Slide 1: Group financial results 2024
Group financial results 2024 Allianz Investor Relations App Apple App Store Google Play Store © Allianz 2025 Munich, Please note: February 28, 2025 presentations based on 2024 preliminary figures
Slide 2: Content/topics
Content/topics A CEO assessment and outlook Oliver Bäte B Group financial results 2024 Claire-Marie Coste-Lepoutre Glossary Disclaimer
Slide 3: CEO assessment and outlook
CEO assessment and outlook © Allianz 2025 Oliver Bäte Munich, Chief Executive Officer February 28, 2025
Slide 4: Excellent delivery in 2024, again
A. CEO ASSESSMENT AND OUTLOOK Excellent delivery in 2024, again 180bn 16bn 10bn 1.5bn +11% +9% +10% Total business Shareholders’ Share buy-backs Operating profit volume core net income in 2024 Key figures 2024 (EUR) 15.40 209% 16.9% 2bn +12% Target: ≥ 180% +0.8%-p Dividend Core return on Share buy-b
Slide 5: Growth is accelerating
A. CEO ASSESSMENT AND OUTLOOK Growth is accelerating Total revenues/total business volume Operating profit (EUR bn) 2024 target (EUR bn) 2024 target CAGR 160+ CAGR ≥14.5 1.9% 3.9% 6.6% 2.4% 5.2% 6.1% 125 132 149 180 10.7 11.5 13.4 16.0 Earnings per share Dividend per share3 (EUR) 2024 target (EUR) C
Slide 6: Corporate health at excellent levels
A. CEO ASSESSMENT AND OUTLOOK Corporate health at excellent levels Customers (net promoter score1) Brand (brand value in USD bn2) Employees (IMIX & WWi+ in %3) 80 72 25 23.5 90 Outperforming IMIX Best-in-Class IMIX 2024 70 Loyalty Leader WWi+ Best-in-Class WWi+ 2024 83 20 #1 insurer #29 60 since 201
Slide 7: All segments contributing to performance
A. CEO ASSESSMENT AND OUTLOOK All segments contributing to performance Operating profit (EUR bn) 5.5 7.9 3.2 4.2 5.7 2.5 +6% +5% +4% CAGR CAGR CAGR 2018 2024 2018 2024 2018 2024 Property-Casualty Life/Health Asset Management 2024 2024 2024 • 8.2% internal growth • 17.8% value of new business • EUR 8
Slide 8: P/C – strong engine of our business model
A. CEO ASSESSMENT AND OUTLOOK P/C – strong engine of our business model Excellent growth momentum … … and strong profitability Ambition 2027 Total business volume1 (EUR bn) Operating profit (EUR bn) Commercial lines Combined ratio Retail incl. SME & fleet CAGR Retail incl. Commercial EUR +10% SME &
Slide 9: L/H – capital efficiency drives value creation
A. CEO ASSESSMENT AND OUTLOOK L/H – capital efficiency drives value creation Double-digit growth Optimized mix Improving capital efficiency Ambition 2027 Value of new business OP from P&H and Business to be reinsured (EUR bn) unit-linked (EUR bn) by Sconset Re (USD) +18% +12.4% 10bn EUR Operating pr
Slide 10: AM – performance underpinned by strong inflows
A. CEO ASSESSMENT AND OUTLOOK AM – performance underpinned by strong inflows 3rd party net inflows almost OP above outlook midpoint & Ambition 2027 quadrupled favorable CIR 3rd party AuM (EUR bn) OP (EUR mn) +12% +4% Excl. perf. fee impact +11% EUR 1,920 3,239 Operating profit 1,712 3,126 ~4.0bn 3rd
Slide 11: Permacrisis drives flight to trusted partners
A. CEO ASSESSMENT AND OUTLOOK Permacrisis drives flight to trusted partners Permacrisis elements ONE Value proposition Geopolitics Countries & societies polarizing, cold and hot wars resurfacing Climate change Accelerating human & economic losses, decarbonization The trusted pressure rising partner
Slide 12: Allianz to strongly benefit from secular trends
A. CEO ASSESSMENT AND OUTLOOK Allianz to strongly benefit from secular trends 1 Protection gap widening 2 Retirement opportunity growing Under-protected Demand for higher properties & assets return solutions rising Multiplying new risks, 16bn Compounding pressure Operating e.g. Cyber, NatCat on publ
Slide 13: Our strategy – further unlocking Allianz's potential
A. CEO ASSESSMENT AND OUTLOOK Our strategy – further unlocking Allianz’s potential 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 – PRODUCTIVITY
Slide 14: Smart Growth – customer pull drives volume uplift
A. CEO ASSESSMENT AND OUTLOOK 1 Smart Growth – customer pull drives volume uplift Internal growth p.a. – driver breakdown Volume growth uplift p.a. (2025 – 2027) P/C retail example1 Price 1.5-2x Volume Volume growth Win new customers ~0.5%-p ~7% ~3-4% Increase cross-sell ~0.5%-p ~2% ~2% ~2% Ø pre-in
Slide 15: Productivity – continuous delivery on our ambition
A. CEO ASSESSMENT AND OUTLOOK 2 Productivity – continuous delivery on our ambition P/C expense ratio1 (in %) Ambition 2027 29.0 • Strong track record -30bps p.a. in expense ratio reduction 28.5 28.0 -4%-p overall 30bps • Successes through business Improvement simplification, process p.a. digitizatio
Slide 16: Resilience – diversification & strong capitalization
A. CEO ASSESSMENT AND OUTLOOK 3 Resilience – diversification & strong capitalization Highly diversified cash profile Strong Solvency II ratio with limited sensitivity 31.12.2023 31.12.2024 206% 209% AM Solvency II ratio2 2024 191%197% Equities -30% Gross cash Interest rates -50bps 201% 204% P/C remi
Slide 17: Result – further lifting ambitions
A. CEO ASSESSMENT AND OUTLOOK Result – further lifting ambitions 2024 targets 2027 targets 3y EPS1 CAGR 5-7% 7-9% SII operating capital generation p.a.2 20%-p (FY 2024) 24-25%-p Financial indicators Return on equity1 13% plus 17% plus Payout ratio3 n/a 75% minimum on average Health NPS4 loyalty lead
Slide 18: Confident outlook for 2025
A. CEO ASSESSMENT AND OUTLOOK Confident outlook for 2025 Operating profit (EUR bn) Actual result 17.0 High Midpoint 16.0 16.0 Midpoint +8% 14.7 14.8 15.0 Low 14.2 14.2 13.4 13.4 11.9 12.0 12.0 11.5 11.5 10.8 11.1 11.1 driven by COVID-19 10.71 10.81 10.8 10.4 10.5 2015 2016 2017 2018 2019 2020 2021 2
Slide 19: Continuous attractive payout to shareholders
A. CEO ASSESSMENT AND OUTLOOK Continuous attractive payout to shareholders Allianz capital management approach1 Dividend per share (EUR) Dividend per share the higher of 16 Dividend increased 15.403 CAGR in 8 out of 9 years +9% 60% payout ratio2 14 12 or 10 previous year’s DPS 7.30 8 6 0 15 2015 16
Slide 20: This page left intentionally blank
This page left intentionally blank
Slide 21: Group financial results 2024
Group financial results 2024 © Allianz 2025 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer February 28, 2025
Slide 22: Content/topics
Content/topics 1 Group financial results 2024 2 Additional information 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 23: Group 12M: record profits level
B. GROUP FINANCIAL RESULTS 2024 Group 12M: record profits level Group Property-Casualty Life/Health Asset Management Total business volume 12M 24 in EUR bn (internal growth vs. prior year in %) 179.8 (+11.9%) 82.9 (+8.2%) 89.3 (+16.3%) 8.3 (+3.1%) Operating profit 12M 24 in EUR mn (vs. prior year in
Slide 24: Group 12M: record profits level – comments
B. GROUP FINANCIAL RESULTS 2024 Group 12M: record profits level Comments • Double-digit internal growth of 11.9% • EUR 1.5bn share buy-backs executed Internal growth in P/C at 8.2%, L/H at 16.3% and AM at 5.6mn shares acquired representing 1.4% of issued capital. As of 3.1%. Consolidation (-0.2%) an
Slide 25: Group 4Q: excellent results
B. GROUP FINANCIAL RESULTS 2024 Group 4Q: excellent results Group Property-Casualty Life/Health Asset Management Total business volume 4Q 24 in EUR bn (internal growth vs. prior year in %) 45.9 (+16.2%) 19.5 (+10.9%) 24.3 (+22.6%) 2.4 (+1.3%) Operating profit 4Q 24 in EUR mn (vs. prior year in %) 4,
Slide 26: Group 4Q: excellent results – comments
B. GROUP FINANCIAL RESULTS 2024 Group 4Q: excellent results Comments • Excellent internal growth of 16.2% • P/C – good performance, OP at 27% of FY outlook midpoint Internal growth in P/C at 10.9%, L/H at 22.6% and AM at OP up 21% at EUR 1.9bn. Strong investment result supported by 1.3%. Consolidati
Slide 27: Group: solvency II ratio sustainably strong at 209%
B. GROUP FINANCIAL RESULTS 2024 Group: solvency II ratio sustainably strong at 209% Comprehensive s/h capital S/h equity – sensitivities (EUR bn) +4.3% +30% +4% Equity markets -30% -5% 91.0 94.8 +50bps -0% 32.7 34.5 Interest rates -50bps +0% Net CSM1 58.2 60.3 on gov. bonds -1% S/h equity2 Credit sp
Slide 28: Group: solvency II ratio sustainably strong at 209%
B. GROUP FINANCIAL RESULTS 2024 Group: solvency II ratio sustainably strong at 209% Comments • Comprehensive shareholders’ capital • SII ratio – FY 2024 Shareholders’ equity increases by EUR 2.0bn. Main Increase of 3%-p from 206% to 209%. Major drivers: drivers: + 29%-p organic capital generation (+
Slide 29: Group: 20%-p operating capital generation after tax
B. GROUP FINANCIAL RESULTS 2024 Group: 20%-p operating capital generation after tax +15.1 Own funds -0.0 93.2 (EUR bn) 89.6 -7.5 -3.2 -0.8 +8.4 103.9 96.4 93.2 88.8 87.4+5.2 +3.0 -1.4 P/C AM L/H CO/Conso. 31.12.23 31/12/2021 Regulatory/ Regulatory Operating SII SII Market Market impact Capital Capit
Slide 30: Group: 20%-p operating capital generation after tax
B. GROUP FINANCIAL RESULTS 2024 Group: 20%-p operating capital generation after tax Comments • FY 2024: +29%-p SII capital generation pre tax/dividend • Market impact +20%-p capital generation after tax, +7%-p after tax and -7%-p impact (-5%-p after tax). Favorable equity markets, but dividend accru
Slide 31: P/C: internal growth at 8%
B. GROUP FINANCIAL RESULTS 2024 P/C: internal growth at 8% (EUR mn) Total business volume Rate change on renewals 2024 Total growth Internal growth 12M 24 12M 23 ∆ p.y. ∆ p.y. Total P/C segment 82,883 +8.3% +8.2% +6.9% +7.1% Selected OEs Germany 13,399 +8.1% +8.1% +7.6% +6.6% United Kingdom 5,506 +8
Slide 32: P/C: internal growth at 8%
B. GROUP FINANCIAL RESULTS 2024 P/C: internal growth at 8% Comments • Excellent internal growth • Italy – price and volume drive internal growth Price (+6.3%), volume (+1.8%), and service fees (+0.2%) Higher top-line supported by strong new business in motor. contribute. Internal growth in retail in
Slide 33: P/C: operating profit up 14%
B. GROUP FINANCIAL RESULTS 2024 P/C: operating profit up 14% Operating profit drivers Combined ratio -0.4%-p (EUR mn) (in %) 93.4 93.8 +14.3% Retail1 95.8 94.1 +666 +263 +61 7,898 6,909 Commercial1 90.5 92.2 2023 2024 Loss ratio2 69.3% 69.3% t/o undiscounted attr. LR 72.0% 71.8% t/o discounting impa
Slide 34: P/C: operating profit up 14%
B. GROUP FINANCIAL RESULTS 2024 P/C: operating profit up 14% Comments • OP of EUR 7.9bn, at 108% of FY outlook midpoint • Expense ratio – positive trajectory continues Strong OP driven by better insurance service, investment and ER improves -0.4%-p vs. FY 2023, supported by mix effects other result.
Slide 35: P/C: continued excellent performance globally
B. GROUP FINANCIAL RESULTS 2024 P/C: continued excellent performance globally (EUR mn) Operating profit Combined ratio NatCat impact 2024 ∆ p.y. 2024 ∆ p.y. 2024 ∆ p.y. Total P/C segment 7,898 +14.3% 93.4% -0.4%-p 2.4%-p -1.0%-p Selected OEs Germany 1,376 +17.9% 93.0% -0.8%-p 5.4%-p -1.5%-p United K
Slide 36: P/C: continued excellent performance globally
B. GROUP FINANCIAL RESULTS 2024 P/C: continued excellent performance globally Comments • Germany – very good combined ratio • Spain – operating profit slightly declines CR improves to 93.0%, driven by better performance in CR driven by run-off development and higher NatCat. motor and MidCorp. • LatA
Slide 37: P/C: investment result up 10%
B. GROUP FINANCIAL RESULTS 2024 P/C: investment result up 10% Operating investment result Current yield Economic reinvestment yield (EUR mn) (debt securities, in %) (debt securities, in %) +9.6% 3.34 3.77 4.3 4.1 3,011 2,748 2023 2024 2023 2024 2023 2024 Total average asset base3 Duration4 Assets Li
Slide 38: P/C: investment result up 10%
B. GROUP FINANCIAL RESULTS 2024 P/C: investment result up 10% Comments • Interest & similar income on excellent level • Economic reinvestment yield (debt securities) Income from debt and cash as main driver, due to favorable Economic reinvestment yield slightly below FY 2023. interest rate environme
Slide 39: L/H: value of new business up 18%
B. GROUP FINANCIAL RESULTS 2024 L/H: value of new business up 18% New business Value of new (EUR mn) PVNBP margin business PVNBP by LoB 2024 ∆ p.y. 2024 ∆ p.y. 2024 ∆ p.y. 7% Total L/H segment 81,827 +21.6% 5.7% -0.2%-p 4,694 +17.8% 20% EUR mn Germany Life 18,614 +33.5% 4.7% -0.7%-p 884 +16.0% 81,82
Slide 40: L/H: value of new business up 18%
B. GROUP FINANCIAL RESULTS 2024 L/H: value of new business up 18% Comments • Value of new business up 17.8% to EUR 4.7bn • Germany Life – strong sales performance VNB growth driven by sales performance (+21.6%) with Sales supported by strong demand for products with a short duration attractive NBM o
Slide 41: L/H: normalized CSM growth very good at 6.1%
B. GROUP FINANCIAL RESULTS 2024 L/H: normalized CSM growth very good at 6.1% Contractual service margin1 CSM – sensitivities (EUR mn) +3,092 +484 60,708 +30% +6% +5,237 55,571 Equity markets 52,601 -706 -30% -7% -5,137 VNB (12M 24) 4,694 +50bps -1% Interest rate 31,955 + Non-attr. expenses 693 33,69
Slide 42: L/H: normalized CSM growth very good at 6.1%
B. GROUP FINANCIAL RESULTS 2024 L/H: normalized CSM growth very good at 6.1% Comments • Gross CSM up 5.6% resp. EUR 3.0bn to EUR 55.6bn • Modest economic variances Normalized CSM growth1 (EUR 3.2bn) and positive impact Positive impact driven by favorable F/X development. from economic variances (EUR
Slide 43: L/H: operating profit strong at EUR 5.5bn
B. GROUP FINANCIAL RESULTS 2024 L/H: operating profit strong at EUR 5.5bn Operating profit by profit sources Operating profit by operating entities (EUR mn) (EUR mn) 2023 2024 ∆ p.y. CSM release 4,967 5,137 +170 Other OEs Germany Life 653 (+17.3%) 1,184 (+9.7%) Release of risk adjustment 512 488 -23
Slide 44: L/H: operating profit strong at EUR 5.5bn
B. GROUP FINANCIAL RESULTS 2024 L/H: operating profit strong at EUR 5.5bn Comments • Operating profit grows 6.0% to EUR 5.5bn • Germany Life – 9.7% profit growth Operating profit at 106% of FY outlook midpoint. CSM release Profit growth supported by business growth and higher investment of EUR 5.1bn
Slide 45: AM: EUR 85bn 3rd party net inflows
B. GROUP FINANCIAL RESULTS 2024 AM: EUR 85bn 3rd party net inflows 3rd party assets under management development 3rd party net flow split (EUR bn) (EUR bn) +12.1% Fixed income +81.7 PIMCO: +13.0% Asset AllianzGI: +9.0% classes Equities -2.6 +76.6 1,920 1,712 +84.5 +0.4 +46.2 +1.1 Multi-assets 399 36
Slide 46: AM: EUR 85bn 3rd party net inflows
B. GROUP FINANCIAL RESULTS 2024 AM: EUR 85bn 3rd party net inflows Comments • Business highlights • 3rd party net flows AM segment: EUR +84.8bn Investment performance of PIMCO: 86% of 3rd party AuM FY 2024: 3rd party net inflows driven by fixed income business, outperform benchmarks on a trailing 3-
Slide 47: AM: AuM driven revenues up 7%
B. GROUP FINANCIAL RESULTS 2024 AM: AuM driven revenues up 7% Revenues PIMCO AllianzGI (EUR mn) (EUR mn) (EUR mn) +3.0% +2.8% +4.2% Internal growth +3.1% +2.8% +4.4% 8,086 8,324 6,225 545 6,058 Performance fees 817 380 658 AuM driven & other revenues1 2,002 2,086 159 166 7,268 7,779 5,400 5,845 1,84
Slide 48: AM: AuM driven revenues up 7%
B. GROUP FINANCIAL RESULTS 2024 AM: AuM driven revenues up 7% Comments • Segment revenues – EUR 8.3bn • Segment margin – 38.5bps FY 2024: AuM driven revenues increase by 7% due to FY 2024: decrease by 0.4bps from 38.9bps in FY 2023 driven by both higher average 3rd party AuM; level of performance fe
Slide 49: AM: OP excl. performance fees up 11%
B. GROUP FINANCIAL RESULTS 2024 AM: OP excl. performance fees up 11% Operating profit drivers PIMCO (EUR mn) (EUR mn) +3.6% +2.7% +3.7% Internal growth 3,2391 2,453 2,518 3,1261 +243 460 269 -126 -4 Performance fee impact2 59.5 59.6 CIR (in %) OP excl. performance fee impact2 2,666 +11.4% 2,969 fee
Slide 50: AM: OP excl. performance fees up 11%
B. GROUP FINANCIAL RESULTS 2024 AM: OP excl. performance fees up 11% Comments • Segment – OP at 104% of FY outlook midpoint • AllianzGI – excellent OP, up 10% Strong underlying performance with 11% operating profit Strong increase of operating profit to EUR 733mn, driven by higher increase excluding
Slide 51: CO: better than expected
B. GROUP FINANCIAL RESULTS 2024 CO: better than expected Operating result development and components (EUR mn) +31 -474 -73 0 -99 -615 +29.9% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 2023 2024 2024 -841 202 23 0 2023 -768 172 123 0 B 31
Slide 52: CO: better than expected
B. GROUP FINANCIAL RESULTS 2024 CO: better than expected Comments • Operating loss of EUR -615mn (∆ EUR -141mn) at 77% of FY outlook midpoint (better) Higher contribution from Banking more than offset by decline in results from Holding & Treasury and Alternative Investments. • Holding & Treasury Pri
Slide 53: Group: net remittance ratio above 90%
B. GROUP FINANCIAL RESULTS 2024 Group: net remittance ratio above 90% Net cash remittance1 Net cash remittance - details1 (EUR bn) (EUR bn) 2022 2023 2024 Series 1 8.2 8.1 Net cash remittance1 5.1 8.2 8.1 of which P/C 3.2 3.0 4.1 5.1 of which L/H 6.5 3.0 2.6 of which AM -3.3 2.8 2.3 Net remittance r
Slide 54: Group: net remittance ratio above 90%
B. GROUP FINANCIAL RESULTS 2024 Group: net remittance ratio above 90% Comments • 2022 net cash remittance Includes impact from Structured Alpha (EUR -6.1bn) and U.S. back-book management (EUR +4.0bn). Adjusted for these items net cash remittance was EUR 7.2bn. • 2023 net cash remittance Increase is
Slide 55: Group: s/h core net income up 10% to EUR 10bn
B. GROUP FINANCIAL RESULTS 2024 Group: s/h core net income up 10% to EUR 10bn (EUR mn) 2023 2024 ∆ p.y. Operating profit 14,746 16,023 +1,277 Non-operating items -3,164 -2,007 +1,158 Realized gains/losses (net) -302 -168 +135 Expected credit loss and impairments (net) -203 -48 +154 Result from asset
Slide 56: Group: s/h core net income up 10% to EUR 10bn
B. GROUP FINANCIAL RESULTS 2024 Group: s/h core net income up 10% to EUR 10bn Comments • S/h core net income up 10.1% to EUR 10.0bn • Result from assets and liabilities measured at FV Profit growth driven by operating profit (∆ EUR +1.3bn) and Line item includes amortization of tax incentivized alte
Slide 57: Outlook 2025 – operating profit 16bn
B. GROUP FINANCIAL RESULTS 2024 Outlook 2025 – operating profit Operating profit outlook 2025 (EUR) Midpoints Group 16bn 8.0bn 5.5bn 3.3bn -0.8bn ± 1bn Property/ Life/Health Asset Corporate/ Casualty Management Consolidation Support for Share buy-back Core EPS growth 2bn Disclaimer: Impact from NatC
Slide 58: Outlook 2025
B. GROUP FINANCIAL RESULTS 2024 Outlook 2025 Comments • P/C – midpoint at EUR 8.0bn • AM – midpoint at EUR 3.3bn Assumed growth of total business volume at 6-7%. A higher level of 3rd party AuM is expected to result in a slight Expected combined ratio at ~93%, assuming NatCat increase of the operati
Slide 59: 2024 results good starting point for targets 2027
B. GROUP FINANCIAL RESULTS 2024 2024 results good starting point for targets 2027 2023 2024 Targets (2025-2027) Comments EPS1 (EUR) 22.6 +12% 25.4 +7-9% CAGR • Strong momentum in businesses • Disciplined capital management and RoE1 16.1% +0.8%-p 16.9% 17% plus focused growth SII capital 20%-p ± 0%-p
Slide 60: Content/topics – Additional information
Content/topics 1 Group financial results 2024 2 Additional information • Allianz track record Page B41 • Financial leverage B42 • Investment portfolio B43 • Economic reinvestment yields B53 • Sustainability B54 Glossary Disclaimer
Slide 61: 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 62: Leverage ratios and ratings
ADDITIONAL INFORMATION Leverage ratios and ratings Leverage ratios Insurer financial strength ratings/outlook (EUR bn) (31.12.2024) Financial leverage1 23.0% 23.4% 32.7 34.5 S&P AA stable Moody’s Aa2 stable 53.5 55.4 Shareholders’ equity (adj.)2 17.3 18.4 Net CSM Subordinated bonds3 A.M. Best A+ sta
Slide 63: Investment portfolio (economic view)
ADDITIONAL INFORMATION Investment portfolio (economic view) Asset allocation Total: EUR 752.3bn Debt instruments by rating (2023: EUR 740.3bn) Debt Instruments 80% AAA 16% Equities 10% AA 22% Real Estate 7% A 25% Cash/Other 2% BBB 26% Non-investment grade 6% Trading category Not rated3 4% Traded 67%
Slide 64: Debt instruments (economic view)
ADDITIONAL INFORMATION Debt instruments (economic view) By type of issuer Total By rating Treasury & Gov-t related 37% EUR 604.0bn AAA 16% Securitized1 24% AA 22% Corporate 39% A 25% thereof Banking 6% BBB 26% BBB+ 9% Trading category BBB 13% Traded 77% BBB- 4% Non-traded 23% Non-investment grade 6%
Slide 65: Debt instruments: government bonds (economic view)
ADDITIONAL INFORMATION Debt instruments: government bonds (economic view) By region Total By rating EUR 223.0bn1 France 13% AAA 16% Germany 13% AA 37% Italy 9% A 19% Spain 4% BBB 21% Rest of Europe 23% Non-investment grade 5% USA 8% Not rated 2% Rest of World 23% Supranational 8% By segment (EUR bn)
Slide 66: Government bonds details (economic view)
ADDITIONAL INFORMATION Government bonds 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 28.9 4.8 22.7 4.9 3.1 3.3 Germany 28.8 4.8 23.5 5.1 3.2 3.5 Italy 19.4 3.2 10.9 2.3 2.9 3.2 USA 17.1 2.8 14.5 3.1 2.5 2.7 S
Slide 67: Debt instruments: securitized bonds (economic view)
ADDITIONAL INFORMATION Debt instruments: securitized bonds (economic view) By type Total By rating EUR 144.4bn Mortgages 50% AAA 36% Covered 31% AA 26% ABS/MBS (Non-U.S. Agency) 15% A 21% MBS (U.S. Agency) 2% BBB 10% Other 2% Non-investment grade 4% Not rated 2% Trading category Traded 50% Non-trade
Slide 68: Debt instruments: corporates (economic view)
ADDITIONAL INFORMATION Debt instruments: corporates (economic view) By sector Total By rating EUR 236.5bn Banking 16% AAA 2% Other financials 18% AA 6% Consumer 19% A 34% Industrial 18% BBB 41% Utility 10% Non-investment grade 9% Communication 7% Not rated 7% Energy 7% Other 6% Trading category Trad
Slide 69: Equity portfolio (economic view)
ADDITIONAL INFORMATION Equity portfolio (economic view) By region Total By industry EUR 78.9bn Germany 6% Energy 6% Eurozone excl. Germany 11% Consumer 6% Europe excl. Eurozone 11% Industrial 5% NAFTA 25% Banking 3% Rest of World 18% Other financials 3% Multinational1 29% Basic materials 1% Utilitie
Slide 70: Real estate portfolio (economic view)
ADDITIONAL INFORMATION Real estate portfolio (economic view) By region Total By sectors EUR 53.9bn Germany 16% Office 49% France 12% Residential 17% Switzerland 11% Logistics 13% Italy 7% Retail 10% Rest of Eurozone 21% Other/mixed 10% USA 12% Rest of World 22% Trading category Traded 0% Non-traded
Slide 71: Group non-traded assets – high portfolio quality
ADDITIONAL INFORMATION Group non-traded assets – high portfolio quality Non-traded equity (excl. real estate, FY 2024) Non-traded debt (FY 2024) Ø 18bps p.a. Private equity Non-commercial mortgages Infrastructure Commercial mortgages 4% Strategic participations loss experience Private placements 9%
Slide 72: Investments: accounting vs. economic view
ADDITIONAL INFORMATION Investments: accounting vs. economic view Investment portfolio Investment portfolio Accounting view1 Economic view YE 2024 Asset allocation Accounting view1 Δ reconciliation3 Economic view Asset allocation EUR bn Debt Instruments 75% Debt instruments 574 75% 30 604 80% Debt In
Slide 73: Economic reinvestment yields 2024
ADDITIONAL INFORMATION Economic reinvestment yields 2024 Regional allocation 8% New F/I Maturity P/C Yield investments in years 18% 53% P/C Government bonds1 49% 4.1% 7 21% Covered2 16% 4.1% 7 Corporates 35% 3.9% 6 Europe Emerging markets North America Asia Pacific Total F/I 2024 100% 4.1% 7 2% L/H
Slide 74: 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 operations (in mn t CO2e)1 (in kt CO2e/mn EUR (in mn t CO2)3 (in t CO2e/
Slide 75: Content/topics
Content/topics 1 Group financial results 2024 2 Additional information Glossary Disclaimer
Slide 76: Glossary (1)
GLOSSARY Glossary (1) AGCS Allianz Global Corporate & Specialty AllianzGI Allianz Global Investors AM (The Allianz business segment) Asset Management APR Accident insurance with premium refund (“Unfallversicherung mit Beitragsrückzahlung”): Special form of accident insurance where the policyholder,
Slide 77: Glossary (2)
GLOSSARY Glossary (2) CE Central Europe CIR Cost-income ratio: Operating expenses divided by operating revenues. CO (The Allianz business segment) Corporate and Other Comprehensive shareholders’ Shareholders’ equity plus net CSM. capital Core EPS Core earnings per share: Calculated by dividing the r
Slide 78: Glossary (3)
GLOSSARY Glossary (3) dNPS Digital net promoter score: A measurement of customers’ willingness to recommend Allianz. ECL Expected credit loss Economic reinvestment yield Reflects the reinvestment yield, including F/X hedging costs on non-domestic hard-currency F/X bonds as well as expected F/X losse
Slide 79: 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 80: 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: Liab
Slide 81: 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 82: 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 83: 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 84: Content/topics
Content/topics 1 Group financial results 2024 2 Additional information Glossary Disclaimer
Slide 85: 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