2Q 2025

• Allianz achieves strong growth and record operating profit
• Total business volume rises 8.0^[1] percent to 44.5 billion euros, supported by good growth across all segments
• Operating profit increases 12.2 percent and reaches a record level of 4.4 billion euros, with particular strong contribution from the Property-Casualty segment
• Shareholders’ core net income advances by 17.3 percent and reaches 3.0 billion euros. Adjusted for the 0.3 billion euros disposal gain on the UniCredit Joint Venture, shareholders’ core net income increases 7.1 percent

6M 2025

• Excellent performance across our businesses and record operating profit
• Total business volume grows 10.1^{1percent and reaches 98.5 billion euros, with contributions from all segments}
• Operating profit increases 9.3 percent to 8.6 billion euros, our highest half-yearly operating profit ever, reaching 54 percent of our full-year outlook midpoint
• Shareholders’ core net income advances 9.5 percent to 5.5 billion euros
• Core earnings per share grow 11.3 percent and reach 13.99 euros
• Annualized core RoE is excellent at 18.5 percent
• Adjusted for the one-off tax provision related to the forthcoming sale of our stake in our Indian Joint Ventures in 1Q and the disposal gain on the UniCredit Joint Venture in 2Q, shareholders’ core net income increases strongly by 6.2 percent, core earnings per share rise 7.9 percent and our annualized core RoE is at a very strong level of 17.9 percent
• Solvency II capitalization ratio remains strong at 209 percent[2] with excellent capital generation

Outlook & other

• Allianz is fully on track to achieve its full-year operating profit outlook of 16.0 billion euros, plus or minus 1 billion euros[3]
• Share buy-back program of up to 2 billion euros announced on February 27 underway; 1.0 billion euros completed in the first six months of 2025

“Allianz has delivered record results in the first half of the year, underpinned by sustained growth and a disciplined focus on productivity. The value and relevance of our products help us to retain and expand our customer base.

Our diversified mix of businesses, global reach, and consistent execution bring opportunity and momentum, placing us on track to deliver on the ambitions set out at our Capital Markets Day in December.”

• Oliver Bäte, Chief Executive Officer of Allianz SE

FINANCIAL HIGHLIGHTS

Allianz Group: Excellent performance and record operating profit

Key performance indicator		2Q 2025		Change vs prior year		6M 2025		Change vs prior year
Total business volume (€ bn)[4]		44.5		8.0%		98.5		10.1%
Operating profit (€ mn)		4,406		12.2%		8,644		9.3%
Shareholders’ core net income (€ mn)		2,976		17.3%		5,527		9.5%
Core return on equity (annualized) (%) [5]						18.5		1.6%-p
Solvency II ratio (%) 5						209		1%-p

“The strength of our business model and Allianz’s capacity for consistent delivery are evident in our record operating profit of 8.6 billion euros for the first six months of the year.

We generated healthy and profitable growth across all segments and continued to produce sustainable value for all stakeholders.

Our performance sets a strong foundation for the remainder of the year and we confidently affirm our full-year operating profit outlook of 16 billion euros plus or minus 1 billion euros.”

• Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE

In 2Q 2025, Allianz has delivered an excellent performance, characterized by strong growth and a record operating profit.

Our total business volume reached 44.5 (2Q 2024: 42.6) billion euros, an internal growth of 8.0 percent. All segments contributed to this attractive growth.

Operating profit rose 12.2 percent and reached a record level of 4.4 (3.9) billion euros, 28 percent of our full-year outlook midpoint.

Shareholders’ core net income advanced 17.3 percent to 3.0 (2.5) billion euros. This growth was driven by a higher operating profit and an improved non-operating result. Adjusted for the 0.3 billion euros disposal gain on the UniCredit Joint Venture, shareholders’ core net income increased 7.1 percent.

Allianz’s 6M 2025 results were excellent, delivering a record operating profit underpinned by double-digit internal growth.

Our total business volume expanded to 98.5 (6M 2024: 91.0) billion euros, an internal growth of 10.1^{percent, with particular strong growth in our Life/Health segment.}

Operating profit was excellent at 8.6 (7.9) billion euros, a strong increase of 9.3 percent. The Property-Casualty business was the main growth driver but all business segments contributed.

Shareholders’ core net income advanced by 9.5 percent to a strong level of 5.5 (5.0) billion euros. Adjusted for a one-off tax provision related to the forthcoming sale of our stake in our Indian Joint Ventures in 1Q and the disposal gain on the UniCredit Joint Venture in 2Q, shareholders’ core net income was up by 6.2 percent.

Core earnings per share (EPS)[6] amounted to 13.99 (12.57) euros, an increase of 11.3 percent. Adjusted for the above-mentioned one-off tax provision and disposal gain, core earnings per share rose 7.9 percent.

Allianz has delivered an excellent annualized core return on equity (RoE)⁶ of 18.5 percent in 6M 2025 (full-year 2024: 16.9 percent). Adjusted for the effects of the one-off tax provision and disposal gain, the annualized core return on equity (RoE) was 17.9 percent.

This performance was achieved while we maintained a strong capitalization with a Solvency II ratio of 209 percent (1Q 2025: 208 percent), supported by excellent capital generation.

Outlook

Allianz is fully on track to achieve its full-year outlook of an operating profit of 16.0 billion euros, plus or minus 1 billion euros.

Other

The share buy-back program of up to 2 billion euros, announced on February 27, is underway and 1.0 billion euros were completed in the first six months of 2025.

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Property-Casualty insurance: Very good growth and excellent underwriting profitability

Key performance indicator		2Q 2025		Change vs prior year		6M 2025		Change vs prior year
Total business volume (€ bn) [7]		20.1		8.7%		47.1		7.9%
Operating profit (€ mn)		2,295		19.9%		4,465		12.1%
Combined ratio (%)		91.2		-2.2%-p		91.5		-1.2%-p
Loss ratio (%)		67.4		-1.9%-p		67.5		-0.8%-p
Expense ratio (%)		23.9		-0.4%-p		24.0		-0.4%-p

Core messages Property-Casualty insurance 2Q 2025

• Very good internal growth of 8.7 percent
• Record operating profit, reaching 29 percent of our full-year outlook midpoint
• Excellent combined ratios in commercial and retail of 90.3 percent and 91.8 percent

In 2Q 2025, total business volume reached 20.1 (2Q 2024: 19.3) billion euros. Internal growth was very good at 8.7 percent, with healthy growth in both commercial[8] and retail[9]. Allianz successfully managed growing its business while maintaining underwriting discipline.

The operating profit grew to a record level of 2.3 (1.9) billion euros, an increase of 20 percent compared to the second quarter 2024. Growth was entirely driven by a higher insurance service result.

The combined ratio improved to an excellent level of 91.2 percent (93.5 percent). The loss ratio reached 67.4 percent (69.2 percent), a strong improvement of 1.9 percentage points. This performance was supported by benign natural catastrophes as well as underlying improvements, partly offset by a lower run-off result. The expense ratio developed favorably by 0.4 percentage points to 23.9 percent.

Retail showed a strong performance. It delivered very good internal growth of 7 percent while further improving its combined ratio to 91.8 percent (94.7 percent).

The commercial^{business achieved a strong internal growth of 10 percent, also benefitting from high growth in Allianz Partners’ health business. The segment achieved an outstanding combined ratio of 90.3 percent (91.3 percent).}

Core messages Property-Casualty insurance 6M 2025

• Very good internal growth of 7.9 percent
• Record operating profit, reaching 56 percent of full-year outlook midpoint
• Excellent combined ratios in commercial and retail, supported by underwriting actions

In the 6M 2025 period, total business volume reached 47.1 (6M 2024: 44.8) billion euros, delivering a very good internal growth of 7.9 percent.

Operating profit was excellent at 4.5 (4.0) billion euros, reaching 56 percent of our full-year outlook midpoint. Strong growth of 12 percent was entirely driven by a higher insurance service result, more than offsetting a lower operating investment result.

The combined ratio was at a strong level of 91.5 percent (92.7 percent), with improvements in the loss ratio and the expense ratio. The loss ratio reached 67.5 percent (68.3 percent). Underlying improvements driven by underwriting actions and slightly lower natural catastrophe losses overcompensated a lower run-off ratio. The expense ratio improved by 0.4 percentage points to 24.0 percent.

The performance of our retail and commercial^{businesses was strong.}

In our retail business, internal growth reached 8 percent, while the combined ratio improved 2.0 percentage points to 91.8 percent, driven by our SME and non-motor businesses.

Internal growth of 7 percent in our commercial business was solid and the segment achieved an excellent combined ratio of 91.0 percent (90.6 percent).

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Life/Health insurance: Strong new business growth at attractive margins

Key performance indicator		2Q 2025		Change vs prior year		6M 2025		Change vs prior year
PVNBP (€ mn)		19,518		3.8%		45,614		10.9%
New business margin (%)		5.7		-0.1%-p		5.6		-0.1%-p
VNB (€ mn)		1,122		2.9%		2,562		8.6%
Operating profit (€ mn)		1,403		1.8%		2,830		4.6%
Contractual Service Margin (€ bn, eop)		55.8		0.9% [10]		55.8		2.8% [11]

Core messages Life/Health insurance 2Q 2025

• 93 percent of new business premiums generated in preferred lines of business
• New business margin attractive at 5.7 percent, well above our 5 percent target level
• Operating profit strong at 1.4 billion euros, reaching 26 percent of our full-year outlook midpoint

In 2Q 2025, PVNBP, the present value of new business premiums, grew to 19.5 (2Q 2024: 18.8) billion euros. Growth was broad-based and 93 percent (93 percent) of our new business was generated in our preferred lines.

The new business margin (NBM) remained attractive at 5.7 percent (5.8 percent) and the value of new business (VNB) increased by 2.9 percent to 1.1 (1.1) billion euros.

Operating profit advanced to a strong level of 1.4 (1.4) billion euros, an increase of 1.8 percent, and reached 26 percent of our full-year outlook midpoint.

The Contractual Service Margin (CSM) amounted to 55.8 billion euros (1Q 2025: 57.0 billion euros[12]). The development was impacted by currency effects and the sale of UniCredit Allianz Vita S.p.A.. Normalized CSM growth was good at 0.9 percent.

Core messages Life/Health insurance 6M 2025

• Strong double-digit new business premium growth at attractive margins
• Operating profit growth of 5 percent, spread across most regions
• Normalized CSM growth of 2.8 percent on track to reach ~5 percent growth ambition for full year

In 6M 2025, PVNBP increased by 10.9 percent to 45.6 (6M 2024: 41.1) billion euros, with growth across most entities. During the first half of 2025, 92 percent (93 percent) of our new business sales were in our preferred lines.

The new business margin was at an attractive level of 5.6 percent (5.7 percent). The value of new business rose by 8.6 percent to 2.6 (2.4) billion euros.

Operating profit of 2.8 (2.7) billion euros increased by 4.6 percent, reaching 51 percent of our full-year outlook midpoint.

The Contractual Service Margin (CSM) rose to 55.8 billion euros from 55.6 billion euros[13]^{at the end of 2024. Normalized CSM growth of 2.8 percentwas good and Allianz is on track to reach our ~5 percent growth ambition for the year.
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Asset Management: Good organic third-party AuM growth

Key performance indicator		2Q 2025		Change vs prior year		6M 2025		Change vs prior year
Operating revenues (€ bn) [14]		2.0		6.6%		4.1		3.8%
Operating profit (€ mn)		779		4.9%		1,589		4.8%
Cost income ratio (%)		61.3		-1.1%-p		61.3		-0.5%-p
Third-party net flows (€ bn)		14		-3.3%		42		-12.5%
Third-party assets under management (€ bn)		1,842		2.1%		1,842		2.1%
Average third-party assets under management (€ bn)		1,855		4.3%		1,896		7.4%

Core messages Asset Management 2Q 2025

• Assets under management (AUM)-driven revenues grow by 8 percent (F/X adjusted)
• Operating profit advances 5 percent to 779 million euros
• Good third-party net inflows of 14 billion euros

In 2Q 2025, operating revenues increased to 2.0 (2Q 2024: 2.0) billion euros, an internal growth of 6.6 percent. This was due to higher AuM-driven revenues, which increased by 8.0 percent (F/X adjusted).

Operating profit rose to a good level of 779 (742) million euros, up 4.9 percent. Adjusted for foreign currency translation effects, operating profit increased by 9.1 percent. The cost-income ratio (CIR) improved to 61.3 percent (62.4 percent), reflecting good top-line development and tight cost management.

Third-party assets under management amounted to 1.842 trillion euros as of June 30, 2025 (2Q 2024: 1.803; 1Q 2025: 1.914). Compared to the first quarter 2025, positive market effects of 18 billion euros and net inflows of 14 billion euros were more than offset by foreign currency translation effects of 103 billion euros. Average third-party assets under management amounted to 1.855 trillion euros, 4 percent above 2Q 2024.

Core messages Asset Management 6M 2025

• Very good third party net inflows of 42 billion euros
• Operating profit increases 5 percent to 1.6 billion euros, on track for full-year outlook
• Cost-income ratio improves to 61.3 percent

In 6M 2025, operating revenues increased to 4.1 (6M 2024: 4.0) billion euros, an internal growth of 3.8 percent. The increase was driven by higher AuM-driven revenues following higher average third-party AuM.

Operating profit rose to 1.6 (1.5) billion euros, up 4.8 percent. Adjusted for foreign currency translation effects, operating profit increased by 5.7 percent. The cost-income ratio (CIR) improved to 61.3 percent (61.8 percent).

Third-party assets under management^{amounted to 1.842 trillion euros as of June 30, 2025, compared to 1.920 trillion euros as of December 31, 2024. Very good net inflows of 42 billion euros and positive market effects were more than offset by foreign currency translation effects of 160 billion euros. Average third-party assets under management amounted to 1.896 trillion euros, 7 percent above 6M 2024.}

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FOOTNOTES

^[1] Internal growth; total growth 4.3 percent in 2Q 2025 and 8.2 percent in 6M 2025.

^[4] Change refers to internal growth.

^[7] Change refers to internal growth.

^[10] Normalized CSM growth compared to March 31, 2025.

^[13] Figure includes gross CSM of EUR 0.8 bn as of December 31, 2024 for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the third quarter of 2024. Effective January 1, 2025, the German APR and the Austrian Health businesses have been transferred from Property-Casualty to the Life/Health business segment resulting in a EUR 1.2 bn shift in the gross CSM opening balance.

^[14] Internal growth.

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2Q & 6M 2025 RESULTS TABLE

Allianz Group - key figures 2nd quarter and fiscal half year 2025
			2Q 2025	2Q 2024	Delta	6M 2025	6M 2024	Delta
Total business volume		€ bn	44.5	42.6	4.3%	98.5	91.0	8.2%
Property-Casualty		€ bn	20.1	19.3	4.4%	47.1	44.8	5.3%
Life/Health		€ bn	22.5	21.5	4.6%	47.6	42.7	11.5%
Asset Management		€ bn	2.0	2.0	1.8%	4.1	4.0	3.5%
Consolidation		€ bn	-0.2	-0.2	32.6%	-0.3	-0.3	-2.8%
Operating profit / loss		€ mn	4,406	3,926	12.2%	8,644	7,911	9.3%
Property-Casualty		€ mn	2,295	1,915	19.9%	4,465	3,981	12.1%
Life/Health		€ mn	1,403	1,379	1.8%	2,830	2,705	4.6%
Asset Management		€ mn	779	742	4.9%	1,589	1,516	4.8%
Corporate and Other		€ mn	-74	-112	-34.2%	-239	-291	-17.9%
Consolidation		€ mn	3	2	43.3%	-1	0	n.m.
Net Income		€ mn	3,018	2,661	13.4%	5,599	5,293	5.8%
attributable to non-controlling interests		€ mn	177	149	19.0%	335	305	10.0%
attributable to shareholders		€ mn	2,841	2,513	13.1%	5,264	4,988	5.5%
Shareholders’ core net income1		€ mn	2,976	2,536	17.3%	5,527	5,049	9.5%
Core earnings per share2		€	7.39	6.15	20.2%	13.99	12.57	11.3%
Additional KPIs
Group	Return on equity3	%	–	–	–	18.5%	16.9%	1.6% -p
Property-Casualty	Combined ratio	%	91.2%	93.5%	-2.2% -p	91.5%	92.7%	-1.2% -p
Life/Health	New business margin	%	5.7%	5.8%	-0.1% -p	5.6%	5.7%	-0.1% -p
Asset Management	Cost-income ratio	%	61.3%	62.4%	-1.1% -p	61.3%	61.8%	-0.5% -p
						06/30/2025	12/31/2024	Delta
Shareholders‘ equity4		€ bn				57.2	60.3	-5.1%
Contractual service margin (net) 5		€ bn				34.2	34.5	-1.0%
Solvency-II-capitalization ratio6		%				209%	209%	1% -p
Third-party assets under management		€ bn				1,842	1,920	-4.1%

Please note: The figures are presented in millions of Euros, unless otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

¹Presents the portion of shareholders’ net income before non-operating market movements and before amortization of intangible assets from business combinations (including any related income tax effects).

²Calculated by dividing the respective period’s shareholders' core net income, adjusted for net financial charges related to undated subordinated bonds classified as shareholders' equity, by the weighted average number of shares outstanding (basic core EPS).

³Represents the annualized ratio of shareholders’ core net income to the average shareholders’ equity at the beginning and at the end of the period. Shareholders’ core net income is adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity. From the average shareholders’ equity, undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses are excluded. Annualized figures are not a forecast for full year numbers. For 6M 2024, the core return on equity for the respective full year is shown.

⁴Excluding non-controlling interests.

⁵Includes net CSM of EUR 0.3bn as of 31 December 2024 for UniCredit Allianz Vita S.p.A., which was classified as held for sale in 3Q 2024. Sale has been completed in 2Q 2025.

⁶Risk capital figures are group diversified at 99.5% confidence level. Solvency II capitalization ratio is based on quarterly dividend accrual; additional accrual to reflect FY dividend would impact solvency II capitalization ratio by -7%-p as of 30 June 2025.

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These assessments are, as always, subject to the disclaimer provided below.

Cautionary note regarding forward-looking statements

This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements.

Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.

No duty to update

Allianz assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.

Other

The figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards. This Quarterly Earnings Release is not an Interim Financial Report within the meaning of International Accounting Standard (IAS) 34. This is a translation of the German Quarterly Earnings Release of the Allianz Group. In case of any divergences, the German original is binding.

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