Allianz/2024/FY/Financial supplement

Document info
Organization	Allianz
Year	2024
Period	FY
Period label	FY24
Document category	Financial supplement
Language	English
Source	Original URL
Archive file	.md file

Allianz Group 2024 FY financial supplement.

Market Data

Exchange rates spot by currency (footnote: Source: WM/Reuters.)

	Spot
—	31.03.2023	30.06.2023	30.09.2023	31.12.2023	31.03.2024	30.06.2024	30.09.2024	31.12.2024
USD	1.0864	1.0910	1.0588	1.1046	1.0800	1.0717	1.1160	1.0355
CHF	0.9925	0.9760	0.9686	0.9297	0.9728	0.9630	0.9415	0.9385
GBP	0.8787	0.8581	0.8674	0.8666	0.8549	0.8478	0.8320	0.8268
AUD	1.6222	1.6390	1.6404	1.6189	1.6555	1.6048	1.6087	1.6724

Exchange rates average by currency (footnote: Source: WM/Reuters.)

	Average
—	1Q 23	2Q 23	3Q 23	4Q 23	2023	1Q 24	2Q 24	3Q 24	4Q 24	2024
USD	1.0731	1.0884	1.0881	1.0757	1.0814	1.0854	1.0766	1.0987	1.0671	1.0820
CHF	0.9927	0.9783	0.9611	0.9541	0.9715	0.9490	0.9738	0.9517	0.9360	0.9526
GBP	0.8830	0.8694	0.8596	0.8668	0.8697	0.8560	0.8532	0.8450	0.8324	0.8466
AUD	1.5701	1.6295	1.6620	1.6533	1.6288	1.6510	1.6338	1.6401	1.6351	1.6399

Valuation rates by 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: LSEG Data & Analytics; internal processing of market quotes.)

%	31.12.2023					31.03.2024					30.06.2024					30.09.2024					31.12.2024
—	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	3.40	2.39	2.46	2.47	2.54	3.54	2.60	2.52	2.46	2.52	3.46	2.81	2.77	2.70	2.71	2.61	2.16	2.30	2.38	2.48	2.27	2.18	2.30	2.29	2.38
USD	4.65	3.44	3.39	3.41	3.35	4.93	3.88	3.74	3.71	3.49	4.93	3.98	3.87	3.83	3.61	3.78	3.19	3.27	3.39	3.26	4.09	3.94	3.99	4.02	3.80
Immediate fixed annuity and P/C liability for incurred claims	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EUR	3.60	2.60	2.67	2.68	2.71	3.71	2.77	2.69	2.64	2.67	3.62	2.97	2.93	2.87	2.85	2.85	2.40	2.54	2.62	2.68	2.55	2.46	2.58	2.58	2.62
USD	5.34	4.13	4.08	4.10	3.95	5.44	4.40	4.26	4.23	4.00	5.48	4.54	4.42	4.39	4.15	4.38	3.79	3.87	3.99	3.84	4.64	4.49	4.53	4.57	4.33
Traditional participating and other insurance contracts (footnote: Ranges in valuation rates reflect different liquidity characteristics of insurance portfolios in a given currency.)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EUR	3.55 - 4.03	2.54 - 3.03	2.61 - 3.10	2.63 - 3.11	2.67 - 3.07	3.67 - 4.16	2.73 - 3.22	2.65 - 3.14	2.59 - 3.09	2.63 - 3.05	3.58 - 4.14	2.93 - 3.49	2.89 - 3.45	2.82 - 3.39	2.81 - 3.29	2.80 - 3.36	2.35 - 2.91	2.49 - 3.05	2.57 - 3.13	2.64 - 3.11	2.47 - 3.11	2.38 - 3.02	2.50 - 3.14	2.49 - 3.13	2.55 - 3.08
USD	5.84 - 6.20	4.64 - 5.00	4.60- 4.96	4.61 - 4.97	4.39 - 4.70	6.09 - 6.30	5.05 - 5.26	4.91 - 5.12	4.88 - 5.09	4.63 - 4.83	6.18 - 6.34	5.24 - 5.41	5.13 - 5.29	5.10 - 5.26	4.83 - 4.99	5.02 - 5.26	4.43 - 4.67	4.51 - 4.75	4.64 - 4.87	4.47 - 4.69	5.34 - 5.41	5.19 - 5.25	5.24 - 5.30	5.27 - 5.34	5.00 - 5.06

Balance Sheet

Allianz Group balance sheet build-up by asset and liability type

EUR million	31.03.2023	30.06.2023	30.09.2023	31.12.2023	31.03.2024	30.06.2024	30.09.2024	31.12.2024	∆ 31.12.24 / 31.12.23
Assets	—	—	—	—	—	—	—	—	—
Cash and cash equivalents	24,534	25,612	24,141	29,210	28,368	28,058	30,957	31,637	8.3%
Investments	703,527	701,292	693,087	721,802	735,375	729,065	741,988	752,815	4.3%
Financial assets for unit-linked contracts	146,632	148,892	146,466	152,872	159,150	160,465	141,900	146,470	-4.2%
Insurance contract assets	355	477	166	172	77	88	109	142	-17.9%
Reinsurance contract assets	25,031	25,294	24,678	24,719	25,199	25,627	27,224	28,770	16.4%
Deferred tax assets	5,707	5,890	5,958	5,992	6,090	6,305	6,663	6,055	1.1%
Other assets (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.)	32,043	31,606	29,512	29,757	30,468	29,744	58,805	59,564	100.2%
Intangible assets	18,693	18,664	18,663	18,649	19,004	19,003	18,844	19,126	2.6%
Total assets	956,523	957,728	942,671	983,174	1,003,731	998,354	1,026,489	1,044,578	6.2%
Liabilities and equity	—	—	—	—	—	—	—	—	—
Financial liabilites (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.)	54,943	56,774	55,666	58,301	62,340	62,690	64,440	66,137	13.4%
Insurance contract liabilities	751,373	754,829	741,979	776,944	789,271	789,512	789,353	800,511	3.0%
Reinsurance contract liabilities	354	1,024	271	231	327	267	264	316	37.0%
Investment contract liabilities	51,360	51,435	49,982	49,686	50,380	50,252	42,905	44,553	-10.3%
Deferred tax liabilities	1,979	1,982	2,039	2,124	2,148	2,283	2,495	2,257	6.3%
Other liabilities (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.)	36,821	34,501	33,768	34,328	35,847	34,541	65,652	66,728	94.4%
Total liabilities (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).)	896,831	900,545	883,705	921,614	940,311	939,544	965,109	980,502	6.4%
Shareholders' equity (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).)	56,532	54,079	55,851	58,239	59,979	55,511	57,772	60,287	3.5%
Issued capital	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	0.0%
Undated subordinated bonds	4,802	4,792	4,862	4,764	4,815	4,833	4,741	4,915	3.2%
Retained earnings (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).)	30,439	27,690	29,342	30,464	32,683	29,073	30,899	33,316	9.4%
Foreign currency translation adjustments	-3,349	-3,211	-2,398	-2,883	-2,541	-2,379	-2,865	-1,614	-44.0%
Net unrealized gains and losses (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).)	-4,262	-4,094	-4,857	-3,008	-3,880	-4,917	-3,905	-5,232	73.9%
Non-controlling interests (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).)	3,160	3,104	3,115	3,321	3,441	3,299	3,609	3,789	14.1%
Total equity (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).)	59,691	57,183	58,966	61,560	63,420	58,810	61,381	64,076	4.1%
Total liabilities and equity	956,523	957,728	942,671	983,174	1,003,731	998,354	1,026,489	1,044,578	6.2%

Property-Casualty balance sheet build-up by asset and liability type

EUR million	31.03.2023	30.06.2023	30.09.2023	31.12.2023	31.03.2024	30.06.2024	30.09.2024	31.12.2024	∆ 31.12.24 / 31.12.23
Assets	—	—	—	—	—	—	—	—	—
Cash and cash equivalents	5,832	5,584	5,623	5,887	6,033	5,602	6,363	7,322	24.4%
Investments	112,146	112,396	112,872	116,447	119,704	119,869	121,087	121,318	4.2%
Financial assets for unit-linked contracts	0	0	0	0	0	0	0	0	n.m.
Insurance contract assets	311	426	111	103	1	0	11	18	-82.8%
Reinsurance contract assets	10,156	10,237	10,056	10,855	10,972	11,390	13,173	14,366	32.3%
Deferred tax assets	1,641	1,758	1,741	1,554	1,574	1,650	1,730	1,829	17.7%
Other assets	24,753	22,336	22,860	23,562	25,199	25,202	25,948	26,878	14.1%
Intangible assets	6,325	6,276	6,248	6,284	6,538	6,518	6,512	6,450	2.7%
Total assets	161,163	159,013	159,510	164,692	170,021	170,232	174,823	178,180	8.2%
Liabilities and equity	—	—	—	—	—	—	—	—	—
Financial liabilites	1,794	1,640	1,836	2,502	1,997	1,983	2,068	2,996	19.7%
Insurance contract liabilities	94,210	94,232	94,105	96,339	98,794	99,699	101,381	102,436	6.3%
Reinsurance contract liabilities	18	77	62	125	228	113	122	124	-0.7%
Investment contract liabilities	0	0	0	0	0	0	0	0	n.m.
Deferred tax liabilities	1,815	1,743	1,715	1,863	1,774	1,752	2,236	2,274	22.1%
Other liabilities	17,084	15,344	15,560	16,288	16,288	16,605	17,211	18,070	10.9%
Total liabilities	114,921	113,035	113,277	117,117	119,080	120,152	123,017	125,901	7.5%
Shareholders' equity	44,757	44,549	44,796	46,216	49,397	48,595	50,242	50,632	9.6%
Non-controlling interests	1,486	1,429	1,437	1,359	1,543	1,485	1,564	1,647	21.2%
Total equity	46,242	45,978	46,233	47,574	50,940	50,080	51,806	52,280	9.9%
Total liabilities and equity	161,163	159,013	159,510	164,692	170,021	170,232	174,823	178,180	8.2%

Life/Health balance sheet build-up by asset and liability type

EUR million	31.03.2023	30.06.2023	30.09.2023	31.12.2023	31.03.2024	30.06.2024	30.09.2024	31.12.2024	∆ 31.12.24 / 31.12.23
Assets	—	—	—	—	—	—	—	—	—
Cash and cash equivalents	13,452	15,359	14,214	17,700	16,928	16,501	19,522	17,364	-1.9%
Investments	560,633	561,674	549,580	573,187	585,649	582,175	589,989	598,409	4.4%
Financial assets for unit-linked contracts	146,632	148,892	146,466	152,872	159,150	160,465	141,900	146,470	-4.2%
Insurance contract assets	45	51	55	69	77	88	98	124	78.4%
Reinsurance contract assets	14,895	15,068	14,649	13,915	14,327	14,311	14,152	14,546	4.5%
Deferred tax assets	4,781	4,649	4,866	4,813	4,949	5,006	10,735	12,359	156.8%
Other assets	15,944	15,581	14,758	16,752	15,013	15,452	45,680	47,166	181.6%
Intangible assets	4,521	4,555	4,484	4,596	4,617	4,609	4,603	4,633	0.8%
Total assets	760,903	765,828	749,073	783,905	800,710	798,606	826,678	841,071	7.3%
Liabilities and equity	—	—	—	—	—	—	—	—	—
Financial liabilites	18,284	19,705	17,758	20,398	25,615	25,470	26,319	26,608	30.4%
Insurance contract liabilities	657,195	660,614	647,906	680,654	690,585	689,908	688,073	698,221	2.6%
Reinsurance contract liabilities	336	947	209	105	99	154	142	191	81.9%
Investment contract liabilities	51,360	51,435	49,982	49,686	50,380	50,252	42,905	44,553	-10.3%
Deferred tax liabilities	2,243	1,982	2,054	1,914	1,920	2,064	7,103	8,732	n.m.
Other liabilities	10,310	9,402	9,018	8,533	8,525	8,329	39,002	39,226	n.m.
Total liabilities	739,728	744,085	726,928	761,290	777,123	776,178	803,544	817,531	7.4%
Shareholders' equity	19,571	20,136	20,553	20,934	21,853	20,779	21,276	21,601	3.2%
Non-controlling interests	1,604	1,607	1,592	1,682	1,734	1,650	1,857	1,939	15.3%
Total equity	21,175	21,743	22,144	22,615	23,587	22,428	23,134	23,540	4.1%
Total liabilities and equity	760,903	765,828	749,073	783,905	800,710	798,606	826,678	841,071	7.3%

Asset Management balance sheet build-up by asset and liability type

EUR million	31.03.2023	30.06.2023	30.09.2023	31.12.2023	31.03.2024	30.06.2024	30.09.2024	31.12.2024	∆ 31.12.24 / 31.12.23
Assets	—	—	—	—	—	—	—	—	—
Cash and cash equivalents	1,190	1,129	1,115	1,183	1,317	1,326	1,159	1,195	1.1%
Investments	971	1,012	1,064	1,149	1,175	1,169	1,180	1,340	16.7%
Financial assets for unit-linked contracts	0	0	0	0	0	0	0	0	n.m.
Insurance contract assets	0	0	0	0	0	0	0	0	n.m.
Reinsurance contract assets	0	0	0	0	0	0	0	0	n.m.
Deferred tax assets	341	359	320	225	255	266	242	242	7.7%
Other assets	5,428	5,777	6,412	5,890	5,649	5,845	6,438	6,431	9.2%
Intangible assets	7,545	7,528	7,634	7,476	7,555	7,582	7,436	7,708	3.1%
Total assets	15,475	15,805	16,545	15,922	15,951	16,188	16,455	16,917	6.3%
Liabilities and equity	—	—	—	—	—	—	—	—	—
Financial liabilites	105	106	116	116	113	116	112	108	-6.4%
Insurance contract liabilities	0	0	0	0	0	0	0	0	n.m.
Reinsurance contract liabilities	0	0	0	0	0	0	0	0	n.m.
Investment contract liabilities	0	0	0	0	0	0	0	0	n.m.
Deferred tax liabilities	122	121	125	133	134	135	134	156	17.1%
Other liabilities	4,894	5,197	5,606	5,419	5,299	5,577	6,021	6,065	11.9%
Total liabilities	5,121	5,424	5,846	5,668	5,546	5,828	6,268	6,329	11.7%
Shareholders' equity	10,246	10,272	10,578	10,131	10,289	10,246	10,074	10,461	3.3%
Non-controlling interests	108	109	120	123	116	114	113	127	3.1%
Total equity	10,354	10,381	10,698	10,254	10,405	10,360	10,187	10,588	3.3%
Total liabilities and equity	15,475	15,805	16,545	15,922	15,951	16,188	16,455	16,917	6.3%

Corporate and Other balance sheet build-up by asset and liability type

EUR million	31.03.2023	30.06.2023	30.09.2023	31.12.2023	31.03.2024	30.06.2024	30.09.2024	31.12.2024	∆ 31.12.24 / 31.12.23
Assets	—	—	—	—	—	—	—	—	—
Cash and cash equivalents	4,402	3,748	3,765	4,689	4,548	4,922	4,137	5,982	27.6%
Investments	129,022	124,946	127,617	129,335	129,325	126,338	130,329	132,690	2.6%
Financial assets for unit-linked contracts	0	0	0	0	0	0	0	0	n.m.
Insurance contract assets	0	0	0	0	0	0	0	0	n.m.
Reinsurance contract assets	0	0	0	0	0	0	0	0	n.m.
Deferred tax assets	1,595	1,447	1,314	1,575	1,389	1,489	1,404	971	-38.4%
Other assets	8,097	8,822	9,176	10,109	8,011	8,769	9,568	10,418	3.1%
Intangible assets	299	302	294	290	290	290	291	331	13.9%
Total assets	143,414	139,265	142,166	145,998	143,563	141,809	145,729	150,392	3.0%
Liabilities and equity	—	—	—	—	—	—	—	—	—
Financial liabilites (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.)	41,537	42,516	43,660	42,937	42,420	42,704	43,764	44,597	3.9%
Insurance contract liabilities	0	0	0	0	0	0	0	0	n.m.
Reinsurance contract liabilities	0	0	0	0	0	0	0	0	n.m.
Investment contract liabilities	0	0	0	0	0	0	0	0	n.m.
Deferred tax liabilities	430	466	435	396	405	444	478	443	11.9%
Other liabilities	26,560	25,480	27,267	30,614	29,082	29,499	32,120	34,603	13.0%
Total liabilities (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.)	68,527	68,462	71,362	73,946	71,907	72,648	76,361	79,643	7.7%
Shareholders' equity (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.)	74,696	70,616	70,609	71,863	71,388	68,890	69,075	70,455	-2.0%
Non-controlling interests (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.)	191	187	195	189	268	271	293	294	55.6%
Total equity (footnote: Includes EUR 30bn of assets and liabilities of Unicredit Allianz Vita S.p.A. as of 31.12.2024, which was classified as held for sale in the 3Q 24. The main reclassifications are from ‘financial assets for unit-linked contracts’ and ‘investments’ to ‘other assets’, and from ‘insurance contract liabilities’ and ‘investment contract liabilities’ to ‘other liabilities’.)	74,887	70,803	70,804	72,052	71,656	69,161	69,368	70,749	-1.8%
Total liabilities and equity	143,414	139,265	142,166	145,998	143,563	141,809	145,729	150,392	3.0%

Consolidation time series by asset and liability

EUR million	31.03.2023	30.06.2023	30.09.2023	31.12.2023	31.03.2024	30.06.2024	30.09.2024	31.12.2024	∆ 31.12.24 / 31.12.23
Assets	—	—	—	—	—	—	—	—	—
Cash and cash equivalents	-342	-208	-576	-249	-458	-293	-223	-227	-9.0%
Investments	-99,245	-98,735	-98,047	-98,315	-100,477	-100,486	-100,596	-100,941	2.7%
Financial assets for unit-linked contracts	0	0	0	0	0	0	0	0	n.m.
Insurance contract assets	0	0	0	0	0	0	0	0	n.m.
Reinsurance contract assets	-19	-10	-27	-51	-100	-75	-101	-142	178.2%
Deferred tax assets	-2,651	-2,323	-2,283	-2,175	-2,078	-2,106	-7,449	-9,345	n.m.
Other assets	-22,178	-20,911	-23,694	-26,556	-23,403	-25,525	-28,829	-31,329	18.0%
Intangible assets	3	3	3	3	3	3	3	3	-19.1%
Total assets	-124,432	-122,184	-124,623	-127,343	-126,513	-128,481	-137,195	-141,983	11.5%
Liabilities and equity	—	—	—	—	—	—	—	—	—
Financial liabilites	-6,776	-7,193	-7,703	-7,651	-7,805	-7,583	-7,822	-8,172	6.8%
Insurance contract liabilities	-32	-16	-33	-49	-107	-96	-100	-145	199.2%
Reinsurance contract liabilities	0	0	0	0	0	0	0	0	n.m.
Investment contract liabilities	0	0	0	0	0	0	0	0	n.m.
Deferred tax liabilities	-2,631	-2,330	-2,290	-2,182	-2,085	-2,113	-7,456	-9,348	n.m.
Other liabilities	-22,027	-20,922	-23,683	-26,526	-23,348	-25,470	-28,703	-31,235	17.8%
Total liabilities	-31,466	-30,462	-33,709	-36,407	-33,345	-35,262	-44,081	-48,901	34.3%
Shareholders' equity	-92,738	-91,493	-90,685	-90,904	-92,948	-92,999	-92,895	-92,862	2.2%
Non-controlling interests	-229	-229	-229	-31	-221	-221	-219	-219	n.m.
Total equity	-92,966	-91,722	-90,913	-90,936	-93,168	-93,219	-93,114	-93,081	2.4%
Total liabilities and equity	-124,432	-122,184	-124,623	-127,343	-126,513	-128,481	-137,195	-141,983	11.5%

Shareholders' Equity

Shareholders' equity rollforward

EUR million	Allianz Group
—	4Q 24	12M 24
Opening balance (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders equity only (reduced by EUR 0.2bn as of 31.12.2023).)	57,772	58,239
Total comprehensive income	2,594	9,060
thereof: shareholders' net income	2,472	9,931
Purchase, sale, use and cancellation of treasury shares	-90	-1,500
Changes in scope of consolidation	11	23
Changes in ownership interests in subsidiaries	0	0
Capital increases and decreases	0	0
Other changes	0	-14
Dividends paid	0	-5,376
Other distributions	0	-144
Closing balance	60,287	60,287

Shareholders' equity sensitivity by market factor

EUR billion	As of 31.12.2024
—	Impact	S/h equity
Shareholders' equity	—	60.3
Equity markets +30%	4%	62.8
Equity markets -30%	-5%	57.3
Interest rates +50bps	-0%	60.1
Interest rates -50bps	0%	60.5
Credit spread on goverment bonds +50bps	-1%	59.4
Credit spread on non-goverment bonds +50bps	-1%	59.8

Solvency II

Solvency II ratio rollforward by business unit

EUR billion	4Q 24			12M 24
—	Own funds (footnote: Opening balance based on quarterly dividend accrual.)	SCR	SII ratio / impact (footnote: Opening balance based on quarterly dividend accrual.)	Own funds (footnote: Opening balance excluding transitionals. Including the application of transitional measures for technical provisions, Own Funds amounted to EUR 99.7bn and Solvency II capitalization ratio amounted to 229% as of 31.12.2023. As of 30.09.2024 and 31.12.2024, the application of transitional measures for technical provisions had no impact on the Solvency II capitalization ratio.)	SCR	SII ratio / impact (footnote: Opening balance excluding transitionals. Including the application of transitional measures for technical provisions, Own Funds amounted to EUR 99.7bn and Solvency II capitalization ratio amounted to 229% as of 31.12.2023. As of 30.09.2024 and 31.12.2024, the application of transitional measures for technical provisions had no impact on the Solvency II capitalization ratio.)
Opening balance	94.1	45.0	209%	89.6	43.5	206%
Regulatory / model changes	-0.7	-1.3	4%-p	-0.8	-1.1	3%-p
Operating SII earnings / business evolution	3.6	0.3	7%-p	15.1	1.2	29%-p
Property-Casualty	2.2	—	—	8.4	—	—
Life/Health	0.9	—	—	5.2	—	—
Asset Management	0.9	—	—	3.0	—	—
Corporate and Other	-0.3	—	—	-1.4	—	—
Market impact (footnote: For SCR including cross effects and policyholder participation.)	-1.0	0.5	-4%-p	-0.0	1.3	-7%-p
Capital management / management actions	-2.1	0.3	-6%-p	-7.5	-0.3	-15%-p
Tax / other (footnote: Other effects on SCR include diversification effects.)	-0.8	-0.1	-1%-p	-3.2	0.1	-8%-p
Closing balance	93.2	44.7	209%	93.2	44.7	209%

Solvency II ratio sensitivity by market factor

EUR billion	As of 31.12.2024
—	Impact	SII ratio
Solvency II ratio	—	209%
Equity markets +30%	10%-p	219%
Equity markets -30%	-12%-p	197%
Equity markets (traded equities only) +30%	4%-p	213%
Equity markets (traded equities only) -30%	-3%-p	206%
Interest rates +50bps	2%-p	211%
Interest rates -50bps	-4%-p	204%
Credit spread on government bonds +50bps	-4%-p	204%
Credit spread on non-government bonds +50bps	1%-p	209%
Combined scenario(footnote: Including cross effects.) (IR -50bps, CS +50bps, EQ -30%)	-23%-p	185%

Asset Allocation

Asset allocation by business unit and asset class

EUR billion	Property-Casualty		Life/Health		Asset Management		Corporate and Other		Consolidation		Allianz Group
—	31.12.2023	31.12.2024	31.12.2023	31.12.2024	31.12.2023	31.12.2024	31.12.2023	31.12.2024	31.12.2023	31.12.2024	31.12.2023	31.12.2024
Net cash investments (footnote: Net of liabilities from securities lending and including liabilities from cash pooling.)	8.6	11.4	19.0	20.5	2.2	2.5	-6.0	-8.0	-0.3	0.1	23.5	26.6
Equities excluding affiliates	3.0	4.0	38.8	41.8	0.6	0.7	5.8	2.9	0.0	0.0	48.1	49.4
Equities carried at fair value through P&L (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities, which also resulted in a minor shift within the asset allocation of equities (EUR 0.3bn as of 31.12.2023).)	0.0	0.1	0.0	0.4	0.0	0.0	0.3	0.3	0.0	0.0	0.3	0.8
Equities carried at fair value through OCI (footnote: In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities, which also resulted in a minor shift within the asset allocation of equities (EUR 0.3bn as of 31.12.2023).)	1.1	1.0	21.6	22.6	0.5	0.7	3.4	2.1	0.0	0.0	26.6	26.3
Equities associates/joint ventures	1.9	3.0	17.2	18.8	0.1	0.1	2.0	0.5	0.0	0.0	21.2	22.3
Debt securities	89.9	92.4	434.1	443.9	0.3	0.4	39.8	45.0	-7.1	-7.6	557.1	574.1
Investment funds	8.0	8.3	64.4	72.9	0.2	0.2	1.0	1.0	0.0	0.0	73.6	82.5
Equity funds	2.7	2.7	25.3	27.7	0.0	0.0	0.8	0.8	0.0	0.0	28.8	31.2
Debt funds	2.9	3.3	19.3	23.6	0.2	0.1	0.1	0.1	0.0	0.0	22.4	27.1
Real estate funds	1.3	1.3	11.9	11.7	0.0	0.0	0.0	0.1	0.0	0.0	13.2	13.0
Other funds	1.1	1.1	7.9	9.9	0.1	0.1	0.0	0.1	0.0	0.0	9.1	11.2
Derivatives (footnote: Net of liabilities.)	0.1	-0.2	4.6	3.6	0.0	0.0	-0.3	0.0	0.5	0.6	4.9	4.0
Other	4.3	4.6	23.7	24.5	0.0	0.0	1.6	1.2	-0.0	0.0	29.6	30.4
Real estate (footnote: Excludes real estate held for own use measured at amortized cost.)	3.8	3.9	20.9	19.6	0.0	0.0	1.1	0.8	-0.0	0.0	25.7	24.3
Fixed assets of alternative investments	0.5	0.5	2.2	2.2	0.0	0.0	0.1	0.2	0.0	0.0	2.9	2.9
Other investments	0.1	0.2	0.7	2.8	0.0	0.0	0.4	0.2	0.0	0.0	1.1	3.2
Group/segment financial assets excluding affiliates	114.0	120.6	584.6	607.3	3.4	3.8	41.9	42.2	-6.9	-6.9	736.8	767.0
Affiliates	10.5	11.5	0.1	0.1	0.0	0.0	80.3	81.5	-90.9	-93.1	0.0	0.0
Group/segment financial assets including affiliates	124.5	132.0	584.7	607.4	3.4	3.8	122.1	123.6	-97.9	-100.0	736.8	767.0

Allianz Group – CSM

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 24	12M 24	4Q 24	12M 24	4Q 24	12M 24
Opening gross CSM	54,150	52,601	1,294	1,239	55,437	53,818
Closing gross CSM (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.)	55,571	55,571	1,282	1,282	56,851	56,851
Present value of non-attributable expenses	—	—	—	—	-7,040	-7,040
Reinsurance	—	—	—	—	-1,883	-1,883
Non-controlling interests	—	—	—	—	-1,235	-1,235
Taxes	—	—	—	—	-12,144	-12,144
Closing net CSM (footnote: Includes net CSM of EUR 0.3bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.)	—	—	—	—	34,550	34,550

CSM rollforward by movement

EUR million	Life/Health
—	4Q 24	12M 24
Opening gross CSM	54,150	52,601
CSM@inception (footnote: Adjusted by EUR 0.8bn for a fund merger in Italy, for which IFRS prescribes derecognition and re-recognition as new business.)	1,311	5,237
Expected in-force return	817	3,092
Economic variances (incl. F/X)	221	484
Non-economic variances and assumption changes (footnote: Adjusted by EUR 0.8bn for a fund merger in Italy, for which IFRS prescribes derecognition and re-recognition as new business.)	425	-706
CSM release	-1,354	-5,137
Closing gross CSM (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.)	55,571	55,571

CSM sensitivity to market movements

EUR billion	Life/Health
—	Impact	Gross CSM
Closing gross CSM (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.)	—	55.6
Equity markets +30%	6%	59.0
Equity markets -30%	-7%	51.8
Interest rates +50bps	-1%	54.9
Interest rates -50bps	1%	56.1
Credit spread on government bonds +50bps	-1%	54.7
Credit spread on non-government bonds +50bps	-1%	55.0

Allianz Group

Allianz Group operating profit build-up by quarter

EUR million	1Q 23	2Q 23	3Q 23	4Q 23	2023	1Q 24	2Q 24	3Q 24	4Q 24	2024	∆ 2024 / 2023
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.)	45,966	39,623	36,517	39,595	161,700	48,410	42,635	42,820	45,913	179,778	11.2%
Operating insurance service result	—	—	—	—	—	—	—	—	—	—	—
Insurance revenue	22,409	22,072	23,022	23,748	91,251	23,438	23,848	24,571	25,819	97,675	7.0%
Claims and benefits	-13,722	-13,685	-15,036	-15,597	-58,040	-14,299	-15,149	-15,464	-16,864	-61,775	6.4%
Acquisition and administrative expenses	-5,451	-5,572	-5,769	-5,675	-22,466	-5,773	-5,897	-5,931	-6,410	-24,011	6.9%
Reinsurance result	-736	-641	-712	-652	-2,742	-810	-827	-1,099	-394	-3,130	14.2%
Other insurance service result	-95	149	166	110	330	-11	363	294	86	732	121.9%
Subtotal	2,404	2,323	1,670	1,934	8,332	2,545	2,338	2,371	2,238	9,491	13.9%
Operating investment result	—	—	—	—	—	—	—	—	—	—	—
Operating net investment income, excluding interest expenses from external debt	7,420	8,174	1,203	9,935	26,732	12,357	6,562	9,835	8,247	37,001	38.4%
Finance income (expenses) from insurance contracts issued (net)	-6,670	-7,133	-267	-8,453	-22,523	-11,499	-5,532	-8,573	-6,962	-32,567	44.6%
Finance income (expenses) from reinsurance contracts held (net)	157	143	390	-133	556	173	174	-65	134	416	-25.2%
Subtotal	907	1,184	1,326	1,349	4,765	1,030	1,204	1,197	1,419	4,850	1.8%
Operating result from investment contracts	88	42	60	48	237	54	81	69	80	284	19.6%
Operating fee and commission result	1,810	1,727	1,868	2,233	7,639	1,890	1,879	1,906	2,282	7,957	4.2%
Operating other result	-1,478	-1,494	-1,456	-1,800	-6,228	-1,533	-1,577	-1,605	-1,844	-6,559	5.3%
Operating profit	3,731	3,783	3,468	3,765	14,746	3,986	3,926	3,938	4,174	16,023	8.7%
Non-operating items	—	—	—	—	—	—	—	—	—	—	—
Realized gains/losses (net)	-26	-31	-233	-12	-302	-77	-5	-0	-86	-168	-44.5%
Expected credit loss and impairments (net)	-180	-84	120	-59	-203	-7	-26	-33	18	-48	-76.1%
Result from assets and liabilities measured at fair value incl. derivatives	-195	-254	-91	-434	-974	-1	-78	-123	-25	-227	-76.8%
thereof: Non-operating market movements	-177	-202	-33	-367	-780	102	-15	-49	55	92	n.m.
Interest expenses from external debt	-142	-150	-165	-175	-631	-183	-182	-192	-204	-762	20.7%
Restructuring and integration expenses	-48	-72	-109	-299	-529	-89	-123	-202	-254	-669	26.5%
Amortization of intangible assets	-75	-74	-72	-77	-298	-67	-68	-73	-74	-282	-5.3%
thereof: Amortization of intangible assets from business combinations	-27	-26	-25	-26	-105	-24	-25	-28	-26	-102	-3.0%
Other (footnote: Including hyperinflation result and tax reclassifications from the Life/Health segment.)	-150	-97	-115	134	-227	-68	40	207	-31	149	n.m.
Subtotal	-816	-761	-665	-922	-3,164	-493	-441	-417	-655	-2,007	-36.6%
Income (loss) before income taxes	2,915	3,021	2,803	2,843	11,582	3,493	3,484	3,521	3,518	14,016	21.0%
Income taxes	-755	-535	-673	-587	-2,550	-861	-823	-910	-883	-3,476	36.3%
Net income (loss)	2,160	2,486	2,130	2,255	9,032	2,631	2,661	2,611	2,636	10,540	16.7%
Net income (loss) attributable to:	—	—	—	—	—	—	—	—	—	—	—
Non-controlling interests	128	150	108	104	491	156	149	141	163	609	24.0%
Shareholders	2,032	2,337	2,021	2,151	8,541	2,475	2,513	2,471	2,472	9,931	16.3%
Income (loss) before income taxes	2,915	3,021	2,803	2,843	11,582	3,493	3,484	3,521	3,518	14,016	21.0%
Adjustment for non-operating market movements	177	202	33	367	780	-102	15	49	-55	-92	n.m.
Adjustment for amortization of intangible assets from business combinations	27	26	25	26	105	24	25	28	26	102	-3.0%
Core income (loss) before income taxes	3,119	3,250	2,862	3,236	12,466	3,414	3,524	3,598	3,490	14,026	12.5%
Income taxes related to core income	-806	-580	-675	-657	-2,717	-881	-835	-924	-882	-3,521	29.6%
Core net income (loss)	2,313	2,670	2,186	2,579	9,749	2,533	2,690	2,674	2,608	10,505	7.7%
thereof: Shareholders' core net income (loss)	2,173	2,517	2,060	2,351	9,101	2,513	2,536	2,534	2,434	10,017	10.1%
Core return on equity(footnote: For prior year periods, the core return on equity for the respective full year is shown. For current year periods the latest year-to-date core return on equity is shown. In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Due to adjustment of prior periods comparative figures for the balance sheet, the core RoE changed by +0.1%-p compared to the published figure as of 31.12.2023.) (in %)	16.1	16.1	16.1	16.1	16.1	16.9	16.9	16.9	16.9	16.9	0.8%-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. In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Due to an adjustment of prior periods comparative figures for the balance sheet, the average shareholders' equity used for core RoE calculation changed compared to the published figure as of 31.12.2023.) used for core RoE calculation	n.m.	n.m.	n.m	n.m.	55,727	n.m.	n.m.	n.m.	n.m.	58,544	5.1%

Allianz Group – EPS

EPS build-up by quarter

EUR million	1Q 23	2Q 23	3Q 23	4Q 23	2023	1Q 24	2Q 24	3Q 24	4Q 24	2024	∆ 2024 / 2023
Number of shares issued - end of period	403,313,996	403,313,996	403,313,996	391,718,983	391,718,983	391,718,983	391,718,983	391,718,983	386,166,676	386,166,676	-1.4%
Number of shares outstanding - end of period	398,376,657	396,604,383	393,407,097	391,458,589	391,458,589	390,785,989	387,986,127	386,211,294	385,919,437	385,919,437	-1.4%
Weighted average number of shares outstanding - basic	399,985,391	397,987,832	395,043,792	391,845,447	396,190,104	391,366,716	389,341,572	387,329,274	385,853,086	388,462,381	-2.0%
Potentially dilutive shares	133,708	435,863	110,503	147,372	125,880	219,181	1,557,024	63,050	1,954,385	120,869	-4.0%
Weighted average number of shares outstanding - diluted	400,119,099	398,423,694	395,154,296	391,992,819	396,315,983	391,585,898	390,898,596	387,392,324	387,807,471	388,583,250	-2.0%
Net income attributable to shareholders - basic (footnote: Adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity.)	2,032	2,195	2,021	2,151	8,399	2,475	2,369	2,471	2,472	9,788	16.5%
Effect of dilution	-2	-5	-6	-6	-6	-3	-1	-1	9	-5	-22.6%
Net income attributable to shareholders - diluted	2,030	2,190	2,015	2,145	8,393	2,472	2,368	2,470	2,482	9,783	16.6%
EPS basic (EUR)	5.08	5.52	5.12	5.49	21.20	6.32	6.09	6.38	6.41	25.20	18.8%
EPS diluted (EUR)	5.07	5.50	5.10	5.47	21.18	6.31	6.06	6.38	6.40	25.18	18.9%
Shareholders' core net income - basic (footnote: Adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity.)	2,173	2,375	2,060	2,351	8,959	2,513	2,393	2,534	2,434	9,874	10.2%
Effect of dilution	-2	-5	-6	-6	-6	-3	-1	-1	9	-5	-22.6%
Shareholders' core net income - diluted	2,171	2,371	2,054	2,345	8,953	2,510	2,392	2,533	2,443	9,869	10.2%
Core EPS basic (EUR)	5.43	5.97	5.22	6.00	22.61	6.42	6.15	6.54	6.31	25.42	12.4%
Core EPS diluted (EUR)	5.43	5.95	5.20	5.98	22.59	6.41	6.12	6.54	6.30	25.40	12.4%

Property-Casualty

Property-Casualty operating profit build-up by quarter

EUR million	1Q 23	2Q 23	3Q 23	4Q 23	2023	1Q 24	2Q 24	3Q 24	4Q 24	2024	∆ 2024 / 2023
Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.)	24,108	17,621	17,200	17,603	76,531	25,488	19,278	18,583	19,534	82,883	8.3%
Operating insurance service result	—	—	—	—	—	—	—	—	—	—	—
Insurance revenue	16,428	16,910	17,488	17,931	68,757	17,680	18,436	18,907	19,596	74,619	8.5%
Claims and benefits	-10,252	-10,863	-11,752	-12,155	-45,021	-11,214	-11,981	-12,092	-13,485	-48,771	8.3%
Acquisition and administrative expenses	-4,088	-4,188	-4,397	-4,220	-16,893	-4,353	-4,469	-4,486	-4,715	-18,022	6.7%
Reinsurance result	-753	-542	-671	-643	-2,608	-680	-783	-1,098	-365	-2,927	12.2%
Other insurance service result	2	1	-8	12	7	-0	0	3	6	10	38.5%
Subtotal	1,336	1,320	660	926	4,242	1,433	1,203	1,234	1,038	4,908	15.7%
Operating investment result	—	—	—	—	—	—	—	—	—	—	—
Interest and similar income (footnote: Net of interest expenses.)	945	1,067	1,063	1,085	4,160	1,162	1,290	1,223	1,305	4,980	19.7%
Interest accretion	-218	-183	-139	-124	-664	-362	-346	-225	-225	-1,159	74.5%
Valuation result & other (footnote: Other comprises realized gains/losses, investment expenses, F/X gains/losses on insurance assets/liabilities and other.)	-196	-176	-122	-254	-748	-168	-218	-250	-175	-811	8.4%
thereof: Investment expenses	-120	-112	-112	-146	-490	-133	-130	-136	-139	-539	9.9%
Subtotal	532	708	802	706	2,748	632	725	748	905	3,011	9.6%
Operating fee and commission result	6	-30	-13	24	-13	15	4	5	36	59	n.m.
Operating other result	-2	-15	-2	-48	-68	-13	-17	-18	-31	-79	17.1%
Operating profit	1,872	1,983	1,446	1,608	6,909	2,066	1,915	1,969	1,948	7,898	14.3%
Non-operating items	—	—	—	—	—	—	—	—	—	—	—
Realized gains/losses (net)	-11	-9	-119	10	-129	-36	27	-2	-57	-68	-47.2%
Expected credit loss and impairments (net)	5	-66	-15	-38	-114	-2	-27	-24	24	-29	-74.4%
Result from assets and liabilities measured at fair value incl. derivatives	-92	-62	-32	-136	-322	20	-8	-16	36	32	n.m.
thereof: Non-operating market movements	-54	-51	-22	-119	-246	25	1	-6	27	47	n.m.
Restructuring and integration expenses	-35	-53	-88	-91	-267	-54	-53	-145	-135	-387	44.9%
Amortization of intangible assets	-48	-49	-47	-51	-196	-46	-47	-52	-52	-196	-0.1%
thereof: Amortization of intangible assets from business combinations	-21	-20	-20	-20	-80	-18	-19	-22	-19	-77	-3.8%
Other (footnote: Including hyperinflation result.)	-59	-12	-80	5	-146	-97	-51	113	-283	-318	117.9%
Subtotal	-241	-251	-380	-301	-1,173	-214	-160	-125	-467	-966	-17.6%
Income (loss) before income taxes	1,631	1,731	1,067	1,306	5,736	1,852	1,755	1,844	1,481	6,932	20.9%
Income taxes	-444	-415	-294	-308	-1,462	-445	-415	-430	-400	-1,691	15.6%
Net income (loss)	1,187	1,316	773	998	4,274	1,407	1,340	1,415	1,080	5,241	22.6%
Net income (loss) attributable to:	—	—	—	—	—	—	—	—	—	—	—
Non-controlling interests	33	38	19	29	120	36	41	28	39	144	20.5%
Shareholders	1,154	1,278	753	969	4,154	1,371	1,299	1,387	1,041	5,097	22.7%
Income (loss) before income taxes	1,631	1,731	1,067	1,306	5,736	1,852	1,755	1,844	1,481	6,932	20.9%
Adjustment for non-operating market movements	54	51	22	119	246	-25	-1	6	-27	-47	n.m.
Adjustment for amortization of intangible assets from business combinations	21	20	20	20	80	18	19	22	19	77	-3.8%
Core income (loss) before income taxes	1,706	1,803	1,108	1,445	6,062	1,845	1,773	1,872	1,473	6,962	14.9%
Income taxes related to core income	-459	-422	-284	-348	-1,513	-448	-417	-423	-400	-1,688	11.6%
Core net income (loss)	1,247	1,381	824	1,097	4,549	1,397	1,356	1,449	1,072	5,274	15.9%
thereof: Shareholders' core net income (loss)	1,214	1,342	801	1,064	4,421	1,360	1,313	1,420	1,026	5,119	15.8%
Loss ratio(footnote: Reinsurance ratio: 1.9% in 4Q 24 (4Q 23: 3.6%), 3.9% in 12M 24 (12M 23: 3.8%).) (in %)	67.0	67.4	71.0	71.4	69.3	67.3	69.2	69.8	70.7	69.3	0.0%-p
Attritional loss ratio (in %)	68.3	68.8	68.0	71.3	69.1	68.1	69.6	69.3	69.0	69.0	-0.1%-p
thereof: discounting impact (in %)	-3.5	-2.7	-2.9	-2.5	-2.9	-3.6	-2.8	-2.4	-2.4	-2.8	0.1%-p
NatCat impact (in %)	0.7	0.9	7.3	4.2	3.4	0.4	3.5	3.4	2.1	2.4	-1.0%-p
Run-off ratio (in %)	-2.0	-2.3	-4.3	-4.2	-3.2	-1.2	-3.8	-3.0	-0.4	-2.1	1.1%-p
Expense ratio (in %)	24.9	24.8	25.1	23.5	24.6	24.6	24.2	23.7	24.1	24.2	-0.4%-p
Combined ratio (in %)	91.9	92.2	96.2	94.9	93.8	91.9	93.5	93.5	94.7	93.4	-0.4%-p
Core return on equity(footnote: For prior year periods, the core return on equity for the respective full year is shown. For current year periods the latest year-to-date core return on equity is shown.) (in %)	12.6	12.6	12.6	12.6	12.6	13.5	13.5	13.5	13.5	13.5	0.9%-p
Risk adjustment (net of reinsurance) (footnote: Refers to liability of incurred claims (LIC), not directly related to the loss ratio.)	1,528	1,538	1,460	1,469	1,469	1,472	1,460	1,501	1,499	1,499	2.1%

P&C by Region YTD

Property-Casualty key performance indicators 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 23	12M 24		12M 23	12M 24	12M 23	12M 24	12M 23	12M 24	12M 23	12M 24	12M 23	12M 24
—	EUR mn		%	EUR mn				%
Germany	12,400	13,399	8.1	11,650	12,596	1,167	1,376	93.9	93.0	69.2	68.6	24.7	24.5
Switzerland	2,101	2,214	2.2	2,076	2,182	275	293	89.8	90.0	66.8	67.3	23.0	22.7
Central Europe	4,337	4,570	6.1	4,142	4,414	572	565	88.8	89.6	62.3	63.3	26.5	26.3
German Speaking Countries and Central Europe	18,837	20,182	7.0	17,868	19,192	2,013	2,234	92.2	91.9	67.3	67.2	24.9	24.7
Italy	4,658	5,481	8.6	4,428	5,285	521	652	91.7	90.8	64.9	63.5	26.8	27.3
France	4,723	5,107	8.1	4,656	5,019	528	527	93.8	93.6	70.0	70.2	23.8	23.4
Benelux	1,406	1,486	5.7	1,403	1,483	181	150	92.5	93.6	65.9	66.5	26.6	27.1
Türkiye	1,419	2,224	76.4	1,046	1,714	202	385	107.0	103.0	87.7	83.5	19.3	19.5
Greece	283	299	5.6	255	272	26	24	93.2	94.7	60.1	63.0	33.2	31.7
Allianz Partners	9,272	10,076	3.1	6,417	7,138	301	333	96.2	97.1	66.5	69.9	29.7	27.1
Allianz Direct	1,087	1,253	12.2	995	1,079	33	50	99.3	97.4	85.1	81.6	14.2	15.7
Western & Southern Europe, Allianz Direct and Allianz Partners	22,847	25,926	10.5	19,199	21,991	1,792	2,122	95.0	95.0	69.0	69.7	26.1	25.2
Asia Pacific	1,809	2,013	13.9	1,767	1,969	162	175	97.1	97.7	65.8	67.1	31.3	30.6
Australia	4,523	5,040	12.1	4,137	4,679	213	514	97.5	91.2	74.9	68.7	22.6	22.5
Asia Pacific	6,332	7,053	12.6	5,904	6,648	376	689	97.3	93.1	72.2	68.3	25.2	24.9
AGCS	12,245	12,141	-0.8	11,091	11,222	953	825	94.5	95.6	73.8	76.4	20.7	19.2
thereof: AGCS excluding fronting & captives (footnote: Internal growth exlcudes Arch transaction.)	8,732	7,880	-3.0	7,386	7,026	953	825	91.7	92.9	68.4	70.9	23.4	22.0
Reinsurance P/C and Other	4,474	5,739	29.1	3,031	3,620	194	191	95.9	97.3	92.1	94.0	3.8	3.3
Allianz Trade	3,884	3,966	1.3	3,191	3,242	666	668	82.4	82.9	55.2	55.8	27.3	27.1
United Kingdom	5,093	5,506	5.4	4,816	5,235	278	434	97.0	95.0	75.2	71.7	21.8	23.2
Ireland	675	801	18.6	649	747	106	127	85.7	86.4	61.6	62.5	24.1	23.8
Spain	2,798	3,114	11.3	2,678	2,969	174	163	95.3	96.5	73.1	74.1	22.3	22.4
Portugal	543	607	11.8	529	585	58	60	90.1	90.5	68.2	68.4	21.9	22.2
Latin America	2,776	2,984	14.7	2,665	2,839	249	328	99.4	96.1	75.4	70.5	23.9	25.6
Africa	248	n.m.	n.m.	211	n.m.	25	45	97.2	n.m.	63.5	n.m.	33.6	n.m.
Middle East	292	36	-29.7	235	56	24	n.m.	97.1	101.9	78.4	81.8	18.7	20.2
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Africa	33,028	34,894	7.5	29,096	30,516	2,728	2,841	94.0	94.2	73.6	74.2	20.5	19.9
Consolidation (footnote: Represents elimination of transactions between Allianz Group entities in different geographic regions.)	-4,512	-5,173	n.m.	-3,311	-3,728	n.m.	12	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
Total	76,531	82,883	8.2	68,757	74,619	6,909	7,898	93.8	93.4	69.3	69.3	24.6	24.2

P&C by Region QTD

Property-Casualty key performance indicators 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 23	4Q 24		4Q 23	4Q 24	4Q 23	4Q 24	4Q 23	4Q 24	4Q 23	4Q 24	4Q 23	4Q 24
—	EUR mn		%	EUR mn				%
Germany	2,368	2,614	10.4	2,958	3,215	328	442	93.0	90.4	67.7	65.3	25.3	25.1
Switzerland	254	251	-3.4	526	547	45	56	92.9	93.2	70.1	70.0	22.9	23.1
Central Europe	1,027	1,083	6.2	1,063	1,123	179	174	83.5	87.3	61.1	60.4	22.3	26.9
German Speaking Countries and Central Europe	3,650	3,948	8.3	4,547	4,885	553	672	90.8	90.0	66.4	64.7	24.3	25.3
Italy	1,465	1,658	6.7	1,150	1,376	153	162	90.5	92.4	64.0	64.5	26.6	27.9
France	1,009	1,147	13.7	1,161	1,298	118	96	95.7	98.8	72.1	75.5	23.7	23.3
Benelux	279	287	3.0	362	378	21	29	99.9	93.3	73.5	65.1	26.3	28.2
Türkiye	357	788	148.1	237	552	46	114	111.2	107.1	93.1	88.1	18.1	19.0
Greece	81	86	6.9	68	70	14	7	82.6	94.6	52.3	64.2	30.3	30.4
Allianz Partners	1,948	2,321	13.6	1,555	1,882	52	70	98.5	99.2	66.9	73.2	31.6	26.0
Allianz Direct	343	312	-11.5	251	276	18	30	99.3	93.5	84.6	77.3	14.7	16.2
Western & Southern Europe, Allianz Direct and Allianz Partners	5,481	6,600	18.3	4,785	5,834	422	508	96.5	97.5	70.0	72.6	26.5	24.9
Asia Pacific	438	522	17.3	479	567	44	46	98.0	98.9	67.1	64.6	30.9	34.3
Australia	1,136	1,263	10.0	1,059	1,241	-15	108	104.3	93.5	81.9	70.4	22.5	23.1
Asia Pacific	1,574	1,786	12.0	1,538	1,807	29	155	102.4	95.2	77.3	68.6	25.1	26.6
AGCS	2,806	2,912	3.3	2,984	3,078	185	148	96.4	98.0	76.6	80.5	19.8	17.5
thereof: AGCS excluding fronting & captives (footnote: Internal growth exlcudes Arch transaction.)	2,211	1,765	-7.0	1,944	1,611	185	148	94.5	96.3	71.8	75.0	22.7	21.2
Reinsurance P/C and Other	825	1,147	40.0	874	1,012	74	55	94.2	97.9	90.7	94.7	3.5	3.2
Allianz Trade	902	910	0.9	1,060	815	126	146	91.0	85.3	70.6	58.4	20.4	26.9
United Kingdom	1,242	1,331	3.1	1,243	1,358	60	95	98.0	97.4	76.0	72.3	22.0	25.2
Ireland	163	188	15.2	175	199	27	25	86.6	91.4	63.8	67.1	22.8	24.2
Spain	707	789	11.6	687	772	40	1	96.5	101.8	74.4	78.7	22.1	23.1
Portugal	113	125	10.5	137	152	12	15	91.8	91.1	70.2	68.6	21.5	22.5
Latin America	650	805	42.6	631	718	41	60	101.3	99.1	77.1	72.2	24.2	26.9
Africa	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	13	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
Middle East	58	n.m.	n.m.	51	n.m.	1	n.m.	103.6	n.m.	84.8	n.m.	18.7	n.m.
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Africa	7,467	8,208	11.7	7,843	8,105	567	558	95.8	96.8	76.8	77.2	19.1	19.6
Consolidation (footnote: Represents elimination of transactions between Allianz Group entities in different geographic regions.)	-569	-1,007	n.m.	-782	-1,035	36	56	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
Total	17,603	19,534	10.9	17,931	19,596	1,608	1,948	94.9	94.7	71.4	70.7	23.5	24.1

P&C by Customer Segment YTD

Property-Casualty key performance indicators 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 23	12M 24	12M 23	12M 24	12M 23	12M 24	12M 23	12M 24
Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.)	76,531	82,883	45,901	50,229	30,329	32,711	301	-58
Insurance revenue	68,757	74,619	42,181	46,219	26,176	28,209	400	191
in %	—	—	—	—	—	—	—	—
Combined ratio	93.8	93.4	95.8	94.1	90.5	92.2	—	—
Loss ratio	69.3	69.3	69.3	67.9	69.0	71.5	—	—
Expense ratio	24.6	24.2	26.4	26.3	21.5	20.7	—	—

P&C by Customer Segment QTD

Property-Casualty key performance indicators 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 23	4Q 24	4Q 23	4Q 24	4Q 23	4Q 24	4Q 23	4Q 24
Total business volume (footnote: Total business volume comprises gross premiums written and fee and commission income.)	17,603	19,534	10,962	12,132	6,477	7,395	164	7
Insurance revenue	17,931	19,596	10,783	11,930	7,047	7,631	102	35
in %	—	—	—	—	—	—	—	—
Combined ratio	94.9	94.7	96.3	94.0	92.9	96.6	—	—
Loss ratio	71.4	70.7	70.1	66.8	72.8	76.8	—	—
Expense ratio	23.5	24.1	26.2	27.2	20.2	19.8	—	—

Life & Health

Life and health income statement build-up

EUR million	1Q 23	2Q 23	3Q 23	4Q 23	2023	1Q 24	2Q 24	3Q 24	4Q 24	2024	∆ 2024 / 2023
Total business volume (footnote: Total business volume comprises statutory gross premiums.)	20,114	20,296	17,495	19,973	77,878	21,104	21,547	22,389	24,277	89,317	14.7%
Release CSM	1,215	1,245	1,252	1,254	4,967	1,276	1,241	1,267	1,354	5,137	3.4%
Release risk adjustment	129	128	132	123	512	120	123	121	125	488	-4.6%
Variances from claims and expenses (footnote: Including reinsurance result.)	-62	-96	-122	-100	-380	-37	16	12	65	56	n.m.
Losses on onerous contracts	18	-13	-18	-4	-17	-6	4	-18	-20	-41	139.6%
Non-attributable expenses	-250	-274	-248	-295	-1,067	-268	-262	-274	-337	-1,141	6.9%
Operating investment result	190	162	240	299	890	164	165	182	151	662	-25.6%
Other operating result	81	49	73	85	288	79	92	86	86	343	19.2%
Operating profit	1,320	1,202	1,308	1,362	5,191	1,327	1,379	1,376	1,424	5,505	6.0%
Non-operating items	—	—	—	—	—	—	—	—	—	—	—
Realized gains/losses (net)	-2	-11	-111	-8	-133	-48	-40	0	-32	-120	-9.4%
Expected credit loss and impairments (net)	-161	-0	141	-3	-23	-3	5	-0	9	11	n.m.
Result from assets and liabilities measured at fair value incl. derivatives	66	-27	-0	-37	3	-51	-17	29	-9	-47	n.m.
thereof: Non-operating market movements	30	-14	13	-26	2	-40	-4	41	4	0	-99.7%
Restructuring and integration expenses	-8	-12	-15	-40	-75	-3	-13	-10	-30	-55	-26.5%
Amortization of intangible assets	-17	-17	-17	-16	-68	-17	-17	-17	-17	-68	-0.2%
thereof: Amortization of intangible assets from business combinations	-3	-3	-3	-3	-11	-3	-3	-3	-3	-11	-1.1%
Other (including tax reclassifications) (footnote: Including hyperinflation result.)	-82	-71	-36	45	-145	25	93	90	-45	163	n.m.
Subtotal	-204	-139	-39	-60	-441	-98	12	92	-124	-117	-73.6%
Income (loss) before income taxes	1,115	1,063	1,270	1,302	4,750	1,229	1,391	1,468	1,300	5,388	13.4%
Income taxes	-275	-165	-299	-223	-962	-285	-360	-354	-301	-1,300	35.2%
Net income (loss)	840	898	971	1,079	3,788	944	1,031	1,114	999	4,088	7.9%
Net income (loss) attributable to:	—	—	—	—	—	—	—	—	—	—	—
Non-controlling interests	55	43	38	63	200	-7	60	60	63	176	-11.8%
Shareholders	785	855	933	1,016	3,589	951	971	1,053	936	3,912	9.0%
Income (loss) before income taxes	1,115	1,063	1,270	1,302	4,750	1,229	1,391	1,468	1,300	5,388	13.4%
Adjustment for non-operating market movements	-30	14	-13	26	-2	40	4	-41	-4	-0	-99.7%
Adjustment for amortization of intangible assets from business combinations	3	3	3	3	11	3	3	3	3	11	-1.1%
Core income (loss) before income taxes	1,089	1,080	1,259	1,332	4,760	1,272	1,398	1,430	1,300	5,400	13.4%
Income taxes related to core income	-267	-172	-297	-229	-965	-294	-362	-347	-300	-1,303	35.0%
Core net income (loss)	822	908	963	1,102	3,795	978	1,036	1,083	1,000	4,097	8.0%
thereof: Shareholders' core net income (loss)	766	873	924	1,033	3,595	983	974	1,024	935	3,917	9.0%
Core return on equity(footnote: For prior year periods, the core return on equity for the respective full year is shown. For current year periods the latest year-to-date core return on equity is shown.) (in %)	16.3	16.3	16.3	16.3	16.3	16.3	16.3	16.3	16.3	16.3	0.0%-p
Operating asset base (in EUR bn) (footnote: Includes EUR 30bn operating asset base as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in 3Q 24.)	714.9	717.9	703.3	737.4	737.4	750.4	749.3	770.9	783.5	783.5	6.2%
Net flows(footnote: From 1Q 24 our net flows definition was changed to reflect customer net flows only, which represent the difference between total business volume and policyholder claims on a gross basis. For prior periods, net flows are in line with the previously used definition and published figures.) (in EUR bn)	-0.4	0.6	-2.1	-3.2	-5.0	-0.1	0.8	2.2	1.8	4.7	n.m.
Risk adjustment (gross of reinsurance) (footnote: Refers to liability for remaining coverage (LRC). Includes EUR 43mn risk adjustment as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in 3Q 24.)	5,170	5,227	4,907	4,647	4,647	4,714	4,746	4,748	4,928	4,928	6.0%

L&H New Business YTD

Life and health new business by region, YTD

EUR million	Present value of new business premiums		New business margin		Value of new business
	12M 23	12M 24	12M 23	12M 24	12M 23	12M 24
—	EUR mn		%		EUR mn
Germany Life	13,944	18,614	5.5	4.7	762	884
Germany Health	2,683	3,609	5.5	5.7	147	206
Switzerland	823	840	5.2	4.8	43	40
Central Europe	1,480	1,633	9.6	9.9	142	162
German Speaking Countries and Central Europe	18,931	24,697	5.8	5.2	1,094	1,292
Italy	12,039	14,099	3.8	3.6	458	513
France	5,912	6,665	4.9	4.6	289	305
Benelux	1,699	2,164	3.4	4.2	58	90
Türkiye	1,174	1,696	7.0	7.0	82	118
Greece	74	86	3.9	2.5	3	2
Western & Southern Europe	20,898	24,709	4.3	4.2	890	1,029
Asia Pacific	5,818	7,185	9.2	9.8	538	707
USA	18,323	21,843	6.1	6.1	1,125	1,337
Reinsurance L/H	2,078	1,687	5.3	8.1	110	137
Spain	411	574	4.9	3.6	20	20
Portugal	128	192	33.9	14.8	43	28
Latin America	967	1,063	15.6	13.4	151	143
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Africa	3,712	3,516	9.1	9.4	338	329
Consolidation and Other	-401	-123	n.m.	n.m.	n.m.	n.m.
Total	67,281	81,827	5.9	5.7	3,985	4,694

Life and health new business build-up

EUR million	12M 23	12M 24
Value of new business	3,985	4,694
Non-attributable expenses	637	693
Scope / Other	-107	-150
CSM@inception (footnote: Adjusted by EUR 0.8bn for a fund merger in Italy in 4Q 24, for which IFRS prescribes derecognition and re-recognition as new business.)	4,515	5,237

L&H New Business QTD

Life and health new business by region, QTD

EUR million	Present value of new business premiums		New business margin		Value of new business
	4Q 23	4Q 24	4Q 23	4Q 24	4Q 23	4Q 24
—	EUR mn		%		EUR mn
Germany Life	3,739	5,786	4.8	4.5	181	259
Germany Health	629	1,044	5.7	5.9	36	62
Switzerland	193	161	4.9	5.2	10	8
Central Europe	408	456	9.2	9.2	37	42
German Speaking Countries and Central Europe	4,969	7,447	5.3	5.0	263	371
Italy	3,515	3,997	4.4	3.7	155	149
France	731	1,039	6.8	4.8	50	50
Benelux	441	555	3.3	4.4	14	24
Türkiye	345	517	8.2	6.7	28	35
Greece	23	27	3.0	2.8	1	1
Western & Southern Europe	5,056	6,136	4.9	4.2	249	258
Asia Pacific	1,416	1,836	10.9	10.2	154	187
USA	4,663	5,224	5.6	5.6	262	292
Reinsurance L/H	209	47	0.5	9.5	1	4
Spain	185	175	3.3	3.9	6	7
Portugal	45	80	30.3	8.8	14	7
Latin America	278	296	15.3	10.0	42	30
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Africa	717	598	8.8	8.0	63	48
Consolidation and Other	-108	-33	n.m.	n.m.	n.m.	n.m.
Total	16,713	21,207	5.9	5.5	991	1,156

Life and health new business build-up, QTD

EUR million	4Q 23	4Q 24
Value of new business	991	1,156
Non-attributable expenses	147	184
Scope / Other	-57	-29
CSM@inception (footnote: Adjusted by EUR 0.8bn for a fund merger in Italy in 4Q 24, for which IFRS prescribes derecognition and re-recognition as new business.)	1,081	1,311

L&H by Region YTD

Life and health key figures by region, YTD

EUR million	Total business volume (footnote: Total business volume comprises statutory gross premiums.)			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.)
			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 23	12M 24		12M 23	12M 24	12M 23	12M 24	31.12.2023	31.12.2024
—	EUR mn		%	EUR mn
Germany Life	21,915	24,421	11.4	5,485	5,349	1,079	1,184	16,213	15,840
Germany Health	4,150	4,322	4.1	4,108	4,386	210	244	6,337	7,379
Switzerland	1,700	1,697	-3.2	491	491	116	120	1,799	1,838
Central Europe	2,106	2,118	1.9	963	1,044	454	517	1,921	2,002
German Speaking Countries and Central Europe	29,872	32,559	8.9	11,047	11,271	1,859	2,065	26,270	27,059
Italy	11,229	13,257	18.1	1,172	1,421	559	585	3,260	3,532
France	7,167	8,003	11.7	4,023	3,888	658	625	4,585	4,306
Benelux	2,023	2,424	19.8	371	441	157	151	866	981
Türkiye	852	1,474	94.7	94	165	110	180	82	105
Greece	171	157	-8.3	142	114	2	3	47	54
Western & Southern Europe	21,442	25,315	18.9	5,802	6,029	1,487	1,544	8,841	8,977
Asia Pacific	5,872	6,795	18.7	2,224	2,311	589	620	4,666	5,306
USA	18,310	22,383	22.3	2,291	2,666	1,088	1,076	11,705	13,169
Reinsurance L/H	934	578	19.1	767	505	37	39	697	663
Spain	436	618	41.7	290	294	59	65	440	417
Portugal	119	182	52.9	81	77	19	15	1	1
Latin America	814	1,017	28.9	118	127	76	93	116	112
Africa	92	n.m.	n.m.	67	n.m.	-4	24	n.m.	n.m.
Middle East	187	5	-5.5	112	3	30	n.m.	n.m.	n.m.
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Africa	2,582	2,400	30.8	1,436	1,007	218	236	1,254	1,192
Consolidation and Other (footnote: Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.)	-200	-135	n.m.	-219	-145	-49	-35	-136	-132
Total	77,878	89,317	16.3	22,580	23,138	5,191	5,505	52,601	55,571

L&H by Region QTD

Life and health key figures by region, QTD

EUR million	Total business volume (footnote: Total business volume comprises statutory gross premiums.)			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.)
			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 23	4Q 24		4Q 23	4Q 24	4Q 23	4Q 24	31.12.2023	31.12.2024
—	EUR mn		%	EUR mn
Germany Life	5,160	7,358	42.6	1,551	1,601	289	328	16,213	15,840
Germany Health	1,041	1,087	4.5	1,049	1,137	66	81	6,337	7,379
Switzerland	288	261	-11.1	128	129	32	33	1,799	1,838
Central Europe	546	551	1.0	247	276	97	128	1,921	2,002
German Speaking Countries and Central Europe	7,035	9,257	31.5	2,976	3,144	484	570	26,270	27,059
Italy	3,380	3,809	12.7	313	469	169	132	3,260	3,532
France	2,001	2,101	5.0	977	904	133	151	4,585	4,306
Benelux	554	696	25.7	103	121	54	37	866	981
Türkiye	213	511	168.9	24	52	26	56	82	105
Greece	49	43	-12.1	44	30	-1	-0	47	54
Western & Southern Europe	6,198	7,161	16.5	1,460	1,576	380	376	8,841	8,977
Asia Pacific	1,434	1,794	23.5	578	614	141	164	4,666	5,306
USA	4,600	5,417	16.8	545	717	299	250	11,705	13,169
Reinsurance L/H	258	143	21.7	238	110	15	14	697	663
Spain	178	191	7.4	69	76	21	19	440	417
Portugal	47	76	61.9	20	19	5	3	1	1
Latin America	263	261	12.5	35	33	24	23	116	112
Africa	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	4	n.m.	n.m.
Middle East	5	n.m.	n.m.	9	n.m.	n.m.	n.m.	n.m.	n.m.
Global Insurance Lines & Anglo Markets, Iberia & Latin America, Africa	751	671	16.6	369	239	64	63	1,254	1,192
Consolidation and Other (footnote: Includes small entities and elimination of transactions between Allianz Group entities in different geographic regions.)	-45	-25	n.m.	-76	-25	-6	-0	-136	-132
Total	19,973	24,277	22.6	5,853	6,264	1,362	1,424	52,601	55,571

L&H Details YTD

Life and health key figures by product type, YTD

EUR million	Life/Health segment		Capital-efficient products		Unit-linked without guarantees		Protection & health		Guaranteed savings & annuities
—	12M 23	12M 24	12M 23	12M 24	12M 23	12M 24	12M 23	12M 24	12M 23	12M 24
Release CSM	4,967	5,137	1,405	1,602	575	619	1,561	1,537	1,426	1,378
Release risk adjustment	512	488	100	104	62	70	234	212	116	102
Variances from claims and expenses (footnote: Including reinsurance result.)	-380	56	-37	49	-36	-15	-245	-18	-63	40
Losses on onerous contracts	-17	-41	12	-1	-4	1	-14	-37	-10	-4
Non-attributable expenses	-1,067	-1,141	-251	-289	-87	-96	-315	-350	-415	-405
Operating investment result	890	662	268	80	72	80	91	45	459	456
Other operating result	288	343	64	22	188	292	-4	-7	40	36
Operating profit	5,191	5,505	1,562	1,567	770	952	1,307	1,382	1,553	1,604
Total business volume (footnote: Total business volume comprises statutory gross premiums.)	77,878	89,317	33,330	40,884	16,044	19,922	14,856	15,319	13,648	13,191
Insurance revenue	22,580	23,138	2,965	3,433	1,545	1,577	12,467	12,820	5,603	5,307
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.)	52,601	55,571	15,674	17,190	5,376	6,045	16,307	17,388	15,244	14,948
PVFCF (footnote: Refers to liability for remaining coverage (LRC). Includes PVFCF of EUR 21bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.)	614,573	649,968	207,537	234,052	74,033	83,794	44,579	46,648	288,425	285,474
Present value of new business premiums	67,281	81,827	30,702	40,403	16,806	19,478	14,496	16,072	5,277	5,874
New business margin (in %)	5.9	5.7	5.8	5.2	4.4	4.2	8.0	9.2	5.8	5.1
Value of new business	3,985	4,694	1,775	2,112	743	813	1,161	1,472	306	297

L&H Details QTD

Life/Health segment operating profit build-up by product type

EUR million	Life/Health segment		Capital-efficient products		Unit-linked without guarantees		Protection & health		Guaranteed savings & annuities
—	4Q 23	4Q 24	4Q 23	4Q 24	4Q 23	4Q 24	4Q 23	4Q 24	4Q 23	4Q 24
Release CSM	1,254	1,354	312	430	170	147	465	402	306	375
Release risk adjustment	123	125	27	24	15	21	55	52	27	27
Variances from claims and expenses (footnote: Including reinsurance result.)	-100	65	15	64	-9	5	-89	-6	-17	2
Losses on onerous contracts	-4	-20	-0	-1	-4	1	-1	-17	1	-3
Non-attributable expenses	-295	-337	-69	-94	-22	-35	-93	-101	-111	-106
Operating investment result	299	151	186	-22	10	24	-1	20	103	129
Other operating result	85	86	8	-1	51	79	-6	-2	33	10
Operating profit	1,362	1,424	478	400	211	242	330	348	342	434
Total business volume (footnote: Total business volume comprises statutory gross premiums.)	19,973	24,277	8,489	11,323	4,156	5,495	3,762	3,905	3,566	3,554
Insurance revenue	5,853	6,264	896	939	429	393	3,237	3,341	1,291	1,590
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.)	52,601	55,571	15,674	17,190	5,376	6,045	16,307	17,388	15,244	14,948
PVFCF (footnote: Refers to liability for remaining coverage (LRC). Includes PVFCF of EUR 21bn as of 31.12.2024, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 24.)	614,573	649,968	207,537	234,052	74,033	83,794	44,579	46,648	288,425	285,474
Present value of new business premiums	16,713	21,207	8,338	10,850	4,210	5,466	2,642	3,237	1,523	1,653
New business margin (in %)	5.9	5.5	5.5	4.8	4.5	4.1	9.7	10.1	5.9	5.3
Value of new business	991	1,156	457	516	188	224	256	328	90	88

Asset Management

Asset Management operating profit build-up by business unit

EUR million	1Q 23	2Q 23	3Q 23	4Q 23	2023	1Q 24	2Q 24	3Q 24	4Q 24	2024	∆ 2024 / 2023
Net operating revenues	—	—	—	—	—	—	—	—	—	—	—
Net fee and commission income	1,875	1,857	1,952	2,275	7,960	1,957	1,947	1,980	2,301	8,186	2.8%
thereof: Net fee and commission income excl. performance fees	1,776	1,754	1,793	1,818	7,142	1,830	1,867	1,919	2,024	7,640	7.0%
thereof: Performance fees	99	103	159	457	817	127	80	62	277	545	-33.3%
Other operating revenues	25	20	46	34	126	33	27	25	54	139	10.4%
Subtotal	1,900	1,877	1,998	2,310	8,086	1,990	1,974	2,005	2,355	8,324	3.0%
Operating expenses	-1,178	-1,174	-1,210	-1,398	-4,959	-1,217	-1,232	-1,223	-1,414	-5,086	2.5%
Operating profit (footnote: Includes operating result from PIMCO, AllianzGI and other entities.)	723	703	788	912	3,126	773	742	782	941	3,239	3.6%
thereof: PIMCO	561	547	624	720	2,453	613	582	601	722	2,518	2.7%
thereof: AllianzGI	165	156	166	181	667	162	164	190	216	733	9.9%
Non-operating items	—	—	—	—	—	—	—	—	—	—	—
Realized gains/losses (net)	-1	1	1	2	4	7	8	0	3	17	n.m.
Expected credit loss and impairments (net)	-0	-1	-1	-1	-3	-1	1	0	-0	-0	-91.0%
Result from assets and liabilities measured at fair value incl. derivatives	4	3	0	6	13	5	1	2	2	11	-19.4%
thereof: Non-operating market movements	4	3	0	6	13	5	1	2	2	11	-19.4%
Restructuring and integration expenses	-3	2	-4	-22	-26	-1	-2	-7	-2	-11	-57.1%
Amortization of intangible assets	-5	-3	-4	-4	-15	-2	-2	-2	-2	-7	-54.8%
thereof: Amortization of intangible assets from business combinations	-0	-0	-0	-0	-2	-0	-0	-0	-0	-2	-0.0%
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.)	-2	-8	3	73	66	2	-1	4	3	8	-88.2%
Subtotal	-6	-5	-3	54	39	11	5	-2	3	18	-54.9%
Income (loss) before income taxes	716	698	785	966	3,165	784	748	780	945	3,257	2.9%
Income taxes	-182	-179	-191	-261	-812	-199	-191	-199	-240	-829	2.0%
Net income (loss)	535	519	594	706	2,353	585	557	581	705	2,428	3.2%
Net income (loss) attributable to:	—	—	—	—	—	—	—	—	—	—	—
Non-controlling interests	44	44	50	57	195	51	49	51	60	210	7.8%
Shareholders	491	475	544	649	2,158	534	508	531	645	2,218	2.8%
Income (loss) before income taxes	716	698	785	966	3,165	784	748	780	945	3,257	2.9%
Adjustment for non-operating market movements	-4	-3	-0	-6	-13	-5	-1	-2	-2	-11	-19.4%
Adjustment for amortization of intangible assets from business combinations	0	0	0	0	2	0	0	0	0	2	-0.0%
Core income (loss) before income taxes	713	696	785	960	3,154	780	747	778	943	3,248	3.0%
Income taxes related to core income (loss)	-181	-178	-191	-259	-809	-198	-191	-198	-239	-826	2.1%
Core net income (loss)	532	518	594	701	2,345	581	556	580	704	2,421	3.3%
thereof: Shareholders' core net income (loss)	488	473	544	645	2,150	531	508	529	644	2,211	2.8%
Cost-income ratio (in %)	62.0	62.5	60.5	60.5	61.3	61.1	62.4	61.0	60.0	61.1	-0.2%-p
thereof: PIMCO	59.9	61.0	58.4	59.0	59.5	59.1	60.6	59.2	59.4	59.6	0.0%-p
thereof: AllianzGI	67.0	66.6	66.1	66.9	66.7	66.8	66.9	64.2	62.1	64.9	-1.8%-p
3rd party AuM margin(footnote: Excluding performance fees and other income.) (in bps)	38.8	38.6	38.9	39.2	38.9	38.1	38.2	38.4	39.1	38.5	-1.0%
thereof: PIMCO	37.6	37.8	37.9	38.1	37.8	37.5	37.5	37.2	38.0	37.6	-0.8%
thereof: AllianzGI	43.5	41.4	42.3	43.6	42.7	40.6	40.8	43.1	43.3	42.0	-1.7%
Core return on equity(footnote: For prior year periods, the core return on equity for the respective full year is shown. For current year periods the latest year-to-date core return on equity is shown.) (in %)	21.3	21.3	21.3	21.3	21.3	21.5	21.5	21.5	21.5	21.5	0.2%-p

AM AuM

Asset Management AuM breakdown by asset class and region

EUR billion	1Q 23	2Q 23	3Q 23	4Q 23	2023	1Q 24	2Q 24	3Q 24	4Q 24	2024	∆ 31.12.2024 / 31.12.2023
Assets under management	2,174	2,163	2,162	2,224	2,224	2,297	2,309	2,362	2,448	2,448	10.1%
Allianz Group assets under management	506	500	491	511	511	513	506	522	528	528	3.3%
Third-party assets under management	1,668	1,662	1,670	1,712	1,712	1,784	1,803	1,840	1,920	1,920	12.1%
thereof: PIMCO	1,318	1,308	1,320	1,346	1,346	1,399	1,414	1,452	1,521	1,521	13.0%
thereof: AllianzGI	350	355	350	366	366	385	389	389	399	399	9.0%
Third-party assets under management by asset classes	—	—	—	—	—	—	—	—	—	—	—
Fixed income	1,271	1,262	1,274	1,307	1,307	1,361	1,372	1,407	1,472	1,472	12.6%
Multi-assets	169	171	168	172	172	180	182	184	189	189	9.7%
Equities	146	148	142	147	147	156	159	160	165	165	11.9%
Alternatives	82	82	86	86	86	86	90	89	95	95	9.7%
Third-party assets under management by regions	—	—	—	—	—	—	—	—	—	—	—
America	837	834	847	873	873	912	925	939	998	998	14.3%
Europe	567	570	569	529	529	545	545	552	558	558	5.4%
Asia Pacific	263	258	253	309	309	327	332	349	364	364	17.8%
Third-party net flows	15	3	11	-7	22	34	14	20	17	85	294.1%
thereof: PIMCO	14	4	10	-3	24	32	13	25	14	84	245.9%
thereof: AllianzGI	1	-1	1	-3	-3	2	1	-5	3	0	n.m.

Corporate and Other

Corporate and Other operating profit build-up

EUR million	1Q 23	2Q 23	3Q 23	4Q 23	2023	1Q 24	2Q 24	3Q 24	4Q 24	2024	∆ 2024 / 2023
Operating net investment income, excluding interest expenses from external debt	44	157	131	134	467	71	140	108	100	419	-10.3%
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	44	157	131	134	467	71	140	108	100	419	-10.3%
Operating administrative expenses	-302	-302	-271	-415	-1,289	-310	-332	-359	-417	-1,418	10.0%
Operating fee and commission result	82	34	68	166	349	61	80	66	177	384	10.0%
Operating other result	0	-0	0	-0	0	0	-0	-0	0	0	n.m.
Operating profit	-176	-111	-71	-115	-474	-179	-112	-185	-140	-615	29.9%
Non-operating items	—	—	—	—	—	—	—	—	—	—	—
Realized gains/losses (net)	-12	-14	-5	-20	-50	1	-0	3	0	3	n.m.
Expected credit loss and impairments (net)	-23	-18	-6	-17	-64	-2	-4	-9	-15	-30	-52.1%
Result from assets and liabilities measured at fair value incl. derivatives	-177	-164	-63	-269	-673	23	-53	-144	-50	-223	-66.9%
thereof: Non-operating market movements	-160	-135	-29	-230	-553	111	-12	-92	27	33	n.m.
Interest expenses from external debt	-142	-150	-165	-175	-631	-183	-182	-192	-204	-762	20.7%
Restructuring and integration expenses	-3	-9	-2	-147	-160	-31	-56	-41	-87	-215	34.3%
Amortization of intangible assets	-5	-5	-5	-5	-19	-3	-3	-3	-3	-11	-40.9%
thereof: Amortization of intangible assets from business combinations	-3	-3	-3	-3	-11	-3	-3	-3	-3	-11	0.6%
Other	-7	-5	-2	12	-2	2	-0	-0	291	292	n.m.
Subtotal	-368	-363	-247	-620	-1,599	-194	-298	-387	-67	-946	-40.9%
Income (loss) before income taxes	-544	-474	-319	-736	-2,073	-373	-410	-572	-207	-1,561	-24.7%
Income taxes	145	226	112	205	688	68	144	73	58	344	-50.0%
Net income (loss)	-398	-249	-207	-531	-1,385	-304	-266	-499	-148	-1,217	-12.1%
Net income (loss) attributable to:	—	—	—	—	—	—	—	—	—	—	—
Non-controlling interests	-4	25	1	-45	-23	76	-1	2	1	78	n.m.
Shareholders	-394	-274	-208	-485	-1,361	-381	-265	-500	-150	-1,295	-4.8%
Income (loss) before income taxes	-544	-474	-319	-736	-2,073	-373	-410	-572	-207	-1,561	-24.7%
Adjustment for non-operating market movements	160	135	29	230	553	-111	12	92	-27	-33	n.m.
Adjustment for amortization of intangible assets from business combinations	3	3	3	3	11	3	3	3	3	11	0.6%
Core income (loss) before income taxes	-381	-336	-288	-503	-1,508	-480	-395	-477	-231	-1,583	5.0%
Income taxes related to core income (loss)	101	193	97	180	571	59	136	45	57	296	-48.2%
Core net income (loss)	-280	-143	-190	-323	-937	-421	-260	-432	-174	-1,287	37.4%
thereof: Shareholders' core net income (loss)	-288	-178	-205	-392	-1,062	-359	-259	-433	-176	-1,228	15.6%

Consolidation

Consolidation operating profit build-up

EUR million	1Q 23	2Q 23	3Q 23	4Q 23	2023	1Q 24	2Q 24	3Q 24	4Q 24	2024	∆ 2024 / 2023
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.)	-157	-172	-176	-290	-795	-172	-164	-156	-253	-746	-6.1%
Insurance revenue	-18	-22	-10	-36	-86	1	-29	-12	-41	-81	-6.3%
Operating profit	-7	6	-4	-1	-7	-2	2	-5	1	-4	-35.5%
Non-operating items	—	—	—	—	—	—	—	—	—	—	—
Realized gains/losses (net)	-0	2	0	3	5	0	-0	-1	1	-0	n.m.
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	3	-4	4	1	4	2	-1	6	-5	1	-76.1%
thereof: Non-operating market movements	3	-4	4	1	4	2	-1	6	-5	1	-76.1%
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	0	0	0	0	0	-1	-1	n.m.
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	4	4	n.m.
Subtotal	3	-3	4	5	10	2	-1	5	-1	4	-55.6%
Income (loss) before income taxes	-4	3	0	4	3	0	0	-0	-0	-0	n.m.
Income taxes	0	-1	0	-1	-1	0	-0	0	0	-0	-95.4%
Net income (loss)	-4	2	0	3	2	0	0	-0	-0	-0	n.m.
Net income (loss) attributable to:	—	—	—	—	—	—	—	—	—	—	—
Non-controlling interests	-0	-0	0	-0	-0	0	-0	-0	0	0	n.m.
Shareholders	-4	2	0	3	2	0	0	-0	-0	-0	n.m.
Income (loss) before income taxes	-4	3	0	4	3	0	0	-0	-0	-0	n.m.
Adjustment for non-operating market movements	-3	4	-4	-1	-4	-2	1	-6	5	-1	-76.1%
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	-8	7	-4	2	-2	-2	2	-6	5	-1	-26.7%
Income taxes related to core income (loss)	0	-1	0	-1	-1	0	-0	0	0	-0	-95.4%
Core net income (loss)	-7	6	-4	2	-3	-2	1	-6	5	-1	-58.2%
thereof: Shareholders' core net income (loss)	-7	6	-4	2	-3	-2	1	-6	5	-1	-56.6%