1Q 2025

• Total business volume advances 11.7¹percent to 54.0 billion euros reflecting sustained momentum across all segments
• Operating profit increases 6.3 percent to 4.2 billion euros, reaching 26 percent of our full-year outlook midpoint
• Shareholders’ core net income is stable at a very good level of 2.6 billion euros. Adjusted for a one-off tax provision related to the forthcoming sale of our stake in our Indian Joint Ventures, shareholders’ core net income is up 5 percent
• Core earnings per share grow 2.9 percent and reach 6.61 euros. Adjusted for the above-mentioned one-off tax provision, core earnings per share are up 7 percent
• Annualized core RoE is robust at 16.6 percent, or 17.2 percent adjusted for the effect of the one-off tax provision
• Solvency II capitalization ratio remains strong at 208 percent²

Outlook

• Allianz is fully on track to achieve full-year operating profit outlook of 16.0 billion euros, plus or minus 1 billion euros³
• A strong balance sheet, limited Solvency II sensitivities, and attractive customer propositions give Allianz a competitive advantage in successfully managing current capital market volatility and geopolitical uncertainty

Other

• Share buy-back program of up to 2 billion euros announced on February 27 underway; 0.1 billion euros completed in 1Q 2025
  
  

¹ Internal growth; total growth 11.6 percent.

²Based on quarterly dividend accrual; additional accrual to reflect FY dividend would impact Solvency II capitalization ratio by

-10%-p as of March 31, 2025. This applies to all information regarding the Solvency II capitalization ratio in this document.³s always, natural catastrophes and adverse developments in the capital markets, as well as factors stated in our cautionary noteregarding forward-looking statements may severely affect the operating profit and/or net income of our operations and the results of the Allianz Group.

"Allianz first quarter performance and our confirmed outlook underscore out financial stre

ngth and resilient business model, which benefits from the attractiveness of our customer value propositions amid geopolitical and economic uncertainty.In fact, we view this uncertainty and change as a catalyst for innovation and growth, allowing us to pursue new opportunities and expand our offerings. As the world's leading insurance brand, we are well-positioned to benefit from the global flight to trust, with the ability to meet growing customer demand for protection and retirement solutions.”

-Oliver Bäte, Chief Executive Officer of Allianz SE

FINANCIAL HIGHLIGHTS

Allianz Group: Sustained strong momentum and record operating profit

“Allianz had a very good start to the year. We sustained our growth momentum while safeguarding attractive margins across our businesses, evidenced by our record operating profit. The proven resilience of our business model positions us very well to successfully manage volatile markets and a more uncertain environment. We confidently affirm our full-year operating profit outlook.We are firmly focused on executing the strategic priorities outlined at our Capital Markets Day to deliver on our ambitions.”

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

In 1Q 2025, Allianz has delivered a very good performance underpinned by sustained momentum across our businesses. The operating profit has reached a record level of 4.2 billion euros (1Q 2024: 4.0 billion euros), an increase of 6.3 percent, supported by growth across all segments.

Our total business volume expanded by 11.71 percent, growing to 54.0 (48.4) billion euros. The Life/Health segment was the main driver, but all business segments contributed.

Shareholders’ core net income was stable at 2.6 billion euros as higher operating profit was compensated by a lower non-operating result and higher taxes. The latter were impacted by a one-off tax provision related to the forthcoming sale of our stake in our Indian Joint Ventures. Adjusted for this provision, shareholders’ core net income was up 5 percent.

⁴Change refers to internal growth.

⁵Change versus December 31, 2024.

Core earnings per share (EPS)⁶for 1Q 2025 amounted to 6.61 (6.42) euros, an increase of 2.9 percent. Adjusted for the one-off tax provision, core earnings per share were up 7 percent.

Allianz has generated a robust annualized core return on equity (RoE)⁶ of 16.6 percent in 1Q 2025 (full- year 2024: 16.9 percent), or 17.2 percent adjusted for the above-mentioned one-off tax provision. This performance was achieved while we maintained our financial strength with a stable Solvency II ratio of 208 percent (full-year 2024: 209 percent).

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.
A strong balance sheet, limited Solvency II sensitivities, and attractive product propositions position Allianz very well to manage volatile markets and geopolitical uncertainty.

Other
The share buy-back program of up to 2 billion euros, announced on February 27, 2025, is underway and0.1 billion euros were completed during 1Q 2025.

Property-Casualty insurance: Sustained growth momentum and excellent profitability

Core messages Property-Casualty insurance 1Q 2025

• Strong segment performance with very good internal growth and record operating profit
• Broad-based internal growth, in particular in retail8
• Operating profit reaches 27 percent of our full-year outlook midpoint
• Combined ratio excellent, reflecting successful underwriting actions and productivity gains

In 1Q 2025, total business volume reached 27.0 (1Q 2024: 25.5) billion euros. The very good internal growth of 7.1 percent continued to be underpinned by healthy rate increases, in particular in retail8. Commercial9momentum remained resilient but slowed down. Allianz maintained a successful balance of growing its business while maintaining underwriting discipline.

The operating profit of 2.2 (2.1) billion euros, the highest quarterly operating profit ever, marks a successful start to the year, reaching 27 percent of our full-year outlook midpoint. Operating profit advanced 5 percent compared to last year, driven by a higher insurance service result.

⁶Core EPS and core RoE calculation based on shareholders‘ core net income.
⁷Change refers to internal growth.
⁸Retail including SME and Fleet.
⁹Commercial including large Corporate, MidCorp, credit insurance, internal and 3rd party R/I.

The combined ratio improved slightly to an excellent level of to 91.8 percent (91.9 percent) exceeding our full-year outlook of ~93 percent. The loss ratio was 67.7 percent (67.3 percent). Natural catastrophe claims increased compared to a benign first quarter last year, but these were partly offset by a better run-off result. The expense ratio developed favorably by 0.5 percentage points to 24.1 percent. The retail⁸ business showed an excellent performance. It delivered strong internal growth of 9 percent while further improving its combined ratio to 91.8 percent (93.0 percent).

In the commercial⁹ business, internal growth of 5 percent was good, reflecting the sustained momentum of the business, while navigating a slowing pricing environment. The segment achieved a strong combined ratio of 91.7 percent (89.9 percent).

Life/Health insurance: Excellent new business growth

Core messages Life/Health insurance 1Q 2025

• Excellent broad-based new business momentum at attractive margin
• Strong growth in value of new business, spread across all major operating entities
• 91 percent of new business premiums generated in preferred lines of business
• Operating profit strong at 1.4 billion euros, reaching 26 percent of our full-year outlook midpoint

In 1Q 2025, PVNBP, the present value of new business premiums, grew by 16.8 percent to 26.1 (1Q 2024: 22.3) billion euros. This excellent growth was broad-based, reflecting the strength of our global franchise and attractiveness of our customer value proposition. 91 percent of our new business premiums were generated in our preferred lines of business.

The new business margin (NBM) was at an attractive level of 5.5 percent (5.7 percent) and the value of new business (VNB) increased strongly by 13.6 percent to 1.4 (1.3) billion euros.

Operating profit rose to 1.4 (1.3) billion euros, an increase of 7.5 percent. This strong performance was supported by growth in most regions.

Contractual Service Margin (CSM) advanced from 55.6 billion euros at the end of 2024 to 57.0 billion euros.10 Normalized CSM growth in the first quarter was excellent at 1.9 percent, ahead of our full-year guidance of ~5 percent normalized annual growth.

¹⁰Includes gross CSM of 0.8 billion euros (as of December 31, 2024, and as of March 31, 2025), for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the third quarter of 2024. In the first quarter of 2025, the German APR and the Austrian health businesses were transferred from the Property-Casualty segment to the Life/Health segment resulting in a 1.2 billion euro shift in the gross CSM opening balance.
¹¹Normalized CSM growth as of March 31, 2025.

Asset Management: Strong operating profit and third-party net inflows

Core messages Asset Management 1Q 2025

• Operating profit advances 5 percent to 811 million euros, on track for full-year outlook
• Strong third-party net inflows of 28.7 billion euros. PIMCO and Allianz Global Investors contribute
• Assets under management (AUM)-driven revenues grow 10 percent

In 1Q 2025, operating revenues increased to 2.1 billion euros, an internal growth of 2.7 percent. This was fueled by higher AuM-driven revenues, which increased by 10 percent.

Operating profit rose to a strong level of 811 (1Q 2024: 773) million euros, up 4.8 percent. Adjusted for foreign currency translation effects, operating profit increased by 2.5 percent. The cost-income ratio (CIR) was broadly stable at 61.3 percent (61.1 percent), reflecting ongoing productivity management.

Third-party assets under management were largely unchanged compared to year-end 2024 and amounted to 1.914 trillion euros as of March 31, 2025. Strong net inflows of 28.7 billion euros and positive market effects were offset by foreign currency translation effects.

1Q 2025 RESULTS TABLE

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.

1_Presents 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).

2_Calculated 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).

3_Represents 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 1Q 2024, the core return on equity for the respective full year is shown.

4_Excluding non-controlling interests.

5_ Includes net CSM of EUR 0.2bn (31.12.24: EUR 0.3bn) as of 31 March 2025, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the 3Q 2024.

6_Risk 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 -10%-p as of 31 March 2025.

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