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

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Line 17:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ ForeignSpot exchangeforeign spotexchange rates by currency for June 2024, toDecember 2024, June 2025, and December 2025 {{footnote|1=Source: WM/Reuters.}}
! style="text-align:left" |
! colspan="4" style="text-align:center" | Spot
|-
! style="text-align:left" | —
! class="col-ms" 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
Line 28:
|-
| style="text-align:left" | '''USD'''
| style="text-align:right" | {{footnote|1=93 - 2.68.}}071750717
| style="text-align:right" | '''1.0355'''
| style="text-align:right" | 1.1739
Line 55:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Average foreign exchange rates by currency for fiscal years 2024 and 2025
! style="text-align:left" |
! colspan="2" style="text-align:center" | Average
Line 82:
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Discount rates forby unit-linkedcontract contractstype, and immediate fixed annuitycurrency, and P/C liabilitymaturity for incurred claims by currency and duration as of December 2024 and March 2025 {{footnote|1=TraditionalThe participatingtable andsets out otherthe continuously compounded market rates used to discount the cash flows of insurance contracts³.}} {{footnote|1=EURfor major currencies.}} {{footnote|1=USDSource: LSEG Data & Analytics; internal processing of market quotes.}}
! style="text-align:left" |
! colspan="5" style="text-align:center" | 31.12.2024
Line 89:
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 1 year
! class="col-s" style="text-align:right" | 5 years
! class="col-s" style="text-align:right" | 10 years
! class="col-s" style="text-align:right" | 20 years
! class="col-s" style="text-align:right" | 30 years
! class="col-s" style="text-align:right" | 1 year
|-
| style="text-align:left" | '''Unit-linked contracts'''
Line 105:
|-
| style="text-align:left" | EUR
| style="text-align:right" | {{footnote|1=47 - 32.11.}}27
| style="text-align:right" | {{footnote|1=38 - 32.02.}}18
| style="text-align:right" | {{footnote|1=50 - 32.14.}}330
| style="text-align:right" | {{footnote|1=49 - 32.13.}}29
| style="text-align:right" | {{footnote|1=55 - 32.08.}}38
| style="text-align:right" | {{footnote|1=36 - 32.00.}}18006318
|-
| style="text-align:left" | USD
| style="text-align:right" | {{footnote|1=87 - 54.05.}}09
| style="text-align:right" | {{footnote|1=20 - 3.84.}}94
| style="text-align:right" | {{footnote|1=25 - 3.80.}}99
| style="text-align:right" | {{footnote|1=95 - 54.13.}}02
| style="text-align:right" | 3.80
| style="text-align:right" | 3.90
Line 129:
|-
| style="text-align:left" | EUR
| style="text-align:right" | {{footnote|1=53 - 32.17.}}55
| style="text-align:right" | {{footnote|1=78 - 32.41.}}46
| style="text-align:right" | {{footnote|1=88 - 32.51.}}58
| style="text-align:right" | {{footnote|1=81 - 32.34.}}58
| style="text-align:right" | {{footnote|1=20 - 2.94.}}62
| style="text-align:right" | {{footnote|1=54 - 32.28.}}4536545
|-
| style="text-align:left" | USD
| style="text-align:right" | {{footnote|1=67 - 4.87.}}64
| style="text-align:right" | {{footnote|1=95 - 54.15.}}49
| style="text-align:right" | {{footnote|1=69 - 4.95.}}53
| style="text-align:right" | {{footnote|1=45 - 4.71.}}57
| style="text-align:right" | {{footnote|1=74 - 54.00.}}33
| style="text-align:right" | {{footnote|1=96 - 54.21.}}58697159
|-
| style="text-align:left" | '''Traditional participating and other insurance contracts {{footnote|1=Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency.}}'''
| style="text-align:leftright" | Other—▼
!| style="text-align:centerright" | Total business volume—▼
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.47 - 3.11
| style="text-align:right" | 2.38 - 3.02
| style="text-align:right" | 2.50 - 3.14
| style="text-align:right" | 2.49 - 3.13
| style="text-align:right" | 2.55 - 3.08
| style="text-align:right" | 2.36 - 3.00
|-
| style="text-align:left" | USD
| style="text-align:right" | 5.34 - 5.41
| style="text-align:right" | 5.19 - 5.25
| style="text-align:right" | 5.24 - 5.30
| style="text-align:right" | 5.27 - 5.34
| style="text-align:right" | 5.00 - 5.06
| style="text-align:right" | 5.19 - 5.37
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Discount rates forby unit-linkedcontract contractstype, and immediate fixed annuitycurrency, and P/C liabilitymaturity for incurredJune claims by currency and duration as of June2025 and September 2025
! style="text-align:left" |
! colspan="5" style="text-align:center" | 30.06.2025
Line 154 ⟶ 178:
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 1 year
! class="col-s" style="text-align:right" | 5 years
! class="col-s" style="text-align:right" | 10 years
! class="col-s" style="text-align:right" | 20 years
! class="col-s" style="text-align:right" | 30 years
! class="col-s" style="text-align:right" | 1 year
|-
| style="text-align:left" | '''Unit-linked contracts'''
Line 171 ⟶ 195:
| style="text-align:left" | EUR
| style="text-align:right" | 1.93
| style="text-align:right" | {{footnote|1=76 - 32.51.}}19591420
| style="text-align:right" | {{footnote|1=82 - 32.47.}}53858154
| style="text-align:right" | {{footnote|1=05 - 2.75.}}76131976
| style="text-align:right" | {{footnote|1=31 - 32.01.}}82026682
| style="text-align:right" | {{footnote|1=62 - 32.32.}}05185505
|-
| style="text-align:left" | USD
Line 194 ⟶ 218:
|-
| style="text-align:left" | EUR
| style="text-align:right" | {{footnote|1=88 - 32.57.}}1878919
| style="text-align:right" | {{footnote|1=93 - 32.56.}}44994445
| style="text-align:right" | {{footnote|1=09 - 2.74.}}79174379
| style="text-align:right" | 3.01
| style="text-align:right" | 3.04
| style="text-align:right" | {{footnote|1=49 - 32.14.}}25737826
|-
| style="text-align:left" | USD
| style="text-align:right" | {{footnote|1=40 - 4.63.}}50852151
| style="text-align:right" | {{footnote|1=44 - 4.67.}}085609
| style="text-align:right" | {{footnote|1=79 - 54.02.}}36494736
| style="text-align:right" | 4.67
| style="text-align:right" | 4.54
| style="text-align:right" | 4.17
|-
| style="text-align:left" | '''Traditional participating and other insurance contracts³'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EUR
| style="text-align:right" | 1.93 - 2.68
| style="text-align:right" | 2.20 - 2.94
| style="text-align:right" | 2.54 - 3.28
| style="text-align:right" | 2.76 - 3.51
| style="text-align:right" | 2.82 - 3.47
| style="text-align:right" | 2.05 - 2.75
|-
| style="text-align:left" | USD
| style="text-align:right" | 5.09 - 5.29
| style="text-align:right" | 4.67 - 4.87
| style="text-align:right" | 4.95 - 5.15
| style="text-align:right" | 5.25 - 5.45
| style="text-align:right" | 5.10 - 5.29
| style="text-align:right" | 4.69 - 4.95
|}
</div>
Line 213 ⟶ 261:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Discount rates forby unit-linkedcontract contractstype, and immediate fixed annuitycurrency, and P/C liabilitymaturity for incurred claims by currency and duration as of December 2025
! style="text-align:left" |
! colspan="5" style="text-align:center" | 31.12.2025
|-
! style="text-align:left" | —
! class="col-ms" style="text-align:right" | 1 year
! class="col-s" style="text-align:right" | 5 years
! class="col-s" style="text-align:right" | 10 years
Line 232 ⟶ 280:
|-
| style="text-align:left" | EUR
| style="text-align:right" | {{footnote|1=86 - 32.51.}}09392409
| style="text-align:right" | 2.49
| style="text-align:right" | 2.86
Line 265 ⟶ 313:
| style="text-align:right" | 4.75
| style="text-align:right" | 4.67
|-
| style="text-align:left" | '''Traditional participating and other insurance contracts³'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.09 - 2.74
| style="text-align:right" | 2.49 - 3.14
| style="text-align:right" | 2.86 - 3.51
| style="text-align:right" | 3.20 - 3.84
| style="text-align:right" | 3.25 - 3.80
|-
| style="text-align:left" | USD
| style="text-align:right" | 4.40 - 4.63
| style="text-align:right" | 4.44 - 4.67
| style="text-align:right" | 4.79 - 5.02
| style="text-align:right" | 5.22 - 5.44
| style="text-align:right" | 5.11 - 5.33
|}
</div>
Line 272 ⟶ 341:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Total assets breakdownbuild-up by asset type for June and2024, December 2024, June 2025, and December 2025
! style="text-align:left" | EUR million
! style="text-align:center" |
Line 343 ⟶ 412:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Total assets breakdownbuild-up by asset type for June and2024, December 2024, June 2025, and December 2025
! style="text-align:left" | EUR million
! style="text-align:center" |
Line 414 ⟶ 483:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Total assets breakdownbuild-up by asset type for June and2024, December 2024, June 2025, and December 2025
! style="text-align:left" | EUR million
! style="text-align:center" |
Line 485 ⟶ 554:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ AssetsTotal breakdownassets by typebuild-up for June 30.06., 2024, December 31.12., 2024, June 30.06., 2025, and December 31.12., 2025
! style="text-align:left" | EUR million
! style="text-align:center" |
Line 556 ⟶ 625:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ AssetsTotal breakdownassets by typebuild-up for June 30.06., 2024, December 31.12., 2024, June 30.06., 2025, and December 31.12., 2025
! style="text-align:left" | EUR million
! style="text-align:center" |
Line 627 ⟶ 696:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ AssetsTotal breakdownassets by typebuild-up for June 30.06., 2024, December 31.12., 2024, June 30.06., 2025, and December 31.12., 2025
! style="text-align:left" | EUR million
! style="text-align:center" |
Line 698 ⟶ 767:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ LiabilitiesTotal liabilities and equity breakdown by typebuild-up for June 30.06., 2024, December 31.12., 2024, June 30.06., 2025, and December 31.12., 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 30.06.2024
Line 811 ⟶ 880:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ LiabilitiesTotal liabilities and equity breakdown by typebuild-up for June 30.06., 2024, December 31.12., 2024, June 30.06., 2025, and December 31.12., 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 30.06.2024
Line 888 ⟶ 957:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ LiabilitiesTotal liabilities and equity breakdown by typebuild-up for June 30.06., 2024, December 31.12., 2024, June 30.06., 2025, and December 31.12., 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 30.06.2024
Line 965 ⟶ 1,034:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ LiabilitiesTotal liabilities and equity breakdown by typebuild-up for June 30.06., 2024, December 31.12., 2024, June 30.06., 2025, and December 31.12., 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 30.06.2024
Line 1,042 ⟶ 1,111:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ LiabilitiesTotal liabilities and equity breakdown by typebuild-up for June 30.06., 2024, December 31.12., 2024, June 30.06., 2025, and December 31.12., 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 30.06.2024
Line 1,119 ⟶ 1,188:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ LiabilitiesTotal liabilities and equity breakdownbuild-up for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-m" style="text-align:right" | 30.06.2024
Line 1,194 ⟶ 1,263:
</div>
 
== Shareholders'Shareholders’ Equity ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Shareholders' equity rollforward for Allianz12M Group for 12 months 202525
! style="text-align:left" | EUR million
! style="text-align:center" | Allianz Groupgroup
|-
! style="text-align:left" | —
Line 1,242 ⟶ 1,311:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Shareholders' equity sensitivity forto fiscalmarket yearmovements as of 31.12.2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | As of 31.12.2025
Line 1,284 ⟶ 1,353:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency II own funds and SCR rollforward for 4Q 202525 and 1212M months 202525
! style="text-align:left" | EUR billion
! style="text-align:center" | 4Q 25
Line 1,306 ⟶ 1,375:
| style="text-align:right" | '''7%-p'''
|-
| style="text-align:left" | Operating SII earnings / business evolutionevolution� {{footnote|1=TheOperating tableSII setsearnings outafter thetax/before continuously compounded market rates used to discount the cash flows of insurance contracts for major currencies. Source: LSEG Data & Analytics; internal processing of market quotesdividend.}}
| style="text-align:right" | 3.1
| style="text-align:right" | 13.0
Line 1,312 ⟶ 1,381:
| style="text-align:right" | '''25%-p'''
|-
| style="text-align:left" | Property-Casualtycasualty
| style="text-align:right" | 1.6
| style="text-align:right" | 6.8
Line 1,318 ⟶ 1,387:
| style="text-align:right" | —
|-
| style="text-align:left" | Life/Healthhealth
| style="text-align:right" | 1.1
| style="text-align:right" | 4.9
Line 1,324 ⟶ 1,393:
| style="text-align:right" | —
|-
| style="text-align:left" | Asset Managementmanagement
| style="text-align:right" | 0.7
| style="text-align:right" | 2.3
Line 1,336 ⟶ 1,405:
| style="text-align:right" | —
|-
| style="text-align:left" | Market impactimpact� {{footnote|1=RangesFor inSCR valuationincluding ratescross reflecteffects differentand liquiditypolicyholder characteristics of insurance portfolios in a given currencyparticipation.}}
| style="text-align:right" | 1.1
| style="text-align:right" | -0.2
Line 1,348 ⟶ 1,417:
| style="text-align:right" | '''-20%-p'''
|-
| style="text-align:left" | Management actions, debt and otherother� {{footnote|1=Other effects on SCR include diversification effects.}}
| style="text-align:right" | -1.2
| style="text-align:right" | -2.0
Line 1,376 ⟶ 1,445:
<div style="overflow-x:auto">
{| class="wikitable"
|+ Solvency II ratio sensitivity forto fiscalmarket yearmovements as of 31.12.2025 {{footnote|1=After tax.}}
! style="text-align:left" | EUR billion
! colspan="2" style="text-align:center" | As of 31.12.2025
Line 1,420 ⟶ 1,489:
| style="text-align:right" | '''219%'''
|-
| style="text-align:left" | Combined scenario {{footnote|1=34 - 5.41.}}scenario�⁵ (IR -50bps, CS +50bps, EQ -30%) {{footnote|1=Including cross effects.}}
| style="text-align:right" | -22%-p
| style="text-align:right" | '''196%'''
Line 1,430 ⟶ 1,499:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ AssetFinancial allocationassets breakdown by segment and asset type for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! colspan="2" style="text-align:center" | Property-Casualty
Line 1,449 ⟶ 1,518:
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-ms" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.12.2025
|-
| style="text-align:left" | Net cash investmentsinvestments� {{footnote|1=Source:Net WM/Reutersof liabilities from securities lending and including liabilities from cash pooling.}}
| style="text-align:right" | 11.4
| style="text-align:right" | '''9.2'''
Line 1,607 ⟶ 1,676:
| style="text-align:right" | '''11.2'''
|-
| style="text-align:left" | DerivativesDerivatives� {{footnote|1=OperatingNet SIIof earnings after tax/before dividendliabilities.}}
| style="text-align:right" | -0.2
| style="text-align:right" | '''0.2'''
Line 1,635 ⟶ 1,704:
| style="text-align:right" | '''27.6'''
|-
| style="text-align:left" | Real estateestate� {{footnote|1=ForExcludes real estate held SCRfor includingown crossuse effectsmeasured andat policyholderamortized participationcost.}}
| style="text-align:right" | 3.9
| style="text-align:right" | '''3.2'''
Line 1,687 ⟶ 1,756:
| style="text-align:right" | '''42.3'''
| style="text-align:right" | '''-6.9'''
| style="text-align:right" | '''- {{footnote|1=19 - 5.25.}}9092779'''
| style="text-align:right" | '''767.0'''
| style="text-align:right" | '''764.2'''
Line 1,725 ⟶ 1,794:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ ContractualGross and net contractual service margin (CSM) build-uprollforward forby Allianz Groupsegment for 12 months12M 202525
! style="text-align:left" |
! colspan="3" style="text-align:center" | 12M
Line 1,732 ⟶ 1,801:
! class="col-s" style="text-align:right" | Life/Health
! class="col-s" style="text-align:right" | Property-Casualty
! class="col-s" style="text-align:right" | Allianz Groupgroup� {{footnote|1=AfterLife/Health taxand Property-Casualty figures don't add up due to consolidation effects.}}
|-
| style="text-align:left" | '''Opening gross CSMCSM� {{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:left" | '''Opening gross CSM {{footnote|1=Net of liabilities.}}'''▼
| style="text-align:right" | '''56,789'''
| style="text-align:right" | '''64'''
Line 1,773 ⟶ 1,842:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ ContractualGross contractual service margin (CSM) rollforward for Lifelife/Healthhealth for 12 months12M 202525
! style="text-align:left" | EUR million
! style="text-align:center" | Life/Health
Line 1,780 ⟶ 1,849:
! class="col-s" style="text-align:right" | 12M
|-
▲| style="text-align:left" | '''Opening gross CSM {{footnote|1=Net of liabilities.}}CSM�²'''
▲| 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'''
|-
Line 1,798 ⟶ 1,867:
| style="text-align:right" | '''-5,440'''
|-
| style="text-align:left" | Change in scopescope� {{footnote|1=ExcludesThe change in scope refers to the sale of realUniCredit estateAllianz heldVita forS.p.A., ownwhich usewas measuredcompleted atin amortized2Q cost25.}}
| style="text-align:right" | '''-802'''
|-
Line 1,808 ⟶ 1,877:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin (CSM) sensitivity toby marketequity movementsmarkets, interest rate, and credit spread for anfiscal unspecifiedyear period2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Life/health
Line 1,850 ⟶ 1,919:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Operating profit build-up for Allianz group for fiscal years 2024 and 2025
! 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:left" | '''Total business volume {{footnote|1=NetTotal ofbusiness liabilitiesvolume fromcomprises securitiesgross lendingpremiums written and fee and commission income in Property-Casualty, statutory gross premiums in Life/Health, and includingoperating liabilitiesrevenues fromin cashAsset poolingManagement.}}'''
| style="text-align:right" | '''179,778'''
| style="text-align:right" | '''186,938'''
Line 2,019 ⟶ 2,088:
| style="text-align:right" | '''11,113'''
|-
| style="text-align:left" | '''Core return on equity³ (in %) {{footnote|1=TheFor changecurrent inyear periods scopeand refersprior toyear periods, the salecore ofreturn UniCrediton Allianzequity Vitafor S.p.A.,the whichrespective wasfull completedyear inis 2Q 25shown.}} (in %)'''
| style="text-align:right" | '''16.9'''
| style="text-align:right" | '''18.1'''
|-
| style="text-align:left" | '''Average shareholders' equityequity⁴ used for core RoE calculation {{footnote|1=Shareholders‘ equity excluding undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses.}} used for core RoE calculation'''
| style="text-align:right" | '''58,544'''
| style="text-align:right" | '''60,619'''
Line 2,033 ⟶ 2,102:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Earnings per share (EPS) time series for Allianz group for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-m" style="text-align:right" | 2024
Line 2,058 ⟶ 2,127:
| style="text-align:right" | '''382,958,691'''
|-
| style="text-align:left" | Net income attributable to shareholders - basic {{footnote|1=Life/HealthAdjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity. For core EPS basic and Property-Casualtycore figuresEPS don'tdiluted, addnet upfinancial duecharges toexcluding consolidationany foreign currency translation effects incurred in the redemption of these bonds.}}
| style="text-align:right" | '''9,788'''
| style="text-align:right" | '''10,603'''
Line 2,078 ⟶ 2,147:
| style="text-align:right" | '''27.67'''
|-
| style="text-align:left" | Shareholders' core net income - basic {{footnote|1=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.}}
| style="text-align:right" | '''9,874'''
| style="text-align:right" | '''10,953'''
Line 2,104 ⟶ 2,173:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ OperatingProperty-casualty operating profit build-up for property-casualty segment for fiscal years 2024 and 2025
! 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:left" | '''Total business volume {{footnote|1=AdjustedTotal forbusiness netvolume financialcomprises chargesgross relatedpremiums towritten undatedand subordinated bonds classified as shareholders’ equity. For core EPS basicfee and core EPS diluted, net financial charges excluding any foreign currency translation effects incurred in the redemption of thesecommission bondsincome.}}'''
| style="text-align:right" | '''82,883'''
| style="text-align:right" | '''86,741'''
Line 2,153 ⟶ 2,222:
| style="text-align:right" | '''-1,336'''
|-
| style="text-align:left" | Valuation result & other {{footnote|1=ForOther currentcomprises yearrealized periodsgains/losses, andinvestment prior year periodsexpenses, theF/X core returngains/losses on equityinsurance forassets/liabilities the respective full year isand shownother.}}
| style="text-align:right" | '''-811'''
| style="text-align:right" | '''-549'''
Line 2,269 ⟶ 2,338:
| style="text-align:right" | '''5,991'''
|-
| style="text-align:left" | '''Loss ratioratio⁵ (in %) {{footnote|1=24Reinsurance -ratio: 53.30.}}8% in 4Q 25 (4Q 24: 1.9%), 3.8% in 12M 25 (12M 24: 3.9%).}}'''
| style="text-align:right" | '''69.3'''
| style="text-align:right" | '''68.3'''
Line 2,297 ⟶ 2,366:
| style="text-align:right" | '''92.2'''
|-
| style="text-align:left" | '''Core return on equityequity⁶ (in %) {{footnote|1=For current year periods and prior year periods, the core return on equity for the respective full year is shown.}} (in %)'''
| style="text-align:right" | '''13.5'''
| style="text-align:right" | '''15.1'''
Line 2,311 ⟶ 2,380:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property-casualty underwriting experience breakdown by region for 12 months 2024 and 12 months 2025
! style="text-align:left" |
! colspan="2" style="text-align:center" | EUR mn
Line 2,320 ⟶ 2,389:
! style="text-align:left" | EUR million
! style="text-align:center" | Total business volume {{footnote|1=Total business volume comprises gross premiums written and fee and commission income.}}
! colspan="2" style="text-align:center" | Total business volume {{footnote|1=Total business volume comprises statutory gross premiums.}}
! style="text-align:center" | Total business volume {{footnote|1=Includes the Austrian health business from 01.01.2025.}}▼
! colspan="2" style="text-align:center" | Operating insurance revenue
! colspan="2" style="text-align:center" | Operating profit (loss)
Line 2,334 ⟶ 2,402:
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-ms" style="text-align:right" | Internal growth {{footnote|1=This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.}}
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
Line 2,469 ⟶ 2,537:
| style="text-align:right" | 299
| style="text-align:right" | '''283'''
| style="text-align:right" | '''- {{footnote|1=27 - 5.34.}}4305474'''
| style="text-align:right" | 272
| style="text-align:right" | '''286'''
Line 2,586 ⟶ 2,654:
| style="text-align:right" | '''19.1'''
|-
| style="text-align:left; padding-left:1.5em" | Thereof: AGCS excluding fronting & captives {{footnote|1=OtherInternal comprisesgrowth realizedexlcudes gains/losses,Arch investment expenses, F/X gains/losses on insurance assets/liabilities and othertransaction.}}
| style="text-align:right" | 7,880
| style="text-align:right" | '''7,788'''
Line 2,787 ⟶ 2,855:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property-casualty underwriting experience breakdown by region for 4Q 2024 and 4Q 2025
! style="text-align:left" |
! colspan="2" style="text-align:center" | EUR mn
Line 2,795 ⟶ 2,863:
|-
! style="text-align:left" | EUR million
! style="text-align:center" | Total business volume {{footnote|1=IncludesTotal thebusiness Germanvolume APRcomprises andgross thepremiums Austrianwritten healthand businessesfee and fromcommission 01.01.2025income.}}
! colspan="2" style="text-align:center" | Total business volume {{footnote|1=Includes operating result from PIMCO, AllianzGI and other entities.}}
▲! style="text-align:center" | Total business volume
! colspan="2" style="text-align:center" | Operating insurance revenue
! colspan="2" style="text-align:center" | Operating profit (loss)
Line 2,821 ⟶ 2,888:
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-ms" style="text-align:right" | Internal growth {{footnote|1=RetailThis includingreflects SMEthe growth of total business volume on an internal basis, adjusted for foreign currency translation and Fleet(de-)consolidation effects.}}
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
Line 2,866 ⟶ 2,933:
| style="text-align:right" | 1,083
| style="text-align:right" | '''1,108'''
| style="text-align:right" | '''{{footnote|1=00 - 5.06.}}17832'''
| style="text-align:right" | 1,123
| style="text-align:right" | '''1,148'''
Line 2,911 ⟶ 2,978:
| style="text-align:right" | 1,147
| style="text-align:right" | '''1,214'''
| style="text-align:right" | '''{{footnote|1=19 - 5.37.}}8128948'''
| style="text-align:right" | 1,298
| style="text-align:right" | '''1,376'''
Line 3,238 ⟶ 3,305:
| style="text-align:right" | '''19.6'''
|-
| style="text-align:left" | '''Consolidation {{footnote|1=ForRepresents currentelimination yearof periodstransactions andbetween priorAllianz yearGroup periods,entities thein coredifferent returngeographic on equity for the respective full year is shownregions.}}'''
| style="text-align:right" | '''-1,007'''
| style="text-align:right" | '''-949'''
Line 3,274 ⟶ 3,341:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property-casualty underwriting experience breakdown by customer segment for 12 months 2024 and 12 months 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Property-casualtyCasualty
! style="text-align:center" | Retail lines {{footnote|1=IncludingRetail operatingincluding reinsuranceSME resultand Fleet.}}
! style="text-align:center" | Retail lines
! style="text-align:center" | Retail lines {{footnote|1=Includes mainly reclassification effects from operating to non-operating result related to a disposal of an investment as of 30.06.2025 and, if applicable, acquisition-related expenses, income taxes related incidental benefits/expenses and litigation expenses.}}▼
! style="text-align:center" | Commercial lines {{footnote|1=Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.}}
! style="text-align:center" | Commercial lines {{footnote|1=Including hyperinflation result.}}
! colspan="2" style="text-align:center" | Not allocated
|-
Line 3,286 ⟶ 3,353:
! colspan="8" style="text-align:center" | 12M
|-
| style="text-align:left" | '''Total business volume¹ {{footnote|1=Total business volume comprises gross premiums written and fee and commission income.}}'''
| style="text-align:right" | '''82,883'''
| style="text-align:right" | '''86,741'''
Line 3,354 ⟶ 3,421:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ OperatingLife and health operating profit build-up for life and health segment for fiscal years 2024 and 2025
! 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:left" | '''Total business volume¹ {{footnote|1=Total business volume comprises statutory gross premiums.}}'''
| style="text-align:right" | '''89,317'''
| style="text-align:right" | '''92,314'''
Line 3,371 ⟶ 3,438:
| style="text-align:right" | '''523'''
|-
| style="text-align:left" | Variances from claims and expenses {{footnote|1=Including operating reinsurance result.}}
| style="text-align:right" | '''56'''
| style="text-align:right" | '''46'''
Line 3,427 ⟶ 3,494:
| style="text-align:right" | '''-10'''
|-
| style="text-align:left" | Other (including tax reclassifications) {{footnote|1=IncludesIncluding grosshyperinflation 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 25result.}}
| style="text-align:right" | '''163'''
| style="text-align:right" | '''59'''
Line 3,487 ⟶ 3,554:
| style="text-align:right" | '''3,928'''
|-
| style="text-align:left" | '''Core return on equityequity⁴ (in %) {{footnote|1=IncludesFor current year periods and prior year periods, the Austriancore healthreturn businesson fromequity 01.01.2025for the respective full year is shown.}} (in %)'''
| style="text-align:right" | '''16.3'''
| style="text-align:right" | '''15.2'''
Line 3,499 ⟶ 3,566:
| style="text-align:right" | '''11.7'''
|-
| style="text-align:left" | '''Risk adjustment (gross of reinsurance) {{footnote|1=00Refers -to 5.18liability for remaining coverage (LRC).}}'''
| style="text-align:right" | '''4,928'''
| style="text-align:right" | '''4,836'''
Line 3,534 ⟶ 3,601:
| style="text-align:right" | 3,609
| style="text-align:right" | '''5,382'''
| style="text-align:right" | {{footnote|1=15 - 5.33.}}7064147
| style="text-align:right" | '''{{footnote|1=09 - 5.29.}}5798246'''
| style="text-align:right" | 206
| style="text-align:right" | '''300'''
Line 3,555 ⟶ 3,622:
| style="text-align:right" | '''48'''
|-
| style="text-align:left" | Central Europe {{footnote|1=Includes the Austrian health business from 01.01.2025.}}
| style="text-align:right" | 1,633
| style="text-align:right" | '''2,074'''
Line 3,566 ⟶ 3,633:
| style="text-align:right" | '''24,697'''
| style="text-align:right" | '''27,153'''
| style="text-align:right" | '''{{footnote|1=25 - 5.45.}}2321742'''
| style="text-align:right" | '''{{footnote|1=10 - 5.29.}}2634423'''
| style="text-align:right" | '''1,292'''
| style="text-align:right" | '''1,429'''
Line 3,583 ⟶ 3,650:
| style="text-align:right" | '''6,871'''
| style="text-align:right" | 4.6
| style="text-align:right" | '''{{footnote|1=09 - 5.34.}}3178843'''
| style="text-align:right" | 305
| style="text-align:right" | '''365'''
Line 3,686 ⟶ 3,753:
| style="text-align:right" | '''81,827'''
| style="text-align:right" | '''84,682'''
| style="text-align:right" | '''{{footnote|1=22 - 5.44.}}7360467'''
| style="text-align:right" | '''{{footnote|1=11 - 5.33.}}7024287'''
| style="text-align:right" | '''4,694'''
| style="text-align:right" | '''4,829'''
Line 3,695 ⟶ 3,762:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin (CSM) at inception build-up for 12-month periods 2024 and 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | 12M
Line 3,772 ⟶ 3,839:
| style="text-align:right" | '''9'''
|-
| style="text-align:left" | Central Europe {{footnote|1=Includes the Austrian health business from 01.01.2025.}}
| style="text-align:right" | 456
| style="text-align:right" | '''605'''
Line 3,912 ⟶ 3,979:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin (CSM) at inception build-up for fourth quarters 2024 and 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 4Q 24
Line 3,939 ⟶ 4,006:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and health segmentbusiness breakdownvolume, operating insurance revenue, operating profit, and contractual service margin by region for 12-month periods 2024 and 2025 {{footnote|1=Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.}}
! style="text-align:left" |
! colspan="2" style="text-align:center" | EUR mn
Line 3,946 ⟶ 4,013:
|-
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Total business volume {{footnote|1=Total business volume comprises statutory gross premiums.}}
! colspan="2" style="text-align:center" | Total business volume
! colspan="2" style="text-align:center" | Operating insurance revenue
! colspan="2" style="text-align:center" | Operating profit (loss)
! style="text-align:center" | Contractual service margin {{footnote|1=TotalIncludes businessgross volumeCSM comprisesof statutoryEUR gross0.8bn 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 premiums25.}}
! style="text-align:center" | Contractual service margin {{footnote|1=Excluding performance fees and other income.}}
|-
! style="text-align:left" |
Line 3,960 ⟶ 4,028:
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | Internal growth {{footnote|1=This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.}}
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
Line 4,012 ⟶ 4,080:
| style="text-align:right" | '''1,830'''
|-
| style="text-align:left" | Central Europe {{footnote|1=Includes grossthe CSMAustrian ofhealth EURbusiness 0.8bnfrom as of 3101.1201.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 252025.}}
| style="text-align:right" | 2,118
| style="text-align:right" | '''2,402'''
Line 4,199 ⟶ 4,267:
| style="text-align:right" | '''1,002'''
|-
| style="text-align:left" | '''Consolidation and other {{footnote|1=IncludingIncludes crosssmall effectsentities and elimination of transactions between Allianz Group entities in different geographic regions.}}'''
| style="text-align:right" | '''-135'''
| style="text-align:right" | '''-507'''
Line 4,227 ⟶ 4,295:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and health segmentbusiness breakdownvolume, operating insurance revenue, operating profit, and contractual service margin by region for fourth quarters 2024 and 2025
! style="text-align:left" |
! colspan="2" style="text-align:center" | EUR mn
Line 4,234 ⟶ 4,302:
|-
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Total business volume {{footnote|1=Total business volume comprises statutory gross premiums.}}
! colspan="2" style="text-align:center" | Total business volume
! colspan="2" style="text-align:center" | Operating insurance revenue
! colspan="2" style="text-align:center" | Operating profit (loss)
! colspan="2" style="text-align:center" | Contractual service margin {{footnote|1=Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.}}
! style="text-align:center" | Contractual service margin
|-
! style="text-align:left" |
Line 4,252 ⟶ 4,322:
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | Internal growth {{footnote|1=This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.}}
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
Line 4,304 ⟶ 4,374:
| style="text-align:right" | '''1,830'''
|-
| style="text-align:left" | Central Europe {{footnote|1=Includes the Austrian health business from 01.01.2025.}}
| style="text-align:right" | 551
| style="text-align:right" | '''645'''
Line 4,491 ⟶ 4,561:
| style="text-align:right" | '''1,002'''
|-
| style="text-align:left" | '''Consolidation and other {{footnote|1=ReinsuranceIncludes ratio:small 3.8%entities inand 4Qelimination 25of (4Qtransactions 24:between 1.9%),Allianz 3.8%Group entities in 12M 25 (12Mdifferent 24:geographic 3.9%)regions.}}'''
| style="text-align:right" | '''-25'''
| style="text-align:right" | '''-25'''
Line 4,519 ⟶ 4,589:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and health segment breakdownoperating profit and business volume by product type for 12-month periods 2024 and 2025 {{footnote|1=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.}}
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Life/Healthhealth segment
! colspan="2" style="text-align:center" | Capital-efficient products
! colspan="2" style="text-align:center" | Unit-linked without guarantees
Line 4,528 ⟶ 4,598:
|-
! style="text-align:left" | —
! colspanclass="10col-s" style="text-align:centerright" | 12M
▲! class="col-s" style="text-align:centerright" | Total12M business volume25 {{footnote|1=Includes the German APR and the Austrian health businessbusinesses from 01.01.2025.}}
! colspan="8" style="text-align:center" | 12M
|-
| style="text-align:left" | Release CSM
Line 4,554 ⟶ 4,626:
| style="text-align:right" | 108
|-
| style="text-align:left" | Variances from claims and expenses {{footnote|1=Including operating reinsurance result.}}
| style="text-align:right" | 56
| style="text-align:right" | 46
Line 4,626 ⟶ 4,698:
| style="text-align:right" | '''1,507'''
|-
| style="text-align:left" | '''Total business volume³ {{footnote|1=Total business volume comprises statutory gross premiums.}}'''
| style="text-align:right" | '''89,317'''
| style="text-align:right" | '''92,314'''
Line 4,650 ⟶ 4,722:
| style="text-align:right" | '''5,644'''
|-
| style="text-align:left" | '''Contractual service margin (gross)⁴ {{footnote|1=Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.}}'''
| style="text-align:right" | '''55,571'''
| style="text-align:right" | '''55,703'''
Line 4,662 ⟶ 4,734:
| style="text-align:right" | '''15,058'''
|-
| style="text-align:left" | '''PVFCF {{footnote|1=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.}}'''
| style="text-align:right" | '''649,968'''
| style="text-align:right" | '''633,941'''
Line 4,718 ⟶ 4,790:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management segmentincome operating profit build-upstatement for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 2024
Line 4,731 ⟶ 4,803:
| style="text-align:right" | '''8,408'''
|-
| style="text-align:left; padding-left:1.5em" | Thereof: net fee and commission income excl. performance fees {{footnote|1=Excluding performance fees and other income.}}
| style="text-align:right" | '''7,640'''
| style="text-align:right" | '''8,007'''
Line 4,751 ⟶ 4,823:
| style="text-align:right" | '''-5,162'''
|-
| style="text-align:left" | '''Operating profit¹ {{footnote|1=Includes operating result from PIMCO, AllianzGI and other entities.}}'''
| style="text-align:right" | '''3,239'''
| style="text-align:right" | '''3,345'''
Line 4,795 ⟶ 4,867:
| style="text-align:right" | '''-2'''
|-
▲!| style="text-align:centerleft" | Retail linesOther {{footnote|1=Includes mainly reclassification effects from operating to non-operating result related to a disposal of an investment as of 30.06.2025 and, if applicable, acquisition-related expenses, income taxes related incidental benefits/expenses and litigation expenses.}}
▲| style="text-align:left" | Other
| style="text-align:right" | '''8'''
| style="text-align:right" | '''-29'''
Line 4,879 ⟶ 4,951:
| style="text-align:right" | '''41.2'''
|-
| style="text-align:left" | '''Core return on equity⁴ (in %) {{footnote|1=For current year periods and prior year periods, the core return on equity for the respective full year is shown.}}'''
| style="text-align:right" | '''21.5'''
| style="text-align:right" | '''22.3'''
Line 4,885 ⟶ 4,957:
</div>
 
== AM AuMAUM ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets under management breakdown by segmenttype, asset class, and region for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | 2024
Line 4,954 ⟶ 5,026:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Third-party net flows breakdown by segmentPIMCO and AllianzGI for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | 2024
Line 4,977 ⟶ 5,049:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Operating profit and non-operating items build-up for corporate and other segment for fiscal years 2024 and 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 2024
Line 5,030 ⟶ 5,102:
| style="text-align:right" | '''-339'''
|-
| style="text-align:left; padding-left:1.5em" | Thereof: Nonnon-operating market movements
| style="text-align:right" | '''33'''
| style="text-align:right" | '''-62'''
Line 5,046 ⟶ 5,118:
| style="text-align:right" | '''-16'''
|-
| style="text-align:left; padding-left:1.5em" | Thereof: Amortizationamortization of intangible assets from business combinations
| style="text-align:right" | '''-11'''
| style="text-align:right" | '''-14'''
Line 5,116 ⟶ 5,188:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Consolidation of operating profit and non-operating items for fiscal years 2024 and 2025
! 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:left" | '''Total business volume¹ {{footnote|1=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.}}'''
| style="text-align:right" | '''-746'''
| style="text-align:right" | '''-623'''
Line 5,149 ⟶ 5,221:
| style="text-align:right" | '''1'''
|-
| style="text-align:left; padding-left:1.5em" | Thereof: Nonnon-operating market movements
| style="text-align:right" | '''1'''
| style="text-align:right" | '''1'''
Line 5,165 ⟶ 5,237:
| style="text-align:right" | '''0'''
|-
| style="text-align:left; padding-left:1.5em" | Thereof: Amortizationamortization of intangible assets from business combinations
| style="text-align:right" | '''0'''
| style="text-align:right" | '''0'''
Line 5,225 ⟶ 5,297:
| style="text-align:right" | '''-1'''
|-
| style="text-align:left" | '''Thereof: Shareholdersshareholders' core net income (loss)'''
| style="text-align:right" | '''-1'''
| style="text-align:right" | '''-1'''
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