Earnings release
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• • • • • • • • • • • • • • Allianz@) M unich, August 7, 2025 EARNINGS RELEASE: 2Q AND 6M 2025 ALLIANZ ANNOUNCES EXCELLENT PERFORMANCEAND 15 FULLY ON TRACK FOR FULL-YEAR AMBITIONS 2Q 2025 Allianz achieves strong growth and record operating profit Totalbusiness volume rises 8.01 percent to 44.5 billion euros, supported bygood growth across all segments Operating profit increases 12.2 percent and reaches a record level of 4.4 billion euros, with particular streng 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 10.11 percent 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 streng level of 17.9 percent Solvency II capitalization ratio remains strong at 209 percent2 with excellent capital generation Outlook & other Allianz is fully on track to achieve its full-y ear operating profit outlook of 16.0 billion euros, plus or minus 1 billion euros3 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 1
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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 Allianz@) "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 "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 bystrong 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 rase 12.2 percent ond reoched o 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 o higheroperoting profitand an improved non-operating result. Adjusted forthe 0.3 billion eures disposol gain on the UniCreditJoint Venture, shoreholders' 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. 2
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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 • • • Allianz@) 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 levelof 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 lQ and the disposal gain on the UniCredit Joint Venture in 2Q, shareholders' core net income was up by 62 percent. Core earnings pershare (EPS)6 amountedto 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 de live red 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 whilewe maintained a streng copitalization with a Solvency II ratio of 209 percent {lQ 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 upto 2 billion euros, announced on February 27, is underway and 1.0 billion euros were completed in the first six months of 2025. Property-Casualty insurance: Very good growth and excellent underwriting profitability Core messages Property-Casualty insurance 2Q 2025 Very good internal growth of 8.7 percent Record operating profit, reaching 29 percent of ourfull-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 eures. Internat growth was very good at 8.7 percent, with healthy growth in both commercia18 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. 3
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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% 55.8 2.8% 11 • • • Allianz@) 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 wer:, 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. lt 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 valume reached47.1 (6M 2024: 44.8) billion euros, delivering avery good internal growth of 7.9 percent. Operating profit was excellent at 4.5 (4.0) billion euros, reaching 56 percent of our full-yeor outlook midpoint. Strong growth of 12 percent was entirely driven by a higher insurance service result, more thon offsetting a lower operating investment result. The cambined 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 actians and slightly lower natural catastrophe lasses 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, internalgrowth reached 8 percent, whilethe combined ratio improved 2.0percentage points to 91.8 percent, driven by our SM E and non-motor businesses. Interna[ 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). Life/Health insurance: Strong new business growth at attractive margins 10 4
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12 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% • • • • • • Allianz@) 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, weil 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, PVN BP, the presentvalue 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 (N BM) remained attractive at 5.7 percent (5.8 percent) and the value of new business (VNB) increased by 2.9 percentto 1.1 (1.1) billion euros. 0 pe rati ng profit adva nced to a strong level of 1.4 ( 1.4) billi on euros, an i ncrease of 1.8 percent, and reached 26 percent of our full-year outlook midpoint. The Contractual Service Margin (CSM) amountedto 55.8 billion euros (lQ 2025: 57.0 billion euros ). 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 trackto 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 ocross most entities. Du ring the first half of 2025, 92 percent (93 percent) of our new business sales were in our preferred lines. The new business morgin wosat an ottractive levelof 5.6 percent (5.7 percent). The volue 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 Controctuol Service Margin (CSM) rose to 55.8billion eurosfrom 55.6billion euros13 ot the end of 2024. Normalized CSM growth of 2.8 percentwas good and Allianz is on track to reach our ~5 percent grO'vVth ombition for the year. Asset Management: Good organic third-party AuM growth 5
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• • • • • • Allianz@) Core messages Asset Management 2Q 2025 Assets under management (AUM)-driven revenues grow by 8 percent (F/X adjusted) Operating prefit advances 5 percent te 779 millien eures 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 toa good levelof779 (742) million euros, up 4.9 percent.Adjustedforforeign currency translation effects, operating prefit increased by 9.1 percent. The cost-income ratio (CIR) improved to 613 percent (62.4 percent), reflecting good top-line development and tight cost management. Third-partyassets under management amountedto 1.842 trillion euros as of June 30, 2025 (2Q2024: 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 eures were more than effset by foreign currency translation effects ef 103 billion euros. Average third-partyassetsunder management ameunted te 1.855 trillien eures, 4 percentabove 2Q2024. 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 trock for full-year outlook Cest-inceme ratio impreves 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 revenuesfollowing higheraverage third-porty 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-incomeratio (CIR) improvedto 61.3 percent (61.8 percent). Third-party assets under management amounted to 1.842 trillion euros as of June 30, 2025, com pared to 1.920 trillion eurosas of December 31, 2024. Verygood net inflows of 42 billion euros and positive market effects were more thon 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. 6
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. Allianz@) FOOTNOTES 1 lnternal growth; total growth 4.3 percent in 2Q 2025 and 8.2 percent in 6M 2025. 2 Based on quarterly dividend accrual; addit ional accrual to reflect FY dividend would impact Solvency II capitalization ratio by -7%-p as of June 30, 2025. This applies to all information regording the Solvency 11 capitalization ratio in this document, 3 As always, natural catastrophes and adverse developments in the capital morkets, os well as factors stated in our cautionory note rega rd ing forwa rd-looking statements may severely affect the o perating pro fit a nd/or net inco me of o ur o peratio ns a nd the results ofthe Allianz Group. 4 Change refers to internal growth. 5 Change versus fullyear2024. 6 Core EPS and core RoE calculation based on shareholders' core net income. 7 Change refers to internal growth. 8 Commercial including !arge Corporate, MidCorp, credit insurance, internal and 3rd party R/1. This applies to all information related to commercial performance in this document. 9 Retoil including SME and Fleet. This applies to all information related to retail performance in this document. 10 Normalized CSM growth compared to March 31, 2025. 11 Normalized CSM growth compared to December 31, 2024. Percentage calculated including UniCredit Allianz Vita S.p.A. until the saleand the scopechanges in the basevalue effective January 1,2025. 12 lncludes gross CSM of EUR 0.8 bn and net CSM of EUR 0.2 bn as of March 31, 2025, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the third quorter of 2024 and was sold in the second quarter of 2025. 13 Figure includes gross CSM of EUR 0.8 bn as of December 31, 2024 for U niCredit 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 1 nterna I g rowth 7
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2Q 2025 2Q 2024 Delta 6M 2025 6M 2024 Delta - 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% - 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. - 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% - Group Core 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 1_ 2_ 3_ 4_ 5_ 6_ 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. 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). 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). 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 -7%-p as of 30 June 2025. 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 6M 2024, the core return on equity for the respective full year is shown. Excluding non-controlling interests. Includes 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. Allianz@) 2Q & 6M 2025 RESULTS TABLE Allianz Group • key figures 2nd quarter and first half year 2025 Totol business volume €bn 44.5 42.6 4 .3% 98.5 91.0 8 .2% Operating profit / loss €mn 4,406 3,926 12.2% 8,644 7,911 9.3% Net income €mn 3,018 2,661 13.4% 5,599 5,293 5.8% Shareholders' core net income 1 €mn 2,976 2,536 17.3% 5,527 5,049 9.5% Core earnings per share 2 € 7.39 6.15 20.2% 13.99 12.57 11.3% Additional KPls Shareholders' equity' €bn 57.2 60.3 -5.1% Contractual service margin (net) 5 €bn 34.2 34.5 -1.0% Solvency II capitalization ratio 6 % 209% 209% 1% -p Third-party assets under management €bn 1,842 1,920 -4.1% Please note: 8
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Ratings 1 S&P Global Moody’s A.M. Best 2 Insurer financial strength rating AA | stable outlook Aa2 | stable outlook A+ | stable outlook Counterparty credit rating AA | stable outlook Not rated aa3 | stable Senior unsecured debt rating AA Aa2 | stable outlook aa | stable Subordinated debt rating A+/A A1/A34 | stable outlook aa- / a+ | stable Commercial paper (short term) rating A-1+ Prime-1 Not rated Allianz@) RATING 1 lncludes ratings for securities issued by Allianz Finance 11 B:V. and Allianz Finance Corporat ion. 2 A.M. Best's Rating Reports reproduced an www.allianz.com appear under licence fromA.M. Best Company and do not constitute, either expressly or implicitly, an endorsement of Allianz's productsor services. A.M. Best's Rating Reportsarethe copyright ofA.M. Best Compony ond may not be reproduced or distributed without the express written consent of A.M. Best Compony. Visitors to www.ollianz.com are authorised to print a single copy of the roting report disployed there for their own use. Any other printing, copying or distribution is strictly prohibited. A.M. Best's ratings are under continual review and subject to change or affirmation. Ta confirm the current rating visit www.ambest.com. 3 1ssuer credit rating. 4 Finol ratings vary onthe basis ofthe terms. 9
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: Allianz@) Media contacts Frank Stoffel Ann-Kristin Manne Johanna Oltmann Fabrizio Tolotti Tel. +49 89 3800 18124 Tel. +49 89 3800 18805 Tel. +49 89 3800 13346 Tel. +49 89 3800 14819 Investor Relations contacts Andrew Ritchie Reinhard Lahusen Christian Lamprecht Tobias Rupp Related links Medio Conference Tel. +49 89 3800 3963 Tel. +49 89 3800 17224 Tel. +49 89 3800 3892 Tel. +49 89 3800 7151 e-mail frank.stoffel@allianz.com e-mail: ann-kristin.manno@allianz.com e-mail: johanna.oltmann@allianz.com e-mail: fobrizio.tolotti@allianz.com e-mail: andrew.ritchie@allianz.com e-mail: reinhard.lahusen@allianz.com e-mail: christion.lom precht@ollionz.com e-mail: tobias.rupp@allianz.com August 7, 2025, 11 AM CEST: YouTube (English Language) Analyst Conference August 7, 2025, 2:30 PM CEST: YouTube (English Language) Results The results and related documents can be found in the download center. Upcoming events Financial Results 3Q & 9M 2025 November 14, 2025 More information can be found in the financial calendar. About Allianz The Allianz Group is one oftheworld's leading insurers and asset managers serving private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life ond health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world's largest investors, managing around 749 billion eures* on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.8 trillion euros* of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2024, over 156,000 employees achieved total business volume of 179.8 billion eures and an operating profit of 16.0 billion euros for the Group. • k, of June 30, 2025 . These assessments are, os always, subject to the disclaimer provided below. 10
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Allianz@) Cautionary note regarding forward-looking statements This document includes forward-looking statements, such as prospects or expectotions, 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 tot heAllbnz Group, other well-known companies andthe financial services industry generally, (iv) the frequency and severity of insured loss events, including those resultingfrom natural catastrophes, and the development of loss expenses, (v) mortalityand morbidity levels and trends, (vi) persistency levels, (vii) the extent ofcredit defaults, (viii) interest rote levels, (ix) currency exchange rotes, most nctably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulotion5, (x~ the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditionsthot, in eoch individual cose, opply ot o locol, regional, national, and/or globol level. Monyof the~ changescan be exacerbated byterrorist 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 Quorterly Eornings Release is not an Interim Financial Report within the meaning of International Accounting Standard (I.A.S) 34. This isa translation ofthe German Quarterty Earnings Release ofthe Allianz Group. l n case of any divergences, the Ger man original is binding. Privacy Note Allianz SE is committed to protecting your personal dato. Find out more in our privacy statement. 11