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© Allianz 2025 Group financial results 2025 Munich, November 14, 2025 Allianz Investor Relations App Apple App Store Google Play Store
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Content/topics A CFO perspective Claire-Marie Coste-Lepoutre B Group financial results 3Q 2025 Glossary Disclaimer Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Annualized figures are not a forecast for full year numbers
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© Allianz 2025 CFO perspective Claire-Marie Coste-Lepoutre Chief Financial Officer Munich, November 14, 2025
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A. CFO PERSPECTIVE A 4 Excellent 9M results drive upgraded OP outlook Top-line Total business volume (EUR bn) 9M 24 9M 25 +8.5%1 133.9 141.2 By segments1,2 142bn L/H: 69bn (+9%) P/C: 67bn (+8%) AM: 6bn (+6%) Continued strong and diversified growth Bottom-line S/h core net income (EUR mn) 9M 24 9M 25 +10.5%3 Core EPS (EUR) 8,3827,583 21.4319.11 Strong core EPS momentum driven mostly by operating profit. Core RoE at 18.5% Performance Operating profit (EUR mn) 9M 24 9M 25 +10.4% 11,849 13,077 13.1bn L/H: 4.2bn (+4%) P/C: 6.9bn (+15%) AM: 2.4bn (+5%) By segments2 For the full year, Allianz expects to arrive at least at the upper end of its OP target range of EUR 16.0bn, plus or minus EUR 1bn 5 Resilience Solvency II capitalization4 (in %) 31.12.24 30.09.25 209209 Strong capitalization with excellent +19%-p capital generation after tax. -14%-p dividend & SBB 4) Based on quarterly dividend accrual. For details refer to page B 8 5) Bar ring unforeseen events, crises or natural catastrophes 3) +8.3% adjusted for tax provision related to the forthcoming sale of our stake in Indian JVs (1Q 25) and disposal gain on UniCredit JV (2Q 25). Core EPS growth adjusted for these effects at +9.9%. 1) Percentage change shows internal growth 2) Segment split excl. “Corporate & Other” and consolidation between business segments
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A. CFO PERSPECTIVE A 5 P/C – excellent performance across all dimensions Total business volume (EUR bn) 38.1 40.1 25.3 26.7 9M 24 9M 25 +8%1 Commercial +8%1 Retail +8% 1 66.963.3 Strong internal growth in both lines. Price (4%) and volume (4%) positive. Volume effect for retail picks up in 3Q Combined ratio (in %) 9M 24 9M 25 -1.3%-p Commercial Retail 91.3%90.6% 91.6%94.2% 93.0 91.6 Very good combined ratios in retail & commercial. Attritional loss ratio and expense ratio drive CR improvement Operating profit (EUR mn) 9M 24 9M 25 +15% 5,950 6,858 Record level of operating profit due to excellent insurance service result. OP at 86% of FY outlook midpoint 1) Internal growth. Allianz Partners partially included in both retail and commercial lines Note: Total including consolidation and businesses not allocated to retail or commercial. Retail including SME and fleet; commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance
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A. CFO PERSPECTIVE A 6 L/H – fully on track to reach targets Value of new business (EUR mn) Good growth from exceptionally high p.y. level. Favorable business mix with VNB UL and P&H +10% adj. for F/X Contractual service margin (gross) (EUR bn) Adj. for F/X1 net CSM is up ~8%. Normalized gross CSM growth on track to reach ~5% for FY 2025 Operating profit (EUR mn) Good profit growth with operating profit at 77% of outlook midpoint 1) Calculated excluding F/X revaluation effect for AZ Life 2) 9M 24, including UniCredit Allianz Vita S.p.A. 9M 24 9M 25 5.8 5.7 60.6 63.5 +2% 3,6123,537 NBM (in %) -0.1%-p PVNBP (EUR bn) +5% F/X adj. growth +4% 31.12.24 30.09.25 YTD normalized CSM growth (in %)3.834.62 -0% 55.6 55.5 33.7 35.3 Net CSM +5% +3%1 9M 24 9M 25 +4% 4,2374,082 +6% 3) Percentage calculated including the scope changes in the base value in 1Q 25 and including UniCredit Allianz Vita S.p.A. until the sale in 2Q 25
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A. CFO PERSPECTIVE A 7 AM – 7% operating profit increase excluding F/X 3rd party AuM (EUR bn) 7% annualized organic growth1 driven by EUR 51bn 3rd party net inflows in 3Q 2025, the best 3rd quarter ever Revenues (EUR mn) 5% growth of AuM driven revenues following higher average 3rd party AuM. Margin broadly stable Operating profit (EUR mn) Operating profit at 75% of FY target midpoint excl. F/X; productivity im- provements result in very good CIR 1) Annualized 3rd party net inflows divided by 3rd party AuM at the beginning of the year 9M 24 9M 25 5,9815,701 269 205 3rd party AuM margin3 (in bps)38.3 38.0 AuM driven & other revenues2 Performance fees +4% 6,1875,969 +6% 9M 24 9M 25 CIR (in %)61.5 60.9 +5% 2,4172,298 +7% 1,521 1,521 399 407 31.12.24 30.09.25 AM 3rd party net flows 9M 25 +0% 1,9281,920 AllianzGI +2% PIMCO +0% +94 +11% F/X adj. growth 2) Thereof other revenues: 9M 24: EUR +85mn; 9M 25: EUR +68mn 3) Excluding performance fees and other income
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A. CFO PERSPECTIVE A 8 Group – +19%-p operating capital generation after tax SII capitalization1 1) After tax. Based on quarterly dividend accrual; additional accrual to reflect FY dividend would impact Solvency II capitalization ratio by -3%-p as of 30.09.25 209% +19%-p -14%-p -0%-p -4%-p 209% -0%-p 227% 31.12.24 Operating capital generation2 Dividend/ SBB Market impact Management actions, debt & other 30.09.25Reg./ model changes 30.09.25 pre dividend/ SBB Equity markets3 +30% -30% Interest rates +50bps -50bps Credit spread +50bps on gov. bonds on non-gov. bonds 30.09.25 219% 195% 209% 208% 204% 209% 209% SII capitalization – sensitivities • Operating SII capital generation: strong, supported by excellent fundamental performance of P/C business • Market impact: benign impact from equity markets and interest rates were offset by adverse impacts from F/X (in 1H 2025) • Dividend/share buy-back (SBB): dividend accrual for 9M 2025 (-10%-p) and EUR 2bn share buy-back (-4%-p) • Management actions, debt & other: various drivers, e.g. positive impact from UniCredit Allianz Vita S.p.A. sale & SconsetRe offset by 3Q impacts from Viridium investment, partnership with the Royal Automobile Association of South Australia, German tax reform and restructuring expenses 2) Operating SII capital generation after tax/before dividend 3) For SII ratio, if stress applied to traded equities only, sensitivities would be +4%-p/-3%-p for a +/-30% stress
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PIMCO – 25-year partnership creating momentum for the future A. CFO PERSPECTIVE A 9 Allianz press release, May 5, 2000 Allianz completes acquisition of PIMCO Advisors A llianz A G and the US-asset manager PIMCO A dvisors L .P. today jointly announced the completion of the acquisition by A llianz of PIMCO A dvisors Holdings and a majority stake in its operating subsidiary PIMCO A dvisors . “PIMCO raised $2 billion for its specialty finance strategy, a key plank of the bond giant’s push into private lending.” Mergers & Acquisitions, October 2024
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A. CFO PERSPECTIVE PIMCO – 25-year partnership on track to capture opportunities, especially in private markets A 10 25 years of successful AZ partnership • 16% operating profit contribution to Allianz Group (FY 2024) • Synergies: General Account management, anchor capital, capital optimization vehicles (esp. U.S.), distribution Outstanding flows with highest active fixed income market share, “Bonds are back” • USD 102bn 3rd party net flows in 9M 2025 • Approx. 7% share of global active FI AuM3 • 2nd largest global active FI ETF suite, assets >40bn USD3 Leading performance delivery to clients • 97% of 3rd party AuM outperform benchmark end of 3Q 2025 Capture opportunities across public/private markets • PIMCO amongst Top 10 alternative brands4 • Leading multi-asset credit platform • Industry leading Asset-Based Finance platform raising >18bn USD in aggregate commitments • Real estate debt-focused strategies, including a new strategy focused on European data centers investments Investment outperformance1 89% 2024 9M 2025 Ø 2010 -20222 2023 85% 86% 97% 3rd party AuM (USD tn) 0.2 9M 2025 2001 1.8 x7 2001 is first year of reporting. Historical data adjusted to current reporting standard 1) PIMCO data referring to 3rd party AuM; 3 years; before fees; PIMCO’s investment performance analyzed by investment period with a centralized approach focusing predominantly on fixed income 2) 2010 earliest available data for Investment outperformance 3) As of 3Q 25. The analysis is based exclusively on publicly available funds in Morningstar (institutional and retail); non-public vehicles, such as special funds pursuant to § 284 KAGB, or similar international product structures are not included 4) Source: FundFire / NMG Consulting 5) Defined as alternatives and permanent capital structures including vehicles such as private funds, hedge funds, quantitative beta strategies, closed-end funds, interval funds, and PIMCO Prime Real Estate 16% Ø 2022 -2024 Ø 2019 -2021 24% x1.5 Alternatives contribution to total revenues5 Operating profit (USD bn) 0.3 2025 Forecast 2001 x9 2.7 2024 9M 25
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Confidence in momentum and delivery A. CFO PERSPECTIVE A 11 9M 25 FY 2025 midpoint (EUR) % of FY outlook Operating profit 13.1bn 16.0bn182% P/C operating profit 6.9bn 8.0bn86% L/H operating profit 5.5bn4.2bn 77% AM operating profit 2.4bn 3.3bn73% 9M 25 2027Targets 2025-27 Core EPS growth2 +12.2% (+9.9% adjusted)4 7-9% CAGR Core RoE3 18.5% (18.2% adjusted)4 17% plus Operating SII capital generation5 +19%-p (YTD) 24-25%-p ≥180%SII capitalization6 209% ≥ 180% target level OP outlook at least at upper end1 Focused on CMD execution Resilient vs. macro-volatility 1) Range of EUR 16bn plus or minus EUR 1bn 2) EPS CAGR target based on 2024 EPS of EUR 25 (as per CMD) 3) YTD numbers are annualized 5) Operating SII capital generation after tax/before dividend 6) Based on quarterly dividend accrual. For details refer to page B 8 4) Adjusted for tax provision related to the forthcoming sale of our stake in Indian JVs (1Q 25) and disposal gain on UniCredit JV (2Q 25)
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Content/topics A CFO perspective Claire-Marie Coste-Lepoutre B Group financial results 3Q 2025 Glossary Disclaimer
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© Allianz 2025 Group financial results 3Q 2025 Claire-Marie Coste-Lepoutre Chief Financial Officer Munich, November 14, 2025
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Content/topics 1 Group financial results 3Q 2025 2 Additional information Glossary Disclaimer
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Excellent 9M results drive upgraded OP outlook B. GROUP FINANCIAL RESULTS 3Q 2025 Group Property-Casualty Life/Health Asset Management Total business volume 9M 25 in EUR bn (internal growth vs. prior year in %) 141.2 (+8.5%) 66.9 (+8.3%) 68.7 (+8.9%) 6.2 (+6.1%) Operating profit 9M 25 in EUR mn (vs. prior year in %) 13,077 (+10.4%) 6,858 (+15.3%) 4,237 (+3.8%) 2,417 (+5.2%) Shareholders’ core net income1 (in EUR mn) Combined ratio (in %) New business margin (in %) Cost-income ratio (in %) 9M 24 9M 25 5.75.8 -0.1%-p 9M 24 9M 25 8,382 9M 24 9M 25 60.961.5 -0.6%-p 9M 24 9M 25 91.693.0 -1.3%-p 3rd party net flows (EUR bn) +93.8+68.23,6123,537 VNB (EUR mn)NatCat impact 2.5 1.3 7,583 7,459 8,111 Shareholders’ net income +10.5% -2.7 -1.7 Run-off ratio 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) B 4
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Excellent 9M results drive upgraded OP outlook • Outlook: OP at least at the upper end of target range All operating business segments with operating profit growth. OP at 82% of FY outlook midpoint. For FY 2025 Allianz expects to arrive at least at the upper end of its operating profit target range of EUR 16.0bn, plus or minus EUR 1bn, most likely in the range between EUR 17 - 17.5bn, barring unforeseen significant natural catastrophe or capital market events. • Internal growth strong at 8.5% Internal growth in P/C at 8.3%, L/H at 8.9% and AM at 6.1%. Consolidation (-1.0%) and F/X (-1.9%) lead to total business volume growth of 5.5%. • S/h core net income up 10.5% to EUR 8.4bn Increase is mainly driven by operating profit (∆ EUR +1.2bn). S/h core net income increases 8.3% adj. for tax provision related to the forthcoming sale of our stake in Indian JVs and disposal gain on UniCredit JV. • Core EPS increases 12.2% to EUR 21.43 +9.9% adj. for tax provision related to the forthcoming sale of our stake in Indian JVs and disposal gain on UniCredit JV. • Core RoE (annualized) improves by 1.6%-p to 18.5% • EUR 2bn share buy-back completed in September 5.7mn shares acquired representing 1.5% of issued capital. As of 3Q 2025 number of shares issued at 386.2mn and number of shares outstanding at 380.2mn. • P/C – operating profit on record level OP at 86% of FY outlook midpoint. Excellent CR of 91.6% (∆ -1.3%-p), driven by undiscounted attritional LR (∆ -1.1%-p) and ER (∆ -0.3%-p). Internal growth at +8%, supported by price (+4%) and volume (+4%). • L/H – fully on track to reach targets Operating profit at 77% of FY outlook midpoint. Adjusted for F/X operating profit is up 5.8%. Normalized CSM growth good at 3.8% YTD. NBM at strong level of 5.7%. Adjusted for F/X VNB increases by 4% to EUR 3.6bn. • AM – EUR 94bn 3rd party net inflows EUR 2,417mn operating profit, up 5% (7% excl. F/X), at 73% of FY outlook midpoint. Increase driven by higher AuM level. EUR 2.4tn total AuM, EUR 1.9tn 3rd party AuM. Very good CIR, at 60.9%. • Corporate & Other – better than expected Operating loss of EUR -436mn (Δ EUR +40mn) at 54% of FY outlook midpoint. B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 5
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Group 3Q: operating profit at record level B. GROUP FINANCIAL RESULTS 3Q 2025 Group Property-Casualty Life/Health Asset Management Total business volume 3Q 25 in EUR bn (internal growth vs. prior year in %) 42.8 (+5.2%) 19.7 (+9.5%) 21.1 (+1.4%) 2.1 (+9.1%) Operating profit 3Q 25 in EUR mn (vs. prior year in %) 4,433 (+12.6%) 2,394 (+21.5%) 1,407 (+2.2%) 828 (+5.9%) Shareholders’ core net income1 (in EUR mn) Combined ratio (in %) New business margin (in %) Cost-income ratio (in %) 3Q 24 3Q 25 5.96.1 -0.2%-p 3Q 24 3Q 25 2,855 3Q 24 3Q 25 60.361.0 -0.7%-p 3Q 24 3Q 25 91.993.5 -1.6%-p 3rd party net flows (EUR bn) +51.4+19.81,0501,179 VNB (EUR mn)NatCat impact 3.4 0.3 2,534 2,471 2,847 Shareholders’ net income +12.7% -3.0 -0.6 Run-off ratio 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) B 6
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Group 3Q: operating profit at record level • Good internal growth of 5.2% Internal growth in P/C at 9.5%, L/H at 1.4% and AM at 9.1%. Consolidation (-2.3%) and F/X (-2.9%) lead to flat total business volume. • Operating profit – double-digit growth to EUR 4.4bn Operating profit at 28% of FY outlook midpoint and 11% above run-rate for FY outlook midpoint. Strong performance across L/H and AM segments and excellent profit growth of 22% to EUR 2.4bn in P/C segment. • S/h core net income up 12.7% to EUR 2.9bn Growth driven by operating profit (∆ EUR +0.5bn). Non- operating result stable, tax rate slightly lower at 25%, negligible impact from reconciliation between s/h net income and s/h core net income. • Core EPS increases 13.7% to EUR 7.44 • P/C – operating profit jumps +22% to EUR 2.4bn OP at 30% of FY outlook midpoint. Outstanding insurance service result (+32%) main driver, due to excellent CR of 91.9% (∆ -1.6%-p). Strong performance across the board with undiscounted attr. LR down ∆ -1.1%-p and better ER (∆ -0.1%-p). Internal growth of +9.5% driven by volume and price. Volume effect for retail lines picks up to +3.5%. • L/H – operating profit strong at EUR 1.4bn Operating profit at 26% of FY outlook midpoint. Adjusted for F/X and change in scope 1 operating profit is up 8.6%. Normalized CSM growth solid at 1.1%. Adjusted for F/X and change in scope1 VNB is down 5.3% from an exceptionally high prior year level. NBM continues at attractive level of 5.9%. • AM – operating profit up 11% excluding F/X EUR 828mn operating profit, up 6% incl. EUR -39mn F/X, at 25% of FY outlook midpoint, mainly due to AuM driven revenues and performance fees. EUR 2.4tn total AuM, EUR 1.9tn 3rd party AuM. CIR excellent at 60.3%. • Corporate & Other – in line with expectations Operating loss of EUR -197mn (Δ EUR -12mn) at 25% of FY outlook midpoint. B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 7 1) Sale of our stake in UniCredit JV and transfer of our German accident insurance with premium refund (APR) and the Austrian health businesses from the P/C segment to the L/H segment
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Group: continued healthy Solvency II ratio of 209% B. GROUP FINANCIAL RESULTS 3Q 2025 Net CSM1 S/h equity SII capitalization2 (in %) Comprehensive s/h capital (EUR bn) S/h equity – sensitivities SII capitalization – sensitivities Equity markets3 +30% -30% Interest rates +50bps -50bps Credit spread +50bps on gov. bonds on non-gov. bonds +10%-p -14%-p +0%-p -1%-p -5%-p -0%-p Equity markets +30% -30% Interest rates +50bps -50bps Credit spread +50bps on gov. bonds on non-gov. bonds 1) Net CSM of P/C and L/H segments. Includes net CSM of EUR 0.3bn as of 31.12.24, for UniCredit Allianz Vita S.p.A., which was classified as held for sale in 3Q 24. Sale has been completed in 2Q 25 2) Based on quarterly dividend accrual; additional accrual to reflect FY dividend would impact Solvency II capitalization ratio by -3%-p as of 30.09.25 3) For SII ratio, if stress applied to traded equities only, sensitivities would be +4%-p/-4%-p for a +/-30% stress +4% -5% -1% +1% -1% -1% B 8 60.3 57.2 60.2 34.5 34.2 35.4 31.12.24 30.06.25 30.09.25 91.4 95.6 +4.6% 94.8 31.12.24 30.06.25 30.09.25 +0%-p 209 209209
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Group: continued healthy Solvency II ratio of 209% • Comprehensive shareholders’ capital Shareholders’ equity increases by EUR 3.0bn. Main drivers: + EUR 2.8bn shareholders’ net income + EUR 1.0bn net OCI + EUR 0.3bn impacts related to RT1 bonds − EUR 1.0bn impact of share buy-back Net CSM increase driven by normalized growth, beneficial economic variances and favorable impact from German tax reform. Solvency II sensitivities Sensitivities on adverse scenarios change only slightly vs. end of 2Q 2025. In a combined stress scenario, we estimate an additional impact due to cross effects of ~-3%-p compared to the sum of individual sensitivities, which leaves overall stress impact unchanged. • Solvency II ratio Ratio remains at excellent level of 209%. Main impacts after tax: + 6%-p operating capital generation (+9%-p gross, +3%-p after tax and quarterly dividend accrual) − 4%-p management actions, debt & other: e.g. Viridium transaction, partnership with Royal Automobile Association of South Australia, change in German corporate tax rate, restructuring charges and regular parameter updates − 3%-p quarterly dividend accrual B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 9
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Group: OCG remains strong at +6%-p B. GROUP FINANCIAL RESULTS 3Q 2025 Own funds (EUR bn) SCR (EUR bn) B 10 Note: Solvency II walk shown in an after tax view. Based on quarterly dividend accrual. For details refer to page B 8 1) Including cross effects and policyholder participation 2) Other effects on SCR include diversification effects 31/12/2024 31/03/2025 Regulatory SII Market impact Capital mgmt Tax/other 30/6/2025 91.9 94.7+1.3 -1.5 +2.9+0.0 +0.1 Operating SII earnings Market impact Regulatory/ model changes 30.09.2530.06.25 P/C L/H AM CO/Conso. +0.5 +0.8 +1.8 -0.3 93.2 31.12.24 After-tax operating capital generation SII capitalization 209%209% +6%-p +0%-p+0%-p -3%-p -4%-p209% Management actions, debt & other Dividend/ SBB 43.9 45.4+0.0 -0.1 0.0 -0.0 +1.544.7 Business evolution Market impact1 Regulatory/ model changes 30.09.2530.06.2531.12.24 Management actions, debt & other2 Dividend/ SBB
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Group: OCG remains strong at +6%-p • +6%-p SII capital generation after tax +9%-p gross capital generation, +3%-p capital generation after tax and quarterly dividend accrual. As in the last quarters, the capital generation is supported by favorable SII earnings and limited SCR growth. • Operating SII earnings after tax Operating SII earnings on very good levels with EUR +2.9bn overall, EUR +1.8bn in P/C and EUR +0.8bn in L/H, the latter impacted by negative non-economic variances. Earnings in P/C at new record level before tax. • Market impact after tax No noteworthy impact. • Dividend/share buy-back Quarterly dividend accrual (-3%-p). • Management actions, debt & other Driven by the completion of the Viridium transaction, partnership with Royal Automobile Association of South Australia, change in German corporate tax rate, restructuring charges and regular parameter updates. • Outlook FY / 4Q 2025 More than 20%-p operating capital generation after tax expected for FY 2025. The redemption of subordinated debt announced in October will lower the SII ratio by -1%-p in 4Q 2025. B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 11
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P/C: internal growth at 9.5% B. GROUP FINANCIAL RESULTS 3Q 2025 1) Excluding fronting & captives, providing a better reflection of AGCS’ underlying business performance (EUR mn) Total business volume Rate change on renewals Total P/C segment 3Q 25 Total growth ∆ p.y. Internal growth ∆ p.y. 9M 25 12M 24 19,734 +6.2% +9.5% +4.9% +6.9% Selected OEs Germany 2,931 +7.1% +12.2% +9.0% +7.6% United Kingdom 1,429 -3.7% -1.3% -0.2% +13.8% France 1,302 +5.8% +5.8% +14.2% +12.2% Italy 1,188 +2.7% +2.7% +2.8% +4.1% Australia 1,286 +6.5% +8.4% +7.1% +11.3% Central Europe 1,102 +1.7% +5.2% +4.6% +6.3% Spain 717 +6.3% +6.3% +9.1% +9.5% Latin America 813 +9.3% +11.7% n.a. n.a. Switzerland 369 +5.9% +4.0% +3.2% +3.2% Global lines AGCS1 1,738 +21.5% +15.6% -2.5% +2.1% Allianz Partners 2,438 +2.8% +7.1% +5.2% +6.4% Allianz Trade 970 +5.7% +7.5% -0.8% -0.6% B 12
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P/C: internal growth at 9.5% • Internal growth strong – volumes in retail pick up Internal growth mainly driven by volume effect (+6.3%). Price effect at +3.1%, service fees flat (+0.1%). Impact from F/X (-3.3%, depreciation of USD, AUD, TRY) as well as consolidation (+0.1%, iptiQ portfolio at AZ Direct and RAA in Australia offset by transfer of German accident insurance with premium refund (APR) and Austrian health businesses to L/H) lead to total growth of +6.2%. Internal growth in retail at +8%, thereof +3.5% from higher volumes. Commercial at +11% driven by all global lines. 9M rate change on renewals at +4.9%, flat vs. 6M (+5.0%). • Germany – double-digit internal growth driven by retail Excellent growth from price effect and market share gains. New business clearly above 3Q 2024 across all channels. Total growth impacted by transfer of APR business to L/H. • UK – market softening continues Lower new business and negative price effect. Continued focus on maintaining profitability amidst softening market. • France – strong renewal rate momentum in all lines Good growth driven by motor and non-motor retail. • Italy – price and volume effect positive Solid growth driven by both retail and commercial lines. • Australia – growth driven by retail and commercial lines Higher volume drives growth. Rate increases slow down. • Central Europe – Czech Rep., Romania and Slovakia drive growth Transfer of the Austrian health business to L/H impacts total growth. • Spain – good growth driven by retail and commercial Positive rate momentum and higher volumes. • Switzerland – good growth driven by price and volume • AGCS1 – growth fully driven by Alternative Risk Transfer (ART) Normalization of volumes at ART (very low new business in prior year) drives growth. Excluding ART, top-line remains flat. Rates continue to soften in Cyber, Financial Lines and Property. • Allianz Partners – price and volume effect drive strong growth Internal growth at 7%, mainly driven by growth of health business. • Allianz Trade – surety and trade credit insurance support growth Very strong performance in surety lifts top-line. Despite challenging market conditions, trade credit insurance contributes as well. B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 131) Excluding fronting & captives, providing a better reflection of AGCS’ underlying business performance
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Loss ratio2 69.8% 68.3% t/o undiscounted attr. LR 71.7% 70.5% t/o discounting impact -2.4% -1.9% t/o NatCat impact 3.4% 0.3% t/o run-off ratio -3.0% -0.6% Expense ratio 23.7% 23.6% Revenue basis Insurance revenue (EUR bn) 18.9 20.0 P/C: operating profit jumps 22% B. GROUP FINANCIAL RESULTS 3Q 2025 Combined ratio (in %) 3Q 25 1,631 763 0 3Q 24 1,234 748 -13 1,969 Operating profit drivers (EUR mn) +397 2,394+13 Operating profit 3Q 25 Other operating Operating profit 3Q 24 Operating investment result Operating insurance service result +14 +21.5% 1) Retail including SME and fleet; commercial including large corporate, MidCorp, credit insurance, internal and 3rd party reinsurance 2) Reinsurance ratio: 5.8% in 3Q 24, 4.2% in 3Q 25 3Q 24 3Q 25 93.5 91.9 Retail1 94.9 91.3 Commercial1 -1.6%-p 90.5 92.0 B 14
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P/C: operating profit jumps 22% • Excellent OP driven by strong underlying performance Record operating profit for a quarter, up 22% vs. prior year. Very good insurance service result (+32%) supported by slightly higher investment and other results. CR down to 91.9% (∆ -1.6%-p), benefitting from improved undiscounted attritional LR (∆ -1.1%-p) and ER (∆ -0.1%-p). • Undiscounted attritional LR on excellent level Undiscounted attritional LR (70.5%/∆ -1.1%-p) driven by better performance in retail and commercial lines. Weather and large losses on normal level. Discounting benefit at -1.9%, in line with usual intra-year seasonality. • NatCat losses – a very benign quarter NatCat claims very benign at EUR 60mn/0.3%, significantly below prior year (EUR 646mn/3.4%) and budget (~3%). • Run-off – fully driven by risk adjustment release Conservative run-off (-0.6%) entirely driven by release of risk adjustment, thereby clearly below 10Y average (~3%). • Expense ratio – positive trajectory continues ER improves -0.1%-p to 23.6%, despite strong ER in prior year, mainly due to lower admin. expenses and mix effects. • Combined ratio by customer segment Excellent CR in retail incl. SME & fleet driven by sharp improvements in undiscounted attr. LR and ER as well as tailwind from low NatCat. Motor CR at 94%. Combined ratio in commercial very good at 92.0%, above prior year mainly due to lower run-off result. MidCorp CR strong at 89.6%. • 9M 2025 – excellent result; OP at 86% of FY outlook midpoint • Outlook 4Q 2025 An accounting refinement related to multi-year contracts at AGCS will have no impact on combined ratio or insurance service result, but increase the undiscounted attr. LR by about ~1%-p, fully compensated by a more favorable run-off ratio in discrete 4Q 2025. B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 15 P/C segment 9M 2024 9M 2025 ∆ Undiscounted attritional LR (%) 71.9 70.8 -1.1%-p Discounting impact (%) -2.9 -2.6 +0.3%-p NatCat impact (%) 2.5 1.3 -1.2%-p Run-off ratio (%) -2.7 -1.7 +1.0%-p Expense ratio (%) 24.2 23.9 -0.3%-p Combined ratio (%) 93.0 91.6 -1.3%-p Operating profit (EUR mn) 5,950 6,858 +15.3%
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P/C: continued excellent performance B. GROUP FINANCIAL RESULTS 3Q 2025 1) Excluding fronting & captives, providing a better reflection of AGCS’ underlying business performance. OP identical under both views (EUR mn) Operating profit Combined ratio NatCat impact Total P/C segment 3Q 25 ∆ p.y. 3Q 25 ∆ p.y. 3Q 25 ∆ p.y. 2,394 +21.5% 91.9% -1.6%-p 0.3%-p -3.1%-p Selected OEs Germany 578 +51.4% 86.2% -5.6%-p -0.3%-p -6.9%-p United Kingdom 167 +22.9% 91.5% -1.5%-p -0.1%-p -0.1%-p France 148 -6.8% 92.6% +1.0%-p 4.0%-p +2.4%-p Italy 135 +6.2% 94.0% +0.5%-p 0.0%-p -1.1%-p Australia 219 +25.1% 85.6% -2.2%-p -0.9%-p -2.0%-p Central Europe 131 +41.1% 90.8% -2.9%-p 0.3%-p -6.3%-p Spain 37 -34.1% 97.5% +2.6%-p 0.0%-p 0.0%-p Latin America 92 +22.3% 93.0% -2.3%-p 0.0%-p -0.0%-p Switzerland 63 -16.1% 92.6% +4.1%-p -0.1%-p -1.4%-p Global lines AGCS1 169 -3.4% 94.1% -1.0%-p 0.3%-p -3.9%-p Allianz Partners 118 +7.7% 96.1% +0.5%-p -0.0%-p -0.2%-p Allianz Trade 163 -0.2% 83.2% +0.5%-p - - B 16
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P/C: continued excellent performance • Germany – outstanding performance CR improves to 86.2% driven by very benign NatCat environment as well as better undiscounted attritional LR and ER. Strong profitability across all lines of business. • UK – operating profit and combined ratio strong Profitability improves driven by MidCorp. • France – very good combined ratio Better undiscounted attritional LR, more than offset by NatCat, run-off development and lower discounting benefit. • Italy – OP up 6% driven by higher investment result CR slightly worsens as better underlying performance and lower NatCat are overcompensated by run-off. • Australia – excellent profitability Strong underlying performance and benign NatCat. • Central Europe – improvement driven by NatCat Very good CR. Prior year impacted by flood event. • Spain – operating profit and CR worsen CR impacted by higher ER and run-off development. • LatAm – higher OP driven by Brazil Excellent performance in Brazil with CR of 91.4%. • Switzerland – CR on good level Better undiscounted attritional LR and benign NatCat more then offset by less favorable run-off result. • AGCS1 – solid combined ratio Combined ratio improves as benign NatCat and better attr. LR overcompensate run-off development and higher ER. OP impacted by transfer of U.S. MidCorp and Entertainment business to Arch. • Allianz Partners – operating profit up 8% OP improvement driven by higher service income in home and roadside assistance business. • Allianz Trade – profitability remains excellent OP and CR strong, despite continued normalization of claims activity. B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 171) Excluding fronting & captives, providing a better reflection of AGCS’ underlying business performance. OP identical under both views
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3Q 24 3Q 25 P/C: investment result up 2% B. GROUP FINANCIAL RESULTS 3Q 2025 Operating investment result (EUR mn) Interest & similar income1 1,223 1,137 -87 Interest accretion -225 -256 -30 Valuation result & other2 -250 -118 +132 1) Net of interest expenses 2) Other comprises realized gains/losses, investment expenses, F/X gains/losses on insurance assets/liabilities and other +1.9% 3Q 24 3Q 25 3Q 24 3Q 25 763748 Current yield (debt securities, in %) Total average asset base3 (EUR bn) 3.9 4.0 3Q 24 3Q 25 Duration4 4.4 4.23.7 3.2 3Q 24 3Q 25 Liabilities Assets 0.92 0.89 118.4 112.7 Economic reinvestment yield (debt securities, in %) B 18 3) Total average asset base of 3Q 25 reflects the transfer of the German APR and the Austrian health businesses from the Property-Casualty segment to the Life/Health segment. Asset base includes health business France 4) The duration approach follows the interest rate modeling in the internal model. Data excludes internal pensions residing in the segment
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P/C: investment result up 2% • Interest & similar income declines Lower interest & similar income almost entirely driven by impact from transfer of the German APR and the Austrian health businesses to the L/H segment (EUR ~-80mn), which is fully offset in valuation result and other. In addition to that, lower interest income from funds. • Interest accretion – fully in line with expectations Interest accretion on loss reserves above prior-year level due to change in interest rates, but fully in line with expectation and usual intra-year seasonality. • Valuation result and other Valuation and other result improves due to positive impact from transfer of the German APR and the Austrian health businesses to the L/H segment (EUR ~+80mn). Remaining delta mainly driven by better F/X result net of hedges and lower investment expenses. Valuation result and other for FY 2025 expected around minus EUR 0.5 – 0.6bn after the portfolio transfer mentioned above. • Total average asset base – impacted by portfolio transfers Decline driven by transfer of EUR ~8.5bn assets related to the German APR and the Austrian health businesses to the L/H segment. • Economic reinsurance yield (debt securities) Reinvestment yield 4.0%, thereby slightly above prior year and 2Q 2025 (3.9%). B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 19
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L/H: value of new business at good level B. GROUP FINANCIAL RESULTS 3Q 2025 (EUR mn) PVNBP New business margin Value of new business PVNBP by LoB 3Q 25 ∆ p.y. 3Q 25 ∆ p.y. 3Q 25 ∆ p.y. Total L/H segment 17,905 -8.1% 5.9% -0.2%-p 1,050 -11.0% Germany Life 4,045 -5.7% 4.7% +0.1%-p 189 -3.1% Italy 2,395 -24.5% 3.2% -0.5%-p 76 -34.8% USA 5,458 -20.1% 6.5% -0.3%-p 353 -23.1% France 871 +16.2% 4.6% +0.3%-p 40 +25.0% Asia Pacific 1,796 -5.6% 9.1% -1.2%-p 163 -16.7% Germany Health 1,168 +50.3% 5.4% +0.0%-p 64 +51.3% Central Europe 483 +30.4% 10.9% +1.8%-p 52 +56.3% Capital-efficient products Unit-linked w/o guarantees Protection & health Guaranteed savings & annuities NBM 49% 25% 17% 8% EUR mn 17,905 (-8.1%) 5.5% 4.3% 9.5% 5.3% B 20
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L/H: value of new business at good level • Value of new business at EUR 1.0bn – attractive NBM Adj. for F/X and change in scope1 VNB is down 5.3% from an exceptionally high prior year level that benefitted from a sales promotion in the U.S., strong sales in Taiwan and a large corporate contract in Germany. For context, compar- ed to 3Q 2023 VNB is up 18%. NBM continues at attractive level of 5.9%. • Share of P&H and UL w/o guarantees in VNB up to 47% Share of Protection & health and UL increases 5%-p to 47%. Adjusted for the sale of our stake in UniCredit JV VNB of P&H and UL grows 7.4%. • PVNBP adj. for F/X and change in scope1 declines 0.3% Sales growth of Germany Health (EUR 0.4bn) offset by USA (EUR -1.4bn) and Italy (EUR -0.8bn). • Net flows at good level EUR 2.7bn net inflows, mainly from Germany Life (EUR 1.3bn), Italy (EUR 0.6bn) and Asia Pacific (EUR 0.5bn). Net flows 9M 2025 at EUR 9.4bn (9M 2024 EUR 2.9bn). • Economic reinvestment yield (debt securities) at 4.7% Reinvestment yield up 0.2%-p compared to 2Q 2025. • Germany Life – VNB at good level Prior year result includes large corporate contract. NBM improves further to 4.7% vs. 4.6% in 2Q 2025. • USA – FIA sales promotion in the prior year High prior year base supported by a FIA sales promotion. Overall NBM continues at very good level of 6.5%. • Italy – excellent underlying growth Adjusted for the sale of our stake in UniCredit JV VNB grows by 14%. Share of UL sales at 66%. • France – strong UL sales UL sales growth of 40% drives UL share in total sales to 42%. • Asia Pacific – good sales performance off a high base High prior year base in Taiwan. Excl. Taiwan sales grow by 8.2%. All lines of business with NBM ≥6%. • Germany Health – outstanding sales momentum continues Excellent new business growth across all product lines supported by strong recognition of service and products. In addition, positive impact on PVNBP from an improved modelling (since 4Q 2024) of premium adjustments for claims inflation. B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 211) Sale of our stake in UniCredit JV and transfer of our German accident insurance with premium refund (APR) and the Austrian health businesses from the P/C segment to the L/H segment
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L/H: net CSM increases EUR 1.2bn or 3.5% B. GROUP FINANCIAL RESULTS 3Q 2025 Economic variances1 30.06.25 Expected in-force return CSM @inception 30.09.25CSM release Non- economic variances/ assumption changes 55,543 -1,339 +1,153 55,775 +704 -1,265 +514 +1.1% 1) Including F/X 2) Percentage calculated including the scope changes in the base value in 1Q 25 and including UniCredit Allianz Vita S.p.A. until the sale in 2Q 25 VNB (3Q 25) 1,050 + Non-attr. expenses 155 + Scope/other -51 = CSM@inception 1,153 Equity markets +30% -30% Interest rate +50bps -50bps Credit spread +50bps on gov. bonds on non-gov. bonds +7% -8% -2% +1% -1% -1% CSM pre-release 56,808 34,145 35,329 Net CSM QTD Contractual service margin (EUR mn) CSM – sensitivities Normalized CSM growth +3.8% YTD2 B 22
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L/H: net CSM increases EUR 1.2bn or 3.5% • Gross CSM broadly stable Gross CSM slightly down by EUR 0.2bn as normalized CSM growth (EUR 0.6bn) and economic variances (EUR 0.5bn) are offset by assumption and tax changes (EUR -1.3bn). • Normalized CSM growth solid at EUR 0.6bn CSM release of EUR 1.3bn in line with expectations. CSM release is more than replaced by expected in-force return (EUR 0.7bn) and new business (EUR 1.2bn). Resulting normalized CSM growth of EUR 0.6bn or 1.1% at solid level. 9M normalized CSM growth at EUR 2.2bn or 3.8%, on track to reach ~5% for FY 2025. • Expected in-force return Implied expected in-force return (annualized) at 5.0% in line with expectations (12M 2024: 5.9%). Main driver for change is a decline in 1yr risk-free rates and lower over-returns. • Modest economic variances Positive impact from higher equity markets and lower spreads. • Non-economic variances/assumption changes Main driver is impact from annual assumption updates (EUR -1.0bn) including impact from lapses in USA, largely offset by reinsurance. Impact from German tax reform: net CSM up driven by lower taxes; gross CSM down due to sharing tax benefits with policyholders. Impact on net CSM from non-economic variances/assumption changes after reinsurance and taxes is negligible. • Net CSM increases EUR 1.2bn resp. 3.5% Net CSM increase is driven by normalized growth, favorable economic variances and positive impact from German tax reform. • CSM sensitivities broadly unchanged • Duration of assets at 8.4 and 8.0 for liabilities B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 23 L/H segment 9M 2024 9M 2025 ∆ PVNBP (EUR bn) 60.6 63.5 +4.8% NBM (%) 5.8 5.7 -0.1%-p VNB (EUR mn) 3,537 3,612 +2.1% CSM release (EUR mn) 3,783 4,083 +7.9% Operating profit (EUR mn) 4,082 4,237 +3.8%
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L/H: operating profit strong at EUR 1.4bn B. GROUP FINANCIAL RESULTS 3Q 2025 3Q 24 3Q 25 ∆ p.y. CSM release 1,267 1,265 -1 Release of risk adjustment 121 126 +5 Variances from claims & expenses1 12 50 +37 Losses on onerous contracts -18 -17 +1 Non-attributable expenses -274 -320 -47 Operating investment result 182 215 +32 Other operating 86 90 +3 Operating profit 1,376 1,407 +31 1) Including reinsurance result Operating profit by profit sources (EUR mn) Operating profit by operating entities (EUR mn) B 24 Central Europe 156 (+14.2%) Germany Life 292 (+2.8%) Asia Pacific 147 (-2.1%) France 135 (-13.4%) Italy 103 (-38.2%) Germany Health 58 (+14.7%) Other OEs 182 (+24.2%) USA 333 (+17.0%) 21% 24% 10% 10% 7% 11% 4% 13% EUR mn 1,407 (+2.2%)
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L/H: operating profit strong at EUR 1.4bn • Operating profit slightly up to EUR 1.4bn Operating profit at 26% of FY outlook midpoint. Adjusted for change in scope1 and F/X operating profit is up 8.6%. • CSM release stable CSM release from business growth is offset by F/X and the sale of our stake in UniCredit JV. • Variances from claims & expenses Improvement driven by Spain and USA, mainly driven by favorable reinsurance results. • Non-attributable expenses Increase driven by France, Asia and Central Europe, mainly non-recurring items and seasonality. • Operating investment result Higher contribution from Allianz Life USA supported by favorable non-recurring items. • Other operating Adjusted for the sale of our stake in UniCredit JV the other operating result is up EUR 16mn or 22%. • Germany Life – in line with business growth • USA – favorable non-recurring items Increase driven by FIA, supported by favorable non-recurring items. Quarterly run-rate for OP based on 9M closer to more normal level. • Italy – decline entirely due to sale of our stake in UniCredit JV • France – in line with expectations Decline driven by higher expenses, partially due to seasonality. • Asia Pacific – solid result Adj. for F/X 3Q operating profit is stable. 9M 2025 OP is up 10%. • Central Europe – Poland and portfolio transfer Operating profit supported by good profit growth in Poland and transfer of the Austrian health business into L/H segment • Other OEs – portfolio transfer, Spain, Africa and Türkiye. Operating profit development supported by transfer of the German accident insurance business with premium refund. Higher contribution from Spain, Africa and Türkiye. • Germany Health – profit growth driven by CSM release B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 251) Sale of our stake in UniCredit JV and transfer of our German accident insurance with premium refund (APR) and the Austrian health businesses from the P/C segment to the L/H segment
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1,451 1,521 390 407 3rd party assets under management development (EUR bn) 3rd party net flow split (EUR bn) Asset classes Fixed income Equities Multi-assets Alternatives Regions America Europe Asia Pacific Investment vehicles Mutual funds Separate accounts +49.0 -3.1 +0.7 +4.8 +24.3 +11.7 +15.4 +38.4 +13.0 +4.7% 1,842 1,928+41.6 -6.5 30.06.25 30.09.25F/X & other Market & dividendsAllianzGIPIMCO Net flows +51.4 AM: outstanding 3rd party net inflows of EUR 51bn B. GROUP FINANCIAL RESULTS 3Q 2025 in % +2.7% +0.1% +2.3% -0.4% 519 Allianz Group assets +0.3% 520 2,360 Total AuM +3.7% 2,449 PIMCO: +4.8% AllianzGI: +4.2% PIMCO AllianzGI B 26 +49.1 +2.3
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AM: outstanding 3rd party net inflows of EUR 51bn • Business highlights Starting from excellent levels in 1Q and 2Q 2025, an even higher level of 92% of 3rd party AuM outperform benchmarks on a trailing 3-year basis before fees now in 3Q 2025. 3rd party AuM at EUR 1.9tn With EUR 51bn, a record level of third quarters’ net inflows is achieved; market & dividends also contribute favorably with EUR 42bn. Increase only slightly offset by EUR -6bn F/X, overall resulting in an increase of 3rd party AuM by 5% vs. end of 2Q 2025. Average 3rd party AuM at EUR 1,888bn, 4% above levels of 3Q 2024 and FY 2024. • Total AuM at EUR 2.4tn Same drivers as in 3rd party AuM lead to an overall increase of 4% in total AuM vs. end of 2Q 2025. • 3rd party net flows AM segment: record 3Q-level with EUR +51bn 3rd party net inflows driven by fixed income business, supported by alternatives and multi-assets business. All regions – America, Europe, Asia Pacific – contribute positively. • 3rd party net flows PIMCO: EUR +49bn 3rd party net inflows mainly in fixed income business, supported by alternatives and multi-assets. Small net outflows from equities. • 3rd party net flows AllianzGI: EUR +2bn 3rd party net inflows in all asset classes except equities. B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 27
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AM: operating revenues up 9% excl. F/X B. GROUP FINANCIAL RESULTS 3Q 2025 Revenues (EUR mn) 1) Thereof other revenues: AM: 3Q 24: EUR +25mn; 3Q 25: EUR +28mn; PIMCO: 3Q 24: EUR +2mn; 3Q 25: EUR +12mn; AllianzGI: 3Q 24: EUR +19mn; 3Q 25: EUR +13mn 2) Excluding performance fees and other income AuM driven & other revenues1 Performance fees Internal growth 3rd party AuM margin2 (in bps) PIMCO (EUR mn) 3Q 24 3Q 25 1,470 1,584 +7.7% 31 61 1,439 1,523 +14.4% 37.2 37.4 3Q 24 3Q 25 +3.9% 1,9881,943 2,0842,005 +9.1% 38.4 38.1 62 96 AllianzGI (EUR mn)3Q 24 3Q 25 31 500 464 531 35 -6.0% -5.1% 43.1 40.5 499 B 28
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AM: operating revenues up 9% excl. F/X • Segment revenues – EUR 2.1bn Higher levels of AuM driven revenues and performance fees and adverse F/X impacts lead to an overall revenue increase of 4% (+9% excl. F/X). • PIMCO revenues – EUR 1.6bn Higher average 3rd party AuM result in more AuM driven revenues, additionally supported by more performance fees and a broadly stable margin, overall leading to a revenue increase of 8% (+14% excluding F/X). • AllianzGI revenues – EUR 0.5bn Positive effect from higher average 3P AuM and slightly higher performance fees, offset by upfront commissions for the launch of new investment vehicles. Overall, operating revenues decrease by EUR 32mn. • Segment margin – 38.1bps No significant change versus 3Q 2024 (38.4bps). • PIMCO margin – 37.4bps Broadly stable compared with 3Q 2024 (37.2bps). • AllianzGI margin – 40.5bps Decrease versus 3Q 2024 (43.1bps) driven by upfront commissions for the launch of new investment vehicles. B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 29
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AM: operating profit up 11% excl. F/X B. GROUP FINANCIAL RESULTS 3Q 2025 1) Including operating result from other entities of EUR -2mn in 3Q 24 and EUR -3mn in 3Q 25 2) Performance fees of PIMCO and AllianzGI net of variable compensation PIMCO (EUR mn) Operating profit drivers (EUR mn) AllianzGI (EUR mn) F/X impact -97 +58 3Q 25 2,084 -1,256 3Q 24 2,005 -1,223 766 785 16 43 60.3 OP excl. performance fee impact2 fee impact2 Performance fee impact2 CIR (in %) 8281 +5.9% +176 -91 -39 7821 Operating profit 3Q 25 Operating profit 3Q 24 F/X effectRevenues Expenses +10.9% Internal growth +2.5% +8.7% 3Q 24 3Q 25 653601 58.859.2 CIR (in %) -1.9% 3Q 24 3Q 25 62.664.2 CIR (in %) 186190 B 30 61.0
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AM: operating profit up 11% excl. F/X • Segment – OP excluding F/X up 11% Higher AuM driven revenues and performance fees combined with an adverse F/X effect overall result in an operating profit increase of 6% to EUR 828mn. CIR at 60.3%, better than FY ambition of 61% and enhanced by 0.7%-p compared to 3Q 2024 due to favorable revenues and productivity improvements. • PIMCO – OP excluding F/X up 15% An increase of AuM driven revenues and higher performance fees more than compensate for higher expenses and adverse F/X, overall resulting in operating profit growth of 9% to EUR 653mn. CIR at very good level of 58.8%, better by 0.4%-p. • AllianzGI – OP at EUR 186mn A higher level of performance fees, lower AuM driven revenues and expenses, no noteworthy F/X impact, overall leading to a reduction of the operating profit by EUR 4mn / 2%. CIR at 62.6%, better by 1.5%-p due to lower expenses. • 9M 2025 – OP at 73% of FY outlook midpoint (75% excl. F/X) B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 31 AM segment 9M 2024 9M 2025 ∆ Operating revenues (EUR mn) 5,969 6,187 +3.6% Operating profit (EUR mn) 2,298 2,417 +5.2% Average 3rd party AuM (EUR bn) 1,783 1,892 +6.1% 3rd party net flows (EUR bn) +68.2 +93.8 +37.5% 3rd party AuM margin (bps) 38.3 38.0 -0.3bps CIR (%) 61.5 60.9 -0.6%-p
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CO: in line with expectations B. GROUP FINANCIAL RESULTS 3Q 2025 Operating result development and components (EUR mn) 3Q 25 -244 50 15 -18 3Q 24 -216 46 1 -14 Operating result 3Q 25 Alternative Investments Consoli- dation Operating result 3Q 24 BankingHolding & Treasury -185 -27 +4 -197 +6.6% -3 +14 B 32
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CO: in line with expectations • Operating loss at 25% of FY outlook midpoint Higher contribution from Alternative Investments offset by lower result from Holding & Treasury. B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 33
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Group: s/h core net income up 13% to EUR 2.9bn B. GROUP FINANCIAL RESULTS 3Q 2025 (EUR mn) 3Q 24 3Q 25 ∆ p.y. Operating profit 3,938 4,433 +495 Non-operating items -417 -431 -14 Realized gains/losses (net) -0 48 +48 Expected credit loss and impairments (net) -33 -30 +3 Result from assets and liabilities measured at fair value incl. derivatives -123 -54 +69 Interest expenses from external debt -192 -186 +6 Restructuring and integration expenses -202 -145 +57 Amortization of intangible assets -73 -66 +7 Other1 207 2 -205 Income before taxes 3,521 4,002 +481 Income taxes -910 -992 -82 Net income 2,611 3,010 +399 Non-controlling interests -141 -163 -23 Shareholders’ net income 2,471 2,847 +377 Adjustment for non-operating market movements and for amortization of intangible assets from business combinations2 63 8 -56 Shareholders’ core net income 2,534 2,855 +321 Effective tax rate 26% 25% -1%-p Core earnings per share (in EUR) 6.54 7.44 +13.7% 1) Includes hyperinflation result 2) After tax and minorities B 34
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Group: s/h core net income up 13% to EUR 2.9bn • S/h core net income up 12.7% to EUR 2.9bn Increase driven by operating profit (∆ EUR +0.5bn). Slightly lower reconciliation between s/h net income and s/h core net income (∆ EUR -0.1bn). • Non-operating result stable Previous year result of line item “Other” impacted by transfer of U.S. MidCorp and Entertainment business. • Reconciliation between s/h net income and s/h core net income Negligible impact from non-operating market movements. • Core EPS up 13.7% Support from share buy-back of EUR 2.0bn completed in September 2025. B. GROUP FINANCIAL RESULTS 3Q 2025 Comments B 35
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Content/topics 1 Group financial results 3Q 2025 2 Additional information Glossary Disclaimer
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ADDITIONAL INFORMATION Allianz track record IFRS 4 IFRS 9/17 In EUR 2019 2020 2021 2022 2022 2023 2024 Δ 24/23 CAGR 5yr Income statement Revenues / Total business volume7 (bn) 142.4 140.5 148.5 152.7 153.3 161.7 179.8 +11.2% – Operating profit (bn) 11.9 10.8 13.4 14.2 13.8 14.7 16.0 +8.7% +6.2% Shareholders’ core net income (bn) 7.0 9.1 10.0 +10.1% – Shareholders’ net income (bn) 7.9 6.8 6.6 6.7 6.4 8.5 9.9 +16.3% +4.6% Capital Shareholders’ equity8 (bn) 74.0 80.8 80.0 51.5 54.2 58.2 60.3 +3.5% -4.0% Solvency II ratio9 (%) 212% 207% 209% 201% 201% 206% 209% +3%-p – Other data 3rd party AuM (tn) 1.69 1.71 1.97 1.64 1.64 1.71 1.92 +12.1% +2.6% Total AuM (tn) 2.27 2.39 2.61 2.14 2.14 2.22 2.45 +10.1% +1.5% RoE / Core RoE 8,10 (%) 13.6% 11.4% 10.6% 10.3% 12.8% 16.1% 16.9% +0.8%-p – Share information Basic earnings per share 18.90 16.48 15.96 16.35 15.57 21.20 25.20 +18.8% +5.9% Core earnings per share 16.96 22.61 25.42 +12.4% – Dividend per share 9.60 9.60 10.80 11.40 11.40 13.80 15.40 +11.6% +9.9% Dividend yield11 (%) 4.4% 4.8% 5.2% 5.7% 5.7% 5.7% 5.2% -0.5%-p – By segments1 By regions1 P/C Insurance 47% L/H Insurance 33% Asset Mgmt. 19% Germany 21% W&S Europe 22% USA 21% Growth Markets2 18% Anglo Markets3 6% Specialty Ins.4 12% Operating profit 2024: EUR 16.0bn Debt instruments by rating AAA 16% AA 22% A 25% BBB 26% Non inv. grade 6% Not rated6 4% Asset allocation Debt instruments 80% • Treasury & Gov-t related 37% • Securitized 24% • Corporate 39% Equities 10% Real estate 7% Other 2% Investment portfolio 2024: EUR 752.3bn5 1) Excl. “Corporate & Other” and consolidation between business segments 2) Central Europe, Asia Pacific, Latin America, Middle East, Africa and Türkiye. Austria and AZ Direct allocated to Western and Southern Europe 3) UK, Ireland, Australia 4) Allianz Global Corporate & Specialty, Allianz Trade, Allianz Partners, Allianz Re 5) Based on economic view 6) Mostly mutual funds and short-term investments 7) Revenues under IFRS 4, total business volume under IFRS 17 8) In 1Q 24 Allianz reclassified certain minority interests between equity and liabilities. Prior periods comparative figures for the balance sheet have been adjusted with a minor impact on shareholders’ equity only (reduced by EUR 0.2bn as of 31.12.23 and 31.12.22). Consequently, core RoE changed (2022 and 2023: +0.1%-p) 9) Including the application of transitional measures for technical provisions, the Solvency II capitalization ratio amounted to 229% as of 31.12.23 (31.12.22: 230%; 31.12.21: 239%; 31.12.20: 240%; 31.12.19 and 31.12.24: no impact of transitional measures) 10) Core RoE from 2022 onwards. Definition see glossary 11) Divided by year-end share price B 37
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Content/topics 1 Group financial results 3Q 2025 2 Additional information Glossary Disclaimer
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GLOSSARY Glossary (1) After-tax operating capital generation Represents the after-tax change in SII capitalization following regulatory model changes and which is attributable to a) changes in own funds as a consequence of operating SII earnings and b) changes in SCR as a consequence of business evolution. Factors such as market developments, dividends, capital management activities, etc. are not taken into account. AGCS Allianz Global Corporate & Specialty. AllianzGI Allianz Global Investors. AM (The Allianz business segment) Asset Management. APR Accident insurance with premium refund (“Unfallversicherung mit Beitragsrückzahlung”): Special form of accident insurance where the policyholder, in addition to insurance coverage for accidents, has a guaranteed claim to the refund of premiums, either at the agreed maturity date or in the event of death. Starting 1Q 2025 the German accident insurance with premium refund (APR) was transferred from the P/C segment to the L/H segment. Attritional LR Represents the loss ratio excluding claims from natural catastrophes (net) and the results of the prior year’s reserve development (net). Please refer to “LR” (loss ratio), “NatCat”. AuM Assets under management are assets or securities portfolios, valued at current market value, for which Allianz Asset Management companies provide discretionary investment management decisions and have the portfolio management responsibility. Assets under management include portfolios sub-managed by third-party investment firms. The portfolios are managed on behalf of third parties as well as on behalf of the Allianz Group. Net flows: Net flows represent the sum of new client assets, additional contributions from existing clients (including dividend reinvestment), withdrawals of assets from and termination of client accounts, and distributions to investors. Market & dividends: Represents current income earned on and changes in fair value of securities held in client accounts. This also includes dividends from net investment income and from net realized capital gains to investors of open-ended mutual funds and closed-end funds. AY LR Accident year loss ratio: Represents the loss ratio excluding the results of the prior year’s reserve development (net). Please refer to “LR” (loss ratio). AZ Allianz.
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GLOSSARY Glossary (2) BBA Building Block Approach, IFRS 17 measurement model also referred to as “General Measurement Model (GMM)” in the standard. Bps Basis points: 1 Basis point = 0.01%. CEAG Capital-efficient alternative guarantee [products]. Please refer to “L/H lines of business”. CE Central Europe. CIR Cost-income ratio: Operating expenses divided by operating revenues. CO (The Allianz business segment) Corporate and Other. Comprehensive shareholders’ capital Shareholders’ equity plus net CSM. Core EPS Core earnings per share: Calculated by dividing the respective period’s shareholders’ core net income, adjusted for net financial charges related to undated subordinated debt classified as shareholders' equity, by the weighted average number of shares outstanding (basic core EPS). To calculate diluted core earnings per share, the number of common shares outstanding and the shareholders’ core net income are adjusted to include the effects of potentially dilutive common shares that could still be exercised. Potentially dilutive common shares result from share-based compensation plans (diluted core EPS). Core RoE Core return on equity – Group: 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. Core return on equity – business segments: Represents the annualized ratio of shareholders' core net income to the average shareholders' equity at the beginning and at the end of the period. From the average shareholders' equity unrealized gains and losses from insurance contracts and other unrealized gains and losses are excluded and participations in affiliates not already consolidated in this segment are deducted. CR Combined ratio: Represents the total of operating acquisition and administrative expenses including non-attributable acquisition and administrative expenses, claims and insurance benefits incurred, and the reinsurance result divided by insurance revenue. CSM Contractual service margin: Balance sheet liability, containing deferred discounted future profits of in-force long duration business. “Gross CSM” also includes (i) the present value of non-attributable expenses, (ii) the part of the CSM ceded to third-party reinsurers, (iii) tax and (iv) non- controlling interests. “Net CSM” is an adjusted CSM which deducts the respective items (i), (ii), (iii) and (iv) from Gross CSM.
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GLOSSARY Glossary (3) Current yield Represents interest and similar income divided by average asset base at book value. dNPS Digital net promoter score: A measurement of customers’ willingness to recommend Allianz. ECL Expected credit loss. Economic reinvestment yield Reflects the reinvestment yield, including F/X hedging costs on non-domestic hard-currency F/X bonds as well as expected F/X losses on non-domestic emerging-market bonds in local currencies. The yield is presented on an annual basis. EIOPA European Insurance and Occupational Pensions Authority. ER Expense ratio: Represents operating acquisition and administrative expenses including non-attributable acquisition and administrative expenses divided by insurance revenue. All income and expenses related to reinsurance contracts held are part of the reinsurance result which is part of the loss ratio. Expected in-force return Unwind from discount plus normalized investment over-returns from in-force book above valuation rate. F/X Foreign exchange rate. FIA Fixed index annuity: Annuity contract under which the policyholder can elect to be credited based on movements in equity or in bond market indices, with the principal remaining protected. FV Fair value: The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FVTOCI Fair value through other comprehensive income – change in fair value shown in OCI. FVTPL Fair value through P&L – change in fair value shown in P&L. Goodwill Difference between the cost of acquisition and the fair value of the net assets acquired. Government bonds Government bonds include government and government agency bonds. Gross/net In insurance terminology the terms “gross” and “net” mean before and after consideration of reinsurance ceded, respectively. In investment terminology the term “net” is used where the relevant expenses have already been deducted. GS&A Guaranteed savings & annuities [products]. Please refer to “L/H lines of business”. Held for sale A non-current asset is classified as held for sale if its carrying amount will principally be recovered through a sale transaction rather than continued use. On the date a non-current asset meets the criteria for being considered as held for sale, it is measured at the lower of its carrying amount and its fair value less costs to sell.
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GLOSSARY Glossary (4) IFRS International Financial Reporting Standards: As of 2002, the term IFRS refers to the total set of standards adopted by the International Accounting Standards Board. Standards approved before 2002 continue to be referred to as International Accounting Standards (IAS). IMIX Our Inclusive Meritocracy Index (IMIX) measures the progress of the organization on its way towards inclusive meritocracy. This internal index is based on ten items from the Allianz Engagement Survey (AES) which deal with leadership, performance, and corporate culture. Insurance revenue The amount charged for insurance coverage and other services when it is earned. Insurance service result Presents in profit or loss insurance revenue, insurance service expenses including incurred claims and other incurred insurance service expenses as well as the reinsurance service result. The following components are also included by Allianz in the operating insurance service result: 1) Non- attributable acquisition, administrative and claims expenses of our operating entities; 2) Adjustments for claims and expense variances where our operating entities share the technical results with the policyholders (only for insurance contracts under the variable fee approach); 3) Restructuring expenses that are shared with the policyholder. Internal growth Total business volume performance excluding the effects of foreign-currency translation as well as of acquisitions and disposals. JV Joint venture. KPI Key performance indicator. L/H (The Allianz business segment) Life and Health insurance. L/H lines of business Guaranteed savings & annuities [products] (GS&A): Life insurance products linked to life expectancy, offering life and / or death benefits in the form of single or multiple payments to beneficiaries and possibly including financial and non-financial guarantees. Capital-efficient alternative guarantee [products] (CEAG): Products that involve a significantly lower market risk, either through comprehensive asset/liability management or through significant limitation of the guarantee. This also includes hybrid products which, in addition to conventional assets, invest in a separate account (unit-linked). Capital-efficient products offer a guaranteed surrender value at limited risk, due to, e.g. precise asset-liability management or market value adjustment. Protection & health [products] (P&H): Insurance products covering the risks associated with events that affect an individual’s physical or mental integrity. Unit-linked [products] without guarantees: With conventional unit-linked products, all benefits under the contract are directly linked to the value of a set of assets which are pooled in an internal or external fund and held in a separate account by the insurer. In this constellation, it is the policyholder rather than the insurer who bears the risk.
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GLOSSARY Glossary (5) LatAm Latin America: South America and Mexico. LIC Liability for incurred claims. LoB Line of business. LR Loss ratio: Represents the total of claims and insurance benefits incurred and the reinsurance result divided by insurance revenue. LRC Liability for remaining coverage: Liability relating to coverage that will be provided to the policyholder for insured events that have not yet occurred. LTC Long-term care. NatCat Accumulation of net claims impact that are all related to the same natural or weather/atmospheric event during a certain period and where the estimated gross loss for the Allianz Group exceeds EUR 20mn. NBM New-business margin: Performance indicator to measure the profitability of new business in the Life/Health business segment. It is calculated as the Value of New Business (VNB), divided by the present value of new business premiums (PVNBP), both based on the same assumptions to ensure a valid and meaningful indicator. Net Please refer to “Gross/net”. Non-controlling interests Those parts of the equity of affiliates which are not owned by companies of the Allianz Group. Normalized CSM growth Sum of the contributions from new business (CSM at inception), expected investment returns (expected in-force return) and CSM release. It represents a core KPI, describing the growth in the CSM from regular business. The normalized CSM growth rate is divided by the beginning of period CSM balance. OCG Operating capital generation. OCI Other comprehensive income – component of equity, includes revenues, expenses, gains, and losses not shown in net income. OE Operating entity. Onerous contracts Contracts for which the unavoidable costs of meeting the contractual obligation outweigh the expected benefits.
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GLOSSARY Glossary (6) OP Operating profit: The portion of income before income taxes that is attributable to the ongoing core operations of the Allianz Group, which generally excludes the following non-operating effects: realized gains/losses (net), expected credit loss allowance, income from derivatives (net), interest expenses from external debt, impairments of investments (net), valuation result from investments and other assets and financial liabilities measured at fair value through profit and loss, specific acquisition and administrative expenses (net), consisting of acquisition-related expenses (from business combinations), income taxes related incidental benefits/expenses, litigation expenses, and one-time effects from significant reinsurance transactions with disposal character, amortization of intangible assets, restructuring and integration expenses and income and expenses from the application of hyperinflation accounting. For insurance products with policyholder participation, all items listed above are included in operating profit if the profit sources are shared with policyholders. Operating SII earnings Operating SII earnings represent the change in own funds, before tax and dividend accrual, that is attributable to the Allianz Group’s ongoing core operations. As such, operating SII earnings comprise: expected return from existing business, new business value, operating variances and changes in assumptions, and interest expense on external debt. Operating SII earnings exclude the following effects, which are disclosed separately in our analysis of own funds movements: regulatory / model changes, economic variances driven by changes in capital market parameters, including F/X rates, taxes, non-operating restructuring charges, capital management (e.g. issuance or redemption of subordinated debt, dividend accruals and payments, share buy-back programs), one-off impacts from, e.g., the acquisition and disposal of subsidiaries, changes in transferability restrictions, and the effects resulting from the application of tier limits. Own funds The capital eligible to cover the regulatory solvency capital requirement. P/C (The Allianz business segment) Property and Casualty [insurance]. P&H Protection & health [products]. Please refer to “L/H lines of business”. PAA Premium Allocation Approach, simplified measurement model as defined by IFRS 17 for short term business, in particular applicable to most P/C business. PIMCO Pacific Investment Management Company Group.
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GLOSSARY Glossary (7) PVFCF Present value of future cash flows, balance sheet liability representing the policyholder reserve of the in-force business based on discounted expected cash flows to policyholders including attributable expenses. PVNBP Present value of new business premiums: i.e. the present value of future premiums on new business written during the period in question, discounted at a reference rate. This includes the present value of projected new regular premiums plus the total amount of single premiums received. PVNBP is shown before non-controlling interests, unless otherwise stated. RA Risk adjustment – additional reserve for non-financial risks. Recycling Reclassification of unrealized gains and losses from accumulated other comprehensive income (OCI) to the income statement (P&L). R/I Reinsurance: Insurance companies transfer parts of the insurance risk they have assumed to reinsurance companies. Reinsurance result: Represents the total of premiums (ceded to reinsurers), claims and insurance benefits (ceded to reinsurers) and expenses (ceded to reinsurers). Reinsurance ratio: Represents the reinsurance result divided by insurance revenue. RILA Registered index-linked annuities. Run-off ratio The run-off result (net result from reserve developments for prior (accident) years in P/C business) as a percentage of insurance revenue. SII Solvency II. SII capitalization / SII ratio Solvency II capitalization ratio; ratio that expresses the capital adequacy of a company by comparing own funds to SCR. SBB Share buy-back. SCR Solvency capital requirement. SE Societas Europaea: European stock company. SFCR Solvency and Financial Condition Report. Shareholders’ core net income 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). SPPI Solely payments of principal and interest – criterion determining whether fixed income assets are measured at amortized cost, FVTOCI or FVTPL.
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GLOSSARY Glossary (8) TBV Total business volume: It presents a measure for the overall amount of business generated during a specific reporting period. According to our business segments, total business volume in the Allianz Group comprises: - Gross premiums written as well as fee and commission income in Property-Casualty; - Statutory gross premiums in Life/Health; and - Operating revenues in Asset Management. Total equity The sum of shareholders’ equity and non-controlling interests. UFR Ultimate forward rate: The UFR is determined using the EIOPA methodology and guidelines, and is used for extrapolation of periods after the last liquid point defined by the SII regulation. The UFR is calculated for each currency based on expected real rates and inflation for the respective region. The UFR is subject to revision in order to reflect fundamental changes in long term expectations. UL Unit-linked: Please refer to “L/H lines of business”. VA Variable annuities: The benefits payable under this type of life insurance depend primarily on the performance of the investments in a mutual fund. The policyholder shares equally in the profits or losses of the underlying investments. In addition, the contracts can include separate guarantees, such as guaranteed death, withdrawal, accumulation or income benefits. VFA Variable Fee Approach, IFRS 17 measurement model for direct participating business. VNB The additional value to shareholders that results from the writing of new business. The VNB is determined as the present value of pre-tax future profits, adjusted for acquisition expenses overrun or underrun and non-attributable expenses, minus a risk adjustment, all determined at issue date. Value of new business is calculated at point of sale, interpreted as at the beginning of each quarter economic assumptions.
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Content/topics 1 Group financial results 3Q 2025 2 Additional information Glossary Disclaimer
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Cautionary note regarding forward-looking statements DISCLAIMER This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities. No duty to update Allianz assumes no obligation to update any information or forward-looking statement con- tained herein, save for any information we are required to disclose by law.