MUNICH--(BUSINESSWIRE)--12M2025
    Excellentmomentumandrecordoperatingprofit
    Totalbusinessvolumerises8.11percentandreaches186.9billioneuroswithcontributionsfromallsegments
    Operatingprofitincreases8.4percentto17.4billioneuros,ourhighestoperatingprofitever
    Shareholders¡¯corenetincomeadvances10.9percentto11.1billioneuros
    Coreearningspershare(EPS)grow12.5percentandreach28.61euros
    Corereturnonequity(RoE)reachesanexcellentlevelof18.1percent
    SolvencyIIratio2increases10percentagepointsto218percentsupportedbyexcellentcapitalgeneration
    4Q2025
    Diversifiedgrowthanddouble-digitincreaseinshareholders¡¯corenetincome
    Totalbusinessvolumerises6.51percentwithcontributionsfromallsegments
    Operatingprofitincreases3.0percentto4.3billioneuros,drivenbyexcellentcontributionfromtheProperty-Casualtysegment
    Shareholders¡¯corenetincomeadvances12.2percentandreaches2.7billioneuros
    Outlook&other
    For2026,Allianztargetsanoperatingprofitof17.4billioneuros,plusorminus1billioneuros3
    Managementtoproposeadividendpershareof17.10euros,anincreaseof11.0percentfrom2024
    Allianzhasannouncedanewsharebuy-backprogramofupto2.5billioneurosonFebruary25,2026
    CEOcomment
    ¡°Allianz¡¯srecordresultsfor2025demonstrate¨Cagain¨Courabilitytodeliverreliably,includinginrapidlyshiftingandincreasinglydivisiveenvironments.Thestrengthofourperformanceandfundamentalsgoeswellbeyondourfinancialdisciplineandoperationalresilience.Oursuccessisalsopoweredbyourleadingbrandstrength,recordcustomerloyalty,andhighlymotivatedemployees.
    Customersexpectprotectionandpeaceofmindatapricethattheycanafford,whichiswhyourabilitytooffersuperiorvalueissovitaltothecontinuedgrowthofourcustomerbase.Tomitigatedeepeningpolarizationintheworld,itremainsourstrategicpriority¨Caswellasoursocietalresponsibility¨Ctoensurethatpeoplecanaccessthefreedomandsecuritythatourproductsandservicesprovide.¡±
    -OliverBäte,ChiefExecutiveOfficerofAllianzSE
    FINANCIALHIGHLIGHTS
    AllianzGroup:AnexcellentstarttoourCapitalMarketsDaydelivery
    Keyperformanceindicator
    4Q2025
    Changevs
    prioryear
    12M2025
    Changevs
    prioryear
    Totalbusinessvolume(€bn)4
    45.7
    6.5
    %
    186.9
    8.1
    %
    Operatingprofit(€mn)
    4,297
    3.0
    %
    17,374
    8.4
    %
    Shareholders¡¯corenetincome(€mn)
    2,731
    12.2
    %
    11,113
    10.9
    %
    Corereturnonequity(%)
    18.1
    1.2%-p
    SolvencyIIratio(%)
    218
    10%-p
    CFOcomment
    ¡°Wehadanexcellentstartintoournewstrategiccycle.OurperformancehighlightsthestrengthandresilienceofAllianz¡¯sbusinessmodel.
    Allianz¡¯srecordresultsfor2025arecharacterizedbyverygoodgrowthacrossoursegmentsandexcellentprofitability,whilewefurtherenhancedourfinancialstrength.Thisdemonstratesourabilitytocreatesustainablevalueforourcustomersandshareholdersalike.
    Aswepursueour2026targetofanoperatingprofitof17.4billioneuros,plusorminus1billioneuros,wecontinuethefocusedexecutionofourstrategicCapitalMarketsDayprioritiestodeliveronour2025¨C2027plan.¡±
    -Claire-MarieCoste-Lepoutre,ChiefFinancialOfficerofAllianzSE
    Allianz¡¯s12M2025resultswereexcellent.Allianzsustaineditsmomentumacrossallthreesegmentsandachievedarecordoperatingprofit.
    Ourtotalbusinessvolumeexpandedto186.9billioneuros(12M2024:179.8billioneuros).Internalgrowth,whichexcludestheeffectsofforeign-currencytranslationaswellasacquisitionsanddivestments,wasstrongat8.1percent,supportedbygrowthacrossallsegments.
    Operatingprofitreachedarecordlevelof17.4(16.0)billioneuros,anincreaseof8.4percent.TheProperty-Casualtybusinesswasthemaingrowthdriverandallbusinesssegmentsexceededtheirfull-yearoutlookmidpoints.
    Shareholders¡¯corenetincomeroseby10.9percentto11.1(10.0)billioneuros.Adjustedforaone-offtaxprovisionrelatedtothesaleofourstakeinourIndianJointVenturesin1Q2025andthedivestmentgainontheUniCreditJointVenturein2Q2025,shareholders¡¯corenetincomewasupby9.3percent.
    Coreearningspershare(EPS)5amountedto28.61(25.42)euros,anincreaseof12.5percent.Adjustedfortheabove-mentionedone-offtaxprovisionanddivestmentgain,coreearningspersharerose10.8percent.
    Allianzhasdeliveredanexcellentcorereturnonequity(RoE)5of18.1percentin12M2025(12M2024:16.9percent).Adjustedfortheeffectsoftheone-offtaxprovisionanddivestmentgain,thecorereturnonequitywas17.8percent.
    ThisperformancewasachievedwhileAllianzfurtherstrengtheneditscapitalization.TheSolvencyIIratiowas218percent,anincreaseof10percentagepointscomparedtofull-year2024(209percent)and3Q2025(209percent).Thisdevelopmentwassupportedbyexcellentoperatingcapitalgenerationof25percentagepointsaftertax/beforedividend.
    In4Q2025,Allianzdeliveredastrongperformance,characterizedbygoodgrowthacrossourthreesegmentsandexcellentprofitability.
    Ourtotalbusinessvolumeamountedto45.7billioneuros(4Q2024:45.9billioneuros).Internalgrowthwasgoodat6.5percentandallsegmentscontributed.
    Operatingprofitrose3.0percentto4.3(4.2)billioneuros,reaching27percentofourfull-yearoutlookmidpoint.TheincreasewasmainlydrivenbyexcellentoperatingprofitgrowthinourProperty-Casualtybusiness.
    Shareholders¡¯corenetincomeadvanced12.2percentto2.7(2.4)billioneuros.Ahigheroperatingprofitandanimprovednon-operatingresultcontributed.
    Outlook
    In2026,Allianztargetsanoperatingprofitof17.4billioneuros,plusorminus1billioneuros.
    Other
    TheBoardofManagementproposesadividendpershareof17.10euros(2024:15.40euros)for2025,anincreaseof11.0percentfrom2024.
    OnFebruary25,2026,Allianzhasannouncedanewsharebuy-backprogramofupto2.5billioneuros.
    Property-Casualtyinsurance:Excellentdeliveryacrossalldimensions
    Keyperformanceindicator
    4Q2025
    Changevs
    prioryear
    12M2025
    Changevs
    prioryear
    Totalbusinessvolume(€bn)4
    19.9
    6.7
    %
    86.7
    8.2
    %
    Operatingprofit(€mn)
    2,134
    9.6
    %
    8,992
    13.9
    %
    Combinedratio(%)
    93.6
    -1.1%-p
    92.2
    -1.3%-p
    Lossratio(%)
    69.8
    -0.9%-p
    68.3
    -1.0%-p
    Expenseratio(%)
    23.8
    -0.2%-p
    23.9
    -0.3%-p
    CoremessagesProperty-Casualtyinsurance12M2025
    Verygoodinternalgrowthacrossretailandcommercial
    Recordoperatingprofit,wellexceedingthefull-yearoutlookmidpoint
    Excellentcombinedratiosupportedbyunderwritingactions
    Inthe12M2025period,totalbusinessvolumeroseto86.7billioneuros(12M2024:82.9billioneuros).Internalgrowthwasverygoodat8.2percent.
    Operatingprofitwasexcellentat9.0(7.9)billioneuros,wellexceedingourfull-yearoutlookmidpointof8.0billioneuros.Operatingprofitgrowthof13.9percentwasalmostexclusivelydrivenbyahigheroperatinginsuranceserviceresult.
    Thecombinedratiowasatanexcellentlevelof92.2percent(93.4percent),withimprovementsinthelossratioandtheexpenseratio.Thelossratioreached68.3percent,animprovementof1.0percentagepointcomparedtoprioryear(69.3percent).Lowernaturalcatastrophelossesandunderlyingimprovementsfromunderwritingactionsovercompensatedaconservativerun-offratio.Theexpenseratioimprovedby0.3percentagepointsto23.9percent(24.2percent),reflectingasuccessfulongoingproductivityfocus.
    Theretail6businessdeliveredexcellentinternalgrowthof9percentwhileourcommercial7businessgrewby7percent.
    Profitabilityinbothretailandcommercialwasstrong.Theretailcombinedratioimproved1.8percentagepointsto92.4percent(94.1percent),whileincommercialthecombinedratioreachedanexcellentlevelof91.7percent(92.2percent),animprovementof0.5percentagepoints.
    CoremessagesProperty-Casualtyinsurance4Q2025
    Stronginternalgrowthof6.7percent
    Excellentoperatingprofitof2.1billioneuros,up10percent
    Verygoodcombinedratio,supportedbyabetterlossratioandexpenseratio
    In4Q2025,totalbusinessvolumereached19.9billioneuros(4Q2024:19.5billioneuros),astronginternalgrowthof6.7percent.
    Theoperatingprofitgrewto2.1(1.9)billioneuros,anincreaseof9.6percent,reaching27percentofourfull-yearoutlookmidpoint.Astrongeroperatinginsuranceserviceresultwasthemaindriver.
    Thecombinedratioimprovedtoaverygoodlevelof93.6percent(94.7percent).Thelossratiowas69.8percent(70.7percent),animprovementof0.9percentagepoints.Theexpenseratioimprovedby0.2percentagepointsto23.8percent(24.1percent).
    Ourretailbusinessdeliveredexcellentinternalgrowthof9percentandthecombinedratioreached94.5percent(94.0percent).
    Thecommercialbusinessachievedaninternalgrowthof3percent,carefullymanagingthemarketenvironment,whilethecombinedratioimprovedby4.0percentagepointstoastronglevelof92.6percent(96.6percent).
    Life/Healthinsurance:Consistentlygoodresults
    Keyperformanceindicator
    4Q2025
    Changevs
    prioryear
    12M2025
    Changevs
    prioryear
    PVNBP(€mn)
    21,163
    -0.2
    %
    84,682
    3.5
    %
    Newbusinessmargin(%)
    5.8
    0.3%-p
    5.7
    -0.0%-p
    Valueofnewbusiness(€mn)
    1,217
    5.3
    %
    4,829
    2.9
    %
    Operatingprofit(€mn)
    1,364
    -4.2
    %
    5,601
    1.7
    %
    ContractualServiceMargin(€bn,eop)
    55.7
    1.4%8
    55.7
    5.2%9
    CoremessagesLife/Healthinsurance12M2025
    GoodPVNBPgrowthof3.5percentfromexceptionallyhighprioryearlevel
    VerygoodnormalizedCSMgrowthof5.2percent
    Operatingprofitabovefull-yearoutlookmidpoint
    In12M2025,PVNBP,thepresentvalueofnewbusinesspremiums,reached84.7billioneuros(12M2024:81.8billioneuros),anincreaseof3.5percentfromanexceptionallyhighprioryearlevelor7.5percenthigheradjustedforforeigncurrencytranslationeffectsandscopechanges10.Growthwasspreadacrossmostregions.Theshareofnewbusinesspremiumsgeneratedinourpreferredlineswas91percent(93percent).
    Thenewbusinessmarginremainedstrongat5.7percent(5.7percent)andthevalueofnewbusinessroseto4.8(4.7)billioneuros,anincreaseof5.8percentadjustedforforeigncurrencytranslationeffectsandscopechanges10.
    Operatingprofitgrewto5.6(5.5)billioneuros,anincreaseof1.7percent,andexceedingourfull-yearoutlookmidpoint.
    TheContractualServiceMargin(CSM)remainedbroadlystableat55.7billioneuroscomparedto55.6billioneuros11attheendof2024.VerygoodnormalizedCSMgrowthof5.2percentwaslargelyoffsetbyforeigncurrencytranslationeffectsandnon-economicmovements.
    CoremessagesLife/Healthinsurance4Q2025
    Newbusinessmarginstrongat5.8percent
    Valueofnewbusinessincreases12percentadjustedforforeigncurrencytranslationeffectsandscopechanges
    Operatingprofitgoodat1.4billioneuros
    In4Q2025,PVNBP,thepresentvalueofnewbusinesspremiums,amountedto21.2billioneuros(4Q2024:21.2billioneuros),anincreaseof7.8percentadjustedforforeigncurrencytranslationeffectsandscopechanges10.Theshareofnewbusinesspremiumsgeneratedinourpreferredlineswas90percent(92percent).
    Thenewbusinessmargin(NBM)of5.8percent(5.5percent)wasstrongandaboveourambitionofatleast5percent.Thevalueofnewbusiness(VNB)increasedby5.3percentto1.2(1.2)billioneurosor11.7percentadjustedforforeigncurrencytranslationeffectsandscopechanges10.
    Operatingprofitreachedagoodlevelof1.4(1.4)billioneuros,amountingto25percentofourfull-yearoutlookmidpoint.
    ContractualServiceMargin(CSM)increasedto55.7billioneuros(3Q2025:55.5billioneuros).NormalizedCSMgrowthof1.4percentwasverygoodandovercompensatednon-economicmovements.
    AssetManagement:Excellentthird-partynetinflows
    Keyperformanceindicator
    4Q2025
    Changevs
    prioryear
    12M2025
    Changevs
    prioryear
    Operatingrevenues(€bn)12
    2.3
    5.8
    %
    8.5
    5.9
    %
    Operatingprofit(€mn)
    928
    -1.5
    %
    3,345
    3.3
    %
    Cost-incomeratio(%)
    60.0
    -0.0%-p
    60.7
    -0.4%-p
    Third-partynetflows(€bn)
    45.5
    173.2
    %
    139.3
    64.2
    %
    Third-partyassetsundermanagement(€bn)
    1,990
    3.6
    %
    Averagethird-partyassetsundermanagement(€bn)
    1,978
    4.8
    %
    1,914
    5.8
    %
    CoremessagesAssetManagement12M2025
    Operatingprofitincreases3percentto3.3billioneuros
    Cost-incomeratioimprovesto60.7percent,aheadoffull-yearambitionofaround61percent
    Excellentthird-partynetinflowsof139billioneuros
    In12M2025,operatingrevenuesincreasedto8.5billioneuros(12M2024:8.3billioneuros),aninternalgrowthof5.9percent.GrowthwasdrivenbyhigherAuM-drivenrevenues,whichadvancedby8.3percentadjustedforforeigncurrencytranslationeffects.Thiswassupportedbyhigheraveragethird-partyAuM.
    Operatingprofitroseto3.3(3.2)billioneuros,up3.3percent,or6.9percentadjustedforforeigncurrencytranslationeffects.Thecost-incomeratio(CIR)improvedtoaverygoodlevelof60.7percent(61.1percent),aheadofourfull-yearambitionofaround61percent.Thisdevelopmentreflectsstrongunderlyingrevenuemomentumandmanagementactions.
    Third-partyassetsundermanagementamountedto1.990(1.920)trillioneurosasofDecember31,2025,reachinganall-timehigh.Excellentnetinflowsof139billioneurosandpositivemarketeffectsof94billioneuroswerepartlyoffsetbynegativeforeigncurrencytranslationeffectsof170billioneuros.Averagethird-partyassetsundermanagementamountedto1.914trillioneuros,5.8percentabovethe2024average.
    CoremessagesAssetManagement4Q2025
    Assetsundermanagement(AuM)-drivenrevenuesgrowby10percent(F/Xadjusted)
    Operatingprofitat928millioneuros,reaching28percentofourfull-yearoutlookmidpoint
    Strongthird-partynetinflowsof45billioneuros
    In4Q2025,operatingrevenuesreached2.3billioneuros(4Q2024:2.4billioneuros),aninternalgrowthof5.8percent.ThiswasduetohigherAuM-drivenrevenues,whichincreasedby10.5percentadjustedforforeigncurrencytranslationeffects.
    Operatingprofitamountedto928(941)millioneuros,anincreaseof5.3percentadjustedforforeigncurrencytranslationeffects.Thecost-incomeratio(CIR)wasstableatanexcellentlevelof60.0percent(60.0percent).
    Third-partyassetsundermanagementof1.990trillioneurosasofDecember31,2025increasedby3.2percentcomparedto3Q2025(4Q2024:1.920trillioneuros;3Q2025:1.928trillioneuros).Strongnetinflowsof45billioneurosandmarketeffectsof20billioneuroswerethedrivers.Averagethird-partyassetsundermanagementincreased4.8percentcomparedto4Q2024andreached1.978trillioneuros.
    FOOTNOTES
    _____________________________________
    1
    Internalgrowth;totalgrowth4.0percentin12M2025and-0.5percentin4Q2025.
    2
    SolvencyIIratio/SolvencyIIcapitalizationratio:ratiothatexpressesthecapitaladequacyofacompanybycomparingownfundstoSCR.ThisappliestoallinformationrelatedtotheSolvencyIIratiointhisdocument.
    3
    Asalways,naturalcatastrophesandadversedevelopmentsinthecapitalmarkets,aswellasfactorsstatedinourcautionarynoteregardingforward-lookingstatementsmayseverelyaffecttheoperatingprofitand/ornetincomeofouroperationsandtheresultsoftheAllianzGroup.
    4
    Changereferstointernalgrowth.
    5
    CoreEPSandcoreRoEcalculationbasedonshareholders¡®corenetincome.
    6
    RetailincludingSMEandFleet.Thisappliestoallinformationrelatedtoretailinthisdocument.
    7
    CommercialincludinglargeCorporate,MidCorp,creditinsurance,internaland3rdpartyR/I.Thisappliestoallinformationrelatedtocommercialinthisdocument.
    8
    NormalizedCSMgrowthfourthquarter2025.
    9
    NormalizedCSMgrowth2025,percentagecalculatedincludingthescopechangesinthebasevalueinthefirstquarter2025andincludingUniCreditAllianzVitaS.p.A.untilthesaleinthesecondquarter2025.
    10
    SaleofourstakeinUniCreditJVandtransferofourGermanaccidentinsurancewithpremiumrefund(APR)andtheAustrianhealthbusinessesfromtheP/CsegmenttotheL/Hsegment.
    11
    FigureincludesgrossCSMofEUR0.8bnasofDecember31,2024forUniCreditAllianzVitaS.p.A.,whichwasclassifiedasheldforsaleinthethirdquarterof2024.
    12
    Internalgrowth.
    4Q&12M2025RESULTSTABLE
    AllianzGroup-keyfigures4thquarterandfiscalyear2025
    4Q2025
    4Q2024
    Delta
    12M2025
    12M2024
    Delta
    Totalbusinessvolume
    €bn
    45.7
    45.9
    -0.5%
    186.9
    179.8
    4.0%
    -Property-Casualty
    €bn
    19.9
    19.5
    1.7%
    86.7
    82.9
    4.7%
    -Life/Health
    €bn
    23.6
    24.3
    -2.6%
    92.3
    89.3
    3.4%
    -AssetManagement
    €bn
    2.3
    2.4
    -1.5%
    8.5
    8.3
    2.2%
    -Consolidation
    €bn
    -0.1
    -0.3
    -42.7%
    -0.6
    -0.7
    -16.5%
    Operatingprofit/loss
    €mn
    4,297
    4,174
    3.0%
    17,374
    16,023
    8.4%
    -Property-Casualty
    €mn
    2,134
    1,948
    9.6%
    8,992
    7,898
    13.9%
    -Life/Health
    €mn
    1,364
    1,424
    -4.2%
    5,601
    5,505
    1.7%
    -AssetManagement
    €mn
    928
    941
    -1.5%
    3,345
    3,239
    3.3%
    -CorporateandOther
    €mn
    -129
    -140
    -7.7%
    -565
    -615
    -8.2%
    -Consolidation
    €mn
    0
    1
    -69.6%
    1
    -4
    n.m.
    Netincome
    €mn
    2,821
    2,636
    7.0%
    11,430
    10,540
    8.4%
    -attributabletonon-controllinginterests
    €mn
    157
    163
    -3.9%
    655
    609
    7.7%
    -attributabletoshareholders
    €mn
    2,664
    2,472
    7.7%
    10,775
    9,931
    8.5%
    Shareholders¡¯corenetincome1
    €mn
    2,731
    2,434
    12.2%
    11,113
    10,017
    10.9%
    Coreearningspershare2
    €
    7.17
    6.31
    13.7%
    28.61
    25.42
    12.5%
    Dividendpershare
    €
    ¨C
    ¨C
    ¨C
    17.10
    3
    15.40
    11.0%
    AdditionalKPIs
    -Group
    Corereturnonequity4
    %
    ¨C
    ¨C
    ¨C
    18.1%
    16.9%
    1.2%
    -p
    -Property-Casualty
    Combinedratio
    %
    93.6%
    94.7%
    -1.1%
    -p
    92.2%
    93.4%
    -1.3%
    -p
    -Life/Health
    Newbusinessmargin
    %
    5.8%
    5.5%
    0.3%
    -p
    5.7%
    5.7%
    -0.0%
    -p
    -AssetManagement
    Cost-incomeratio
    %
    60.0%
    60.0%
    -0.0%
    -p
    60.7%
    61.1%
    -0.4%
    -p
    12/31/2025
    12/31/2024
    Delta
    Shareholders'equity5
    €bn
    62.7
    60.3
    4.0%
    Contractualservicemargin(net)6
    €bn
    35.4
    34.5
    2.4%
    SolvencyIIcapitalizationratio7
    %
    218%
    209%
    10%
    -p
    Third-partyassetsundermanagement
    €bn
    1,990
    1,920
    3.6%
    Pleasenote:ThefiguresarepresentedinmillionsofEuros,unlessotherwisestated.Duetorounding,numberspresentedmaynotadduppreciselytothetotalsprovidedandpercentagesmaynotpreciselyreflecttheabsolutefigures.
    1_
    Presentstheportionofshareholders¡¯netincomebeforenon-operatingmarketmovementsandbeforeamortizationofintangibleassetsfrombusinesscombinations(includinganyrelatedincometaxeffects).
    2_
    Calculatedbydividingtherespectiveperiod¡¯sshareholders'corenetincome,adjustedfornetfinancialchargesrelatedtoundatedsubordinatedbondsclassifiedasshareholders'equity,bytheweightedaveragenumberofsharesoutstanding(basiccoreEPS).
    3_
    Proposal.
    4_
    Representstheratioofshareholders¡¯corenetincometotheaverageshareholders¡¯equityatthebeginningandattheendoftheyear.Shareholders¡¯corenetincomeisadjustedfornetfinancialchargesrelatedtoundatedsubordinatedbondsclassifiedasshareholders¡¯equity.Fromtheaverageshareholders¡¯equity,undatedsubordinatedbondsclassifiedasshareholders¡¯equity,unrealizedgainsandlossesfrominsurancecontractsandotherunrealizedgainsandlossesareexcluded.
    5_
    Excludingnon-controllinginterests.
    6_
    IncludesnetCSMofEUR0.3bnasof31December2024forUniCreditAllianzVitaS.p.A.,whichwasclassifiedasheldforsalein3Q2024.Salehasbeencompletedin2Q2025.
    7_
    Riskcapitalfiguresaregroupdiversifiedat99.5%confidencelevel.
    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.Anyotherprinting,copyingordistributionisstrictlyprohibited.A.M.Best'sratingsareundercontinualreviewandsubjecttochangeoraffirmation.Toconfirmthecurrentratingvisitwww.ambest.com.
    3
    Issuercreditrating.
    4
    Finalratingsvaryonthebasisoftheterms.
    Relatedlinks
    MediaConference
    February26,2026,11:00AMCET:YouTube(Englishlanguage)
    AnalystConference
    February26,2026,2:00PMCET:YouTube(Englishlanguage)
    Results
    Theresultsandrelateddocumentscanbefoundinthedownloadcenter.
    Upcomingevents
    AnnualReport
    March13,2026
    AnnualGeneralMeeting
    May7,2026
    FinancialResults1Q2026
    May13,2026
    Moreinformationcanbefoundinthefinancialcalendar.
    AboutAllianz
    TheAllianzGroupisoneoftheworld¡¯sleadinginsurersandassetmanagerswitharound97millioncustomers*innearly70countries.Allianzcustomersbenefitfromabroadrangeofpersonalandcorporateinsuranceservices,rangingfromproperty,lifeandhealthinsurancetoassistanceservicestocreditinsuranceandglobalbusinessinsurance.Allianzisoneoftheworld¡¯slargestinvestors,managingaround764billioneuros**onbehalfofitsinsurancecustomers.Furthermore,ourassetmanagersPIMCOandAllianzGlobalInvestorsmanageabout2.0trillioneuros**ofthird-partyassets.Thankstooursystematicintegrationofecologicalandsocialcriteriainourbusinessprocessesandinvestmentdecisions,weareamongtheleadersintheinsuranceindustryintheDowJonesSustainabilityIndex.In2025,over156,000employeesachievedtotalbusinessvolumeof186.9billioneurosandanoperatingprofitof17.4billioneurosfortheGroup.
    *CustomercountreflectsAllianzcustomersinconsolidatedentitiesthatarepartofthecustomerreportingscopeonly.
    **AsofDecember31,2025.
    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.Informationisbasedonpreliminaryfigures.Finalresultsforfiscalyear2025willbereleasedonMarch13,2026(publicationoftheAnnualReport).ThisisatranslationoftheGermanQuarterlyandFullYearEarningsReleaseoftheAllianzGroup.Incaseofanydivergences,theGermanoriginalisbinding.
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