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

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Document info
Organization	Allianz
Year	2025
Period	FY
Period label	FY25
Document type	Financial supplement
Language	English
Source	Original URL
Archive	.md file

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Latest revision as of 22:57, 13 June 2026

Allianz Group FY25 financial supplement.

Market Data

Spot foreign exchange rates by currency for June 2024, December 2024, June 2025, and December 2025 (footnote: Source: WM/Reuters.)
	Spot
—	30.06.2024	31.12.2024	30.06.2025	31.12.2025
USD	1.0717	1.0355	1.1739	1.1744
CHF	0.9630	0.9385	0.9344	0.9305
GBP	0.8478	0.8268	0.8566	0.8731
AUD	1.6048	1.6724	1.7912	1.7612

Average foreign exchange rates by currency for 2024 and 2025
	Average
—	2024	2025
USD	1.0820	1.1308
CHF	0.9526	0.9371
GBP	0.8466	0.8570
AUD	1.6399	1.7522

Discount rates by contract type, currency, and maturity for December 2024 and March 2025 (footnote: The table sets out the continuously compounded market rates used to discount the cash flows of insurance contracts for major currencies. Source: LSEG Data & Analytics; internal processing of market quotes.)
	31.12.2024					31.03.2025
—	1 year	5 years	10 years	20 years	30 years	1 year
Unit-linked contracts	—	—	—	—	—	—
EUR	2.27	2.18	2.30	2.29	2.38	2.18
USD	4.09	3.94	3.99	4.02	3.80	3.90
Immediate fixed annuity and P/C liability for incurred claims	—	—	—	—	—	—
EUR	2.55	2.46	2.58	2.58	2.62	2.45
USD	4.64	4.49	4.53	4.57	4.33	4.59
Traditional participating and other insurance contracts (footnote: Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency.)	—	—	—	—	—	—
EUR	2.47 - 3.11	2.38 - 3.02	2.50 - 3.14	2.49 - 3.13	2.55 - 3.08	2.36 - 3.00
USD	5.34 - 5.41	5.19 - 5.25	5.24 - 5.30	5.27 - 5.34	5.00 - 5.06	5.19 - 5.37

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

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

Balance Sheet

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

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

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

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

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

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

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

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

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

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

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

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

Shareholders’ Equity

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

Shareholders' equity sensitivity to market movements as of 31.12.2025
EUR million	As of 31.12.2025
—	Impact	S/h equity
Shareholders' equity	—	62.7
Equity markets +30%	4%	65.3
Equity markets -30%	-5%	59.5
Interest rates +50bps	-1%	62.0
Interest rates -50bps	1%	63.4
Credit spread on government bonds +50bps	-1%	61.8
Credit spread on non-government bonds +50bps	-1%	62.2

Solvency II

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

Solvency II ratio sensitivity to market movements as of 31.12.2025 (footnote: After tax.)
EUR billion	As of 31.12.2025
—	Impact	SII ratio
Solvency II ratio	—	218%
Equity markets +30%	10%-p	229%
Equity markets -30%	-13%-p	205%
Equity markets (traded equities only) +30%	4%-p	222%
Equity markets (traded equities only) -30%	-4%-p	214%
Interest rates +50bps	0%-p	219%
Interest rates -50bps	-1%-p	218%
Credit spread on government bonds +50bps	-4%-p	214%
Credit spread on non-government bonds +50bps	0%-p	219%
Combined scenario�⁵ (IR -50bps, CS +50bps, EQ -30%) (footnote: Including cross effects.)	-22%-p	196%

Asset Allocation

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

Allianz Group – CSM

Gross and net contractual service margin (CSM) rollforward by segment for 12M 25
	12M
EUR million	Life/Health	Property-Casualty	Allianz group� (footnote: Life/Health and Property-Casualty figures don't add up due to consolidation effects.)
Opening gross CSM� (footnote: Life/Health and Group include gross CSM of EUR 0.8bn as of 31.12.2024 and 01.01.2025 for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Effective 01.01.2025, the German APR and the Austrian health businesses have been transferred from the Property-Casualty segment to the Life/Health segment resulting in a EUR 1.2bn shift in the gross CSM opening balance.)	56,789	64	56,851
Closing gross CSM	55,703	202	55,897
Present value of non-attributable expenses	—	—	-7,087
Reinsurance	—	—	-1,411
Non-controlling interests	—	—	-898
Taxes	—	—	-11,121
Closing net CSM	—	—	35,379

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

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

Allianz Group

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

Allianz Group – EPS

Earnings per share (EPS) time series for fiscal years 2024 and 2025
EUR million	2024	2025
Number of shares issued - end of period	386,166,676	380,418,897
Number of shares outstanding - end of period	385,919,437	380,242,198
Weighted average number of shares outstanding - basic	388,462,381	382,873,496
Potentially dilutive shares	120,869	85,195
Weighted average number of shares outstanding - diluted	388,583,250	382,958,691
Net income attributable to shareholders - basic (footnote: Adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity. For core EPS basic and core EPS diluted, net financial charges excluding any foreign currency translation effects incurred in the redemption of these bonds.)	9,788	10,603
Effect of dilution	-5	-5
Net income attributable to shareholders - diluted	9,783	10,598
EPS basic (EUR)	25.20	27.69
EPS diluted (EUR)	25.18	27.67
Shareholders' core net income - basic	9,874	10,953
Effect of dilution	-5	-5
Shareholders' core net income - diluted	9,869	10,948
Core EPS basic (EUR)	25.42	28.61
Core EPS diluted (EUR)	25.40	28.59

Property-Casualty

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

P&C by Region YTD

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

P&C by Region QTD

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

P&C by Customer Segment YTD

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

P&C by Customer Segment QTD

Life & Health

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

L&H New Business YTD

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

Contractual service margin (CSM) build-up for 12-month periods 2024 and 2025
EUR million	12M
Value of new business	4,694	4,829
Non-attributable expenses	693	772
Scope / other	681	-183
CSM at inception	6,067	5,419

L&H New Business QTD

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

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

L&H by Region YTD

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

L&H by Region QTD

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

L&H Details YTD

Life and health segment operating profit and business volume by product type for 12-month periods 2024 and 2025
EUR million	Life/health segment		Capital-efficient products		Unit-linked without guarantees		Protection & health		Guaranteed savings & annuities
—	12M	12M 25 (footnote: Includes the German APR and the Austrian health businesses from 01.01.2025.)	12M
Release CSM	5,137	5,440	1,602	1,625	619	637	1,537	1,702	1,378	1,476
Release risk adjustment	488	523	104	105	70	81	212	228	102	108
Variances from claims and expenses (footnote: Including operating reinsurance result.)	56	46	49	188	-15	-21	-18	-26	40	-96
Losses on onerous contracts	-41	-84	-1	-2	1	-2	-37	-60	-4	-20
Non-attributable expenses	-1,141	-1,202	-289	-295	-96	-80	-350	-367	-405	-460
Operating investment result	662	525	80	-52	80	92	45	19	456	467
Other operating result	343	353	22	34	292	285	-7	2	36	32
Operating profit	5,505	5,601	1,567	1,603	952	993	1,382	1,498	1,604	1,507
Total business volume (footnote: Total business volume comprises statutory gross premiums.)	89,317	92,314	40,884	41,759	19,922	21,405	15,319	15,908	13,191	13,242
Operating insurance revenue	23,138	24,527	3,433	3,733	1,577	1,592	12,820	13,558	5,307	5,644
Contractual service margin (gross) (footnote: Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.)	55,571	55,703	17,190	16,245	6,045	6,382	17,388	18,018	14,948	15,058
PVFCF (footnote: Refers to liability for remaining coverage (LRC). Includes gross PVFCF of 21.2bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.)	649,968	633,941	234,052	237,659	83,794	78,990	46,648	45,147	285,474	272,145
Present value of new business premiums	81,827	84,682	40,403	37,961	19,478	22,380	16,072	16,960	5,874	7,381
New business margin (in %)	5.7	5.7	5.2	5.3	4.2	4.1	9.2	9.2	5.1	4.9
Value of new business	4,694	4,829	2,112	2,002	813	907	1,472	1,562	297	358

L&H Details QTD

Asset Management

Asset management income statement for fiscal years 2024 and 2025
EUR million	2024	2025
Net operating revenues	—	—
Net fee and commission income	8,186	8,408
Thereof: net fee and commission income excl. performance fees (footnote: Excluding performance fees and other income.)	7,640	8,007
Thereof: performance fees	545	402
Other operating revenues	139	99
Subtotal	8,324	8,507
Operating expenses	-5,086	-5,162
Operating profit (footnote: Includes operating result from PIMCO, AllianzGI and other entities.)	3,239	3,345
Thereof: PIMCO	2,518	2,593
Thereof: AllianzGI	733	770
Non-operating items	—	—
Realized gains/losses (net)	17	94
Expected credit loss and impairments (net)	-0	-0
Result from assets and liabilities measured at fair value incl. derivatives	11	9
Thereof: non-operating market movements	11	9
Restructuring and integration expenses	-11	-64
Amortization of intangible assets	-7	-7
Thereof: amortization of intangible assets from business combinations	-2	-2
Other (footnote: Includes mainly reclassification effects from operating to non-operating result related to a disposal of an investment as of 30.06.2025 and, if applicable, acquisition-related expenses, income taxes related incidental benefits/expenses and litigation expenses.)	8	-29
Subtotal	18	3
Income (loss) before income taxes	3,257	3,348
Income taxes	-829	-835
Net income (loss)	2,428	2,513
Net income (loss) attributable to:	—	—
Non-controlling interests	210	226
Shareholders	2,218	2,287
Income (loss) before income taxes	3,257	3,348
Adjustment for non-operating market movements	-11	-9
Adjustment for amortization of intangible assets from business combinations	2	2
Core income (loss) before income taxes	3,248	3,341
Income taxes related to core income (loss)	-826	-834
Core net income (loss)	2,421	2,507
thereof: Shareholders' core net income (loss)	2,211	2,282
Cost-income ratio (in %)	61.1	60.7
Thereof: PIMCO	59.6	59.8
Thereof: AllianzGI	64.9	62.4
3rd party AuM margin³ (in bps)	38.5	38.2
Thereof: PIMCO	37.6	37.4
Thereof: AllianzGI	42.0	41.2
Core return on equity⁴ (in %) (footnote: For current year periods and prior year periods, the core return on equity for the respective full year is shown.)	21.5	22.3

AM AUM

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

Third-party net flows breakdown by PIMCO and AllianzGI for fiscal years 2024 and 2025
EUR billion	2024	2025
Third-party net flows	85	139
Thereof: PIMCO	84	133
Thereof: AllianzGI	0	6

Corporate and Other

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

Consolidation

Consolidation of operating profit and non-operating items for fiscal years 2024 and 2025
EUR million	2024	2025
Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income in Property-Casualty, statutory gross premiums in Life/Health, and operating revenues in Asset Management.)	-746	-623
Operating insurance revenue	-81	-56
Operating profit	-4	1
Non-operating items	—	—
Realized gains/losses (net)	-0	1
Expected credit loss and impairments (net)	0	0
Result from assets and liabilities measured at fair value incl. derivatives	1	1
Thereof: non-operating market movements	1	1
Interest expenses from external debt	0	0
Restructuring and integration expenses	0	0
Amortization of intangible assets	-1	0
Thereof: amortization of intangible assets from business combinations	0	0
Other	4	-1
Subtotal	4	1
Income (loss) before income taxes	-0	1
Income taxes	-0	-1
Net income (loss)	-0	0
Net income (loss) attributable to:	—	—
Non-controlling interests	0	0
Shareholders	-0	0
Income (loss) before income taxes	-0	1
Adjustment for non-operating market movements	-1	-1
Adjustment for amortization of intangible assets from business combinations	0	0
Core income (loss) before income taxes	-1	0
Income taxes related to core income (loss)	-0	-1
Core net income (loss)	-1	-1
Thereof: shareholders' core net income (loss)	-1	-1