Allianz Se · XETR:ALV
Allianz — Q1 2025 Earnings Presentation
56 slides from Allianz's earnings presentation, May 15, 2025
Slide 1: Group financial results 2025
Group financial results 2025 Allianz Investor Relations App Apple App Store Google Play Store Apple App Store Google Play Store © Allianz 2025 Munich, May 15, 2025
Slide 2: Content/topics
Content/topics A CFO assessment: Very good start in 2025 Claire-Marie Coste-Lepoutre B Group financial results 1Q 2025 Glossary Disclaimer Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Slide 3: Very good start in 2025
Very good start in 2025 © Allianz 2025 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer May 15, 2025
Slide 4: Group results – very good start in 2025
A. CFO ASSESSMENT Group results – very good start in 2025 Total business volume By segments1,2 Operating profit By segments2 (EUR bn) (EUR mn) +11.7 %1 P/C: 27bn (+7%) +6.3% P/C: 2.2bn (+5%) Performance L/H: 25bn (+18%) L/H: 1.4bn (+8%) 54.0 54bn 4.2bn Top-line 48.4 AM: 2bn (+3%) 3,986 4,238 AM: 0.8
Slide 5: P/C – highest quarterly operating profit ever
A. CFO ASSESSMENT P/C – highest quarterly operating profit ever Total business volume Combined ratio Operating profit (EUR bn) (in %) (EUR mn) +7%1 -0.1%-p +5% 27.0 2,170 25.5 2,066 11.5 Commercial 91.9 91.8 11.0 +5%1 89.9% 91.7% Commercial 14.4 15.4 Retail +9%1 93.0% 91.8% Retail 1Q 24 1Q 25 1Q 24
Slide 6: L/H – operating profit +8% with strong new business
A. CFO ASSESSMENT L/H – operating profit +8% with strong new business Value of new business Contractual service margin Operating profit (EUR mn) (EUR bn) (EUR mn) +14% +3% +8% 55.6 57.0 1,440 1,427 1,268 1,327 22.3 26.1 PVNBP (EUR bn) Normalized 5.7 5.5 NBM (%) 1.71 1.92 CSM growth (%) 1Q 24 1Q 25 3
Slide 7: AM – strong EUR 29bn 3rd party net inflows
A. CFO ASSESSMENT AM – strong EUR 29bn 3rd party net inflows 3rd party AuM Revenues Operating profit (EUR bn) (EUR mn) (EUR mn) -0% +5% +5% 1,920 1,914 1,990 2,092 Performance 811 49 fees 773 AllianzGI 127 399 389 -2% AuM driven & 1,863 2,043 other revenues PIMCO 1,521 1,525 +0% 3rd party 3rd party
Slide 8: Group – strong solvency and capital generation
A. CFO ASSESSMENT Group – strong solvency and capital generation SII capitalization1 SII capitalization – sensitivities +6%-p 214% 1Q 2025 208% -0%-p 209% +1%-p 208% -0%-p Equity +30% 218% -8%-p markets3 -30% 196% Interest +50bps 210% rates -50bps 205% on gov. Credit 203% bonds spread on non-gov. 31
Slide 9: Managing volatile markets and macro
A. CFO ASSESSMENT Managing volatile markets and macro Management assessment Equity • Low public equity exposure, actively hedged • Non-traded equity diverse, mostly held for long-term performance in Life funds with buffers volatility • Manageable hedge impacts at Allianz Life USA Balance sheet stren
Slide 10: Confidence in momentum and delivery
A. CFO ASSESSMENT Confidence in momentum and delivery 2025 (EUR) 1Q 2025 % of FY FY 2025 Targets 2025-27 1Q 2025 2027 outlook midpoint Operating profit 4.2bn 26% 16.0bn Core EPS growth1 2.9% 7-9% (6.7% adj. for tax provision) P/C operating profit 2.2bn 27% 8.0bn Core RoE2 16.6% 17% plus (17.2% adj.
Slide 11: Content/topics
Content/topics A CFO assessment: Very good start in 2025 Claire-Marie Coste-Lepoutre B Group financial results 1Q 2025 Glossary Disclaimer
Slide 12: Group financial results 1Q 2025
Group financial results 1Q 2025 © Allianz 2025 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer May 15, 2025
Slide 13: Content/topics
Content/topics 1 Group financial results 1Q 2025 2 Additional information Glossary Disclaimer
Slide 14: Group: very good start in 2025
B. GROUP FINANCIAL RESULTS 1Q 2025 Group: very good start in 2025 Group Property-Casualty Life/Health Asset Management Total business volume 1Q 25 in EUR bn (internal growth vs. prior year in %) 54.0 (+11.7%) 27.0 (+7.1%) 25.0 (+17.6%) 2.1 (+2.7%) Operating profit 1Q 25 in EUR mn (vs. prior year in
Slide 15: Group: very good start in 2025 – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 Group: very good start in 2025 Comments • Double-digit internal growth of 11.7% • P/C – highest quarterly operating profit ever Internal growth in P/C at 7.1%, L/H at 17.6% and AM at OP of EUR 2.2bn, up 5% vs. strong prior year, thereby at 27% 2.7%. Negligible impa
Slide 16: Group: Solvency II ratio strong at 208%
B. GROUP FINANCIAL RESULTS 1Q 2025 Group: Solvency II ratio strong at 208% Comprehensive s/h capital S/h equity – sensitivities (EUR bn) +2.4% +30% +4% Equity markets -30% -4% 94.8 97.2 +50bps -0% 34.5 34.8 Interest rates -50bps +0% Net CSM1 62.4 60.3 on gov. bonds -1% S/h equity Credit spread +50bp
Slide 17: Group: Solvency II ratio strong at 208% – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 Group: Solvency II ratio strong at 208% Comments • Comprehensive shareholders’ capital • Solvency II ratio Shareholders’ equity increases by EUR 2.1bn. Main Ratio decreases by 1%-p from 209% to 208%. Main drivers after tax: drivers: + 6%-p organic capital generatio
Slide 18: Group: +6%-p operating capital generation after tax
B. GROUP FINANCIAL RESULTS 1Q 2025 Group: +6%-p operating capital generation after tax Own funds +3.6 (EUR bn) 93.2 +0.1 -1.5 91.8 -3.5 -0.0 +1.6 95.4 93.2 93.1+1.6 91.9 91.9 +0.5 -0.2 P/C AM L/H CO/Conso. 31.12.24 31/12/2024 Regulatory/ Regulatory Operating SII SII Market Market impact Dividend/ Ca
Slide 19: Group: +6%-p operating capital generation – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 Group: +6%-p operating capital generation after tax Comments • +6%-p SII capital generation after tax • Dividend/share buy-back +9%-p gross capital generation, +3%-p capital generation Quarterly dividend accrual (-3.2%-p impact) and EUR 2bn share after tax and quar
Slide 20: P/C: continued strong momentum
B. GROUP FINANCIAL RESULTS 1Q 2025 P/C: continued strong momentum (EUR mn) Total business volume Rate change on renewals 1Q 25 Total growth Internal growth 3M 25 12M 24 ∆ p.y. ∆ p.y. Total P/C segment 27,008 +6.0% +7.1% +5.7% +6.9% Selected OEs Germany 5,761 +5.2% +7.8% +8.2% +7.6% United Kingdom 1,
Slide 21: P/C: continued strong momentum – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 P/C: continued strong momentum Comments • Internal growth remains on very good level • France – positive price effect supports growth Internal growth of 7.1% supported by price effect (+5.2%) Top-line driven by retail. Strong rate momentum in all lines. with volume
Slide 22: P/C: highest quarterly operating profit ever
B. GROUP FINANCIAL RESULTS 1Q 2025 P/C: highest quarterly operating profit ever Operating profit drivers Combined ratio -0.1%-p (EUR mn) (in %) 91.8 91.9 +5.0% Retail1 93.0 91.8 2,066 +116 2,170 Commercial1 89.9 91.7 -10 -3 1Q 24 1Q 25 Loss ratio2 67.3% 67.7% t/o undiscounted attr. LR 71.6% 71.5% t/
Slide 23: P/C: highest quarterly operating profit ever – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 P/C: highest quarterly operating profit ever Comments • OP at EUR 2.2bn, at 27% of FY outlook midpoint • Run-off – on normal level Higher OP driven by excellent insurance service result. Run-off at -2.5%, above prior year (-1.2%), but fully in line with CR slightly
Slide 24: P/C: excellent combined ratio
B. GROUP FINANCIAL RESULTS 1Q 2025 P/C: excellent combined ratio (EUR mn) Operating profit Combined ratio NatCat impact 1Q 25 ∆ p.y. 1Q 25 ∆ p.y. 1Q 25 ∆ p.y. Total P/C segment 2,170 +5.0% 91.8% -0.1%-p 2.1%-p +1.7%-p Selected OEs Germany 442 +5.3% 89.4% -0.8%-p 0.0%-p 0.0%-p United Kingdom 121 +27.
Slide 25: P/C: excellent combined ratio – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 P/C: excellent combined ratio Comments • Germany – excellent performance • Spain – operating profit slightly up CR improves to 89.4%, driven by better undiscounted CR driven by run-off development and higher ER. attritional LR and ER. Undiscounted attritional LR co
Slide 26: P/C: investment result broadly stable
B. GROUP FINANCIAL RESULTS 1Q 2025 P/C: investment result broadly stable Operating investment result Current yield Economic reinvestment yield (EUR mn) (debt securities, in %) (debt securities, in %) -1.6% 4.3 0.92 0.96 3.7 632 622 1Q 24 1Q 25 1Q 24 1Q 25 1Q 24 1Q 25 Total average asset base3 Durati
Slide 27: P/C: investment result broadly stable – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 P/C: investment result broadly stable Comments • Interest & similar income • Valuation result and other Income from debt and cash as main driver, due to favorable Valuation and other result better than 1Q 2024 from transfer of the interest rate environment and high
Slide 28: L/H: value of new business up 14%
B. GROUP FINANCIAL RESULTS 1Q 2025 L/H: value of new business up 14% New business Value of new (EUR mn) PVNBP margin business PVNBP by LoB 1Q 25 ∆ p.y. 1Q 25 ∆ p.y. 1Q 25 ∆ p.y. 9% Total L/H segment 26,095 +16.8% 5.5% -0.2%-p 1,440 +13.6% 38% Germany Life 5,536 +44.7% 4.4% -0.9%-p 245 +21.3% 27% EUR
Slide 29: L/H: value of new business up 14% – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 L/H: value of new business up 14% Comments • Value of new business up 13.6% to EUR 1.4bn • Germany Life – VNB growth at 21% VNB growth driven by strong sales performance (+16.8%) Strong single premium business both with corporate (large tickets) with attractive NBM
Slide 30: L/H: normalized CSM growth excellent at 1.9%
B. GROUP FINANCIAL RESULTS 1Q 2025 L/H: normalized CSM growth excellent at 1.9% Contractual service margin1 CSM – sensitivities (EUR mn) Equity +30% +6% 55,571 +1,218 56,789 +1,668 +748 +603 58,328 56,968 markets -30% -1,480 -1,360 -7% Interest +50bps -1% VNB (1Q 25) 1,440 rate -50bps 33,695 34,528
Slide 31: L/H: normalized CSM growth – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 L/H: normalized CSM growth excellent at 1.9% Comments • Gross CSM up 2.5% or EUR 1.4bn • Expected in-force return CSM increase supported by change in scope Implied expected in-force return (annualized) at 5.3% in line with (EUR +1.2bn) and excellent normalized CSM
Slide 32: L/H: operating profit up 8% to EUR 1.4bn
B. GROUP FINANCIAL RESULTS 1Q 2025 L/H: operating profit up 8% to EUR 1.4bn Operating profit by profit sources Operating profit by operating entities (EUR mn) (EUR mn) 1Q 24 1Q 25 ∆ p.y. CSM release 1,276 1,360 +84 Other OEs Germany Life 188 (+18.2%) 280 (+1.3%) Release of risk adjustment 120 128 +8
Slide 33: L/H: operating profit up 8% – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 L/H: operating profit up 8% to EUR 1.4bn Comments • Operating profit grows by 7.5% to EUR 1.4bn • Germany Life – profitability remains strong Operating profit at 26% of FY outlook midpoint. Increase is Higher CSM release. Prior-year result includes positive one-off
Slide 34: AM: EUR 29bn 3rd party net inflows
B. GROUP FINANCIAL RESULTS 1Q 2025 AM: EUR 29bn 3rd party net inflows 3rd party assets under management development 3rd party net flow split (EUR bn) (EUR bn) -0.3% Fixed income +24.4 PIMCO: +0.2% AllianzGI: -2.5% Equities +0.3 Asset 1,920 +26.2 +2.5 +15.0 1,914 classes Multi-assets +2.8 399 -49.8 3
Slide 35: AM: EUR 29bn 3rd party net inflows – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 AM: EUR 29bn 3rd party net inflows Comments • Business highlights • 3rd party net flows AM segment: EUR +29bn 85% of 3rd party AuM outperform benchmarks on a trailing 3rd party net inflows supported by all asset classes, mainly fixed 3-year basis before fees. incom
Slide 36: AM: AuM driven revenues up 10%
B. GROUP FINANCIAL RESULTS 1Q 2025 AM: AuM driven revenues up 10% Revenues PIMCO AllianzGI (EUR mn) (EUR mn) (EUR mn) +5.1% +4.1% +8.9% Internal growth +2.7% +1.1% +8.3% 1,990 2,092 1,560 1,498 531 49 21 Performance fees 127 93 488 29 AuM driven & 33 other revenues1 1,863 2,043 1,405 1,539 455 503 3
Slide 37: AM: AuM driven revenues up 10% – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 AM: AuM driven revenues up 10% Comments • Segment revenues – EUR 2.1bn • Segment margin – 38.0bps AuM driven revenues increase by 10% due to higher Roughly stable versus 1Q 2024 (38.1bps). average 3rd party AuM; lower level of performance fees, • PIMCO margin – 37.
Slide 38: AM: strong operating profit
B. GROUP FINANCIAL RESULTS 1Q 2025 AM: strong operating profit Operating profit drivers PIMCO (EUR mn) (EUR mn) +4.8% +1.7% +2.5% Internal growth 7731 +56 +18 8111 613 623 16 59 -37 Performance fee impact2 59.1 60.0 CIR (in %) OP excl. performance fee impact2 714 +11.2% 794 fee impact2 1Q 24 1Q 25 6
Slide 39: AM: strong operating profit – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 AM: strong operating profit Comments • Segment – strong OP • PIMCO – OP excluding performance fee impact up 10% Operating profit increases by 5% to EUR 811mn, at 25% of Significant increase of AuM driven revenues by 10% and a favorable FY outlook midpoint. Higher l
Slide 40: CO: better than expected
B. GROUP FINANCIAL RESULTS 1Q 2025 CO: better than expected Operating result development and components (EUR mn) +9 +1 +4 +0 -165 -179 -7.6% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 1Q 24 1Q 25 1Q 25 -225 52 8 0 1Q 24 -234 51 4 0 B 29
Slide 41: CO: better than expected – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 CO: better than expected Comments • Operating loss at 21% of FY outlook midpoint (better) Slight improvement of all components. B 30
Slide 42: Group: s/h core net income at EUR 2.6bn
B. GROUP FINANCIAL RESULTS 1Q 2025 Group: s/h core net income at EUR 2.6bn (EUR mn) 1Q 24 1Q 25 p.y. Operating profit 3,986 4,238 +252 Non-operating items -493 -683 -190 Realized gains/losses (net) -77 1 +78 Expected credit loss and impairments (net) -7 -34 -26 Result from assets and liabilities m
Slide 43: Group: s/h core net income at EUR 2.6bn – comments
B. GROUP FINANCIAL RESULTS 1Q 2025 Group: s/h core net income at EUR 2.6bn Comments • S/h core net income up 1.5% to EUR 2.6bn • Taxes Growth in operating profit (∆ EUR +0.3bn) offset by Taxes impacted by a tax provision related to forthcoming sale of our non-operating result (∆ EUR -0.2bn) and high
Slide 44: Content/topics
Content/topics 1 Group financial results 1Q 2025 2 Additional information Glossary Disclaimer
Slide 45: Allianz track record
ADDITIONAL INFORMATION Allianz track record Operating profit 2024: EUR 16.0bn Investment portfolio 2024: EUR 752.3bn5 By segments1 By regions1 Asset allocation Debt instruments by rating P/C Insurance 47% Germany 21% Debt instruments 80% AAA 16% L/H Insurance 33% W&S Europe 22% • Treasury & AA 22% G
Slide 46: Content/topics
Content/topics 1 Group financial results 1Q 2025 2 Additional information Glossary Disclaimer
Slide 47: 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 48: 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 49: 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 50: 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 51: 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 insurance revenue. LRC Liability for remaining coverage: L
Slide 52: 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 53: 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 54: 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 55: Content/topics
Content/topics 1 Group financial results 1Q 2025 2 Additional information Glossary Disclaimer
Slide 56: Cautionary note regarding forward-looking statements
DISCLAIMER Cautionary note regarding forward-looking statements This document includes forward-looking state- dustry generally, (iv) the frequency and severity No duty to update ments, such as prospects or expectations, that of insured loss events, including those resulting Allianz assumes no obliga