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Line 8:
| source_url = https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results/2025-fy/fy-2025-financial-supplement-allianz.xlsx
| archive_file = File:Allianz-2025-FY-Financial_supplement.md
| intro_sentence = Allianz GroupFY 2025 FY financial supplement.
}}
 
''Allianz GroupFY 2025 FY financial supplement.''
 
== Market Data ==
Line 143:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Valuation rates by contract type, currency, and duration, IFRS 17 {{footnote|1=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.}}
! style="text-align:left" | %
! colspan="5" style="text-align:center" | 31.12.2024
Line 272:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Valuation rates by contract type, currency, and duration, IFRS 17 {{footnote|1=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.}}
! style="text-align:left" | %
! colspan="5" style="text-align:center" | 30.06.2025
Line 401:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Valuation rates by contract type, currency, and duration, IFRS 17 {{footnote|1=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.}}
! style="text-align:left" | %
! colspan="5" style="text-align:center" | 31.12.2025
Line 481:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Allianz Group balance sheet
|+ Assets build-up for Allianz Group
! style="text-align:left" | EUR million
! style="text-align:center" | Allianz Group
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
|-
! style="text-align:left" | —
! class="col-m" style="text-align:right" | 31.03.2024
! class="col-s" style="text-align:right" | 30.06.2024
Line 503 ⟶ 492:
! class="col-m" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | '''Assets'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash and cash equivalents
Line 602:
| style="text-align:right" | '''1,024,276'''
| style="text-align:right" | '''-1.9%'''
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets build-up for Property-Casualty
! style="text-align:left" | EUR million
! style="text-align:center" | Property-Casualty
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
|-
!| style="text-align:left" | —'''Liabilities and equity'''
! class="col-s"| style="text-align:right" | 31.03.2024—
! class="col-s"| style="text-align:right" | 30.06.2024—
! class="col-s"| style="text-align:right" | 30.09.2024—
! class="col-s"| style="text-align:right" | 31.12.2024—
! class="col-s"| style="text-align:right" | 31.03.2025—
! class="col-s"| style="text-align:right" | 30.06.2025—
! class="col-s"| style="text-align:right" | 30.09.2025—
! class="col-s"| style="text-align:right" | 31.12.2025—
! class="col-s"| style="text-align:right" | ∆ 31.12.25 / 31.12.24—
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 6,033
| style="text-align:right" | 5,602
| style="text-align:right" | 6,363
| style="text-align:right" | '''7,322'''
| style="text-align:right" | 7,305
| style="text-align:right" | 6,749
| style="text-align:right" | 6,605
| style="text-align:right" | '''6,101'''
| style="text-align:right" | '''-16.7%'''
|-
| style="text-align:left" | Investments
| style="text-align:right" | 119,704
| style="text-align:right" | 119,869
| style="text-align:right" | 121,087
| style="text-align:right" | '''121,318'''
| style="text-align:right" | 113,432
| style="text-align:right" | 112,410
| style="text-align:right" | 113,662
| style="text-align:right" | '''114,015'''
| style="text-align:right" | '''-6.0%'''
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 11
| style="text-align:right" | '''18'''
| style="text-align:right" | 88
| style="text-align:right" | 63
| style="text-align:right" | 24
| style="text-align:right" | '''34'''
| style="text-align:right" | '''95.1%'''
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 10,972
| style="text-align:right" | 11,390
| style="text-align:right" | 13,173
| style="text-align:right" | '''14,366'''
| style="text-align:right" | 13,760
| style="text-align:right" | 13,718
| style="text-align:right" | 15,496
| style="text-align:right" | '''15,601'''
| style="text-align:right" | '''8.6%'''
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 1,574
| style="text-align:right" | 1,650
| style="text-align:right" | 1,730
| style="text-align:right" | '''1,829'''
| style="text-align:right" | 1,746
| style="text-align:right" | 1,575
| style="text-align:right" | 1,499
| style="text-align:right" | '''1,353'''
| style="text-align:right" | '''-26.0%'''
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 25,199
| style="text-align:right" | 25,202
| style="text-align:right" | 25,948
| style="text-align:right" | '''26,878'''
| style="text-align:right" | 26,734
| style="text-align:right" | 27,354
| style="text-align:right" | 27,025
| style="text-align:right" | '''26,500'''
| style="text-align:right" | '''-1.4%'''
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 6,538
| style="text-align:right" | 6,518
| style="text-align:right" | 6,512
| style="text-align:right" | '''6,450'''
| style="text-align:right" | 6,289
| style="text-align:right" | 6,220
| style="text-align:right" | 6,510
| style="text-align:right" | '''6,475'''
| style="text-align:right" | '''0.4%'''
|-
| style="text-align:left" | '''Total assets'''
| style="text-align:right" | '''170,021'''
| style="text-align:right" | '''170,232'''
| style="text-align:right" | '''174,823'''
| style="text-align:right" | '''178,180'''
| style="text-align:right" | '''169,353'''
| style="text-align:right" | '''168,088'''
| style="text-align:right" | '''170,821'''
| style="text-align:right" | '''170,080'''
| style="text-align:right" | '''-4.5%'''
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets build-up for Life/Health
! style="text-align:left" | EUR million
! style="text-align:center" | Life/Health
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 31.03.2024
! class="col-s" style="text-align:right" | 30.06.2024
! class="col-s" style="text-align:right" | 30.09.2024
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.03.2025
! class="col-s" style="text-align:right" | 30.06.2025
! class="col-s" style="text-align:right" | 30.09.2025
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 16,928
| style="text-align:right" | 16,501
| style="text-align:right" | 19,522
| style="text-align:right" | '''17,364'''
| style="text-align:right" | 18,442
| style="text-align:right" | 20,056
| style="text-align:right" | 19,624
| style="text-align:right" | '''18,641'''
| style="text-align:right" | '''7.4%'''
|-
| style="text-align:left" | Investments
| style="text-align:right" | 585,649
| style="text-align:right" | 582,175
| style="text-align:right" | 589,989
| style="text-align:right" | '''598,409'''
| style="text-align:right" | 589,860
| style="text-align:right" | 586,224
| style="text-align:right" | 600,164
| style="text-align:right" | '''605,446'''
| style="text-align:right" | '''1.2%'''
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 159,150
| style="text-align:right" | 160,465
| style="text-align:right" | 141,900
| style="text-align:right" | '''146,470'''
| style="text-align:right" | 143,969
| style="text-align:right" | 145,831
| style="text-align:right" | 152,187
| style="text-align:right" | '''158,203'''
| style="text-align:right" | '''8.0%'''
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 77
| style="text-align:right" | 88
| style="text-align:right" | 98
| style="text-align:right" | '''124'''
| style="text-align:right" | 134
| style="text-align:right" | 151
| style="text-align:right" | 163
| style="text-align:right" | '''188'''
| style="text-align:right" | '''51.7%'''
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 14,327
| style="text-align:right" | 14,311
| style="text-align:right" | 14,152
| style="text-align:right" | '''14,546'''
| style="text-align:right" | 13,768
| style="text-align:right" | 12,471
| style="text-align:right" | 12,567
| style="text-align:right" | '''12,284'''
| style="text-align:right" | '''-15.6%'''
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 4,949
| style="text-align:right" | 5,006
| style="text-align:right" | 10,735
| style="text-align:right" | '''12,359'''
| style="text-align:right" | 13,075
| style="text-align:right" | 12,203
| style="text-align:right" | 10,759
| style="text-align:right" | '''11,476'''
| style="text-align:right" | '''-7.1%'''
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 15,013
| style="text-align:right" | 15,452
| style="text-align:right" | 45,680
| style="text-align:right" | '''47,166'''
| style="text-align:right" | 47,363
| style="text-align:right" | 19,088
| style="text-align:right" | 17,753
| style="text-align:right" | '''18,304'''
| style="text-align:right" | '''-61.2%'''
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 4,617
| style="text-align:right" | 4,609
| style="text-align:right" | 4,603
| style="text-align:right" | '''4,633'''
| style="text-align:right" | 4,744
| style="text-align:right" | 4,588
| style="text-align:right" | 4,564
| style="text-align:right" | '''4,585'''
| style="text-align:right" | '''-1.0%'''
|-
| style="text-align:left" | '''Total assets'''
| style="text-align:right" | '''800,710'''
| style="text-align:right" | '''798,606'''
| style="text-align:right" | '''826,678'''
| style="text-align:right" | '''841,071'''
| style="text-align:right" | '''831,355'''
| style="text-align:right" | '''800,613'''
| style="text-align:right" | '''817,781'''
| style="text-align:right" | '''829,128'''
| style="text-align:right" | '''-1.4%'''
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets by business unit
! style="text-align:left" | EUR million
! style="text-align:center" | Asset Management
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 31.03.2024
! class="col-s" style="text-align:right" | 30.06.2024
! class="col-s" style="text-align:right" | 30.09.2024
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.03.2025
! class="col-s" style="text-align:right" | 30.06.2025
! class="col-s" style="text-align:right" | 30.09.2025
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 1,317
| style="text-align:right" | 1,326
| style="text-align:right" | 1,159
| style="text-align:right" | '''1,195'''
| style="text-align:right" | 1,264
| style="text-align:right" | 975
| style="text-align:right" | 1,072
| style="text-align:right" | '''1,064'''
| style="text-align:right" | '''-11.0%'''
|-
| style="text-align:left" | Investments
| style="text-align:right" | 1,175
| style="text-align:right" | 1,169
| style="text-align:right" | 1,180
| style="text-align:right" | '''1,340'''
| style="text-align:right" | 1,246
| style="text-align:right" | 1,263
| style="text-align:right" | 1,369
| style="text-align:right" | '''1,472'''
| style="text-align:right" | '''9.9%'''
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 255
| style="text-align:right" | 266
| style="text-align:right" | 242
| style="text-align:right" | '''242'''
| style="text-align:right" | 264
| style="text-align:right" | 264
| style="text-align:right" | 256
| style="text-align:right" | '''260'''
| style="text-align:right" | '''7.6%'''
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 5,649
| style="text-align:right" | 5,845
| style="text-align:right" | 6,438
| style="text-align:right" | '''6,431'''
| style="text-align:right" | 5,651
| style="text-align:right" | 5,870
| style="text-align:right" | 6,404
| style="text-align:right" | '''6,563'''
| style="text-align:right" | '''2.0%'''
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 7,555
| style="text-align:right" | 7,582
| style="text-align:right" | 7,436
| style="text-align:right" | '''7,708'''
| style="text-align:right" | 7,549
| style="text-align:right" | 7,257
| style="text-align:right" | 7,251
| style="text-align:right" | '''7,251'''
| style="text-align:right" | '''-5.9%'''
|-
| style="text-align:left" | '''Total assets'''
| style="text-align:right" | '''15,951'''
| style="text-align:right" | '''16,188'''
| style="text-align:right" | '''16,455'''
| style="text-align:right" | '''16,917'''
| style="text-align:right" | '''15,973'''
| style="text-align:right" | '''15,629'''
| style="text-align:right" | '''16,351'''
| style="text-align:right" | '''16,611'''
| style="text-align:right" | '''-1.8%'''
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets by business unit
! style="text-align:left" | EUR million
! style="text-align:center" | Corporate and Other
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 31.03.2024
! class="col-s" style="text-align:right" | 30.06.2024
! class="col-s" style="text-align:right" | 30.09.2024
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.03.2025
! class="col-s" style="text-align:right" | 30.06.2025
! class="col-s" style="text-align:right" | 30.09.2025
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 4,548
| style="text-align:right" | 4,922
| style="text-align:right" | 4,137
| style="text-align:right" | '''5,982'''
| style="text-align:right" | 5,830
| style="text-align:right" | 6,250
| style="text-align:right" | 4,908
| style="text-align:right" | '''4,214'''
| style="text-align:right" | '''-29.6%'''
|-
| style="text-align:left" | Investments
| style="text-align:right" | 129,325
| style="text-align:right" | 126,338
| style="text-align:right" | 130,329
| style="text-align:right" | '''132,690'''
| style="text-align:right" | 136,126
| style="text-align:right" | 134,567
| style="text-align:right" | 134,566
| style="text-align:right" | '''134,224'''
| style="text-align:right" | '''1.2%'''
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 1,389
| style="text-align:right" | 1,489
| style="text-align:right" | 1,404
| style="text-align:right" | '''971'''
| style="text-align:right" | 858
| style="text-align:right" | 819
| style="text-align:right" | 759
| style="text-align:right" | '''791'''
| style="text-align:right" | '''-18.5%'''
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 8,011
| style="text-align:right" | 8,769
| style="text-align:right" | 9,568
| style="text-align:right" | '''10,418'''
| style="text-align:right" | 8,380
| style="text-align:right" | 8,761
| style="text-align:right" | 9,644
| style="text-align:right" | '''10,188'''
| style="text-align:right" | '''-2.2%'''
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 290
| style="text-align:right" | 290
| style="text-align:right" | 291
| style="text-align:right" | '''331'''
| style="text-align:right" | 323
| style="text-align:right" | 316
| style="text-align:right" | 310
| style="text-align:right" | '''307'''
| style="text-align:right" | '''-7.2%'''
|-
| style="text-align:left" | '''Total assets'''
| style="text-align:right" | '''143,563'''
| style="text-align:right" | '''141,809'''
| style="text-align:right" | '''145,729'''
| style="text-align:right" | '''150,392'''
| style="text-align:right" | '''151,518'''
| style="text-align:right" | '''150,713'''
| style="text-align:right" | '''150,187'''
| style="text-align:right" | '''149,724'''
| style="text-align:right" | '''-0.4%'''
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets by business unit
! style="text-align:left" | EUR million
! style="text-align:center" | Consolidation
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
|-
! style="text-align:left" | —
! class="col-m" style="text-align:right" | 31.03.2024
! class="col-m" style="text-align:right" | 30.06.2024
! class="col-m" style="text-align:right" | 30.09.2024
! class="col-m" style="text-align:right" | 31.12.2024
! class="col-m" style="text-align:right" | 31.03.2025
! class="col-m" style="text-align:right" | 30.06.2025
! class="col-m" style="text-align:right" | 30.09.2025
! class="col-m" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | -458
| style="text-align:right" | -293
| style="text-align:right" | -223
| style="text-align:right" | '''-227'''
| style="text-align:right" | -221
| style="text-align:right" | -144
| style="text-align:right" | -130
| style="text-align:right" | '''-166'''
| style="text-align:right" | '''-26.7%'''
|-
| style="text-align:left" | Investments
| style="text-align:right" | -100,477
| style="text-align:right" | -100,486
| style="text-align:right" | -100,596
| style="text-align:right" | '''-100,941'''
| style="text-align:right" | -101,897
| style="text-align:right" | -101,858
| style="text-align:right" | -101,740
| style="text-align:right" | '''-101,670'''
| style="text-align:right" | '''0.7%'''
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | -100
| style="text-align:right" | -75
| style="text-align:right" | -101
| style="text-align:right" | '''-142'''
| style="text-align:right" | -158
| style="text-align:right" | -130
| style="text-align:right" | -161
| style="text-align:right" | '''-89'''
| style="text-align:right" | '''-37.7%'''
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | -2,078
| style="text-align:right" | -2,106
| style="text-align:right" | -7,449
| style="text-align:right" | '''-9,345'''
| style="text-align:right" | -10,387
| style="text-align:right" | -9,508
| style="text-align:right" | -8,338
| style="text-align:right" | '''-8,718'''
| style="text-align:right" | '''-6.7%'''
|-
| style="text-align:left" | Other assets
| style="text-align:right" | -23,403
| style="text-align:right" | -25,525
| style="text-align:right" | -28,829
| style="text-align:right" | '''-31,329'''
| style="text-align:right" | -28,682
| style="text-align:right" | -30,523
| style="text-align:right" | -32,002
| style="text-align:right" | '''-30,627'''
| style="text-align:right" | '''-2.2%'''
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | '''3'''
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | '''3'''
| style="text-align:right" | '''23.7%'''
|-
| style="text-align:left" | '''Total assets'''
| style="text-align:right" | '''-126,513'''
| style="text-align:right" | '''-128,481'''
| style="text-align:right" | '''-137,195'''
| style="text-align:right" | '''-141,983'''
| style="text-align:right" | '''-141,342'''
| style="text-align:right" | '''-142,158'''
| style="text-align:right" | '''-142,368'''
| style="text-align:right" | '''-141,267'''
| style="text-align:right" | '''-0.5%'''
|}
</div>
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Liabilities and equity by type
! style="text-align:left" | EUR million
! class="col-m" style="text-align:right" | 31.03.2024
! class="col-s" style="text-align:right" | 30.06.2024
! class="col-m" style="text-align:right" | 30.09.2024
! class="col-m" style="text-align:right" | 31.12.2024
! class="col-m" style="text-align:right" | 31.03.2025
! class="col-s" style="text-align:right" | 30.06.2025
! class="col-m" style="text-align:right" | 30.09.2025
! class="col-m" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | Financial liabilites
Line 1,440 ⟶ 805:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property-Casualty balance sheet
|+ Liabilities and equity by type
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 31.03.2024
Line 1,451 ⟶ 816:
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | '''Assets'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 6,033
| style="text-align:right" | 5,602
| style="text-align:right" | 6,363
| style="text-align:right" | '''7,322'''
| style="text-align:right" | 7,305
| style="text-align:right" | 6,749
| style="text-align:right" | 6,605
| style="text-align:right" | '''6,101'''
| style="text-align:right" | '''-16.7%'''
|-
| style="text-align:left" | Investments
| style="text-align:right" | 119,704
| style="text-align:right" | 119,869
| style="text-align:right" | 121,087
| style="text-align:right" | '''121,318'''
| style="text-align:right" | 113,432
| style="text-align:right" | 112,410
| style="text-align:right" | 113,662
| style="text-align:right" | '''114,015'''
| style="text-align:right" | '''-6.0%'''
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 11
| style="text-align:right" | '''18'''
| style="text-align:right" | 88
| style="text-align:right" | 63
| style="text-align:right" | 24
| style="text-align:right" | '''34'''
| style="text-align:right" | '''95.1%'''
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 10,972
| style="text-align:right" | 11,390
| style="text-align:right" | 13,173
| style="text-align:right" | '''14,366'''
| style="text-align:right" | 13,760
| style="text-align:right" | 13,718
| style="text-align:right" | 15,496
| style="text-align:right" | '''15,601'''
| style="text-align:right" | '''8.6%'''
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 1,574
| style="text-align:right" | 1,650
| style="text-align:right" | 1,730
| style="text-align:right" | '''1,829'''
| style="text-align:right" | 1,746
| style="text-align:right" | 1,575
| style="text-align:right" | 1,499
| style="text-align:right" | '''1,353'''
| style="text-align:right" | '''-26.0%'''
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 25,199
| style="text-align:right" | 25,202
| style="text-align:right" | 25,948
| style="text-align:right" | '''26,878'''
| style="text-align:right" | 26,734
| style="text-align:right" | 27,354
| style="text-align:right" | 27,025
| style="text-align:right" | '''26,500'''
| style="text-align:right" | '''-1.4%'''
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 6,538
| style="text-align:right" | 6,518
| style="text-align:right" | 6,512
| style="text-align:right" | '''6,450'''
| style="text-align:right" | 6,289
| style="text-align:right" | 6,220
| style="text-align:right" | 6,510
| style="text-align:right" | '''6,475'''
| style="text-align:right" | '''0.4%'''
|-
| style="text-align:left" | '''Total assets'''
| style="text-align:right" | '''170,021'''
| style="text-align:right" | '''170,232'''
| style="text-align:right" | '''174,823'''
| style="text-align:right" | '''178,180'''
| style="text-align:right" | '''169,353'''
| style="text-align:right" | '''168,088'''
| style="text-align:right" | '''170,821'''
| style="text-align:right" | '''170,080'''
| style="text-align:right" | '''-4.5%'''
|-
| style="text-align:left" | '''Liabilities and equity'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial liabilites
Line 1,577 ⟶ 1,063:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life/Health balance sheet
|+ Liabilities and equity by type
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 31.03.2024
Line 1,588 ⟶ 1,074:
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | '''Assets'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 16,928
| style="text-align:right" | 16,501
| style="text-align:right" | 19,522
| style="text-align:right" | '''17,364'''
| style="text-align:right" | 18,442
| style="text-align:right" | 20,056
| style="text-align:right" | 19,624
| style="text-align:right" | '''18,641'''
| style="text-align:right" | '''7.4%'''
|-
| style="text-align:left" | Investments
| style="text-align:right" | 585,649
| style="text-align:right" | 582,175
| style="text-align:right" | 589,989
| style="text-align:right" | '''598,409'''
| style="text-align:right" | 589,860
| style="text-align:right" | 586,224
| style="text-align:right" | 600,164
| style="text-align:right" | '''605,446'''
| style="text-align:right" | '''1.2%'''
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 159,150
| style="text-align:right" | 160,465
| style="text-align:right" | 141,900
| style="text-align:right" | '''146,470'''
| style="text-align:right" | 143,969
| style="text-align:right" | 145,831
| style="text-align:right" | 152,187
| style="text-align:right" | '''158,203'''
| style="text-align:right" | '''8.0%'''
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 77
| style="text-align:right" | 88
| style="text-align:right" | 98
| style="text-align:right" | '''124'''
| style="text-align:right" | 134
| style="text-align:right" | 151
| style="text-align:right" | 163
| style="text-align:right" | '''188'''
| style="text-align:right" | '''51.7%'''
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 14,327
| style="text-align:right" | 14,311
| style="text-align:right" | 14,152
| style="text-align:right" | '''14,546'''
| style="text-align:right" | 13,768
| style="text-align:right" | 12,471
| style="text-align:right" | 12,567
| style="text-align:right" | '''12,284'''
| style="text-align:right" | '''-15.6%'''
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 4,949
| style="text-align:right" | 5,006
| style="text-align:right" | 10,735
| style="text-align:right" | '''12,359'''
| style="text-align:right" | 13,075
| style="text-align:right" | 12,203
| style="text-align:right" | 10,759
| style="text-align:right" | '''11,476'''
| style="text-align:right" | '''-7.1%'''
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 15,013
| style="text-align:right" | 15,452
| style="text-align:right" | 45,680
| style="text-align:right" | '''47,166'''
| style="text-align:right" | 47,363
| style="text-align:right" | 19,088
| style="text-align:right" | 17,753
| style="text-align:right" | '''18,304'''
| style="text-align:right" | '''-61.2%'''
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 4,617
| style="text-align:right" | 4,609
| style="text-align:right" | 4,603
| style="text-align:right" | '''4,633'''
| style="text-align:right" | 4,744
| style="text-align:right" | 4,588
| style="text-align:right" | 4,564
| style="text-align:right" | '''4,585'''
| style="text-align:right" | '''-1.0%'''
|-
| style="text-align:left" | '''Total assets'''
| style="text-align:right" | '''800,710'''
| style="text-align:right" | '''798,606'''
| style="text-align:right" | '''826,678'''
| style="text-align:right" | '''841,071'''
| style="text-align:right" | '''831,355'''
| style="text-align:right" | '''800,613'''
| style="text-align:right" | '''817,781'''
| style="text-align:right" | '''829,128'''
| style="text-align:right" | '''-1.4%'''
|-
| style="text-align:left" | '''Liabilities and equity'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial liabilites
Line 1,714 ⟶ 1,321:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset Management balance sheet
|+ Liabilities and equity by type
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 31.03.2024
Line 1,725 ⟶ 1,332:
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | '''Assets'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 1,317
| style="text-align:right" | 1,326
| style="text-align:right" | 1,159
| style="text-align:right" | '''1,195'''
| style="text-align:right" | 1,264
| style="text-align:right" | 975
| style="text-align:right" | 1,072
| style="text-align:right" | '''1,064'''
| style="text-align:right" | '''-11.0%'''
|-
| style="text-align:left" | Investments
| style="text-align:right" | 1,175
| style="text-align:right" | 1,169
| style="text-align:right" | 1,180
| style="text-align:right" | '''1,340'''
| style="text-align:right" | 1,246
| style="text-align:right" | 1,263
| style="text-align:right" | 1,369
| style="text-align:right" | '''1,472'''
| style="text-align:right" | '''9.9%'''
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 255
| style="text-align:right" | 266
| style="text-align:right" | 242
| style="text-align:right" | '''242'''
| style="text-align:right" | 264
| style="text-align:right" | 264
| style="text-align:right" | 256
| style="text-align:right" | '''260'''
| style="text-align:right" | '''7.6%'''
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 5,649
| style="text-align:right" | 5,845
| style="text-align:right" | 6,438
| style="text-align:right" | '''6,431'''
| style="text-align:right" | 5,651
| style="text-align:right" | 5,870
| style="text-align:right" | 6,404
| style="text-align:right" | '''6,563'''
| style="text-align:right" | '''2.0%'''
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 7,555
| style="text-align:right" | 7,582
| style="text-align:right" | 7,436
| style="text-align:right" | '''7,708'''
| style="text-align:right" | 7,549
| style="text-align:right" | 7,257
| style="text-align:right" | 7,251
| style="text-align:right" | '''7,251'''
| style="text-align:right" | '''-5.9%'''
|-
| style="text-align:left" | '''Total assets'''
| style="text-align:right" | '''15,951'''
| style="text-align:right" | '''16,188'''
| style="text-align:right" | '''16,455'''
| style="text-align:right" | '''16,917'''
| style="text-align:right" | '''15,973'''
| style="text-align:right" | '''15,629'''
| style="text-align:right" | '''16,351'''
| style="text-align:right" | '''16,611'''
| style="text-align:right" | '''-1.8%'''
|-
| style="text-align:left" | '''Liabilities and equity'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial liabilites
Line 1,851 ⟶ 1,579:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ LiabilitiesCorporate and equityOther bybalance typesheet
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 31.03.2024
Line 1,862 ⟶ 1,590:
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | '''Assets'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 4,548
| style="text-align:right" | 4,922
| style="text-align:right" | 4,137
| style="text-align:right" | '''5,982'''
| style="text-align:right" | 5,830
| style="text-align:right" | 6,250
| style="text-align:right" | 4,908
| style="text-align:right" | '''4,214'''
| style="text-align:right" | '''-29.6%'''
|-
| style="text-align:left" | Investments
| style="text-align:right" | 129,325
| style="text-align:right" | 126,338
| style="text-align:right" | 130,329
| style="text-align:right" | '''132,690'''
| style="text-align:right" | 136,126
| style="text-align:right" | 134,567
| style="text-align:right" | 134,566
| style="text-align:right" | '''134,224'''
| style="text-align:right" | '''1.2%'''
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | 1,389
| style="text-align:right" | 1,489
| style="text-align:right" | 1,404
| style="text-align:right" | '''971'''
| style="text-align:right" | 858
| style="text-align:right" | 819
| style="text-align:right" | 759
| style="text-align:right" | '''791'''
| style="text-align:right" | '''-18.5%'''
|-
| style="text-align:left" | Other assets
| style="text-align:right" | 8,011
| style="text-align:right" | 8,769
| style="text-align:right" | 9,568
| style="text-align:right" | '''10,418'''
| style="text-align:right" | 8,380
| style="text-align:right" | 8,761
| style="text-align:right" | 9,644
| style="text-align:right" | '''10,188'''
| style="text-align:right" | '''-2.2%'''
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 290
| style="text-align:right" | 290
| style="text-align:right" | 291
| style="text-align:right" | '''331'''
| style="text-align:right" | 323
| style="text-align:right" | 316
| style="text-align:right" | 310
| style="text-align:right" | '''307'''
| style="text-align:right" | '''-7.2%'''
|-
| style="text-align:left" | '''Total assets'''
| style="text-align:right" | '''143,563'''
| style="text-align:right" | '''141,809'''
| style="text-align:right" | '''145,729'''
| style="text-align:right" | '''150,392'''
| style="text-align:right" | '''151,518'''
| style="text-align:right" | '''150,713'''
| style="text-align:right" | '''150,187'''
| style="text-align:right" | '''149,724'''
| style="text-align:right" | '''-0.4%'''
|-
| style="text-align:left" | '''Liabilities and equity'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial liabilites
Line 1,988 ⟶ 1,837:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Consolidation balance sheet
|+ Liabilities and equity time series
! style="text-align:left" | EUR million
! class="col-m" style="text-align:right" | 31.03.2024
Line 1,999 ⟶ 1,848:
! class="col-m" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | ∆ 31.12.25 / 31.12.24
|-
| style="text-align:left" | '''Assets'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | -458
| style="text-align:right" | -293
| style="text-align:right" | -223
| style="text-align:right" | '''-227'''
| style="text-align:right" | -221
| style="text-align:right" | -144
| style="text-align:right" | -130
| style="text-align:right" | '''-166'''
| style="text-align:right" | '''-26.7%'''
|-
| style="text-align:left" | Investments
| style="text-align:right" | -100,477
| style="text-align:right" | -100,486
| style="text-align:right" | -100,596
| style="text-align:right" | '''-100,941'''
| style="text-align:right" | -101,897
| style="text-align:right" | -101,858
| style="text-align:right" | -101,740
| style="text-align:right" | '''-101,670'''
| style="text-align:right" | '''0.7%'''
|-
| style="text-align:left" | Financial assets for unit-linked contracts
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Insurance contract assets
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | '''0'''
| style="text-align:right" | '''n.m.'''
|-
| style="text-align:left" | Reinsurance contract assets
| style="text-align:right" | -100
| style="text-align:right" | -75
| style="text-align:right" | -101
| style="text-align:right" | '''-142'''
| style="text-align:right" | -158
| style="text-align:right" | -130
| style="text-align:right" | -161
| style="text-align:right" | '''-89'''
| style="text-align:right" | '''-37.7%'''
|-
| style="text-align:left" | Deferred tax assets
| style="text-align:right" | -2,078
| style="text-align:right" | -2,106
| style="text-align:right" | -7,449
| style="text-align:right" | '''-9,345'''
| style="text-align:right" | -10,387
| style="text-align:right" | -9,508
| style="text-align:right" | -8,338
| style="text-align:right" | '''-8,718'''
| style="text-align:right" | '''-6.7%'''
|-
| style="text-align:left" | Other assets
| style="text-align:right" | -23,403
| style="text-align:right" | -25,525
| style="text-align:right" | -28,829
| style="text-align:right" | '''-31,329'''
| style="text-align:right" | -28,682
| style="text-align:right" | -30,523
| style="text-align:right" | -32,002
| style="text-align:right" | '''-30,627'''
| style="text-align:right" | '''-2.2%'''
|-
| style="text-align:left" | Intangible assets
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | '''3'''
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | '''3'''
| style="text-align:right" | '''23.7%'''
|-
| style="text-align:left" | '''Total assets'''
| style="text-align:right" | '''-126,513'''
| style="text-align:right" | '''-128,481'''
| style="text-align:right" | '''-137,195'''
| style="text-align:right" | '''-141,983'''
| style="text-align:right" | '''-141,342'''
| style="text-align:right" | '''-142,158'''
| style="text-align:right" | '''-142,368'''
| style="text-align:right" | '''-141,267'''
| style="text-align:right" | '''-0.5%'''
|-
| style="text-align:left" | '''Liabilities and equity'''
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial liabilites
Line 2,123 ⟶ 2,093:
</div>
 
== Shareholders’Shareholders Equity ==
 
<div style="overflow-x:auto">
Line 2,225 ⟶ 2,195:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency II ratio rollforwardbuild-up by business unit
! style="text-align:left" | EUR billion
! colspan="3" style="text-align:center" | 4Q 25
Line 2,302 ⟶ 2,272:
| style="text-align:right" | '''4%-p'''
|-
| style="text-align:left; padding-left:1.5em" | Dividends and share buy-back {{footnote|1=After tax.}}
| style="text-align:right" | -2.1
| style="text-align:right" | 0.0
Line 2,330 ⟶ 2,300:
<div style="overflow-x:auto">
{| class="wikitable"
|+ Solvency II ratio sensitivity by market factor {{footnote|1=After tax.}}
! style="text-align:left" | EUR billion
! colspan="2" style="text-align:center" | As of 31.12.2025
Line 2,374 ⟶ 2,344:
| style="text-align:right" | '''219%'''
|-
| style="text-align:left; padding-left:1.5em" | Combined scenario⁵scenario{{footnote|1=Including cross effects.}} (IR -50bps, CS +50bps, EQ -30%) {{footnote|1=Including cross effects.}}
| style="text-align:right" | -22%-p
| style="text-align:right" | '''196%'''
Line 2,384 ⟶ 2,354:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset allocation by business unit and asset class
! style="text-align:left" | EUR billion
! colspan="2" style="text-align:center" | Property-Casualty
Line 2,679 ⟶ 2,649:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ ContractualGross serviceand marginnet CSM build-up by business unit
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Life/Health
Line 2,753 ⟶ 2,723:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ ContractualGross service marginCSM rollforward by movement, Life/Health
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Life/Health
Line 2,797 ⟶ 2,767:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ CSM sensitivity toby market movements byrisk impactfactor, typeLife/Health
! style="text-align:left" | EUR billion
! colspan="2" style="text-align:center" | Life/Health
Line 2,839 ⟶ 2,809:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Operating profit build-up by result type and quarter
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 1Q 24
Line 3,386 ⟶ 3,356:
| style="text-align:right" | '''10.9%'''
|-
| style="text-align:left" | '''Core return on equity³ (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" | '''16.9'''
| style="text-align:right" | '''16.9'''
Line 3,399 ⟶ 3,369:
| style="text-align:right" | '''1.2%-p'''
|-
| style="text-align:left" | '''Average shareholders' equity⁴ used for core RoE calculation equity{{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" | '''n.m.'''
| style="text-align:right" | '''n.m.'''
Line 3,418 ⟶ 3,388:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ EPS and core EPS build-up by share type and quarter
! style="text-align:left" | EUR million
! class="col-m" style="text-align:right" | 1Q 24
Line 3,633 ⟶ 3,603:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property-casualty operatingOperating profit build-up by result type, and quarterProperty-Casualty
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 1Q 24
Line 4,167 ⟶ 4,137:
| style="text-align:right" | '''17.0%'''
|-
| style="text-align:left" | '''Loss ratio⁵ (in %) ratio{{footnote|1=Reinsurance ratio: 3.8% in 4Q 25 (4Q 24: 1.9%), 3.8% in 12M 25 (12M 24: 3.9%).}} (in %)'''
| style="text-align:right" | '''67.3'''
| style="text-align:right" | '''69.2'''
Line 4,258 ⟶ 4,228:
| style="text-align:right" | '''-1.3%-p'''
|-
| style="text-align:left" | '''Core return on equity⁶ (in %) equity{{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" | '''13.5'''
Line 4,286 ⟶ 4,256:
</div>
 
== P&CPC by Region YTD ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property-casualtyCasualty businesskey volume and operating resultratios by region, YTD
! style="text-align:left" |
! colspan="2" style="text-align:center" | EUR mn
! style="text-align:center" | %
! colspan="4" style="text-align:center" | EUR mn
! colspan="6" style="text-align:center" | %
|-
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Total business volume {{footnote|1=Total business volume comprises gross premiums written and fee and commission income.}}
Line 4,304 ⟶ 4,268:
! colspan="2" style="text-align:center" | Loss ratio
! colspan="2" style="text-align:center" | Expense ratio
|-
! style="text-align:left" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" | 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.}}
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
|-
! style="text-align:left" |
Line 4,320 ⟶ 4,299:
|-
! style="text-align:left" | —
! classcolspan="col-s2" style="text-align:rightcenter" | —EUR mn
! class="col-s" style="text-align:right" | —%
! colspan="4" style="text-align:center" | EUR mn
! 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.}}
! classcolspan="col-s6" style="text-align:rightcenter" | —%
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | Germany
Line 4,771 ⟶ 4,741:
</div>
 
== P&CPC by Region QTD ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property-casualtyCasualty businesskey volume and operating resultratios by region, QTD
! style="text-align:left" |
! colspan="2" style="text-align:center" | EUR mn
! style="text-align:center" | %
! colspan="4" style="text-align:center" | EUR mn
! colspan="6" style="text-align:center" | %
|-
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Total business volume {{footnote|1=Total business volume comprises gross premiums written and fee and commission income.}}
Line 4,789 ⟶ 4,753:
! colspan="2" style="text-align:center" | Loss ratio
! colspan="2" style="text-align:center" | Expense ratio
|-
! style="text-align:left" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" | 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.}}
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
|-
! style="text-align:left" |
Line 4,805 ⟶ 4,784:
|-
! style="text-align:left" | —
! classcolspan="col-s2" style="text-align:rightcenter" | —EUR mn
! class="col-s" style="text-align:right" | —%
! colspan="4" style="text-align:center" | EUR mn
! 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.}}
! classcolspan="col-s6" style="text-align:rightcenter" | —%
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | Germany
Line 5,256 ⟶ 5,226:
</div>
 
== P&CPC by Customer Segment YTD ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property- & casualty business volume and operating resultinsurance revenue by customer segment, YTD
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Property-Casualty
Line 5,339 ⟶ 5,309:
</div>
 
== P&CPC by Customer Segment QTD ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property- & casualty business volume and operating resultinsurance revenue by customer segment, QTD
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Property-Casualty
Line 5,422 ⟶ 5,392:
</div>
 
== Life & Health ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and& health operating profit build-up
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 1Q 24
Line 5,856 ⟶ 5,826:
| style="text-align:right" | '''0.3%'''
|-
| style="text-align:left" | '''Core return on equity⁴ (in %) equity{{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" | '''16.3'''
| style="text-align:right" | '''16.3'''
Line 5,910 ⟶ 5,880:
</div>
 
== L&HLH New Business YTD ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and& health new business by region, year to dateYTD
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Present value of new business premiums
Line 5,921 ⟶ 5,891:
|-
! style="text-align:left" |
! style="text-align:center" | 12M 24
! style="text-align:center" | 12M 25
! style="text-align:center" | 12M 24
! style="text-align:center" | 12M 25
! style="text-align:center" | 12M 24
! style="text-align:center" | 12M 25
|-
! style="text-align:left" | —
! colspan="2" style="text-align:center" | EUR mn
! colspan="2" style="text-align:center" | %
! colspan="2" style="text-align:center" | EUR mn
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
! class="col-s" style="text-align:right" | 12M 24
! class="col-s" style="text-align:right" | 12M 25
|-
| style="text-align:left" | Germany Life
Line 6,105 ⟶ 6,075:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and& health value of new business build-up,CSM yearat toinception dateYTD
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 12M 24
Line 6,128 ⟶ 6,098:
</div>
 
== L&HLH New Business QTD ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and& health new business by region, quarter to dateQTD
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Present value of new business premiums
Line 6,139 ⟶ 6,109:
|-
! style="text-align:left" |
! style="text-align:center" | 4Q 24
! style="text-align:center" | 4Q 25
! style="text-align:center" | 4Q 24
! style="text-align:center" | 4Q 25
! style="text-align:center" | 4Q 24
! style="text-align:center" | 4Q 25
|-
! style="text-align:left" | —
! colspan="2" style="text-align:center" | EUR mn
! colspan="2" style="text-align:center" | %
! colspan="2" style="text-align:center" | EUR mn
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
! class="col-s" style="text-align:right" | 4Q 24
! class="col-s" style="text-align:right" | 4Q 25
|-
| style="text-align:left" | Germany Life
Line 6,323 ⟶ 6,293:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and& health value of new business build-up,CSM quarterat toinception dateQTD
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 4Q 24
Line 6,346 ⟶ 6,316:
</div>
 
== L&HLH by Region YTD ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and& health keybusiness metricsvolume, byoperating regioninsurance revenue, yearoperating toprofit, and CSM by region dateYTD
! style="text-align:left" |
! colspan="2" style="text-align:center" | EUR mn
! style="text-align:center" | %
! colspan="6" style="text-align:center" | EUR mn
|-
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Total business volume {{footnote|1=Total business volume comprises statutory gross premiums.}}
Line 6,361 ⟶ 6,326:
! 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:left" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" | 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.}}
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
|-
! style="text-align:left" |
Line 6,373 ⟶ 6,349:
|-
! style="text-align:left" | —
! classcolspan="col-s2" style="text-align:rightcenter" | —EUR mn
! class="col-s" style="text-align:right" | —%
! colspan="6" style="text-align:center" | EUR mn
! 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" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | Germany Life
Line 6,638 ⟶ 6,608:
</div>
 
== L&HLH by Region QTD ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life/Health business volume, operating insurance revenue, operating profit, and contractual service margin by region
|+ Life and health key metrics by region, quarter to date
! style="text-align:left" |
! colspan="2" style="text-align:center" | EUR mn
! style="text-align:center" | %
! colspan="6" style="text-align:center" | EUR mn
|-
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | Total business volume {{footnote|1=Total business volume comprises statutory gross premiums.}}
Line 6,653 ⟶ 6,618:
! 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:left" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" | 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.}}
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
! style="text-align:center" |
|-
! style="text-align:left" |
Line 6,665 ⟶ 6,641:
|-
! style="text-align:left" | —
! classcolspan="col-s2" style="text-align:rightcenter" | —EUR mn
! class="col-s" style="text-align:right" | —%
! colspan="6" style="text-align:center" | EUR mn
! 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" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | Germany Life
Line 6,930 ⟶ 6,900:
</div>
 
== L&HLH Details YTD ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life/Health andsegment healthoperating keyprofit metricsbuild-up by product type, year to date
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Life/Health segment
Line 7,136 ⟶ 7,106:
</div>
 
== L&HLH Details QTD ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life/Health segment operating profit and business volume build-up by product type, IFRS 17
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Life/Health segment
Line 7,346 ⟶ 7,316:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset Management net operating revenues build-up by business unit
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 1Q 24
Line 7,386 ⟶ 7,356:
| style="text-align:right" | '''2.7%'''
|-
| 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" | 1,830
| style="text-align:right" | 1,867
Line 7,828 ⟶ 7,798:
| style="text-align:right" | '''-2.4%-p'''
|-
| style="text-align:left" | '''3rd party AuM margin³{{footnote|1=Excluding performance fees and other income.}} (in bps)'''
| style="text-align:right" | '''38.1'''
| style="text-align:right" | '''38.2'''
Line 7,867 ⟶ 7,837:
| style="text-align:right" | '''-1.7%'''
|-
| style="text-align:left" | '''Core return on equity⁴ (in %) equity{{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" | '''21.5'''
| style="text-align:right" | '''21.5'''
Line 7,882 ⟶ 7,852:
</div>
 
== AM AUMAuM ==
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset Management assets under management breakdownAuM by business unitsegment, asset class, and region
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | 1Q 24
Line 8,086 ⟶ 8,056:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset Management thirdThird-party net flows by business unitsegment
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | 1Q 24
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