Allianz Se · XETR:ALV
Allianz — Q1 2026 Earnings Presentation
57 slides from Allianz's earnings presentation, May 13, 2026
Slide 1: Group financial results 2026
Group financial results 2026 Allianz Investor Relations App Apple App Store Google Play Store © Allianz 2026 Munich, May 13, 2026
Slide 2: Content/topics
Content/topics A CFO perspective Claire-Marie Coste-Lepoutre B Group financial results 1Q 2026 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: CFO perspective
CFO perspective © Allianz 2026 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer May 13, 2026
Slide 4: Group results – strong start to 2026
A. CFO PERSPECTIVE Group results – strong start to 2026 Total business volume By segments1,2 Operating profit By segments2 (EUR bn) (EUR mn) -1.8% P/C: 28bn (+7%) +6.6% P/C: 2.4bn (+11%) Performance L/H: 23bn (-1%) L/H: 1.4bn (-5%) +3.5%1 4,517 Top-line AM: 2bn (+13%) AM: 0.9bn (+6%) 54.0 53.0 4,238
Slide 5: P/C – another record performance
A. CFO PERSPECTIVE P/C – another record performance Total business volume Combined ratio Operating profit (EUR bn) (in %) (EUR mn) +5% -0.9%-p +11% +7%1 91.8 91.0 28.3 2,411 27.0 2,170 11.6 Commercial 9012 Commercial 11.5 8552 +5% +6%1 91.7% 90.3% Commercial 15.4 16.7 Retail 1,315 1,510 Retail +8%1
Slide 6: L/H – resilient performance
A. CFO PERSPECTIVE L/H – resilient performance Value of new business Contractual service margin (gross) Operating profit (EUR mn) (EUR bn) (EUR mn) -13% F/X adj. growth -1% -5% -9% -2% 1,440 1,427 1,260 55.7 55.4 1,354 PVNBP (EUR bn) Net CSM 26.1 23.7 -9% 35.3 34.9 -1% Normalized NBM (in %) 5.5 5.3
Slide 7: AM – excellent organic growth with record 1Q inflows
A. CFO PERSPECTIVE AM – excellent organic growth with record 1Q inflows 3rd party AuM Revenues Operating profit (EUR bn) (EUR mn) (EUR mn) +3% F/X adj. growth +3% +6% +1% +12% +15% 2,043 2,092 2,165 1,990 Performance 857 49 76 fees 811 421 AllianzGI 417 +1% AuM driven & PIMCO 2,043 2,089 1,573 1,621
Slide 8: Group – strong OCG and solvency ratio
A. CFO PERSPECTIVE Group – strong OCG and solvency ratio SII capitalization1 SII capitalization – sensitivities +6%-p 222% 31.03.26 221% 218% +1%-p +8%-p 221% -3%-p +30% Equity 230% -9%-p markets3 -30% 208% Interest +50bps 220% rates -50bps 220% on gov. Credit 216% bonds 31.12.25 Reg./ Operating Mar
Slide 9: Health & Protection – overview
A. CFO PERSPECTIVE Health & Protection – overview Product features and examples Example of initiatives CMD operating profit target 2027 Short-term Long-term • Short coverage period • Long-term premium schedule, Bundling approach of successful • Medical reimbursement or build-up of aging reserves, de
Slide 10: Health & Protection – 7.5% profit growth
A. CFO PERSPECTIVE Health & Protection – 7.5% profit growth Operating profit Health & Protection business (EUR mn) (EUR mn) 3M 26 +7.5% Total business volume 7,075 +4.6% +10.2%1 t/o short-term business 3,887 t/o long-term business 3,188 550 Operating profit 550 +7.5% 511 134 Short-term business P/C
Slide 11: Strong start to 2026
A. CFO PERSPECTIVE Strong start to 2026 (EUR) 3M 26 % of FY FY 2026 Targets 2025-27 3M 26 2027 outlook midpoint Operating profit 4.5bn 26% 17.4bn1 Core EPS growth2 +50.7% 7-9% (+9% adjusted)4 CAGR P/C operating profit 2.4bn 27% 9.0bn Core RoE3 24.2% 17% plus (18% adjusted)4 L/H operating profit Oper
Slide 12: Content/topics
Content/topics A CFO perspective Claire-Marie Coste-Lepoutre B Group financial results 1Q 2026 Glossary Disclaimer
Slide 13: Group financial results 1Q 2026
Group financial results 1Q 2026 © Allianz 2026 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer May 13, 2026
Slide 14: Content/topics
Content/topics 1 Group financial results 1Q 2026 2 Additional information Glossary Disclaimer
Slide 15: Group: strong start to 2026
B. GROUP FINANCIAL RESULTS 1Q 2026 Group: strong start to 2026 Group Property-Casualty Life/Health Asset Management Total business volume 1Q 26 in EUR bn (internal growth vs. prior year in %) 53.0 (+3.5%) 28.3 (+6.8%) 22.6 (-1.0%) 2.2 (+12.7%) Operating profit 1Q 26 in EUR mn (vs. prior year in %) 4
Slide 16: Group: strong start to 2026 – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 Group: strong start to 2026 Comments • Internal growth at 3.5% • EUR 2.5bn share buy-back started Internal growth in P/C at 6.8%, L/H at -1.0% and AM at 2.0mn shares acquired by the end of April 2026 for EUR 725mn 12.7%. Consolidation (-2.1%) and F/X (-3.1%) lead t
Slide 17: Group: strong OCG, strong Solvency II ratio
B. GROUP FINANCIAL RESULTS 1Q 2026 Group: strong OCG, strong Solvency II ratio Comprehensive s/h capital S/h equity – sensitivities (EUR bn) +2.8% +30% +4% Equity markets -30% -5% 98.1 100.8 +50bps -1% 35.4 34.9 Interest rates -50bps +1% Net CSM1 62.7 65.9 S/h equity Credit spread on gov. bonds -1%
Slide 18: Group: strong OCG, strong Solvency II ratio – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 Group: strong OCG, strong Solvency II ratio Comments • Comprehensive shareholders’ capital • Solvency II ratio Shareholders’ equity increases by EUR 3.2bn. Main Ratio increases from 218% to 221%. Main drivers after tax: drivers: + 8%-p management actions, debt & ot
Slide 19: Group: +6%-p operating capital generation
B. GROUP FINANCIAL RESULTS 1Q 2026 Group: +6%-p operating capital generation +3.6 Own funds 94.5 (EUR bn) -1.2 +0.9 93.6 -0.1 +1.8 -4.1 +1.5 +0.6 -0.3 P/C AM L/H CO/Conso. 31.12.25 31/12/2021 Regulatory/ Regulatory Operating SII SII Market Market impact Dividend/ Capital mgmt Management Tax/other 31
Slide 20: Group: +6%-p operating capital generation – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 Group: +6%-p operating capital generation Comments • +6%-p SII capital generation after tax • Dividend/share buy-back +8%-p gross capital generation, +2%-p capital generation -9%-p, driven by quarterly dividend accrual (-3.7%-p) and EUR 2.5bn after tax and quarterl
Slide 21: P/C: internal growth remains strong
B. GROUP FINANCIAL RESULTS 1Q 2026 P/C: internal growth remains strong (EUR mn) Total business volume Rate change on renewals 1Q 26 Total growth Internal growth 3M 26 12M 25 ∆ p.y. ∆ p.y. Total P/C segment 28,340 +4.9% +6.8% +4.1% +4.6% Selected OEs Germany 6,055 +5.1% +5.1% +7.3% +9.4% United Kingd
Slide 22: P/C: internal growth remains strong – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 P/C: internal growth remains strong Comments • Internal growth of 6.8% • Italy – top-line driven by retail lines IG driven by price (+3.3%), volume (+3.1%) as well as Higher volumes drive growth, while rate change remains muted. higher service fees (+0.4%). Consoli
Slide 23: P/C: highest quarterly operating profit ever
B. GROUP FINANCIAL RESULTS 1Q 2026 P/C: highest quarterly operating profit ever Operating profit drivers Combined ratio -0.9%-p (EUR mn) (in %) 91.8 91.0 +11.1% Retail1 91.8 91.4 +251 +1 2,411 2,170 Commercial1 91.7 90.3 -10 1Q 25 1Q 26 Loss ratio2 67.7% 67.3% t/o undiscounted attr. LR 71.5% 71.7% t
Slide 24: P/C: highest quarterly operating profit ever – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 P/C: highest quarterly operating profit ever Comments • Excellent OP, at 27% of FY outlook midpoint • NatCat losses – below budget Higher operating profit entirely driven by strong insurance NatCat claims at EUR 333mn/1.7%, below prior year service result, which is
Slide 25: P/C: excellent combined ratio of 91.0%
B. GROUP FINANCIAL RESULTS 1Q 2026 P/C: excellent combined ratio of 91.0% (EUR mn) Operating profit Combined ratio NatCat impact 1Q 26 ∆ p.y. 1Q 26 ∆ p.y. 1Q 26 ∆ p.y. Total P/C segment 2,411 +11.1% 91.0% -0.9%-p 1.7%-p -0.4%-p Selected OEs Germany 554 +25.4% 87.6% -1.8%-p 0.1%-p +0.1%-p United King
Slide 26: P/C: excellent combined ratio of 91.0% – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 P/C: excellent combined ratio of 91.0% Comments • Germany – excellent performance • Central Europe – operating profit up 10% CR at 87.6%, supported by benign NatCat environment Strong performance driven by good top-line growth, excellent better ER (∆ -0.7%-p) and f
Slide 27: P/C: investment result broadly stable
B. GROUP FINANCIAL RESULTS 1Q 2026 P/C: investment result broadly stable Operating investment result Current yield Economic reinvestment yield (EUR mn) (debt securities, in %) (debt securities, in %) -1.6% 0.96 0.95 3.7 4.0 622 611 1Q 25 1Q 26 1Q 25 1Q 26 1Q 25 1Q 26 Total average asset base3 Durati
Slide 28: P/C: investment result broadly stable – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 P/C: investment result broadly stable Comments • Interest & similar income • Valuation result and other – driven by F/X result Income from debt and cash remains on prior year level. Valuation and other result improves versus 1Q 2025 almost entirely Decline mainly d
Slide 29: L/H: new business at good level
B. GROUP FINANCIAL RESULTS 1Q 2026 L/H: new business at good level New business Value of new (EUR mn) PVNBP margin business PVNBP by LoB 1Q 26 ∆ p.y. 1Q 26 ∆ p.y. 1Q 26 ∆ p.y. 9% Total L/H segment 23,727 -9.1% 5.3% -0.2%-p 1,260 -12.5% 33% Germany Life 4,272 -22.8% 4.6% +0.1%-p 196 -20.4% EUR mn 30%
Slide 30: L/H: new business at good level – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 L/H: new business at good level Comments • Value of new business at good level of EUR 1.3bn • Germany Life – VNB at good level Exceptionally high prior-year level. Normalized VNB Adjusted for large contracts in the prior-year new business volume is broadly stable (
Slide 31: L/H: normalized CSM growth at 1.7%
B. GROUP FINANCIAL RESULTS 1Q 2026 L/H: normalized CSM growth at 1.7% Contractual service margin CSM – sensitivities (EUR mn) +1,505 +732 56,727 +30% +7% 55,703 55,411 -730 -482 Equity markets -1,316 -30% -7% VNB (1Q 26) 1,260 +50bps -2% Interest rate 35,294 + Non-attr. expenses 266 34,859 -50bps +1
Slide 32: L/H: normalized CSM growth at 1.7% – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 L/H: normalized CSM growth at 1.7% Comments • Gross CSM slightly down • Economic variances Gross CSM slightly down by EUR 0.3bn and 0.5% as good Adverse impact mainly driven by lower equity markets, widening credit normalized CSM growth (EUR 0.9bn) is offset by eco
Slide 33: L/H: resilient operating profit
B. GROUP FINANCIAL RESULTS 1Q 2026 L/H: resilient operating profit Operating profit by profit sources Operating profit by operating entities (EUR mn) (EUR mn) Other OEs Germany Life 1Q 25 1Q 26 ∆ p.y. 194 (+3.5%) 294 (+4.9%) CSM release 1,360 1,316 -44 14% Germany Health 22% 66 (+7.8%) 5% Release of
Slide 34: L/H: resilient operating profit – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 L/H: resilient operating profit Comments • Operating profit at EUR 1.4bn • Germany Life – strong profit growth Operating profit resilient in volatile markets in 1Q, impacted Higher CSM release in line with business growth. by the sale of our JV stakes in UniCredit
Slide 35: AM: record 1Q level of 3rd party net inflows
B. GROUP FINANCIAL RESULTS 1Q 2026 AM: record 1Q level of 3rd party net inflows 3rd party assets under management development 3rd party net flow split (EUR bn) (EUR bn) +2.6% PIMCO: +3.1% Fixed income +33.7 AllianzGI: +1.0% Equities +0.3 Asset 1,990 +37.6 +7.6 +27.0 2,043 classes Multi-assets +8.8 4
Slide 36: AM: record 1Q level of 3rd party net inflows – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 AM: record 1Q level of 3rd party net inflows Comments • Business highlights • Total AuM at EUR 2.6tn Outstanding level of investment outperformance end of Same drivers as in 3rd party AuM lead to an overall increase of 2% in 2025 was preserved end of 1Q 2026: 93% o
Slide 37: AM: underlying revenue momentum accelerates
B. GROUP FINANCIAL RESULTS 1Q 2026 AM: underlying revenue momentum accelerates Revenues PIMCO AllianzGI (EUR mn) (EUR mn) (EUR mn) +3.5% +4.8% -0.4% Internal growth +12.7% +16.4% +1.9% 2,092 2,165 1,636 76 1,560 49 50 Performance fees 21 AuM driven & 531 529 other revenues1 29 27 2,043 2,089 1,539 1
Slide 38: AM: underlying revenue momentum accelerates – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 AM: underlying revenue momentum accelerates Comments • Segment revenues – EUR 2.2bn A higher level of average 3rd party AuM leads to an increase of AuM driven revenues; more performance fees; very strong F/X impact of overall EUR -181mn. Revenues grow overall by 3%
Slide 39: AM: operating profit up 15% adjusted for F/X
B. GROUP FINANCIAL RESULTS 1Q 2026 AM: operating profit up 15% adjusted for F/X Operating profit drivers PIMCO (EUR mn) (EUR mn) +5.8% +8.5% +15.0% Internal growth 623 676 +254 8111 8571 Performance fee impact2 60.0 58.7 CIR (in %) 16 -133 35 OP excl. performance -75 fee impact2 fee impact2 1Q 25 1Q
Slide 40: AM: operating profit up 15% adjusted for F/X – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 AM: operating profit up 15% adjusted for F/X Comments • Segment – OP adjusted for F/X up 15% • AllianzGI – OP adjusted for F/X up 3% Higher AuM driven revenues and performance fees; Slightly higher F/X adjusted revenues and expenses. strong negative F/X impact (EUR
Slide 41: CO: better than expected
B. GROUP FINANCIAL RESULTS 1Q 2026 CO: better than expected Operating result development and components (EUR mn) +44 +8 +0 -2 -114 -165 -30.9% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 1Q 25 1Q 26 1Q 26 -181 51 16 0 1Q 25 -225 52 8 0 B 30
Slide 42: CO: better than expected – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 CO: better than expected Comments • Operating loss of EUR -114mn (∆ EUR +51mn) at 14% of FY outlook midpoint (better) Improvement largely driven by higher investment result. B 31
Slide 43: Group: s/h core net income at EUR 3.8bn
B. GROUP FINANCIAL RESULTS 1Q 2026 Group: s/h core net income at EUR 3.8bn (EUR mn) 1Q 25 1Q 26 ∆ p.y. Operating profit 4,238 4,517 +279 Non-operating items -683 607 +1,290 Realized gains/losses (net) 1 1,116 +1,115 Expected credit loss and impairments (net) -34 -10 +23 Result from assets and liabil
Slide 44: Group: s/h core net income at EUR 3.8bn – comments
B. GROUP FINANCIAL RESULTS 1Q 2026 Group: s/h core net income at EUR 3.8bn Comments • S/h core net income up 48.4% to EUR 3.8bn • Taxes Increase driven by operating profit (∆ EUR +0.3bn) and Tax rate of 25% slightly lower driven by sale of our stake in Indian better non-operating result (∆ EUR +1.3b
Slide 45: Content/topics
Content/topics 1 Group financial results 1Q 2026 2 Additional information Glossary Disclaimer
Slide 46: 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 47: Content/topics
Content/topics 1 Group financial results 1Q 2026 2 Additional information Glossary Disclaimer
Slide 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: Content/topics
Content/topics 1 Group financial results 1Q 2026 2 Additional information Glossary Disclaimer
Slide 57: 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