Slide 1: Group financial results 2025
Group financial results 2025 Allianz Investor Relations App Apple App Store Google Play Store © Allianz 2025 Munich, November 14, 2025
Slide 2: Content/topics
Content/topics A CFO perspective Claire-Marie Coste-Lepoutre B Group financial results 3Q 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. Annualized figures are not a for
Slide 3: CFO perspective
CFO perspective © Allianz 2025 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer November 14, 2025
Slide 4: Excellent 9M results drive upgraded OP outlook
A. CFO PERSPECTIVE Excellent 9M results drive upgraded OP outlook Total business volume By segments1,2 Operating profit By segments2 (EUR bn) (EUR mn) +8.5 %1 P/C: 67bn (+8%) +10.4% P/C: 6.9bn (+15%) Performance L/H: 69bn (+9%) L/H: 4.2bn (+4%) 142bn 13.1bn Top-line AM: 6bn (+6%) AM: 2.4bn (+5%) 133
Slide 5: P/C – excellent performance across all dimensions
A. CFO PERSPECTIVE P/C – excellent performance across all dimensions Total business volume Combined ratio Operating profit (EUR bn) (in %) (EUR mn) +8%1 -1.3%-p +15% 93.0 91.6 6,858 63.3 66.9 5,950 25.3 26.7 Commercial +8%1 90.6% 91.3% Commercial 38.1 40.1 Retail +8%1 94.2% 91.6% Retail 9M 24 9M 25
Slide 6: L/H – fully on track to reach targets
A. CFO PERSPECTIVE L/H – fully on track to reach targets Value of new business Contractual service margin (gross) Operating profit (EUR mn) (EUR bn) (EUR mn) +2% F/X adj. growth -0% +4% +4% +3%1 +6% 3,537 3,612 55.6 55.5 4,237 4,082 PVNBP (EUR bn) Net CSM 60.6 63.5 +5% 33.7 35.3 +5% NBM (in %) YTD n
Slide 7: AM – 7% operating profit increase excluding F/X
A. CFO PERSPECTIVE AM – 7% operating profit increase excluding F/X 3rd party AuM Revenues Operating profit (EUR bn) (EUR mn) (EUR mn) +0% F/X adj. growth +4% + 5% +11% +6% +7% 1,920 1,928 6,187 AllianzGI 5,969 Performance 2,298 2,417 399 407 +2% 269 205 fees AuM driven & PIMCO 5,701 5,981 other reve
Slide 8: Group – +19%-p operating capital generation after tax
A. CFO PERSPECTIVE Group – +19%-p operating capital generation after tax SII capitalization1 SII capitalization – sensitivities 30.09.25 209% +19%-p 227% -0%-p Equity +30% 219% markets3 -30% 209% 209% 195% -14%-p -0%-p -4%-p Interest +50bps 209% rates -50bps 208% on gov. Credit 204% bonds spread on
Slide 9: PIMCO – 25-year partnership creating momentum
A. CFO PERSPECTIVE PIMCO – 25-year partnership creating momentum for the future Allianz press release, May 5, 2000 Allianz com pletes acquisition of PIMCO Advisors Allianz AG and the US-asset manager PIMCO Advisors L.P. today jointly announced the completion of the acquisition by Allianz of PIMCO Ad
Slide 10: PIMCO – 25-year partnership on track
A. CFO PERSPECTIVE PIMCO – 25-year partnership on track to capture opportunities, especially in private markets 3rd party AuM (USD tn) Operating profit (USD bn) 25 years of successful AZ partnership • 16% operating profit contribution to Allianz Group (FY 2024) 1.8 2.7 • Synergies: General Account m
Slide 11: Confidence in momentum and delivery
A. CFO PERSPECTIVE Confidence in momentum and delivery (EUR) 9M 25 % of FY FY 2025 Targets 2025-27 9M 25 2027 outlook midpoint Operating profit 13.1bn 82% 16.0bn1 Core EPS growth2 +12.2% 7-9% (+9.9% adjusted)4 CAGR P/C operating profit 6.9bn 86% 8.0bn Core RoE3 18.5% 17% plus (18.2% adjusted)4 L/H o
Slide 12: Content/topics
Content/topics A CFO perspective Claire-Marie Coste-Lepoutre B Group financial results 3Q 2025 Glossary Disclaimer
Slide 13: Group financial results 3Q 2025
Group financial results 3Q 2025 © Allianz 2025 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer November 14, 2025
Slide 14: Content/topics
Content/topics 1 Group financial results 3Q 2025 2 Additional information Glossary Disclaimer
Slide 15: Excellent 9M results drive upgraded OP outlook
B. GROUP FINANCIAL RESULTS 3Q 2025 Excellent 9M results drive upgraded OP outlook Group Property-Casualty Life/Health Asset Management Total business volume 9M 25 in EUR bn (internal growth vs. prior year in %) 141.2 (+8.5%) 66.9 (+8.3%) 68.7 (+8.9%) 6.2 (+6.1%) Operating profit 9M 25 in EUR mn (vs.
Slide 16: Excellent 9M results drive upgraded OP outlook – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 Excellent 9M results drive upgraded OP outlook Comments • Outlook: OP at least at the upper end of target range • EUR 2bn share buy-back completed in September All operating business segments with operating profit growth. 5.7mn shares acquired representing 1.5% of
Slide 17: Group 3Q: operating profit at record level
B. GROUP FINANCIAL RESULTS 3Q 2025 Group 3Q: operating profit at record level Group Property-Casualty Life/Health Asset Management Total business volume 3Q 25 in EUR bn (internal growth vs. prior year in %) 42.8 (+5.2%) 19.7 (+9.5%) 21.1 (+1.4%) 2.1 (+9.1%) Operating profit 3Q 25 in EUR mn (vs. prio
Slide 18: Group 3Q: operating profit at record level – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 Group 3Q: operating profit at record level Comments • Good internal growth of 5.2% • P/C – operating profit jumps +22% to EUR 2.4bn Internal growth in P/C at 9.5%, L/H at 1.4% and AM at OP at 30% of FY outlook midpoint. Outstanding insurance service 9.1%. Consolida
Slide 19: Group: continued healthy Solvency II ratio of 209%
B. GROUP FINANCIAL RESULTS 3Q 2025 Group: continued healthy Solvency II ratio of 209% Comprehensive s/h capital S/h equity – sensitivities (EUR bn) +4.6% +30% +4% Equity markets -30% -5% 94.8 91.4 95.6 +50bps -1% 34.5 34.2 35.4 Interest rates -50bps +1% Net CSM1 60.3 57.2 60.2 on gov. bonds -1% S/h
Slide 20: Group: continued healthy Solvency II ratio of 209% – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 Group: continued healthy Solvency II ratio of 209% Comments • Comprehensive shareholders’ capital • Solvency II ratio Shareholders’ equity increases by EUR 3.0bn. Main Ratio remains at excellent level of 209%. Main impacts after tax: drivers: + 6%-p operating capit
Slide 21: Group: OCG remains strong at +6%-p
B. GROUP FINANCIAL RESULTS 3Q 2025 Group: OCG remains strong at +6%-p Own funds (EUR bn) 93.2 +2.9 +0.1 +1.3 94.7 91.9 +0.0 -1.5 +1.8 +0.8 +0.5 -0.3 P/C AM L/H CO/Conso. 31.12.24 31/12/2024 30.06.25 31/03/2025 Regulatory/ Regulatory Operating SII SII Market Market impact Dividend/ Capital mgmt Manag
Slide 22: Group: OCG remains strong at +6%-p – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 Group: OCG remains strong at +6%-p 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%-p). after tax and quarterly dividend accrual. As in the last • Ma
Slide 23: P/C: internal growth at 9.5%
B. GROUP FINANCIAL RESULTS 3Q 2025 P/C: internal growth at 9.5% (EUR mn) Total business volume Rate change on renewals 3Q 25 Total growth Internal growth 9M 25 12M 24 ∆ p.y. ∆ p.y. Total P/C segment 19,734 +6.2% +9.5% +4.9% +6.9% Selected OEs Germany 2,931 +7.1% +12.2% +9.0% +7.6% United Kingdom 1,4
Slide 24: P/C: internal growth at 9.5% – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 P/C: internal growth at 9.5% Comments • Internal growth strong – volumes in retail pick up • Italy – price and volume effect positive Internal growth mainly driven by volume effect (+6.3%). Solid growth driven by both retail and commercial lines. Price effect at +3
Slide 25: P/C: operating profit jumps 22%
B. GROUP FINANCIAL RESULTS 3Q 2025 P/C: operating profit jumps 22% Operating profit drivers Combined ratio -1.6%-p (EUR mn) (in %) 93.5 91.9 +21.5% Retail1 94.9 91.3 +397 +14 +13 2,394 1,969 Commercial1 90.5 92.0 3Q 24 3Q 25 Loss ratio2 69.8% 68.3% t/o undiscounted attr. LR 71.7% 70.5% t/o discounti
Slide 26: P/C: operating profit jumps 22% – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 P/C: operating profit jumps 22% Comments • Excellent OP driven by strong underlying performance • Combined ratio by customer segment Record operating profit for a quarter, up 22% vs. prior year. Excellent CR in retail incl. SME & fleet driven by sharp improvements
Slide 27: P/C: continued excellent performance
B. GROUP FINANCIAL RESULTS 3Q 2025 P/C: continued excellent performance (EUR mn) Operating profit Combined ratio NatCat impact 3Q 25 ∆ p.y. 3Q 25 ∆ p.y. 3Q 25 ∆ p.y. Total P/C segment 2,394 +21.5% 91.9% -1.6%-p 0.3%-p -3.1%-p Selected OEs Germany 578 +51.4% 86.2% -5.6%-p -0.3%-p -6.9%-p United Kingd
Slide 28: P/C: continued excellent performance – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 P/C: continued excellent performance Comments • Germany – outstanding performance • Spain – operating profit and CR worsen CR improves to 86.2% driven by very benign NatCat CR impacted by higher ER and run-off development. environment as well as better undiscounted
Slide 29: P/C: investment result up 2%
B. GROUP FINANCIAL RESULTS 3Q 2025 P/C: investment result up 2% Operating investment result Current yield Economic reinvestment yield (EUR mn) (debt securities, in %) (debt securities, in %) +1.9% 0.92 0.89 3.9 4.0 748 763 3Q 24 3Q 25 3Q 24 3Q 25 3Q 24 3Q 25 Total average asset base3 Duration4 Asset
Slide 30: P/C: investment result up 2% – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 P/C: investment result up 2% Comments • Interest & similar income declines • Valuation result and other Lower interest & similar income almost entirely driven by Valuation and other result improves due to positive impact from impact from transfer of the German APR
Slide 31: L/H: value of new business at good level
B. GROUP FINANCIAL RESULTS 3Q 2025 L/H: value of new business at good level New business Value of new (EUR mn) PVNBP PVNBP by LoB margin business 3Q 25 ∆ p.y. 3Q 25 ∆ p.y. 3Q 25 ∆ p.y. 8% Total L/H segment 17,905 -8.1% 5.9% -0.2%-p 1,050 -11.0% 17% Germany Life 4,045 -5.7% 4.7% +0.1%-p 189 -3.1% EUR
Slide 32: L/H: value of new business at good level – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 L/H: value of new business at good level Comments • Value of new business at EUR 1.0bn – attractive NBM • Germany Life – VNB at good level Adj. for F/X and change in scope1 VNB is down 5.3% from Prior year result includes large corporate contract. NBM improves an e
Slide 33: L/H: net CSM increases EUR 1.2bn or 3.5%
B. GROUP FINANCIAL RESULTS 3Q 2025 L/H: net CSM increases EUR 1.2bn or 3.5% Contractual service margin CSM – sensitivities (EUR mn) +704 +514 56,808 +1,153 +30% +7% 55,775 55,543 Equity markets -1,339 -1,265 -30% -8% VNB (3Q 25) 1,050 +50bps -2% Interest rate 34,145 + Non-attr. expenses 155 35,329 -
Slide 34: L/H: net CSM increases EUR 1.2bn or 3.5% – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 L/H: net CSM increases EUR 1.2bn or 3.5% Comments • Gross CSM broadly stable • Non-economic variances/assumption changes Gross CSM slightly down by EUR 0.2bn as normalized CSM Main driver is impact from annual assumption updates (EUR -1.0bn) growth (EUR 0.6bn) and
Slide 35: L/H: operating profit strong at EUR 1.4bn
B. GROUP FINANCIAL RESULTS 3Q 2025 L/H: operating profit strong at EUR 1.4bn Operating profit by profit sources Operating profit by operating entities (EUR mn) (EUR mn) Other OEs Germany Life 3Q 24 3Q 25 ∆ p.y. 182 (+24.2%) 292 (+2.8%) CSM release 1,267 1,265 -1 Germany Health 13% 21% 58 (+14.7%) 4%
Slide 36: L/H: operating profit strong at EUR 1.4bn – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 L/H: operating profit strong at EUR 1.4bn Comments • Operating profit slightly up to EUR 1.4bn • Germany Life – in line with business growth Operating profit at 26% of FY outlook midpoint. Adjusted for • USA – favorable non-recurring items change in scope1 and F/X
Slide 37: AM: outstanding 3rd party net inflows of EUR 51bn
B. GROUP FINANCIAL RESULTS 3Q 2025 AM: outstanding 3rd party net inflows of EUR 51bn 3rd party assets under management development 3rd party net flow split (EUR bn) (EUR bn) +4.7% Fixed income +49.0 PIMCO: +4.8% AllianzGI: +4.2% Equities -3.1 Asset 1,842 +49.1 +2.3 +41.6 1,928 classes Multi-assets +
Slide 38: AM: outstanding 3rd party net inflows – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 AM: outstanding 3rd party net inflows of EUR 51bn Comments • Business highlights • 3rd party net flows AM segment: record 3Q-level with EUR +51bn Starting from excellent levels in 1Q and 2Q 2025, an even 3rd party net inflows driven by fixed income business, suppor
Slide 39: AM: operating revenues up 9% excl. F/X
B. GROUP FINANCIAL RESULTS 3Q 2025 AM: operating revenues up 9% excl. F/X Revenues PIMCO AllianzGI (EUR mn) (EUR mn) (EUR mn) +3.9% +7.7% -6.0% Internal growth +9.1% +14.4% -5.1% 2,005 2,084 1,584 96 1,470 531 Performance fees 62 61 499 31 31 AuM driven & 35 other revenues1 1,943 1,988 1,439 1,523 5
Slide 40: AM: operating revenues up 9% excl. F/X – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 AM: operating revenues up 9% excl. F/X Comments • Segment revenues – EUR 2.1bn • Segment margin – 38.1bps Higher levels of AuM driven revenues and performance No significant change versus 3Q 2024 (38.4bps). fees and adverse F/X impacts lead to an overall revenue •
Slide 41: AM: operating profit up 11% excl. F/X
B. GROUP FINANCIAL RESULTS 3Q 2025 AM: operating profit up 11% excl. F/X Operating profit drivers PIMCO (EUR mn) (EUR mn) +5.9% +8.7% +10.9% Internal growth 601 653 +176 8281 7821 Performance fee impact2 59.2 58.8 CIR (in %) 16 -91 43 -39 OP excl. performance fee impact2 766 +2.5% fee impact2 3Q 24
Slide 42: AM: operating profit up 11% excl. F/X – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 AM: operating profit up 11% excl. F/X Comments • Segment – OP excluding F/X up 11% • AllianzGI – OP at EUR 186mn Higher AuM driven revenues and performance fees A higher level of performance fees, lower AuM driven revenues and combined with an adverse F/X effect ov
Slide 43: CO: in line with expectations
B. GROUP FINANCIAL RESULTS 3Q 2025 CO: in line with expectations Operating result development and components (EUR mn) +14 +4 -185 -27 -3 -197 +6.6% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 3Q 24 3Q 25 3Q 25 -244 50 15 -18 3Q 24 -216 46 1 -1
Slide 44: CO: in line with expectations – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 CO: in line with expectations Comments • Operating loss at 25% of FY outlook midpoint Higher contribution from Alternative Investments offset by lower result from Holding & Treasury. B 33
Slide 45: Group: s/h core net income up 13% to EUR 2.9bn
B. GROUP FINANCIAL RESULTS 3Q 2025 Group: s/h core net income up 13% to EUR 2.9bn (EUR mn) 3Q 24 3Q 25 ∆ p.y. Operating profit 3,938 4,433 +495 Non-operating items -417 -431 -14 Realized gains/losses (net) -0 48 +48 Expected credit loss and impairments (net) -33 -30 +3 Result from assets and liabili
Slide 46: Group: s/h core net income up 13% – comments
B. GROUP FINANCIAL RESULTS 3Q 2025 Group: s/h core net income up 13% to EUR 2.9bn Comments • S/h core net income up 12.7% to EUR 2.9bn • Reconciliation between s/h net income and s/h core net income Increase driven by operating profit (∆ EUR +0.5bn). Negligible impact from non-operating market movem
Slide 47: Content/topics
Content/topics 1 Group financial results 3Q 2025 2 Additional information Glossary Disclaimer
Slide 48: 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 49: Content/topics
Content/topics 1 Group financial results 3Q 2025 2 Additional information Glossary Disclaimer
Slide 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: 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 57: 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 58: Content/topics
Content/topics 1 Group financial results 3Q 2025 2 Additional information Glossary Disclaimer
Slide 59: 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