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, August 7, 2025
Slide 2: Content/topics
Content/topics CEO perspective Oliver Bäte A CFO perspective Claire-Marie Coste-Lepoutre B Group financial results 2Q 2025 Claire-Marie Coste-Lepoutre C Glossary Disclaimer Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely refl
Slide 3: CEO perspective
CEO perspective © Allianz 2025 Oliver Bäte Munich, Chief Executive Officer August 7, 2025
Slide 4: Our strategy – unlocking Allianz's potential
A. CEO PERSPECTIVE Our strategy – unlocking Allianz’s potential ONE TWO THREE Value proposition World-class Value accelerators businesses DRIVING tion Retire 1 The trusted Balanced global c SMART GROWTH te me Pro partner for franchise: nt Protection and REINFORCING protecting and 2 Retirement – PROD
Slide 5: Focused on smart growth and productivity
A. CEO PERSPECTIVE Focused on smart growth and productivity 1 Smart growth assessment 2 Productivity assessment Internal growth – 6M 2025 P/C expense ratio, in % Ambition P/C total +8% Internal growth momentum remains high. All sub-segments deliver strong growth 30bps o/w volume effect ~+3% 24.9 imp
Slide 6: Continued portfolio optimization & growth
A. CEO PERSPECTIVE Continued portfolio optimization & growth Fee growth / investment Viridium consortium Emerging markets European life insurance consolidator Africa Capital optimization Sanlam JV stake increased from 40% to 49% Allianz Life U.S. efficient capital usage Allianz in India • Sale of 26
Slide 7: Strong resilience across all dimensions
A. CEO PERSPECTIVE 3 Strong resilience across all dimensions Diversified growth profile Strong financials delivered in 1H Resilient balance sheet Strong momentum in all segments On track to reach targets Capital generation improved Property-Casualty +8% Operating profit Solvency II +13%-p Internal g
Slide 8: Content/topics
Content/topics CEO perspective Oliver Bäte A CFO perspective Claire-Marie Coste-Lepoutre B Group financial results 2Q 2025 Claire-Marie Coste-Lepoutre C Glossary Disclaimer
Slide 9: CFO perspective
CFO perspective © Allianz 2025 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer August 7, 2025
Slide 10: Group results – excellent first half, fully on track
B. CFO PERSPECTIVE Group results – excellent first half, fully on track Total business volume By segments1,2 Operating profit By segments2 (EUR bn) (EUR mn) +10.1 %1 Performance P/C: 47bn (+8%) +9.3% P/C: 4.5bn (+12%) L/H: 48bn (+13%) L/H: 2.8bn (+5%) Top-line 98.5 98bn 8,644 8.6bn 91.0 AM: 4bn (+4%
Slide 11: P/C – retail & commercial deliver excellent results
B. CFO PERSPECTIVE P/C – retail & commercial deliver excellent results Total business volume Combined ratio Operating profit (EUR bn) (in %) (EUR mn) +8%1 -1.2%-p +12% 47.1 92.7 91.5 4,465 44.8 3,981 18.5 19.5 Commercial +7%1 90.6% 91.0% Commercial 26.3 27.5 Retail +8%1 93.9% 91.8% Retail 6M 24 6M 2
Slide 12: L/H – strong new business growth
B. CFO PERSPECTIVE L/H – strong new business growth Value of new business Contractual service margin Operating profit (EUR mn) (EUR bn) (EUR mn) +9% +0% +5% 2,705 2,830 2,562 55.6 55.8 2,358 PVNBP (EUR bn) 41.1 45.6 +11% Normalized NBM (in %) 5.7 5.6 -0.1%-p 3.11 2.82 CSM growth (in %) 6M 24 6M 25 3
Slide 13: AM – very good organic AuM growth
B. CFO PERSPECTIVE AM – very good organic AuM growth 3rd party AuM Revenues Operating profit (EUR bn) (EUR mn) (EUR mn) -4% +3% + 5% 1,920 3,964 4,103 1,842 Performance 1,516 1,589 AllianzGI 207 109 fees 399 390 -2% AuM driven & 3,757 3,993 other revenues2 1,521 PIMCO 1,451 -5% +42 AM 3rd party 38.2
Slide 14: Group – strong organic growth of solvency capital
B. CFO PERSPECTIVE Group – strong organic growth of solvency capital SII capitalization1 SII capitalization – sensitivities 30.06.25 209% +13%-p 220% +30% 219% Equity -1%-p markets3 -30% 209% +0%-p 209% 196% -0%-p -11%-p Interest +50bps 210% rates -50bps 207% on gov. Credit 204% bonds spread on non-
Slide 15: Confidence in momentum and delivery
B. CFO PERSPECTIVE Confidence in momentum and delivery (EUR) 6M 25 % of FY FY 2025 Targets 2025-27 6M 25 2027 outlook midpoint Operating profit +11.3% 7-9% 8.6bn 54% 16.0bn Core EPS growth1 (7.9% adjusted)3 CAGR P/C operating profit 4.5bn 56% 8.0bn Core RoE2 18.5% 17% plus (17.9% adjusted)3 L/H oper
Slide 16: Content/topics
Content/topics CEO perspective Oliver Bäte A CFO perspective Claire-Marie Coste-Lepoutre B Group financial results 2Q 2025 Claire-Marie Coste-Lepoutre C Glossary Disclaimer
Slide 17: Group financial results 2Q 2025
Group financial results 2Q 2025 © Allianz 2025 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer August 7, 2025
Slide 18: Content/topics
Content/topics 1 Group financial results 2Q 2025 2 Additional information Glossary Disclaimer
Slide 19: Group 6M: excellent first half, fully on track
C. GROUP FINANCIAL RESULTS 2Q 2025 Group 6M: excellent first half, fully on track Group Property-Casualty Life/Health Asset Management Total business volume 6M 25 in EUR bn (internal growth vs. prior year in %) 98.5 (+10.1%) 47.1 (+7.9%) 47.6 (+12.8%) 4.1 (+3.8%) Operating profit 6M 25 in EUR mn (vs
Slide 20: Group 6M: excellent first half, fully on track – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 Group 6M: excellent first half, fully on track Comments • Double-digit internal growth of 10.1% • Core RoE (annualized) improves by 1.6%-p to 18.5% Internal growth in P/C at 7.9%, L/H at 12.8% and AM at • EUR 2bn share buy-back ongoing 3.8%. Consolidation (-0.4%) a
Slide 21: Group 2Q: operating profit at record level
C. GROUP FINANCIAL RESULTS 2Q 2025 Group 2Q: operating profit at record level Group Property-Casualty Life/Health Asset Management Total business volume 2Q 25 in EUR bn (internal growth vs. prior year in %) 44.5 (+8.0%) 20.1 (+8.7%) 22.5 (+7.8%) 2.0 (+6.6%) Operating profit 2Q 25 in EUR mn (vs. prio
Slide 22: Group 2Q: operating profit at record level – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 Group 2Q: operating profit at record level Comments • Strong internal growth of 8.0% • P/C – operating profit jumps +20% to EUR 2.3bn Internal growth in P/C at 8.7%, L/H at 7.8% and AM at OP at 29% of FY outlook midpoint. Outstanding insurance service 6.6%. Consoli
Slide 23: Group: highly robust Solvency II ratio of 209%
C. GROUP FINANCIAL RESULTS 2Q 2025 Group: highly robust Solvency II ratio of 209% Comprehensive s/h capital S/h equity – sensitivities (EUR bn) -5.9% +30% +4% Equity markets -30% -5% 94.8 97.2 91.4 +50bps -1% 34.5 34.8 34.2 Interest rates -50bps +1% Net CSM1 60.3 62.4 57.2 on gov. bonds -2% S/h equi
Slide 24: Group: highly robust Solvency II ratio of 209% – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 Group: highly robust Solvency II ratio of 209% Comments • Comprehensive shareholders’ capital • Solvency II ratio Shareholders’ equity decreases by EUR 5.2bn. Main Ratio increases by 1%-p from 208% to 209%. Main drivers after tax: drivers: + 6%-p organic capital ge
Slide 25: Group: excellent OCG at +6%-p after tax
C. GROUP FINANCIAL RESULTS 2Q 2025 Group: excellent OCG at +6%-p after tax Own funds (EUR bn) 93.2 +3.4 91.8 +0.0 91.9 -0.0 -1.5 -1.8 +1.8 91.8 91.5+1.4 95.2 93.7 91.9 +0.5 -0.3 P/C AM L/H CO/Conso. 31.12.24 31/12/2024 31.03.25 31/03/2025 Regulatory/ Regulatory Operating SII SII Market Market impact
Slide 26: Group: excellent OCG at +6%-p after tax – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 Group: excellent OCG at +6%-p 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%-p). after tax and quarterly dividend accrual. Capital genera
Slide 27: P/C: very good internal growth
C. GROUP FINANCIAL RESULTS 2Q 2025 P/C: very good internal growth (EUR mn) Total business volume Rate change on renewals 2Q 25 Total growth Internal growth 6M 25 12M 24 ∆ p.y. ∆ p.y. Total P/C segment 20,126 +4.4% +8.7% +5.0% +6.9% Selected OEs Germany 2,683 +4.2% +9.6% +8.5% +7.6% United Kingdom 1,
Slide 28: P/C: very good internal growth – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 P/C: very good internal growth Comments • Internal growth at +8.7% • Italy – internal growth driven by retail business Very good internal growth driven by price (+3.7%), volume Higher top-line following price increases across several lines. (+4.9%) and service fees
Slide 29: P/C: record OP, strong underlying performance
C. GROUP FINANCIAL RESULTS 2Q 2025 P/C: record OP, strong underlying performance Operating profit drivers Combined ratio -2.2%-p (EUR mn) (in %) 93.5 91.2 +19.9% Retail1 94.7 91.8 +473 2,295 1,915 -89 -3 Commercial1 91.3 90.3 2Q 24 2Q 25 Loss ratio2 69.2% 67.4% t/o undiscounted attr. LR 72.4% 70.3%
Slide 30: P/C: record OP, strong underlying performance – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 P/C: record OP, strong underlying performance Comments • OP improvement driven by underlying performance • Expense ratio – positive trajectory continues Record operating profit for a quarter, up 20% vs. prior year. ER improves -0.4%-p to 23.9%, equally driven by lo
Slide 31: P/C: excellent combined ratio at 91.2%
C. GROUP FINANCIAL RESULTS 2Q 2025 P/C: excellent combined ratio at 91.2% (EUR mn) Operating profit Combined ratio NatCat impact 2Q 25 ∆ p.y. 2Q 25 ∆ p.y. 2Q 25 ∆ p.y. Total P/C segment 2,295 +19.9% 91.2% -2.2%-p 1.4%-p -2.0%-p Selected OEs Germany 514 n.m.1 86.8% -13.0%-p 3.2%-p -10.9%-p United Kin
Slide 32: P/C: excellent combined ratio at 91.2% – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 P/C: excellent combined ratio at 91.2% Comments • Germany – excellent performance • LatAm – combined ratio at 94% CR improves to 86.8% from lower NatCat and weather Excellent performance in Brazil with CR of 91.7%. OP declines losses as well as better undiscounted
Slide 33: P/C: investment result impacted by F/X
C. GROUP FINANCIAL RESULTS 2Q 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 %) -12.3% 0.97 0.91 4.3 3.9 725 636 2Q 24 2Q 25 2Q 24 2Q 25 2Q 24 2Q 25 Total average asset base3 Dura
Slide 34: P/C: investment result impacted by F/X – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 P/C: investment result impacted by F/X Comments • Interest & similar income declines • Valuation result and other Lower interest & similar income mainly due to Valuation and other result better than last year due to transfer of the EUR ~-80mn impact from transfer o
Slide 35: L/H: strong new business
C. GROUP FINANCIAL RESULTS 2Q 2025 L/H: strong new business New business Value of new (EUR mn) PVNBP margin business PVNBP by LoB 2Q 25 ∆ p.y. 2Q 25 ∆ p.y. 2Q 25 ∆ p.y. 7% Total L/H segment 19,518 +3.8% 5.7% -0.1%-p 1,122 +2.9% 17% Germany Life 4,078 -13.5% 4.6% -0.2%-p 186 -17.9% EUR mn 19,518 48%
Slide 36: L/H: strong new business – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 L/H: strong new business Comments • Value of new business up 2.9% to EUR 1.1bn • Germany Life – less single premium business VNB growth driven by strong sales performance (PVNBP Decline in sales driven by less single premium business. NBM +3.8% or +5.9% adjusted fo
Slide 37: L/H: normalized CSM growth 6M good at 2.8%
C. GROUP FINANCIAL RESULTS 2Q 2025 L/H: normalized CSM growth 6M good at 2.8% Contractual service margin1 CSM – sensitivities (EUR mn) +747 +30% +6% +1,243 58,035 Equity 56,968 56,578 markets -849 -74 55,775 -30% -7% -1,458 VNB (2Q 25) 1,122 -802 Interest +50bps -1% 34,678 34,400 34,145 rate + Non-a
Slide 38: L/H: normalized CSM growth 6M good at 2.8% – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 L/H: normalized CSM growth 6M good at 2.8% Comments • Gross CSM impacted by change in scope and F/X • Economic variances driven by F/X CSM declines EUR 1.2bn as normalized CSM growth Main driver is F/X (EUR -1.4bn) overcompensating favorable market (EUR 0.5bn) is m
Slide 39: L/H: operating profit at 26% of FY outlook midpoint
C. GROUP FINANCIAL RESULTS 2Q 2025 L/H: operating profit at 26% of FY outlook midpoint Operating profit by profit sources Operating profit by operating entities (EUR mn) (EUR mn) 2Q 24 2Q 25 ∆ p.y. CSM release 1,241 1,458 +217 Other OEs Germany Life 198 (+24.4%) 288 (-2.4%) Release of risk adjustmen
Slide 40: L/H: operating profit at 26% of FY outlook midpoint – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 L/H: operating profit at 26% of FY outlook midpoint Comments • Operating profit slightly up to EUR 1.4bn • Germany Life – profitability remains strong Operating profit at 26% of FY outlook midpoint. Increase in In line with expectations. Operating profit up 2.9% vs
Slide 41: AM: good organic AuM growth, adverse F/X
C. GROUP FINANCIAL RESULTS 2Q 2025 AM: good organic AuM growth, adverse F/X 3rd party assets under management development 3rd party net flow split (EUR bn) (EUR bn) -3.8% Fixed income +15.8 PIMCO: -4.8% AllianzGI: +0.3% Equities -1.8 Asset 1,914 +15.0 +18.0 classes -0.4 1,842 Multi-assets 389 -1.3 -
Slide 42: AM: good organic AuM growth, adverse F/X – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 AM: good organic AuM growth, adverse F/X Comments • Business highlights • 3rd party net flows AM segment: EUR +14bn A great level of 90% of 3rd party AuM outperform 3rd party net inflows driven by fixed income business. benchmarks on a trailing 3-year basis before
Slide 43: AM: AuM driven revenues up 8% excl. F/X
C. GROUP FINANCIAL RESULTS 2Q 2025 AM: AuM driven revenues up 8% excl. F/X Revenues PIMCO AllianzGI (EUR mn) (EUR mn) (EUR mn) +1.8% +3.5% -3.0% Internal growth +6.6% +9.0% -0.4% 2,010 1,974 1,477 1,529 60 Performance fees 80 43 46 497 482 AuM driven & 37 14 other revenues1 1,894 1,950 1,434 1,483 4
Slide 44: AM: AuM driven revenues up 8% excl. F/X – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 AM: AuM driven revenues up 8% excl. F/X Comments • Segment revenues – EUR 2.0bn • Segment margin – 37.8bps Excluding F/X, AuM driven revenues increase by 8% due No significant change versus 2Q 2024 (38.2bps). to higher average 3rd party AuM. A lower level of • PIMC
Slide 45: AM: operating profit up 9% excl. F/X
C. GROUP FINANCIAL RESULTS 2Q 2025 AM: operating profit up 9% excl. F/X Operating profit drivers PIMCO (EUR mn) (EUR mn) +4.9% +5.6% +9.1% Internal growth +114 7791 582 615 7421 23 -47 50 Performance fee impact2 -31 60.6 59.8 CIR (in %) OP excl. performance fee impact2 719 +1.3% 728 fee impact2 2Q 2
Slide 46: AM: operating profit up 9% excl. F/X – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 AM: operating profit up 9% excl. F/X Comments • Segment – OP excluding F/X up 9% • AllianzGI – OP up 4% Higher AuM driven revenues, lower performance fees and Operating profit increases to EUR 170mn, driven by higher AuM adverse F/X overall result in an operating p
Slide 47: CO: better than expected
C. GROUP FINANCIAL RESULTS 2Q 2025 CO: better than expected Operating result development and components (EUR mn) +18 -0 +20 +0 -74 -112 -34.2% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 2Q 24 2Q 25 2Q 25 -156 51 31 0 2Q 24 -175 51 13 0 C 32
Slide 48: CO: better than expected – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 CO: better than expected Comments • Operating loss at 9% of FY outlook midpoint (better) Improvement driven by Holding & Treasury and Alternative Investments. • Holding & Treasury Improvement driven by better result from Allianz Technology and higher investment inc
Slide 49: Group: s/h core net income up 17% to EUR 3bn
C. GROUP FINANCIAL RESULTS 2Q 2025 Group: s/h core net income up 17% to EUR 3bn (EUR mn) 2Q 24 2Q 25 p.y. Operating profit 3,926 4,406 +480 Non-operating items -441 -304 +138 Realized gains/losses (net) -5 369 +375 Expected credit loss and impairments (net) -26 5 +30 Result from assets and liabili
Slide 50: Group: s/h core net income up 17% to EUR 3bn – comments
C. GROUP FINANCIAL RESULTS 2Q 2025 Group: s/h core net income up 17% to EUR 3bn Comments • S/h core net income up 17.3% to EUR 3.0bn • Reconciliation between s/h net income and s/h core net income Increase driven by operating profit (∆ EUR +0.5bn) and Main driver for higher reconciliation is adjustm
Slide 51: Content/topics
Content/topics 1 Group financial results 2Q 2025 2 Additional information Glossary Disclaimer
Slide 52: 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 53: Additional information
Content/topics 1 Group financial results 2Q 2025 2 Additional information Glossary Disclaimer
Slide 54: 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 55: 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 56: 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 57: 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 58: 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 59: 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 60: 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 61: 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 62: Content/topics
Content/topics 1 Group financial results 2Q 2025 2 Additional information Glossary Disclaimer
Slide 63: Cautionary note regarding forward-looking statements
DISCLAIMER Cautionary note regarding forward-looking statements This document includes forward-looking services industry generally, (iv) the frequency No duty to update statements, such as prospects or expectations, and severity of insured loss events, including Allianz assumes no obligation to upda