Allianz Se · XETR:ALV
Allianz — FY2025 Earnings Presentation
94 slides from Allianz's earnings presentation, Feb 26, 2026
Slide 1: Group financial results 2025
Group financial results 2025 Allianz Investor Relations App Apple App Store Google Play Store © Allianz 2026 Munich, Please note: February 26, 2026 presentations based on 2025 preliminary figures
Slide 2: Content/topics
Content/topics A Delivering on our higher ambitions Oliver Bäte B Delivering Value and Resilience Claire-Marie Coste-Lepoutre C Group financial results 2025 Claire-Marie Coste-Lepoutre Glossary Disclaimer Note: Due to rounding, numbers presented may not add up precisely to the totals provided and pe
Slide 3: Delivering on our higher ambitions
Delivering on our higher ambitions © Allianz 2026 Oliver Bäte Munich, Chief Executive Officer February 26, 2026
Slide 4: Excellent delivery in 2025, again
A. DELIVERING ON OUR HIGHER AMBITIONS Excellent delivery in 2025, again 187bn 17.4bn 11.1bn 2bn +8%1 +8% +11%2 Total business Operating Shareholders’ Share buy-back volume profit core net income in 2025 Key figures 2025 (EUR) 17.10 218% 18.1% 2.5bn +11% Target: ≥ 180% +1.2%-p Dividend Solvency II Co
Slide 5: All businesses contribute to record performance
A. DELIVERING ON OUR HIGHER AMBITIONS All businesses contribute to record performance P/C retail – excellent profitability Life – net CSM Combined ratio at 92.4% up ~8% adj. for F/X P/C commercial – cycle management OP AM – cost-income ratio improved EUR Combined ratio at 91.7% 17.4bn to 60.7% Healt
Slide 6: Growing performance momentum
A. DELIVERING ON OUR HIGHER AMBITIONS Growing performance momentum Total revenues/total business volume Operating profit (YoY) (YoY) (EUR bn) (EUR bn) +8.1%1 +8.4% CAGR 1.9% 3.9% 6.6% CAGR 2.4% 5.2% 6.1% 125 132 149 180 187 10.7 11.5 13.4 16.0 17.4 Earnings per share (YoY)3 Dividend per share (YoY)
Slide 7: The trusted partner in a permacrisis world
A. DELIVERING ON OUR HIGHER AMBITIONS The trusted partner in a permacrisis world Geopolitical tensions rising #1 trust1 Polarization & #1 NPS2 affordability crisis AI #1 insurance brand revolution Best-in-class employee Alternative investments engagement race Climate change Strong financial ratings
Slide 8: Uniquely positioned through stakeholder trust
A. DELIVERING ON OUR HIGHER AMBITIONS Uniquely positioned through stakeholder trust Customers (net promoter score1) Brand (brand value in USD bn2) Employees (IMIX & WWi+ in %3) 28.2 90 Outperforming 79 30 90 IMIX Best-in-class IMIX 2025 80 84 Loyalty Leader 25 #27 WWi+ Best-in-class WWi+ 2025 70 #1
Slide 9: Disciplined execution of our strategy is vital
A. DELIVERING ON OUR HIGHER AMBITIONS Disciplined execution of our strategy is vital ONE TWO THREE Value proposition World-class businesses Value accelerators DRIVING The trusted Balanced global 1 SMART GROWTH partner for franchise: Protection and REINFORCING protecting and 2 Retirement – PRODUCTIVI
Slide 10: Growth – accelerating
A. DELIVERING ON OUR HIGHER AMBITIONS 1 Growth – accelerating P/C retail volume growth p.a. (%) Momentum in 2025 – examples (vs. p.y.) Win new customers +12% ~+3-4 Motor New business policies +2.6 Reduce churn ~+2 Policy churn rate Retail1 −4%-p Increase cross-sell # of policies per customer +2% Lev
Slide 11: Driving health & protection
A. DELIVERING ON OUR HIGHER AMBITIONS 1 Driving health & protection Health & protection Momentum in 2025 – examples (vs. p.y.) operating profit (EUR bn) Win new customers +10%1 # new customers Health2 +118k 2.2 2.0 1.8 Win new customers # new customers Health +364k Reduce churn Policy churn rate Pro
Slide 12: Continuously harnessing scale advantages
A. DELIVERING ON OUR HIGHER AMBITIONS 2 Continuously harnessing scale advantages P/C expense ratio (%) Much more to come along products & value chain Accelerate investment into productivity initiatives -0.8%-p -0.9%-p 24.9 Ambition Broaden focus on unit costs & factor productivity 24.6 across the or
Slide 13: Resilience – well supported by capital and cash
A. DELIVERING ON OUR HIGHER AMBITIONS 3 Resilience – well supported by capital and cash Solvency II ratio Net cash remittance1 (EUR) Financial leverage and ratings3 218% 8.6bn 209% 8.1bn 24.2% 23.4% 21.7% 201% 5.1bn AA Operating Net cash Aa2 20%-p 25%-p capital 78% 93% 89% remittance generation rati
Slide 14: Confident outlook for 2026
A. DELIVERING ON OUR HIGHER AMBITIONS Confident outlook for 2026 Operating profit (EUR bn) Actual result 18.4 High Midpoint 17.4 17.4 Midpoint +9% 16.0 16.0 16.4 Low 14.7 14.8 14.2 14.2 13.4 13.4 12.0 12.0 11.9 11.1 11.5 11.5 11.1 10.8 10.81 10.8 driven by 10.5 COVID-19 2016 2017 2018 2019 2020 2021
Slide 15: Continuous attractive payout to shareholders
A. DELIVERING ON OUR HIGHER AMBITIONS Continuous attractive payout to shareholders Allianz capital management approach1 Dividend per share (EUR) CAGR Dividend per share the higher of Dividend increased 17.103 18 +9% 16 in 9 out of 10 years 60% payout ratio2 14 or 12 10 previous year’s DPS 7.30 8 6 0
Slide 16: Content/topics
Content/topics A Delivering on our higher ambitions Oliver Bäte B Delivering Value and Resilience Claire-Marie Coste-Lepoutre C Group financial results 2025 Claire-Marie Coste-Lepoutre Glossary Disclaimer
Slide 17: Delivering Value and Resilience
Delivering Value and Resilience © Allianz 2026 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer February 26, 2026
Slide 18: Excellent start to our CMD delivery
B. DELIVERING VALUE AND RESILIENCE Excellent start to our CMD delivery Total business volume By segments1,2 Operating profit By segments2 (EUR bn) (EUR mn) +8.1 %1 P/C: 87bn (+8%) +8.4% P/C: 9.0bn (+14%) Performance L/H: 92bn (+8%) L/H: 5.6bn (+2%) 188bn 17.9bn Top-line 179.8 186.9 AM: 9bn (+6%) 16,
Slide 19: P/C – very strong delivery across all dimensions
B. DELIVERING VALUE AND RESILIENCE P/C – very strong delivery across all dimensions Total business volume Combined ratio Operating profit (EUR bn) (in %) (EUR mn) +8%1 -1.3%-p +14% 93.4 92.2 8,992 82.9 86.7 7,898 33.8 Commercial 3,5622 Commercial 32.7 +7%1 3,4602 +3% 92.2% 91.7% Commercial 50.2 52.8
Slide 20: L/H – consistently good results
B. DELIVERING VALUE AND RESILIENCE L/H – consistently good results Value of new business Contractual service margin (gross) Operating profit (EUR mn) (EUR bn) (EUR mn) +3% F/X adj. growth +0% +2% +5% +3%1 +4% 4,694 4,829 55.6 55.7 5,505 5,601 PVNBP (EUR bn) Net CSM 81.8 84.7 +3% 33.7 35.3 +5% NBM (i
Slide 21: AM – excellent organic growth
B. DELIVERING VALUE AND RESILIENCE AM – excellent organic growth 3rd party AuM Revenues Operating profit (EUR bn) (EUR mn) (EUR mn) +4% F/X adj. growth +2% + 3% +14% +6% +7% 1,990 8,324 8,507 3,345 1,920 Performance 3,239 545 402 fees 417 AllianzGI 399 +5% AuM driven & 1,573 PIMCO 7,779 8,105 1,521
Slide 22: Resilience – managing all perspectives
B. DELIVERING VALUE AND RESILIENCE Resilience – managing all perspectives Earnings resilience Balance sheet Risk management • Focus on strong management of • 25%-p operating capital generation • Solvency II sensitivities well contained capital markets and F/X sensitivities • EUR 8.6bn net cash remit
Slide 23: Resilience – Group Solvency II ratio at 218%
B. DELIVERING VALUE AND RESILIENCE Resilience – Group Solvency II ratio at 218% SII capitalization1 SII capitalization – sensitivities +25%-p +4%-p 245% 31.12.25 218% +7%-p 218% Equity +30% 229% 209% -20%-p -6%-p markets3 -30% 205% Interest +50bps 219% rates -50bps 218% on gov. Credit 214% bonds 31.
Slide 24: Resilience – strong cash remittance
B. DELIVERING VALUE AND RESILIENCE Resilience – strong cash remittance Net remittance ratio1 Net cash remittance2 (EUR) Cash remittance profile 93% 8.6bn 89% 8.1bn AM P/C L/H 2024 2025 2024 2025 Net remittance ratio well above On track to reach EUR >27bn Highly diversified cash profile by CMD target
Slide 25: Confident outlook for 2026
B. DELIVERING VALUE AND RESILIENCE Confident outlook for 2026 Operating profit outlook 2026 (EUR) Midpoints Group 17.4bn 9.0bn 5.7bn 3.5bn -0.8bn ± 1bn Property/ Life/Health Asset Corporate/ Casualty Management Consolidation Support for Share buy-back core EPS growth 2.5bn Disclaimer: Impact from Na
Slide 26: Excellent start into strategic cycle 2025-27
B. DELIVERING VALUE AND RESILIENCE Excellent start into strategic cycle 2025-27 (EUR) 12M 25 % of FY FY 2025 Targets 2025-27 12M 25 2027 outlook midpoint Operating profit 17.4bn 109% 16.0bn1 Core EPS growth2 +12.5% 7-9% (+10.8% adjusted)3 CAGR P/C operating profit 9.0bn 112% 8.0bn Core RoE 18.1% 17%
Slide 27: Content/topics
Content/topics A Delivering on our higher ambitions Oliver Bäte B Delivering Value and Resilience Claire-Marie Coste-Lepoutre C Group financial results 2025 Claire-Marie Coste-Lepoutre Glossary Disclaimer
Slide 28: Slide 28
Slide 29: Group financial results 2025
Group financial results 2025 © Allianz 2026 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer February 26, 2026
Slide 30: Content/topics
Content/topics 1 Group financial results 2025 2 Additional information Glossary Disclaimer
Slide 31: Group 12M: excellent results
C. GROUP FINANCIAL RESULTS 2025 Group 12M: excellent results Group Property-Casualty Life/Health Asset Management Total business volume 12M 25 in EUR bn (internal growth vs. prior year in %) 186.9 (+8.1%) 86.7 (+8.2%) 92.3 (+8.2%) 8.5 (+5.9%) Operating profit 12M 25 in EUR mn (vs. prior year in %) 1
Slide 32: Group 12M: excellent results – comments
C. GROUP FINANCIAL RESULTS 2025 Group 12M: excellent results Comments • High single-digit internal growth of 8.1% • EUR 2bn share buy-back completed in September Internal growth in P/C at 8.2%, L/H at 8.2% and AM at 5.9%. 5.7mn shares acquired representing 1.5% of issued capital. As of Consolidation
Slide 33: Group 4Q: operating profit strong at EUR 4.3bn
C. GROUP FINANCIAL RESULTS 2025 Group 4Q: operating profit strong at EUR 4.3bn Group Property-Casualty Life/Health Asset Management Total business volume 4Q 25 in EUR bn (internal growth vs. prior year in %) 45.7 (+6.5%) 19.9 (+6.7%) 23.6 (+6.0%) 2.3 (+5.8%) Operating profit 4Q 25 in EUR mn (vs. pri
Slide 34: Group 4Q: operating profit strong at EUR 4.3bn – comments
C. GROUP FINANCIAL RESULTS 2025 Group 4Q: operating profit strong at EUR 4.3bn Comments • Good internal growth of 6.5% • P/C – operating profit up 10% to EUR 2.1bn Internal growth in P/C at 6.7%, L/H at 6.0% and AM at Good performance with OP at 27% of FY outlook midpoint. 5.8%. Consolidation (-2.5%
Slide 35: Group: Solvency II ratio at 218%
C. GROUP FINANCIAL RESULTS 2025 Group: Solvency II ratio at 218% Comprehensive s/h capital S/h equity – sensitivities (EUR bn) +3.4% +30% +4% Equity markets -30% -5% 94.8 98.1 +50bps -1% 34.5 35.4 Interest rates -50bps +1% Net CSM1 62.7 60.3 on gov. bonds -1% S/h equity Credit spread +50bps on non-g
Slide 36: Group: Solvency II ratio at 218% – comments
C. GROUP FINANCIAL RESULTS 2025 Group: Solvency II ratio at 218% Comments • Comprehensive shareholders’ capital • Solvency II ratio – FY 2025 Shareholders’ equity increases by EUR 2.4bn. Main Ratio increases +10%-p to 218%. Main impacts after tax: drivers: + 25%-p operating capital generation (+35%-
Slide 37: Group: OCG is excellent at +25%-p
C. GROUP FINANCIAL RESULTS 2025 Group: OCG is excellent at +25%-p +13.0 Own funds 94.5 93.2 -0.2 (EUR bn) -8.5 -1.0 -2.0 +6.8 +4.9 +2.3 -1.0 P/C AM L/H CO/Conso. 31.12.24 31/12/2021 Regulatory/ Regulatory Operating SII SII Market Market impact Dividend/ Capital mgmt Management Tax/other 31.12.25 30/
Slide 38: Group: OCG is excellent at +25%-p – comments
C. GROUP FINANCIAL RESULTS 2025 Group: OCG is excellent at +25%-p Comments • +25%-p SII capital generation after tax • Dividend/share buy-back +35%-p gross capital generation, +10%-p capital Dividend accrual (-15%-p / EUR -6.5bn) and share buy-back generation after tax and dividend accrual. Capital
Slide 39: P/C: very good internal growth
C. GROUP FINANCIAL RESULTS 2025 P/C: very good internal growth (EUR mn) Total business volume Rate change on renewals 2025 Total growth Internal growth 12M 25 12M 24 ∆ p.y. ∆ p.y. Total P/C segment 86,741 +4.7% +8.2% +4.6% +6.9% Selected OEs Germany 14,134 +5.5% +9.8% +9.4% +7.6% United Kingdom 5,42
Slide 40: P/C: very good internal growth – comments
C. GROUP FINANCIAL RESULTS 2025 P/C: very good internal growth Comments • Internal growth at 8% – volumes in retail pick up in 2H • Italy – growth driven by positive price effect Internal growth driven by price (+4.1%), volume (+4.0%), Higher top-line supported by both retail and commercial lines. a
Slide 41: P/C: double-digit operating profit growth
C. GROUP FINANCIAL RESULTS 2025 P/C: double-digit operating profit growth Operating profit drivers Combined ratio -1.3%-p (EUR mn) (in %) 93.4 92.2 +13.9% Retail1 94.1 92.4 +1,225 +29 8,992 7,898 Commercial1 92.2 91.7 -160 2024 2025 Loss ratio2 69.3% 68.3% t/o undiscounted attr. LR 71.8% 71.3% t/o d
Slide 42: P/C: double-digit operating profit growth – comments
C. GROUP FINANCIAL RESULTS 2025 P/C: double-digit operating profit growth Comments • Excellent OP driven by higher insurance service result • Expense ratio improves -30bps in-line with target Operating profit up 14% to new record level of EUR 9.0bn. Admin. expenses & acquisition costs contribute to
Slide 43: P/C: excellent profitability, combined ratio at 92%
C. GROUP FINANCIAL RESULTS 2025 P/C: excellent profitability, combined ratio at 92% (EUR mn) Operating profit Combined ratio NatCat impact 2025 ∆ p.y. 2025 ∆ p.y. 2025 ∆ p.y. Total P/C segment 8,992 +13.9% 92.2% -1.3%-p 1.4%-p -0.9%-p Selected OEs Germany 1,899 +38.1% 88.9% -4.1%-p 0.7%-p -4.6%-p Un
Slide 44: P/C: excellent profitability – comments
C. GROUP FINANCIAL RESULTS 2025 P/C: excellent profitability, combined ratio at 92% Comments • Germany – outstanding performance • Spain – operating profit and combined ratio remain stable OP at EUR 1.9bn with CR down to 88.9%. Very benign Better undiscounted attritional LR (despite higher large los
Slide 45: P/C: investment result impacted by F/X
C. GROUP FINANCIAL RESULTS 2025 P/C: investment result impacted by F/X Operating investment result Current yield Economic reinvestment yield (EUR mn) (debt securities, in %) (debt securities, in %) -5.3% 3.77 3.71 4.1 3.8 3,011 2,851 2024 2025 2024 2025 2024 2025 Total average asset base3 Duration4
Slide 46: P/C: investment result impacted by F/X – comments
C. GROUP FINANCIAL RESULTS 2025 P/C: investment result impacted by F/X Comments • Interest & similar income impacted by portfolio transfer • Valuation result and other benefits from portfolio transfer Decline in interest & similar income entirely driven by Valuation and other result improves due to
Slide 47: L/H: new business continues at a high level
C. GROUP FINANCIAL RESULTS 2025 L/H: new business continues at a high level New business Value of new (EUR mn) PVNBP margin business PVNBP by LoB 2025 ∆ p.y. 2025 ∆ p.y. 2025 ∆ p.y. 9% Total L/H segment 84,682 +3.5% 5.7% -0.0%-p 4,829 +2.9% 20% Germany Life 18,292 -1.7% 4.6% -0.2%-p 833 -5.8% EUR mn
Slide 48: L/H: new business – comments
C. GROUP FINANCIAL RESULTS 2025 L/H: new business continues at a high level Comments • Value of new business up 2.9% to EUR 4.8bn • Germany Life – VNB at good level Adjusted for F/X VNB is up 5.2% from an exceptionally high Prior-year result includes large corporate contracts. Adverse impact on prio
Slide 49: L/H: normalized CSM growth very good at 5.2%
C. GROUP FINANCIAL RESULTS 2025 L/H: normalized CSM growth very good at 5.2% Contractual service margin1 CSM – sensitivities (EUR mn) +2,972 +30% +5,419 61,945 Equity +7% 55,571 +1,218 56,789 -1,924 56,505 55,703 markets -30% -1,310 -8% -5,440 -802 Interest +50bps -1% VNB (12M 25) 4,829 rate -50bps
Slide 50: L/H: normalized CSM growth – comments
C. GROUP FINANCIAL RESULTS 2025 L/H: normalized CSM growth very good at 5.2% Comments • Gross CSM broadly stable • Non-economic variances/assumption changes Gross CSM broadly stable as very good normalized CSM Main driver is impact from assumption updates including impact from growth (EUR 2.9bn) is
Slide 51: L/H: operating profit strong at EUR 5.6bn
C. GROUP FINANCIAL RESULTS 2025 L/H: operating profit strong at EUR 5.6bn Operating profit by profit sources Operating profit by operating entities (EUR mn) (EUR mn) Other OEs Germany Life 2024 2025 ∆ p.y. 781 (+19.6%) 1,192 (+0.7%) CSM release 5,137 5,440 +303 14% 21% Germany Health 259 (+6.6%) 5%
Slide 52: L/H: operating profit – comments
C. GROUP FINANCIAL RESULTS 2025 L/H: operating profit strong at EUR 5.6bn Comments • Operating profit slightly up to EUR 5.6bn • Germany Life – profitability on good level Operating profit at 102% of FY outlook midpoint. Adjusted • USA – adjusted for F/X operating profit is slightly up for F/X opera
Slide 53: AM: 7% organic growth with EUR 139bn net inflows
C. GROUP FINANCIAL RESULTS 2025 AM: 7% organic growth with EUR 139bn net inflows 3rd party assets under management development 3rd party net flow split (EUR bn) (EUR bn) +3.6% Fixed income +130.6 PIMCO: +3.4% AllianzGI: +4.6% Equities -4.9 Asset +133.2 +6.1 +94.2 classes Multi-assets +4.3 1,920 1,99
Slide 54: AM: net inflows – comments
C. GROUP FINANCIAL RESULTS 2025 AM: 7% organic growth with EUR 139bn net inflows Comments • Business highlights • 3rd party net flows AM segment: EUR +139bn Outstanding level of investment outperformance: 93% of Strong net inflows at PIMCO and AllianzGI with a momentum that 3rd party AuM outperform
Slide 55: AM: strong underlying revenue momentum
C. GROUP FINANCIAL RESULTS 2025 AM: strong underlying revenue momentum Revenues PIMCO AllianzGI (EUR mn) (EUR mn) (EUR mn) +2.2% +3.6% -1.7% Internal growth +5.9% +8.3% -0.9% 8,324 8,507 6,450 6,225 545 402 290 Performance fees 380 2,086 2,051 AuM driven & 166 111 other revenues1 7,779 8,105 5,845 6
Slide 56: AM: revenue momentum – comments
C. GROUP FINANCIAL RESULTS 2025 AM: strong underlying revenue momentum Comments • Segment revenues – EUR 8.5bn • Segment margin – 38.2bps Margins broadly stable. Favorable volume impact from No significant change versus 2024 (38.5bps). higher average AuM and a corresponding increase of AuM 4Q 2025:
Slide 57: AM: excellent operating profit
C. GROUP FINANCIAL RESULTS 2025 AM: excellent operating profit Operating profit drivers PIMCO (EUR mn) (EUR mn) +3.3% +3.0% +6.9% Internal growth 2,518 2,593 3,2391 +472 3,3451 Performance fee impact2 59.6 59.8 CIR (in %) 269 -250 249 OP excl. performance -116 fee impact2 +4.3% fee impact2 2024 2025
Slide 58: AM: operating profit – comments
C. GROUP FINANCIAL RESULTS 2025 AM: excellent operating profit Comments • Segment – OP adjusted for F/X up 7% • AllianzGI – OP at EUR 770mn, up 5% Higher AuM driven revenues, lower performance fees and Expense reductions and a higher level of AuM driven revenues drive adverse F/X (EUR -116mn) overal
Slide 59: CO: better than expected
C. GROUP FINANCIAL RESULTS 2025 CO: better than expected Operating result development and components (EUR mn) +36 +10 +4 -0 -565 -615 -8.2% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 2024 2025 2025 -830 207 59 0 2024 -841 202 23 0 C 32
Slide 60: CO: better than expected – comments
C. GROUP FINANCIAL RESULTS 2025 CO: better than expected Comments • Operating loss of EUR -565mn (∆ EUR +51mn) at 71% of FY outlook midpoint (better) Improvement mainly driven by higher investment result. C 33
Slide 61: Group: net cash remittance at EUR 8.6bn
C. GROUP FINANCIAL RESULTS 2025 Group: net cash remittance at EUR 8.6bn Net cash remittance1 Net cash remittance1 - details (EUR bn) (EUR bn) Series 1 2023 2024 2025 8.2 8.6 8.1 Net cash remittance1 8.2 8.1 8.6 of which P/C 3.0 4.1 4.3 of which L/H 3.0 2.6 2.7 of which AM 2.8 2.3 2.2 Net remittance
Slide 62: Group: net cash remittance – comments
C. GROUP FINANCIAL RESULTS 2025 Group: net cash remittance at EUR 8.6bn Comments • 2023 net cash remittance Increase is supported by excess capital upstreaming (EUR 1.0bn). • 2024 net cash remittance Cash remittance includes excess capital upstreaming of EUR 0.6bn. • 2025 net cash remittance Cash re
Slide 63: Group: s/h core net income up 11% to EUR 11.1bn
C. GROUP FINANCIAL RESULTS 2025 Group: s/h core net income up 11% to EUR 11.1bn (EUR mn) 2024 2025 ∆ p.y. Operating profit 16,023 17,374 +1,352 Non-operating items -2,007 -1,914 +92 Realized gains/losses (net) -168 643 +811 Expected credit loss and impairments (net) -48 -53 -5 Result from assets and
Slide 64: Group: s/h core net income – comments
C. GROUP FINANCIAL RESULTS 2025 Group: s/h core net income up 11% to EUR 11.1bn Comments • S/h core net income up 10.9% to EUR 11.1bn • Taxes Increase driven by operating profit (∆ EUR +1.4bn) and Tax rate of 26% close to expectations. Allianz Group tax rate for slightly better non-operating result
Slide 65: Confident outlook for 2026
C. GROUP FINANCIAL RESULTS 2025 Confident outlook for 2026 Operating profit outlook 2026 (EUR) Midpoints Group 17.4bn 9.0bn 5.7bn 3.5bn -0.8bn ± 1bn Property/ Life/Health Asset Corporate/ Casualty Management Consolidation Support for Share buy-back core EPS growth 2.5bn Disclaimer: Impact from NatCa
Slide 66: Confident outlook for 2026 – comments
C. GROUP FINANCIAL RESULTS 2025 Confident outlook for 2026 Comments • P/C – midpoint at EUR 9.0bn • AM – midpoint at EUR 3.5bn Growth of total business volume expected at ~6% A growing level of 3rd party AuM is expected to result in an increase of (assuming no major impact from F/X). the operating p
Slide 67: Content/topics
Content/topics 1 Group financial results 2025 2 Additional information • Allianz track record Page C 41 • Financial leverage C 42 • Investment portfolio C 43 • Economic reinvestment yields C 54 • Sustainability C 56 Glossary Disclaimer
Slide 68: Allianz track record
ADDITIONAL INFORMATION Allianz track record Operating profit 2025: EUR 17.4bn Investment portfolio 2025: EUR 753.4bn5 By segments1 By regions1 Asset allocation Debt instruments by rating P/C Insurance 50% Germany 23% Debt instruments 80% AAA 16% L/H Insurance 31% W&S Europe 21% • Treasury & AA 17% G
Slide 69: Leverage ratios and ratings
ADDITIONAL INFORMATION Leverage ratios and ratings Leverage ratios Insurer financial strength ratings/outlook (EUR bn) (31.12.2025) Financial leverage1 23.4% 21.7% 34.5 35.4 S&P AA stable Moody’s Aa2 stable Shareholders’ equity (adj.)2 55.4 58.1 Net CSM3 18.4 Subordinated bonds4 17.3 A.M. Best A+ st
Slide 70: Investment portfolio (economic view)
ADDITIONAL INFORMATION Investment portfolio (economic view) Asset allocation Total: EUR 753.4bn Debt instruments by rating (2024: EUR 752.3bn) Debt Instruments 80% AAA 16% Equities 12% AA 17% Real Estate 7% A 30% Cash/Other 1% BBB 26% Non-investment grade 7% Trading category Not rated3 5% Traded 67%
Slide 71: Debt instruments (economic view)
ADDITIONAL INFORMATION Debt instruments (economic view) By type of issuer Total By rating Treasury & Gov-t related 38% EUR 603.0bn AAA 16% Securitized1 23% AA 17% Corporate 39% A 30% thereof Banking 6% BBB 26% BBB+ 12% Trading category BBB 10% Traded 77% BBB- 4% Non-traded 23% Non-investment grade 7
Slide 72: Debt instruments: Treasury & Government related
ADDITIONAL INFORMATION Debt instruments: Treasury & Government related (economic view) By region Total By rating EUR 226.5bn1 France 13% AAA 16% Germany 12% AA 24% Italy 9% A 31% Spain 4% BBB 21% Rest of Europe 23% Non-investment grade 5% USA 8% Not rated 3% Rest of World 23% Supranational 8% By seg
Slide 73: Treasury & Government related details
ADDITIONAL INFORMATION Treasury & Government related details (economic view) Group L/H P/C Exposure (EUR bn) % of FI Group Exposure (EUR bn) % of FI L/H Exposure (EUR bn) % of FI P/C France 29.4 4.9 22.5 4.8 3.3 3.7 Germany 27.4 4.5 22.7 4.9 3.0 3.4 Italy 20.2 3.4 11.1 2.4 3.2 3.6 USA 17.1 2.8 14.3
Slide 74: Debt instruments: securitized (economic view)
ADDITIONAL INFORMATION Debt instruments: securitized (economic view) By type Total By rating EUR 140.4bn Mortgages 49% AAA 41% Covered 32% AA 24% ABS/MBS (Non-U.S. Agency) 15% A 19% MBS (U.S. Agency) 2% BBB 9% Other 1% Non-investment grade 5% Not rated 2% Trading category Traded 50% Non-traded 50% B
Slide 75: Debt instruments: corporates (economic view)
ADDITIONAL INFORMATION Debt instruments: corporates (economic view) By sector Total By rating EUR 236.1bn Banking 15% AAA 1% Other financials 17% AA 5% Consumer 19% A 36% Industrial 19% BBB 41% Utility 10% Non-investment grade 9% Communication 7% Not rated 8% Energy 6% Other 8% Trading category Trad
Slide 76: Equity portfolio (economic view)
ADDITIONAL INFORMATION Equity portfolio (economic view) By region Total By industry (traded equity) Total EUR 89.1bn EUR 33.9bn Germany 6% Technology 14% Eurozone excl. Germany 13% Consumer 11% Europe excl. Eurozone 12% Industrial 10% NAFTA 20% Banking 10% Rest of World 23% Healthcare 6% Multination
Slide 77: Real estate portfolio (economic view)
ADDITIONAL INFORMATION Real estate portfolio (economic view) By region Total By sectors EUR 52.3bn Germany 17% Office 48% France 14% Residential 18% Switzerland 11% Logistics 13% Italy 7% Retail 10% Rest of Eurozone 21% Other/mixed 11% USA 11% Rest of World 19% Trading category Traded 0% Non-traded
Slide 78: Group non-traded assets – non-traded debt
ADDITIONAL INFORMATION Group non-traded assets – non-traded debt Non-traded debt (FY 2025) Average Remarks expected return1 Non-commercial 3-4% • Retail business with focus on Germany (~60%) and mortgages Benelux (~24%). Track record >50 years in Germany 17% • Average LTV of 54% for German mortgages
Slide 79: Group non-traded assets – non-traded equity
ADDITIONAL INFORMATION Group non-traded assets – non-traded equity Non-traded equity (excl. real estate, FY 2025) Average Remarks expected return3 Private 10-12% • Strong, long term track record with very experienced 5% equity buyout fund managers, resulting in well performing 8% portfolio diversifi
Slide 80: Investments: accounting vs. economic view
ADDITIONAL INFORMATION Investments: accounting vs. economic view Investment portfolio Investment portfolio Accounting view1 Economic view 31.12.2025 Asset allocation Accounting view1 Δ reconciliation3 Economic view Asset allocation EUR bn Debt Instruments 75% Debt instruments 571 75% 32 603 80% Debt
Slide 81: Economic reinvestment yields 2025
ADDITIONAL INFORMATION Economic reinvestment yields 2025 Regional allocation New F/I Yield Maturity investments in years P/C 10% Europe P/C Government bonds1 47% 3.8% 9 North America Emerging markets Covered2 17% 3.9% 8 Asia Pacific 17% Corporates 36% 3.8% 8 54% 19% Total F/I 2025 100% 3.8% 8 L/H 2%
Slide 82: Investment portfolio Allianz Life USA
ADDITIONAL INFORMATION Investment portfolio Allianz Life USA Total AZL Portfolio1 Total Private Letter Ratings Total • Allianz Life USA invests with focus on high-quality Corporate 51% EUR 113.5bn Infra 36% EUR 15.7bn fixed income corporate credit, with 98% rated investment grade. Securitized 34% AB
Slide 83: Allianz Net-Zero Transition Plan – 2030 intermediate targets
ADDITIONAL INFORMATION Allianz Net-Zero Transition Plan – 2030 intermediate targets Financed emissions of Carbon footprint of Carbon footprint of Carbon footprint of listed corporates commercial portfolio motor retail portfolio own operations (in mn t CO2e)1 (in kt CO2e/mn EUR (in mn t CO2)3 (in t C
Slide 84: Content/topics
Content/topics 1 Group financial results 2025 2 Additional information Glossary Disclaimer
Slide 85: Glossary (1)
GLOSSARY Glossary (1) After-tax operating capital Represents the after-tax change in SII capitalization following regulatory model changes and which is attributable to generation a) changes in own funds as a consequence of operating SII earnings and b) changes in SCR as a consequence of business evo
Slide 86: Glossary (2)
GLOSSARY Glossary (2) BBA Building Block Approach, IFRS 17 measurement model also referred to as “General Measurement Model (GMM)” in the standard. Bps Basis points: 1 Basis point = 0.01%. CEAG Capital-efficient alternative guarantee [products]. Please refer to “L/H lines of business”. CE Central Eu
Slide 87: Glossary (3)
GLOSSARY Glossary (3) Current yield Represents interest and similar income divided by average asset base at book value. dNPS Digital net promoter score: A measurement of customers’ willingness to recommend Allianz. ECL Expected credit loss. Economic reinvestment yield Reflects the reinvestment yield
Slide 88: Glossary (4)
GLOSSARY Glossary (4) IFRS International Financial Reporting Standards: As of 2002, the term IFRS refers to the total set of standards adopted by the International Accounting Standards Board. Standards approved before 2002 continue to be referred to as International Accounting Standards (IAS). IMIX
Slide 89: Glossary (5)
GLOSSARY Glossary (5) LatAm Latin America: South America and Mexico. LIC Liability for incurred claims. LoB Line of business. LR Loss ratio: Represents the total of claims and insurance benefits incurred and the reinsurance result divided by operating insurance revenue. LRC Liability for remaining c
Slide 90: Glossary (6)
GLOSSARY Glossary (6) OP Operating profit: The portion of income before income taxes that is attributable to the ongoing core operations of the Allianz Group, which generally excludes the following non-operating effects: realized gains/losses (net), expected credit loss allowance, income from deriva
Slide 91: Glossary (7)
GLOSSARY Glossary (7) PVFCF Present value of future cash flows, balance sheet liability representing the policyholder reserve of the in-force business based on discounted expected cash flows to policyholders including attributable expenses. PVNBP Present value of new business premiums: i.e. the pres
Slide 92: Glossary (8)
GLOSSARY Glossary (8) TBV Total business volume: It presents a measure for the overall amount of business generated during a specific reporting period. According to our business segments, total business volume in the Allianz Group comprises: - Gross premiums written as well as fee and commission inc
Slide 93: Content/topics
Content/topics 1 Group financial results 2025 2 Additional information Glossary Disclaimer
Slide 94: Cautionary note regarding forward-looking statements
DISCLAIMER Cautionary note regarding forward-looking statements This document includes forward-looking other well-known companies and the financial No duty to update statements, such as prospects or expectations, services industry generally, (iv) the frequency Allianz assumes no obligation to update