MUNICH--(BUSINESSWIRE)--3Q2025
    Double-digitgrowthinoperatingprofitandshareholders¡¯corenetincome
    Totalbusinessvolumerises5.21percentwithcontributionsfromallsegments
    Operatingprofitincreases12.6percentto4.4billioneuros,withparticularstrongcontributionfromtheProperty-Casualtysegment
    Shareholders¡¯corenetincomeadvancesby12.7percentandreaches2.9billioneuros
    9M2025
    Continuedstronganddiversifiedgrowthacrossourbusinessesandrecordoperatingprofit
    Totalbusinessvolumerises8.51percentandreaches141.2billioneuroswithcontributionsfromallsegments
    Operatingprofitincreases10.4percentto13.1billioneuros,ourhighestnine-monthoperatingprofitever,reaching82percentofourfull-yearoutlookmidpoint
    Shareholders¡¯corenetincomeadvances10.5percentto8.4billioneuros.Adjustedfortheone-offtaxprovisionrelatedtothesaleofourstakeinourIndianJointVenturesandthedivestmentgainontheUniCreditJointVenture,shareholders¡¯corenetincomeincreasesby8.3percent
    Coreearningspershare(EPS)grow12.2percentandreach21.43euros.Adjustedforthetaxprovisionandthedivestmentgain,coreEPSrise9.9percent
    Annualizedcorereturnonequity(RoE)reachesanexcellentlevelof18.5percent,respectively18.2percentadjustedforthetaxprovisionandthedivestmentgain
    SolvencyIIcapitalizationratioremainsstrongat2092percentwithexcellentcapitalgeneration
    Outlook&other
    Forfull-year2025,Allianzexpectstoachieveanoperatingprofitofatleast17billioneuros,theupper-endofthefull-yearoutlookrangeof16billioneuros,plusorminus1billioneuros3.Mostlikely,thefull-yearoperatingprofitwillbeintherangebetween17and17.5billioneuros3
    Sharebuy-backprogramofupto2billioneuros,announcedonFebruary27,2025,wasfullyexecutedasofSeptember2025
    CEOcomment
    ¡°Allianzhasonceagaindeliveredanothersetofrecordresults,anoutcomethatismadepossiblebyourexceptionallevelsofbrandtrust,customerloyalty,andemployeemotivation.
    AlongsideourSmartGrowthandResiliencelevers,wewillcontinueourdisciplinedfocusonproductivitytogenerateevengreatervalueformoneyforourcustomers.
    Affordableinsurancesolutionsremainessentialtoinclusiveeconomicprosperity,andAllianzremainsdedicatedtosecuringafutureinwhichmorepeoplecanaccesstheprotectionandpeaceofmindthatourproductsandservicesprovide.¡±
    -OliverBäte,ChiefExecutiveOfficerofAllianzSE
    FINANCIALHIGHLIGHTS
    AllianzGroup:Strongperformanceandrecordoperatingprofit
    Keyperformanceindicator
    3Q2025
    Changevs
    prioryear
    9M2025
    Changevs
    prioryear
    Totalbusinessvolume(€bn)4
    42.8
    5.2%
    141.2
    8.5%
    Operatingprofit(€mn)
    4,433
    12.6%
    13,077
    10.4%
    Shareholders¡¯corenetincome(€mn)
    2,855
    12.7%
    8,382
    10.5%
    Corereturnonequity(annualized)(%)5
    18.5
    1.6%-p
    SolvencyIIratio(%)5
    209
    0%-p
    CFOcomment
    ¡°Wedeliveredrecordresultsforthethirdquarterandninemonths,underpinnedbydiversifiedgrowthandexcellentprofitability.OurperformancereflectsthesteadyprogressacrossourbusinessesaswecontinuethedisciplinedexecutionofourprioritiesoutlinedatourCapitalMarketsDayinDecember2024.
    Allianzcontinuesitssustainablevaluecreationforcustomers,employees,andshareholders.Buildingonourstrongperformanceandourconfidenceinourabilitytodeliver,wenowexpecttoachieveafull-yearoperatingprofitofatleast17billioneuros,mostlikelyintherangebetween17and17.5billioneuros.¡±
    -Claire-MarieCoste-Lepoutre,ChiefFinancialOfficerofAllianzSE
    In3Q2025,Allianzdeliveredastrongperformance,characterizedbyexcellentoperatingprofitdeliveryacrossourthreesegments.
    Ourtotalbusinessvolumeamountedto42.8billioneuros(3Q2024:42.8billioneuros).Internalgrowth,whichexcludestheeffectsofforeign-currencytranslationaswellasacquisitionsanddivestments,was5.2percent,supportedbystronggrowthinProperty-CasualtyandAssetManagement.
    Operatingprofitrose12.6percentto4.4(3.9)billioneuros,reaching28percentofourfull-yearoutlookmidpoint.Double-digitoperatingprofitgrowthinProperty-Casualtywasthemaindriverbutallsegmentscontributed.
    Shareholders¡¯corenetincomeadvanced12.7percentto2.9(2.5)billioneuros,fueledbyhigheroperatingprofit.
    Allianz¡¯s9M2025resultswereexcellent,deliveringarecordoperatingprofitandstronggrowthacrossallbusinesssegments.
    Ourtotalbusinessvolumeexpandedto141.2billioneuros(9M2024:133.9billioneuros).Internalgrowthof8.5percentwassupportedbystronggrowthacrossallsegments.
    Operatingprofitwasexcellentat13.1(11.8)billioneuros,anincreaseof10.4percent.TheProperty-Casualtybusinesswasthemaingrowthdriverbutallbusinesssegmentscontributed.
    Shareholders¡¯corenetincomeroseby10.5percenttoastronglevelof8.4(7.6)billioneuros.Adjustedforaone-offtaxprovisionrelatedtotheforthcomingsaleofourstakeinourIndianJointVenturesin1QandthedivestmentgainontheUniCreditJointVenturein2Q,shareholders¡¯corenetincomewasupby8.3percent.
    Coreearningspershare(EPS)6amountedto21.43(19.11)euros,anincreaseof12.2percent.Adjustedfortheabove-mentionedone-offtaxprovisionanddivestmentgain,coreearningspersharerose9.9percent.
    Allianzdeliveredanexcellentannualizedcorereturnonequity(RoE)6of18.5percentin9M2025(full-year2024:16.9percent).Adjustedfortheeffectsoftheone-offtaxprovisionanddivestmentgain,theannualizedcorereturnonequity(RoE)was18.2percent.
    ThisperformancewasachievedwhileAllianzmaintainedastrongcapitalizationwithaSolvencyIIratioof209percent(2Q2025:209percent),supportedbyexcellentoperatingcapitalgenerationof19percentagepoints.
    Outlook
    Followingthestrongperformanceinthefirstninemonthsoftheyear,Allianzexpectstoachieveafull-yearoperatingprofitofatleast17billioneuros,theupper-endofthefull-yearoutlookrangeof16billioneuros,plusorminus1billioneuros3.Mostlikely,thefull-yearoperatingprofitwillbeintherangebetween17and17.5billioneuros3.
    Other
    Thesharebuy-backprogramofupto2billioneuros,announcedonFebruary27,2025,wasfullyexecutedbySeptember17,2025.
    Property-Casualtyinsurance:Continuedexcellentperformance
    Keyperformanceindicator
    3Q2025
    Changevs
    prioryear
    9M2025
    Changevs
    prioryear
    Totalbusinessvolume(€bn)7
    19.7
    9.5%
    66.9
    8.3%
    Operatingprofit(€mn)
    2,394
    21.5%
    6,858
    15.3%
    Combinedratio(%)
    91.9
    -1.6%-p
    91.6
    -1.3%-p
    Lossratio(%)
    68.3
    -1.5%-p
    67.8
    -1.0%-p
    Expenseratio(%)
    23.6
    -0.1%-p
    23.9
    -0.3%-p
    CoremessagesProperty-Casualtyinsurance3Q2025
    Excellentinternalgrowthof9.5percent
    Recordoperatingprofitof2.4billioneuros,up22percent
    Excellentcombinedratio,supportedbyabetterlossratioandexpenseratio
    In3Q2025,totalbusinessvolumereached19.7billioneuros(3Q2024:18.6billioneuros),deliveringanexcellentinternalgrowthof9.5percent.Allianzsuccessfullymanagedgrowingitsbusinesswhilemaintainingunderwritingdiscipline.
    Theoperatingprofitgrewtoarecordlevelof2.4(2.0)billioneuros,anincreaseof21.5percentcomparedtothethirdquarter2024.Thiswasmainlyduetoastronginsuranceserviceresult.
    Thecombinedratioimprovedtoanexcellentlevelof91.9percent(93.5percent).Thelossratioreached68.3percent(69.8percent),animprovementof1.5percentagepoints.Thisperformancewassupportedbyunderlyingimprovements,reflectingsuccessfulunderwritingactions,aswellasbenignnaturalcatastrophes.Therun-offresultwaslowerthanlastyear.Theexpenseratiodevelopedfavorablyby0.1percentagepointsto23.6percent.
    Theperformanceinthethirdquarterwasstrongacrossboththeretail8andcommercial9segments.
    Ourretailbusinessdeliveredinternalgrowthof8percentwhilefurtherimprovingitscombinedratiotoanexcellentlevelof91.3percent(94.9percent).
    Thecommercialbusinessachievedexcellentinternalgrowthof11percent,supportedbystronggrowthinAllianzPartners¡¯healthbusiness.Thecombinedratioreached92.0percent(90.5percent).
    CoremessagesProperty-Casualtyinsurance9M2025
    Stronginternalgrowthacrossretailandcommercialsegments
    Recordoperatingprofit,reaching86percentoffull-yearoutlookmidpoint
    Excellentcombinedratiosinretailandcommercial,supportedbyunderwritingactions
    Inthe9M2025period,totalbusinessvolumeroseto66.9billioneuros(9M2024:63.3billioneuros).Internalgrowthwas8.3percent,withsimilargrowthinretailandcommercial.
    Operatingprofitwasexcellentat6.9(6.0)billioneuros,reaching86percentofourfull-yearoutlookmidpoint.Operatingprofitgrowthof15.3percentwasalmostentirelydrivenbyahigherinsuranceserviceresult.
    Thecombinedratiowasatanexcellentlevelof91.6percent(93.0percent),withimprovementsinthelossratioandtheexpenseratio.Thelossratioreached67.8percent(68.8percent).Underlyingimprovementsfromunderwritingactionsovercompensatedaconservativerun-offratio.Theexpenseratioimprovedby0.3percentagepointsto23.9percent,reflectinganongoingproductivityfocus.
    Profitabilityinbothretailandcommercialwasstrong.Theretailcombinedratioimproved2.6percentagepointsto91.6percent(94.2percent),whileincommercialthecombinedratioreachedanexcellentlevelof91.3percent(90.6percent).
    Life/Healthinsurance:Fullyontracktoreachtargets
    Keyperformanceindicator
    3Q2025
    Changevs
    prioryear
    9M2025
    Changevs
    prioryear
    PVNBP(€mn)
    17,905
    -8.1%
    63,519
    4.8%
    Newbusinessmargin(%)
    5.9
    -0.2%-p
    5.7
    -0.1%-p
    VNB(€mn)
    1,050
    -11.0%
    3,612
    2.1%
    Operatingprofit(€mn)
    1,407
    2.2%
    4,237
    3.8%
    ContractualServiceMargin(€bn,eop)
    55.5
    1.1%10
    55.5
    3.8%11
    CoremessagesLife/Healthinsurance3Q2025
    Newbusinessmarginattractiveat5.9percent,wellaboveour5percenttargetlevel
    Operatingprofitstrongat1.4billioneuros,reaching26percentofourfull-yearoutlookmidpoint
    NormalizedCSMgrowthof1.1percentputsusontrackforfull-yearoutlookof~5percent
    In3Q2025,PVNBP,thepresentvalueofnewbusinesspremiums,reached17.9billioneuros(3Q2024:19.5billioneuros),areductionof8.1percentcomparedtotheprioryear,or5.5percentadjustedforforeigncurrencytranslationeffects.NewbusinessduringthequarterwasimpactedbythedivestmentofUniCreditAllianzVitaS.p.Ain2Q2025.Furthermore,theprior-yearperiodbenefitedfromasalespromotionintheUnitedStates,strongsalesinTaiwanandalargecorporatecontractinGermany.Theunderlyingdemandcontinuestobegoodandtheshareofnewbusinesspremiumsgeneratedinourpreferredlineswas92percent(94percent).
    Thenewbusinessmargin(NBM)of5.9percent(6.1percent)reacheditshighestlevelthisyearandremainedwellaboveourtargetof5percent.Thevalueofnewbusiness(VNB)wasatagoodlevelat1.0(1.2)billioneuros.
    Operatingprofitgrewby2.2percentandreachedastronglevelof1.4(1.4)billioneuros,amountingto26percentofourfull-yearoutlookmidpoint.
    TheContractualServiceMargin(CSM)was55.5billioneuros(2Q2025:55.8billioneuros).AssumptionchangesimpactedtheCSMdevelopmentduringthequarter,whilenormalizedCSMgrowthwasatasolidlevelof1.1percent.
    CoremessagesLife/Healthinsurance9M2025
    Goodnewbusinessgrowthspreadacrossmostregions
    Operatingprofitreaches77percentoffull-yearoutlookmidpoint
    NormalizedCSMgrowthof3.8percentputsusontracktoreach~5percentgrowthambitionforfull-year
    In9M2025,PVNBPincreasedby4.8percentto63.5billioneuros(9M2024:60.6billioneuros)or6.2percentadjustedforforeigncurrencytranslationeffects.Growthwasatagoodlevelcomparedtohighprioryearsalesandwasspreadacrossmostregions.Theshareofnewbusinesspremiumsgeneratedinourpreferredlineswas92percent(93percent).
    Thenewbusinessmarginremainedstrongat5.7percent(5.8percent).Thevalueofnewbusinessroseto3.6(3.5)billioneuros.
    Operatingprofitof4.2(4.1)billioneurosincreasedby3.8percent,reaching77percentofourfull-yearoutlookmidpoint.
    TheContractualServiceMargin(CSM)remainedstableat55.5billioneuroscomparedto55.6billioneuros12attheendof2024.Goodnormalizedgrowthof3.811percentwasoffsetbyforeigncurrencytranslationeffectsandnon-economicmovements.WeareontracktoreachourambitionofnormalizedCSMgrowthof~5percentfortheyear.
    AssetManagement:Outstandingthird-partynetinflows
    Keyperformanceindicator
    3Q2025
    Changevs
    prioryear
    9M2025
    Changevs
    prioryear
    Operatingrevenues(€bn)13
    2.1
    9.1%
    6.2
    6.1%
    Operatingprofit(€mn)
    828
    5.9%
    2,417
    5.2%
    Cost-incomeratio(%)
    60.3
    -0.7%-p
    60.9
    -0.6%-p
    Third-partynetflows(€bn)
    51
    159.4%
    94
    37.5%
    Third-partyassetsundermanagement(€bn)
    1,928
    4.8%
    Averagethird-partyassetsundermanagement(€bn)
    1,888
    3.8%
    1,892
    6.1%
    CoremessagesAssetManagement3Q2025
    Assetsundermanagement(AUM)-drivenrevenuesgrowby7percent(F/Xadjusted)
    Strongimprovementinthecost-incomeratio(CIR)reflectsongoingproductivityfocus
    Outstandingthird-partynetinflowsof51billioneuros,thebest3rdquarterever
    In3Q2025,operatingrevenuesincreasedto2.1billioneuros(3Q2024:2.0billioneuros),aninternalgrowthof9.1percent.ThiswasduetohigherAuM-drivenrevenues,whichincreasedby6.9percentadjustedforforeigncurrencytranslationeffects,aswellashigherperformancefees.
    Operatingprofitroseto828(782)millioneuros,up5.9percent.Adjustedforforeigncurrencytranslationeffects,operatingprofitincreasedby11percent.Thecost-incomeratio(CIR)improvedtoanexcellentlevelof60.3percent(61.0percent),reflectinggoodtop-linedevelopmentandmanagementactions.
    Third-partyassetsundermanagementamountedto1.928trillioneurosasofSeptember30,2025,anincreaseof5percentcomparedto2Q2025(3Q2024:1.840;2Q2025:1.842).Excellentnetinflowsof51billioneurosandmarketeffectsof42billioneuroswerethemaindrivers.Averagethird-partyassetsundermanagementincreased4percentcomparedto3Q2024andreached1.888trillioneuros.
    CoremessagesAssetManagement9M2025
    Operatingprofitincreases5percentto2.4billioneuros
    Cost-incomeratioimprovesto60.9percent,inlinewithourfull-yearambitionofaround61percent
    Excellentthirdpartynetinflowsof94billioneuros,reachingthesecond-highestnine-monthlevelever
    In9M2025,operatingrevenuesincreasedto6.2billioneuros(9M2024:6.0billioneuros),aninternalgrowthof6.1percent.GrowthwasdrivenbyhigherAuM-drivenrevenues,whichadvancedby7.5percentadjustedforforeigncurrencytranslationeffects,supportedbyhigheraveragethird-partyAuM.
    Operatingprofitroseto2.4(2.3)billioneuros,up5.2percent.Adjustedforforeigncurrencytranslationeffects,operatingprofitincreasedby7percent.Thecost-incomeratio(CIR)improvedto60.9percent(61.5percent),inlinewithourfull-yearambitionofaround61percent.
    Third-partyassetsundermanagementamountedto1.928trillioneurosasofSeptember30,2025,comparedto1.920trillioneurosasofDecember31,2024.Excellentnetinflowsof94billioneurosandpositivemarketeffectsof75billioneuroswerealmostoffsetbyforeigncurrencytranslationeffectsof166billioneuros.Averagethird-partyassetsundermanagementamountedto1.892trillioneuros,6percentabove9M2024.
    FOOTNOTES
    _____________________________________
    1
    Internalgrowth;totalgrowth-0.1percentin3Q2025and5.5percentin9M2025.
    2
    Basedonquarterlydividendaccrual;additionalaccrualtoreflectFYdividendwouldimpactSolvencyIIcapitalizationratioby-3%-pasofSeptember30,2025.ThisappliestoallinformationregardingtheSolvencyIIcapitalizationratiointhisdocument.
    3
    Asalways,naturalcatastrophesandadversedevelopmentsinthecapitalmarkets,aswellasfactorsstatedinourcautionarynoteregardingforward-lookingstatementsmayseverelyaffecttheoperatingprofitand/ornetincomeofouroperationsandtheresultsoftheAllianzGroup.
    4
    Changereferstointernalgrowth.
    5
    Changeversusfull-year2024.
    6
    CoreEPSandcoreRoEcalculationbasedonshareholders¡®corenetincome.
    7
    Changereferstointernalgrowth.
    8
    RetailincludingSMEandFleet.Thisappliestoallinformationrelatedtoretailinthisdocument.
    9
    CommercialincludinglargeCorporate,MidCorp,creditinsurance,internaland3rdpartyR/I.Thisappliestoallinformationrelatedtocommercialinthisdocument.
    10
    NormalizedCSMgrowthcomparedtoJune30,2025.
    11
    NormalizedCSMgrowthcomparedtoDecember31,2024,percentagecalculatedincludingthescopechangesinthebasevalueinthefirstquarter2025andincludingUniCreditAllianzVitaS.p.A.untilthesaleinthesecondquarter2025.
    12
    FigureincludesgrossCSMof0.8bneurosasofDecember31,2024forUniCreditAllianzVitaS.p.A.,whichwasclassifiedasheldforsaleinthethirdquarterof2024.EffectiveJanuary1,2025,theGermanAPRandtheAustrianHealthbusinesseshavebeentransferredfromProperty-CasualtytotheLife/Healthbusinesssegmentresultingina1.2bneurosshiftinthegrossCSMopeningbalance.
    13
    Internalgrowth.
    3Q&9M2025RESULTSTABLE
    AllianzGroup-keyfigures3rdquarterandfirstninemonths2025
    3Q2025
    3Q2024
    Delta
    9M2025
    9M2024
    Delta
    Totalbusinessvolume
    €bn
    42.8
    42.8
    -0.1%
    141.2
    133.9
    5.5%
    -Property-Casualty
    €bn
    19.7
    18.6
    6.2%
    66.9
    63.3
    5.6%
    -Life/Health
    €bn
    21.1
    22.4
    -5.7%
    68.7
    65.0
    5.6%
    -AssetManagement
    €bn
    2.1
    2.0
    3.9%
    6.2
    6.0
    3.6%
    -Consolidation
    €bn
    -0.2
    -0.2
    -3.6%
    -0.5
    -0.5
    -3.0%
    Operatingprofit/loss
    €mn
    4,433
    3,938
    12.6%
    13,077
    11,849
    10.4%
    -Property-Casualty
    €mn
    2,394
    1,969
    21.5%
    6,858
    5,950
    15.3%
    -Life/Health
    €mn
    1,407
    1,376
    2.2%
    4,237
    4,082
    3.8%
    -AssetManagement
    €mn
    828
    782
    5.9%
    2,417
    2,298
    5.2%
    -CorporateandOther
    €mn
    -197
    -185
    6.6%
    -436
    -475
    -8.4%
    -Consolidation
    €mn
    1
    -5
    n.m.
    0
    -5
    n.m.
    Netincome
    €mn
    3,010
    2,611
    15.3%
    8,609
    7,904
    8.9%
    -attributabletonon-controllinginterests
    €mn
    163
    141
    16.1%
    498
    445
    11.9%
    -attributabletoshareholders
    €mn
    2,847
    2,471
    15.2%
    8,111
    7,459
    8.7%
    Shareholders¡¯corenetincome1
    €mn
    2,855
    2,534
    12.7%
    8,382
    7,583
    10.5%
    Coreearningspershare2
    €
    7.44
    6.54
    13.7%
    21.43
    19.11
    12.2%
    AdditionalKPIs
    -Group
    Corereturnonequity3
    %
    ¨C
    ¨C
    ¨C
    18.5%
    16.9%
    1.6%
    -
    p
    -Property-Casualty
    Combinedratio
    %
    91.9%
    93.5%
    -1.6%
    -
    p
    91.6%
    93.0%
    -1.3%
    -
    p
    -Life/Health
    Newbusinessmargin
    %
    5.9%
    6.1%
    -0.2%
    -
    p
    5.7%
    5.8%
    -0.1%
    -
    p
    -AssetManagement
    Cost-incomeratio
    %
    60.3%
    61.0%
    -0.7%
    -
    p
    60.9%
    61.5%
    -0.6%
    -
    p
    09/30/2025
    12/31/2024
    Delta
    Shareholders'equity4
    €bn
    60.2
    60.3
    -0.1%
    Contractualservicemargin(net)5
    €bn
    35.4
    34.5
    2.4%
    SolvencyIIcapitalizationratio6
    %
    209%
    209%
    0%
    -
    p
    Third-partyassetsundermanagement
    €bn
    1,928
    1,920
    0.4%
    Pleasenote:ThefiguresarepresentedinmillionsofEuros,unlessotherwisestated.Duetorounding,numberspresentedmaynotadduppreciselytothetotalsprovidedandpercentagesmaynotpreciselyreflecttheabsolutefigures.
    1_
    Presentstheportionofshareholders¡¯netincomebeforenon-operatingmarketmovementsandbeforeamortizationofintangibleassetsfrombusinesscombinations(includinganyrelatedincometaxeffects).
    2_
    Calculatedbydividingtherespectiveperiod¡¯sshareholders'corenetincome,adjustedfornetfinancialchargesrelatedtoundatedsubordinatedbondsclassifiedasshareholders'equity,bytheweightedaveragenumberofsharesoutstanding(basiccoreEPS).
    3_
    Representstheannualizedratioofshareholders¡¯corenetincometotheaverageshareholders¡¯equityatthebeginningandattheendoftheperiod.Shareholders¡¯corenetincomeisadjustedfornetfinancialchargesrelatedtoundatedsubordinatedbondsclassifiedasshareholders¡¯equity.Fromtheaverageshareholders¡¯equity,undatedsubordinatedbondsclassifiedasshareholders¡¯equity,unrealizedgainsandlossesfrominsurancecontractsandotherunrealizedgainsandlossesareexcluded.Annualizedfiguresarenotaforecastforfullyearnumbers.For9M2024,thecorereturnonequityfortherespectivefullyearisshown.
    4_
    Excludingnon-controllinginterests.
    5_
    IncludesnetCSMofEUR0.3bnasof31December2024forUniCreditAllianzVitaS.p.A.,whichwasclassifiedasheldforsalein3Q2024.Salehasbeencompletedin2Q2025.
    6_
    Riskcapitalfiguresaregroupdiversifiedat99.5%confidencelevel.SolvencyIIcapitalizationratioisbasedonquarterlydividendaccrual;additionalaccrualtoreflectFYdividendwouldimpactsolvencyIIcapitalizationratioby-3%-pasof30September2025.
    RATING
    Ratings1
    S&PGlobal
    Moody¡¯s
    A.M.Best2
    Insurerfinancialstrengthrating
    AA|stableoutlook
    Aa2|stableoutlook
    A+|stableoutlook
    Counterpartycreditrating
    AA|stableoutlook
    Notrated
    aa3|stable
    Seniorunsecureddebtrating
    AA
    Aa2|stableoutlook
    aa|stable
    Subordinateddebtrating
    A+/A
    A1/A34|stableoutlook
    aa-/a+|stable
    Commercialpaper(shortterm)rating
    A-1+
    Prime-1
    Notrated
    1
    IncludesratingsforsecuritiesissuedbyAllianzFinanceIIB.V.andAllianzFinanceCorporation.
    2
    A.M.Best'sRatingReportsreproducedonwww.allianz.comappearunderlicencefromA.M.BestCompanyanddonotconstitute,eitherexpresslyorimplicitly,anendorsementofAllianz'sproductsorservices.A.M.Best'sRatingReportsarethecopyrightofA.M.BestCompanyandmaynotbereproducedordistributedwithouttheexpresswrittenconsentofA.M.BestCompany.Visitorstowww.allianz.comareauthorisedtoprintasinglecopyoftheratingreportdisplayedtherefortheirownuse.
    3
    Issuercreditrating.
    4
    Finalratingsvaryonthebasisoftheterms.
    Relatedlinks
    MediaConference
    November14,2025,11AMCET:YouTube(Englishlanguage)
    AnalystConference
    November14,2025,2:45PMCET:YouTube(Englishlanguage)
    Results
    Theresultsandrelateddocumentscanbefoundinthedownloadcenter.
    Upcomingevents
    FinancialResults4Q&12M2025
    February26,2026
    Moreinformationcanbefoundinthefinancialcalendar.
    AboutAllianz
    TheAllianzGroupisoneoftheworld'sleadinginsurersandassetmanagersservingprivateandcorporatecustomersinnearly70countries.Allianzcustomersbenefitfromabroadrangeofpersonalandcorporateinsuranceservices,rangingfromproperty,lifeandhealthinsurancetoassistanceservicestocreditinsuranceandglobalbusinessinsurance.Allianzisoneoftheworld¡¯slargestinvestors,managingaround761billioneuros*onbehalfofitsinsurancecustomers.Furthermore,ourassetmanagersPIMCOandAllianzGlobalInvestorsmanageabout1.9trillioneuros*ofthird-partyassets.Thankstooursystematicintegrationofecologicalandsocialcriteriainourbusinessprocessesandinvestmentdecisions,weareamongtheleadersintheinsuranceindustryintheDowJonesSustainabilityIndex.In2024,over156,000employeesachievedtotalbusinessvolumeof179.8billioneurosandanoperatingprofitof16.0billioneurosfortheGroup.
    *AsofSeptember30,2025.
    Theseassessmentsare,asalways,subjecttothedisclaimerprovidedbelow.
    Cautionarynoteregardingforward-lookingstatements
    Thisdocumentincludesforward-lookingstatements,suchasprospectsorexpectations,thatarebasedonmanagement'scurrentviewsandassumptionsandsubjecttoknownandunknownrisksanduncertainties.Actualresults,performancefigures,oreventsmaydiffersignificantlyfromthoseexpressedorimpliedinsuchforward-lookingstatements.
    Deviationsmayariseduetochangesinfactorsincluding,butnotlimitedto,thefollowing:(i)thegeneraleconomicandcompetitivesituationintheAllianz¡¯scorebusinessandcoremarkets,(ii)theperformanceoffinancialmarkets(inparticularmarketvolatility,liquidity,andcreditevents),(iii)adversepublicity,regulatoryactionsorlitigationwithrespecttotheAllianzGroup,otherwell-knowncompaniesandthefinancialservicesindustrygenerally,(iv)thefrequencyandseverityofinsuredlossevents,includingthoseresultingfromnaturalcatastrophes,andthedevelopmentoflossexpenses,(v)mortalityandmorbiditylevelsandtrends,(vi)persistencylevels,(vii)theextentofcreditdefaults,(viii)interestratelevels,(ix)currencyexchangerates,mostnotablytheEUR/USDexchangerate,(x)changesinlawsandregulations,includingtaxregulations,(xi)theimpactofacquisitionsincludingandrelatedintegrationissuesandreorganizationmeasures,and(xii)thegeneralcompetitiveconditionsthat,ineachindividualcase,applyatalocal,regional,national,and/orgloballevel.Manyofthesechangescanbeexacerbatedbyterroristactivities.
    Nodutytoupdate
    Allianzassumesnoobligationtoupdateanyinformationorforward-lookingstatementcontainedherein,saveforanyinformationwearerequiredtodisclosebylaw.
    Other
    Thefiguresregardingthenetassets,financialpositionandresultsofoperationshavebeenpreparedinconformitywithInternationalFinancialReportingStandards.ThisQuarterlyEarningsReleaseisnotanInterimFinancialReportwithinthemeaningofInternationalAccountingStandard(IAS)34.ThisisatranslationoftheGermanQuarterlyEarningsReleaseoftheAllianzGroup.Incaseofanydivergences,theGermanoriginalisbinding.
    PrivacyNote
    AllianzSEiscommittedtoprotectingyourpersonaldata.Findoutmoreinourprivacystatement.
    Contacts
    Mediacontacts
    FrankStoffelTel.+4916090115157e-mail:frank.stoffel@allianz.com
    Ann-KristinMannoTel.+4915129901517e-mail:ann-kristin.manno@allianz.com
    JohannaOltmannTel.+4915111646551e-mail:johanna.oltmann@allianz.com
    FabrizioTolottiTel.+4915159956396e-mail:fabrizio.tolotti@allianz.com
    InvestorRelationscontacts
    AndrewRitchieTel.+498938003963e-mail:andrew.ritchie@allianz.com
    ReinhardLahusenTel.+4989380017224e-mail:reinhard.lahusen@allianz.com
    ChristianLamprechtTel.+498938003892e-mail:christian.lamprecht@allianz.com
    TobiasRuppTel.+498938007151e-mail:tobias.rupp@allianz.com
    MUNICH--(BUSINESSWIRE)--
    3Q2025
    Thispressreleasefeaturesmultimedia.Viewthefullreleasehere:https://www.businesswire.com/news/home/20251113803211/en/
    Double-digitgrowthinoperatingprofitandshareholders¡¯corenetincome
    Totalbusinessvolumerises5.21percentwithcontributionsfromallsegments
    Operatingprofitincreases12.6percentto4.4billioneuros,withparticularstrongcontributionfromtheProperty-Casualtysegment
    Shareholders¡¯corenetincomeadvancesby12.7percentandreaches2.9billioneuros
    9M2025
    Continuedstronganddiversifiedgrowthacrossourbusinessesandrecordoperatingprofit
    Totalbusinessvolumerises8.51percentandreaches141.2billioneuroswithcontributionsfromallsegments
    Operatingprofitincreases10.4percentto13.1billioneuros,ourhighestnine-monthoperatingprofitever,reaching82percentofourfull-yearoutlookmidpoint
    Shareholders¡¯corenetincomeadvances10.5percentto8.4billioneuros.Adjustedfortheone-offtaxprovisionrelatedtothesaleofourstakeinourIndianJointVenturesandthedivestmentgainontheUniCreditJointVenture,shareholders¡¯corenetincomeincreasesby8.3percent
    Coreearningspershare(EPS)grow12.2percentandreach21.43euros.Adjustedforthetaxprovisionandthedivestmentgain,coreEPSrise9.9percent
    Annualizedcorereturnonequity(RoE)reachesanexcellentlevelof18.5percent,respectively18.2percentadjustedforthetaxprovisionandthedivestmentgain
    SolvencyIIcapitalizationratioremainsstrongat2092percentwithexcellentcapitalgeneration
    Outlook&other
    Forfull-year2025,Allianzexpectstoachieveanoperatingprofitofatleast17billioneuros,theupper-endofthefull-yearoutlookrangeof16billioneuros,plusorminus1billioneuros3.Mostlikely,thefull-yearoperatingprofitwillbeintherangebetween17and17.5billioneuros3
    Sharebuy-backprogramofupto2billioneuros,announcedonFebruary27,2025,wasfullyexecutedasofSeptember2025
    CEOcomment
    ¡°Allianzhasonceagaindeliveredanothersetofrecordresults,anoutcomethatismadepossiblebyourexceptionallevelsofbrandtrust,customerloyalty,andemployeemotivation.
    AlongsideourSmartGrowthandResiliencelevers,wewillcontinueourdisciplinedfocusonproductivitytogenerateevengreatervalueformoneyforourcustomers.
    Affordableinsurancesolutionsremainessentialtoinclusiveeconomicprosperity,andAllianzremainsdedicatedtosecuringafutureinwhichmorepeoplecanaccesstheprotectionandpeaceofmindthatourproductsandservicesprovide.¡±
    -OliverBäte,ChiefExecutiveOfficerofAllianzSE
    FINANCIALHIGHLIGHTS
    AllianzGroup:Strongperformanceandrecordoperatingprofit
    Keyperformanceindicator
    3Q2025
    Changevs
    prioryear
    9M2025
    Changevs
    prioryear
    Totalbusinessvolume(€bn)4
    42.8
    5.2%
    141.2
    8.5%
    Operatingprofit(€mn)
    4,433
    12.6%
    13,077
    10.4%
    Shareholders¡¯corenetincome(€mn)
    2,855
    12.7%
    8,382
    10.5%
    Corereturnonequity(annualized)(%)5
    18.5
    1.6%-p
    SolvencyIIratio(%)5
    209
    0%-p
    CFOcomment
    ¡°Wedeliveredrecordresultsforthethirdquarterandninemonths,underpinnedbydiversifiedgrowthandexcellentprofitability.OurperformancereflectsthesteadyprogressacrossourbusinessesaswecontinuethedisciplinedexecutionofourprioritiesoutlinedatourCapitalMarketsDayinDecember2024.
    Allianzcontinuesitssustainablevaluecreationforcustomers,employees,andshareholders.Buildingonourstrongperformanceandourconfidenceinourabilitytodeliver,wenowexpecttoachieveafull-yearoperatingprofitofatleast17billioneuros,mostlikelyintherangebetween17and17.5billioneuros.¡±
    -Claire-MarieCoste-Lepoutre,ChiefFinancialOfficerofAllianzSE
    In3Q2025,Allianzdeliveredastrongperformance,characterizedbyexcellentoperatingprofitdeliveryacrossourthreesegments.
    Ourtotalbusinessvolumeamountedto42.8billioneuros(3Q2024:42.8billioneuros).Internalgrowth,whichexcludestheeffectsofforeign-currencytranslationaswellasacquisitionsanddivestments,was5.2percent,supportedbystronggrowthinProperty-CasualtyandAssetManagement.
    Operatingprofitrose12.6percentto4.4(3.9)billioneuros,reaching28percentofourfull-yearoutlookmidpoint.Double-digitoperatingprofitgrowthinProperty-Casualtywasthemaindriverbutallsegmentscontributed.
    Shareholders¡¯corenetincomeadvanced12.7percentto2.9(2.5)billioneuros,fueledbyhigheroperatingprofit.
    Allianz¡¯s9M2025resultswereexcellent,deliveringarecordoperatingprofitandstronggrowthacrossallbusinesssegments.
    Ourtotalbusinessvolumeexpandedto141.2billioneuros(9M2024:133.9billioneuros).Internalgrowthof8.5percentwassupportedbystronggrowthacrossallsegments.
    Operatingprofitwasexcellentat13.1(11.8)billioneuros,anincreaseof10.4percent.TheProperty-Casualtybusinesswasthemaingrowthdriverbutallbusinesssegmentscontributed.
    Shareholders¡¯corenetincomeroseby10.5percenttoastronglevelof8.4(7.6)billioneuros.Adjustedforaone-offtaxprovisionrelatedtotheforthcomingsaleofourstakeinourIndianJointVenturesin1QandthedivestmentgainontheUniCreditJointVenturein2Q,shareholders¡¯corenetincomewasupby8.3percent.
    Coreearningspershare(EPS)6amountedto21.43(19.11)euros,anincreaseof12.2percent.Adjustedfortheabove-mentionedone-offtaxprovisionanddivestmentgain,coreearningspersharerose9.9percent.
    Allianzdeliveredanexcellentannualizedcorereturnonequity(RoE)6of18.5percentin9M2025(full-year2024:16.9percent).Adjustedfortheeffectsoftheone-offtaxprovisionanddivestmentgain,theannualizedcorereturnonequity(RoE)was18.2percent.
    ThisperformancewasachievedwhileAllianzmaintainedastrongcapitalizationwithaSolvencyIIratioof209percent(2Q2025:209percent),supportedbyexcellentoperatingcapitalgenerationof19percentagepoints.
    Outlook
    Followingthestrongperformanceinthefirstninemonthsoftheyear,Allianzexpectstoachieveafull-yearoperatingprofitofatleast17billioneuros,theupper-endofthefull-yearoutlookrangeof16billioneuros,plusorminus1billioneuros3.Mostlikely,thefull-yearoperatingprofitwillbeintherangebetween17and17.5billioneuros3.
    Other
    Thesharebuy-backprogramofupto2billioneuros,announcedonFebruary27,2025,wasfullyexecutedbySeptember17,2025.
    Property-Casualtyinsurance:Continuedexcellentperformance
    Keyperformanceindicator
    3Q2025
    Changevs
    prioryear
    9M2025
    Changevs
    prioryear
    Totalbusinessvolume(€bn)7
    19.7
    9.5%
    66.9
    8.3%
    Operatingprofit(€mn)
    2,394
    21.5%
    6,858
    15.3%
    Combinedratio(%)
    91.9
    -1.6%-p
    91.6
    -1.3%-p
    Lossratio(%)
    68.3
    -1.5%-p
    67.8
    -1.0%-p
    Expenseratio(%)
    23.6
    -0.1%-p
    23.9
    -0.3%-p
    CoremessagesProperty-Casualtyinsurance3Q2025
    Excellentinternalgrowthof9.5percent
    Recordoperatingprofitof2.4billioneuros,up22percent
    Excellentcombinedratio,supportedbyabetterlossratioandexpenseratio
    In3Q2025,totalbusinessvolumereached19.7billioneuros(3Q2024:18.6billioneuros),deliveringanexcellentinternalgrowthof9.5percent.Allianzsuccessfullymanagedgrowingitsbusinesswhilemaintainingunderwritingdiscipline.
    Theoperatingprofitgrewtoarecordlevelof2.4(2.0)billioneuros,anincreaseof21.5percentcomparedtothethirdquarter2024.Thiswasmainlyduetoastronginsuranceserviceresult.
    Thecombinedratioimprovedtoanexcellentlevelof91.9percent(93.5percent).Thelossratioreached68.3percent(69.8percent),animprovementof1.5percentagepoints.Thisperformancewassupportedbyunderlyingimprovements,reflectingsuccessfulunderwritingactions,aswellasbenignnaturalcatastrophes.Therun-offresultwaslowerthanlastyear.Theexpenseratiodevelopedfavorablyby0.1percentagepointsto23.6percent.
    Theperformanceinthethirdquarterwasstrongacrossboththeretail8andcommercial9segments.
    Ourretailbusinessdeliveredinternalgrowthof8percentwhilefurtherimprovingitscombinedratiotoanexcellentlevelof91.3percent(94.9percent).
    Thecommercialbusinessachievedexcellentinternalgrowthof11percent,supportedbystronggrowthinAllianzPartners¡¯healthbusiness.Thecombinedratioreached92.0percent(90.5percent).
    CoremessagesProperty-Casualtyinsurance9M2025
    Stronginternalgrowthacrossretailandcommercialsegments
    Recordoperatingprofit,reaching86percentoffull-yearoutlookmidpoint
    Excellentcombinedratiosinretailandcommercial,supportedbyunderwritingactions
    Inthe9M2025period,totalbusinessvolumeroseto66.9billioneuros(9M2024:63.3billioneuros).Internalgrowthwas8.3percent,withsimilargrowthinretailandcommercial.
    Operatingprofitwasexcellentat6.9(6.0)billioneuros,reaching86percentofourfull-yearoutlookmidpoint.Operatingprofitgrowthof15.3percentwasalmostentirelydrivenbyahigherinsuranceserviceresult.
    Thecombinedratiowasatanexcellentlevelof91.6percent(93.0percent),withimprovementsinthelossratioandtheexpenseratio.Thelossratioreached67.8percent(68.8percent).Underlyingimprovementsfromunderwritingactionsovercompensatedaconservativerun-offratio.Theexpenseratioimprovedby0.3percentagepointsto23.9percent,reflectinganongoingproductivityfocus.
    Profitabilityinbothretailandcommercialwasstrong.Theretailcombinedratioimproved2.6percentagepointsto91.6percent(94.2percent),whileincommercialthecombinedratioreachedanexcellentlevelof91.3percent(90.6percent).
    Life/Healthinsurance:Fullyontracktoreachtargets
    Keyperformanceindicator
    3Q2025
    Changevs
    prioryear
    9M2025
    Changevs
    prioryear
    PVNBP(€mn)
    17,905
    -8.1%
    63,519
    4.8%
    Newbusinessmargin(%)
    5.9
    -0.2%-p
    5.7
    -0.1%-p
    VNB(€mn)
    1,050
    -11.0%
    3,612
    2.1%
    Operatingprofit(€mn)
    1,407
    2.2%
    4,237
    3.8%
    ContractualServiceMargin(€bn,eop)
    55.5
    1.1%10
    55.5
    3.8%11
    CoremessagesLife/Healthinsurance3Q2025
    Newbusinessmarginattractiveat5.9percent,wellaboveour5percenttargetlevel
    Operatingprofitstrongat1.4billioneuros,reaching26percentofourfull-yearoutlookmidpoint
    NormalizedCSMgrowthof1.1percentputsusontrackforfull-yearoutlookof~5percent
    In3Q2025,PVNBP,thepresentvalueofnewbusinesspremiums,reached17.9billioneuros(3Q2024:19.5billioneuros),areductionof8.1percentcomparedtotheprioryear,or5.5percentadjustedforforeigncurrencytranslationeffects.NewbusinessduringthequarterwasimpactedbythedivestmentofUniCreditAllianzVitaS.p.Ain2Q2025.Furthermore,theprior-yearperiodbenefitedfromasalespromotionintheUnitedStates,strongsalesinTaiwanandalargecorporatecontractinGermany.Theunderlyingdemandcontinuestobegoodandtheshareofnewbusinesspremiumsgeneratedinourpreferredlineswas92percent(94percent).
    Thenewbusinessmargin(NBM)of5.9percent(6.1percent)reacheditshighestlevelthisyearandremainedwellaboveourtargetof5percent.Thevalueofnewbusiness(VNB)wasatagoodlevelat1.0(1.2)billioneuros.
    Operatingprofitgrewby2.2percentandreachedastronglevelof1.4(1.4)billioneuros,amountingto26percentofourfull-yearoutlookmidpoint.
    TheContractualServiceMargin(CSM)was55.5billioneuros(2Q2025:55.8billioneuros).AssumptionchangesimpactedtheCSMdevelopmentduringthequarter,whilenormalizedCSMgrowthwasatasolidlevelof1.1percent.
    CoremessagesLife/Healthinsurance9M2025
    Goodnewbusinessgrowthspreadacrossmostregions
    Operatingprofitreaches77percentoffull-yearoutlookmidpoint
    NormalizedCSMgrowthof3.8percentputsusontracktoreach~5percentgrowthambitionforfull-year
    In9M2025,PVNBPincreasedby4.8percentto63.5billioneuros(9M2024:60.6billioneuros)or6.2percentadjustedforforeigncurrencytranslationeffects.Growthwasatagoodlevelcomparedtohighprioryearsalesandwasspreadacrossmostregions.Theshareofnewbusinesspremiumsgeneratedinourpreferredlineswas92percent(93percent).
    Thenewbusinessmarginremainedstrongat5.7percent(5.8percent).Thevalueofnewbusinessroseto3.6(3.5)billioneuros.
    Operatingprofitof4.2(4.1)billioneurosincreasedby3.8percent,reaching77percentofourfull-yearoutlookmidpoint.
    TheContractualServiceMargin(CSM)remainedstableat55.5billioneuroscomparedto55.6billioneuros12attheendof2024.Goodnormalizedgrowthof3.811percentwasoffsetbyforeigncurrencytranslationeffectsandnon-economicmovements.WeareontracktoreachourambitionofnormalizedCSMgrowthof~5percentfortheyear.
    AssetManagement:Outstandingthird-partynetinflows
    Keyperformanceindicator
    3Q2025
    Changevs
    prioryear
    9M2025
    Changevs
    prioryear
    Operatingrevenues(€bn)13
    2.1
    9.1%
    6.2
    6.1%
    Operatingprofit(€mn)
    828
    5.9%
    2,417
    5.2%
    Cost-incomeratio(%)
    60.3
    -0.7%-p
    60.9
    -0.6%-p
    Third-partynetflows(€bn)
    51
    159.4%
    94
    37.5%
    Third-partyassetsundermanagement(€bn)
    1,928
    4.8%
    Averagethird-partyassetsundermanagement(€bn)
    1,888
    3.8%
    1,892
    6.1%
    CoremessagesAssetManagement3Q2025
    Assetsundermanagement(AUM)-drivenrevenuesgrowby7percent(F/Xadjusted)
    Strongimprovementinthecost-incomeratio(CIR)reflectsongoingproductivityfocus
    Outstandingthird-partynetinflowsof51billioneuros,thebest3rdquarterever
    In3Q2025,operatingrevenuesincreasedto2.1billioneuros(3Q2024:2.0billioneuros),aninternalgrowthof9.1percent.ThiswasduetohigherAuM-drivenrevenues,whichincreasedby6.9percentadjustedforforeigncurrencytranslationeffects,aswellashigherperformancefees.
    Operatingprofitroseto828(782)millioneuros,up5.9percent.Adjustedforforeigncurrencytranslationeffects,operatingprofitincreasedby11percent.Thecost-incomeratio(CIR)improvedtoanexcellentlevelof60.3percent(61.0percent),reflectinggoodtop-linedevelopmentandmanagementactions.
    Third-partyassetsundermanagementamountedto1.928trillioneurosasofSeptember30,2025,anincreaseof5percentcomparedto2Q2025(3Q2024:1.840;2Q2025:1.842).Excellentnetinflowsof51billioneurosandmarketeffectsof42billioneuroswerethemaindrivers.Averagethird-partyassetsundermanagementincreased4percentcomparedto3Q2024andreached1.888trillioneuros.
    CoremessagesAssetManagement9M2025
    Operatingprofitincreases5percentto2.4billioneuros
    Cost-incomeratioimprovesto60.9percent,inlinewithourfull-yearambitionofaround61percent
    Excellentthirdpartynetinflowsof94billioneuros,reachingthesecond-highestnine-monthlevelever
    In9M2025,operatingrevenuesincreasedto6.2billioneuros(9M2024:6.0billioneuros),aninternalgrowthof6.1percent.GrowthwasdrivenbyhigherAuM-drivenrevenues,whichadvancedby7.5percentadjustedforforeigncurrencytranslationeffects,supportedbyhigheraveragethird-partyAuM.
    Operatingprofitroseto2.4(2.3)billioneuros,up5.2percent.Adjustedforforeigncurrencytranslationeffects,operatingprofitincreasedby7percent.Thecost-incomeratio(CIR)improvedto60.9percent(61.5percent),inlinewithourfull-yearambitionofaround61percent.
    Third-partyassetsundermanagementamountedto1.928trillioneurosasofSeptember30,2025,comparedto1.920trillioneurosasofDecember31,2024.Excellentnetinflowsof94billioneurosandpositivemarketeffectsof75billioneuroswerealmostoffsetbyforeigncurrencytranslationeffectsof166billioneuros.Averagethird-partyassetsundermanagementamountedto1.892trillioneuros,6percentabove9M2024.
    FOOTNOTES
    _____________________________________
    1
    Internalgrowth;totalgrowth-0.1percentin3Q2025and5.5percentin9M2025.
    2
    Basedonquarterlydividendaccrual;additionalaccrualtoreflectFYdividendwouldimpactSolvencyIIcapitalizationratioby-3%-pasofSeptember30,2025.ThisappliestoallinformationregardingtheSolvencyIIcapitalizationratiointhisdocument.
    3
    Asalways,naturalcatastrophesandadversedevelopmentsinthecapitalmarkets,aswellasfactorsstatedinourcautionarynoteregardingforward-lookingstatementsmayseverelyaffecttheoperatingprofitand/ornetincomeofouroperationsandtheresultsoftheAllianzGroup.
    4
    Changereferstointernalgrowth.
    5
    Changeversusfull-year2024.
    6
    CoreEPSandcoreRoEcalculationbasedonshareholders¡®corenetincome.
    7
    Changereferstointernalgrowth.
    8
    RetailincludingSMEandFleet.Thisappliestoallinformationrelatedtoretailinthisdocument.
    9
    CommercialincludinglargeCorporate,MidCorp,creditinsurance,internaland3rdpartyR/I.Thisappliestoallinformationrelatedtocommercialinthisdocument.
    10
    NormalizedCSMgrowthcomparedtoJune30,2025.
    11
    NormalizedCSMgrowthcomparedtoDecember31,2024,percentagecalculatedincludingthescopechangesinthebasevalueinthefirstquarter2025andincludingUniCreditAllianzVitaS.p.A.untilthesaleinthesecondquarter2025.
    12
    FigureincludesgrossCSMof0.8bneurosasofDecember31,2024forUniCreditAllianzVitaS.p.A.,whichwasclassifiedasheldforsaleinthethirdquarterof2024.EffectiveJanuary1,2025,theGermanAPRandtheAustrianHealthbusinesseshavebeentransferredfromProperty-CasualtytotheLife/Healthbusinesssegmentresultingina1.2bneurosshiftinthegrossCSMopeningbalance.
    13
    Internalgrowth.
    3Q&9M2025RESULTSTABLE
    AllianzGroup-keyfigures3rdquarterandfirstninemonths2025
    3Q2025
    3Q2024
    Delta
    9M2025
    9M2024
    Delta
    Totalbusinessvolume
    €bn
    42.8
    42.8
    -0.1%
    141.2
    133.9
    5.5%
    -Property-Casualty
    €bn
    19.7
    18.6
    6.2%
    66.9
    63.3
    5.6%
    -Life/Health
    €bn
    21.1
    22.4
    -5.7%
    68.7
    65.0
    5.6%
    -AssetManagement
    €bn
    2.1
    2.0
    3.9%
    6.2
    6.0
    3.6%
    -Consolidation
    €bn
    -0.2
    -0.2
    -3.6%
    -0.5
    -0.5
    -3.0%
    Operatingprofit/loss
    €mn
    4,433
    3,938
    12.6%
    13,077
    11,849
    10.4%
    -Property-Casualty
    €mn
    2,394
    1,969
    21.5%
    6,858
    5,950
    15.3%
    -Life/Health
    €mn
    1,407
    1,376
    2.2%
    4,237
    4,082
    3.8%
    -AssetManagement
    €mn
    828
    782
    5.9%
    2,417
    2,298
    5.2%
    -CorporateandOther
    €mn
    -197
    -185
    6.6%
    -436
    -475
    -8.4%
    -Consolidation
    €mn
    1
    -5
    n.m.
    0
    -5
    n.m.
    Netincome
    €mn
    3,010
    2,611
    15.3%
    8,609
    7,904
    8.9%
    -attributabletonon-controllinginterests
    €mn
    163
    141
    16.1%
    498
    445
    11.9%
    -attributabletoshareholders
    €mn
    2,847
    2,471
    15.2%
    8,111
    7,459
    8.7%
    Shareholders¡¯corenetincome1
    €mn
    2,855
    2,534
    12.7%
    8,382
    7,583
    10.5%
    Coreearningspershare2
    €
    7.44
    6.54
    13.7%
    21.43
    19.11
    12.2%
    AdditionalKPIs
    -Group
    Corereturnonequity3
    %
    ¨C
    ¨C
    ¨C
    18.5%
    16.9%
    1.6%
    -
    p
    -Property-Casualty
    Combinedratio
    %
    91.9%
    93.5%
    -1.6%
    -
    p
    91.6%
    93.0%
    -1.3%
    -
    p
    -Life/Health
    Newbusinessmargin
    %
    5.9%
    6.1%
    -0.2%
    -
    p
    5.7%
    5.8%
    -0.1%
    -
    p
    -AssetManagement
    Cost-incomeratio
    %
    60.3%
    61.0%
    -0.7%
    -
    p
    60.9%
    61.5%
    -0.6%
    -
    p
    09/30/2025
    12/31/2024
    Delta
    Shareholders'equity4
    €bn
    60.2
    60.3
    -0.1%
    Contractualservicemargin(net)5
    €bn
    35.4
    34.5
    2.4%
    SolvencyIIcapitalizationratio6
    %
    209%
    209%
    0%
    -
    p
    Third-partyassetsundermanagement
    €bn
    1,928
    1,920
    0.4%
    Pleasenote:ThefiguresarepresentedinmillionsofEuros,unlessotherwisestated.Duetorounding,numberspresentedmaynotadduppreciselytothetotalsprovidedandpercentagesmaynotpreciselyreflecttheabsolutefigures.
    1_
    Presentstheportionofshareholders¡¯netincomebeforenon-operatingmarketmovementsandbeforeamortizationofintangibleassetsfrombusinesscombinations(includinganyrelatedincometaxeffects).
    2_
    Calculatedbydividingtherespectiveperiod¡¯sshareholders'corenetincome,adjustedfornetfinancialchargesrelatedtoundatedsubordinatedbondsclassifiedasshareholders'equity,bytheweightedaveragenumberofsharesoutstanding(basiccoreEPS).
    3_
    Representstheannualizedratioofshareholders¡¯corenetincometotheaverageshareholders¡¯equityatthebeginningandattheendoftheperiod.Shareholders¡¯corenetincomeisadjustedfornetfinancialchargesrelatedtoundatedsubordinatedbondsclassifiedasshareholders¡¯equity.Fromtheaverageshareholders¡¯equity,undatedsubordinatedbondsclassifiedasshareholders¡¯equity,unrealizedgainsandlossesfrominsurancecontractsandotherunrealizedgainsandlossesareexcluded.Annualizedfiguresarenotaforecastforfullyearnumbers.For9M2024,thecorereturnonequityfortherespectivefullyearisshown.
    4_
    Excludingnon-controllinginterests.
    5_
    IncludesnetCSMofEUR0.3bnasof31December2024forUniCreditAllianzVitaS.p.A.,whichwasclassifiedasheldforsalein3Q2024.Salehasbeencompletedin2Q2025.
    6_
    Riskcapitalfiguresaregroupdiversifiedat99.5%confidencelevel.SolvencyIIcapitalizationratioisbasedonquarterlydividendaccrual;additionalaccrualtoreflectFYdividendwouldimpactsolvencyIIcapitalizationratioby-3%-pasof30September2025.
    RATING
    Ratings1
    S&PGlobal
    Moody¡¯s
    A.M.Best2
    Insurerfinancialstrengthrating
    AA|stableoutlook
    Aa2|stableoutlook
    A+|stableoutlook
    Counterpartycreditrating
    AA|stableoutlook
    Notrated
    aa3|stable
    Seniorunsecureddebtrating
    AA
    Aa2|stableoutlook
    aa|stable
    Subordinateddebtrating
    A+/A
    A1/A34|stableoutlook
    aa-/a+|stable
    Commercialpaper(shortterm)rating
    A-1+
    Prime-1
    Notrated
    1
    IncludesratingsforsecuritiesissuedbyAllianzFinanceIIB.V.andAllianzFinanceCorporation.
    2
    A.M.Best'sRatingReportsreproducedonwww.allianz.comappearunderlicencefromA.M.BestCompanyanddonotconstitute,eitherexpresslyorimplicitly,anendorsementofAllianz'sproductsorservices.A.M.Best'sRatingReportsarethecopyrightofA.M.BestCompanyandmaynotbereproducedordistributedwithouttheexpresswrittenconsentofA.M.BestCompany.Visitorstowww.allianz.comareauthorisedtoprintasinglecopyoftheratingreportdisplayedtherefortheirownuse.
    3
    Issuercreditrating.
    4
    Finalratingsvaryonthebasisoftheterms.
    Relatedlinks
    MediaConference
    November14,2025,11AMCET:YouTube(Englishlanguage)
    AnalystConference
    November14,2025,2:45PMCET:YouTube(Englishlanguage)
    Results
    Theresultsandrelateddocumentscanbefoundinthedownloadcenter.
    Upcomingevents
    FinancialResults4Q&12M2025
    February26,2026
    Moreinformationcanbefoundinthefinancialcalendar.
    AboutAllianz
    TheAllianzGroupisoneoftheworld'sleadinginsurersandassetmanagersservingprivateandcorporatecustomersinnearly70countries.Allianzcustomersbenefitfromabroadrangeofpersonalandcorporateinsuranceservices,rangingfromproperty,lifeandhealthinsurancetoassistanceservicestocreditinsuranceandglobalbusinessinsurance.Allianzisoneoftheworld¡¯slargestinvestors,managingaround761billioneuros*onbehalfofitsinsurancecustomers.Furthermore,ourassetmanagersPIMCOandAllianzGlobalInvestorsmanageabout1.9trillioneuros*ofthird-partyassets.Thankstooursystematicintegrationofecologicalandsocialcriteriainourbusinessprocessesandinvestmentdecisions,weareamongtheleadersintheinsuranceindustryintheDowJonesSustainabilityIndex.In2024,over156,000employeesachievedtotalbusinessvolumeof179.8billioneurosandanoperatingprofitof16.0billioneurosfortheGroup.
    *AsofSeptember30,2025.
    Theseassessmentsare,asalways,subjecttothedisclaimerprovidedbelow.
    Cautionarynoteregardingforward-lookingstatements
    Thisdocumentincludesforward-lookingstatements,suchasprospectsorexpectations,thatarebasedonmanagement'scurrentviewsandassumptionsandsubjecttoknownandunknownrisksanduncertainties.Actualresults,performancefigures,oreventsmaydiffersignificantlyfromthoseexpressedorimpliedinsuchforward-lookingstatements.
    Deviationsmayariseduetochangesinfactorsincluding,butnotlimitedto,thefollowing:(i)thegeneraleconomicandcompetitivesituationintheAllianz¡¯scorebusinessandcoremarkets,(ii)theperformanceoffinancialmarkets(inparticularmarketvolatility,liquidity,andcreditevents),(iii)adversepublicity,regulatoryactionsorlitigationwithrespecttotheAllianzGroup,otherwell-knowncompaniesandthefinancialservicesindustrygenerally,(iv)thefrequencyandseverityofinsuredlossevents,includingthoseresultingfromnaturalcatastrophes,andthedevelopmentoflossexpenses,(v)mortalityandmorbiditylevelsandtrends,(vi)persistencylevels,(vii)theextentofcreditdefaults,(viii)interestratelevels,(ix)currencyexchangerates,mostnotablytheEUR/USDexchangerate,(x)changesinlawsandregulations,includingtaxregulations,(xi)theimpactofacquisitionsincludingandrelatedintegrationissuesandreorganizationmeasures,and(xii)thegeneralcompetitiveconditionsthat,ineachindividualcase,applyatalocal,regional,national,and/orgloballevel.Manyofthesechangescanbeexacerbatedbyterroristactivities.
    Nodutytoupdate
    Allianzassumesnoobligationtoupdateanyinformationorforward-lookingstatementcontainedherein,saveforanyinformationwearerequiredtodisclosebylaw.
    Other
    Thefiguresregardingthenetassets,financialpositionandresultsofoperationshavebeenpreparedinconformitywithInternationalFinancialReportingStandards.ThisQuarterlyEarningsReleaseisnotanInterimFinancialReportwithinthemeaningofInternationalAccountingStandard(IAS)34.ThisisatranslationoftheGermanQuarterlyEarningsReleaseoftheAllianzGroup.Incaseofanydivergences,theGermanoriginalisbinding.
    PrivacyNote
    AllianzSEiscommittedtoprotectingyourpersonaldata.Findoutmoreinourprivacystatement.

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