Allianz/2025/FY/Financial supplement: Difference between revisions

| period = FY

| period_label = FY25

| language = English

| source_url = https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx

| archive_file = File:Allianz-2025-FY-Financial_supplement.md

}}

 

 

== Market Data ==

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" |

|-

! style="text-align:left" | —

! class="col-s" style="text-align:right" | 31.12.2024

! class="col-s" style="text-align:right" | 30.06.2025

! class="col-s" style="text-align:right" | 31.12.2025

|-

| style="text-align:left" | '''USD'''

| style="text-align:right" | '''1.0355'''

| style="text-align:right" | 1.1739

| style="text-align:right" | '''1.1744'''

|-

| style="text-align:left" | '''CHF'''

| style="text-align:right" | 0.9630

| style="text-align:right" | '''0.9385'''

| style="text-align:right" | 0.9344

| style="text-align:right" | '''0.9305'''

|-

| style="text-align:left" | '''GBP'''

| style="text-align:right" | 0.8478

| style="text-align:right" | '''0.8268'''

| style="text-align:right" | 0.8566

| style="text-align:right" | '''0.8731'''

|-

| style="text-align:left" | '''AUD'''

| style="text-align:right" | 1.6048

| style="text-align:right" | '''1.6724'''

| style="text-align:right" | 1.7912

| style="text-align:right" | '''1.7612'''

|}

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" |

|-

! style="text-align:left" | —

! class="col-s" style="text-align:right" | 2024

! class="col-s" style="text-align:right" | 2025

|-

| style="text-align:left" | '''USD'''

| style="text-align:right" | '''1.0820'''

| style="text-align:right" | '''1.1308'''

|-

| style="text-align:left" | '''CHF'''

| style="text-align:right" | '''0.9526'''

| style="text-align:right" | '''0.9371'''

|-

| style="text-align:left" | '''GBP'''

| style="text-align:right" | '''0.8466'''

| style="text-align:right" | '''0.8570'''

|-

| style="text-align:left" | '''AUD'''

| style="text-align:right" | '''1.6399'''

| style="text-align:right" | '''1.7522'''

|}

 

<div style="overflow-x:auto">

! colspan="5" style="text-align:center" | 31.12.2024

|-

! style="text-align:left" | —

|-

| style="text-align:left" | '''Unit-linked contracts'''

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:left" | EUR

|-

| style="text-align:left" | USD

| style="text-align:right" | 3.80

| style="text-align:right" | 3.90

|-

| style="text-align:left" | '''Immediate fixed annuity and P/C liability for incurred claims'''

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:left" | EUR

|-

| style="text-align:left" | USD

|}

</div>

 

<div style="overflow-x:auto">

! colspan="5" style="text-align:center" | 30.06.2025

|-

! style="text-align:left" | —

|-

| style="text-align:left" | '''Unit-linked contracts'''

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:left" | EUR

| style="text-align:right" | 1.93

|-

| style="text-align:left" | USD

| style="text-align:right" | 3.87

| style="text-align:right" | 3.58

|-

| style="text-align:left" | '''Immediate fixed annuity and P/C liability for incurred claims'''

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:left" | EUR

| style="text-align:right" | 3.01

| style="text-align:right" | 3.04

|-

| style="text-align:left" | USD

| style="text-align:right" | 4.67

| style="text-align:right" | 4.54

| style="text-align:right" | 4.17

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! colspan="5" style="text-align:center" | 31.12.2025

|-

! style="text-align:left" | —

! class="col-s" style="text-align:right" | 5 years

! class="col-s" style="text-align:right" | 10 years

|-

| style="text-align:left" | EUR

| style="text-align:right" | 2.49

| style="text-align:right" | 2.86

| style="text-align:right" | 4.75

| style="text-align:right" | 4.67

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

! class="col-s" style="text-align:right" | 30.06.2024

! class="col-m" style="text-align:right" | 31.12.2024

! class="col-s" style="text-align:right" | 30.06.2025

! class="col-m" style="text-align:right" | 31.12.2025

|-

| style="text-align:left" | Cash and cash equivalents

| style="text-align:right" | 28,058

| style="text-align:right" | '''31,637'''

| style="text-align:right" | 33,886

| style="text-align:right" | '''29,854'''

|-

| style="text-align:left" | Investments

| style="text-align:right" | 729,065

| style="text-align:right" | '''752,815'''

| style="text-align:right" | 732,606

| style="text-align:right" | '''753,487'''

|-

| style="text-align:left" | Financial assets for unit-linked contracts

| style="text-align:right" | 160,465

| style="text-align:right" | '''146,470'''

| style="text-align:right" | 145,831

| style="text-align:right" | '''158,203'''

|-

| style="text-align:left" | Insurance contract assets

| style="text-align:right" | 88

| style="text-align:right" | '''142'''

| style="text-align:right" | 214

| style="text-align:right" | '''223'''

|-

| style="text-align:left" | Reinsurance contract assets

| style="text-align:right" | 25,627

| style="text-align:right" | '''28,770'''

| style="text-align:right" | 26,059

| style="text-align:right" | '''27,797'''

|-

| style="text-align:left" | Deferred tax assets

| style="text-align:right" | 6,305

| style="text-align:right" | '''6,055'''

| style="text-align:right" | 5,354

| style="text-align:right" | '''5,161'''

|-

| style="text-align:left" | Other assets

| style="text-align:right" | 29,744

| style="text-align:right" | '''59,564'''

| style="text-align:right" | 30,550

| style="text-align:right" | '''30,928'''

|-

| style="text-align:left" | Intangible assets

| style="text-align:right" | 19,003

| style="text-align:right" | '''19,126'''

| style="text-align:right" | 18,384

| style="text-align:right" | '''18,623'''

|-

| style="text-align:left" | '''Total assets'''

| style="text-align:right" | '''998,354'''

| style="text-align:right" | '''1,044,578'''

| style="text-align:right" | '''992,884'''

| style="text-align:right" | '''1,024,276'''

|-

|-

| style="text-align:right" | 62,690

| style="text-align:right" | '''66,137'''

| style="text-align:right" | 64,717

| style="text-align:right" | '''66,291'''

|-

| style="text-align:left" | Insurance contract liabilities

| style="text-align:right" | 789,512

| style="text-align:right" | '''800,511'''

| style="text-align:right" | 780,496

| style="text-align:right" | '''800,677'''

|-

| style="text-align:left" | Reinsurance contract liabilities

| style="text-align:right" | 267

| style="text-align:right" | '''316'''

| style="text-align:right" | 434

| style="text-align:right" | '''497'''

|-

| style="text-align:left" | Investment contract liabilities

| style="text-align:right" | 50,252

| style="text-align:right" | '''44,553'''

| style="text-align:right" | 46,328

| style="text-align:right" | '''50,550'''

|-

| style="text-align:left" | Deferred tax liabilities

| style="text-align:right" | 2,283

| style="text-align:right" | '''2,257'''

| style="text-align:right" | 2,231

| style="text-align:right" | '''2,436'''

|-

| style="text-align:left" | Other liabilities

| style="text-align:right" | 34,541

| style="text-align:right" | '''66,728'''

| style="text-align:right" | 38,166

| style="text-align:right" | '''37,477'''

|-

| style="text-align:left" | '''Total liabilities'''

| style="text-align:right" | '''939,544'''

| style="text-align:right" | '''980,502'''

| style="text-align:right" | '''932,372'''

| style="text-align:right" | '''957,928'''

|-

| style="text-align:left" | Shareholders' equity

| style="text-align:right" | 55,511

| style="text-align:right" | '''60,287'''

| style="text-align:right" | 57,195

| style="text-align:right" | '''62,722'''

|-

| style="text-align:right" | 1,170

| style="text-align:right" | '''1,170'''

| style="text-align:right" | 1,170

| style="text-align:right" | '''1,170'''

|-

| style="text-align:right" | 27,732

| style="text-align:right" | '''27,732'''

| style="text-align:right" | 27,732

| style="text-align:right" | '''27,732'''

|-

| style="text-align:right" | 4,833

| style="text-align:right" | '''4,915'''

| style="text-align:right" | 4,630

| style="text-align:right" | '''4,629'''

|-

| style="text-align:right" | 29,073

| style="text-align:right" | '''33,316'''

| style="text-align:right" | 31,739

| style="text-align:right" | '''36,243'''

|-

| style="text-align:right" | -2,379

| style="text-align:right" | '''-1,614'''

| style="text-align:right" | -4,473

| style="text-align:right" | '''-4,512'''

|-

| style="text-align:right" | -4,917

| style="text-align:right" | '''-5,232'''

| style="text-align:right" | -3,602

| style="text-align:right" | '''-2,540'''

|-

| style="text-align:left" | Non-controlling interests

| style="text-align:right" | 3,299

| style="text-align:right" | '''3,789'''

| style="text-align:right" | 3,317

| style="text-align:right" | '''3,627'''

|-

| style="text-align:left" | '''Total equity'''

| style="text-align:right" | '''58,810'''

| style="text-align:right" | '''64,076'''

| style="text-align:right" | '''60,512'''

| style="text-align:right" | '''66,349'''

|-

| style="text-align:left" | '''Total liabilities and equity'''

| style="text-align:right" | '''998,354'''

| style="text-align:right" | '''1,044,578'''

| style="text-align:right" | '''992,884'''

| style="text-align:right" | '''1,024,276'''

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

! class="col-s" style="text-align:right" | 30.06.2024

! class="col-s" style="text-align:right" | 31.12.2024

! class="col-s" style="text-align:right" | 30.06.2025

! class="col-s" style="text-align:right" | 31.12.2025

|-

| style="text-align:right" | 1,983

| style="text-align:right" | '''2,996'''

| style="text-align:right" | 3,322

| style="text-align:right" | '''1,881'''

|-

| style="text-align:left" | Insurance contract liabilities

| style="text-align:right" | 99,699

| style="text-align:right" | '''102,436'''

| style="text-align:right" | 95,523

| style="text-align:right" | '''96,308'''

|-

| style="text-align:left" | Reinsurance contract liabilities

| style="text-align:right" | 113

| style="text-align:right" | '''124'''

| style="text-align:right" | 227

| style="text-align:right" | '''261'''

|-

| 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" | '''0'''

|-

| style="text-align:left" | Deferred tax liabilities

| style="text-align:right" | 1,752

| style="text-align:right" | '''2,274'''

| style="text-align:right" | 2,072

| style="text-align:right" | '''2,233'''

|-

| style="text-align:left" | Other liabilities

| style="text-align:right" | 16,605

| style="text-align:right" | '''18,070'''

| style="text-align:right" | 16,654

| style="text-align:right" | '''17,708'''

|-

| style="text-align:left" | '''Total liabilities'''

| style="text-align:right" | '''120,152'''

| style="text-align:right" | '''125,901'''

| style="text-align:right" | '''117,799'''

| style="text-align:right" | '''118,390'''

|-

| style="text-align:left" | Shareholders' equity

| style="text-align:right" | 48,595

| style="text-align:right" | '''50,632'''

| style="text-align:right" | 48,664

| style="text-align:right" | '''49,946'''

|-

| style="text-align:left" | Non-controlling interests

| style="text-align:right" | 1,485

| style="text-align:right" | '''1,647'''

| style="text-align:right" | 1,624

| style="text-align:right" | '''1,743'''

|-

| style="text-align:left" | '''Total equity'''

| style="text-align:right" | '''50,080'''

| style="text-align:right" | '''52,280'''

| style="text-align:right" | '''50,289'''

| style="text-align:right" | '''51,689'''

|-

| style="text-align:left" | '''Total liabilities and equity'''

| style="text-align:right" | '''170,232'''

| style="text-align:right" | '''178,180'''

| style="text-align:right" | '''168,088'''

| style="text-align:right" | '''170,080'''

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

! class="col-s" style="text-align:right" | 30.06.2024

! class="col-s" style="text-align:right" | 31.12.2024

! class="col-s" style="text-align:right" | 30.06.2025

! class="col-s" style="text-align:right" | 31.12.2025

|-

| style="text-align:right" | 25,470

| style="text-align:right" | '''26,608'''

| style="text-align:right" | 24,529

| style="text-align:right" | '''28,398'''

|-

| style="text-align:left" | Insurance contract liabilities

| style="text-align:right" | 689,908

| style="text-align:right" | '''698,221'''

| style="text-align:right" | 685,064

| style="text-align:right" | '''704,423'''

|-

| style="text-align:left" | Reinsurance contract liabilities

| style="text-align:right" | 154

| style="text-align:right" | '''191'''

| style="text-align:right" | 207

| style="text-align:right" | '''235'''

|-

| style="text-align:left" | Investment contract liabilities

| style="text-align:right" | 50,252

| style="text-align:right" | '''44,553'''

| style="text-align:right" | 46,328

| style="text-align:right" | '''50,550'''

|-

| style="text-align:left" | Deferred tax liabilities

| style="text-align:right" | 2,064

| style="text-align:right" | '''8,732'''

| style="text-align:right" | 8,903

| style="text-align:right" | '''8,022'''

|-

| style="text-align:left" | Other liabilities

| style="text-align:right" | 8,329

| style="text-align:right" | '''39,226'''

| style="text-align:right" | 9,658

| style="text-align:right" | '''9,266'''

|-

| style="text-align:left" | '''Total liabilities'''

| style="text-align:right" | '''776,178'''

| style="text-align:right" | '''817,531'''

| style="text-align:right" | '''774,689'''

| style="text-align:right" | '''800,894'''

|-

| style="text-align:left" | Shareholders' equity

| style="text-align:right" | 20,779

| style="text-align:right" | '''21,601'''

| style="text-align:right" | 24,449

| style="text-align:right" | '''26,701'''

|-

| style="text-align:left" | Non-controlling interests

| style="text-align:right" | 1,650

| style="text-align:right" | '''1,939'''

| style="text-align:right" | 1,475

| style="text-align:right" | '''1,533'''

|-

| style="text-align:left" | '''Total equity'''

| style="text-align:right" | '''22,428'''

| style="text-align:right" | '''23,540'''

| style="text-align:right" | '''25,924'''

| style="text-align:right" | '''28,234'''

|-

| style="text-align:left" | '''Total liabilities and equity'''

| style="text-align:right" | '''798,606'''

| style="text-align:right" | '''841,071'''

| style="text-align:right" | '''800,613'''

| style="text-align:right" | '''829,128'''

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

! class="col-s" style="text-align:right" | 30.06.2024

! class="col-s" style="text-align:right" | 31.12.2024

! class="col-s" style="text-align:right" | 30.06.2025

! class="col-s" style="text-align:right" | 31.12.2025

|-

| style="text-align:right" | 116

| style="text-align:right" | '''108'''

| style="text-align:right" | 4

| style="text-align:right" | '''169'''

|-

| 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" | '''0'''

|-

| 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" | '''0'''

|-

| 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" | '''0'''

|-

| style="text-align:left" | Deferred tax liabilities

| style="text-align:right" | 135

| style="text-align:right" | '''156'''

| style="text-align:right" | 142

| style="text-align:right" | '''140'''

|-

| style="text-align:left" | Other liabilities

| style="text-align:right" | 5,577

| style="text-align:right" | '''6,065'''

| style="text-align:right" | 5,453

| style="text-align:right" | '''6,206'''

|-

| style="text-align:left" | '''Total liabilities'''

| style="text-align:right" | '''5,828'''

| style="text-align:right" | '''6,329'''

| style="text-align:right" | '''5,600'''

| style="text-align:right" | '''6,516'''

|-

| style="text-align:left" | Shareholders' equity

| style="text-align:right" | 10,246

| style="text-align:right" | '''10,461'''

| style="text-align:right" | 9,913

| style="text-align:right" | '''9,976'''

|-

| style="text-align:left" | Non-controlling interests

| style="text-align:right" | 114

| style="text-align:right" | '''127'''

| style="text-align:right" | 117

| style="text-align:right" | '''120'''

|-

| style="text-align:left" | '''Total equity'''

| style="text-align:right" | '''10,360'''

| style="text-align:right" | '''10,588'''

| style="text-align:right" | '''10,030'''

| style="text-align:right" | '''10,095'''

|-

| style="text-align:left" | '''Total liabilities and equity'''

| style="text-align:right" | '''16,188'''

| style="text-align:right" | '''16,917'''

| style="text-align:right" | '''15,629'''

| style="text-align:right" | '''16,611'''

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

! class="col-s" style="text-align:right" | 30.06.2024

! class="col-s" style="text-align:right" | 31.12.2024

! class="col-s" style="text-align:right" | 30.06.2025

! class="col-s" style="text-align:right" | 31.12.2025

|-

| style="text-align:right" | 42,704

| style="text-align:right" | '''44,597'''

| style="text-align:right" | 44,464

| style="text-align:right" | '''42,706'''

|-

| 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" | '''0'''

|-

| 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" | '''0'''

|-

| 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" | '''0'''

|-

| style="text-align:left" | Deferred tax liabilities

| style="text-align:right" | 444

| style="text-align:right" | '''443'''

| style="text-align:right" | 625

| style="text-align:right" | '''762'''

|-

| style="text-align:left" | Other liabilities

| style="text-align:right" | 29,499

| style="text-align:right" | '''34,603'''

| style="text-align:right" | 36,878

| style="text-align:right" | '''34,862'''

|-

| style="text-align:left" | '''Total liabilities'''

| style="text-align:right" | '''72,648'''

| style="text-align:right" | '''79,643'''

| style="text-align:right" | '''81,967'''

| style="text-align:right" | '''78,330'''

|-

| style="text-align:left" | Shareholders' equity

| style="text-align:right" | 68,890

| style="text-align:right" | '''70,455'''

| style="text-align:right" | 68,423

| style="text-align:right" | '''70,945'''

|-

| style="text-align:left" | Non-controlling interests

| style="text-align:right" | 271

| style="text-align:right" | '''294'''

| style="text-align:right" | 323

| style="text-align:right" | '''449'''

|-

| style="text-align:left" | '''Total equity'''

| style="text-align:right" | '''69,161'''

| style="text-align:right" | '''70,749'''

| style="text-align:right" | '''68,745'''

| style="text-align:right" | '''71,395'''

|-

| style="text-align:left" | '''Total liabilities and equity'''

| style="text-align:right" | '''141,809'''

| style="text-align:right" | '''150,392'''

| style="text-align:right" | '''150,713'''

| style="text-align:right" | '''149,724'''

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

! class="col-m" style="text-align:right" | 30.06.2024

! class="col-m" style="text-align:right" | 31.12.2024

! class="col-m" style="text-align:right" | 30.06.2025

! class="col-m" style="text-align:right" | 31.12.2025

|-

| style="text-align:right" | -7,583

| style="text-align:right" | '''-8,172'''

| style="text-align:right" | -7,603

| style="text-align:right" | '''-6,864'''

|-

| style="text-align:left" | Insurance contract liabilities

| style="text-align:right" | -96

| style="text-align:right" | '''-145'''

| style="text-align:right" | -92

| style="text-align:right" | '''-54'''

|-

| 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" | '''0'''

|-

| 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" | '''0'''

|-

| style="text-align:left" | Deferred tax liabilities

| style="text-align:right" | -2,113

| style="text-align:right" | '''-9,348'''

| style="text-align:right" | -9,511

| style="text-align:right" | '''-8,721'''

|-

| style="text-align:left" | Other liabilities

| style="text-align:right" | -25,470

| style="text-align:right" | '''-31,235'''

| style="text-align:right" | -30,478

| style="text-align:right" | '''-30,564'''

|-

| style="text-align:left" | '''Total liabilities'''

| style="text-align:right" | '''-35,262'''

| style="text-align:right" | '''-48,901'''

| style="text-align:right" | '''-47,683'''

| style="text-align:right" | '''-46,202'''

|-

| style="text-align:left" | Shareholders' equity

| style="text-align:right" | -92,999

| style="text-align:right" | '''-92,862'''

| style="text-align:right" | -94,254

| style="text-align:right" | '''-94,846'''

|-

| style="text-align:left" | Non-controlling interests

| style="text-align:right" | -221

| style="text-align:right" | '''-219'''

| style="text-align:right" | -221

| style="text-align:right" | '''-219'''

|-

| style="text-align:left" | '''Total equity'''

| style="text-align:right" | '''-93,219'''

| style="text-align:right" | '''-93,081'''

| style="text-align:right" | '''-94,475'''

| style="text-align:right" | '''-95,064'''

|-

| style="text-align:left" | '''Total liabilities and equity'''

| style="text-align:right" | '''-128,481'''

| style="text-align:right" | '''-141,983'''

| style="text-align:right" | '''-142,158'''

| style="text-align:right" | '''-141,267'''

|}

</div>

 

 

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

|-

! style="text-align:left" | —

|-

| style="text-align:left" | '''Opening balance'''

| style="text-align:right" | '''60,287'''

|-

| style="text-align:right; font-weight:bold" | '''10,517'''

|-

| style="text-align:right" | '''10,775'''

|-

| style="text-align:right" | '''-1,994'''

|-

| style="text-align:right" | '''0'''

|-

| style="text-align:right" | '''-34'''

|-

| style="text-align:right" | '''0'''

|-

| style="text-align:right" | '''29'''

|-

| style="text-align:right" | '''-5,924'''

|-

| style="text-align:right" | '''-158'''

|-

| style="text-align:left" | '''Closing balance'''

| style="text-align:right" | '''62,722'''

|}

<div style="overflow-x:auto">

{| class="wikitable fintable"

! colspan="2" style="text-align:center" | As of 31.12.2025

|-

| style="text-align:right" | '''62.7'''

|-

| style="text-align:right" | 4%

| style="text-align:right" | '''65.3'''

|-

| style="text-align:right" | -5%

| style="text-align:right" | '''59.5'''

|-

| style="text-align:right" | -1%

| style="text-align:right" | '''62.0'''

|-

| style="text-align:right" | 1%

| style="text-align:right" | '''63.4'''

|-

| style="text-align:right" | -1%

| style="text-align:right" | '''61.8'''

|-

| style="text-align:right" | -1%

| style="text-align:right" | '''62.2'''

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion

|-

! style="text-align:left" | —

! class="col-s" style="text-align:right" | SCR

! class="col-s" style="text-align:right" | SII ratio / impact

| style="text-align:left" | '''Opening balance'''

| style="text-align:right" | 94.7

| style="text-align:right" | 93.2

| style="text-align:right" | 44.7

| style="text-align:right" | '''209%'''

|-

| style="text-align:right" | -1.1

| style="text-align:right" | -1.0

| style="text-align:right" | -2.0

| style="text-align:right" | '''7%-p'''

|-

| style="text-align:right" | 3.1

| style="text-align:right" | 13.0

| style="text-align:right" | 1.0

| style="text-align:right" | '''25%-p'''

|-

| style="text-align:right" | 1.6

| style="text-align:right" | 6.8

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | 1.1

| style="text-align:right" | 4.9

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | 0.7

| style="text-align:right" | 2.3

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | -0.3

| style="text-align:right" | -1.0

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | 1.1

| style="text-align:right" | -0.2

| style="text-align:right" | -0.8

| style="text-align:right" | '''4%-p'''

|-

| style="text-align:right" | -2.1

| style="text-align:right" | -8.5

| style="text-align:right" | 0.0

| style="text-align:right" | '''-20%-p'''

|-

| style="text-align:right" | -1.2

| style="text-align:right" | -2.0

| style="text-align:right" | 0.4

| style="text-align:left" | '''Closing balance'''

| style="text-align:right" | 94.5

| style="text-align:right" | 94.5

| style="text-align:right" | 43.3

| style="text-align:right" | '''218%'''

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable"

! style="text-align:left" | EUR billion

! colspan="2" style="text-align:center" | As of 31.12.2025

| style="text-align:right" | '''218%'''

|-

| style="text-align:right" | 10%-p

| style="text-align:right" | '''229%'''

|-

| style="text-align:right" | -13%-p

| style="text-align:right" | '''205%'''

|-

| style="text-align:right" | 4%-p

| style="text-align:right" | '''222%'''

|-

| style="text-align:right" | -4%-p

| style="text-align:right" | '''214%'''

|-

| style="text-align:right" | 0%-p

| style="text-align:right" | '''219%'''

|-

| style="text-align:right" | -1%-p

| style="text-align:right" | '''218%'''

|-

| style="text-align:right" | -4%-p

| style="text-align:right" | '''214%'''

|-

| style="text-align:right" | 0%-p

| style="text-align:right" | '''219%'''

|-

| style="text-align:right" | -22%-p

| style="text-align:right" | '''196%'''

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR billion

! colspan="2" style="text-align:center" | Property-Casualty

! 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" | 31.12.2024

! class="col-s" style="text-align:right" | 31.12.2025

|-

| style="text-align:right" | 11.4

| style="text-align:right" | '''9.2'''

| style="text-align:right" | '''50.5'''

|-

| style="text-align:right" | 0.1

| style="text-align:right" | '''0.0'''

| style="text-align:right" | '''0.9'''

|-

| style="text-align:right" | 1.0

| style="text-align:right" | '''0.9'''

| style="text-align:right" | '''29.7'''

|-

| style="text-align:right" | 3.0

| style="text-align:right" | '''2.1'''

| style="text-align:right" | '''81.6'''

|-

| style="text-align:right" | 2.7

| style="text-align:right" | '''2.2'''

| style="text-align:right" | '''29.4'''

|-

| style="text-align:right" | 3.3

| style="text-align:right" | '''2.9'''

| style="text-align:right" | '''29.1'''

|-

| style="text-align:right" | 1.3

| style="text-align:right" | '''0.9'''

| style="text-align:right" | '''11.8'''

|-

| style="text-align:right" | 1.1

| style="text-align:right" | '''0.8'''

| style="text-align:right" | '''11.2'''

|-

| style="text-align:right" | -0.2

| style="text-align:right" | '''0.2'''

| style="text-align:right" | '''27.6'''

|-

| style="text-align:right" | 3.9

| style="text-align:right" | '''3.2'''

| style="text-align:right" | '''23.0'''

|-

| style="text-align:right" | 0.5

| style="text-align:right" | '''0.4'''

| style="text-align:right" | '''3.3'''

|-

| style="text-align:right" | 0.2

| style="text-align:right" | '''0.0'''

| style="text-align:right" | '''42.3'''

| style="text-align:right" | '''-6.9'''

| style="text-align:right" | '''767.0'''

| style="text-align:right" | '''764.2'''

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

|-

| style="text-align:right" | '''56,789'''

| style="text-align:right" | '''64'''

| style="text-align:right" | '''56,851'''

|-

| style="text-align:left" | '''Closing gross CSM'''

| style="text-align:right" | '''55,703'''

| style="text-align:right" | '''202'''

| style="text-align:right" | '''55,897'''

|-

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | '''-7,087'''

|-

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | '''-1,411'''

|-

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | '''-898'''

|-

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | '''-11,121'''

|-

| style="text-align:left" | '''Closing net CSM'''

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | '''35,379'''

|}

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

|-

! style="text-align:left" | —

|-

| style="text-align:left" | '''Opening gross CSM {{footnote|1=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.}}'''

| style="text-align:right" | '''56,789'''

|-

| style="text-align:right" | '''5,419'''

|-

| style="text-align:right" | '''2,972'''

|-

| style="text-align:right" | '''-1,924'''

|-

| style="text-align:right" | '''-1,310'''

|-

| style="text-align:right" | '''-5,440'''

|-

| style="text-align:right" | '''-802'''

|-

| style="text-align:left" | '''Closing gross CSM'''

| style="text-align:right" | '''55,703'''

|}

<div style="overflow-x:auto">

{| class="wikitable fintable"

|-

! style="text-align:left" | —

| style="text-align:right" | '''55.7'''

|-

| style="text-align:right" | 7%

| style="text-align:right" | '''59.5'''

|-

| style="text-align:right" | -8%

| style="text-align:right" | '''51.4'''

|-

| style="text-align:right" | -1%

| style="text-align:right" | '''54.9'''

|-

| style="text-align:right" | 1%

| style="text-align:right" | '''56.4'''

|-

| style="text-align:right" | -1%

| style="text-align:right" | '''54.9'''

|-

| style="text-align:right" | -1%

| style="text-align:right" | '''55.1'''

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

! class="col-s" style="text-align:right" | 2024

! class="col-s" style="text-align:right" | 2025

|-

| style="text-align:right" | '''179,778'''

| style="text-align:right" | '''186,938'''

|-

| style="text-align:left" | '''Operating insurance service result'''

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | '''97,675'''

| style="text-align:right" | '''102,635'''

|-

| style="text-align:right" | '''-61,775'''

| style="text-align:right" | '''-63,920'''

|-

| style="text-align:right" | '''-24,011'''

| style="text-align:right" | '''-24,907'''

|-

| style="text-align:right" | '''-3,130'''

| style="text-align:right" | '''-3,277'''

|-

| style="text-align:right" | '''732'''

| style="text-align:right" | '''431'''

|-

| style="text-align:right" | '''9,491'''

| style="text-align:right" | '''10,961'''

|-

| style="text-align:left" | '''Operating investment result'''

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | '''37,001'''

| style="text-align:right" | '''30,134'''

|-

| style="text-align:right" | '''-32,567'''

| style="text-align:right" | '''-26,376'''

|-

| style="text-align:right" | '''416'''

| style="text-align:right" | '''749'''

|-

| style="text-align:right" | '''4,850'''

| style="text-align:right" | '''4,507'''

|-

| style="text-align:left" | Operating result from investment contracts

| style="text-align:right" | '''284'''

| style="text-align:right" | '''273'''

|-

| style="text-align:left" | Operating fee and commission result

| style="text-align:right" | '''7,957'''

| style="text-align:right" | '''8,304'''

|-

| style="text-align:left" | Operating other result

| style="text-align:right" | '''-6,559'''

| style="text-align:right" | '''-6,670'''

|-

| style="text-align:left" | '''Operating profit'''

| style="text-align:right" | '''16,023'''

| style="text-align:right" | '''17,374'''

|-

| style="text-align:left" | '''Non-operating items'''

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | '''-168'''

| style="text-align:right" | '''643'''

|-

| style="text-align:right" | '''-48'''

| style="text-align:right" | '''-53'''

|-

| style="text-align:right" | '''-227'''

| style="text-align:right" | '''-631'''

|-

| style="text-align:right" | '''92'''

| style="text-align:right" | '''-303'''

|-

| style="text-align:right" | '''-762'''

| style="text-align:right" | '''-758'''

|-

| style="text-align:right" | '''-669'''

| style="text-align:right" | '''-708'''

|-

| style="text-align:right" | '''-282'''

| style="text-align:right" | '''-271'''

|-

| style="text-align:right" | '''-102'''

| style="text-align:right" | '''-97'''

|-

| style="text-align:right" | '''149'''

| style="text-align:right" | '''-136'''

|-

| style="text-align:right" | '''-2,007'''

| style="text-align:right" | '''-1,914'''

|-

| style="text-align:left" | '''Income (loss) before income taxes'''

| style="text-align:right" | '''14,016'''

| style="text-align:right" | '''15,460'''

|-

| style="text-align:left" | Income taxes

| style="text-align:right" | '''-3,476'''

| style="text-align:right" | '''-4,030'''

|-

| style="text-align:left" | '''Net income (loss)'''

| style="text-align:right" | '''10,540'''

| style="text-align:right" | '''11,430'''

|-

| style="text-align:left" | '''Net income (loss) attributable to:'''

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | '''609'''

| style="text-align:right" | '''655'''

|-

| style="text-align:right" | '''9,931'''

| style="text-align:right" | '''10,775'''

|-

| style="text-align:left" | '''Income (loss) before income taxes'''

| style="text-align:right" | '''14,016'''

| style="text-align:right" | '''15,460'''

|-

| style="text-align:left" | Adjustment for non-operating market movements

| style="text-align:right" | '''-92'''

| style="text-align:right" | '''303'''

|-

| style="text-align:left" | Adjustment for amortization of intangible assets from business combinations

| style="text-align:right" | '''102'''

| style="text-align:right" | '''97'''

|-

| style="text-align:left" | '''Core income (loss) before income taxes'''

| style="text-align:right" | '''14,026'''

| style="text-align:right" | '''15,860'''

|-

| style="text-align:left" | Income taxes related to core income

| style="text-align:right" | '''-3,521'''

| style="text-align:right" | '''-4,078'''

|-

| style="text-align:left" | '''Core net income (loss)'''

| style="text-align:right" | '''10,505'''

| style="text-align:right" | '''11,781'''

|-

| style="text-align:right" | '''10,017'''

| style="text-align:right" | '''11,113'''

|-

| style="text-align:right" | '''16.9'''

| style="text-align:right" | '''18.1'''

|-

| style="text-align:right" | '''58,544'''

| style="text-align:right" | '''60,619'''

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

! class="col-m" style="text-align:right" | 2024

! class="col-m" style="text-align:right" | 2025

|-

| style="text-align:left" | Number of shares issued - end of period

| style="text-align:right" | '''386,166,676'''

| style="text-align:right" | '''380,418,897'''

|-

| style="text-align:left" | Number of shares outstanding - end of period

| style="text-align:right" | '''385,919,437'''

| style="text-align:right" | '''380,242,198'''

|-

| style="text-align:left" | Weighted average number of shares outstanding - basic

| style="text-align:right" | '''388,462,381'''

| style="text-align:right" | '''382,873,496'''

|-

| style="text-align:left" | Potentially dilutive shares

| style="text-align:right" | '''120,869'''

| style="text-align:right" | '''85,195'''

|-

| style="text-align:left" | Weighted average number of shares outstanding - diluted

| style="text-align:right" | '''388,583,250'''

| style="text-align:right" | '''382,958,691'''

|-

| style="text-align:right" | '''9,788'''

| style="text-align:right" | '''10,603'''

|-

| style="text-align:left" | Effect of dilution

| style="text-align:right" | '''-5'''

| style="text-align:right" | '''-5'''

|-

| style="text-align:left" | Net income attributable to shareholders - diluted

| style="text-align:right" | '''9,783'''

| style="text-align:right" | '''10,598'''

|-

| style="text-align:left" | '''EPS basic (EUR)'''

| style="text-align:right" | '''25.20'''

| style="text-align:right" | '''27.69'''

|-

| style="text-align:left" | '''EPS diluted (EUR)'''

| style="text-align:right" | '''25.18'''

| style="text-align:right" | '''27.67'''

|-

| style="text-align:right" | '''9,874'''

| style="text-align:right" | '''10,953'''

|-

| style="text-align:left" | Effect of dilution

| style="text-align:right" | '''-5'''

| style="text-align:right" | '''-5'''

|-

| style="text-align:left" | Shareholders' core net income - diluted

| style="text-align:right" | '''9,869'''

| style="text-align:right" | '''10,948'''

|-

| style="text-align:left" | '''Core EPS basic (EUR)'''

| style="text-align:right" | '''25.42'''

| style="text-align:right" | '''28.61'''

|-

| style="text-align:left" | '''Core EPS diluted (EUR)'''

| style="text-align:right" | '''25.40'''

| style="text-align:right" | '''28.59'''

|}

</div>

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

! class="col-s" style="text-align:right" | 2024

! class="col-s" style="text-align:right" | 2025

|-

| style="text-align:right" | '''82,883'''

| style="text-align:right" | '''86,741'''

|-

| style="text-align:left" | '''Operating insurance service result'''

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | '''74,619'''

| style="text-align:right" | '''78,164'''

|-

| style="text-align:right" | '''-48,771'''

| style="text-align:right" | '''-50,386'''

|-

| style="text-align:right" | '''-18,022'''

| style="text-align:right" | '''-18,645'''

|-

| style="text-align:right" | '''-2,927'''

| style="text-align:right" | '''-3,000'''

|-

| style="text-align:right" | '''10'''

| style="text-align:right" | '''0'''

|-

| style="text-align:right" | '''4,908'''

| style="text-align:right" | '''6,133'''

|-

| style="text-align:left" | '''Operating investment result'''

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | '''4,980'''

| style="text-align:right" | '''4,737'''

|-

| style="text-align:right" | '''-1,159'''

| style="text-align:right" | '''-1,336'''

|-

| style="text-align:right" | '''-811'''

| style="text-align:right" | '''-549'''

|-

| style="text-align:right" | '''-539'''

| style="text-align:right" | '''-418'''

|-

| style="text-align:right" | '''3,011'''

| style="text-align:right" | '''2,851'''

|-

| style="text-align:left" | Operating fee and commission result

| style="text-align:right" | '''59'''

| style="text-align:right" | '''70'''

|-

| style="text-align:left" | Operating other result

| style="text-align:right" | '''-79'''

| style="text-align:right" | '''-61'''

|-

| style="text-align:left" | '''Operating profit'''

| style="text-align:right" | '''7,898'''

| style="text-align:right" | '''8,992'''

|-

| style="text-align:left" | '''Non-operating items'''

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | '''-68'''

| style="text-align:right" | '''327'''

|-

| style="text-align:right" | '''-29'''

| style="text-align:right" | '''-12'''

|-

| style="text-align:right" | '''32'''

| style="text-align:right" | '''-269'''

|-

| style="text-align:right" | '''47'''

| style="text-align:right" | '''-265'''

|-

| style="text-align:right" | '''-387'''

| style="text-align:right" | '''-476'''

|-

| style="text-align:right" | '''-196'''

| style="text-align:right" | '''-193'''

|-

| style="text-align:right" | '''-77'''

| style="text-align:right" | '''-71'''

|-

| style="text-align:right" | '''-318'''

| style="text-align:right" | '''-226'''

|-

| style="text-align:right" | '''-966'''

| style="text-align:right" | '''-849'''

|-

| style="text-align:left" | '''Income (loss) before income taxes'''

| style="text-align:right" | '''6,932'''

| style="text-align:right" | '''8,144'''

|-

| style="text-align:left" | Income taxes

| style="text-align:right" | '''-1,691'''

| style="text-align:right" | '''-2,225'''

|-

| style="text-align:left" | '''Net income (loss)'''

| style="text-align:right" | '''5,241'''

| style="text-align:right" | '''5,918'''

|-

| style="text-align:left" | '''Net income (loss) attributable to:'''

| style="text-align:right" | —

| style="text-align:right" | —

|-

| style="text-align:right" | '''144'''

| style="text-align:right" | '''215'''

|-

| style="text-align:right" | '''5,097'''

| style="text-align:right" | '''5,703'''

|-

| style="text-align:left" | '''Income (loss) before income taxes'''

| style="text-align:right" | '''6,932'''

| style="text-align:right" | '''8,144'''

|-

| style="text-align:left" | Adjustment for non-operating market movements

| style="text-align:right" | '''-47'''

| style="text-align:right" | '''265'''

|-

| style="text-align:left" | Adjustment for amortization of intangible assets from business combinations

| style="text-align:right" | '''77'''

| style="text-align:right" | '''71'''

|-

| style="text-align:left" | '''Core income (loss) before income taxes'''

| style="text-align:right" | '''6,962'''

| style="text-align:right" | '''8,479'''

|-

| style="text-align:left" | Income taxes related to core income

| style="text-align:right" | '''-1,688'''

| style="text-align:right" | '''-2,264'''

|-

| style="text-align:left" | '''Core net income (loss)'''

| style="text-align:right" | '''5,274'''

| style="text-align:right" | '''6,215'''

|-

| style="text-align:right" | '''5,119'''

| style="text-align:right" | '''5,991'''

|-

| style="text-align:right" | '''69.3'''

| style="text-align:right" | '''68.3'''

|-

| style="text-align:right" | '''69.0'''

| style="text-align:right" | '''68.8'''

|-

| style="text-align:left; padding-left:1.5em" | thereof: discounting impact (in %)

| style="text-align:right" | '''-2.8'''

| style="text-align:right" | '''-2.5'''

|-

| style="text-align:right" | '''2.4'''

| style="text-align:right" | '''1.4'''

|-

| style="text-align:right" | '''-2.1'''

| style="text-align:right" | '''-1.9'''

|-

| style="text-align:left" | '''Expense ratio (in %)'''

| style="text-align:right" | '''24.2'''

| style="text-align:right" | '''23.9'''

|-

| style="text-align:left" | '''Combined ratio (in %)'''

| style="text-align:right" | '''93.4'''

| style="text-align:right" | '''92.2'''

|-

| style="text-align:right" | '''13.5'''

| style="text-align:right" | '''15.1'''

|-

| style="text-align:left" | '''Risk adjustment (net of reinsurance) {{footnote|1=Refers to liability of incurred claims (LIC), not directly related to the loss ratio.}}'''

| style="text-align:right" | '''1,499'''

| style="text-align:right" | '''1,442'''

|}

</div>

 

 

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | EUR million

! colspan="2" style="text-align:center" | Operating insurance revenue

! colspan="2" style="text-align:center" | Operating profit (loss)

|-

! style="text-align:left" |