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Allianz/2023/FY/Financial supplement

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Allianz Group FY2023 financial supplement.

Document info
OrganizationAllianz
Year2023
PeriodFY
Period labelFY23
Document typeFinancial supplement
LanguageEnglish
SourceOriginal URL
Archive file.md file

Market Data

Exchange rates spot by currency (footnote: Source: WM/Reuters.)
Spot
— 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023
USD 1.1372 1.1126 1.0454 0.9797 1.0673 1.0864 1.0910 1.0588 1.1046
CHF 1.0361 1.0239 1.0009 0.9642 0.9875 0.9925 0.9760 0.9686 0.9297
GBP 0.8396 0.8450 0.8608 0.8776 0.8872 0.8787 0.8581 0.8674 0.8666
AUD 1.5641 1.4817 1.5204 1.5237 1.5737 1.6222 1.6390 1.6404 1.6189
Exchange rates average by currency (footnote: Source: WM/Reuters.)
Average
— 1Q 22 2Q 22 3Q 22 4Q 22 2022 1Q 23 2Q 23 3Q 23 4Q 23 2023
USD 1.1221 1.0645 1.0070 1.0211 1.0533 1.0731 1.0884 1.0881 1.0757 1.0814
CHF 1.0366 1.0272 0.9734 0.9835 1.0049 0.9927 0.9783 0.9611 0.9541 0.9715
GBP 0.8366 0.8484 0.8561 0.8697 0.8527 0.8830 0.8694 0.8596 0.8668 0.8697
AUD 1.5493 1.4919 1.4742 1.5532 1.5168 1.5701 1.6295 1.6620 1.6533 1.6288
Valuation rates by contract type, currency, and duration (footnote: The table sets out the continuously compounded market rates used to discount the cash flows of insurance contracts for major currencies. Source: Refinitiv; internal processing of market quotes.)
% 01.01.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023
— 1 year 5 years 10 years 20 years 30 years 1 year 5 years 10 years 20 years 30 years 1 year 5 years 10 years 20 years 30 years 1 year 5 years 10 years 20 years 30 years 1 year 5 years 10 years 20 years 30 years 1 year 5 years 10 years 20 years 30 years
Unit-linked contracts — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
EUR -0.49 0.02 0.31 0.56 1.12 3.20 3.16 3.12 2.80 2.74 3.49 2.97 2.90 2.73 2.72 4.00 3.18 2.93 2.72 2.73 4.06 3.33 3.33 3.26 3.17 3.40 2.39 2.46 2.47 2.54
USD 0.49 1.32 1.53 1.70 1.82 4.96 3.88 3.69 3.57 3.30 4.60 3.28 3.11 3.06 3.07 5.23 3.81 3.46 3.32 3.27 5.29 4.26 4.17 4.11 3.96 4.65 3.44 3.39 3.41 3.35
Immediate fixed annuity and P/C liability for incurred claims — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
EUR -0.49 0.02 0.31 0.56 1.12 3.41 3.36 3.33 3.01 2.91 3.70 3.19 3.11 2.94 2.90 4.21 3.39 3.15 2.93 2.91 4.27 3.55 3.54 3.47 3.35 3.60 2.60 2.67 2.68 2.71
USD 0.79 1.61 1.83 2.00 2.10 5.73 4.66 4.47 4.35 4.05 5.45 4.13 3.97 3.92 3.82 6.01 4.59 4.25 4.11 3.96 6.07 5.05 4.95 4.90 4.62 5.34 4.13 4.08 4.10 3.95
Traditional participating and other insurance contracts (footnote: Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency.) — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
EUR -0.32 - 0.19 0.19 - 0.70 0.48 - 0.99 0.73 - 1.24 1.25 - 1.67 3.35 - 3.84 3.31 - 3.80 3.27 - 3.76 2.95 - 3.45 2.87 - 3.27 3.65 - 4.21 3.13 - 3.70 3.06 - 3.62 2.89 - 3.45 2.85 - 3.32 4.13 - 4.57 3.31 - 3.75 3.07 - 3.51 2.85 - 3.30 2.84 - 3.21 4.22 - 4.69 3.50 - 3.97 3.49 - 3.96 3.42 - 3.89 3.31 - 3.71 3.55 - 4.03 2.54 - 3.03 2.61 - 3.10 2.63 - 3.11 2.67 - 3.07
USD (footnote: Basis for the disclosed USD rates changed starting 3Q 23 in order to reflect the most relevant insurance portfolios.) 0.99 - 1.07 1.81 - 1.89 2.03 - 2.11 2.19 - 2.28 2.29 - 2.36 5.54 - 6.06 4.47 - 4.99 4.28 - 4.80 4.16 - 4.69 3.87 - 4.37 5.25 - 5.70 3.94 - 4.40 3.77 - 4.23 3.73 - 4.19 3.65 - 4.05 5.82 - 6.23 4.41 - 4.82 4.06 - 4.48 3.93 - 4.35 3.80 - 4.17 6.56 - 6.73 5.55 - 5.71 5.45 - 5.62 5.40 - 5.57 5.05 - 5.19 5.84 - 6.20 4.64 - 5.00 4.60- 4.96 4.61 - 4.97 4.39 - 4.70

Balance Sheet

Assets build-up by type, Allianz Group
EUR million Allianz Group
— 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 ∆ 31.12.23 / 31.12.22
Cash and cash equivalents 24,247 24,522 22,215 27,509 22,896 24,534 25,612 24,141 29,210 27.6%
Investments 837,869 784,996 727,832 708,323 690,991 703,527 701,292 693,087 721,802 4.5%
Financial assets for unit-linked contracts 158,359 151,882 141,259 139,095 141,034 146,632 148,892 146,466 152,872 8.4%
Insurance contract assets 36 42 49 421 327 355 477 166 172 -47.3%
Reinsurance contract assets 26,141 25,267 25,164 26,535 25,605 25,031 25,294 24,678 24,719 -3.5%
Deferred tax assets 4,709 5,668 7,054 7,587 6,369 5,707 5,890 5,958 5,992 -5.9%
Other assets 27,222 28,194 31,312 31,733 30,234 32,043 31,606 29,512 29,757 -1.6%
Intangible assets 18,186 18,293 18,430 18,771 18,442 18,693 18,664 18,663 18,649 1.1%
Total assets 1,096,770 1,038,864 973,316 959,976 935,897 956,523 957,728 942,671 983,174 5.1%
Assets build-up by type, Property-Casualty
EUR million Property-Casualty
— 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 ∆ 31.12.23 / 31.12.22
Cash and cash equivalents 4,838 5,672 5,038 5,601 5,342 5,832 5,584 5,623 5,887 10.2%
Investments 122,355 118,873 113,537 111,694 110,442 112,146 112,396 112,872 116,447 5.4%
Financial assets for unit-linked contracts 0 -0 0 0 0 0 0 0 0 n.m.
Insurance contract assets 5 6 7 382 285 311 426 111 103 -63.9%
Reinsurance contract assets 9,585 9,621 9,583 9,668 10,173 10,156 10,237 10,056 10,855 6.7%
Deferred tax assets 1,152 1,411 1,651 1,986 1,781 1,641 1,758 1,741 1,554 -12.7%
Other assets 22,957 23,407 23,981 24,482 22,211 24,753 22,336 22,860 23,562 6.1%
Intangible assets 6,057 6,220 6,166 6,222 6,202 6,325 6,276 6,248 6,284 1.3%
Total assets 166,949 165,210 159,963 160,034 156,436 161,163 159,013 159,510 164,692 5.3%
Assets build-up by type, Life/Health
EUR million Life/Health
— 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 ∆ 31.12.23 / 31.12.22
Cash and cash equivalents 12,429 11,665 10,146 13,451 12,040 13,452 15,359 14,214 17,700 47.0%
Investments 685,440 634,864 585,822 567,542 550,968 560,633 561,674 549,580 573,187 4.0%
Financial assets for unit-linked contracts 158,359 151,882 141,259 139,095 141,034 146,632 148,892 146,466 152,872 8.4%
Insurance contract assets 31 36 42 39 42 45 51 55 69 65.9%
Reinsurance contract assets 16,588 15,672 15,591 16,893 15,450 14,895 15,068 14,649 13,915 -9.9%
Deferred tax assets 3,958 4,388 5,267 5,488 4,914 4,781 4,649 4,866 4,813 -2.1%
Other assets 15,112 14,243 17,424 17,849 17,599 15,944 15,581 14,758 16,752 -4.8%
Intangible assets 4,365 4,369 4,527 4,491 4,517 4,521 4,555 4,484 4,596 1.7%
Total assets 896,280 837,117 780,078 764,848 746,563 760,903 765,828 749,073 783,905 5.0%
Assets build-up by type, Asset Management
EUR million Asset Management
— 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 ∆ 31.12.23 / 31.12.22
Cash and cash equivalents 1,130 1,150 1,194 1,478 1,290 1,190 1,129 1,115 1,183 -8.3%
Investments 492 481 514 1,119 1,046 971 1,012 1,064 1,149 9.8%
Financial assets for unit-linked contracts 0 0 0 0 0 0 0 0 0 n.m.
Insurance contract assets 0 0 0 0 0 0 0 0 0 n.m.
Reinsurance contract assets 0 0 0 0 0 0 0 0 0 n.m.
Deferred tax assets 1,145 714 479 409 307 341 359 320 225 -26.8%
Other assets 6,706 5,669 6,259 6,210 5,687 5,428 5,777 6,412 5,890 3.6%
Intangible assets 7,515 7,590 7,626 7,949 7,615 7,545 7,528 7,634 7,476 -1.8%
Total assets 16,987 15,603 16,072 17,164 15,945 15,475 15,805 16,545 15,922 -0.1%
Assets build-up by type, Corporate and Other
EUR million Corporate and Other
— 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 ∆ 31.12.23 / 31.12.22
Cash and cash equivalents 5,973 6,237 6,009 7,161 4,515 4,402 3,748 3,765 4,689 3.8%
Investments 122,814 127,142 125,991 126,695 127,855 129,022 124,946 127,617 129,335 1.2%
Financial assets for unit-linked contracts 0 0 0 0 0 0 0 0 0 n.m.
Insurance contract assets 0 0 0 0 0 0 0 0 0 n.m.
Reinsurance contract assets 0 0 0 0 0 0 0 0 0 n.m.
Deferred tax assets 812 1,497 2,049 2,585 1,859 1,595 1,447 1,314 1,575 -15.3%
Other assets 7,840 6,666 7,301 8,538 8,422 8,097 8,822 9,176 10,109 20.0%
Intangible assets 250 114 110 110 106 299 302 294 290 174.1%
Total assets 137,689 141,655 141,460 145,088 142,757 143,414 139,265 142,166 145,998 2.3%
Assets time series by type
EUR million Consolidation
— 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 ∆ 31.12.23 / 31.12.22
Cash and cash equivalents -122 -202 -170 -182 -292 -342 -208 -576 -249 -14.6%
Investments -93,231 -96,362 -98,031 -98,726 -99,319 -99,245 -98,735 -98,047 -98,315 -1.0%
Financial assets for unit-linked contracts 0 0 0 0 0 0 0 0 0 n.m.
Insurance contract assets 0 0 0 0 0 0 0 0 0 n.m.
Reinsurance contract assets -32 -26 -10 -25 -18 -19 -10 -27 -51 177.0%
Deferred tax assets -2,357 -2,342 -2,392 -2,881 -2,492 -2,651 -2,323 -2,283 -2,175 -12.7%
Other assets -25,393 -21,791 -23,653 -25,345 -23,686 -22,178 -20,911 -23,694 -26,556 12.1%
Intangible assets 0 0 0 0 3 3 3 3 3 0.0%
Total assets -121,136 -120,722 -124,256 -127,159 -125,804 -124,432 -122,184 -124,623 -127,343 1.2%
Liabilities and equity time series by type, group
EUR million 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 ∆ 31.12.23 / 31.12.22
Financial liabilites 50,877 47,377 50,558 56,243 51,310 53,251 55,133 53,943 56,282 9.7%
Insurance contract liabilities 883,250 832,834 774,023 757,771 740,799 751,373 754,829 741,979 776,944 4.9%
Reinsurance contract liabilities 55 55 51 378 257 354 1,024 271 231 -10.3%
Investment contract liabilities 55,872 54,413 50,779 48,956 47,827 51,360 51,435 49,982 49,686 3.9%
Deferred tax liabilities 2,368 2,155 2,701 2,311 2,158 1,979 1,982 2,039 2,124 -1.6%
Other liabilities 38,956 37,929 36,102 35,878 34,810 36,821 34,501 33,768 34,328 -1.4%
Total liabilities 1,031,378 974,761 914,214 901,536 877,163 895,138 898,904 881,982 919,594 4.8%
Shareholders' equity 61,157 59,957 54,914 54,115 54,415 56,770 54,318 56,089 58,477 7.5%
Issued capital 1,170 1,170 1,170 1,170 1,170 1,170 1,170 1,170 1,170 0.0%
Additional paid-in capital 27,732 27,732 27,732 27,732 27,732 27,732 27,732 27,732 27,732 0.0%
Undated subordinated bonds 4,699 4,747 4,892 5,052 4,843 4,802 4,792 4,862 4,764 -1.6%
Retained earnings 27,391 28,499 26,812 28,819 29,354 30,677 27,928 29,580 30,702 4.6%
Foreign currency translation adjustments -3,474 -3,018 -1,977 -1,273 -3,048 -3,349 -3,211 -2,398 -2,883 -5.4%
Net unrealized gains and losses 3,639 826 -3,715 -7,386 -5,636 -4,262 -4,094 -4,857 -3,008 -46.6%
Non-controlling interests 4,235 4,145 4,188 4,325 4,320 4,614 4,506 4,600 5,103 18.1%
Total equity 65,392 64,103 59,102 58,440 58,735 61,384 58,823 60,689 63,580 8.2%
Total liabilities and equity 1,096,770 1,038,864 973,316 959,976 935,897 956,523 957,728 942,671 983,174 5.1%
Liabilities and equity time series by type, P&C
EUR million 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 ∆ 31.12.23 / 31.12.22
Financial liabilites 1,931 2,025 2,346 2,699 2,004 1,794 1,640 1,836 2,502 24.9%
Insurance contract liabilities 97,627 97,456 93,644 93,023 91,641 94,210 94,232 94,105 96,339 5.1%
Reinsurance contract liabilities 0 0 0 233 19 18 77 62 125 n.m.
Investment contract liabilities 0 0 0 0 0 0 0 0 0 n.m.
Deferred tax liabilities 2,331 1,984 1,745 1,489 1,661 1,815 1,743 1,715 1,863 12.2%
Other liabilities 15,681 14,892 15,797 16,353 15,806 17,084 15,344 15,560 16,288 3.1%
Total liabilities 117,571 116,356 113,531 113,796 111,130 114,921 113,035 113,277 117,117 5.4%
Shareholders' equity 47,843 47,344 44,933 44,769 43,848 44,757 44,549 44,796 46,216 5.4%
Non-controlling interests 1,535 1,509 1,498 1,468 1,459 1,486 1,429 1,437 1,359 -6.8%
Total equity 49,378 48,854 46,432 46,238 45,306 46,242 45,978 46,233 47,574 5.0%
Total liabilities and equity 166,949 165,210 159,963 160,034 156,436 161,163 159,013 159,510 164,692 5.3%
Liabilities and equity time series by type, life and health
EUR million 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 ∆ 31.12.23 / 31.12.22
Financial liabilites 17,180 14,715 15,437 18,192 16,185 18,284 19,705 17,758 20,398 26.0%
Insurance contract liabilities 785,656 735,416 680,399 664,781 649,184 657,195 660,614 647,906 680,654 4.8%
Reinsurance contract liabilities 55 55 51 145 239 336 947 209 105 -55.9%
Investment contract liabilities 55,872 54,413 50,779 48,956 47,827 51,360 51,435 49,982 49,686 3.9%
Deferred tax liabilities 2,027 2,037 2,620 2,746 2,482 2,243 1,982 2,054 1,914 -22.9%
Other liabilities 9,677 8,762 10,403 10,700 10,196 10,310 9,402 9,018 8,533 -16.3%
Total liabilities 870,467 815,397 759,689 745,519 726,112 739,728 744,085 726,928 761,290 4.8%
Shareholders' equity 24,076 20,054 18,876 17,808 18,923 19,571 20,136 20,553 20,934 10.6%
Non-controlling interests 1,738 1,666 1,513 1,521 1,528 1,604 1,607 1,592 1,682 10.1%
Total equity 25,813 21,720 20,389 19,329 20,451 21,175 21,743 22,144 22,615 10.6%
Total liabilities and equity 896,280 837,117 780,078 764,848 746,563 760,903 765,828 749,073 783,905 5.0%
Liabilities and equity time series by type, asset management
EUR million 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 ∆ 31.12.23 / 31.12.22
Financial liabilites 130 123 116 130 135 105 106 116 116 -14.3%
Insurance contract liabilities 0 0 0 0 0 0 0 0 0 n.m.
Reinsurance contract liabilities 0 0 0 0 0 0 0 0 0 n.m.
Investment contract liabilities 0 0 0 0 0 0 0 0 0 n.m.
Deferred tax liabilities -15 -19 0 137 125 122 121 125 133 6.7%
Other liabilities 9,343 7,356 5,593 6,333 5,542 4,894 5,197 5,606 5,419 -2.2%
Total liabilities 9,458 7,461 5,709 6,599 5,802 5,121 5,424 5,846 5,668 -2.3%
Shareholders' equity 7,413 8,028 10,247 10,442 10,024 10,246 10,272 10,578 10,131 1.1%
Non-controlling interests 116 114 115 123 119 108 109 120 123 3.5%
Total equity 7,530 8,142 10,362 10,565 10,143 10,354 10,381 10,698 10,254 1.1%
Total liabilities and equity 16,987 15,603 16,072 17,164 15,945 15,475 15,805 16,545 15,922 -0.1%
Liabilities and equity time series by type, holding and others
EUR million 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 ∆ 31.12.23 / 31.12.22
Financial liabilites 38,170 37,151 38,690 41,677 39,675 39,844 40,876 41,937 40,917 3.1%
Insurance contract liabilities -0 -0 0 0 0 0 0 0 0 n.m.
Reinsurance contract liabilities 0 0 0 0 0 0 0 0 0 n.m.
Investment contract liabilities 0 0 0 0 0 0 0 0 0 n.m.
Deferred tax liabilities 390 500 715 798 363 430 466 435 396 9.1%
Other liabilities 29,686 28,765 27,905 27,752 26,870 26,560 25,480 27,267 30,614 13.9%
Total liabilities 68,245 66,416 67,311 70,227 66,908 66,835 66,822 69,640 71,927 7.5%
Shareholders' equity 68,374 74,159 72,862 73,421 74,408 74,934 70,854 70,847 72,102 -3.1%
Non-controlling interests 1,070 1,080 1,287 1,440 1,441 1,645 1,589 1,680 1,970 36.7%
Total equity 69,444 75,239 74,149 74,862 75,849 76,579 72,443 72,527 74,072 -2.3%
Total liabilities and equity 137,689 141,655 141,460 145,088 142,757 143,414 139,265 142,166 145,998 2.3%
Liabilities and equity time series by type, eliminations
EUR million 01.01.2022 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 ∆ 31.12.23 / 31.12.22
Financial liabilites -6,534 -6,638 -6,031 -6,455 -6,689 -6,776 -7,193 -7,703 -7,651 14.4%
Insurance contract liabilities -33 -38 -19 -33 -26 -32 -16 -33 -49 87.2%
Reinsurance contract liabilities 0 0 0 0 0 0 0 0 0 n.m.
Investment contract liabilities 0 0 0 0 0 0 0 0 0 n.m.
Deferred tax liabilities -2,364 -2,347 -2,380 -2,859 -2,472 -2,631 -2,330 -2,290 -2,182 -11.7%
Other liabilities -25,431 -21,847 -23,596 -25,259 -23,603 -22,027 -20,922 -23,683 -26,526 12.4%
Total liabilities -34,363 -30,869 -32,026 -34,606 -32,790 -31,466 -30,462 -33,709 -36,407 11.0%
Shareholders' equity -86,549 -89,629 -92,005 -92,326 -92,788 -92,738 -91,493 -90,685 -90,904 -2.0%
Non-controlling interests -224 -224 -225 -227 -227 -229 -229 -229 -31 -86.2%
Total equity -86,773 -89,853 -92,230 -92,553 -93,015 -92,966 -91,722 -90,913 -90,936 -2.2%
Total liabilities and equity -121,136 -120,722 -124,256 -127,159 -125,804 -124,432 -122,184 -124,623 -127,343 1.2%
Shareholders' equity sensitivity to market movements
EUR billion As of 31.12.2023
— Impact S/h equity
Shareholders' equity — 58.5
Equity markets +30% 4% 60.7
Equity markets -30% -4% 56.0
Interest rate +50bps -0% 58.2
Interest rate -50bps 0% 58.7
Credit spread on goverment bonds +50bps -1% 57.9
Credit spread on non-goverment bonds +50bps -1% 57.9

Solvency II

Solvency II ratio rollforward by business unit
EUR billion 4Q 23 12M 23
— Own funds SCR SII ratio / impact Own funds SCR SII ratio / impact
Opening balance excl. transitionals 81.5 38.5 212% 77.9 38.8 201%
Regulatory / model changes 7.0 3.0 2%-p 7.3 2.9 4%-p
Operating SII earnings / business evolution 3.5 0.3 7%-p 13.8 1.1 27%-p
Property-Casualty 1.5 — — 6.7 — —
Life/Health 1.4 — — 5.4 — —
Asset Management 0.9 — — 2.9 — —
Corporate and Other -0.3 — — -1.2 — —
Market impact (footnote: For SCR including cross effects and policyholder participation.) 0.1 1.2 -6%-p 1.5 0.8 -1%-p
Capital management / management actions -2.0 0.0 -5%-p -6.8 0.1 -16%-p
Tax / other (footnote: Other effects on SCR include diversification effects.) -0.6 0.4 -3%-p -4.2 -0.2 -8%-p
Closing balance excl. transitionals 89.6 43.5 206% 89.6 43.5 206%
Opening balance incl. transitionals 91.7 38.5 238% 89.2 38.8 230%
Closing balance incl. transitionals 99.7 43.5 229% 99.7 43.5 229%
Solvency II ratio sensitivity by market risk
EUR billion As of 31.12.2023
— Impact SII ratio
Solvency II ratio — 206%
Equity markets +30% 11%-p 217%
Equity markets -30% -15%-p 191%
Equity markets (traded equities only) +30% 3%-p 209%
Equity markets (traded equities only) -30% -3%-p 203%
Interest rate (SII non-parallel) +50bps 2%-p 208%
Interest rate (SII non-parallel) -50bps -5%-p 201%
Credit spread on government bonds +50bps -5%-p 201%
Credit spread on non-government bonds +50bps -1%-p 205%
Combined scenario(footnote: Including cross effects.) (IR -50bps, CS +50bps, EQ -30%) -27%-p 179%

Asset Allocation

Asset allocation by business unit
EUR billion Property-Casualty Life/Health Asset Management Corporate and Other Consolidation Allianz Group
— 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023
Net cash investments (footnote: Net of liabilities from securities lending and including liabilities from cash pooling.) 7.9 8.6 12.3 19.0 2.5 2.2 -5.2 -6.0 -0.3 -0.3 17.2 23.5
Equities excluding affiliates 3.1 3.0 40.7 38.8 0.6 0.6 4.6 5.8 0.0 0.0 49.1 48.1
Equities carried at fair value through P&L 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Equities carried at fair value through OCI 1.1 1.1 21.6 21.6 0.5 0.5 3.4 3.7 0.0 0.0 26.6 26.9
Equities associates/joint ventures 2.1 1.9 19.1 17.2 0.1 0.1 1.2 2.0 0.0 0.0 22.4 21.2
Debt securities 83.6 89.9 419.9 434.1 0.2 0.3 36.9 39.8 -5.8 -7.1 534.8 557.1
Investment funds 7.8 8.0 57.6 64.4 0.2 0.2 1.0 1.0 0.0 0.0 66.6 73.6
Equity funds 2.7 2.7 24.4 25.3 0.0 0.0 0.9 0.8 0.0 0.0 28.0 28.8
Debt funds 2.7 2.9 15.3 19.3 0.1 0.2 0.1 0.1 0.0 0.0 18.2 22.4
Real estate funds 1.3 1.3 11.6 11.9 0.0 0.0 0.0 0.0 0.0 0.0 12.9 13.2
Other funds 1.0 1.1 6.4 7.9 0.1 0.1 0.0 0.0 0.0 0.0 7.5 9.1
Derivatives (footnote: Net of liabilities.) 0.5 0.1 2.7 4.6 0.0 0.0 -0.3 -0.3 0.0 0.5 3.0 4.9
Other 4.6 4.3 26.3 23.7 0.0 0.0 1.8 1.6 -0.0 -0.0 32.7 29.6
Real estate (footnote: Excludes real estate held for own use measured at amortized cost.) 4.1 3.8 22.5 20.9 0.0 0.0 1.1 1.1 -0.0 -0.0 27.6 25.7
Fixed assets of alternative investments 0.4 0.5 1.9 2.2 0.0 0.0 0.1 0.1 0.0 0.0 2.4 2.9
Other investments 0.1 0.1 1.9 0.7 0.0 0.0 0.6 0.4 0.0 0.0 2.6 1.1
Group/segment financial assets excluding affiliates 107.6 114.0 559.4 584.6 3.5 3.4 38.9 41.9 -6.1 -6.9 703.3 736.8
Affiliates 10.5 10.5 0.1 0.1 0.0 0.0 82.2 80.3 -92.8 -90.9 0.0 0.0
Group/segment financial assets including affiliates 118.1 124.5 559.6 584.7 3.5 3.4 121.1 122.1 -99.0 -97.9 703.3 736.8

Allianz Group – CSM

Gross and net CSM build-up by business unit
EUR million Life/Health Property-Casualty Allianz Group (footnote: Life/Health and Property-Casualty figures don't add up due to consolidation effects.)
— 4Q 23 12M 23 4Q 23 12M 23 4Q 23 12M 23
Opening gross CSM 52,063 52,227 1,237 1,172 53,268 53,382
Closing gross CSM 52,601 52,601 1,239 1,239 53,818 53,818
Present value of non-attributable expenses — — — — -6,640 -6,640
Reinsurance — — — — -1,907 -1,907
Non-controlling interests — — — — -1,079 -1,079
Taxes — — — — -11,472 -11,472
Closing net CSM — — — — 32,720 32,720
Life/Health gross CSM rollforward
EUR million Life/Health
— 4Q 23 12M 23
Opening gross CSM 52,063 52,227
CSM@inception 1,081 4,515
Expected in-force return 995 3,022
Economic variances (incl. F/X) 886 500
Non-economic variances and assumption changes -1,171 -2,696
CSM release -1,254 -4,967
Closing gross CSM 52,601 52,601
Life/Health gross CSM sensitivity by market risk
EUR billion Life/Health
— Impact Gross CSM
Closing gross CSM — 52.6
Equity markets +30% 5% 55.2
Equity markets -30% -5% 49.8
Interest rate (SII non-parallel) +50bps -1% 52.1
Interest rate (SII non-parallel) -50bps 0% 52.8
Credit spread on government bonds +50bps -1% 52.0
Credit spread on non-government bonds +50bps -1% 52.3

Allianz Group

Allianz Group operating profit build-up
EUR million 1Q 22 2Q 22 3Q 22 4Q 22 2022 1Q 23 2Q 23 3Q 23 4Q 23 2023 ∆ 2023 / 2022
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.) 44,254 37,409 34,930 36,731 153,324 45,966 39,623 36,517 39,595 161,700 5.5%
Operating insurance service result — — — — — — — — — — —
Insurance revenue 20,599 21,456 22,467 22,463 86,985 22,409 22,072 23,022 23,748 91,251 4.9%
Claims and benefits -13,040 -13,650 -13,835 -14,820 -55,345 -13,722 -13,685 -15,036 -15,597 -58,040 4.9%
Acquisition and administrative expenses -5,166 -5,289 -5,450 -5,658 -21,563 -5,451 -5,572 -5,769 -5,675 -22,466 4.2%
Reinsurance result -431 -380 -886 -393 -2,090 -736 -641 -712 -652 -2,742 31.2%
Other insurance service result -15 -22 -11 227 179 -95 149 166 110 330 84.5%
Subtotal 1,948 2,115 2,284 1,818 8,165 2,404 2,323 1,670 1,934 8,332 2.0%
Operating investment result — — — — — — — — — — —
Operating net investment income, excluding interest expenses from external debt -5,261 -9,864 2,129 1,446 -11,551 7,420 8,174 1,203 9,935 26,732 n.m.
Finance income (expenses) from insurance contracts issued (net) 5,250 10,233 -1,178 -435 13,870 -6,670 -7,133 -267 -8,453 -22,523 n.m.
Finance income (expenses) from reinsurance contracts held (net) 506 547 353 16 1,422 157 143 390 -133 556 -60.9%
Subtotal 495 916 1,303 1,027 3,741 907 1,184 1,326 1,349 4,765 27.4%
Operating result from investment contracts 88 50 121 29 288 88 42 60 48 237 -17.8%
Operating fee and commission result 1,994 1,986 1,893 1,967 7,840 1,810 1,727 1,868 2,233 7,639 -2.6%
Operating other result -1,520 -1,534 -1,540 -1,625 -6,221 -1,478 -1,494 -1,456 -1,800 -6,228 0.1%
Operating profit 3,004 3,532 4,062 3,216 13,814 3,731 3,783 3,468 3,765 14,746 6.7%
Non-operating items — — — — — — — — — — —
Realized gains/losses (net) 341 -28 469 148 930 -26 -31 -233 -12 -302 n.m.
Expected credit loss and impairments (net) -156 -25 22 -404 -562 -180 -84 120 -59 -203 -63.9%
Result from assets and liabilities measured at fair value incl. derivatives 48 -147 -164 -707 -969 -195 -254 -91 -434 -974 0.5%
thereof: Non-operating market movements 95 -110 -76 -662 -753 -177 -202 -33 -367 -780 3.5%
Interest expenses from external debt -132 -132 -151 -145 -561 -142 -150 -165 -175 -631 12.5%
Restructuring and integration expenses -263 -262 -126 -226 -877 -48 -72 -109 -299 -529 -39.7%
Amortization of intangible assets -76 -75 -73 -78 -302 -75 -74 -72 -77 -298 -1.3%
thereof: Amortization of intangible assets from business combinations -30 -22 -26 -31 -110 -27 -26 -25 -26 -105 -4.4%
Other (footnote: Including hyperinflation result and tax reclassifications from the Life/Health segment.) -1,716 -38 20 -73 -1,807 -150 -97 -115 134 -227 -87.4%
Subtotal -1,954 -708 -3 -1,485 -4,150 -816 -761 -665 -922 -3,164 -23.8%
Income (loss) before income taxes 1,050 2,824 4,059 1,732 9,664 2,915 3,021 2,803 2,843 11,582 19.8%
Income taxes -465 -734 -1,058 -552 -2,808 -755 -535 -673 -587 -2,550 -9.2%
Net income (loss) 585 2,089 3,001 1,180 6,856 2,160 2,486 2,130 2,255 9,032 31.7%
Net income (loss) attributable to: — — — — — — — — — — —
Non-controlling interests 111 112 136 76 435 128 150 108 104 491 12.8%
Shareholders 474 1,977 2,866 1,104 6,421 2,032 2,337 2,021 2,151 8,541 33.0%
Income (loss) before income taxes 1,050 2,824 4,059 1,732 9,664 2,915 3,021 2,803 2,843 11,582 19.8%
Adjustment for non-operating market movements -95 110 76 662 753 177 202 33 367 780 3.5%
Adjustment for amortization of intangible assets from business combinations 30 22 26 31 110 27 26 25 26 105 -4.4%
Core income (loss) before income taxes 985 2,956 4,161 2,425 10,528 3,119 3,250 2,862 3,236 12,466 18.4%
Income taxes related to core income -459 -782 -1,100 -671 -3,013 -806 -580 -675 -657 -2,717 -9.8%
Core net income (loss) 526 2,174 3,061 1,754 7,515 2,313 2,670 2,186 2,579 9,749 29.7%
thereof: Shareholders' core net income (loss) 417 2,048 2,912 1,606 6,984 2,173 2,517 2,060 2,351 9,101 30.3%
Core return on equity(footnote: For prior year and current year periods the core return on equity for the respective full year is shown.) (in %) 12.7 12.7 12.7 12.7 12.7 16.0 16.0 16.0 16.0 16.0 3.3%-p
Average shareholders equity(footnote: 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 n.m. n.m. n.m n.m. 54,014 n.m. n.m. n.m. n.m. 55,965 3.6%

Allianz Group – EPS

Allianz Group EPS build-up
EUR million 1Q 22 2Q 22 3Q 22 4Q 22 2022 1Q 23 2Q 23 3Q 23 4Q 23 2023 ∆ 2023 / 2022
Number of shares issued - end of period 408,457,873 408,457,873 408,457,873 403,313,996 403,313,996 403,313,996 403,313,996 403,313,996 391,718,983 391,718,983 -2.9%
Number of shares outstanding - end of period 407,113,675 404,103,481 402,770,221 401,589,162 401,589,162 398,376,657 396,604,383 393,407,097 391,458,589 391,458,589 -2.5%
Weighted average number of shares outstanding - basic 408,068,074 405,941,124 402,901,266 402,325,247 404,793,132 399,985,391 397,987,832 395,043,792 391,845,447 396,190,104 -2.1%
Potentially dilutive shares 384,072 1,431,836 1,620,694 0 1,467,572 133,708 435,863 110,503 147,372 125,880 -91.4%
Weighted average number of shares outstanding - diluted 408,452,147 407,372,961 404,521,959 402,325,247 406,260,704 400,119,099 398,423,694 395,154,296 391,992,819 396,315,983 -2.4%
Net income attributable to shareholders - basic (footnote: Adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity.) 474 1,858 2,866 1,104 6,302 2,032 2,195 2,021 2,151 8,399 33.3%
Effect of dilution -5 -19 -29 0 -13 -2 -5 -6 -6 -6 -51.7%
Net income attributable to shareholders - diluted 469 1,839 2,836 1,104 6,289 2,030 2,190 2,015 2,145 8,393 33.5%
EPS basic (EUR) 1.16 4.58 7.11 2.74 15.57 5.08 5.52 5.12 5.49 21.20 36.2%
EPS diluted (EUR) 1.15 4.51 7.01 2.74 15.48 5.07 5.50 5.10 5.47 21.18 36.8%
Shareholders' core net income - basic (footnote: Adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity.) 417 1,929 2,912 1,606 6,865 2,173 2,375 2,060 2,351 8,959 30.5%
Effect of dilution -5 -19 -29 0 -13 -2 -5 -6 -6 -6 -51.7%
Shareholders' core net income - diluted 412 1,910 2,883 1,606 6,852 2,171 2,371 2,054 2,345 8,953 30.7%
Core EPS basic (EUR) 1.02 4.75 7.23 3.99 16.96 5.43 5.97 5.22 6.00 22.61 33.3%
Core EPS diluted (EUR) 1.01 4.69 7.13 3.99 16.87 5.43 5.95 5.20 5.98 22.59 33.9%

Property-Casualty

Property & casualty operating profit build-up by component
EUR million 1Q 22 2Q 22 3Q 22 4Q 22 2022 1Q 23 2Q 23 3Q 23 4Q 23 2023 ∆ 2023 / 2022
Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.) 21,687 16,323 16,203 16,399 70,613 24,108 17,621 17,200 17,603 76,531 8.4%
Operating insurance service result — — — — — — — — — — —
Insurance revenue 15,150 15,599 16,712 16,501 63,963 16,428 16,910 17,488 17,931 68,757 7.5%
Claims and benefits -9,938 -10,370 -10,548 -11,153 -42,009 -10,252 -10,863 -11,752 -12,155 -45,021 7.2%
Acquisition and administrative expenses -3,841 -3,852 -4,081 -4,161 -15,934 -4,088 -4,188 -4,397 -4,220 -16,893 6.0%
Reinsurance result -428 -216 -830 -251 -1,725 -753 -542 -671 -643 -2,608 51.2%
Other insurance service result -3 -6 1 12 4 2 1 -8 12 7 87.8%
Subtotal 939 1,156 1,255 948 4,298 1,336 1,320 660 926 4,242 -1.3%
Operating investment result — — — — — — — — — — —
Interest and similar income (footnote: Net of interest expenses.) 806 907 898 965 3,576 945 1,067 1,063 1,085 4,160 16.3%
Interest accretion -104 -123 -100 -81 -407 -218 -183 -139 -124 -664 63.1%
Valuation result & other (footnote: Other comprises realized gains/losses, investment expenses, F/X gains/losses on insurance assets/liabilities and other.) -138 -157 -125 -317 -737 -196 -176 -122 -254 -748 1.5%
thereof: Investment expenses -103 -120 -116 -134 -474 -120 -112 -112 -146 -490 3.4%
Subtotal 565 627 673 567 2,432 532 708 802 706 2,748 13.0%
Operating fee and commission result 20 14 6 -2 38 6 -30 -13 24 -13 n.m.
Operating other result 2 -7 -6 70 59 -2 -15 -2 -48 -68 n.m.
Operating profit 1,526 1,790 1,928 1,583 6,827 1,872 1,983 1,446 1,608 6,909 1.2%
Non-operating items — — — — — — — — — — —
Realized gains/losses (net) 49 -30 15 37 71 -11 -9 -119 10 -129 n.m.
Expected credit loss and impairments (net) -104 17 -34 -335 -455 5 -66 -15 -38 -114 -75.0%
Result from assets and liabilities measured at fair value incl. derivatives -167 -114 -13 -377 -671 -92 -62 -32 -136 -322 -52.1%
thereof: Non-operating market movements -156 -81 19 -378 -596 -54 -51 -22 -119 -246 -58.7%
Restructuring and integration expenses -201 -96 -70 -157 -525 -35 -53 -88 -91 -267 -49.1%
Amortization of intangible assets -50 -48 -47 -54 -199 -48 -49 -47 -51 -196 -1.8%
thereof: Amortization of intangible assets from business combinations -24 -18 -21 -25 -87 -21 -20 -20 -20 -80 -7.3%
Other (footnote: Including hyperinflation result.) -6 -157 -63 -10 -236 -59 -12 -80 5 -146 -38.1%
Subtotal -479 -429 -212 -896 -2,016 -241 -251 -380 -301 -1,173 -41.8%
Income (loss) before income taxes 1,047 1,361 1,716 687 4,811 1,631 1,731 1,067 1,306 5,736 19.2%
Income taxes -220 -413 -471 -350 -1,454 -444 -415 -294 -308 -1,462 0.5%
Net income (loss) 827 948 1,245 337 3,357 1,187 1,316 773 998 4,274 27.3%
Net income (loss) attributable to: — — — — — — — — — — —
Non-controlling interests 19 35 23 29 105 33 38 19 29 120 13.4%
Shareholders 808 913 1,222 307 3,251 1,154 1,278 753 969 4,154 27.8%
Income (loss) before income taxes 1,047 1,361 1,716 687 4,811 1,631 1,731 1,067 1,306 5,736 19.2%
Adjustment for non-operating market movements 156 81 -19 378 596 54 51 22 119 246 -58.7%
Adjustment for amortization of intangible assets from business combinations 24 18 21 25 87 21 20 20 20 80 -7.3%
Core income (loss) before income taxes 1,226 1,460 1,717 1,090 5,493 1,706 1,803 1,108 1,445 6,062 10.3%
Income taxes related to core income -278 -488 -456 -391 -1,613 -459 -422 -284 -348 -1,513 -6.2%
Core net income (loss) 948 973 1,262 698 3,881 1,247 1,381 824 1,097 4,549 17.2%
thereof: Shareholders' core net income (loss) 926 926 1,233 664 3,750 1,214 1,342 801 1,064 4,421 17.9%
Loss ratio(footnote: Reinsurance ratio: 3.6% in 4Q 23 (4Q 22: 1.5%), 3.8% in 12M 23 (12M 22: 2.7%).) (in %) 68.4 67.9 68.1 69.1 68.4 67.0 67.4 71.0 71.4 69.3 0.9%-p
Attritional loss ratio (in %) 68.6 69.2 70.4 70.9 69.8 68.3 68.8 68.0 71.3 69.1 -0.7%-p
thereof: discounting impact(footnote: From 2023 onwards including discounting impact from risk adjustment.) (in %) -0.9 -1.5 -2.1 -2.3 -1.7 -3.5 -2.7 -2.9 -2.5 -2.9 -1.2%-p
NatCat impact (in %) 4.8 3.0 2.0 1.6 2.8 0.7 0.9 7.3 4.2 3.4 0.6%-p
Run-off ratio (in %) -5.0 -4.3 -4.3 -3.4 -4.2 -2.0 -2.3 -4.3 -4.2 -3.2 1.0%-p
Expense ratio (in %) 25.4 24.7 24.4 25.2 24.9 24.9 24.8 25.1 23.5 24.6 -0.3%-p
Combined ratio (in %) 93.8 92.6 92.5 94.3 93.3 91.9 92.2 96.2 94.9 93.8 0.6%-p
Core return on equity(footnote: For prior year and current year periods the core return on equity for the respective full year is shown. From 9M 23, the core return on equity calculation for segments was amended due to the alignment of the calculation methodology across business segments and with the Allianz Group. Comparative periods have been adjusted.) (in %) 10.8 10.8 10.8 10.8 10.8 12.6 12.6 12.6 12.6 12.6 1.8%-p
Risk adjustment (net of reinsurance) (footnote: Refers to liability of incurred claims (LIC), not directly related to the loss ratio.) 1,690 1,629 1,590 1,547 1,547 1,528 1,538 1,460 1,469 1,469 -5.0%

PC by Region YTD

Property & casualty business volume, revenue, operating profit, and ratios by region, YTD
EUR million Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.) Insurance revenue Operating profit (loss) Combined ratio Loss ratio Expense ratio
Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.)
12M 22 12M 23 12M 22 12M 23 12M 22 12M 23 12M 22 12M 23 12M 22 12M 23 12M 22 12M 23
— EUR mn % EUR mn %
Germany 11,644 12,400 6.6 11,097 11,650 1,634 1,167 89.8 93.9 64.9 69.2 24.9 24.7
Switzerland 2,014 2,101 0.6 2,017 2,076 281 275 90.0 89.8 67.4 66.8 22.6 23.0
Central & Eastern Europe 3,961 4,337 9.5 3,837 4,142 507 572 89.3 88.8 62.2 62.3 27.2 26.5
German Speaking Countries and Central & Eastern Europe 17,619 18,837 6.5 16,951 17,868 2,422 2,013 89.7 92.2 64.6 67.3 25.1 24.9
Italy 4,348 4,658 7.1 4,197 4,428 629 521 88.5 91.7 61.8 64.9 26.7 26.8
France 4,561 4,723 3.6 4,521 4,656 431 528 96.9 93.8 73.4 70.0 23.5 23.8
Benelux 1,339 1,406 5.0 1,344 1,403 148 181 99.2 92.5 71.6 65.9 27.5 26.6
Türkiye 1,107 1,419 109.1 724 1,046 64 202 109.4 107.0 89.5 87.7 19.9 19.3
Greece 186 283 18.0 168 255 24 26 86.5 93.2 52.6 60.1 34.0 33.2
Allianz Partners 8,206 9,272 12.7 5,717 6,417 285 301 96.7 96.2 65.7 66.5 31.0 29.7
Allianz Direct 1,009 1,087 -0.6 1,003 995 -2 33 102.3 99.3 86.9 85.1 15.4 14.2
Western & Southern Europe, Allianz Direct and Allianz Partners 20,756 22,847 13.6 17,674 19,199 1,578 1,792 95.7 95.0 69.2 69.0 26.5 26.1
Asia Pacific 1,705 1,809 8.6 1,655 1,767 129 162 98.5 97.1 68.1 65.8 30.4 31.3
Australia 4,345 4,523 12.1 4,022 4,137 416 213 91.6 97.5 69.7 74.9 21.9 22.6
Asia-Pacific and Australia 6,050 6,332 11.1 5,677 5,904 545 376 93.6 97.3 69.2 72.2 24.4 25.2
AGCS 11,332 12,245 7.1 10,461 11,091 790 953 95.6 94.5 74.6 73.8 21.0 20.7
thereof: AGCS excluding fronting & captives 7,822 8,732 9.6 6,917 7,386 790 953 93.3 91.7 69.4 68.4 24.0 23.4
Reinsurance P/C 3,549 4,474 28.4 2,434 3,031 486 194 82.6 95.9 78.4 92.1 4.2 3.8
Allianz Trade 3,573 3,884 9.8 2,612 3,191 575 666 80.9 82.4 50.0 55.2 30.9 27.3
United Kingdom 4,839 5,093 7.4 4,634 4,816 173 278 98.4 97.0 74.5 75.2 23.9 21.8
Ireland 616 675 9.6 619 649 102 106 86.0 85.7 61.8 61.6 24.2 24.1
Spain 2,599 2,798 7.7 2,551 2,678 41 174 99.8 95.3 77.4 73.1 22.3 22.3
Portugal 495 543 9.7 486 529 55 58 89.8 90.1 67.7 68.2 22.1 21.9
Latin America 2,635 2,776 25.4 2,408 2,665 1 249 107.8 99.4 82.4 75.4 25.4 23.9
Africa 309 248 n.m. 301 211 31 25 98.5 97.2 62.0 63.5 36.5 33.6
Middle East 263 292 47.1 244 235 26 24 94.6 97.1 75.2 78.4 19.3 18.7
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa 30,209 33,028 12.1 26,750 29,096 2,281 2,728 94.6 94.0 72.9 73.6 21.7 20.5
Consolidation (footnote: Represents elimination of transactions between Allianz Group entities in different geographic regions.) -4,021 -4,512 n.m. -3,089 -3,311 -0 0 n.m. n.m. n.m. n.m. n.m. n.m.
Total 70,613 76,531 11.2 63,963 68,757 6,827 6,909 93.3 93.8 68.4 69.3 24.9 24.6

PC by Region QTD

Property & casualty business volume, revenue, operating profit, and ratios by region, QTD
EUR million Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.) Insurance revenue Operating profit (loss) Combined ratio Loss ratio Expense ratio
Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.)
4Q 22 4Q 23 4Q 22 4Q 23 4Q 22 4Q 23 4Q 22 4Q 23 4Q 22 4Q 23 4Q 22 4Q 23
— EUR mn % EUR mn %
Germany 2,179 2,368 8.7 2,795 2,958 421 328 88.7 93.0 62.8 67.7 25.9 25.3
Switzerland 228 254 8.4 517 526 76 45 87.0 92.9 64.6 70.1 22.4 22.9
Central & Eastern Europe 917 1,027 12.2 996 1,063 135 179 89.8 83.5 60.4 61.1 29.4 22.3
German Speaking Countries and Central & Eastern Europe 3,324 3,650 9.6 4,308 4,547 633 553 88.8 90.8 62.5 66.4 26.3 24.3
Italy 1,367 1,465 7.1 1,065 1,150 160 153 87.8 90.5 61.0 64.0 26.8 26.6
France 1,006 1,009 0.4 1,165 1,161 64 118 99.3 95.7 74.9 72.1 24.4 23.7
Benelux 256 279 8.9 335 362 1 21 111.3 99.9 83.2 73.5 28.2 26.3
Türkiye 377 357 62.1 195 237 7 46 111.5 111.2 92.1 93.1 19.3 18.1
Greece 78 81 4.0 61 68 14 14 77.4 82.6 44.7 52.3 32.6 30.3
Allianz Partners 1,922 1,948 4.5 1,499 1,555 63 52 99.5 98.5 68.3 66.9 31.3 31.6
Allianz Direct 256 343 34.0 245 251 -16 18 109.0 99.3 92.6 84.6 16.4 14.7
Western & Southern Europe, Allianz Direct and Allianz Partners 5,262 5,481 10.2 4,565 4,785 294 422 98.3 96.5 71.4 70.0 26.9 26.5
Asia Pacific 441 438 6.4 462 479 26 44 100.8 98.0 70.6 67.1 30.1 30.9
Australia 1,099 1,136 10.0 1,022 1,059 156 -15 86.9 104.3 64.8 81.9 22.1 22.5
Asia-Pacific and Australia 1,540 1,574 8.9 1,485 1,538 182 29 91.2 102.4 66.6 77.3 24.6 25.1
AGCS 2,620 2,806 9.1 2,875 2,984 234 185 95.5 96.4 73.1 76.6 22.4 19.8
thereof: AGCS excluding fronting & captives 1,982 2,211 11.7 1,890 1,944 234 185 93.1 94.5 69.4 71.8 23.7 22.7
Reinsurance P/C 598 825 40.7 534 874 96 74 86.7 94.2 80.2 90.7 6.5 3.5
Allianz Trade 836 902 9.3 673 1,060 113 126 83.4 91.0 50.6 70.6 32.8 20.4
United Kingdom 1,161 1,242 6.6 1,154 1,243 -17 60 103.5 98.0 81.6 76.0 21.9 22.0
Ireland 141 163 15.3 153 175 35 27 79.0 86.6 54.3 63.8 24.7 22.8
Spain 639 707 10.6 643 687 -69 40 111.5 96.5 89.5 74.4 22.0 22.1
Portugal 103 113 10.6 125 137 22 12 83.9 91.8 61.0 70.2 22.8 21.5
Latin America 663 650 -30.7 614 631 7 41 106.9 101.3 84.2 77.1 22.7 24.2
Africa 63 n.m. n.m. 80 n.m. 11 n.m. 92.4 n.m. 57.8 n.m. 34.6 n.m.
Middle East 96 58 -20.7 103 51 10 1 90.9 103.6 72.3 84.8 18.6 18.7
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa 6,921 7,467 7.6 6,954 7,843 442 567 96.8 95.8 74.6 76.8 22.2 19.1
Consolidation (footnote: Represents elimination of transactions between Allianz Group entities in different geographic regions.) -647 -569 n.m. -811 -782 33 36 n.m. n.m. n.m. n.m. n.m. n.m.
Total 16,399 17,603 9.8 16,501 17,931 1,583 1,608 94.3 94.9 69.1 71.4 25.2 23.5

PC by Cust Segment YTD

Property & casualty business volume, revenue, and ratios by customer segment, YTD
EUR million Property-Casualty Retail lines (footnote: Retail including SME and Fleet.) Commercial lines (footnote: Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.) Not allocated
— 12M 22 12M 23 12M 22 12M 23 12M 22 12M 23 12M 22 12M 23
Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.) 70,613 76,531 42,577 45,901 26,837 30,329 1,199 301
Insurance revenue 63,963 68,757 39,761 42,181 23,700 26,176 501 400
in % — — — — — — — —
Combined ratio 93.3 93.8 95.0 95.8 90.1 90.5 — —
Loss ratio 68.4 69.3 68.3 69.3 67.7 69.0 — —
Expense ratio 24.9 24.6 26.7 26.4 22.4 21.5 — —

PC by Cust Segment QTD

Property & casualty business volume, revenue, and ratios by customer segment, QTD
EUR million Property-Casualty Retail lines (footnote: Retail including SME and Fleet.) Commercial lines (footnote: Commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance.) Not allocated
— 4Q 22 4Q 23 4Q 22 4Q 23 4Q 22 4Q 23 4Q 22 4Q 23
Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.) 16,399 17,603 10,153 10,962 6,202 6,477 44 164
Insurance revenue 16,501 17,931 10,126 10,783 6,375 7,047 0 102
in % — — — — — — — —
Combined ratio 94.3 94.9 96.4 96.3 91.4 92.9 — —
Loss ratio 69.1 71.4 69.3 70.1 68.0 72.8 — —
Expense ratio 25.2 23.5 27.1 26.2 23.4 20.2 — —

Life Health

Life & health operating profit build-up by component
EUR million 1Q 22 2Q 22 3Q 22 4Q 22 2022 1Q 23 2Q 23 3Q 23 4Q 23 2023 ∆ 2023 / 2022
Total business volume (footnote: Total business volume comprises statutory gross premiums.) 20,649 19,260 16,877 18,472 75,258 20,114 20,296 17,495 19,973 77,878 3.5%
Release CSM 1,191 1,164 1,302 1,362 5,020 1,215 1,245 1,252 1,254 4,967 -1.1%
Release risk adjustment 135 140 149 142 566 129 128 132 123 512 -9.5%
Variances from claims and expenses (footnote: Including reinsurance result.) -78 -75 -136 -335 -625 -62 -96 -122 -100 -380 -39.1%
Losses on onerous contracts -58 -3 -38 11 -88 18 -13 -18 -4 -17 -80.5%
Non-attributable expenses -232 -242 -260 -333 -1,066 -250 -274 -248 -295 -1,067 0.1%
Operating investment result -269 -68 282 191 137 190 162 240 299 890 n.m.
Other operating result 116 65 76 17 275 81 49 73 85 288 4.7%
Operating profit 806 981 1,375 1,056 4,218 1,320 1,202 1,308 1,362 5,191 23.1%
Non-operating items — — — — — — — — — — —
Realized gains/losses (net) 116 20 6 103 245 -2 -11 -111 -8 -133 n.m.
Expected credit loss and impairments (net) -37 -11 29 -67 -87 -161 -0 141 -3 -23 -73.8%
Result from assets and liabilities measured at fair value incl. derivatives -19 -68 -25 71 -40 66 -27 -0 -37 3 n.m.
thereof: Non-operating market movements -7 -65 -1 12 -62 30 -14 13 -26 2 n.m.
Restructuring and integration expenses -14 -18 -18 -37 -87 -8 -12 -15 -40 -75 -12.9%
Amortization of intangible assets -17 -20 -18 -19 -74 -17 -17 -17 -16 -68 -8.0%
thereof: Amortization of intangible assets from business combinations -2 -2 -3 -4 -12 -3 -3 -3 -3 -11 -2.7%
Other (including tax reclassifications) (footnote: Including hyperinflation result.) 141 120 87 -32 315 -82 -71 -36 45 -145 n.m.
Subtotal 170 23 60 20 273 -204 -139 -39 -60 -441 n.m.
Income (loss) before income taxes 976 1,004 1,435 1,076 4,491 1,115 1,063 1,270 1,302 4,750 5.8%
Income taxes -328 -334 -353 -159 -1,174 -275 -165 -299 -223 -962 -18.0%
Net income (loss) 648 670 1,082 917 3,317 840 898 971 1,079 3,788 14.2%
Net income (loss) attributable to: — — — — — — — — — — —
Non-controlling interests 38 33 39 47 157 55 43 38 63 200 27.0%
Shareholders 610 637 1,043 870 3,160 785 855 933 1,016 3,589 13.6%
Income (loss) before income taxes 976 1,004 1,435 1,076 4,491 1,115 1,063 1,270 1,302 4,750 5.8%
Adjustment for non-operating market movements 7 65 1 -12 62 -30 14 -13 26 -2 n.m.
Adjustment for amortization of intangible assets from business combinations 2 2 3 4 12 3 3 3 3 11 -2.7%
Core income (loss) before income taxes 986 1,071 1,439 1,069 4,565 1,089 1,080 1,259 1,332 4,760 4.3%
Income taxes related to core income -330 -344 -356 -159 -1,189 -267 -172 -297 -229 -965 -18.8%
Core net income (loss) 655 727 1,083 910 3,376 822 908 963 1,102 3,795 12.4%
thereof: Shareholders' core net income (loss) 620 697 1,039 849 3,205 766 873 924 1,033 3,595 12.2%
Core return on equity(footnote: For prior year and current year periods the core return on equity for the respective full year is shown. From 9M 23, the core return on equity calculation for segments was amended due to the alignment of the calculation methodology across business segments and with the Allianz Group. Comparative periods have been adjusted.) (in %) 14.0 14.0 14.0 14.0 14.0 16.3 16.3 16.3 16.3 16.3 2.3%-p
Operating asset base (in EUR bn) 795.7 734.1 714.5 700.5 700.5 714.9 717.9 703.3 737.4 737.4 5.3%
Net flows(footnote: Life/Health Net Flows comprise statutory gross premiums, policyholder claims, reinsurance premiums paid and claims received, expenses (i.e. acquisition, administrative, investment), and fee/commission income. Interest Income is excluded from the calculation.) (in EUR bn) 2.3 2.8 -0.8 -2.9 1.3 -0.4 0.6 -2.1 -3.2 -5.0 n.m.
Risk adjustment (gross of reinsurance) (footnote: Refers to liability for remaining coverage (LRC).) 5,686 5,568 5,457 5,194 5,194 5,170 5,227 4,907 4,647 4,647 -10.5%

LH New Business YTD

Life & health new business by region, YTD
EUR million Present value of new business premiums New business margin Value of new business
12M 22 (footnote: Present value of new business premiums for 12M 22 restated vs. 1Q 23 presentation from EUR 67,053 mn.) 12M 23 12M 22 12M 23 12M 22 (footnote: Value of new business for 12M 22 restated vs. 1Q 23 presentation from EUR 3,939 mn.) 12M 23
— EUR mn % EUR mn
Germany Life 16,610 13,944 5.5 5.5 910 762
Germany Health 2,951 2,683 6.6 5.5 194 147
Switzerland 1,009 823 4.0 5.2 41 43
Central & Eastern Europe 1,489 1,480 8.9 9.6 133 142
German Speaking Countries and Central & Eastern Europe 22,060 18,931 5.8 5.8 1,278 1,094
Italy 12,200 12,039 3.2 3.8 393 458
France 5,949 5,912 2.6 4.9 155 289
Benelux 1,607 1,699 4.1 3.4 66 58
Türkiye 839 1,174 7.1 7.0 60 82
Greece 12 74 4.7 3.9 1 3
Western & Southern Europe 20,607 20,898 3.3 4.3 675 890
Asia-Pacific 5,989 5,818 8.1 9.2 485 538
USA 15,795 18,323 7.9 6.1 1,251 1,125
Reinsurance L/H 814 2,078 2.9 5.3 24 110
Spain 474 411 6.0 4.9 28 20
Portugal 152 128 28.3 33.9 43 43
Latin America 875 967 12.8 15.6 112 151
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa 2,399 3,712 8.7 9.1 209 338
Consolidation and Other -633 -401 n.m. n.m. n.m. n.m.
Total 66,216 67,281 5.9 5.9 3,898 3,985
Life & health value of new business build-up, YTD
EUR million 12M 22 12M 23
Value of new business (footnote: Value of new business for 12M 22 restated vs. 1Q 23 presentation from EUR 3,939 mn.) 3,898 3,985
Non-attributable expenses 616 637
Scope / Other 177 -107
CSM@inception 4,691 4,515

LH New Business QTD

Life and health new business build-up by business unit
EUR million Present value of new business premiums New business margin Value of new business
4Q 22 4Q 23 4Q 22 4Q 23 4Q 22 4Q 23
— EUR mn % EUR mn
Germany Life 3,912 3,739 5.2 4.8 203 181
Germany Health 536 629 6.5 5.7 35 36
Switzerland 181 193 5.7 4.9 10 10
Central & Eastern Europe 363 408 7.7 9.2 28 37
German Speaking Countries and Central & Eastern Europe 4,992 4,969 5.5 5.3 276 263
Italy 2,896 3,515 3.5 4.4 102 155
France 761 731 4.7 6.8 36 50
Benelux 341 441 3.1 3.3 11 14
Türkiye 289 345 7.4 8.2 21 28
Greece 12 23 4.7 3.0 1 1
Western & Southern Europe 4,300 5,056 4.0 4.9 170 249
Asia-Pacific 1,407 1,416 9.2 10.9 130 154
USA 4,021 4,663 8.4 5.6 336 262
Reinsurance L/H 17 209 -4.8 0.5 -1 1
Spain 112 185 6.0 3.3 7 6
Portugal 43 45 22.3 30.3 10 14
Latin America 216 278 16.3 15.3 35 42
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa 388 717 13.1 8.8 51 63
Consolidation and Other 49 -108 n.m. n.m. n.m. n.m.
Total 15,157 16,713 6.4 5.9 963 991
Value of new business build-up
EUR million 4Q 22 4Q 23
Value of new business 963 991
Non-attributable expenses 151 147
Scope / Other -261 -57
CSM@inception 853 1,081

LH by Region YTD

Life and health business by region and metric, YTD
EUR million Total business volume (footnote: Total business volume comprises statutory gross premiums.) Insurance revenue Operating profit (loss) Contractual service margin
Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.)
12M 22 12M 23 12M 22 12M 23 12M 22 12M 23 31.12.2022 31.12.2023
— EUR mn % EUR mn
Germany Life 22,061 21,915 -0.7 6,105 5,485 1,125 1,079 16,370 16,213
Germany Health 3,990 4,150 4.0 3,955 4,108 208 210 5,768 6,337
Switzerland 1,631 1,700 0.4 539 491 109 116 1,668 1,799
Central & Eastern Europe 2,165 2,106 -0.2 1,069 963 452 454 1,665 1,921
German Speaking Countries and Central & Eastern Europe 29,847 29,872 0.1 11,669 11,047 1,895 1,859 25,471 26,270
Italy 11,133 11,229 0.9 1,064 1,172 512 559 2,894 3,260
France 7,240 7,167 -1.0 3,907 4,023 553 658 4,872 4,585
Benelux 1,869 2,023 8.2 369 371 163 157 887 866
Türkiye 706 852 96.9 83 94 87 110 64 82
Greece 118 171 15.7 76 142 -20 2 6 47
Western & Southern Europe 21,065 21,442 4.2 5,499 5,802 1,295 1,487 8,723 8,841
Asia-Pacific 6,603 5,872 -5.7 2,041 2,224 436 589 4,159 4,666
USA 15,417 18,310 22.2 2,567 2,291 399 1,088 12,086 11,705
Reinsurance L/H 841 934 13.1 740 767 71 37 692 697
Spain 377 436 15.5 312 290 61 59 540 440
Portugal 145 119 -17.7 88 81 17 19 1 1
Latin America 678 814 9.5 174 118 41 76 727 116
Africa 149 92 -0.4 48 67 -2 -4 0 0
Middle East 371 187 8.2 188 112 56 30 0 0
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa 2,561 2,582 9.5 1,550 1,436 245 218 1,960 1,254
Consolidation and Other (footnote: Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.) -236 -200 n.m. -213 -219 -51 -49 -173 -136
Total 75,258 77,878 5.6 23,114 22,580 4,218 5,191 52,227 52,601

LH by Region QTD

Life and health business by region and metric, QTD
EUR million Total business volume (footnote: Total business volume comprises statutory gross premiums.) Insurance revenue Operating profit (loss) Contractual service margin
Internal growth (footnote: This reflects the growth of total business volume on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects.)
4Q 22 4Q 23 4Q 22 4Q 23 4Q 22 4Q 23 31.12.2022 31.12.2023
— EUR mn % EUR mn
Germany Life 5,295 5,160 -2.5 1,609 1,551 296 289 16,370 16,213
Germany Health 993 1,041 4.8 1,002 1,049 39 66 5,768 6,337
Switzerland 263 288 6.2 139 128 25 32 1,668 1,799
Central & Eastern Europe 543 546 3.5 275 247 121 97 1,665 1,921
German Speaking Countries and Central & Eastern Europe 7,094 7,035 -0.7 3,025 2,976 481 484 25,471 26,270
Italy 2,765 3,380 22.2 268 313 131 169 2,894 3,260
France 1,955 2,001 2.3 983 977 73 133 4,872 4,585
Benelux 491 554 12.8 92 103 37 54 887 866
Türkiye 250 213 46.7 15 24 18 26 64 82
Greece 44 49 13.6 26 44 -9 -1 6 47
Western & Southern Europe 5,505 6,198 15.4 1,382 1,460 249 380 8,723 8,841
Asia-Pacific 1,349 1,434 12.6 534 578 38 141 4,159 4,666
USA 3,892 4,600 24.5 652 545 154 299 12,086 11,705
Reinsurance L/H 213 258 29.4 239 238 127 15 692 697
Spain 99 178 79.6 88 69 3 21 540 440
Portugal 42 47 11.7 21 20 8 5 1 1
Latin America 181 263 36.7 43 35 0 24 727 116
Africa 41 0 n.a. 37 0 -1 0 0 0
Middle East 103 5 -81.2 50 9 12 -0 0 0
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa 679 751 34.1 477 369 149 64 1,960 1,254
Consolidation and Other (footnote: Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.) -47 -45 n.m. -65 -76 -15 -6 -173 -136
Total 18,472 19,973 11.5 6,006 5,853 1,056 1,362 52,227 52,601

LH Details YTD

Life and health segment details by product type, YTD
12M 23
EUR million Life/Health segment Capital-efficient products Unit-linked without guarantees Protection & health Guaranteed savings & annuities
Release CSM 4,967 1,405 575 1,561 1,426
Release risk adjustment 512 100 62 234 116
Variances from claims and expenses (footnote: Including reinsurance result.) -380 -37 -36 -245 -63
Losses on onerous contracts -17 12 -4 -14 -10
Non-attributable expenses -1,067 -251 -87 -315 -415
Operating investment result 890 268 72 91 459
Other operating result 288 64 188 -4 40
Operating profit 5,191 1,562 770 1,307 1,553
Total business volume (footnote: Total business volume comprises statutory gross premiums.) 77,878 33,330 16,044 14,856 13,648
Insurance revenue 22,580 2,965 1,545 12,467 5,603
Contractual service margin (gross) 52,601 15,674 5,376 16,307 15,244
PVFCF (footnote: Refers to liability for remaining coverage (LRC).) 614,573 207,537 74,033 44,579 288,425
Present value of new business premiums 67,281 30,702 16,806 14,496 5,277
New business margin (in %) 5.9 5.8 4.4 8.0 5.8
Value of new business 3,985 1,775 743 1,161 306

LH Details QTD

Life and health segment details by product type, QTD
4Q 23
EUR million Life/Health segment Capital-efficient products Unit-linked without guarantees Protection & health Guaranteed savings & annuities
Release CSM 1,254 312 170 465 306
Release risk adjustment 123 27 15 55 27
Variances from claims and expenses (footnote: Including reinsurance result.) -100 15 -9 -89 -17
Losses on onerous contracts -4 -0 -4 -1 1
Non-attributable expenses -295 -69 -22 -93 -111
Operating investment result 299 186 10 -1 103
Other operating result 85 8 51 -6 33
Operating profit 1,362 478 211 330 342
Total business volume (footnote: Total business volume comprises statutory gross premiums.) 19,973 8,489 4,156 3,762 3,566
Insurance revenue 5,853 896 429 3,237 1,291
Contractual service margin (gross) 52,601 15,674 5,376 16,307 15,244
PVFCF (footnote: Refers to liability for remaining coverage (LRC).) 614,573 207,537 74,033 44,579 288,425
Present value of new business premiums 16,713 8,338 4,210 2,642 1,523
New business margin (in %) 5.9 5.5 4.5 9.7 5.9
Value of new business 991 457 188 256 90

Asset Management

Asset Management income statement by quarter
EUR million 1Q 22 2Q 22 3Q 22 4Q 22 2022 1Q 23 2Q 23 3Q 23 4Q 23 2023 ∆ 2023 / 2022
Net operating revenues — — — — — — — — — — —
Net fee and commission income 2,076 2,017 2,026 2,092 8,211 1,875 1,857 1,952 2,275 7,960 -3.1%
thereof: Net fee and commission income excl. performance fees 1,997 1,966 1,970 1,804 7,737 1,776 1,754 1,793 1,818 7,142 -7.7%
thereof: Performance fees 80 51 55 288 474 99 103 159 457 817 72.4%
Other operating revenues -9 -1 27 6 23 25 20 46 34 126 n.m.
Subtotal 2,067 2,016 2,053 2,098 8,234 1,900 1,877 1,998 2,310 8,086 -1.8%
Operating expenses -1,235 -1,243 -1,266 -1,292 -5,036 -1,178 -1,174 -1,210 -1,398 -4,959 -1.5%
Operating profit (footnote: Includes operating result from PIMCO, AllianzGI and other entities.) 832 773 787 805 3,198 723 703 788 912 3,126 -2.2%
thereof: PIMCO 631 581 615 637 2,464 561 547 624 720 2,453 -0.5%
thereof: AllianzGI 210 198 178 169 755 165 156 166 181 667 -11.7%
Non-operating items — — — — — — — — — — —
Realized gains/losses (net) -3 0 456 -3 450 -1 1 1 2 4 -99.2%
Expected credit loss and impairments (net) -0 -1 -1 -3 -5 -0 -1 -1 -1 -3 -42.7%
Result from assets and liabilities measured at fair value incl. derivatives -1 -3 4 -2 -2 4 3 0 6 13 n.m.
thereof: Non-operating market movements -1 -3 4 -2 -2 4 3 0 6 13 n.m.
Restructuring and integration expenses -7 -142 -24 -16 -189 -3 2 -4 -22 -26 -86.1%
Amortization of intangible assets -4 -4 -4 -5 -17 -5 -3 -4 -4 -15 -12.3%
thereof: Amortization of intangible assets from business combinations -1 -1 -1 -1 -4 -0 -0 -0 -0 -2 -56.3%
Other (footnote: Includes, if applicable, acquisition-related expenses, income taxes related incidental benefits/expenses, litigation expenses and one-time effects from significant reinsurance transactions with disposal character.) -1,851 -0 1 -5 -1,856 -2 -8 3 73 66 n.m.
Subtotal -1,866 -150 432 -35 -1,619 -6 -5 -3 54 39 n.m.
Income (loss) before income taxes -1,034 623 1,219 770 1,578 716 698 785 966 3,165 100.5%
Income taxes 54 -151 -346 -200 -644 -182 -179 -191 -261 -812 26.2%
Net income (loss) -980 471 873 571 935 535 519 594 706 2,353 151.7%
Net income (loss) attributable to: — — — — — — — — — — —
Non-controlling interests 46 42 45 47 180 44 44 50 57 195 8.0%
Shareholders -1,026 429 828 524 755 491 475 544 649 2,158 186.0%
Income (loss) before income taxes -1,034 623 1,219 770 1,578 716 698 785 966 3,165 100.5%
Adjustment for non-operating market movements 1 3 -4 2 2 -4 -3 -0 -6 -13 n.m.
Adjustment for amortization of intangible assets from business combinations 1 1 1 1 4 0 0 0 0 2 -56.3%
Core income (loss) before income taxes -1,031 626 1,216 774 1,585 713 696 785 960 3,154 99.0%
Income taxes related to core income (loss) 53 -152 -346 -201 -646 -181 -178 -191 -259 -809 25.3%
Core net income (loss) -978 475 870 573 939 532 518 594 701 2,345 149.7%
thereof: Shareholders' core net income (loss) -1,024 432 825 526 759 488 473 544 645 2,150 183.3%
Cost-income ratio (in %) 59.7 61.7 61.6 61.6 61.2 62.0 62.5 60.5 60.5 61.3 0.2%-p
thereof: PIMCO 57.7 60.5 59.4 59.8 59.4 59.9 61.0 58.4 59.0 59.5 0.2%-p
thereof: AllianzGI 63.7 63.8 66.6 66.9 65.2 67.0 66.6 66.1 66.9 66.7 1.5%-p
3rd party AuM margin(footnote: Excluding performance fees and other income.) (in bps) 38.2 39.2 40.2 39.4 39.2 38.8 38.6 38.9 39.2 38.9 -0.9%
thereof: PIMCO 36.1 37.4 38.8 38.4 37.6 37.6 37.8 37.9 38.1 37.8 0.7%
thereof: AllianzGI 45.2 45.7 45.8 43.6 45.1 43.5 41.4 42.3 43.6 42.7 -5.5%
Core return on equity(footnote: For prior year and current year periods the core return on equity for the respective full year is shown. From 9M 23, the core return on equity calculation for segments was amended due to the alignment of the calculation methodology across business segments and with the Allianz Group. Comparative periods have been adjusted.) (in %) 8.7 8.7 8.7 8.7 8.7 21.3 21.3 21.3 21.3 21.3 12.6%-p
Assets under management by type and quarter
EUR billion 1Q 22 2Q 22 3Q 22 4Q 22 2022 1Q 23 2Q 23 3Q 23 4Q 23 2023 ∆ 31.12.2023 / 31.12.2022
Assets under management 2,478 2,319 2,246 2,141 2,141 2,174 2,163 2,162 2,224 2,224 3.8%
Allianz Group assets under management 600 550 520 506 506 506 500 491 511 511 1.0%
Third-party assets under management 1,878 1,769 1,726 1,635 1,635 1,668 1,662 1,670 1,712 1,712 4.7%
thereof: PIMCO 1,447 1,386 1,382 1,295 1,295 1,318 1,308 1,320 1,346 1,346 3.9%
thereof: AllianzGI 430 383 344 340 340 350 355 350 366 366 7.7%
Third-party net flows -9 -34 -20 -19 -81 15 3 11 -7 22 n.m.
thereof: PIMCO -14 -29 -15 -18 -75 14 4 10 -3 24 n.m.
thereof: AllianzGI 5 -5 -5 -1 -6 1 -1 1 -3 -3 -54.0%

Corporate and Other

Corporate and other income statement build-up
EUR million 1Q 22 2Q 22 3Q 22 4Q 22 2022 1Q 23 2Q 23 3Q 23 4Q 23 2023 ∆ 2023 / 2022
Operating net investment income, excluding interest expenses from external debt 32 169 149 86 436 44 157 131 134 467 7.1%
Finance income (expenses) from insurance contracts issued (net) 0 -0 0 0 0 0 0 0 0 0 n.m.
Finance income (expenses) from reinsurance contracts held (net) 0 0 0 0 0 0 0 0 0 0 n.m.
Operating investment result 32 169 149 86 436 44 157 131 134 467 7.1%
Operating administrative expenses -306 -299 -287 -390 -1,282 -302 -302 -271 -415 -1,289 0.6%
Operating fee and commission result 73 66 80 89 307 82 34 68 166 349 13.8%
Operating other result 0 0 -0 0 0 0 -0 0 -0 0 n.m.
Operating profit -201 -65 -59 -216 -540 -176 -111 -71 -115 -474 -12.3%
Non-operating items — — — — — — — — — — —
Realized gains/losses (net) 179 -19 -10 12 161 -12 -14 -5 -20 -50 n.m.
Expected credit loss and impairments (net) -15 -29 28 1 -15 -23 -18 -6 -17 -64 n.m.
Result from assets and liabilities measured at fair value incl. derivatives 235 42 -126 -407 -257 -177 -164 -63 -269 -673 162.2%
thereof: Non-operating market movements 262 36 -110 -278 -90 -160 -135 -29 -230 -553 n.m.
Interest expenses from external debt -132 -132 -151 -145 -561 -142 -150 -165 -175 -631 12.5%
Restructuring and integration expenses -41 -6 -14 -16 -77 -3 -9 -2 -147 -160 107.9%
Amortization of intangible assets -5 -3 -3 -3 -15 -5 -5 -5 -5 -19 28.3%
thereof: Amortization of intangible assets from business combinations -3 -1 -1 -1 -7 -3 -3 -3 -3 -11 61.6%
Other -0 -1 -4 -26 -30 -7 -5 -2 12 -2 -93.2%
Subtotal 220 -148 -281 -585 -794 -368 -363 -247 -620 -1,599 101.3%
Income (loss) before income taxes 19 -213 -340 -801 -1,334 -544 -474 -319 -736 -2,073 55.3%
Income taxes 40 177 120 156 492 145 226 112 205 688 39.7%
Net income (loss) 59 -36 -220 -645 -842 -398 -249 -207 -531 -1,385 64.4%
Net income (loss) attributable to: — — — — — — — — — — —
Non-controlling interests 9 3 29 -47 -7 -4 25 1 -45 -23 226.8%
Shareholders 51 -39 -249 -598 -835 -394 -274 -208 -485 -1,361 63.1%
Income (loss) before income taxes 19 -213 -340 -801 -1,334 -544 -474 -319 -736 -2,073 55.3%
Adjustment for non-operating market movements -262 -36 110 278 90 160 135 29 230 553 n.m.
Adjustment for amortization of intangible assets from business combinations 3 1 1 1 7 3 3 3 3 11 61.6%
Core income (loss) before income taxes -239 -247 -229 -522 -1,237 -381 -336 -288 -503 -1,508 21.9%
Income taxes related to core income (loss) 107 214 64 79 464 101 193 97 180 571 23.1%
Core net income (loss) -133 -33 -164 -443 -773 -280 -143 -190 -323 -937 21.1%
thereof: Shareholders' core net income (loss) -139 -40 -196 -449 -824 -288 -178 -205 -392 -1,062 28.9%

Consolidation

Consolidation income statement build-up
EUR million 1Q 22 2Q 22 3Q 22 4Q 22 2022 1Q 23 2Q 23 3Q 23 4Q 23 2023 ∆ 2023 / 2022
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.) -150 -191 -202 -238 -781 -157 -172 -176 -290 -795 1.7%
Insurance revenue -15 -33 0 -44 -91 -18 -22 -10 -36 -86 -5.5%
Operating profit 42 53 30 -12 112 -7 6 -4 -1 -7 n.m.
Non-operating items — — — — — — — — — — —
Realized gains/losses (net) -0 1 2 -0 3 -0 2 0 3 5 98.5%
Expected credit loss and impairments (net) 0 0 0 0 0 0 0 0 0 0 n.m.
Result from assets and liabilities measured at fair value incl. derivatives -0 -5 -3 8 1 3 -4 4 1 4 n.m.
thereof: Non-operating market movements -3 4 11 -15 -4 3 -4 4 1 4 n.m.
Interest expenses from external debt 0 0 0 0 0 0 0 0 0 0 n.m.
Restructuring and integration expenses 0 0 0 0 0 0 0 0 0 0 n.m.
Amortization of intangible assets 0 0 0 3 3 0 0 0 0 0 -100.0%
thereof: Amortization of intangible assets from business combinations 0 0 0 0 0 0 0 0 0 0 n.m.
Other 0 0 0 0 0 0 0 0 0 0 -100.0%
Subtotal -0 -3 -1 11 7 3 -3 4 5 10 47.5%
Income (loss) before income taxes 41 49 29 -1 119 -4 3 0 4 3 -97.6%
Income taxes -10 -13 -7 1 -29 0 -1 0 -1 -1 -95.5%
Net income (loss) 31 36 21 0 89 -4 2 0 3 2 -98.3%
Net income (loss) attributable to: — — — — — — — — — — —
Non-controlling interests 0 -1 -0 0 -1 -0 -0 0 -0 -0 -87.7%
Shareholders 31 37 22 0 90 -4 2 0 3 2 -98.2%
Income (loss) before income taxes 41 49 29 -1 119 -4 3 0 4 3 -97.6%
Adjustment for non-operating market movements 3 -4 -11 15 4 -3 4 -4 -1 -4 n.m.
Adjustment for amortization of intangible assets from business combinations 0 0 0 0 0 0 0 0 0 0 n.m.
Core income (loss) before income taxes 44 45 18 15 122 -8 7 -4 2 -2 n.m.
Income taxes related to core income (loss) -10 -13 -7 1 -29 0 -1 0 -1 -1 -95.5%
Core net income (loss) 34 33 10 16 93 -7 6 -4 2 -3 n.m.
thereof: Shareholders' core net income (loss) 34 33 11 16 94 -7 6 -4 2 -3 n.m.
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