany Life 5,160 7,358 42.6 1,551 1,601 289 328 16,213 15,840
Germany Health 1,041 1,087 4.5 1,049 1,137 66 81 6,337 7,379
Switzerland 288 261 -11.1 128 129 32 33 1,799 1,838
Central Europe 546 551 1.0 247 276 97 128 1,921 2,002
German Speaking Countries and Central Europe 7,035 9,257 31.5 2,976 3,144 484 570 26,270 27,059
Italy 3,380 3,809 12.7 313 469 169 132 3,260 3,532
France 2,001 2,101 5.0 977 904 133 151 4,585 4,306
Benelux 554 696 25.7 103 121 54 37 866 981
Türkiye 213 511 168.9 24 52 26 56 82 105
Greece 49 43 -12.1 44 30 -1 -0 47 54
Western & Southern Europe 6,198 7,161 16.5 1,460 1,576 380 376 8,841 8,977
Asia Pacific 1,434 1,794 23.5 578 614 141 164 4,666 5,306
USA 4,600 5,417 16.8 545 717 299 250 11,705 13,169
Reinsurance L/H 258 143 21.7 238 110 15 14 697 663
Spain 178 191 7.4 69 76 21 19 440 417
Portugal 47 76 61.9 20 19 5 3 1 1
Latin America 263 261 12.5 35 33 24 23 116 112
Africa n.m. n.m. n.m. n.m. n.m. n.m. 4 n.m. n.m.
Middle East 5 n.m. n.m. 9 n.m. n.m. n.m. n.m. n.m.
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Africa 751 671 16.6 369 239 64 63 1,254 1,192
Consolidation and Other (footnote: Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.) -45 -25 n.m. -76 -25 -6 -0 -136 -132
Total 19,973 24,277 22.6 5,853 6,264 1,362 1,424 52,601 55,571

L&H Details YTD

Life and health key figures by product type, YTD
EUR million Life/Health segment Capital-efficient products Unit-linked without guarantees Protection & health Guaranteed savings & annuities
— 12M 23 12M 24 12M 23 12M 24 12M 23 12M 24 12M 23 12M 24 12M 23 12M 24
Release CSM 4,967 5,137 1,405 1,602 575 619 1,561 1,537 1,426 1,378
Release risk adjustment 512 488 100 104 62 70 234 212 116 102
Variances from claims and expenses (footnote: Including reinsurance result.) -380 56 -37 49 -36 -15 -245 -18 -63 40
Losses on onerous contracts -17 -41 12 -1 -4 1 -14 -37 -10 -4
Non-attributable expenses -1,067 -1,141 -251 -289 -87 -96 -315 -350 -415 -405
Operating investment result 890 662 268 80 72 80 91 45 459 456
Other operating result 288 343 64 22 188 292 -4 -7 40 36
Operating profit 5,191 5,505 1,562 1,567 770 952 1,307 1,382 1,553 1,604
Total business volume (footnote: Total business volume comprises statutory gross premiums.) 77,878 89,317 33,330 40,884 16,044 19,922 14,856 15,319 13,648 13,191
Insurance revenue 22,580 23,138 2,965 3,433 1,545 1,577 12,467 12,820 5,603 5,307
Contractual service margin (gross) (footnote: Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.) 52,601 55,571 15,674 17,190 5,376 6,045 16,307 17,388 15,244 14,948
PVFCF (footnote: Refers to liability for remaining coverage (LRC). Includes PVFCF of EUR 21bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.) 614,573 649,968 207,537 234,052 74,033 83,794 44,579 46,648 288,425 285,474
Present value of new business premiums 67,281 81,827 30,702 40,403 16,806 19,478 14,496 16,072 5,277 5,874
New business margin (in %) 5.9 5.7 5.8 5.2 4.4 4.2 8.0 9.2 5.8 5.1
Value of new business 3,985 4,694 1,775 2,112 743 813 1,161 1,472 306 297

L&H Details QTD

Life/Health segment operating profit build-up by product type
EUR million Life/Health segment Capital-efficient products Unit-linked without guarantees Protection & health Guaranteed savings & annuities
— 4Q 23 4Q 24 4Q 23 4Q 24 4Q 23 4Q 24 4Q 23 4Q 24 4Q 23 4Q 24
Release CSM 1,254 1,354 312 430 170 147 465 402 306 375
Release risk adjustment 123 125 27 24 15 21 55 52 27 27
Variances from claims and expenses (footnote: Including reinsurance result.) -100 65 15 64 -9 5 -89 -6 -17 2
Losses on onerous contracts -4 -20 -0 -1 -4 1 -1 -17 1 -3
Non-attributable expenses -295 -337 -69 -94 -22 -35 -93 -101 -111 -106
Operating investment result 299 151 186 -22 10 24 -1 20 103 129
Other operating result 85 86 8 -1 51 79 -6 -2 33 10
Operating profit 1,362 1,424 478 400 211 242 330 348 342 434
Total business volume (footnote: Total business volume comprises statutory gross premiums.) 19,973 24,277 8,489 11,323 4,156 5,495 3,762 3,905 3,566 3,554
Insurance revenue 5,853 6,264 896 939 429 393 3,237 3,341 1,291 1,590
Contractual service margin (gross) (footnote: Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.) 52,601 55,571 15,674 17,190 5,376 6,045 16,307 17,388 15,244 14,948
PVFCF (footnote: Refers to liability for remaining coverage (LRC). Includes PVFCF of EUR 21bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.) 614,573 649,968 207,537 234,052 74,033 83,794 44,579 46,648 288,425 285,474
Present value of new business premiums 16,713 21,207 8,338 10,850 4,210 5,466 2,642 3,237 1,523 1,653
New business margin (in %) 5.9 5.5 5.5 4.8 4.5 4.1 9.7 10.1 5.9 5.3
Value of new business 991 1,156 457 516 188 224 256 328 90 88

Asset Management

Asset Management operating profit build-up by business unit
EUR million 1Q 23 2Q 23 3Q 23 4Q 23 2023 1Q 24 2Q 24 3Q 24 4Q 24 2024 ∆ 2024 / 2023
Net operating revenues — — — — — — — — — — —
Net fee and commission income 1,875 1,857 1,952 2,275 7,960 1,957 1,947 1,980 2,301 8,186 2.8%
thereof: Net fee and commission income excl. performance fees 1,776 1,754 1,793 1,818 7,142 1,830 1,867 1,919 2,024 7,640 7.0%
thereof: Performance fees 99 103 159 457 817 127 80 62 277 545 -33.3%
Other operating revenues 25 20 46 34 126 33 27 25 54 139 10.4%
Subtotal 1,900 1,877 1,998 2,310 8,086 1,990 1,974 2,005 2,355 8,324 3.0%
Operating expenses -1,178 -1,174 -1,210 -1,398 -4,959 -1,217 -1,232 -1,223 -1,414 -5,086 2.5%
Operating profit (footnote: Includes operating result from PIMCO, AllianzGI and other entities.) 723 703 788 912 3,126 773 742 782 941 3,239 3.6%
thereof: PIMCO 561 547 624 720 2,453 613 582 601 722 2,518 2.7%
thereof: AllianzGI 165 156 166 181 667 162 164 190 216 733 9.9%
Non-operating items — — — — — — — — — — —
Realized gains/losses (net) -1 1 1 2 4 7 8 0 3 17 n.m.
Expected credit loss and impairments (net) -0 -1 -1 -1 -3 -1 1 0 -0 -0 -91.0%
Result from assets and liabilities measured at fair value incl. derivatives 4 3 0 6 13 5 1 2 2 11 -19.4%
thereof: Non-operating market movements 4 3 0 6 13 5 1 2 2 11 -19.4%
Restructuring and integration expenses -3 2 -4 -22 -26 -1 -2 -7 -2 -11 -57.1%
Amortization of intangible assets -5 -3 -4 -4 -15 -2 -2 -2 -2 -7 -54.8%
thereof: Amortization of intangible assets from business combinations -0 -0 -0 -0 -2 -0 -0 -0 -0 -2 -0.0%
Other (footnote: Includes, if applicable, acquisition-related expenses, income taxes related incidental benefits/expenses, litigation expenses and one-time effects from significant reinsurance transactions with disposal character.) -2 -8 3 73 66 2 -1 4 3 8 -88.2%
Subtotal -6 -5 -3 54 39 11 5 -2 3 18 -54.9%
Income (loss) before income taxes 716 698 785 966 3,165 784 748 780 945 3,257 2.9%
Income taxes -182 -179 -191 -261 -812 -199 -191 -199 -240 -829 2.0%
Net income (loss) 535 519 594 706 2,353 585 557 581 705 2,428 3.2%
Net income (loss) attributable to: — — — — — — — — — — —
Non-controlling interests 44 44 50 57 195 51 49 51 60 210 7.8%
Shareholders 491 475 544 649 2,158 534 508 531 645 2,218 2.8%
Income (loss) before income taxes 716 698 785 966 3,165 784 748 780 945 3,257 2.9%
Adjustment for non-operating market movements -4 -3 -0 -6 -13 -5 -1 -2 -2 -11 -19.4%
Adjustment for amortization of intangible assets from business combinations 0 0 0 0 2 0 0 0 0 2 -0.0%
Core income (loss) before income taxes 713 696 785 960 3,154 780 747 778 943 3,248 3.0%
Income taxes related to core income (loss) -181 -178 -191 -259 -809 -198 -191 -198 -239 -826 2.1%
Core net income (loss) 532 518 594 701 2,345 581 556 580 704 2,421 3.3%
thereof: Shareholders' core net income (loss) 488 473 544 645 2,150 531 508 529 644 2,211 2.8%
Cost-income ratio (in %) 62.0 62.5 60.5 60.5 61.3 61.1 62.4 61.0 60.0 61.1 -0.2%-p
thereof: PIMCO 59.9 61.0 58.4 59.0 59.5 59.1 60.6 59.2 59.4 59.6 0.0%-p
thereof: AllianzGI 67.0 66.6 66.1 66.9 66.7 66.8 66.9 64.2 62.1 64.9 -1.8%-p
3rd party AuM margin(footnote: Excluding performance fees and other income.) (in bps) 38.8 38.6 38.9 39.2 38.9 38.1 38.2 38.4 39.1 38.5 -1.0%
thereof: PIMCO 37.6 37.8 37.9 38.1 37.8 37.5 37.5 37.2 38.0 37.6 -0.8%
thereof: AllianzGI 43.5 41.4 42.3 43.6 42.7 40.6 40.8 43.1 43.3 42.0 -1.7%
Core return on equity(footnote: For prior year periods, the core return on equity for the respective full year is shown. For current year periods the latest year-to-date core return on equity is shown.) (in %) 21.3 21.3 21.3 21.3 21.3 21.5 21.5 21.5 21.5 21.5 0.2%-p

AM AuM

Asset Management AuM breakdown by asset class and region
EUR billion 1Q 23 2Q 23 3Q 23 4Q 23 2023 1Q 24 2Q 24 3Q 24 4Q 24 2024 ∆ 31.12.2024 / 31.12.2023
Assets under management 2,174 2,163 2,162 2,224 2,224 2,297 2,309 2,362 2,448 2,448 10.1%
Allianz Group assets under management 506 500 491 511 511 513 506 522 528 528 3.3%
Third-party assets under management 1,668 1,662 1,670 1,712 1,712 1,784 1,803 1,840 1,920 1,920 12.1%
thereof: PIMCO 1,318 1,308 1,320 1,346 1,346 1,399 1,414 1,452 1,521 1,521 13.0%
thereof: AllianzGI 350 355 350 366 366 385 389 389 399 399 9.0%
Third-party assets under management by asset classes — — — — — — — — — — —
Fixed income 1,271 1,262 1,274 1,307 1,307 1,361 1,372 1,407 1,472 1,472 12.6%
Multi-assets 169 171 168 172 172 180 182 184 189 189 9.7%
Equities 146 148 142 147 147 156 159 160 165 165 11.9%
Alternatives 82 82 86 86 86 86 90 89 95 95 9.7%
Third-party assets under management by regions — — — — — — — — — — —
America 837 834 847 873 873 912 925 939 998 998 14.3%
Europe 567 570 569 529 529 545 545 552 558 558 5.4%
Asia Pacific 263 258 253 309 309 327 332 349 364 364 17.8%
Third-party net flows 15 3 11 -7 22 34 14 20 17 85 294.1%
thereof: PIMCO 14 4 10 -3 24 32 13 25 14 84 245.9%
thereof: AllianzGI 1 -1 1 -3 -3 2 1 -5 3 0 n.m.

Corporate and Other

Corporate and Other operating profit build-up
EUR million 1Q 23 2Q 23 3Q 23 4Q 23 2023 1Q 24 2Q 24 3Q 24 4Q 24 2024 ∆ 2024 / 2023
Operating net investment income, excluding interest expenses from external debt 44 157 131 134 467 71 140 108 100 419 -10.3%
Finance income (expenses) from insurance contracts issued (net) 0 0 0 0 0 0 0 0 0 0 n.m.
Finance income (expenses) from reinsurance contracts held (net) 0 0 0 0 0 0 0 0 0 0 n.m.
Operating investment result 44 157 131 134 467 71 140 108 100 419 -10.3%
Operating administrative expenses -302 -302 -271 -415 -1,289 -310 -332 -359 -417 -1,418 10.0%
Operating fee and commission result 82 34 68 166 349 61 80 66 177 384 10.0%
Operating other result 0 -0 0 -0 0 0 -0 -0 0 0 n.m.
Operating profit -176 -111 -71 -115 -474 -179 -112 -185 -140 -615 29.9%
Non-operating items — — — — — — — — — — —
Realized gains/losses (net) -12 -14 -5 -20 -50 1 -0 3 0 3 n.m.
Expected credit loss and impairments (net) -23 -18 -6 -17 -64 -2 -4 -9 -15 -30 -52.1%
Result from assets and liabilities measured at fair value incl. derivatives -177 -164 -63 -269 -673 23 -53 -144 -50 -223 -66.9%
thereof: Non-operating market movements -160 -135 -29 -230 -553 111 -12 -92 27 33 n.m.
Interest expenses from external debt -142 -150 -165 -175 -631 -183 -182 -192 -204 -762 20.7%
Restructuring and integration expenses -3 -9 -2 -147 -160 -31 -56 -41 -87 -215 34.3%
Amortization of intangible assets -5 -5 -5 -5 -19 -3 -3 -3 -3 -11 -40.9%
thereof: Amortization of intangible assets from business combinations -3 -3 -3 -3 -11 -3 -3 -3 -3 -11 0.6%
Other -7 -5 -2 12 -2 2 -0 -0 291 292 n.m.
Subtotal -368 -363 -247 -620 -1,599 -194 -298 -387 -67 -946 -40.9%
Income (loss) before income taxes -544 -474 -319 -736 -2,073 -373 -410 -572 -207 -1,561 -24.7%
Income taxes 145 226 112 205 688 68 144 73 58 344 -50.0%
Net income (loss) -398 -249 -207 -531 -1,385 -304 -266 -499 -148 -1,217 -12.1%
Net income (loss) attributable to: — — — — — — — — — — —
Non-controlling interests -4 25 1 -45 -23 76 -1 2 1 78 n.m.
Shareholders -394 -274 -208 -485 -1,361 -381 -265 -500 -150 -1,295 -4.8%
Income (loss) before income taxes -544 -474 -319 -736 -2,073 -373 -410 -572 -207 -1,561 -24.7%
Adjustment for non-operating market movements 160 135 29 230 553 -111 12 92 -27 -33 n.m.
Adjustment for amortization of intangible assets from business combinations 3 3 3 3 11 3 3 3 3 11 0.6%
Core income (loss) before income taxes -381 -336 -288 -503 -1,508 -480 -395 -477 -231 -1,583 5.0%
Income taxes related to core income (loss) 101 193 97 180 571 59 136 45 57 296 -48.2%
Core net income (loss) -280 -143 -190 -323 -937 -421 -260 -432 -174 -1,287 37.4%
thereof: Shareholders' core net income (loss) -288 -178 -205 -392 -1,062 -359 -259 -433 -176 -1,228 15.6%

Consolidation

Consolidation operating profit build-up
EUR million 1Q 23 2Q 23 3Q 23 4Q 23 2023 1Q 24 2Q 24 3Q 24 4Q 24 2024 ∆ 2024 / 2023
Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income in Property-Casualty, statutory gross premiums in Life/Health, and operating revenues in Asset Management.) -157 -172 -176 -290 -795 -172 -164 -156 -253 -746 -6.1%
Insurance revenue -18 -22 -10 -36 -86 1 -29 -12 -41 -81 -6.3%
Operating profit -7 6 -4 -1 -7 -2 2 -5 1 -4 -35.5%
Non-operating items — — — — — — — — — — —
Realized gains/losses (net) -0 2 0 3 5 0 -0 -1 1 -0 n.m.
Expected credit loss and impairments (net) 0 0 0 0 0 0 0 0 0 0 n.m.
Result from assets and liabilities measured at fair value incl. derivatives 3 -4 4 1 4 2 -1 6 -5 1 -76.1%
thereof: Non-operating market movements 3 -4 4 1 4 2 -1 6 -5 1 -76.1%
Interest expenses from external debt 0 0 0 0 0 0 0 0 0 0 n.m.
Restructuring and integration expenses 0 0 0 0 0 0 0 0 0 0 n.m.
Amortization of intangible assets 0 0 0 0 0 0 0 0 -1 -1 n.m.
thereof: Amortization of intangible assets from business combinations 0 0 0 0 0 0 0 0 0 0 n.m.
Other 0 0 0 0 0 0 0 0 4 4 n.m.
Subtotal 3 -3 4 5 10 2 -1 5 -1 4 -55.6%
Income (loss) before income taxes -4 3 0 4 3 0 0 -0 -0 -0 n.m.
Income taxes 0 -1 0 -1 -1 0 -0 0 0 -0 -95.4%
Net income (loss) -4 2 0 3 2 0 0 -0 -0 -0 n.m.
Net income (loss) attributable to: — — — — — — — — — — —
Non-controlling interests -0 -0 0 -0 -0 0 -0 -0 0 0 n.m.
Shareholders -4 2 0 3 2 0 0 -0 -0 -0 n.m.
Income (loss) before income taxes -4 3 0 4 3 0 0 -0 -0 -0 n.m.
Adjustment for non-operating market movements -3 4 -4 -1 -4 -2 1 -6 5 -1 -76.1%
Adjustment for amortization of intangible assets from business combinations 0 0 0 0 0 0 0 0 0 0 n.m.
Core income (loss) before income taxes -8 7 -4 2 -2 -2 2 -6 5 -1 -26.7%
Income taxes related to core income (loss) 0 -1 0 -1 -1 0 -0 0 0 -0 -95.4%
Core net income (loss) -7 6 -4 2 -3 -2 1 -6 5 -1 -58.2%
thereof: Shareholders' core net income (loss) -7 6 -4 2 -3 -2 1 -6 5 -1 -56.6%
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