Slide 1: Group financial results 2026
Group financial results 2026 Allianz Investor Relations App Apple App Store Google Play Store © Allianz 2026 Munich, August 7, 2026
Slide 2: Content/topics
Content/topics A Excellent first half – delivering ‘Lifted ambitions’ Oliver Bäte B Strength across the board Claire-Marie Coste-Lepoutre C Group financial results 2Q 2026 Claire-Marie Coste-Lepoutre Glossary Disclaimer Note: Due to rounding, numbers presented may not add up precisely to the totals
Slide 3: Excellent first half – delivering 'Lifted ambitions'
Excellent first half – delivering ‘Lifted ambitions’ © Allianz 2026 Oliver Bäte Munich, Chief Executive Officer August 7, 2026
Slide 4: Volatile backdrop reinforces need to focus
A. EXCELLENT FIRST HALF – DELIVERING ‘LIFTED AMBITIONS’ Volatile backdrop reinforces need to focus Geopolitical tensions Divergence of AI winners and losers Focus on strategic priorities Economic policy uncertainty index1 Total shareholder return 01/2025-06/20262 Driving smart growth Perceived AI ‘w
Slide 5: Strategic progress across the portfolio
A. EXCELLENT FIRST HALF – DELIVERING ‘LIFTED AMBITIONS’ Strategic progress across the portfolio Protection (6M 2026) Retirement (6M 2026) P/C expense ratio down ~30bps HSBC Life Singapore acquisition1,2 Platform businesses L/H norm. CSM growth of +2.7% with strong growth momentum 21% 30% Growth oppo
Slide 6: External & organic growth accelerators
A. EXCELLENT FIRST HALF – DELIVERING ‘LIFTED AMBITIONS’ External & organic growth accelerators Asia Pacific (20251) PIMCO L/H external growth AM external & organic growth OP regional split Growth 6M 20264 Acquisition3 HSBC Life Singapore PIMCO – buyout of minorities 14% • Attractive market, global w
Slide 7: Summary – excellent first half, well on track
A. EXCELLENT FIRST HALF – DELIVERING ‘LIFTED AMBITIONS’ Summary – excellent first half, well on track Operating profit – in % of FY outlook midpoint Group Property-Casualty Life/Health Asset Management EUR EUR EUR EUR 9.4bn 4.9bn 2.9bn 1.8bn 54% 54% 51% 51% S/h core net OP health & income (EUR) 6.4b
Slide 8: Content/topics
Content/topics A Excellent first half – delivering ‘Lifted ambitions’ Oliver Bäte B Strength across the board Claire-Marie Coste-Lepoutre C Group financial results 2Q 2026 Claire-Marie Coste-Lepoutre Glossary Disclaimer
Slide 9: Strength across the board
Strength across the board © Allianz 2026 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer August 7, 2026
Slide 10: Group results – excellent 1H driven by all segments
B. STRENGTH ACROSS THE BOARD Group results – excellent 1H driven by all segments Total business volume By segments1,2 Operating profit By segments2 (EUR bn) (EUR mn) +0.1% P/C: 50bn (+6%) +8.6% P/C: 4.9bn (+9%) Performance L/H: 45bn (+2%) L/H: 2.9bn (+2%) +4.3%1 9,390 Top-line AM: 5bn (+16%) 8,644 A
Slide 11: P/C – strong performance across all dimensions
B. STRENGTH ACROSS THE BOARD P/C – strong performance across all dimensions Total business volume Combined ratio Operating profit (EUR bn) (in %) (EUR mn) +5% -0.1%-p +9% +6%1 91.5 91.4 47.1 49.6 4,871 4,465 19.6 Commercial 1,7672 Commercial 19.5 +4%1 1,8132 -2% 91.0% 91.1% Commercial 27.5 30.1 Reta
Slide 12: L/H – good results with improving momentum
B. STRENGTH ACROSS THE BOARD L/H – good results with improving momentum Value of new business Contractual service margin (gross) Operating profit (EUR mn) (EUR bn) (EUR mn) -8% F/X adj. growth +3% +2% -6% +5% 2,562 55.7 57.3 2,355 2,830 2,898 PVNBP (EUR bn) Net CSM 45.6 43.4 -5% 35.3 36.1 +2% YTD no
Slide 13: AM – record 1H net inflows and operating profit
B. STRENGTH ACROSS THE BOARD AM – record 1H net inflows and operating profit 3rd party AuM Revenues Operating profit (EUR bn) (EUR mn) (EUR mn) +9% F/X adj. growth +10% +13% +6% +16% +19% 2,161 4,512 1,990 4,103 Performance 1,790 173 470 AllianzGI 109 fees 1,589 417 +13% PIMCO AuM driven & 1,573 1,6
Slide 14: Group – very strong capitalization and OCG
B. STRENGTH ACROSS THE BOARD Group – very strong capitalization and OCG SII capitalization1 SII capitalization – sensitivities +11%-p +1%-p 231% 30.06.26 225% +7%-p 225% Equity +30% 233% 218% +1%-p markets3 -30% 212% -13%-p Interest +50bps 225% rates -50bps 225% on gov. Credit 220% bonds 31.12.25 Re
Slide 15: Fully on track halfway through our 3-year plan
B. STRENGTH ACROSS THE BOARD Fully on track halfway through our 3-year plan Good progress against our Capital markets day targets for 2024-27 … … and strategic priorities (6M 2026) Core EPS growth1 Core RoE1 Operating SII 1 DRIVING SMART GROWTH capital generation3 +11% P/C retail volume growth in pr
Slide 16: Content/topics
Content/topics A Excellent first half – delivering ‘Lifted ambitions’ Oliver Bäte B Strength across the board Claire-Marie Coste-Lepoutre C Group financial results 2Q 2026 Claire-Marie Coste-Lepoutre Glossary Disclaimer
Slide 17: Group financial results 2Q 2026
Group financial results 2Q 2026 © Allianz 2026 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer August 7, 2026
Slide 18: Content/topics
Content/topics 1 Group financial results 2Q 2026 2 Additional information Glossary Disclaimer
Slide 19: Group 6M: excellent results driven by all segments
C. GROUP FINANCIAL RESULTS 2Q 2026 Group 6M: excellent results driven by all segments Group Property-Casualty Life/Health Asset Management Total business volume 6M 26 in EUR bn (internal growth vs. prior year in %) 98.6 (+4.3%) 49.6 (+5.6%) 44.8 (+1.6%) 4.5 (+15.8%) Operating profit 6M 26 in EUR mn
Slide 20: Group 6M: excellent results driven by all segments
C. GROUP FINANCIAL RESULTS 2Q 2026 Group 6M: excellent results driven by all segments Comments • Internal growth at 4.3% • EUR 2.5bn share buy-back ongoing Internal growth in P/C at 5.6%, L/H at 1.6% and AM at 4.7mn shares acquired by the end of July 2026 for EUR 1.8bn 15.8%. Consolidation (-2.3%) a
Slide 21: Group 2Q: operating profit at record level
C. GROUP FINANCIAL RESULTS 2Q 2026 Group 2Q: operating profit at record level Group Property-Casualty Life/Health Asset Management Total business volume 2Q 26 in EUR bn (internal growth vs. prior year in %) 45.6 (+5.7%) 21.3 (+4.7%) 22.1 (+4.9%) 2.3 (+19.3%) Operating profit 2Q 26 in EUR mn (vs. pri
Slide 22: Group 2Q: operating profit at record level
C. GROUP FINANCIAL RESULTS 2Q 2026 Group 2Q: operating profit at record level Comments • Internal growth at 5.7%; higher momentum than 1Q • P/C – excellent operating profit of EUR 2.5bn Internal growth in P/C at 4.7%, L/H at 4.9% and AM at OP up 7% vs. high PY level, due to better investment result
Slide 23: Group: Solvency II ratio very strong at 225%
C. GROUP FINANCIAL RESULTS 2Q 2026 Group: Solvency II ratio very strong at 225% Comprehensive s/h capital S/h equity – sensitivities (EUR bn) -1.7% +30% +4% Equity markets -30% -5% 98.1 100.8 99.1 +50bps -1% 35.4 34.9 36.2 Interest rates -50bps +1% Net CSM1 65.9 62.9 62.7 on gov. bonds -1% S/h equit
Slide 24: Group: Solvency II ratio very strong at 225%
C. GROUP FINANCIAL RESULTS 2Q 2026 Group: Solvency II ratio very strong at 225% Comments • Comprehensive shareholders’ capital • Solvency II ratio Shareholders’ equity decreases by EUR 3.0bn. Main Ratio increases from 221% to 225%. Main drivers after tax: drivers: + 6%-p operating capital generation
Slide 25: Group: +6%-p operating capital generation
C. GROUP FINANCIAL RESULTS 2Q 2026 Group: +6%-p operating capital generation +1.9 Own funds +3.5 97.0 (EUR bn) -1.6 94.5 -0.4 93.6 -0.0 +1.8 +1.2 +0.6 -0.2 P/C AM L/H CO/Conso. 31.12.25 31/12/2024 31.03.26 31/03/2025 Regulatory/ Regulatory Operating SII SII Market Market impact Dividend/ Capital mgm
Slide 26: Group: +6%-p operating capital generation
C. GROUP FINANCIAL RESULTS 2Q 2026 Group: +6%-p operating capital generation Comments • +6%-p SII capital generation after tax • Dividend/share buy-back +9%-p gross capital generation, +2%-p capital generation -4%-p driven by quarterly dividend accrual. after tax and quarterly dividend accrual. Capi
Slide 27: P/C: very good internal growth
C. GROUP FINANCIAL RESULTS 2Q 2026 P/C: very good internal growth (EUR mn) Total business volume Rate change on renewals 2Q 26 Total growth Internal growth 6M 26 12M 25 ∆ p.y. ∆ p.y. Total P/C segment 21,274 +5.7% +4.7% +3.3% +4.6% Selected OEs Germany 2,879 +7.3% +7.3% +7.3% +9.4% United Kingdom 1,
Slide 28: P/C: very good internal growth
C. GROUP FINANCIAL RESULTS 2Q 2026 P/C: very good internal growth Comments • Internal growth at 4.7% • Italy – top-line mainly driven by higher volumes IG driven by price (+2.2%), volume (+1.9%) as well as Good volume growth in retail, while rate momentum remains muted. higher service fees (+0.5%).
Slide 29: P/C: excellent operating profit of EUR 2.5bn
C. GROUP FINANCIAL RESULTS 2Q 2026 P/C: excellent operating profit of EUR 2.5bn Operating profit drivers Combined ratio +0.6%-p (EUR mn) (in %) 91.2 91.9 +7.2% Retail1 91.8 91.9 +188 2,459 2,295 -15 Commercial1 90.3 91.8 -9 2Q 25 2Q 26 Loss ratio2 67.4% 68.1% t/o undiscounted attr. LR 70.3% 71.1% t/
Slide 30: P/C: excellent operating profit of EUR 2.5bn
C. GROUP FINANCIAL RESULTS 2Q 2026 P/C: excellent operating profit of EUR 2.5bn Comments • Operating profit at 27% of FY outlook midpoint • Run-off – low level in light of inflation uncertainty OP improves 7% against high prior year level due to Run-off at -1.5%, below prior year (-1.9%), despite ~-
Slide 31: P/C: combined ratio strong at 91.9%
C. GROUP FINANCIAL RESULTS 2Q 2026 P/C: combined ratio strong at 91.9% (EUR mn) Operating profit Combined ratio NatCat impact 2Q 26 ∆ p.y. 2Q 26 ∆ p.y. 2Q 26 ∆ p.y. Total P/C segment 2,459 +7.2% 91.9% +0.6%-p 1.3%-p -0.2%-p Selected OEs Germany 541 +5.2% 89.2% +2.5%-p 2.5%-p -0.6%-p United Kingdom 1
Slide 32: P/C: combined ratio strong at 91.9%
C. GROUP FINANCIAL RESULTS 2Q 2026 P/C: combined ratio strong at 91.9% Comments • Germany – strong profitability in retail and commercial • Central Europe – operating profit remains strong Retail and commercial deliver CRs below 90%. Prudent Continued good top-line growth with very good CR. run-off
Slide 33: P/C: investment result up 30%
C. GROUP FINANCIAL RESULTS 2Q 2026 P/C: investment result up 30% Operating investment result Current yield Economic reinvestment yield (EUR mn) (debt securities, in %) (debt securities, in %) +29.6% 0.91 1.03 3.9 4.0 824 636 2Q 25 2Q 26 2Q 25 2Q 26 2Q 25 2Q 26 Total average asset base Duration3 Asse
Slide 34: P/C: investment result up 30%
C. GROUP FINANCIAL RESULTS 2Q 2026 P/C: investment result up 30% Comments • Interest & similar income very strong • Valuation result and other – supported by F/X result Higher income from debt and cash due to favorable interest Valuation and other result strongly improves versus 2Q 2025. rate enviro
Slide 35: L/H: new business at good level
C. GROUP FINANCIAL RESULTS 2Q 2026 L/H: new business at good level New business Value of new (EUR mn) PVNBP margin business PVNBP by LoB 2Q 26 ∆ p.y. 2Q 26 ∆ p.y. 2Q 26 ∆ p.y. 10% Total L/H segment 19,642 +0.6% 5.6% -0.2%-p 1,094 -2.4% 17% Germany Life 4,150 +1.8% 4.9% +0.3%-p 202 +8.5% EUR mn 45% 1
Slide 36: L/H: new business at good level
C. GROUP FINANCIAL RESULTS 2Q 2026 L/H: new business at good level Comments • PVNBP – strong underlying growth • Germany Life – high single-digit VNB growth PVNBP is up 9% adjusted for F/X and the sale of our stake Slightly higher volume and improved business mix. in UniCredit JV. Good volume growth
Slide 37: L/H: healthy normalized CSM growth
C. GROUP FINANCIAL RESULTS 2Q 2026 L/H: healthy normalized CSM growth Contractual service margin CSM – sensitivities (EUR mn) +1,415 58,656 +740 -157 57,257 +1,247 +30% +7% 55,411 -1,398 Equity markets -30% -8% VNB (2Q 26) 1,094 +50bps -1% Interest rate 34,859 + Non-attr. expenses 184 36,134 -50bps
Slide 38: L/H: healthy normalized CSM growth
C. GROUP FINANCIAL RESULTS 2Q 2026 L/H: healthy normalized CSM growth Comments • Gross CSM increase of EUR 1.8bn and 3.3% • Economic variances Gross CSM is up by EUR 1.8bn and 3.3% supported by Adverse impact from 1Q 2026 market volatility more than recovered in good normalized CSM growth (EUR 0.6bn
Slide 39: L/H: broadly spread operating profit growth
C. GROUP FINANCIAL RESULTS 2Q 2026 L/H: broadly spread operating profit growth Operating profit by profit sources Operating profit by operating entities (EUR mn) (EUR mn) Other OEs Germany Life 2Q 25 2Q 26 ∆ p.y. 329 (+66.3%) 298 (+3.4%) CSM release 1,458 1,398 -60 19% Germany Health 21% Release of
Slide 40: L/H: broadly spread operating profit growth
C. GROUP FINANCIAL RESULTS 2Q 2026 L/H: broadly spread operating profit growth Comments • Operating profit up 10% to EUR 1.5bn • Germany Life – good profit growth Strong performance across all entities and higher dividend Operating profit in line with business growth. contribution more than offset a
Slide 41: AM: excellent net inflows at PIMCO and AllianzGI
C. GROUP FINANCIAL RESULTS 2Q 2026 AM: excellent net inflows at PIMCO and AllianzGI 3rd party assets under management development 3rd party net flow split (EUR bn) (EUR bn) +5.8% PIMCO: +4.3% Fixed income +25.0 AllianzGI: +11.7% Equities +4.1 2,161 Asset 2,043 +31.7 +7.6 +68.0 +10.8 classes Multi-as
Slide 42: AM: excellent net inflows at PIMCO and AllianzGI
C. GROUP FINANCIAL RESULTS 2Q 2026 AM: excellent net inflows at PIMCO and AllianzGI Comments • Business highlights • Total AuM at EUR 2.7tn Outstanding level of investment outperformance end of Favorable net inflows, market effects and F/X overall result in a 5% 2025 continues end of 1Q 2026 and 2Q
Slide 43: AM: very strong momentum with revenues up 17%
C. GROUP FINANCIAL RESULTS 2Q 2026 AM: very strong momentum with revenues up 17% Revenues PIMCO AllianzGI (EUR mn) (EUR mn) (EUR mn) +16.7% +15.5% +20.0% Internal growth +19.3% +18.4% +21.6% 2,347 1,767 578 2,010 97 1,529 61 Performance fees 36 AuM driven & 60 46 482 other revenues1 14 1,950 2,250 1
Slide 44: AM: very strong momentum with revenues up 17%
C. GROUP FINANCIAL RESULTS 2Q 2026 AM: very strong momentum with revenues up 17% Comments • Segment revenues – EUR 2.3bn 13% higher average 3rd party AuM lead to an increase of AuM driven revenues, which reflects the very strong flow driven business momentum across PIMCO and AllianzGI. Favorable mar
Slide 45: AM: record 2Q operating profit, up 20%
C. GROUP FINANCIAL RESULTS 2Q 2026 AM: record 2Q operating profit, up 20% Operating profit drivers PIMCO (EUR mn) (EUR mn) +19.8% +18.8% +22.5% Internal growth 730 615 +385 9331 7791 Performance fee impact2 59.8 58.7 CIR (in %) 44 50 -210 -21 OP excl. performance fee impact2 fee impact2 2Q 25 2Q 26
Slide 46: AM: record 2Q operating profit, up 20%
C. GROUP FINANCIAL RESULTS 2Q 2026 AM: record 2Q operating profit, up 20% Comments • Segment – OP adjusted for F/X up 23% • AllianzGI – best 2Q OP ever Higher AuM driven revenues and higher performance fees Higher AuM driven revenues, supported by performance fees, drive result in a very strong nomi
Slide 47: CO: better than expected
C. GROUP FINANCIAL RESULTS 2Q 2026 CO: better than expected Operating result development and components (EUR mn) +35 -3 +0 -13 -54 -74 -26.8% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 2Q 25 2Q 26 2Q 26 -121 48 18 0 2Q 25 -156 51 31 0 C 32
Slide 48: CO: better than expected
C. GROUP FINANCIAL RESULTS 2Q 2026 CO: better than expected Comments • Operating loss of EUR -54mn (∆ EUR +20mn) Operating loss from Corporate & Other at 7% of FY outlook midpoint. Improvement driven by Holding & Treasury. • Holding & Treasury Higher investment income, i.e. contribution from inflati
Slide 49: Group: s/h core net income at EUR 2.6bn
C. GROUP FINANCIAL RESULTS 2Q 2026 Group: s/h core net income at EUR 2.6bn (EUR mn) 2Q 25 2Q 26 ∆ p.y. Operating profit 4,406 4,874 +468 Non-operating items -304 -1,040 -736 Realized gains/losses (net) 369 -25 -394 Expected credit loss and impairments (net) 5 -19 -24 Result from assets and liabiliti
Slide 50: Group: s/h core net income at EUR 2.6bn
C. GROUP FINANCIAL RESULTS 2Q 2026 Group: s/h core net income at EUR 2.6bn Comments • S/h core net income at EUR 2.6bn • Reconciliation between s/h net income and s/h core net income Increase in operating profit (∆ EUR +0.5bn) offset by Adjustment for adverse non-operating market movements in the pr
Slide 51: Content/topics
Content/topics 1 Group financial results 2Q 2026 2 Additional information Glossary Disclaimer
Slide 52: Health & Protection
ADDITIONAL INFORMATION Health & Protection Operating profit Health & Protection business (EUR mn) (EUR mn) 6M 26 +18.4% Total business volume 12,869 +6.2% t/o short-term business 6,513 t/o long-term business 6,356 1,193 Operating profit 1,193 +18.4% 1,008 333 Short-term business P/C Short-term busin
Slide 53: 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 54: Content/topics
Content/topics 1 Group financial results 2Q 2026 2 Additional information Glossary Disclaimer
Slide 55: 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 56: 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 57: 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 58: 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 59: 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 claims and benefits, including operating reinsurance result, divided by operating insurance revenue. LRC Liability for remaining coverage: Liability
Slide 60: 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 61: 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 62: 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 63: Content/topics
Content/topics 1 Group financial results 2Q 2026 2 Additional information Glossary Disclaimer
Slide 64: 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