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Allianz/2025/FY/Financial supplement

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Allianz Group FY25 financial supplement.

Document info
OrganizationAllianz
Year2025
PeriodFY
Period labelFY25
Document typeFinancial supplement
LanguageEnglish
SourceOriginal URL
Archive.md file

Market Data

Spot foreign exchange rates by currency for June 2024, December 2024, June 2025, and December 2025 (footnote: Source: WM/Reuters.)
Spot
— 30.06.2024 31.12.2024 30.06.2025 31.12.2025
USD 1.0717 1.0355 1.1739 1.1744
CHF 0.9630 0.9385 0.9344 0.9305
GBP 0.8478 0.8268 0.8566 0.8731
AUD 1.6048 1.6724 1.7912 1.7612
Average foreign exchange rates by currency for 2024 and 2025
Average
— 2024 2025
USD 1.0820 1.1308
CHF 0.9526 0.9371
GBP 0.8466 0.8570
AUD 1.6399 1.7522
Discount rates by contract type, currency, and maturity for December 2024 and March 2025 (footnote: The table sets out the continuously compounded market rates used to discount the cash flows of insurance contracts for major currencies. Source: LSEG Data & Analytics; internal processing of market quotes.)
31.12.2024 31.03.2025
— 1 year 5 years 10 years 20 years 30 years 1 year
Unit-linked contracts — — — — — —
EUR 2.27 2.18 2.30 2.29 2.38 2.18
USD 4.09 3.94 3.99 4.02 3.80 3.90
Immediate fixed annuity and P/C liability for incurred claims — — — — — —
EUR 2.55 2.46 2.58 2.58 2.62 2.45
USD 4.64 4.49 4.53 4.57 4.33 4.59
Traditional participating and other insurance contracts (footnote: Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency.) — — — — — —
EUR 2.47 - 3.11 2.38 - 3.02 2.50 - 3.14 2.49 - 3.13 2.55 - 3.08 2.36 - 3.00
USD 5.34 - 5.41 5.19 - 5.25 5.24 - 5.30 5.27 - 5.34 5.00 - 5.06 5.19 - 5.37
Discount rates by contract type, currency, and maturity for June 2025 and September 2025
30.06.2025 30.09.2025
— 1 year 5 years 10 years 20 years 30 years 1 year
Unit-linked contracts — — — — — —
EUR 1.93 2.20 2.54 2.76 2.82 2.05
USD 3.80 3.37 3.65 3.96 3.87 3.58
Immediate fixed annuity and P/C liability for incurred claims — — — — — —
EUR 2.19 2.45 2.79 3.01 3.04 2.26
USD 4.51 4.09 4.36 4.67 4.54 4.17
Traditional participating and other insurance contracts³ — — — — — —
EUR 1.93 - 2.68 2.20 - 2.94 2.54 - 3.28 2.76 - 3.51 2.82 - 3.47 2.05 - 2.75
USD 5.09 - 5.29 4.67 - 4.87 4.95 - 5.15 5.25 - 5.45 5.10 - 5.29 4.69 - 4.95
Discount rates by contract type, currency, and maturity for December 2025
31.12.2025
— 1 year 5 years 10 years 20 years 30 years
Unit-linked contracts — — — — —
EUR 2.09 2.49 2.86 3.20 3.25
USD 3.37 3.41 3.77 4.19 4.14
Immediate fixed annuity and P/C liability for incurred claims — — — — —
EUR 2.27 2.66 3.04 3.37 3.40
USD 3.93 3.97 4.32 4.75 4.67
Traditional participating and other insurance contracts³ — — — — —
EUR 2.09 - 2.74 2.49 - 3.14 2.86 - 3.51 3.20 - 3.84 3.25 - 3.80
USD 4.40 - 4.63 4.44 - 4.67 4.79 - 5.02 5.22 - 5.44 5.11 - 5.33

Balance Sheet

Total assets build-up by asset type for June 2024, December 2024, June 2025, and December 2025
EUR million
— 30.06.2024 31.12.2024 30.06.2025 31.12.2025
Cash and cash equivalents 28,058 31,637 33,886 29,854
Investments 729,065 752,815 732,606 753,487
Financial assets for unit-linked contracts 160,465 146,470 145,831 158,203
Insurance contract assets 88 142 214 223
Reinsurance contract assets 25,627 28,770 26,059 27,797
Deferred tax assets 6,305 6,055 5,354 5,161
Other assets 29,744 59,564 30,550 30,928
Intangible assets 19,003 19,126 18,384 18,623
Total assets 998,354 1,044,578 992,884 1,024,276
Total assets build-up by asset type for June 2024, December 2024, June 2025, and December 2025
EUR million
— 30.06.2024 31.12.2024 30.06.2025 31.12.2025
Cash and cash equivalents 5,602 7,322 6,749 6,101
Investments 119,869 121,318 112,410 114,015
Financial assets for unit-linked contracts 0 0 0 0
Insurance contract assets 0 18 63 34
Reinsurance contract assets 11,390 14,366 13,718 15,601
Deferred tax assets 1,650 1,829 1,575 1,353
Other assets 25,202 26,878 27,354 26,500
Intangible assets 6,518 6,450 6,220 6,475
Total assets 170,232 178,180 168,088 170,080
Total assets build-up by asset type for June 2024, December 2024, June 2025, and December 2025
EUR million
— 30.06.2024 31.12.2024 30.06.2025 31.12.2025
Cash and cash equivalents 16,501 17,364 20,056 18,641
Investments 582,175 598,409 586,224 605,446
Financial assets for unit-linked contracts 160,465 146,470 145,831 158,203
Insurance contract assets 88 124 151 188
Reinsurance contract assets 14,311 14,546 12,471 12,284
Deferred tax assets 5,006 12,359 12,203 11,476
Other assets 15,452 47,166 19,088 18,304
Intangible assets 4,609 4,633 4,588 4,585
Total assets 798,606 841,071 800,613 829,128
Total assets build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
EUR million
— 30.06.2024 31.12.2024 30.06.2025 31.12.2025
Cash and cash equivalents 1,326 1,195 975 1,064
Investments 1,169 1,340 1,263 1,472
Financial assets for unit-linked contracts 0 0 0 0
Insurance contract assets 0 0 0 0
Reinsurance contract assets 0 0 0 0
Deferred tax assets 266 242 264 260
Other assets 5,845 6,431 5,870 6,563
Intangible assets 7,582 7,708 7,257 7,251
Total assets 16,188 16,917 15,629 16,611
Total assets build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
EUR million
— 30.06.2024 31.12.2024 30.06.2025 31.12.2025
Cash and cash equivalents 4,922 5,982 6,250 4,214
Investments 126,338 132,690 134,567 134,224
Financial assets for unit-linked contracts 0 0 0 0
Insurance contract assets 0 0 0 0
Reinsurance contract assets 0 0 0 0
Deferred tax assets 1,489 971 819 791
Other assets 8,769 10,418 8,761 10,188
Intangible assets 290 331 316 307
Total assets 141,809 150,392 150,713 149,724
Total assets build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
EUR million
— 30.06.2024 31.12.2024 30.06.2025 31.12.2025
Cash and cash equivalents -293 -227 -144 -166
Investments -100,486 -100,941 -101,858 -101,670
Financial assets for unit-linked contracts 0 0 0 0
Insurance contract assets 0 0 0 0
Reinsurance contract assets -75 -142 -130 -89
Deferred tax assets -2,106 -9,345 -9,508 -8,718
Other assets -25,525 -31,329 -30,523 -30,627
Intangible assets 3 3 3 3
Total assets -128,481 -141,983 -142,158 -141,267
Total liabilities and equity build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
EUR million 30.06.2024 31.12.2024 30.06.2025 31.12.2025
Financial liabilities 62,690 66,137 64,717 66,291
Insurance contract liabilities 789,512 800,511 780,496 800,677
Reinsurance contract liabilities 267 316 434 497
Investment contract liabilities 50,252 44,553 46,328 50,550
Deferred tax liabilities 2,283 2,257 2,231 2,436
Other liabilities 34,541 66,728 38,166 37,477
Total liabilities 939,544 980,502 932,372 957,928
Shareholders' equity 55,511 60,287 57,195 62,722
Issued capital 1,170 1,170 1,170 1,170
Additional paid-in capital 27,732 27,732 27,732 27,732
Undated subordinated bonds 4,833 4,915 4,630 4,629
Retained earnings 29,073 33,316 31,739 36,243
Foreign currency translation adjustments -2,379 -1,614 -4,473 -4,512
Net unrealized gains and losses -4,917 -5,232 -3,602 -2,540
Non-controlling interests 3,299 3,789 3,317 3,627
Total equity 58,810 64,076 60,512 66,349
Total liabilities and equity 998,354 1,044,578 992,884 1,024,276
Total liabilities and equity build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
EUR million 30.06.2024 31.12.2024 30.06.2025 31.12.2025
Financial liabilities 1,983 2,996 3,322 1,881
Insurance contract liabilities 99,699 102,436 95,523 96,308
Reinsurance contract liabilities 113 124 227 261
Investment contract liabilities 0 0 0 0
Deferred tax liabilities 1,752 2,274 2,072 2,233
Other liabilities 16,605 18,070 16,654 17,708
Total liabilities 120,152 125,901 117,799 118,390
Shareholders' equity 48,595 50,632 48,664 49,946
Non-controlling interests 1,485 1,647 1,624 1,743
Total equity 50,080 52,280 50,289 51,689
Total liabilities and equity 170,232 178,180 168,088 170,080
Total liabilities and equity build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
EUR million 30.06.2024 31.12.2024 30.06.2025 31.12.2025
Financial liabilities 25,470 26,608 24,529 28,398
Insurance contract liabilities 689,908 698,221 685,064 704,423
Reinsurance contract liabilities 154 191 207 235
Investment contract liabilities 50,252 44,553 46,328 50,550
Deferred tax liabilities 2,064 8,732 8,903 8,022
Other liabilities 8,329 39,226 9,658 9,266
Total liabilities 776,178 817,531 774,689 800,894
Shareholders' equity 20,779 21,601 24,449 26,701
Non-controlling interests 1,650 1,939 1,475 1,533
Total equity 22,428 23,540 25,924 28,234
Total liabilities and equity 798,606 841,071 800,613 829,128
Total liabilities and equity build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
EUR million 30.06.2024 31.12.2024 30.06.2025 31.12.2025
Financial liabilities 116 108 4 169
Insurance contract liabilities 0 0 0 0
Reinsurance contract liabilities 0 0 0 0
Investment contract liabilities 0 0 0 0
Deferred tax liabilities 135 156 142 140
Other liabilities 5,577 6,065 5,453 6,206
Total liabilities 5,828 6,329 5,600 6,516
Shareholders' equity 10,246 10,461 9,913 9,976
Non-controlling interests 114 127 117 120
Total equity 10,360 10,588 10,030 10,095
Total liabilities and equity 16,188 16,917 15,629 16,611
Total liabilities and equity build-up for June 30, 2024, December 31, 2024, June 30, 2025, and December 31, 2025
EUR million 30.06.2024 31.12.2024 30.06.2025 31.12.2025
Financial liabilities 42,704 44,597 44,464 42,706
Insurance contract liabilities 0 0 0 0
Reinsurance contract liabilities 0 0 0 0
Investment contract liabilities 0 0 0 0
Deferred tax liabilities 444 443 625 762
Other liabilities 29,499 34,603 36,878 34,862
Total liabilities 72,648 79,643 81,967 78,330
Shareholders' equity 68,890 70,455 68,423 70,945
Non-controlling interests 271 294 323 449
Total equity 69,161 70,749 68,745 71,395
Total liabilities and equity 141,809 150,392 150,713 149,724
Total liabilities and equity build-up for fiscal years 2024 and 2025
EUR million 30.06.2024 31.12.2024 30.06.2025 31.12.2025
Financial liabilities -7,583 -8,172 -7,603 -6,864
Insurance contract liabilities -96 -145 -92 -54
Reinsurance contract liabilities 0 0 0 0
Investment contract liabilities 0 0 0 0
Deferred tax liabilities -2,113 -9,348 -9,511 -8,721
Other liabilities -25,470 -31,235 -30,478 -30,564
Total liabilities -35,262 -48,901 -47,683 -46,202
Shareholders' equity -92,999 -92,862 -94,254 -94,846
Non-controlling interests -221 -219 -221 -219
Total equity -93,219 -93,081 -94,475 -95,064
Total liabilities and equity -128,481 -141,983 -142,158 -141,267

Shareholders’ Equity

Shareholders' equity rollforward for 12M 25
EUR million Allianz group
— 12M
Opening balance 60,287
Total comprehensive income 10,517
Thereof: shareholders' net income 10,775
Purchase, sale, use and cancellation of treasury shares -1,994
Changes in scope of consolidation 0
Changes in ownership interests in subsidiaries -34
Capital increases and decreases 0
Other changes 29
Dividends paid -5,924
Other distributions -158
Closing balance 62,722
Shareholders' equity sensitivity to market movements as of 31.12.2025
EUR million As of 31.12.2025
— Impact S/h equity
Shareholders' equity — 62.7
Equity markets +30% 4% 65.3
Equity markets -30% -5% 59.5
Interest rates +50bps -1% 62.0
Interest rates -50bps 1% 63.4
Credit spread on government bonds +50bps -1% 61.8
Credit spread on non-government bonds +50bps -1% 62.2

Solvency II

Solvency II own funds and SCR rollforward for 4Q 25 and 12M 25
EUR billion 4Q 25 12M
— Own funds SCR SII ratio / impact
Opening balance 94.7 93.2 44.7 209%
Regulatory / model changes -1.1 -1.0 -2.0 7%-p
Operating SII earnings / business evolution� (footnote: Operating SII earnings after tax/before dividend.) 3.1 13.0 1.0 25%-p
Property-casualty 1.6 6.8 — —
Life/health 1.1 4.9 — —
Asset management 0.7 2.3 — —
Corporate and other -0.3 -1.0 — —
Market impact� (footnote: For SCR including cross effects and policyholder participation.) 1.1 -0.2 -0.8 4%-p
Dividends and share buy-back -2.1 -8.5 0.0 -20%-p
Management actions, debt and other� (footnote: Other effects on SCR include diversification effects.) -1.2 -2.0 0.4 -6%-p
Closing balance 94.5 94.5 43.3 218%
Opening balance incl. transitionals 0.0 #REF! #REF! n/a
Closing balance incl. transitionals 0.0 #REF! #REF! n/a
Solvency II ratio sensitivity to market movements as of 31.12.2025 (footnote: After tax.)
EUR billion As of 31.12.2025
— Impact SII ratio
Solvency II ratio — 218%
Equity markets +30% 10%-p 229%
Equity markets -30% -13%-p 205%
Equity markets (traded equities only) +30% 4%-p 222%
Equity markets (traded equities only) -30% -4%-p 214%
Interest rates +50bps 0%-p 219%
Interest rates -50bps -1%-p 218%
Credit spread on government bonds +50bps -4%-p 214%
Credit spread on non-government bonds +50bps 0%-p 219%
Combined scenario�⁵ (IR -50bps, CS +50bps, EQ -30%) (footnote: Including cross effects.) -22%-p 196%

Asset Allocation

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

Allianz Group – CSM

Gross and net contractual service margin (CSM) rollforward by segment for 12M 25
12M
EUR million Life/Health Property-Casualty Allianz group� (footnote: Life/Health and Property-Casualty figures don't add up due to consolidation effects.)
Opening gross CSM� (footnote: Life/Health and Group include gross CSM of EUR 0.8bn as of 31.12.2024 and 01.01.2025 for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Effective 01.01.2025, the German APR and the Austrian health businesses have been transferred from the Property-Casualty segment to the Life/Health segment resulting in a EUR 1.2bn shift in the gross CSM opening balance.) 56,789 64 56,851
Closing gross CSM 55,703 202 55,897
Present value of non-attributable expenses — — -7,087
Reinsurance — — -1,411
Non-controlling interests — — -898
Taxes — — -11,121
Closing net CSM — — 35,379
Gross contractual service margin (CSM) rollforward for life/health for 12M 25
EUR million Life/Health
— 12M
Opening gross CSM�² 56,789
CSM@inception 5,419
Expected in-force return 2,972
Economic variances (incl. F/X) -1,924
Non-economic variances and assumption changes -1,310
CSM release -5,440
Change in scope� (footnote: The change in scope refers to the sale of UniCredit Allianz Vita S.p.A., which was completed in 2Q 25.) -802
Closing gross CSM 55,703
Contractual service margin (CSM) sensitivity by equity markets, interest rate, and credit spread for fiscal year 2025
EUR million Life/health
— Impact Gross CSM
Closing gross CSM — 55.7
Equity markets +30% 7% 59.5
Equity markets -30% -8% 51.4
Interest rate (SII non-parallel) +50bps -1% 54.9
Interest rate (SII non-parallel) -50bps 1% 56.4
Credit spread on government bonds +50bps -1% 54.9
Credit spread on non-government bonds +50bps -1% 55.1

Allianz Group

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

Allianz Group – EPS

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

Property-Casualty

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

P&C by Region YTD

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

P&C by Region QTD

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

P&C by Customer Segment YTD

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

P&C by Customer Segment QTD

Life & Health

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

L&H New Business YTD

Life and health new business breakdown by segment for 12-month periods 2024 and 2025
EUR million Present value of new business premiums New business margin Value of new business
EUR mn % EUR mn
— 12M
Germany life 18,614 18,292 4.7 4.6 884 833
Germany health 3,609 5,382 5.7 5.6 206 300
Germany APR n.m. 359 n.m. 7.9 n.m. 28
Switzerland 840 1,047 4.8 4.6 40 48
Central Europe (footnote: Includes the Austrian health business from 01.01.2025.) 1,633 2,074 9.9 10.6 162 220
German speaking countries and Central Europe 24,697 27,153 5.2 5.3 1,292 1,429
Italy 14,099 14,325 3.6 3.5 513 505
France 6,665 6,871 4.6 5.3 305 365
Benelux 2,164 2,569 4.2 4.5 90 116
Türkiye 1,696 2,474 7.0 6.1 118 151
Greece 86 96 2.5 2.5 2 2
Western & Southern Europe 24,709 26,335 4.2 4.3 1,029 1,140
Asia Pacific 7,185 7,757 9.8 9.2 707 716
USA 21,843 21,239 6.1 6.3 1,337 1,345
Reinsurance L/H 1,687 210 8.1 8.3 137 17
Spain 574 627 3.6 3.4 20 22
Portugal 192 222 14.8 11.1 28 25
Latin America 1,063 1,730 13.4 7.8 143 136
Global insurance lines & Anglo markets, Iberia & Latin America, Africa 3,516 2,788 9.4 7.2 329 199
Consolidation and other -123 -591 n.m. n.m. n.m. n.m.
Total 81,827 84,682 5.7 5.7 4,694 4,829
Contractual service margin (CSM) build-up for 12-month periods 2024 and 2025
EUR million 12M
Value of new business 4,694 4,829
Non-attributable expenses 693 772
Scope / other 681 -183
CSM at inception 6,067 5,419

L&H New Business QTD

Life and health new business breakdown by segment for fourth quarters 2024 and 2025
EUR million Present value of new business premiums New business margin Value of new business
EUR mn % EUR mn
— 4Q 24 4Q 25 4Q 24 4Q 25 4Q 24 4Q 25
Germany life 5,786 4,634 4.5 4.6 259 212
Germany health 1,044 1,306 5.9 5.8 62 76
Germany APR n.m. 113 n.m. 7.8 n.m. 9
Switzerland 161 172 5.2 5.2 8 9
Central Europe (footnote: Includes the Austrian health business from 01.01.2025.) 456 605 9.2 10.4 42 63
German speaking countries and Central Europe 7,447 6,830 5.0 5.4 371 368
Italy 3,997 3,261 3.7 4.2 149 136
France 1,039 1,272 4.8 4.9 50 62
Benelux 555 677 4.4 4.0 24 27
Türkiye 517 818 6.7 5.1 35 42
Greece 27 29 2.8 3.4 1 1
Western & Southern Europe 6,136 6,057 4.2 4.4 258 268
Asia Pacific 1,836 1,787 10.2 9.6 187 172
USA 5,224 5,731 5.6 6.2 292 355
Reinsurance L/H 47 108 9.5 5.3 4 6
Spain 175 202 3.9 2.7 7 5
Portugal 80 84 8.8 8.4 7 7
Latin America 296 473 10.0 7.6 30 36
Global insurance lines & Anglo markets, Iberia & Latin America, Africa 598 866 8.0 6.2 48 54
Consolidation and other -33 -107 n.m. n.m. n.m. n.m.
Total 21,207 21,163 5.5 5.8 1,156 1,217
Contractual service margin (CSM) build-up for fourth quarters 2024 and 2025
EUR million 4Q 24 4Q 25
Value of new business 1,156 1,217
Non-attributable expenses 184 195
Scope / other 801 -59
CSM at inception 2,142 1,353

L&H by Region YTD

Life and health business volume, operating insurance revenue, operating profit, and contractual service margin by region for 12-month periods 2024 and 2025
EUR mn % EUR mn
EUR million Total business volume (footnote: Total business volume comprises statutory gross premiums.) Total business volume Operating insurance revenue Operating profit (loss) Contractual service margin (footnote: Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.) Contractual service margin
12M 31.12.2024 31.12.2025
— — — Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.) — — — — — —
Germany life 24,421 26,929 10.3 5,349 5,810 1,184 1,192 15,840 16,916
Germany health 4,322 4,663 7.9 4,386 4,720 244 259 7,379 7,437
Germany APR n.m. 474 1.2 n.m. 165 n.m. 67 n.m. 515
Switzerland 1,697 1,767 3.0 491 483 120 122 1,838 1,830
Central Europe (footnote: Includes the Austrian health business from 01.01.2025.) 2,118 2,402 5.0 1,044 1,309 517 588 2,002 2,951
German speaking countries and Central Europe 32,559 36,236 9.1 11,271 12,486 2,065 2,229 27,059 29,649
Italy 13,257 12,485 15.5 1,421 1,141 585 494 3,532 2,978
France 8,003 7,911 -1.1 3,888 3,811 625 645 4,306 4,655
Benelux 2,424 2,571 6.1 441 472 151 152 981 1,126
Türkiye 1,474 2,057 92.2 165 192 180 189 105 129
Greece 157 163 3.8 114 116 3 -6 54 54
Western & Southern Europe 25,315 25,187 13.5 6,029 5,731 1,544 1,474 8,977 8,942
Asia Pacific 6,795 7,304 9.6 2,311 2,524 620 603 5,306 5,296
USA 22,383 21,829 2.0 2,666 2,812 1,076 1,038 13,169 10,923
Reinsurance L/H 578 542 -6.6 505 484 39 47 663 520
Spain 618 268 4.6 294 414 65 76 417 364
Portugal 182 168 -7.5 77 74 15 13 1 1
Latin America 1,017 1,286 37.9 127 129 93 99 112 118
Africa n.m. n.m. n.m. n.m. n.m. 24 63 n.m. n.m.
Middle East 5 n.m. n.m. 3 n.m. n.m. n.m. n.m. n.m.
Global insurance lines & Anglo markets, Iberia & Latin America, Africa 2,400 2,264 15.1 1,007 1,101 236 296 1,192 1,002
Consolidation and other (footnote: Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.) -135 -507 n.m. -145 -128 -35 -39 -132 -108
Total 89,317 92,314 8.2 23,138 24,527 5,505 5,601 55,571 55,703

L&H by Region QTD

Life and health business volume, operating insurance revenue, operating profit, and contractual service margin by region for fourth quarters 2024 and 2025
EUR mn % EUR mn
EUR million Total business volume (footnote: Total business volume comprises statutory gross premiums.) Total business volume Operating insurance revenue Operating profit (loss) Contractual service margin (footnote: Includes gross CSM of EUR 0.8bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24. Sale has been completed in 2Q 25.) Contractual service margin
4Q 24 4Q 25 4Q 24 4Q 25 4Q 24 4Q 25 31.12.2024 31.12.2025
— — — Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.) — — — — — —
Germany life 7,358 6,124 -16.8 1,601 1,866 328 332 15,840 16,916
Germany health 1,087 1,177 8.2 1,137 1,186 81 76 7,379 7,437
Germany APR n.m. 130 4.6 n.m. 39 n.m. 14 n.m. 515
Switzerland 261 278 5.6 129 124 33 38 1,838 1,830
Central Europe (footnote: Includes the Austrian health business from 01.01.2025.) 551 645 7.9 276 354 128 145 2,002 2,951
German speaking countries and Central Europe 9,257 8,355 -11.4 3,144 3,570 570 605 27,059 29,649
Italy 3,809 3,017 18.9 469 270 132 91 3,532 2,978
France 2,101 2,288 8.9 904 866 151 193 4,306 4,655
Benelux 696 790 13.5 121 123 37 42 981 1,126
Türkiye 511 742 99.9 52 49 56 46 105 129
Greece 43 45 3.6 30 31 -0 -4 54 54
Western & Southern Europe 7,161 6,882 21.6 1,576 1,339 376 368 8,977 8,942
Asia Pacific 1,794 1,763 4.9 614 651 164 104 5,306 5,296
USA 5,417 5,882 18.4 717 707 250 209 13,169 10,923
Reinsurance L/H 143 126 -12.8 110 127 14 13 663 520
Spain 191 207 8.4 76 73 19 20 417 364
Portugal 76 76 -0.1 19 18 3 2 1 1
Latin America 261 377 43.0 33 37 23 26 112 118
Africa n.m. n.m. n.m. n.m. n.m. 4 21 n.m. n.m.
Middle East n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m.
Global insurance lines & Anglo markets, Iberia & Latin America, Africa 671 785 16.4 239 255 63 83 1,192 1,002
Consolidation and other (footnote: Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.) -25 -25 n.m. -25 -45 -0 -5 -132 -108
Total 24,277 23,642 6.0 6,264 6,476 1,424 1,364 55,571 55,703

L&H Details YTD

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

L&H Details QTD

Asset Management

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

AM AUM

Assets under management breakdown by type, asset class, and region for fiscal years 2024 and 2025
EUR billion 2024 2025
Assets under management 2,448 2,512
Allianz Group assets under management 528 522
Third-party assets under management 1,920 1,990
Thereof: PIMCO 1,521 1,573
Thereof: AllianzGI 399 417
Third-party assets under management by asset classes — —
Fixed income 1,472 1,523
Multi-assets 189 196
Equities 165 172
Alternatives 95 98
Third-party assets under management by regions — —
America 998 1,024
Europe 558 584
Asia Pacific 364 382
Third-party net flows breakdown by PIMCO and AllianzGI for fiscal years 2024 and 2025
EUR billion 2024 2025
Third-party net flows 85 139
Thereof: PIMCO 84 133
Thereof: AllianzGI 0 6

Corporate and Other

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

Consolidation

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