Power of unity
Passion for growth
ALLIANZ SE
Annual Report 2024
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CONTENT
A _ To Our Investors
Pages 1 – 9
2 Supervisory Board Report
8 Mandates of the Members of the Supervisory Board
9 Mandates of the Members of the Board of Management
B _ Management Report of Allianz SE
Pages 10 – 42
11 Executive Summary and Outlook
15 Operations by Reinsurance Lines of Business
17 Balance Sheet Review
19 Liquidity and Funding Resources
20 Risk and Opportunity Report
31 Corporate Governance Statement
39 Non-Financial Statement
40 Other Information
C _ Financial Statements of Allianz SE
Pages 43 – 79
FINANCIAL STATEMENTS
44 Balance Sheet
47 Income Statement
NOTES TO THE FINANCIAL STATEMENTS
49 Nature of Operations and Basis of Preparation
49 Accounting, Valuation, and Calculation Methods
52 Supplementary Information on Assets
55 Supplementary Information on Equity and Liabilities
64 Supplementary Information on the Income Statement
67 Other Information
70 List of Participations of Allianz SE, Munich as of 31 December 2024
according to § 285 No. 11 and 11b HGB in conjunction with § 286 (3) No. 1 HGB
D _ Further Information
Pages 80 – 113
81 Responsibility Statement
82 Independent Auditor's Report
87 Remuneration Report
113 Auditor's Report on the Remuneration Report
Annual Report 2024 – Allianz SE
1
TO OUR INVESTORS
A
A _ To our Investors
Annual Report 2024 − Allianz SE
2
Ladies and Gentlemen,
In the financial year 2024, another very successful year for Allianz, the
Supervisory Board comprehensively fulfilled its duties and obligations
as laid out in the company’s statutes and applicable law. It monitored
the activities of the company’s Board of Management, addressed the
succession planning for the Board of Management and the
Supervisory Board, and advised the Board of Management on
business management issues.
In the financial year 2024, the Supervisory Board held six ordinary
meetings. Following the elections to the Supervisory Board, an
additional constituent meeting was held upon the close of the Annual
General Meeting on 8 May 2024. The ordinary meetings took place in
February, March, May, June, September, and December. All meetings
were held as in-person meetings.
At all meetings held in the financial year under review, the Board of
Management
informed
the
Supervisory
Board
about
the
development of business at Allianz SE and the Allianz Group. In
particular, the Board of Management presented the development of
Group revenues and results as well as business developments in the
individual business segments. The Board of Management provided
comprehensive information about the development of Allianz SE and
the Allianz Group, including the planning as well as deviations of
actual business developments from the planning. In this context, the
Board of Management also regularly discussed the adequacy of
capitalization, the solvency ratio of Allianz SE and the Group, and the
corresponding stress and risk scenarios with the Supervisory Board.
The annual and consolidated financial statements, including the
respective auditor’s reports, the half-year report as well as quarterly
earnings releases, were reviewed in detail by the Supervisory Board
after preparation by the Audit Committee.
In addition to the impact of rising interest rates and geopolitical
developments on the overall economy and the insurance sector, the
reports and deliberations once again focused on a range of strategic
topics, including the sales strategy and the strategy for the Asset
Management business segment, as well as the Board of
Management's planning for the financial year 2025. The effects and
management of the risks of natural disasters were the subject of
reports at several meetings of the full Supervisory Board and the
committees. The Supervisory Board also dealt with the amendments
to the dividend policy proposed by the Board of Management. The
status of the digitalization of business processes and data privacy
issues, particularly in connection with the legal framework for the use
of artificial intelligence, were also discussed in detail. Other items
discussed included cyber risk and IT security. As usual, the Supervisory
Board also dealt extensively with personnel matters relating to the
Board of Management as well as succession planning for the Board of
Management and the Supervisory Board. The deliberations of the
Supervisory Board and in particular the Personnel Committee and
Sustainability
Committee
also
included
establishing
target
achievement and setting targets for the remuneration of the Board of
Management and revising the remuneration system for the Board of
Management.
The Supervisory Board received regular, timely and comprehensive
reports from the Board of Management. The Board of Management’s
oral reports at the meetings were prepared with written documents,
sent to each member of the Supervisory Board in good time before the
relevant meeting. The Board of Management also informed the
Supervisory Board in writing about important events, including
between meetings. The Chairmen of the Supervisory Board and the
Board of Management held regular discussions about key
developments and decisions. The Chairman of the Supervisory Board
held separate talks with each member of the Board of Management
on each individual’s status of target achievement, both for the
respective half year and the full year.
Once again in 2024, individual and group training sessions were held
on the basis of a development plan adopted for the further training of
the members of the Supervisory Board, for example on the internal
model for determining the solvency ratio and on the amended
accounting principles in accordance with IFRS 9 and 17. The new
members of the Supervisory Board received comprehensive support
from the company during their induction.
At the meeting on 22 February 2024, the Supervisory Board dealt
extensively with the preliminary business figures for the financial year
2023. The appointed audit firm, PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft (PwC), Frankfurt am Main, reported
in detail on the preliminary results of its audit. In the further course of
the meeting, the Board of Management reported on the progress
made in implementing the Allianz Business Master Platform in the
Group. The Board of Management also reported on the strategy with
regard to the increasing risks from natural disasters and on Allianz's
debt financing. In addition, the Supervisory Board discussed the target
achievement of the individual members of the Board of Management
and, on that basis, set their variable remuneration for the financial year
2023, subject to the approval of the annual financial statements. As
part of the performance assessment, the Supervisory Board carried
out a Fit & Proper assessment of the members of the Board of
Management, and it was determined that there was no reason to
apply the compliance caveat in paying variable remuneration
components. Furthermore, the Supervisory Board conducted the
sustainability review required for the payment of the LTI tranche
allocated for the financial year 2019 and determined that there were
no objections to the corresponding payments either. The Supervisory
Board also set the outstanding targets for variable remuneration for
the Board of Management for the financial year 2024. The Chairman
of the Supervisory Board reported on his conversations with investors.
The Supervisory Board also resolved to adjust the targets for the
composition of the Supervisory Board, particularly with regard to the
revised and updated requirements of the Federal Financial
Supervisory Authority (BaFin) for the fitness and propriety of
Supervisory Board members. Lastly, the Supervisory Board took note
of and approved the Board of Management's considerations
regarding the revision of Allianz's dividend policy and the dividend
proposal based on that policy. At the end of the meeting, the
Supervisory Board held an executive session without the Board of
Management members being present and discussed questions
relating to the future composition of the committees.
SUPERVISORY BOARD REPORT
A _ To our Investors
Annual Report 2024 − Allianz SE
3
At the meeting on 6 March 2024, the Board of Management first
reported on the business developments to that date in the financial
year 2024. The Board of Management also presented its report on the
development of risks and solvency in the financial year 2023 and
discussed the outlook for 2024. The annual reports from Internal Audit
and Compliance were also presented and discussed at the meeting.
The Supervisory Board then discussed the audited annual and
consolidated financial statements and the Management and Group
Management Reports, including the Non-Financial Statement and the
Remuneration Report, the solvency statements for Allianz SE and the
Allianz Group,
as
well
as
the
Board
of
Management’s
recommendation for the appropriation of earnings. The auditor
confirmed that there had been no discrepancies since their February
report and issued an unqualified auditor’s report for the annual and
consolidated financial statements and for the solvency statements.
The auditor did not have any reservations, either, regarding the audit
of the Non-Financial Statement and the Remuneration Report, which
partly went beyond legal requirements, and highlighted the scope of
reporting in the Non-Financial Statement. The Supervisory Board then
approved the audited annual and consolidated financial statements.
It approved the Board of Management’s proposal for the
appropriation of net earnings for the financial year 2023, the
Remuneration Report and the Supervisory Board Report, the
Corporate Governance Statement, and the Non-Financial Statement.
In addition, the Supervisory Board resolved, at the recommendation of
the Audit Committee, to propose to the Annual General Meeting the
election of PwC as auditor for the 2024 annual and consolidated
financial statements and for the review of the 2024 half-year financial
report. Furthermore, at the proposal of the Audit Committee, the
Supervisory Board resolved to mandate PwC with a supplementary
audit of the Remuneration Report and an audit of the non-financial
reporting for the financial year 2024, going beyond statutory audit
requirements, with reasonable assurance. Moreover, the Supervisory
Board reviewed the agenda and proposals for resolution for Allianz
SE’s 2024 Annual General Meeting. In addition, the Supervisory Board
resolved to extend the mandates of Board of Management members
Ms. Boshnakova and Mr. Thallinger by five years, each up until
31 December 2029. Lastly, the Supervisory Board dealt with Allianz’s
strategic sustainability goals.
On 8 May 2024, just before the Annual General Meeting, the Board of
Management
briefed
the
Supervisory
Board
on
business
developments in the first quarter of 2024, as well as on the current
situation of both the Allianz Group and Allianz SE.
Due to the election of two new shareholder representatives to the
Supervisory Board at the 2024 Annual General Meeting, a constituent
meeting of the Supervisory Board was held on 8 May 2024,
immediately after the close of the Annual General Meeting. At that
meeting, Dr. Schneider was elected Deputy Chairman of the
Supervisory Board. The Supervisory Board also elected new members
to the committees.
At the meeting on 21 June 2024, the Board of Management first
reported on the business developments in the financial year 2024 to
that date, focusing in particular on the effects of the flood events in
southern Germany in spring 2024 and a major loss event in New
Caledonia. The Supervisory Board also dealt in detail with Allianz’s
strategy for the Asset Management business segment. In addition, the
Supervisory Board obtained a comprehensive report on planned
measures to increase productivity, particularly with regard to the use
of new technologies. The Board of Management then provided its
regular status report on cyber risks and cybersecurity at Allianz as well
as its annual report on Group data privacy. The Supervisory Board
again dealt with succession planning for the Board of Management
and the Supervisory Board, and discussed the need to adjust the
remuneration system for the Board of Management. The Supervisory
Board also discussed the status of the implementation of the
suggestions for improving the work of the Supervisory Board following
the most recent efficiency review. At the end of the meeting, the
Supervisory Board held an executive session without the members of
the Board of Management being present.
At the meeting on 26 September 2024, the Board of Management
reported again on the business developments in 2024 to that date,
focusing in particular on the positioning of Allianz as an employer as
well as M & A transactions. Among other key items, the meeting
focused on preparations in the run-up to the Capital Markets Day on
10 December 2024, and the Board of Management's three-year
strategy for the period from 2025 - 2027 to be presented on that day.
The Board of Management also reported on the sales strategy,
including the Bancassurance sales channel. The Supervisory Board
further discussed the IT strategy and the Board of Management’s
strategy for the use of data and artificial intelligence. Furthermore, the
Supervisory Board adopted a resolution on the appointment of a new
member to the Risk Committee following Ms. Wesenick’s resignation
from the Supervisory Board. The Supervisory Board then dealt with
succession planning for the Board of Management. It subsequently
discussed in detail potential adjustments to the remuneration system
for the Board of Management, to be submitted to the 2025 Annual
General Meeting for approval. With regard to internal Supervisory
Board matters, succession planning for the Supervisory Board was
discussed first. The Supervisory Board then discussed the results of the
self-evaluation of the Supervisory Board required by supervisory law
and the resulting development plan, which includes training programs
on cybersecurity and sustainability reporting for the financial year
2025. Lastly, the Supervisory Board held an executive session without
the members of the Board of Management being present.
At the meeting on 12 December 2024, the Board of Management first
informed the Supervisory Board about the results for the third quarter,
the further business developments, and the situation of the
Allianz Group. Furthermore, the Supervisory Board discussed the risk
strategy and, closely linked with the risk strategy, the planning for the
financial year 2025. The Supervisory Board also obtained reports from
the Board of Management on investment management and the status
of implementation of the Business Master Platform. The Board of
Management further presented its regular status report on cyber risk
security, focusing in particular on the results of the S&P Corporate
Sustainability Assessment and of cyber resilience stress tests carried
out in the financial sector. The Board of Management also reported on
the implementation of the strategy for the Asia-Pacific region presented
in 2022, featuring very good long-term growth opportunities due to its
growth rates. At that meeting, the Supervisory Board again discussed
succession planning for the Board of Management. It also reviewed
the appropriateness of the Board of Management’s remuneration and
resolved to adjust the remuneration system for the Board of
Management, to be submitted to the Annual General Meeting for
approval. In addition, the Supervisory Board set the targets for the
variable remuneration for the members of the Board of Management
for the financial year 2025. The appropriateness of the remuneration
for the Supervisory Board members was also reviewed on the basis of
an external benchmark analysis. No adjustment was required. The
Supervisory Board, in addition, dealt with the Declaration of
Conformity with the German Corporate Governance Code. Finally, the
Supervisory Board held an executive session without the members of
the Board of Management being present and discussed the planning
of Supervisory Board activities for the financial year 2025.
A _ To our Investors
Annual Report 2024 − Allianz SE
4
On 12 December 2024, the Board of Management and the
Supervisory Board issued the Declaration of Conformity in accordance
with section 161 of the German Stock Corporation Act (“Aktiengesetz”)
and posted it on the company website, where it is available at all times.
Allianz SE has complied with all recommendations set out by the
German Corporate Governance Code in the version of 28 April 2022,
and will continue to comply with them in the future. Further
explanations on corporate governance in the Allianz Group can be
found in the Corporate Governance Statement. More details on
corporate governance are also provided on the Allianz company
website.
The Supervisory Board has formed various committees in order to
perform its duties efficiently. The committees prepare the consultations
in plenary sessions as well as the adoption of resolutions. They can also
adopt their own resolutions. The composition of the committees can
be found in the Corporate Governance Statement.
The Standing Committee held five meetings in the financial year 2024,
all of which were held as in-person meetings. The committee also
adopted one written resolution to appoint a substitute to chair the
Annual General Meeting should the Chairman of the Supervisory
Board be unable to attend. At its meetings, the committee dealt with
the composition of the committees due to the changes in the
composition of the Supervisory Board. The committee also dealt with
various corporate governance issues, in particular the self-evaluation
of the Supervisory Board as required by supervisory law and the
associated development plan for the Supervisory Board. As part of the
implementation of the development plan, collective and, if necessary,
additional individual training measures were once again carried out in
the completed financial year. Furthermore, the Standing Committee
prepared the review of the appropriateness of the remuneration of the
members of the Supervisory Board. Regarding the Supervisory Board’s
annual efficiency review, the committee discussed the implementation
of the results of the efficiency review conducted in 2023 and prepared
the efficiency review for 2024, which, as planned, was carried out with
the support of an external consultant. The Standing Committee also
dealt with the preparation of the Declaration of Conformity with the
German Corporate Governance Code. Lastly, the Standing Committee
dealt with the preparation of and follow-up to the ordinary Annual
General Meeting, once again extensively deliberating on questions
relating to the format of the Annual General Meeting.
The Personnel Committee met five times in 2024 and adopted one
written resolution. All meetings were held in person. At its meetings, the
committee discussed in detail the target achievement of the members
of the Board of Management for the financial year 2023, including the
annual Fit & Proper assessment of each member of the Board of
Management. In this context, it prepared the sustainability review of
the target achievement for the payment of the LTI tranche allocated
for the financial year 2019, which had to be carried out by the full
Supervisory Board. The Personnel Committee also discussed potential
amendments to the remuneration system for the members of the
Board of Management at various meetings. The amended system will
have to be submitted to the 2025 Annual General Meeting for
approval. The committee further dealt with the criteria for the selection
of members of the Board of Management. At its meetings, the
Personnel Committee also dealt with short- and long-term succession
planning for the Board of Management and proposed the extension
of the Board of Management mandates of Ms. Boshnakova and
Mr. Thallinger to the Supervisory Board. In addition, the committee
discussed individual issues related to mandates and contracts of
(former) Board of Management members, which was also the subject
of the written resolution. Another focus was on preparing the target
setting for the variable remuneration for 2025. Lastly, the Personnel
Committee prepared the annual review of the appropriateness of the
remuneration of the members of the Board of Management.
The Audit Committee in 2024 held five ordinary meetings and in
addition three extraordinary meetings to prepare for the audit. All
ordinary meetings were held in person, while the extraordinary
meetings took place in a virtual format. In the presence of the auditor,
the committee discussed both Allianz SE’s annual financial statements
and the Allianz Group’s consolidated financial statements, the
Management Reports, including non-financial reporting, and the Risk
Report, the respective solvency statements and the Half-Year Financial
Report as well as the Remuneration Report. The auditor presented his
respective audit reports. Reviews by the Audit Committee revealed no
reasons for objection. The Board of Management also reported on the
respective quarterly results and discussed them in detail with the Audit
Committee together with the results of the auditor’s review. The Board
of Management also reported regularly on relevant special topics. In
this context, the Audit Committee dealt, in particular, with the
valuation of illiquid investments, restructuring expenses, the
divestment of the business originally forming part of Fireman’s Fund
Insurance Company by Allianz Global Corporate & Specialty SE, as
well as experience gained in implementing the new accounting
standards IFRS 9 and 17.
In the first half of 2024, the Audit Committee also continued to deal
with the status of the measures taken in response to and the follow-up
to the Structured Alpha matter and returned to regular reporting in this
regard due to the good progress made.
One of the key topics at the meetings held in the financial year under
review was the implementation of the European requirements for
future sustainability reporting in accordance with the Corporate
Sustainability Reporting Directive (CSRD). In particular, the committee
obtained reports on the experience gained by the organization in the
course of the early inclusion of key CSRD reporting items in the Non-
Financial Statement for 2023 and in light of a review of the reporting
in line with the new requirements based on half-year data.
In addition, the committee dealt with the proposal to the Annual
General Meeting for the appointment of the auditor and, in this
context, again proposed to the full Supervisory Board in 2024 that
PwC be mandated with a supplementary audit of the Remuneration
Report and the Non-Financial Statement for 2024, going beyond the
scope of statutory audit. Following the Annual General Meeting, the
Audit Committee awarded the corresponding audit mandates to PwC
and determined the audit focus areas for the financial year 2024.
Three audit focus areas were again defined at Group level: the review
of the effectiveness of certain measures taken by the Board of
Management with a view to implementing the findings from the
Structured Alpha matter, the review of the effectiveness of key control
functions transferred to Allianz Technology SE, and a re-testing of
selected key controls. The assessment of outsourcing measures and of
risk management when using external service providers was defined
as an audit focus area for Allianz SE (solo). Some of the results
regarding the audits of the audit focus areas were already reported by
the auditor in November 2024.
A _ To our Investors
Annual Report 2024 − Allianz SE
5
The Audit Committee discussed the assessment of the audit risk, the
audit strategy, and the audit planning for 2024 with the auditor. In
addition, the Audit Committee held several discussions with the auditor
in the absence of the Board of Management. Moreover, the Audit
Committee conducted an assessment of the quality of the audit and
discussed the auditor’s fees. It also dealt with the awarding of non-
audit services to the auditor and approved an updated positive list of
pre-approved audit and non-audit services. As before, the Audit
Committee obtained a separate report from the PwC auditors in
charge of the Asset Management business segment in 2024.
Furthermore, the Audit Committee was regularly informed by the
Board of Management about the status of implementation of the
measures taken by the Board of Management in response to findings
from reviews by BaFin.
In addition, the Audit Committee dealt extensively with the internal
control systems, the accounting process and internal controls in the
context of financial reporting, and the audit plan, including the audit
strategy, prepared by Internal Audit for 2025. The committee also
received reports on existing Tax Compliance processes and
procedures within Allianz. At all meetings, reports on legal and
compliance issues within the Group, operational risks, the work
performed by Internal Audit, and data privacy issues were presented
and discussed in detail. Furthermore, the Head of Group Actuarial
presented her annual report.
Lastly, the Audit Committee deliberated on the initiation of the rotation
of auditors for the financial year 2027 with the Board of Management
and defined the necessary process steps.
The Risk Committee held two meetings in 2024, both of which were
held in person. At both meetings, the committee discussed the current
risk situation of the Allianz Group and Allianz SE with the Board of
Management. At the March meeting, the Risk Report and other risk-
related statements in the annual and consolidated financial
statements as well as management and Group management reports
were reviewed with the auditor and acknowledged with approval. The
appropriateness of the early risk detection system at Allianz SE and the
Allianz Group and the result of further risk assessments by the auditor
were also discussed. A recommendation was provided to the Audit
Committee to include the Risk Report, as presented and discussed, in
the Annual Report.
At both meetings, the Risk Committee extensively dealt with the risk
strategy and risk appetite, capital management, the external rating,
as well as the effectiveness of the risk management system for the
Allianz Group and Allianz SE. The key topics discussed also included
potential changes in the risk profile and business activities as well as
significant regulatory changes. In this context, the committee
discussed the current implementation status of enhancements of the
risk and control framework. Extensions of the risk and control
framework include the involvement of selected members of the
Boards of Management of Group companies in meetings dealing with
risks, external testing of controls, and initiatives to improve risk
management and capital resilience. The committee also obtained
reports on the company’s own risk and solvency assessment and
changes to the internal Solvency II model and discussed the reports in
detail with the Board of Management and the Head of Risk. The
committee also dealt with geopolitical risks and their impact on
Allianz’s risk profile. The discussions focused in particular on the war in
Ukraine, the conflict in the Middle East and the tense relationship
between the U.S. and China. Other key points were the reports on
transformation risks, the elections in the U.S., and Allianz’s Private
Credit portfolio.
The Technology Committee held two meetings in the financial year
2024, both of which were held as in-person meetings. The committee
once again dealt intensively with the technology strategy and the
status of implementation of the Business Master Platform.
Deliberations also focused on the possibilities and overall framework
for the use of generative artificial intelligence (AI). In this context, the
need to generate high-quality data as the starting point for a targeted
and business-oriented use of AI solutions was discussed in detail with
the Board of Management. This aspect is considered to be increasingly
important, particularly with regard to the handling of losses due to
natural disasters. Lastly, the Technology Committee obtained a report
from the Board of Management on the management of risks in
information and communication technology, in particular in light of
the E.U. Digital Operational Resilience Act (DORA).
The Nomination Committee held three meetings in the financial year
2024, all of which were held in person. A major focus was on long-term
succession planning for the Supervisory Board. The Nomination
Committee also obtained reports on the implementation of the
measures agreed in consultation with BaFin to prepare the candidates
identified for 2025 and 2026 at an early stage for the duties of
members of the Supervisory Board of Allianz SE. Lastly, the
Nomination Committee dealt with the onboarding experience of the
new Supervisory Board members.
The Sustainability Committee held four meetings in the financial year
2024. One meeting was held as a video conference, while the other
three meetings were held in person. The committee prepared the
assessment of target achievement by the Board of Management
regarding the sustainability targets for the financial year 2023 and the
definition of sustainability targets for the financial year 2024 by the
Personnel Committee and the Supervisory Board. In addition, the
committee dealt in detail with sustainability-related reporting
(Sustainability Report and Non-Financial Statement for the financial
year 2023), focusing in particular on future requirements under the E.U.
Corporate Sustainability Reporting Directive (CSRD) and the status of
the preparatory work carried out in this regard. The committee’s
activities focused on consultation with the Board of Management on
fundamental questions regarding the future positioning of
sustainability in corporate communications (taking account of the
current sustainability strategy), the integration of sustainability-related
indicators into the Allianz Group’s product range, and cooperation
between Allianz and its investees with regard to the implementation of
sustainability requirements. Another topic discussed by the
Sustainability Committee was potential amendments to the
remuneration system for the members of the Board of Management
with a view to achieving stronger quantitative measurability of
sustainability targets from 2025.
The Supervisory Board obtained regular and comprehensive
information on the work performed by the committees.
A _ To our Investors
Annual Report 2024 − Allianz SE
6
Overview of members’ participation in Supervisory
Board and committee meetings in the financial
year 2024
Disclosure of members’ participation in meetings on an individual
basis
Attendance
%
Plenary sessions of the Supervisory Board
Michael Diekmann (Chairman)
7/7
100
Gabriele Burkhardt-Berg (Vice Chairwoman)
7/7
100
Herbert Hainer (Vice Chairman)
3/3
100
Sophie Boissard
7/7
100
Christine Bosse
2/3
66.67
Prof. Dr. Nadine Brandl
2/2
100
Stephanie Bruce
4/4
100
Rashmy Chatterjee
7/7
100
Dr. Friedrich Eichiner
6/7
85.71
Jean-Claude Le Goaër
7/7
100
Martina Grundler
1/1
100
Frank Kirsch
7/7
100
Jürgen Lawrenz
7/7
100
Primiano Di Paolo
7/7
100
Dr. Jörg Schneider
4/4
100
Katharina Wesenick
0/3
-
Standing Committee
Michael Diekmann (Chairman)
5/5
100
Sophie Boissard
5/5
100
Dr. Friedrich Eichiner
3/3
100
Jean-Claude Le Goaër
5/5
100
Herbert Hainer
2/2
100
Jürgen Lawrenz
5/5
100
Personnel Committee
Michael Diekmann (Chairman)
5/5
100
Gabriele Burkhardt-Berg
5/5
100
Herbert Hainer
2/2
100
Dr. Jörg Schneider
3/3
100
Attendance
%
Audit Committee
Dr. Friedrich Eichiner (Chairman)
8/8
100
Sophie Boissard
5/5
100
Michael Diekmann
8/8
100
Jean-Claude Le Goaër
8/8
100
Martina Grundler
4/4
100
Frank Kirsch
4/4
100
Dr. Jörg Schneider
3/3
100
Risk Committee
Michael Diekmann (Chairman)
2/2
100
Christine Bosse
1/1
100
Prof. Dr. Nadine Brandl
0/1
-
Dr. Friedrich Eichiner
2/2
100
Primiano Di Paolo
2/2
100
Dr. Jörg Schneider
1/1
100
Katharina Wesenick
0/1
-
Technology Committee
Rashmy Chatterjee (Chairwoman)
2/2
100
Sophie Boissard
2/2
100
Gabriele Burkhardt-Berg
2/2
100
Michael Diekmann
2/2
100
Jürgen Lawrenz
2/2
100
Nomination Committee
Michael Diekmann (Chairman)
3/3
100
Dr. Friedrich Eichiner
3/3
100
Dr. Jörg Schneider
3/3
100
Sustainability Committee
Christine Bosse (Chairwoman)
3/3
100
Sophie Boissard
4/4
100
Stephanie Bruce
1/1
100
Gabriele Burkhardt-Berg
4/4
100
Michael Diekmann
4/4
100
Frank Kirsch
4/4
100
Upon a proposal submitted by the Supervisory Board, the company’s
Annual General Meeting held on 8 May 2024 appointed PwC as
auditor for the annual and consolidated financial statements as well
as the review of the 2024 Half-Year Financial Report. PwC audited the
financial statements of Allianz SE and the Allianz Group as well as the
respective management reports and issued an unqualified auditor’s
report in each case.
The management reports each also contain the Non-Financial
Statement. The Group Sustainability Statement is prepared on the
basis of Directive 2014/95/EU of the European Parliament and of the
Council of 22 October 2014 amending Directive 2013/34/EU as
regards disclosure of non-financial and diversity information by certain
large undertakings and groups (NFRD) and Commission Delegated
Regulation (EU) 2023/2772 of 31 July 2023 supplementing Directive
2013/34/EU of the European Parliament and of the Council as regards
sustainability reporting standards (ESRS), as the ESRS are recognized
as (E.U.-based) frameworks within the meaning of the NFRD.
The consolidated financial statements were prepared on the basis of
the International Financial Reporting Standards (IFRS) as applicable
in the European Union. The annual financial statements of Allianz SE
were prepared in accordance with German law and accounting
standards. PwC performed a review of the Half-Year Financial Report.
In addition, PwC was also mandated to perform an audit of the
solvency statements according to Solvency II as of 31 December 2024
for Allianz SE and the Allianz Group. Furthermore, PwC was
commissioned to conduct an audit of the contents of the Non-
Financial Statement and the Remuneration Report.
All Supervisory Board members received the documentation relating
to the annual financial statements and the audit reports from PwC in
due time. The preliminary financial statements and PwC’s preliminary
audit results were discussed in the Audit Committee on
26 February 2025, as well as in the Supervisory Board’s plenary session
on 27 February 2025. The finalized financial statements and PwC’s
audit reports (dated 3 March 2025) were reviewed by the Audit
Committee on 12 March 2025 and discussed in the Supervisory Board
plenary session on 13 March 2025. The auditors participated in the
discussions and presented the results of their audit. Particular
emphasis was placed on the key audit matters described in the
auditor’s opinion and on the audit procedures performed. No material
weaknesses in the internal financial reporting control process were
discovered. There were no circumstances that might give cause for
concern about the auditor’s independence. In addition, the solvency
statements dated 31 December 2024 for both Allianz SE and the
Allianz Group, as well as the related reports by PwC, were reviewed by
the Audit Committee and the Supervisory Board.
On the basis of its own reviews of the annual and consolidated
financial statements, the management and Group management
A _ To our Investors
Annual Report 2024 − Allianz SE
7
reports, and the recommendation for the appropriation of net
earnings, the Supervisory Board has not raised any objections and
agreed with the results of PwC’s audit. It approved the annual and
consolidated financial statements prepared by the Board of
Management. The financial statements have thus been formally
adopted. The Supervisory Board agrees with the Board of
Management’s proposal on the appropriation of net earnings.
The Supervisory Board would like to express its special thanks to all
Allianz Group employees for their great personal commitment over
the past financial year.
The following changes took place on the employee representatives’
side on the Supervisory Board of Allianz SE in 2024: Martina Grundler,
the trade union representative, resigned from the Supervisory Board
of Allianz SE with effect from 29 February 2024. Her successor
Katharina Wesenick, who was appointed to the Supervisory Board
with effect from 1 March 2024, stepped down from her mandate for
personal reasons with effect from 13 June 2024. With effect from
8 August 2024, Prof. Dr. Nadine Brandl was appointed to the
Supervisory Board as her successor by the Allianz SE-Works Council in
accordance with the agreement on the involvement of employees in
Allianz SE.
The following changes took place on the shareholder representatives’
side in the financial year 2024: the Supervisory Board mandates of
Christine Bosse and Herbert Hainer ended upon the close of the
Annual General Meeting on 8 May 2024. The Annual General Meeting
elected Stephanie Bruce and Dr. Jörg Schneider as new members of
the Supervisory Board.
There were no changes in the composition of the Board of
Management in the financial year 2024.
Munich, 13 March 2025
For the Supervisory Board:
Michael Diekmann
Chairman
A _ To our Investors
8
Annual Report 2024 – Allianz SE
Chairman
Member of various Supervisory Boards
Membership in other statutory supervisory boards and
SE administrative boards in Germany
Vice Chairwoman
Chairwoman of the Group Works Council of Allianz SE
until 8 May 2024
Vice Chairman
Member of various Supervisory Boards
Membership in other statutory supervisory boards and
SE administrative boards in Germany
since 8 May 2024
Vice Chairman
Former CFO of Münchener Rückversicherungs-Gesellschaft (Munich Re)
Membership in other statutory supervisory boards and
SE administrative boards in Germany
Membership in comparable1 supervisory bodies
Chairwoman of the Board of Management of Clariane SE
Membership in other statutory supervisory boards and
SE administrative boards in Germany
Membership in comparable1 supervisory bodies
until 8 May 2024
Member of various Supervisory Boards
Membership in comparable1 supervisory bodies
since 8 August 2024
Head of the Law and Legal Policy Department, ver.di trade union Berlin
Membership in other statutory supervisory boards and
SE administrative boards in Germany
since 8 May 2024
Chief Executive Officer ISTARI Global Ltd.
Membership in comparable1 supervisory bodies
Member of various Supervisory Boards
Membership in other statutory supervisory boards and
SE administrative boards in Germany
Employee of Allianz I.A.R.D. S.A.
Membership in comparable1 supervisory bodies
Membership in Group bodies
until 29 February 2024
Union secretary Insurance, ver.di trade union Berlin
Membership in other statutory supervisory boards and
SE administrative boards in Germany
Employee of Allianz Beratungs- und Vertriebs-AG
Employee of Allianz Technology SE
Membership in other statutory supervisory boards and
SE administrative boards in Germany
Membership in Group bodies
Employee of Allianz Technology S.p.A.
from 1 March 2024 until 13 June 2024
National Representative Insurances, ver.di trade union Berlin
MANDATES OF THE MEMBERS OF THE SUPERVISORY BOARD
1_Generally, we regard memberships in other supervisory bodies as comparable if the company is listed on a stock exchange or has more than 500 employees.
A _ To our Investors
9
Annual Report 2024 – Allianz SE
Chairman of the Board of Management
Membership in comparable1 supervisory bodies
Insurance Western & Southern Europe, Allianz Direct, Allianz Partners
Membership in comparable1 supervisory bodies
Membership in Group bodies
Finance, Risk, Actuarial, Legal, Compliance
Operations, IT and Organization
Membership in other statutory supervisory boards and
SE administrative boards in Germany
Membership in Group bodies
Membership in comparable1 supervisory bodies
Membership in Group bodies
Insurance German Speaking Countries, Central Europe, Global P&C
Membership in other statutory supervisory boards and
SE administrative boards in Germany
Membership in Group bodies
Membership in comparable1 supervisory bodies
Membership in Group bodies
Investment Management, Sustainability
Membership in other statutory supervisory boards and
SE administrative boards in Germany
Membership in Group bodies
Global Insurance Lines, Reinsurance, Anglo Markets, Iberia, Latin America, Africa
Membership in other statutory supervisory boards and
SE administrative boards in Germany
Membership in Group bodies
Membership in comparable1 supervisory bodies
Membership in Group bodies
Asia Pacific, Mergers & Acquisitions, People and Culture
Membership in comparable1 supervisory bodies
Membership in Group bodies
Asset Management, US Life Insurance
Membership in other statutory supervisory boards and
SE administrative boards in Germany
Membership in Group bodies
Membership in comparable1 supervisory bodies
Membership in Group bodies
MANDATES OF THE MEMBERS OF THE BOARD OF MANAGEMENT
1_Generally, we regard memberships in other supervisory bodies as comparable if the company is listed on a stock exchange or has more than 500 employees.
Annual Report 2024 – Allianz SE
10
MANAGEMENT REPORT OF ALLIANZ SE
B
B _ Management Report of Allianz SE
11
Annual Report 2024 – Allianz SE
Nature of operations and basis of
preparation
Allianz SE,
the
holding
and
reinsurance
company
of
the
Allianz Group, is located at Königinstraße 28, 80802 Munich, and
registered in the Commercial Register of the municipal court in Munich
under HRB 164232 and is publicly listed.
The annual financial statements of Allianz SE and the consolidated
financial statements of the Allianz Group are published digitally in the
company register (“Unternehmensregister”).
Our financial statements and the management report have been
prepared in accordance with the regulations of the German
Commercial Code (HGB), the German Stock Corporation Act (AktG),
the Law on the Supervision of Insurance Enterprises (VAG), and the
Government Order on the External Accounting Requirements of
Insurance Enterprises (RechVersV).
All amounts in this management report are presented in millions
of euro (€ mn), unless otherwise stated.
1_Accident year claims are claims that occurred during the current financial year.
Earnings summary
€ mn
2024
2023
Change
Gross premiums written
17,885
14,714
3,171
Premiums earned (net)
16,150
12,966
3,184
Claims (net)
(11,750)
(9,450)
(2,300)
Underwriting expenses (net)
(4,604)
(3,749)
(856)
Change in other technical reserves
(net)
20
(8)
28
Net underwriting result
(185)
(240)
56
Change in claims equalization and
similar reserves
(97)
(193)
95
Net technical result
(282)
(433)
151
Investment result
9,618
8,791
827
Allocated interest return
(35)
(31)
(3)
Other non-technical result
(1,444)
(640)
(804)
Non-technical result
8,139
8,119
20
Net operating income
7,857
7,686
171
Taxes
744
365
379
Net income
8,601
8,051
550
Gross premiums written increased by 21.6 % to € 17,885 mn (2023:
€ 14,714 mn). € 2,810 mn of the increase resulted from growth in
volume from the intra-group reinsurance business, mainly coming from
Property-Casualty. There was also an increase of € 361 mn in the
external reinsurance business, primarily stemming from the following
reinsurance lines of business: motor reinsurance and fire reinsurance.
In total, € 17,276 mn (2023: € 13,765 mn) of gross premiums were
attributable to Property-Casualty reinsurance and € 610 mn (2023:
€ 949 mn) to Life/Health reinsurance.
With 93.9 % (2023: 90.4 %), the net retention ratio increased
compared to the previous year. Premiums earned (net) increased to
€ 16,150 mn (2023: € 12,966 mn).
The accident year claims1 ratio (net) in Property-Casualty
reinsurance decreased to 74.2 % (2023: 76.9 %). The losses from natural
catastrophe events in 2024 were mainly driven by the floods in Central
Europe. The recoveries under our retrocession program for losses from
natural catastrophes decreased to € 0 mn (2023: € 284 mn); however,
net losses from natural catastrophes after retrocession were lower
than in the previous year.
The run-off result (net) in Property-Casualty reinsurance
amounted to € 273 mn (2023: € 548 mn) and was mainly influenced
by fire and property reinsurance (€ 161 mn) as well as credit and bond
reinsurance (€ 129 mn). Overall, the calendar year claims ratio (net) in
Property-Casualty reinsurance remained fairly stable at 72.4 % (2023:
72.5 %).
The expense ratio (net) in Property-Casualty reinsurance decreased
to 28.8 % (2023: 29.3 %), driven by a lower commission ratio of 28.1 %
(2023: 28.6 %). The administrative expense ratio remained fairly
constant at 0.7 % (2023: 0.8 %).
In Life/Health reinsurance, the net underwriting result slightly
increased to € 44 mn (2023: € 37 mn).
The total net underwriting result amounted to € (185) mn (2023:
€ (240) mn), mainly driven by the development of the calendar year loss
ratio and expense ratio (net) in Property-Casualty reinsurance in 2024.
In 2024, the change in claims equalization and similar reserves
amounted to € (97) mn (2023: € (193) mn). This was mainly driven by
a strengthening of the claims equalization and similar reserves in the
marine and aviation, legal as well as credit and bond reinsurance
business. On the other hand, a release of the claims equalization and
similar reserves occurred, in particular in the fire and liability
reinsurance line of business.
Thus, the net technical result amounted to € (282) mn (2023:
€ (433) mn).
EXECUTIVE SUMMARY AND OUTLOOK
B _ Management Report of Allianz SE
12
Annual Report 2024 – Allianz SE
Investment result
€ mn
2024
2023
Change
Investment income
Income from profit transfer
agreements
2,439
2,945
(506)
Income from affiliated enterprises
and participations
7,865
6,468
1,397
Income from other investments
1,249
884
365
Realized gains
278
133
145
Income from reversal of
impairments
228
728
(500)
Subtotal
12,059
11,158
902
Investment expenses
Expenses for the management of
investments, interest, and other
investment-related expenses
(1,796)
(1,575)
(221)
Depreciation and impairments of
investments
(281)
(237)
(43)
Realized losses
(218)
(231)
13
Expenses for losses taken over
(146)
(323)
177
Subtotal
(2,441)
(2,367)
(74)
Investment result
9,618
8,791
827
The investment result increased by € 827 mn to € 9,618 mn.
Income from profit transfer agreements decreased by € 506 mn
to € 2,439 mn, primarily due to a lower profit transfer from Allianz
Deutschland AG, which declined by € 551 mn to € 1,391 mn.
Additionally, the profit transfer from Allianz Global Corporate &
Specialty SE felt slightly by € 14 mn to € 379 mn, whereas a higher
profit transfer from Allianz Asset Management GmbH, rising by
€ 39 mn to € 648 mn, partially offset the overall decrease.
Income from affiliated enterprises and participations increased
by € 1,397 mn to € 7,865 mn, mainly driven by a higher dividend
payment from our subsidiary Allianz Europe B.V., which rose by
€ 1,000 mn to € 6,300 mn. Additionally, higher dividend payments from
Allianz Holding Eins GmbH and Allianz Holding France SAS, which
grew by € 150 mn to € 650 mn and by € 68 mn to € 604 mn,
respectively, along with a further € 180 mn rise in other dividend
income, contributed to this increase.
Income from other investments climbed by € 365 mn to
€ 1,249 mn, mainly consisting of income from bonds (€ 545 mn), funds
held by others under reinsurance business assumed (€ 321 mn), intra-
group cash pooling (€ 138 mn), and loans (€ 101 mn).
Realized gains went up by € 145 mn to € 278 mn and were
primarily related to the sale of bonds (€ 174 mn) and shares in
affiliated enterprises (€ 92 mn).
Income from reversal of impairments decreased by € 500 mn to
€ 228 mn, mainly driven by write-ups on bonds, declining by € 461 mn
to € 191 mn.
Expenses for the management of investments, interest, and
other investment-related expenses rose by € 221 mn to € 1,796 mn,
driven by higher interest expenses (€ 216 mn), particularly related to
intra-group cash pooling (€ 143 mn) and subordinated bonds issued
by Allianz SE (€ 69 mn).
Depreciation and impairments of investments increased by
€ 43 mn to € 281 mn. The impairments in 2024 were mainly
attributable to write-downs on investment funds (€ 156 mn) and
bonds (€ 113 mn).
Realized losses slightly declined by € 13 mn to € 218 mn and were
primarily related to the sale of bonds (€ 202 mn).
Expenses for losses taken over decreased by € 177 mn to
€ 146 mn, mainly reflecting the losses taken over from our service
provider Allianz Technology SE and from Allianz Direct Versicherungs-
AG, which declined by € 106 mn to € 52 mn and by € 14 mn to € 80 mn,
respectively.
Other non-technical result
The other non-technical result deteriorated significantly by € 804 mn
to € (1,444) mn. This development is mainly due to a strong
deterioration of the currency translation result by € 829 mn, which is
primarily attributable to foreign currency translation losses on
liabilities denominated in USD after corresponding gains in the
previous year.
As far as legally permissible, Allianz SE acts as the controlling company
(“Organträger”) of the German tax group that most German
subsidiaries belong to. As the controlling company, Allianz SE is
liable for the income taxes of this German tax group.
The current tax charge from income taxes of Allianz SE
amounted to € (440) mn (2023: € (92) mn). Moreover, Allianz SE
received a tax allocation of € 1,174 mn (2023: € 407 mn) from
Allianz SE tax group companies that recorded taxable income. Taking
into account other taxes, the income from taxes amounted to
€ 744 mn (2023: € 365 mn).
Net income increased by € 550 mn to € 8,601 mn (2023: € 8,051 mn).
B _ Management Report of Allianz SE
13
Annual Report 2024 – Allianz SE
Economic outlook1
For 2025, we expect unchanged economic growth of 2.8 % for the
world economy. We currently expect the U.S. economy to continue to
grow robustly at 2.3 %, however, policy changes could affect this
outcome in both directions. Europe and China will have to cope with
trade and lingering structural challenges, keeping growth at 1.2 % for
the eurozone and at 4.6 % for China. Inflation is set to continue its
downward trend. This could convince central banks to cut short-term
interest rates further. Long-term yields, on the other hand, are
expected to decline only slightly over the year.
Given the increasing fragile nature of geopolitics, the possibility of
disruptive policy measures, and increasing social polarization, the
growth downside risks outweigh the upside risks.
Insurance industry outlook
As inflation will ease further, premium increases are also likely to
moderate. Consequently, premium growth will decelerate in 2025 in
the property-casualty insurance sector, albeit remaining at an
elevated level. Given unabated climate change, climate-related
natural catastrophes – not least secondary perils such as floods and
bushfires – will remain a challenge for the sector.
The higher long-term interest rate level, compared to previous
years, will support investment income in both segments. For the same
reason, demand for savings and pension products should remain
strong in the life insurance sector. Demographic change remains an
important growth driver in this respect, as the need for additional,
capital funded old-age provisions only continues to rise.
As rising wages are putting pressure on operating costs,
increasing productivity through fully digitalized processes remains
high on the industry’s agenda. But innovative technologies are also
used for better risk analysis and detection, for example, and thus are
important tools to keep new and rising risks insurable.
1_The information presented in the sections “Economic outlook” and “Insurance industry outlook” is based
on our own estimates.
Business outlook
Our outlook assumes no significant deviations from our underlying
assumptions – specifically:
−
interest rate environment to remain at current level,
−
no major volatility in the capital markets,
−
no disruptive fiscal or regulatory interference or major litigation,
−
level of claims from natural catastrophes at expected average
levels,
−
an average U.S. dollar-to-euro exchange rate of 1.04.
Allianz SE provides a wide range of reinsurance coverage, primarily to
the Allianz Group’s insurance entities (group-internal business), but
also to third-party customers (external business). This includes
Property-Casualty as well as Life/Health reinsurance business on both
a proportional and non-proportional basis. Due to the broad spectrum
of exposures underwritten by line of business and geography,
Allianz SE’s portfolio is diversified.
Allianz Group uses Allianz SE, in particular, as a vehicle for actively
managing its overall exposure to catastrophes. Under a group-wide
risk management framework, each operating entity is responsible for
managing its exposure to individual catastrophes and defining its
local reinsurance requirements based on its local risk appetite and
capital position. The respective cover is then provided by Allianz SE or
one of its subsidiaries. At the Group level, the Allianz SE’s Board of
Management reviews and approves the risk appetite. The reinsurance
division is then responsible for designing and implementing Group
catastrophe protection within given exposure limits. These covers take
various forms and aim to protect the Group against excessive losses
from major natural or man-made catastrophes. However, despite
measures to limit or mitigate our risks, there is still a potential for an
unexpected frequency and/or severity of catastrophic events that may
materially impact the results of Allianz SE. The top five residual risk
exposures at the Group level are summarized in the paragraph
“Premium risk“ in the Risk and Opportunity Report.
Compared to the plan for 2024, which was compiled in 2023, net
premiums earned were 9 % higher than expected, mainly due to higher
than planned net quota share cessions from European Allianz entities.
The net underwriting result was negatively impacted by natural
catastrophe as well as man-made large losses, which were above the
historical average. In addition, an increase in the expense ratio also
contributed to the higher combined ratio compared to plan.
Following several years of favorable pricing conditions, the
reinsurance industry started to experience softening in the latest
renewal periods. Meanwhile, headwinds from high inflation, which
have put pressure on the reinsurance industry in recent years, are
expected to ease. Natural catastrophe risks remain a significant
challenge,
with
secondary
events
continuing
to
contribute
considerably to overall industry losses. The geopolitical environment
remains an ongoing concern, with unpredictable outcomes and
potential impacts on the broader economic landscape, which might
influence market stability and capacity.
Allianz SE’s technical result is, however, planned to noticeably
increase in 2025, mainly due to higher cessions from European Allianz
entities, in particular through net quota share programs. Outgoing
reinsurance protection remains broadly stable versus 2024. The actual
technical result may, however, vary significantly from our expectations,
as the reinsurance business is by nature volatile in terms of frequency
and severity of losses.
Compared to our outlook, the lower net technical result as well as
the lower other non-technical result were more than offset by a
positive development in our investment result for 2024. As a result, net
income as well as net earnings were above our expectations. For 2025,
we plan both net income as well as net earnings to remain largely
stable. Based on our current expectations, a significantly higher
underwriting result, partially offset by the development of the
equalization reserve, as well as a significantly higher other non-
technical result will be largely offset by a slightly lower investment
result. We are not planning a specific foreign currency result, nor are
we able to anticipate any net gains or losses from derivatives. These
could, however, considerably impact the net income of Allianz SE.
Given the susceptibility of our non-technical result to adverse capital
market developments, we do not provide a precise outlook for the
development of our net income. Nevertheless, we are ultimately
planning and managing the Allianz SE net earnings in line with the
Allianz Group’s dividend policy. To this end, we take advantage of the
opportunity to make use of the dividends of our subsidiaries, in
particular those of Allianz Europe B.V., in order to generate net
earnings for Allianz SE that match the dividend policy of the
Allianz Group. For more detailed information on our dividend policy,
B _ Management Report of Allianz SE
14
Annual Report 2024 – Allianz SE
see the Allianz Group’s Annual Report 2024 and the Allianz company
website.
Management’s overall assessment of
the current economic situation of
Allianz SE
At the date of issuance of this Annual Report, and based on current
information regarding natural catastrophes and capital market
trends – in particular foreign currency, interest rates, and equities – the
Board of Management has no indication that Allianz SE is facing any
major adverse developments.
Cautionary note regarding forward-
looking statements
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 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 to 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 contained herein, save for any information we are
required to disclose by law.
B _ Management Report of Allianz SE
15
Annual Report 2024 – Allianz SE
Gross premiums written increased by 21.6 % to € 17,885 mn (2023:
€ 14,714 mn). All in all, 84.2 % (2023: 83.2 %) of gross premiums written
originated from the Allianz Group’s internal business. In addition,
Allianz SE continued to write business from selected external partners
in order to diversify the portfolio.
Gross premiums written and net technical result by reinsurance lines of business
Gross premiums written
Combined ratio
Property-Casualty
Change in claims equalization
and similar reserves
Net technical result
2024
2023
Change
2024
2023
2024
2023
2024
2023
€ mn
€ mn
%1
%
%
€ mn
€ mn
€ mn
€ mn
Motor
7,221
5,760
25.4
102.5
104.5
-
-
(202)
(264)
Fire and property reinsurance
5,514
4,256
29.6
100.5
104.1
66
19
43
(135)
thereof:
Household and homeowner
1,836
1,405
30.7
97.2
103.3
-
-
49
(43)
Fire
1,593
1,003
58.9
109.2
105.2
69
18
(49)
(25)
Engineering
600
470
27.8
95.2
89.1
-
-
24
47
Business interruption
283
237
19.4
80.2
68.3
(3)
-
45
61
Other property reinsurance
1,202
1,141
5.3
103.1
117.7
-
-
(27)
(175)
Liability
1,515
1,216
24.6
103.0
94.7
29
(52)
(12)
10
Life
565
671
(15.7)
-
-
-
-
45
26
Marine and aviation
545
354
53.9
91.6
88.2
(47)
(17)
(7)
15
Personal accident
483
435
11.0
88.5
79.0
(2)
4
58
98
Credit and bond
364
332
9.6
85.0
98.3
(32)
(47)
6
(60)
Legal expenses
313
308
1.7
88.9
90.5
(38)
(34)
(3)
(5)
Health
44
279
(84.1)
-
-
-
-
(1)
11
Other lines
1,322
1,104
19.7
112.0
106.6
(74)
(65)
(209)
(129)
Total
17,885
14,714
21.6
101.2
101.9
(97)
(193)
(282)
(433)
1_For lines of business on the basis of the accurate, non-rounded amount.
Gross premiums written in motor reinsurance increased by 25.4 % to
€ 7,221 mn (2023: € 5,760 mn). The increase was mainly driven by
internal reinsurance business. The combined ratio decreased to
102.5 % (2023: 104.5 %), mainly due to the improvement of the accident
year claims ratio to 78.4 % (2023: 80.9 %) and the improvement of the
expense ratio to 23.5 % (2023: 24.7 %). The equalization reserve was
already fully released in 2022. Overall, this led to a net technical result
of € (202) mn (2023: € (264) mn).
The household and homeowner reinsurance portfolio increased
by 30.7 % to gross premiums written of € 1,836 mn (2023: € 1,405 mn),
mainly from business with Allianz Versicherungs-AG and Allianz IARD
S.A. The combined ratio dropped to 97.2 % (2023: 103.3 %), driven by a
decrease in the calendar year claims ratio to 69.8 % (2023: 73.0 %),
and the improvement of the expense ratio to 27.4% (2023: 30.3 %). The
net technical result increased to € 49 mn (2023: € (43) mn).
The growth of the fire reinsurance portfolio was mainly caused by
growth of internal business volume. The combined ratio deteriorated
to 109.2 % (2023: 105.2 %), driven by an increase of the calendar year
claims ratio to 80.7 % (2023: 77.2 %). After a release of the equalization
reserve of € 69 mn (2023: € 18 mn), the net technical result amounted
to € (49) mn (2023: € (25) mn).
Engineering reinsurance gross premiums increased by 27.8 %. The
combined ratio worsened and amounted to 95.2 % (2023: 89.1 %),
driven by a deterioration of the accident year claims ratio to 64.0 %
(2023: 61.7 %). The net technical result declined to € 24 mn (2023:
€ 47 mn).
The premiums written in the business interruption reinsurance
increased by 19.4 % to € 283 mn (2023: € 237 mn), mainly due to
internal business volume. The combined ratio increased to 80.2 %
(2023: 68.3 %) which was primarily driven by a higher calendar year
claims ratio of 54.1 % (2023: 42.0 %). As a result, the net technical result
went down to € 45 mn (2023: € 61 mn).
OPERATIONS BY REINSURANCE LINES OF BUSINESS
B _ Management Report of Allianz SE
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Annual Report 2024 – Allianz SE
Other property reinsurance includes extended coverage for fire
and business interruption as well as hail, storm, water damage,
livestock, burglary, and glass reinsurance. The premiums written
increased by 5.3 %. Despite the worsening of the expense ratio to
27.7 % (2023: 22.0 %), the combined ratio improved to 103.1 % (2023:
117.7 %). This was owed to a decrease of the calendar year claims ratio
to 75.4 % (2023: 95.7 %). The net technical result amounted to
€ (27) mn (2023: € (175) mn).
Premiums written for liability reinsurance increased by 24.6 % to
€ 1,515 mn (2023: € 1,216 mn), mainly driven by internal reinsurance
business. The combined ratio rose to 103.0 % (2023: 94.7 %), mainly due
to an increased calendar year claims ratio of 66.7 % (2023: 59.9 %).
After a release of the equalization reserve by € 29 mn (2023:
€ (52) mn), the net technical result amounted to € (12) mn (2023:
€ 10 mn).
In life reinsurance, the premium revenue decreased to € 565 mn
(2023: € 671 mn); this was mainly driven by internal business. The net
technical result increased to € 45 (2023: € 26 mn).
The gross premiums written in marine and aviation reinsurance
increased to € 545 mn (2023: € 354 mn). The combined ratio rose to
91.6% (2023: 88.2%), due to a higher calendar year claims ratio of
60.0 % (2023: 50.3 %) and a lower expense ratio of 31.6% (2023: 37.9%).
Partially due to a further strengthening of the equalization reserve by
€ (47) mn (2023: € (17) mn), the net technical result turned negative at
€ (7) mn (2023: € 15 mn).
The premium revenue of personal accident reinsurance increased
by 11.0 %. This development results in particular from internal
reinsurance business. The combined ratio deteriorated to 88.5 % (2023:
79.0 %), mainly driven by a worse run-off result. The net technical result
thus decreased to € 58 mn (2023: € 98 mn).
Gross premiums written in credit and bond reinsurance increased
by 9.6 % to € 364 mn (2023: € 332 mn), which was mainly caused by
growing premium income from Euler Hermes Reinsurance AG. Due to
an improvement of the calendar year claims ratio to 34.1 % (2023:
45.1 %) and the strengthening of the expense ratio to 50.9 % (2023:
53.2 %), the combined ratio decreased to 85.0 % (2023: 98.3 %). The net
technical result turned positive at € 6 mn (2023: € (60) mn), despite a
further strengthening of the equalization reserve by € (32) mn (2023:
€ (47) mn).
The premium revenue of legal expenses reinsurance increased
by 1.7 % to € 313 mn (2023: € 308 mn). The combined ratio improved
to 88.9 % (2023: 90.5 %), mainly due to a better run-off result. A
strengthening of the equalization reserve by € (38) mn occurred in the
financial year (2023: € (34) mn), leading to the net technical result
remaining fairly stable at € (3) mn (2023: € (5) mn) compared to the
previous year.
In health reinsurance, the premium revenue decreased by 84.1 %
to € 44 (2023: € 279 mn). The decrease is due to a portfolio transfer to
an affiliated company. The net technical result decreased to € (1) mn
(2023: € 11 mn).
Other reinsurance lines include:
−
emergency assistance,
−
fidelity & political risk,
−
motor extended warranty,
−
other property and casualty business.
Other reinsurance recorded an increase in premium volume of 19.7 %
to € 1,322 mn (2023: € 1,104 mn). Following a decrease in the run-off
result, the combined ratio increased from 106.6 % to 112.0 %. In total,
the net technical result of € (209) mn (2023: € (129) mn) remained
below the previous year’s level.
B _ Management Report of Allianz SE
17
Annual Report 2024 – Allianz SE
Condensed balance sheet
€ mn
as of 31 December
2024
2023
ASSETS
Intangible assets
6
6
Investments
129,183
120,602
Receivables
6,369
7,253
Other assets
1,347
986
Deferred charges and prepaid expenses
250
247
Total assets
137,156
129,094
EQUITY AND LIABILITIES
Shareholders’ equity
43,167
41,437
Subordinated liabilities
18,678
17,636
Insurance reserves
26,086
23,083
Other provisions
10,509
10,618
Funds held with reinsurance business ceded
2,306
2,479
Payables on reinsurance business
532
812
Other financial liabilities
35,876
33,026
Deferred income
1
4
Total equity and liabilities
137,156
129,094
Investments
€ mn
as of 31 December
2024
2023
Real estate
333
309
Investments in affiliated enterprises and
participations
78,086
76,781
Other investments
33,973
28,510
Funds held by others under reinsurance business
assumed
16,791
15,001
Total investments
129,183
120,602
The book value of investments in affiliated enterprises and
participations increased by € 1.3 bn to € 78.1 bn, driven by a rise in
shares in affiliated enterprises by the same amount, reflecting various
capital increases (€ 1.4 bn) and decreases (€ 0.1 bn).
Other investments grew from € 28.5 bn to € 34.0 bn, primarily
due to a € 5.5 bn increase in debt securities. Additionally, deposits
with banks rose by € 0.5 bn, which was offset by a corresponding
decrease in loans by € 0.5 bn.
As of 31 December 2024, € 28.5 bn of other investments were
allocated to debt securities, including € 12.1 bn in government
bonds,
which
increased
by
€ 2.3 bn
compared
to
31 December 2023. As of 31 December 2024, government bonds
from France (€ 2.8 bn), Germany (€ 1.8 bn), the Netherlands
(€ 1.4 bn) and Japan (€ 1.2 bn) constituted the largest exposures in
our government bond portfolio.
Funds held by others under reinsurance business assumed rose
to € 16.8 bn (2023: € 15.0 bn). This increase was mainly driven by
internal reinsurance business volumes as well as new internal
reinsurance contracts.
As of 31 December 2024, the fair value of investments amounted
to € 135.3 bn (2023: € 125.8 bn), compared to a carrying amount of
€ 129.2 bn (2023: € 120.6 bn). The increase of valuation reserves to
€ 6.2 bn (2023: € 5.2 bn) is primarily driven by higher net asset values
of our shares in affiliated enterprises.
Receivables
Receivables decreased from € 7.3 bn to € 6.4 bn, driven by a decline of
€ 0.6 bn in other receivables and € 0.3 bn in receivables from the
reinsurance business. The reduction in other receivables results from
lower cash pool receivables of € 0.7 bn and lower tax receivables of
€ 0.2 bn. The profit transfer agreements grew slightly by € 0.2 bn.
Shareholders’ equity
As of 31 December 2024, our shareholders’ equity amounted to
€ 43.2 bn (2023: € 41.4 bn). A buy-back of own shares at acquisition
costs of € 1.5 bn led to a decrease.1 This decrease was more than
offset by a rise of € 3.2 bn, due to net income being higher than the
dividend paid. The net income increased by € 0.6 bn to € 8.6 bn (2023:
€ 8.1 bn). € 2.8 bn (2023: € 2.5 bn) was transferred from the net income
to the revenue reserves.
The Board of Management proposes to use the net earnings of
€ 6,364 mn for dividend payments in the amount of € 5,943 mn.2 The
unappropriated earnings of € 421 mn will be carried forward.
Our disclosures concerning treasury shares as required in our financial
statements in accordance with § 160 (1) No. 2 AktG can be found in
note 11.
1_Shares repurchased with acquisition costs of € 1.5 bn were cancelled without reducing the issued capital
at the beginning of December. € 1.5 bn of this related to buy backs in the 2024 financial year.
2_The proposal reflects the number of shares entitled to the dividend as of 31 December 2024.
BALANCE SHEET REVIEW
B _ Management Report of Allianz SE
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Annual Report 2024 – Allianz SE
Development of shareholders’ equity and of issued shares
Issued shares
Issued capital
Mathematical value
of own shares
Additional
paid-in capital
Revenue reserves
Net earnings
Total
shareholder's equity
Number
€ thou
€ thou
€ thou
€ thou
€ thou
€ thou
as of 31 December 2023
391,718,983
1,169,920
(778)
28,037,586
6,291,003
5,939,146
41,436,877
Own shares: cancellation
(5,552,307)
-
-
-
(1,499,444)
-
(1,499,444)
Own shares
-
-
29
-
(502)
-
(473)
Own shares: realized gains
-
-
-
4,710
-
-
4,710
Dividend payment for 2023
-
-
-
-
-
(5,376,251)
(5,376,251)
Net income
-
-
-
-
2,800,000
5,801,211
8,601,211
as of 31 December 2024
386,166,676
1,169,920
(749)
28,042,295
7,591,058
6,364,106
43,166,630
Insurance reserves and other
provisions
The increase of the insurance reserves was mainly driven by the
reserves for loss and loss adjustment expenses. The other provisions
declined by € 109 mn. This net drop resulted mainly from a decrease
in pension liabilities by € 253 mn and an increase in tax provisions by
€ 209 mn.
Financial liabilities
As of 31 December 2024, Allianz SE had the following financial
liabilities:
Financial liabilities
€ mn
as of 31 December
2024
2023
Third-party subordinated liabilities
18,678
17,636
Subordinated liabilities
18,678
17,636
Bonds issued to Group companies
3,158
3,170
Other intra-group financial liabilities
29,786
27,756
Other third-party financial liabilities
2,932
2,099
Other financial liabilities
35,876
33,026
Total financial liabilities
54,554
50,662
Of these financial liabilities, € 32.9 bn (2023: € 30.9 bn) were intra-
group liabilities.
Subordinated liabilities increased to € 18.7 bn (2023: € 17.6 bn),
primarily driven by the issuance of new subordinated bonds with a total
volume of € 2.2 bn, which was partially offset by the redemption of a
bond with a volume of € 1.5 bn.
Bonds issued to Group companies remained stable at € 3.2 bn
(2023: € 3.2 bn), with no bonds issued or redeemed in 2024.
Other intra-group financial liabilities increased to € 29.8 bn
(2023: € 27.8 bn) and were composed of the following positions:
Other intra-group financial liabilities
€ mn
as of 31 December
2024
2023
Intra-group loans
15,215
15,569
Cash pool liabilities
13,026
11,142
Miscellaneous
1,544
1,045
Other intra-group financial liabilities
29,786
27,756
The overall increase in this position was primarily due to higher
liabilities from intra-group cash pooling, which rose from € 11.1 bn to
€ 13.0 bn. While miscellaneous intra-group liabilities contributed to
the increase, growing from € 1.0 bn to € 1.5 bn, liabilities from intra-
group loans decreased from € 15.6 bn to € 15.2 bn.
In 2024, other third-party financial liabilities amounted to
€ 2.9 bn (2023: € 2.1 bn). This increase was primarily driven by a rise in
short-term liabilities from unsettled security transactions, which grew
by € 0.4 bn to € 1.3 bn, along with higher short-term funding through
commercial papers, which increased by € 0.3 to € 1.2 bn. Additionally,
a modest rise in margin payments in connection with financial
derivative transactions, which grew by € 0.1 bn to € 0.3 bn, further
added to the overall increase.
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Annual Report 2024 – Allianz SE
The main responsibility for managing the funding needs of the
Allianz Group, as well as for maximizing access to liquidity sources and
optimizing the trade-off between borrowing costs, balancing the
maturity profile, and the choice between senior and subordinated
funding instruments, lies with Allianz SE.
Liquidity resources and uses
Allianz SE ensures adequate access to liquidity and capital for our
operating entities. The main sources of liquidity available to Allianz SE
are dividends received from subsidiaries as well as reinsurance
premiums received, and external funding raised in the capital
markets. Liquidity resources are defined as readily available assets –
specifically cash, money market securities, and highly liquid fixed-
income securities. Funds are primarily used for paying interest
expenses on our debt funding, claims arising from the reinsurance
business, operating costs, internal and external growth investments,
and dividends or share buybacks to our shareholders.
Funding sources
Allianz SE’s access to external funds depends on various factors, such
as capital market conditions, access to credit facilities, credit ratings,
and credit capacity. The financial resources available to Allianz SE are
both equity and debt funding. Equity can be raised by issuing ordinary
no-par value shares. The issuance of debt in various maturities as well
as group-wide liquidity management are the main sources of our debt
funding.
As of 31 December 2024, the share capital registered at the
Commercial Register was € 1,169,920,000. This was divided into
386,166,676 no-par value shares. As of 31 December 2024, Allianz SE
held 247,239 (2023: 260,394) own shares.
Allianz SE has the option to increase its share capital base
according to authorizations provided by the Annual General Meeting
(AGM). The following table outlines Allianz SE’s capital authorizations
as of 31 December 2024:
Capital authorizations of Allianz SE
Capital authorization
Nominal amount
Expiry date of
the authorization
Authorized Capital
2022/I1
€ 467,968,000
3 May 2027
Authorized Capital
2022/II2
€ 15,000,000
3 May 2027
Conditional Capital
20223
€ 116,992,000
3 May 2027
1_For issuance of shares against contribution in cash and/or in kind.
2_For issuance of shares to employees (without shareholders’ subscription rights).
3_To cover conversion or option rights of holders of bonds.
The cost and availability of debt funding may be negatively affected
by general market conditions or by matters specific to the financial
services industry or to Allianz SE. Our main sources of debt funding are
senior and subordinated bonds. Among others, money market
securities, letter-of-credit facilities, and bank credit lines allow
Allianz SE to fine-tune its capital structure.
In the first half-year of 2024, we issued a € 1.0 bn subordinated
bond. In the second half-year of 2024, we issued a USD 1.25 bn
subordinated bond and called the € 0.6 bn subordinated bond, which
was originally issued in the year 2014 with a nominal amount of
€ 1.5 bn. Through a tender offer, € 0.9 bn had already been
repurchased in January 2024. Overall, subordinated liabilities
increased to € 18.7 bn (2023: € 17.6 bn) at year-end.
Other financial liabilities increased compared to the previous year
to € 35.9 bn (2023: € 33.0 bn), mainly due to higher liabilities from
intra-group cash pooling.
LIQUIDITY AND FUNDING RESOURCES
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Annual Report 2024 – Allianz SE
Target and strategy of risk and capital
management
Allianz aims to ensure that the Group is adequately capitalized at all
times and that Allianz SE and all other related undertakings meet or
exceed their respective regulatory capital requirements for the benefit
of both shareholders and policyholders.
In addition, we take the requirements of rating agencies into
account. While capital requirements imposed by regulators constitute
a binding constraint, meeting rating agencies’ capital requirements
and maintaining strong credit ratings are strategic business objectives.
We closely monitor the capital position and risk concentrations of
Allianz SE, and apply regular stress tests (including standardized,
historical, and reverse stress test scenarios as well as stress and
scenario analyses focusing on current and possible future
developments). These analyses allow us to take appropriate measures
to preserve our continued capital and solvency strength. For example,
the risk capital reflecting the risk profile and the cost of capital is an
important aspect that is considered in business decisions. Furthermore,
we ensure a close alignment of the risk and business strategy by the
fact that business decisions to achieve our set targets are taken within
the determined risk appetite and in line with the risk strategy. The
implemented sound processes to steer the business and assess and
manage associated risks ensure a continuous alignment of the risk and
business strategy, and enable us to detect and address any potential
deviations.
In addition, our liquidity risk management framework ensures that
all legal entities in scope are responsible for managing their liquidity
risks and maintaining a sufficient liquidity position under both market
and business conditions (expected as well as stressed).
As the Solvency II-guideline is the regulatory regime relevant for
Allianz SE, our risk profile is measured and steered based on our
approved Solvency II internal model. We have introduced a target
solvency ratio range in accordance with Solvency II, based on pre-
defined stress scenarios for both the Group and related undertakings,
supplemented by ad-hoc scenarios, historical and reverse stress tests,
and sensitivity analyses.
In addition, central elements of Allianz’s dividend policy are linked
to Solvency II capitalization based on the internal model. This helps us
to ensure a consistent view on risk steering and capitalization in line
with the Solvency II framework.
Allianz steers its business portfolio with the help of the internal
model, and, supported by sensitivity and scenario analyses. Risks and
concentrations are actively restricted by limits based on our internal
model.
Allianz applies a comprehensive capital management framework
that fully embeds the risk appetite into a capital allocation process.
The key performance indicators at the core of the framework are the
RoE and the Solvency II capital based business steering. In addition,
considerations on new business, capital intensity, combined ratio, cash
remittance and risk sensitivities provide further guidance for decision-
making processes. Our indicators, for example, allow us to identify
profitable business segments on a sustainable basis. The framework is
a key element that supports management in decisions. Risk
considerations, capital needs, as well as an appropriate shareholder
remuneration are carefully balanced with the purpose of economic
value creation for all stakeholders.
Risk management framework and
internal control system
As the holding company of the Allianz Group and as a global reinsurer,
Allianz SE considers a risk management system, including an internal
control system (ICS), to be core to competency and an integral part of
its business. Our risk management framework covers all operations
and business units of Allianz SE in proportion to the inherent risks of
the activities, ensuring that risks across Allianz SE are consistently
identified, analyzed, assessed, and adequately managed. The key
elements of our risk management framework and internal control
system are:
−
Promotion of a strong risk management culture, supported by a
robust risk governance structure.
−
Consistent and proportional application of an integrated risk
capital framework to protect our capital base and support
effective capital management.
−
Integration of risk considerations and capital needs into
management and decision-making processes by attributing risk
and allocating capital to business segments, products, and
strategies.
Our risk management system is based on the following four pillars:
−
Risk identification, assessment and underwriting: A robust system
of risk identification, assessment and underwriting forms the
foundation
for
appropriate
risk
management
decisions.
Supporting activities include standards for underwriting, valuation
methods, approvals for individual transactions or new products,
emerging/operational/top risk assessments, as well as liquidity risk
and scenario analyses, amongst others.
−
Risk strategy and risk appetite: Our risk strategy defines our risk
appetite in line with our business strategy. It ensures that rewards
are appropriate based on the risks taken and the required capital.
It also ensures that delegated decision-making bodies work in line
with our overall risk-bearing capacity and strategy.
−
Risk reporting and monitoring: Our comprehensive qualitative
and quantitative risk monitoring and reporting framework
provides management with the transparency needed to assess
whether our risk profile remains within the approved limits and to
identify emerging issues and risks quickly. For example, risk
dashboard and limit utilization reports as well as scenario
analyses and stress tests are regularly prepared and
communicated.
−
Communication and transparency: Transparent risk disclosure
provides the basis for communicating our strategy and
performance to internal and external stakeholders, ensuring a
sustainable positive impact on valuation and financing. It also
strengthens risk awareness and risk culture.
Processes and triggers are in place to assess the prospective
appropriateness of the risk management system, e.g., in the context of
changes to the business and risk strategy.
RISK AND OPPORTUNITY REPORT
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Annual Report 2024 – Allianz SE
In order to support these pillars, especially risk identification,
assessment and monitoring, the Allianz Group has established an ICS,
which consists of both specific risk controls and further control
elements, and which is also applied at Allianz SE level. Its objectives
are:
−
Safeguarding the Group’s, respectively Allianz SE’s, existence and
business continuity.
−
Ensuring compliance with applicable laws and regulations.
−
Creating a strong internal control environment, ensuring that all
personnel are aware of the importance of internal controls and
their role within the internal control system.
−
Providing the management bodies with the relevant information
for their decision-making processes.
Notwithstanding the oversight exercised by the Supervisory Board of
Allianz SE, controls are performed within the Allianz Group in terms of
control areas, activities and reporting, taking into account
independence requirements, where applicable. The controls are
embedded into the operational and organizational set-up throughout
the Allianz Group and are subject to periodic reviews. Where
appropriate, internationally recognized control frameworks, such as
the Committee of Sponsoring Organizations of the Treadway
Commission (COSO) or the IT-related Control Objectives for
Information and Related Technology (COBIT), are used.
Internal controls, therefore, describe the set of activities
undertaken by and within the Allianz Group to achieve defined control
objectives, applied across all business segments and lines of business.
Thereby, the ICS comprises various control concepts. Besides
general elements related to all control activities and in addition to the
Risk Management Framework, specific controls are utilized, in
particular, but not exclusively, around entity level controls, financial
reporting, IT, risk capital calculation, underwriting (including products
and distribution), investments, data privacy, customer protection, and
protection/resilience. These are supplemented by management
reports.
Risk and Control System for financial and non-
financial reporting
The following information is provided pursuant to § 289 (4) and
§ 315 (4) of the German Commercial Code (“Handelsgesetzbuch –
HGB”). For general information on our Non-Financial Risk
Management (NFRM), please refer to the “Operational risk” section.
Accounting processes
The accounting processes we use to produce financial statements are
based on a group-wide IT solution and local general ledger. Access
rights to accounting systems are managed according to strict
authorization and hierarchy-linked procedures.
Control system for financial and non-financial reporting
Specific internal controls for financial reporting, which follow the
standard processes of the Non-Financial Risk Management (NFRM)
framework, are integrated in the accounting processes to safeguard
the accuracy, completeness, and consistency of the information
provided in our financial statements.
Allianz SE’s Board of Management has defined a strategy for the
management of risks. This risk strategy is aligned with the business
strategy of Allianz SE. It places particular emphasis on ensuring the
integrity of the Allianz brand and reputation, remaining solvent even
in the event of extremely adverse scenarios, maintaining sufficient
liquidity to adequately meet financial obligations, providing
sustainable profitability and ensuring operational (including digital)
reliance and agility.
Our financial strength renders us resilient against market stress, while
our strong capabilities and continuous transformation allow us to
profit from new opportunities in a fast-changing business environment.
Allianz SE’s role – as laid out in the Allianz SE business strategy –
includes in particular providing and optimizing central financing
solutions and services to Allianz Group companies, and acting as a
reinsurer with predominantly group-internal business, but also
pursuing opportunities with external clients.
Allianz SE’s activities in support of the Allianz Group’s opportunity
management mainly fall in the following areas:
−
Supporting the local Group companies’ efforts to continuously
harmonize and simplify products and processes across all business
segments via development of centralized expertise in data
analytics, product design, and distribution platforms.
−
Supporting the Allianz Group’s growth strategy via provision of
financing for acquisition of M&A targets.
−
Reinsurance pooling from Group companies and optimization via
retrocessions, as well as reinsurance solutions to optimize their
capital needs.
−
Provision of reinsurance solutions to business partners outside the
Allianz Group to support growth.
The pooling of internal reinsurance on the balance sheet of Allianz SE
is an important strategy which has been pursued for many years. As a
Group reinsurer, the reinsurance division not only provides guidance
and tools to Group companies to manage exposures as effectively as
possible, but also provides most of the reinsurance covers to Group
companies. The large and diversified portfolio at Allianz SE allows for
acceptances of a wide range of reinsurance solutions on a
proportional and non-proportional basis. Larger risk concentrations
are actively managed via retrocessions on a per risk and per event
basis in order to protect our capital. In addition, the reinsurance area
within Allianz SE provides reinsurance solutions to external business
partners.
In 2024, Allianz SE also supported Group initiatives addressing
regulatory scrutiny (e.g., DORA), simplification and digitalization,
among others, by further developing centralized expertise in
regulatory compliance, product development and digital distribution
platforms.
Supervisory Board and Board of Management
Our approach to risk governance permits the integrated management
of local and global risks, and ensures that our risk profile remains
consistent with both our risk strategy and our capacity to bear risks.
Within our risk governance system, the Supervisory Board and the
Board of Management of Allianz SE have both Allianz SE and group-
wide responsibilities.
The Board of Management formulates business objectives and
sets a corresponding business strategy, risk strategy, and investment
strategy. It also defines risk limits and allocates risk capital to the
business activities within the Allianz Group. The core elements of the
risk framework are set out in the Allianz Group Risk Policy and
approved by the Board of Management. The Board of Management
reports to the Supervisory Board.
B _ Management Report of Allianz SE
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Annual Report 2024 – Allianz SE
The Supervisory Board advises, challenges, and supervises the
Board of Management in the execution of its management activities.
The following committees support the Board and the Supervisory
Board on risk issues:
Supervisory Board Risk Committee
The Supervisory Board Risk Committee reports to the Supervisory
Board, where the information and the findings are discussed with the
Board of Management. It monitors the effectiveness of the Allianz risk
management framework. Furthermore, it focuses on risk-related
developments as well as general risks and specific risk exposures, and
ensures that the business strategy is aligned with the risk strategy.
For more information, please refer to the paragraph “Risk
Committee” in the Supervisory Board Report.
Group Finance and Risk Committee
In the context of the Group’s Committee Framework, the Group
Finance and Risk Committee (GFRC) reports to the Board of
Management and provides oversight of the Group’s and Allianz SE’s
risk management framework, acting as a primary early-warning
function by monitoring the Allianz Group’s and Allianz SE’s risk profiles
as well as the availability of capital. The GFRC also ensures that an
adequate relationship between return and risk is maintained.
Additionally, the GFRC defines risk standards, is the limit-setting
authority within the framework set by the Board of Management, and
approves major financing and capital management transactions.
Finally, the GFRC supports the Board of Management with
recommendations regarding capital structure, capital allocation,
liquidity position, and investment strategy, including strategic asset
allocation for the different business segments.
The Allianz Re Risk Committee supports the GFRC on issues
relating to Allianz SE’s reinsurance business.
Overall risk organization and roles in risk
management
A comprehensive system of risk governance is achieved via the Policy
Framework by setting standards related to organizational structure,
risk strategy and appetite, limit systems, documentation, and
reporting. These standards ensure the accurate and timely flow of risk-
related information (e.g., to the Board of Management via the
Management Reporting) and a disciplined approach towards
decision-making and execution at both the global level (Board of
Management of Allianz SE) and local levels (i.e., the operating and
legal entities).
In the Three Lines of Defense model, as a general principle, the
responsibility for the First Line of Defense rests with business managers
in the related undertaking. They are responsible for both the risks
taken and the returns from their decisions. The Second Line of Defense
is made up of independent global oversight functions including Risk,
Actuarial, Compliance, and Legal, which support the Board of
Management in defining the risk frameworks within which the business
can operate. Group Audit forms the Third Line of Defense,
independently
and
regularly
reviewing
risk
governance
implementation, compliance with risk principles, performing quality
reviews of risk processes, and testing adherence to business standards,
including the internal control framework.
To ensure the effectiveness of our internal control system, all
functions are obliged to cooperate and exchange necessary
information and advice. Given that control activities may be exercised
by staff in different organizational units, appropriate mechanisms are
in place between the control functions to allow fully informed and
educated decision-making.
Allianz SE has established dedicated responsibilities for the
three lines of defense with its departments (including reinsurance).
Risk management function
Independent risk oversight for Allianz SE is performed by dedicated
risk control units within Group Risk covering Allianz SE’s holding and
reinsurance business.
Group Risk is managed by the Group Chief Risk Officer who also
serves as the Chief Risk Officer of Allianz SE. Group Risk supports
Allianz SE’s Board of Management, including its committees, by
performing various analyses, communicating information related to
risk management, and preparing and implementing committee
decisions.
Group Risk also supports the Board of Management in
developing the risk management framework – which covers risk
governance, risk strategy and appetite – and risk monitoring and
reporting. Group Risk’s operational responsibility encompasses
assessing risks across all risk categories and monitoring limits and
accumulations of specific risks across business lines, including natural
and man-made disasters and exposures to financial markets and
counterparties.
Other functions and bodies
In addition to Group Risk and the local Risk Management functions,
legal, compliance, and actuarial functions established at both the
Group and the entity levels constitute additional components of the
Second Line of Defense.
Group Legal and Group Compliance seek to mitigate legal risks
for the Allianz Group and Allianz SE with support from other
departments. The objectives of both functions are to ensure that laws
and regulations are complied with, to react appropriately to all
impending legislative changes or new court rulings, to attend to legal
disputes and litigation, and to provide legally appropriate solutions for
transactions and business processes. In addition, Group Compliance –
in conjunction with Group Legal and other experts involved – is
responsible for integrity management, which aims to protect the
Allianz Group as well as Allianz SE and our other related undertakings
and employees from regulatory and reputational risks.
Group Actuarial contributes towards assessing and managing
risks of the Allianz Group and Allianz SE in line with regulatory
requirements, in particular for those risks whose management requires
actuarial expertise. The range of tasks includes, amongst others, the
calculation and monitoring of technical provisions, technical actuarial
assistance in business planning, reporting and monitoring of the
results, and supporting the effective implementation of the risk
management system. The latter includes joining Group Risk in a
discipline to regularly monitor internal risk capital models,
assumptions, and parameters – as well as their changes. It also
includes providing support regarding capital efficiency management,
contributing to the modeling of insurance risk capital, and supporting
the identification of underwriting risks via independent reserve
reviews.
For the modeling of Allianz SE’s risk capital, various risk modules
are used from Group central model components as well as Allianz SE
specific adaptations, e.g., for the reinsurance and the German pension
business. Model ownership is dedicated to the Allianz SE departments
with the respective expertise, such as actuarial or the department for
NatCat modeling. Furthermore, a comprehensive risk modeling
oversight is performed by the risk controlling departments of
Allianz SE to ensure full compliance with the Allianz Standard for
Internal Model Governance, summarized in the independent annual
validation report for Allianz SE.
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Risk profile, risk-based steering and risk
management
We are exposed to a variety of risk categories, including market, credit,
underwriting,
business,
operational,
strategic,
liquidity,
and
reputational risk.
Reflecting the business strategy, the risk profile of Allianz SE as the
holding company of the Allianz Group is dominated by market risk
resulting from its non-traded insurance participations within the
Allianz Group (i.e., the relative risk exposure is measured as a share of
the Allianz SE's Solvency II risk capital). The second largest risk for
Allianz SE from an internal model perspective is underwriting risk,
arising mainly from its intra-group reinsurance business and to a minor
extent from internal pension obligations.
We consider diversification across different business segments,
lines of business and regions to be an important element in managing
our risks efficiently, as it limits the economic impact of any single event
and contributes to relatively stable results. Our aim is to maintain a
balanced risk profile without any disproportionately large risk
concentrations and accumulations.
As the holding company of the Allianz Group and as a global reinsurer,
Allianz SE holds and uses a broad range of financial instruments,
which are reflected on our balance sheet as both assets and liabilities.
For our holding activities (i.e., to hold participations, provide
financing solutions for Group companies, cover internal pension
liabilities, invest cash pooled from subsidiaries, and as the lender of
last resort within the Allianz Group), Allianz SE predominantly invests
in participations and fixed-income assets.
As an inherent part of our reinsurance operations, we collect
premiums from our customers and invest them in a wide variety of
assets. The resulting reinsurance investment portfolio backs the future
claims payments and benefits to our cedents. In addition, we also
invest shareholders’ capital, which is required to support the reinsured
risks and the holding activities. Our market risk from liabilities primarily
relates to fixed-income instruments held for financing as well as to
internal pensions and reinsurance liabilities. Finally, we use derivatives
for various safeguarding purposes. A principal example would be the
hedging of planned dividend income from non-euro subsidiaries
against adverse currency market movements. Generally, the use of
derivatives at Allianz SE is for the purpose of risk reduction. Guidelines
are in place regarding the use of derivatives, for which adherence is
monitored by Group Risk. Asset/liability management (ALM) decisions
are taken based on the internal model, considering both risks and
returns on the financial markets.
As the fair values of our assets and liabilities depend on changes
in the financial markets, we are exposed to the risk of adverse financial
market developments. Allianz SE’s most important market risk results
from changes in the value of its participations in Group companies. The
long-dated internal pension liabilities of German Group companies on
Allianz SE’s balance sheet contribute to interest rate risk in particular,
as they cannot be fully matched by available investments due to long
maturities. In addition, we are also exposed to adverse changes in
equity and real estate prices, credit spread levels, inflation, implied
volatilities, and currency values, which might impact the value of our
assets and liabilities.
Allianz, as a multinational financial services provider, faces
considerable geopolitical risk. This risk can be considered as emerging,
given that the shift to a multi-polar world increases geopolitical
volatility. For Allianz, geopolitical risk may result in various risks
including market risk.
Strategic asset allocation benchmarks and risk limits – including
stand-alone interest rate and equity sensitivity limits, and foreign
exchange exposure limits – are defined for the Group, Allianz SE, and
other related undertakings. Limits are closely monitored and, if a
breach occurs, countermeasures are implemented which may include
escalation to the respective decision-making bodies and/or the closing
of positions.
Market risk from material M&A transactions of Allianz SE is
managed by assessing risk capital implications next to liquidity
impacts.
Finally, guidelines are in place regarding certain investments, new
investment products, and the use of derivatives.
Interest rate risk
If the duration of our assets is shorter than our liabilities, we may suffer
an economic loss in the event of falling interest rates, as we reinvest
maturing assets at lower rates prior to the maturity of liability
contracts.
By contrast, opportunities may arise when interest rates increase.
Interest rate risk is managed within our ALM process and controlled via
an interest rate sensitivity limit and a specific pension duration gap
limit.
Inflation risk
We are exposed to changing inflation rates, predominantly due to our
Property-Casualty reinsurance obligations, but also due to inflation-
indexed internal pension obligations. While inflation assumptions are
taken into account in our underwriting, unexpected rising rates of
inflation will increase both future claims and expenses, leading to
higher liabilities; conversely, if future inflation rates were to be lower
than assumed, liabilities would be lower than anticipated. The risk that
inflation rates deviate from inflation assumptions is incorporated in our
internal model. Potential severe structural breaks are monitored via
historical and ad-hoc stress tests. Measures are taken to manage
elevated inflation levels. On the Property-Casualty side, these include
continuous monitoring of claims inflation, sufficient provisioning, and
timely adjustments of premium rates to reflect both actual and
expected inflation.
On the internal pensions side, the exposure is partially hedged by
holding an appropriate share of inflation-linked bonds in the strategic
asset allocation (SAA).
Equity risk
Allianz SE’s equity risk predominantly results from the performance of
our strategic insurance participations. Other equity risk stems from
listed and unlisted equities, equity derivatives, own shares, and
management incentive plans.
Risks from changes in equity prices are normally associated with
decreasing share prices and increasing equity price volatilities. As the
performance of our participations might exceed expectations and
stock values might also increase, opportunities may arise from
participations and other equity investments.
Credit spread risk
Fixed-income assets such as bonds may lose value if credit spreads
widen. However, our risk appetite for credit spread risk takes into
account the underlying economics of our business model: As a liability-
driven investor, we typically hold fixed-income assets until maturity.
This implies that we are less affected economically by short-term
changes in market prices. In our capacity as a long-term investor, this
gives us the opportunity to invest in bonds, yielding spreads over the
risk-free return and earning this additional yield component.
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Currency risk
Allianz SE and the other related undertakings of the Allianz Group
typically invest in assets which are denominated in the same currency
as their liabilities. However, some foreign currency exposures are
allowed to support portfolio diversification and tactical investment
decisions. Our largest exposure to foreign currency risk comes from our
non-euro Group companies: Whenever the euro strengthens, the euro
equivalent net asset value of our foreign subsidiaries will decline from
an Allianz Group and Allianz SE perspective; however, at the same
time, the capital requirements in euro will decrease, partially
mitigating the total impact on the Allianz Group’s and Allianz SE’s
capitalization. Based on the Allianz Group’s foreign exchange
management limit framework, currency risk is monitored and
managed at the levels of the Allianz Group, Allianz SE, and the other
operating entities of the Allianz Group.
The planned dividend income from non-euro subsidiaries is an
important additional source of currency risk.
Real estate risk
Despite the risk of decreasing real estate values, real estate is a
suitable addition to our investment portfolio due to good
diversification benefits, as well as to the contribution of relatively
predictable, long-term cash flows.
Allianz’s Group Investment Committee has defined a framework
for standard transactions for real estate equity and commercial real
estate loan investments. These standards outline diversification
targets, minimum-return thresholds, and other qualitative and
quantitative requirements. All transactions that do not meet these
standards, or have a total investment volume (including costs)
exceeding a defined threshold, must be reviewed individually by
Group Risk and other Group center functions. In addition, all
applicable limits must be respected, in particular those resulting from
strategic asset allocation as well as its leeway and risk limits, with
regards to an investing entity’s portfolio.
Credit risk is measured as the potential economic loss in the value of
our portfolio that would result from either changes in the credit quality
of our counterparties (“migration risk”) or the inability or unwillingness
of a counterparty to fulfill contractual obligations (“default risk”).
1_Credit Risk Platform.
Allianz SE’s credit risk profile originates from three sources: our
investment portfolio, guarantees and retrocession.
−
Investment portfolio: Credit risk results from our investments in
fixed-income bonds, loans, derivatives, cash positions, and
receivables whose value may decrease depending on the credit
quality of the obligor.
−
Guarantees: Credit risk is caused by the potential default of Group
companies on commitments from contracts with external and
internal stakeholders, which are backed by guarantees from
Allianz SE.
−
Retrocession: Credit risk to external reinsurers arises when parts of
Allianz SE’s reinsurance business are retroceded to external
reinsurance companies to mitigate risks. Credit risk arises from
potential
losses
from
non-recoverability
of
reinsurance
receivables, or due to default on benefits under in-force
reinsurance treaties. Our retrocession partners are carefully
selected by a team of specialists. Besides focusing on companies
with a strong credit rating, we may further require letters of credit,
cash deposits, funds withheld or assets held in trust, or other
financial measures to further mitigate our exposure to credit risk.
To ensure effective credit risk management, credit risk limits are
derived from our internal risk capital framework, and rating bucket
benchmarks are used to define our risk appetite for exposures in the
lower investment-grade and non-investment-grade area.
Our group-wide country and obligor group limit management
framework (CrisP1) allows us to manage counterparty concentration
risk, covering both credit and equity exposures at the Group, Allianz SE,
and other operating-entity levels. This limit framework forms the basis
for discussions on credit actions and provides notification services
featuring the quick and broad communication of credit-related
decisions across the Group.
Clearly defined processes ensure that exposure concentrations
and limit utilizations are appropriately monitored and managed. The
setting of country and obligor exposure limits from the Group’s
perspective (i.e., the maximum concentration limit), which are adopted
by Allianz SE and serve as maximum local limits for the other
operating entities, takes into account the Allianz Group’s portfolio size
and structure as well as the overall risk strategy.
Additionally, Allianz SE actively monitors internal counterparty
limits to manage and mitigate concentration risk within the Group.
Property-Casualty
The Property-Casualty business is exposed to premium-risk-related
adverse developments in the current year’s new and renewed
business, as well as to reserve risks related to the business in force.
Due to the role of Allianz SE as internal reinsurer, all measures
taken at level of the operating entities of the Allianz Group to improve
underwriting risks are indirectly supported and reflected in respective
reinsurance contract.
As part of our Property-Casualty reinsurance operations, we
receive premiums from our cedants and provide reinsurance
protection in return. Premium risk is the risk that actual claims for the
business in the current year turn out adversely relative to expected
claims ratios used for pricing.
Allianz SE actively manages premium risk from its reinsurance
business. The assessment of risks as part of the underwriting process is
a key element of our risk management framework. There are clear
underwriting guidelines, limits and restrictions in place, which are
regularly monitored, e.g., in the form of Underwriting File Reviews.
Excessive risks are not taken or mitigated by external retrocession
agreements. All these measures contribute to a limitation of risk
accumulation. We also monitor concentrations and accumulation of
non-market risks on a stand-alone basis (i.e., before diversification
effects) within an Allianz Group global limit framework, in order to
avoid substantial losses from single events, such as natural
catastrophes, and from man-made catastrophes, such as terror or
large industrial risk accumulations.
Furthermore, selected material premium risks are limited and
regularly monitored in order to provide transparency.
Premium risk is subdivided into three categories: natural
catastrophe risk, terror risk, and non-catastrophe risk including man-
made catastrophes.
Natural disasters such as earthquakes, storms, and floods
represent a significant challenge for risk management due to their
high accumulation potential for higher return periods.
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Annual Report 2024 – Allianz SE
Reserve risk represents the risk of adverse developments in best-
estimate reserves over a one-year time horizon, resulting from
fluctuations in the timing and/or amount of claims settlement. We
estimate and hold reserves for claims resulting from past events that
have not yet been settled. In case of unexpected developments, we
would experience a gain or loss dependent on the assumptions
applied for the estimate. In addition, the risk of inflation volatility
deviating from historical observations and of changes in yield curves is
covered in the specific market risk modules.
In order to reduce the risk of unexpected reserve volatility,
Allianz SE and the other related undertakings of the Allianz Group
constantly monitor the development of reserves for insurance claims
on a line-of-business level. In addition, related undertakings generally
conduct annual reserve uncertainty analyses based on similar
methods used for reserve risk calculations. The Allianz Group performs
regular independent reviews of these analyses and Allianz SE
representatives participate in the local reserve committee meetings.
Retrocession is another important instrument used to mitigate
reserve risk.
Life/Health
Direct underwriting risks for Allianz SE in the Life/Health area include
risks assumed from reinsurance transactions and from our internal
pension obligations.
Underwriting risks in our Life/Health operations (biometric risks)
include mortality, disability, morbidity, and longevity risks. Mortality,
disability, and morbidity risks are associated with an unexpected
increase in the occurrence of death, disability, or medical claims.
Longevity risk is the risk that the reserves covering life annuities and
pension products might not be sufficient due to longer life
expectancies of the insured.
Life/Health underwriting risk arises from profitability being lower
than expected. As profitability calculations are based on several
parameters – such as assumptions on future mortality rates, or
morbidity claims – the actual development may differ from the
expected one. For example, lower-than-expected mortality rates
would lead to additional annuity payments in the future. However,
beneficial deviations are also possible; for example, a trend towards
healthier lifestyles will most likely result in lower overall health
insurance claims.
Business risks include cost risks and policyholder behaviour risks (in
particular lapse and mass lapse risk). They are mostly driven by the
Life/Health business and to a lesser extent by the Property-Casualty
business. Cost risks are associated with the risk that expenses incurred
in administering insurance policies are higher than expected, or that
new business volume decreases to a level that does not allow Allianz
to absorb its fixed costs. Business risk is measured relative to baseline
plans.
For the Life/Health business, policyholder behaviour risks are risks
related to unpredictable, adverse behaviour of policyholders in
exercising their contractual options, such as early terminations of
contracts, surrenders, partial withdrawals, renewals, and annuity take-
up options.
The potential interaction between market risks (in particular interest
rate risk) and lapse risk is covered by two different modeling aspects:
−
Financial rationality: The Life/Health cash flow models generally
contain a dynamic modeling of lapse where the best estimate
lapse rate is increased if market returns are significantly higher
than the overall return of the insurance policy and vice versa.
−
Cross effects: This part takes into account that a combined impact
of a market rate change and a lapse rate change could deviate
significantly from the sum of the two impacts.
Considering the business model of Allianz SE, business risk is moderate
and is only significant for large contracts with long durations. Internal
pensions do not carry any business risk, since they create only fixed
costs which are implicitly reflected in the contributions and lapse risk is
not applicable for pensions.
Operational risks refer to losses resulting from inadequate or failed
internal processes, human errors, system failures, and external events,
and can stem from a wide variety of sources.
Operational risk, in general terms, stems from a potential failure
to maintain unobstructed data processing or to meet professional
obligations, including e.g. mis-selling, non-compliance with internal or
external requirements related to products, anti-trust behaviour, data
protection, sanctions and embargos. Allianz SE’s operational risk
capital in particular reflects the exposure to possible supplier failures
and outages of systems (incl. from cyberattacks) leading, in some
cases, to operational losses and additional costs, with a widening
attack
surface,
given
cloud
migrations
and
higher
cloud
concentrations. Key external drivers for operational risk exposure are
changes in laws and regulations, e.g., the Digital Operational
Resilience act (DORA), for which the requirements have to be
effectively met in January 2025.
For the management of the compliance risks, Allianz maintains a
Compliance Management System (CMS). At the center of the CMS,
Allianz has established compliance functions at the levels of the
Allianz Group and the local operating entities as part of the Second
Line of Defense. For details of the CMS, or more specifically of anti-
money-laundering, counter-terrorism-financing, anti-corruption and
bribery matters, please refer to the chapter Non-Financial Statement.
Internal drivers reflect potential failures of internal processes and
operational risk exposure stemming from the transformation
programs. These drivers are considered in the local scenario analyses.
Allianz has developed a consistent operational risk management
framework, which is applied across the Group based on
proportionality and focuses on the early recognition and proactive
management of material operational risks. The framework defines
roles and responsibilities as well as management processes and
methods: Local risk managers at Allianz SE and at the other operating
entities of the Allianz Group, in their capacity as Second Line of
Defense, identify and evaluate relevant operational risks and control
deficiencies via a dialogue with the First Line of Defense, report
operational risk events in a central database, and ensure that the
framework is implemented in their respective operating entity.
This framework triggers specific mitigating control programs. For
example, compliance risks are addressed with written policies and
dedicated compliance programs monitored by compliance functions
across the Allianz Group. The risk of financial misstatement is
mitigated by a system of internal controls covering financial reporting.
Outsourcing risks are covered by our Outsourcing Policy, Service Level
Agreements, and Business Continuity and Crisis Management
programs to protect critical business functions from these events.
Cyber risks are mitigated through investments in cybersecurity, cyber
insurance that Allianz buys from third-party insurers, and a variety of
ongoing control activities, developed and implemented along the
following main themes: slow down hackers, increase threat detection,
reduce the damage of attacks, and enhance the skills as well as the
organizational structure.
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Annual Report 2024 – Allianz SE
The ICS for operational risk encompasses the management of
compliance, financial reporting, and other operational risks. The
effectiveness of this internal control system is monitored along two
dimensions:
−
Monitoring the effective implementation of the Non-Financial Risk
Management (NFRM) framework. This framework ensures that
risks are identified in time, and controls are appropriately set up
and tested frequently to identify potential weaknesses or gaps in
the internal control system.
−
Verification of the resolution of identified weaknesses in the
internal control system.
The NFRM is an integral part of the overall ICS, whose fundamentals
are described in the section “Risk management framework and
internal control system”.
There are risks which, due to their nature, cannot be adequately
addressed or mitigated by setting aside dedicated capital. These risks
are therefore not considered in the internal model. For the
identification, analysis, assessment, monitoring, and management of
these risks we also use a systematic approach, with risk assessment
generally based on qualitative criteria or scenario analyses. The most
important of these other risks are liquidity, reputational and strategic
risk.
Liquidity risk
Liquidity risk is defined as the risk that current or future payment
obligations cannot be met or can only be met on the basis of adversely
altered conditions.
Liquidity risk can arise primarily if there are mismatches in the
timing of cash in- and outflows.
The liquidity risk profile of Allianz predominantly originates from the
uncertainty about the volume and timing of cash needs from
insurances liabilities. This especially relates to:
−
Coverage of various types of catastrophes in the Property-
Casualty business, with the frequency of such events anticipated to
increase going forward as a result of the unfolding climate change
effects;
−
Mass lapse events or rising lapse rates in the Life/Health insurance
business, especially in combination with changes in the relevant
capital market environment.
Major risks can also result from derivative transactions used by Allianz
to hedge specific market risks.
Allianz is also exposed to liquidity risk due to large operational risk
events, which may potentially result in significant cash outflows.
Another source of liquidity risk for Allianz are potential regulatory
actions by local supervisors, which may reduce dividends from
subsidiaries to the Group (e.g., due to global events such as partially
observed during the COVID-19 crisis).
Detailed information regarding our liquidity risk exposure, liquidity,
and funding – including changes in cash and cash equivalents – is
provided in Liquidity and Funding Resources.
The investment strategy of Allianz SE particularly focuses on the
quality of investments, and ensures a significant portion of liquid assets
in the Allianz SE investment portfolios (for example, high-rated
government or covered bonds). We employ actuarial methods to
estimate our liabilities arising from reinsurance and internal pension
contracts. In our liquidity planning process, we reconcile liquidity
sources (such as dividends received from subsidiaries, cash from
investments and premiums) and liquidity needs (including payments
due to dividends to shareholders, reinsurance claims and expenses)
under a best-estimate liquidity plan, and under systemic as well as
under Allianz SE-specific adverse liquidity scenarios, which form the
basis for liquidity risk measurement and management at Allianz SE,
comprising Group operating entity recapitalization and cash pool run
scenarios.
The main goal of planning and managing Allianz SE’s liquidity
position is to ensure that we are always in a position to meet payment
obligations and to enable our strategic financing. To comply with this
objective, the liquidity position of Allianz SE is monitored and
forecasted on a daily basis.
Allianz SE’s short-term liquidity is managed within Allianz SE’s
cash pool, which also serves as a central tool for investing the excess
liquidity of other Group companies. The accumulated short-term
liquidity forecast is updated daily. The cash position in this portfolio is
subject to an absolute minimum and an absolute target liquidity
threshold. Both thresholds are defined for the Allianz SE cash pool in
order to be protected against short-term liquidity crises.
As part of our liquidity stress testing framework, contingent
liquidity requirements and sources of liquidity are considered to ensure
that Allianz SE is able to meet any future payment obligations, even
under adverse conditions. Triggers for increased contingent liquidity
requirements include amongst others non-availability of external
capital markets, combined market and catastrophe risk scenarios for
subsidiaries, as well as lower than expected profit transfers and
dividends from subsidiaries.
In order to protect the Allianz Group against the liquidity impact
of adverse risk events beyond those covered by the capital and
liquidity buffers at our subsidiaries, Allianz SE holds a strategic liquidity
reserve for which the target level is reevaluated annually.
The strategic liquidity planning for Allianz SE, which covers the
periods of one calendar year (in increased granularity) and three
calendar years, is regularly reported to the Board of Management.
Strategic risk
Strategic risk is the risk of a decrease in the company’s value arising
from adverse management decisions on business strategies and their
implementation.
Strategic risks are identified and evaluated as part of the Group’s
Top Risk Assessment process and discussed in various Board of
Management-level committees (for example, GFRC). We also monitor
market and competitive conditions, capital market requirements,
regulatory conditions, etc., to decide if strategic adjustments are
necessary.
The most important strategic risks are related to the value
creation objective, which focuses on the three themes: Driving smart
growth, reinforcing productivity and strengthening resilience. Progress
on mitigating strategic risks and meeting the value creation objective
is monitored and evaluated in the course of the Strategic and Planning
Dialogues between the Allianz Group and Allianz SE and the other
related undertakings.
Reputational risk
Allianz’s reputation as a well-respected and socially aware provider of
financial services is influenced by our behaviour in a range of areas
such as product quality, corporate governance, financial performance,
customer service, employee relations, intellectual capital, and
corporate responsibility.
Reputational risk is the potential occurrence of an event that
negatively affects the trust perception and behaviour of stakeholders,
due to the event’s contrast to their beliefs and expectations. This
includes, but is not limited to the risk of an unexpected drop in the
Allianz share price, the value of in-force business, or the value of future
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Annual Report 2024 – Allianz SE
business caused by a loss of trust capital and decline in the reputation
of the Allianz Group or of one or more of its operating entities from the
perspective of stakeholders.
The identification and assessment of reputational risks is part of
the annual Top Risk Assessment process, undertaken by the
Allianz Group and all operating entities. As part of this process, senior
management approves the risk strategy for the most significant risks
and their potential reputational impact.
Emerging risks
The risk management of Allianz does not exclusively focus on already
known and assessed risks but also on monitoring and identifying new
and emerging risks or trends that may have an impact on our business
over a longer time horizon.
From an overall perspective, we currently consider cyber risk and
artificial intelligence (AI), geopolitical risk and ESG-related risks as
relevant examples of emerging risk drivers with a potential impact on
the Allianz Group’s future business development.
The volume and sophistication of malicious cyber activity has
increased substantially with new technologies, and there are growing
concerns regarding the security of proprietary corporate data and
critical industrial control systems. At the same time, the attention of
regulators to cyber risk in order to ensure safe digital business
environments has increased. Cybersecurity incidents may cause
business disruption or fines to Allianz.
New and evolving operational and reputational risks also result
from rapid developments in the field of AI (including generative AI). AI
can help Allianz to further improve customer services and internal
processes but also comes with new operational risks: Public and
regulatory concerns about discriminating AI and “Black Box AI”
triggered various regulatory initiatives by supervisory authorities and
regulators across the globe, in particular the European Union AI Act.
Allianz addresses these new legal and reputational risks seriously with
its AI governance framework, which has already been rolled out in
various OEs. The Allianz AI governance framework will be further
adjusted, especially to implement the European Union AI Act in its final
version, and structurally rolled out in the operating entities.
In comparison to political risk, which includes only risk arising
within a nation-state or governed area, geopolitical risk involves the
interaction between two or more states or governed areas, radiating
to the global power system. This risk encompasses political,
socioeconomic, and cultural factors that can significantly influence the
global operations of multinational companies.
As a multinational financial services provider, Allianz faces
considerable geopolitical risk. We consider this risk as emerging, given
that the shift to a multi-polar world increases the potential of
geopolitical tensions. This leads to a high degree of uncertainty in
geopolitical developments which have the potential to materially
affect a business’s vitality, e.g., its stability and profitability. For Allianz,
geopolitical risk may result in a variety of operational, macroeconomic
and reputational risks. To mitigate these risks, Allianz employs due
diligence processes in which operational and reputational risks are
monitored, and it quantifies the macroeconomic impact resulting from
potential global conflicts, election results, or trade tensions, in ad-hoc
stress scenarios.
The future potential impact of ESG-related risks can be manifold.
ESG-related developments in the areas of technology, consumer
behaviour, regulation and litigation can have an impact on all areas
of our business. The same applies to physical impacts, such as an
increase in extreme weather events, the loss of biodiversity, or
environmental pollution. The expansion of sustainability-related
regulation requires appropriate implementation and investments to
ensure compliance, particularly against the background of Allianz’s
strategy to be a sustainability leader. Similarly, intentional or alleged
failure to comply with sustainability standards and targets could
negatively impact the public perception of Allianz. A risk to be
alleged of “greenwashing” also exists in the medium to long-term,
particularly if the achievement of approaching sustainability
milestones proves to be more difficult than anticipated or even
unrealistic. For information about the management of ESG-related
risk, please refer to the Non-Financial Statement.
To support the development of a risk appetite and a risk management
framework for these core risks, Allianz SE has elaborated the following
risk management philosophy:
−
Financial risks: Allianz SE’s objective is to support the Group
strategy while ensuring that financial risk-taking is in line with its
risk-bearing capacity. To manage financial risk effectively, it is
essential to clearly identify, measure, monitor, and control the
inherent risks, especially in the investment portfolios, financing
transactions, the reinsurance portfolio, and the internal pension
obligations.
−
Underwriting risks: Exposures to these risks are accepted when
acting as a reinsurer for group-internal and external reinsurance
business or by providing internal pension solutions. Quality control
mechanisms are applied to ensure adherence to the Allianz
Group’s underwriting standards and to monitor the quality of the
portfolio, the underwriting and retrocession processes. These
processes must support sustainable and profitable business
decisions, and need to be aligned with the risk appetite of
Allianz SE and the Allianz Group, as well as to avoid undesired
and/or excessive risks and accumulations.
−
Other non-financial risks: These risks are inherent to the core
business and need to be carefully managed via continuous
improvements in risk identification, risk assessment, and control
environments. This occurs through elements of the Group Risk
management framework such as the Top Risk Assessment (TRA),
Non-Financial Risk Management (NFRM), Reputational Risk
Management Framework, and Liquidity Risk Management.
Internal risk capital framework
We define internal risk capital as the capital required to protect us
against unexpected, extreme economic losses, and which forms the
basis for determining our Solvency II regulatory capitalization. We
calculate and consistently aggregate internal risk capital across all
business segments on a quarterly basis. We also regularly project risk
capital requirements between reporting periods in times of financial
market turbulence.
For the management of our risk profile and solvency position, we utilize
an approach that reflects the Solvency II rules in that it comprises our
approved internal model covering Allianz SE and all other major
insurance operations.
Our internal model is based on a Value at Risk (VaR) approach using
a Monte Carlo simulation, i.e., a mathematical technique that predicts
possible outcomes of uncertain events over a given period of time with
a random number generator. Following this approach, we determine
the maximum loss of the Allianz portfolio value in scope of the model
within a timeframe of one year and a probability of occurrence of once
in two hundred years (i.e., at a “99.5 % confidence level”). We simulate
risk events from all modeled risk categories (“sources of risk”) and
calculate the portfolio value based on the net fair value of assets
B _ Management Report of Allianz SE
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Annual Report 2024 – Allianz SE
minus liabilities, including risk-mitigating measures such as reinsurance
contracts or derivatives, under each scenario.
The required risk capital is defined as the difference between the
current portfolio value and the portfolio value under adverse
conditions in a 1-in-200-year event. As we consider the impact of a
negative or positive event on all risk sources and covered businesses
at the same time, diversification effects across products and regions
are taken into account. The results of our Monte Carlo simulation allow
us to analyze our exposure to each source of risk, both separately and
in aggregate. We also analyze several pre-defined stress scenarios
representing historical events, reverse stress tests, and adverse
scenarios relevant for our portfolio. Furthermore, we conduct ad-hoc
stress tests to reflect current political and financial developments, and
to analyze specific non-financial risks more closely.
Allianz SE’s internal risk capital model covers the activities of
Allianz SE as the holding company for the Allianz Group, as well as its
activities as a reinsurer.
Whereas the model treats most subsidiaries as participations, it
applies a look-through rule for currently 40 subsidiaries and
investment funds, which are ancillary to Allianz SE’s operations (mainly
by holding assets), and reflects their risks – either in full or in part – on
a granular level.
The risk capital model covers all relevant assets (including fixed-
income instruments, equities, real estate, and derivatives) and
liabilities (including the run-off of all technical provisions as well as
deposits, issued debt and other liabilities such as guarantees).
In view of the above, Allianz’s risk capital framework covers all
material and quantifiable risks.
As the risk capital calculated with our internal model is based on a
maximum loss with a probability of occurrence of once in two hundred
years, there is a low statistical probability that actual losses could
exceed this threshold in the course of one year.
We use model and scenario parameters derived from historical
data, where available, to characterize future possible risk events. If
future market conditions were to differ substantially from the past, for
example, in an unprecedented crisis or as a possible result of severe
structural breaks resulting from climate change, our risk capital
1_Whole account stop loss reinsurance contract between Allianz SE and Allianz Re Dublin dac.
approach might be too conservative or too liberal in ways that are
difficult to predict. In order to mitigate reliance on historical data, we
complement our risk capital analysis with stress testing.
Furthermore, we validate the model and parameters through
sensitivity analyses, independent internal peer reviews, and, where
appropriate, independent external reviews, focusing on methods for
selecting parameters and control processes. To ensure that the model
is validated adequately, Allianz SE has established a comprehensive
model validation process, where necessary including external
independent validators. Any validation findings identified during the
validation process are remedied by respective model owners. Overall,
we believe that our validation efforts are effective and that the internal
model of Allianz SE adequately assesses the risks to which we are
exposed.
While the aggregate risk capital is exactly modeled, the whole
account stop loss construction1 leads to the use of approximations
when reporting contributory risk capital figures for the sub-categories
of underwriting risk, as the individual contributions have to be
approximated based on the underlying distributions.
Qualitative risk assessment
Qualitative assessments as part of the risk management framework
include Top Risk Assessments, as well as group-challenged self-
assessments and selected group reviews of the maturity of the local
risk management systems and the adherence to the risk policy
framework. Key results of Allianz SE’s qualitative risk assessments are
reported to the Group on a regular basis.
Solvency II capitalization
The Own Funds and capital requirements are based on the market
value balance sheet approach, which is consistent with the economic
principles of Solvency II2. Our regulatory capitalization is shown in the
following table.
2_Own Funds and capital requirement are calculated under consideration of volatility adjustment and yield
curve extension.
Allianz SE: Solvency II capitalization
as of 31 December
2024
2023¹
Own funds
€ bn
90.7
87.9
Capital requirement
€ bn
32.8
33.1
Capitalization ratio
%
277
265
1_Risk profile figures as reported in 2023. Until the second quarter of 2024, Allianz Group
companies applied transitional measures on technical provisions. The resulting change in
participation values impacted Allianz SE’s own funds and capital requirements. With the
application of transitional measures at these Allianz Group companies, Allianz SE’s own funds
and capital requirement amounted to € 98.1 bn and € 36.5 bn, leading to a Solvency II ratio of
269 % end of 2023.
As of 31 December 2024, the Solvency II capitalization of Allianz SE
stands at 277 %. The increase of 12 percentage points in 2024 results
from an increase in own funds by 3 % and a decrease in solvency risk
capital by 1 %.
Quantifiable risks and opportunities by
risk category
This Risk and Opportunity Report outlines Allianz SE’s risk figures,
reflecting its risk profile based on pre-diversified risk figures and
Allianz SE diversification effects.
We measure and steer risk from our major insurance operations
based on an approved internal model and the Solvency II standard
formula, which quantify the potential adverse developments of Own
Funds. The results provide an overview of how our risk profile is
distributed over different risk categories and – together with the
additional elements described above – determine the regulatory
capital requirements in accordance with Solvency II.
The pre-diversified risk figures reflect the diversification effects
within each modeled risk category (i.e., within market, credit,
underwriting, business, and operational risk), but do not include the
diversification effects across risk categories. The Allianz SE diversified
risk also captures the diversification effects across all risk categories.
The Allianz SE diversified risk is broken down as follows:
B _ Management Report of Allianz SE
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Annual Report 2024 – Allianz SE
Allianz SE: Allocated risk according to the risk profile
€ mn
as of 31 December
2024
2023
Market risk
31,594
31,428
Credit risk
445
471
Underwriting risk
4,729
4,293
Business risk
212
192
Operational risk
697
623
Diversification
(4,624)
(3,891)
Tax
(266)
-
Total Allianz SE
32,787
33,116
As of 31 December 2024, Allianz SE’s diversified risk capital amounted
to € 32.8 bn (2023: € 33.1 bn). The decrease in Solvency II capital
requirements is primarily due to a tax relief resulting from net deferred
tax liabilities, mainly driven by changes in the corporate tax group.
Higher diversification benefits, resulting from a relative reduction in the
dominance of participation risks, also played a significant role.
The following sections outline the evolution of the risk profile per
modeled risk category. All risks are presented on a pre-diversified
basis, and concentrations of single sources of risk are discussed
accordingly.
For Allianz SE, the pre-diversified market risk as of year-end 2024
amounts to € 31,594 mn. The increase of € 166 mn is driven by the
unwind of equity macro put hedges.
The € 26 mn decrease in credit risk is due to model updates leading to
lower probability of rating downgrades.
The following table presents the pre-diversified risk calculated for
underwriting risks stemming from our reinsurance business and
internal pensions: 1
1_Impact of whole account stop loss reinsurance contract between Allianz SE and Allianz Re Dublin dac on
pre-diversified insurance risks: Premium natural catastrophe risk increased by € 30 mn (2023: increase of
€ 65 mn), premium non-catastrophe and terror risk increased by € 552 mn (2023: € 363 mn), reserve risk
Allianz SE: Risk Profile – Underwriting risk by source of risk
pre-diversified, € mn
as of 31 December
2024
2023
Premium natural catastrophe
514
514
Premium non-catastrophe and terror
2,215
2,184
Reserve
1,915
1,477
Biometric
85
118
Total Allianz SE
4,729
4,293
For Allianz SE, the pre-diversified underwriting risk showed an increase
of € 436 mn, primarily driven by an increase in reserve risk.
Property-Casualty
Premium risk
In 2024, Allianz SE’s natural catastrophe risk remained stable.
The top five scenarios contributing to Allianz SE’s natural
catastrophe risk as of 31 December 2024 were a windstorm in Europe,
wildfires in Australia, an earthquake in Australia, a tropical cyclone in
the United States and a flood in Germany.
Allianz SE’s non-catastrophe and terror premium risk increased by
only € 31 mn in 2024, since additional growth for external business was
managed with additional retrocession.
Reserve risk
The increase by € 438 mn in Allianz SE’s reserve risk in 2024 is mainly
due to significant natural catastrophe events, reduced retrocession
assets, because of cashcalls and commutations as well as general
business growth in the external business.
Life/Health
In 2024, Allianz SE’s biometric risk decreased by € 33 mn compared
to 2023. Despite an increase in mortality risk due to new U.S. life
reinsurance exposure, the pre-diversified biometric risk decreased as
a consequence of higher diversification benefits generated with the
Property-Casualty underwriting risks.
decreased by € 97 mn (2023: increase of € 18 mn), while biometric risks decreased by € 35 mn (2023:
decrease of € 33 mn) due to this reallocation.
The business risk increase of € 19 mn is mainly driven by new U.S. life
reinsurance exposure as well as higher Property-Casualty business.
End of 2024, Allianz SE's operational risk was € 697 mn. The € 74 mn
increase mainly reflects higher severities in case of cyberattack
induced large-scale system outages, given widened attack surfaces
under cloud migrations and concentrations. Allianz SE continues to
strengthen countermeasures against cyber threat.
Outlook
Allianz faces a challenging financial market and operating
environment.
Markets are characterized by the risk of persistently high volatility.
Bonds and equity markets are fragile, as economic growth and
inflation prospects for Europe and the United could be impacted by
political shifts and tensions within and between the two regions. The
interplay with the geopolitical environment, including potential
repercussions of the future development of the war in Ukraine, further
adds to these uncertainties.
Lasting geopolitical and regional political crises dominate the political
and economic agenda, with added uncertainties driven by global
political shifts. For example, there is the risk of a deterioration in the
United States-China relationship, as well as of a further hardening of
China’s attitudes towards Taiwan, and the potential need for Europe
to organize and fund its defense more independently from the US.
In addition to the geopolitical crises, there are several other factors
that may lead to a persistently high financial market volatility. Lasting
momentum for populist and radical parties around the globe could
make international cooperation and coordination more challenging
and complex, leading to a lower chance of impactful political action
B _ Management Report of Allianz SE
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Annual Report 2024 – Allianz SE
on geopolitical and regional crises due to conflicting objectives. The
risk factors also include challenges from future European defense
spending and funding, as well as further disruptions to global supply
chains, which weigh on global trade, with the potential to prompt long-
term structural shifts in these chains. Lasting risk factors include climate
change, as well as the challenges of implementing long-term
structural reforms in key eurozone countries.
The increasing reliance on digital technologies, combined with
the rising use of artificial intelligence, increases the risk of technology
obsolescence, cyberattacks, data breaches, system failures, negative
impacts from the use of deepfake tools on political and business
processes, as well as the risk of non-compliance with increasing
regulation covering IT-related business processes.
Therefore, we continue to closely monitor political, financial and
technological developments as well as the global trade situation to
manage our overall risk profile to specific event risks.
Our approved partial internal model has been applied since the
beginning of 2016 when Solvency II came into effect.
In 2024, the level of uncertainty regarding future regulatory
requirements diminished, as the provisional Third Country Equivalence
of the U.S. solvency regime for Solvency II purposes has been extended
at the European Union level until 2035. The Solvency II concept of
“equivalence” allows the solvency regimes of countries outside the
European Economic Union to be recognized and used for Solvency II
purposes. Most relevant for Allianz today, it allows us to continue the
integration of the Allianz Life Insurance Company of North America
into the Group capital calculation based on U.S. solvency
requirements. The current BaFin supervisory approval for the
Deduction and Aggregation (D&A) consolidation method, which is
required for the application of the European Commission’s Third
Country Equivalence decision on the U.S. solvency regime, is valid until
the end of 2025. In 2025, Allianz will ask for a renewal of this approval
until 2035.
Further uncertainty remains about future regulatory requirements
resulting from the introduction of future global capital requirements,
the current Solvency II review, and the introduction of the Insurance
Recovery & Resolution Directive (IRRD).
The framework for potential future capital requirements for
Internationally Active Insurance Groups (IAIGs) is yet to be finalized. In
December 2024, IAIS approved the introduction of a global capital
1_Unaudited.
framework (Insurance Capital Standard – ICS), but it remained unclear
whether Solvency II capital will be accepted as outcome equivalent.
In addition, in recent years, the European Commission reviewed
the Solvency II directive and worked towards the introduction of the
IRRD. The review has been politically agreed in December 2023, and
the final texts of both the Solvency II directive and the IRRD were
published in the official journal of the European Union in
January 2025. The application of the new rules will start 24 months
after their publication in the official journal of the European Union, i.e.,
from 30 January 2027 onwards.
The potential for a multiplicity of different regulatory regimes,
capital standards, and reporting requirements, based on a parallel
application of the ICS as well as Solvency II and the introduction of the
IRRD, could increase operational complexity costs and is increasing the
regulatory risk.
Management assessment1
Allianz SE’s management feels comfortable with Allianz SE’s overall
risk profile and capitalization level. There is no indication that, as of
31 December 2024, our risk management system or internal control
system is inappropriate or ineffective. Therefore, management is
confident that Allianz SE’s risk management system and internal
control system meet both the challenges of a rapidly changing
environment and day-to-day business needs.
This confidence is based on several factors:
−
Due to its effective capital management, Allianz SE is well-
capitalized. We have met our internal and regulatory solvency
targets as of 31 December 2024.
−
Allianz SE has a conservative, asset-liability oriented investment
profile and disciplined business practices in the reinsurance
business, leading to sustainable operating earnings with a well-
balanced risk-return profile.
−
Allianz SE is well-positioned to deal with potentially adverse future
events, among others due to its strong internal limit framework,
stress testing, internal model, and risk management practices.
−
Allianz has dedicated guidelines and policies that clearly define
the general principles, the roles and responsibilities, as well as the
processes, for the risk management framework.
−
Our risk management framework is regularly subject to audit
activities performed by our internal audit function.
−
In addition, external auditors are independently and regularly
reviewing the Allianz SE’s risk governance as well as performing
quality reviews of risk processes.
−
An assessment of the effectiveness of the Allianz SE Risk
Management function, as well as of the implementation maturity
of the risk management framework and corresponding risk
management processes, is performed following the Risk
Assessment, Diagnostics, Analysis and Reporting (RADAR) process.
Based on the information available to us at the moment of report
completion, we expect to continue to be sufficiently capitalized and
compliant with both the regulatory Solvency Capital Requirement and
the Minimum Capital Requirement. In addition, Allianz is carefully
monitoring geopolitical developments, political shifts and tensions
within and between Europe and the United States, as well as regional
political crises, and manages its portfolios to ensure that the Group,
Allianz SE, and the other Group companies have sufficient resources to
meet their solvency capital needs.
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Annual Report 2024 – Allianz SE
The Corporate Governance Statements1 according to §§ 289f and
315d of the German Commercial Code (“Handelsgesetzbuch – HGB”)
form part of the Management Report and the Group Management
Report, respectively. According to § 317 (2) sentence 6 HGB, the audit
of the disclosures is limited to whether the relevant disclosures have
been made.
Corporate Constitution
of the European Company (SE)
As a European company, Allianz SE is subject to special European SE
regulations and the German SE Implementation Act (“SE-
Ausführungsgesetz – SEAG”) as well as the German Act on the
Involvement of Employees in a European Company (“SE-
Beteiligungsgesetz – SEBG”), in addition to German Stock Corporation
Law. The corporate constitution of Allianz SE is laid down in its Statutes.
The current version of the Statutes is available on the Allianz company
website.
Regulatory requirements
The regulatory requirements for corporate governance (System of
Governance) applicable for insurance companies, insurance
groups, and financial conglomerates apply. These regulatory
requirements are applicable throughout the Group in accordance
with the principle of proportionality. The implementation of the
regulatory requirements is supported by written guidelines issued by
the Board of Management of Allianz SE. Details on the
implementation of the regulatory requirements for corporate
governance by Allianz SE and by the Allianz Group can be found in
the Solvency and Financial Condition Report of Allianz SE and of the
Allianz Group, which are published on the Allianz company website.
1_The Corporate Governance Statements also fulfill the disclosure requirements ESRS 2 GOV-1.20 (a),
ESRS 2 GOV-1.21 (a)-(d), and ESRS 2 GOV-1.21 (e) of the European Sustainability Reporting Standards
(ESRS).
Declaration of Conformity with the
German Corporate Governance Code
Good corporate governance is essential for sustainable business
success. The Board of Management and the Supervisory Board of
Allianz SE therefore attach great importance to complying with the
recommendations of the German Corporate Governance Code
(hereinafter “Code”), as amended from time to time. There are no
statutory provisions on the basis of which recommendations of the
Code are not applicable to Allianz SE. On 12 December 2024, the
Board of Management and the Supervisory Board issued the
following Declaration of Conformity of Allianz SE with the Code:
Declaration of Conformity in accordance with § 161 of the German
Stock Corporation Act
Declaration of Conformity by the Board of Management and the Supervisory
Board of Allianz SE with the recommendations of the German Corporate
Governance Code Commission in accordance with § 161 of the German Stock
Corporation Act
Since the last Declaration of Conformity as of December 14, 2023, Allianz SE
has complied with all recommendations of the German Corporate
Governance Code in the version of April 28, 2022, and will comply with them
in the future.
Munich, December 12, 2024
Allianz SE
For the Board of Management:
Signed Oliver Bäte
Signed Claire-Marie Coste-Lepoutre
For the Supervisory Board:
Signed Michael Diekmann
In addition, Allianz SE follows all suggestions of the Code in its version
of 28 April 2022.
The Declaration of Conformity and further information on
corporate governance at Allianz is available on the Allianz company
website.
Board of Management
The Board of Management manages the Company and conducts
business with joint responsibility of its members in accordance with
the law, the Statutes, and its Rules of Procedure. The Board of
Management determines the business objectives and the strategic
direction of the Company. In the context of the management of the
Group, the Board of Management is in particular responsible for the
coordination and supervision of the operating entities, controlling of
capital resources, selection of candidates for leading management
positions and representation of the Group.
The Board of Management of Allianz SE currently has nine members.
In accordance with the stipulations of German Stock Corporation Law,
members of the Board of Management of Allianz SE are appointed for
a maximum term of five years. In line with the German Corporate
Governance Code, the maximum term for first-time appointments is,
as a general rule, three years. Also, as a general rule, its members may
not be older than 62. The composition of the Board of Management is
available on the Allianz company website, which also provides the CVs
of the members of the Board of Management.
The members of the Board of Management are jointly
responsible for the management of the Company and compliance
with legal requirements. Notwithstanding this overall responsibility, the
individual members independently head the departments assigned to
them. They consult with the Chairperson of the Board of Management
on important issues. The Chairperson of the Board of Management is
also responsible for coordinating the departments.
CORPORATE GOVERNANCE STATEMENT
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Annual Report 2024 – Allianz SE
Divisional responsibilities for business segments and/or functional
responsibilities are assigned to the individual departments. The
latter include, inter alia, Finance, Risk Management and Controlling
Functions, Investments, Operations and IT, Human Resources, Legal,
Compliance, Internal Audit, and Mergers & Acquisitions. Business
division responsibilities focus on geographical regions or global lines.
Rules of Procedure specify the inner organization of the Board of
Management as well as the departmental responsibilities. Moreover,
the Board of Management appoints a member who is responsible for
the area of “Labor and Social Affairs”. The appointment requires the
approval of the Supervisory Board.
The meetings of the Board of Management are convened and
chaired by the Chairperson. In addition, any member of the Board may
request a meeting, stating the proposed subject of discussion. As a rule,
a meeting of the Board of Management was held every two weeks in
the financial year 2024.
The Board of Management has a quorum if all members of the
Board of Management have been invited to a meeting and at least
half its members – including the Chairperson or a member of the
Board of Management appointed by them – attend the meeting.
Unless otherwise stipulated by law, the full Board of Management
takes decisions with a simple majority of the votes cast. In the event of
a tie, the Chairperson of the Board of Management has the deciding
vote. The Chairperson can also veto decisions, but they cannot enforce
a decision against the majority vote of the Board of Management.
The Board of Management has formed Board of Management
committees from among its members. The task of these committees is
to coordinate and decide on matters of the Board of Management
referred to them, as well as to prepare decisions for the Board of
Management reserved to it. In addition, the committees advise the full
Board of Management.
In the financial year 2024, the following Board of Management
committees were in place:
Board of Management committees
Board committees
Responsibilities
Group Finance and Risk
Committee
Preparing the capital and liquidity plans
for the Company and the Group,
operationalizing and controlling
adherence to the principles of the group-
wide capital and liquidity planning as well
as the investment strategy and preparing
the risk strategy; approving material
individual investments and preparing
guidelines for the currency management,
Group financing and internal Group capital
management as well as overseeing the
establishment of a risk management and
risk controlling system for the Company
and the Group, including dynamic stress
tests.
Claire-Marie Coste-Lepoutre
(Chairperson),
Dr. Klaus-Peter Röhler,
Dr. Günther Thallinger,
Christopher Townsend,
Dr. Andreas Wimmer.
Group IT Committee
Developing and proposing a group-wide IT
strategy, monitoring its implementation,
and approving local and group-wide IT
investments as well as reviewing and
overseeing individual IT projects.
Dr. Barbara Karuth-Zelle
(Chairperson),
Sirma Boshnakova,
Claire-Marie Coste-Lepoutre,
Dr. Klaus-Peter Röhler,
Dr. Günther Thallinger,
Christopher Townsend.
Group Mergers and Acquisitions
Committee
Managing and overseeing Group M&A
transactions, including approval of
individual transactions within certain
thresholds.
Renate Wagner (Chairperson),
Oliver Bäte,
Claire-Marie Coste-Lepoutre,
Dr. Andreas Wimmer.
As of 31 December 2024
In addition to Board of Management committees, there are also
Group committees. They, too, are responsible for coordinating and
deciding on matters of the Board of Management referred to them,
and for preparing decisions for the Board of Management of
Allianz SE, reserved to it. They are also responsible for ensuring a
smooth flow of information within the Group.
In the financial year 2024, the following Group committees were in
place:
Group committees
Group committees
Responsibilities
Group Compensation Committee
Designing, monitoring, and improving
group-wide compensation systems in line
with regulatory requirements, monitoring
the implementation of its decisions by
defining the relevant control processes, in
particular via local compensation
committees and an approval process.
Board members of Allianz SE and
executives below Allianz SE
Board level.
Group Investment Committee
Specifying the strategic asset allocation for
the Group to enable consistent
implementation by the operating entities,
particularly in relation to alternative
assets; monitoring performance across all
asset classes, and ensuring consistent
organization of the Investment
Management function and Investment
Governance across the Group; defining
requirements for sustainable investments
and providing guidance on the
implementation of sustainability aspects in
proprietary investments.
Board members of Allianz SE and
Allianz Group executives.
Group Governance and Control
Committee
Supporting the Board of Management to
fulfill its responsibilities with respect to
regulatory governance, organizational and
control requirements; reinforcing the
interaction and collaboration between Key
Control Functions in governance and
control-related topics; providing a platform
for a structured and institutionalized
exchange on cross-functional and group-
wide governance and control-related
topics; overseeing governance topics for
the Group / Allianz SE and coordinating
the respective cross-functional activities,
including a coordinated review of the
System of Governance; facilitating and
supporting the operational and
organizational effectiveness of the Group’s
governance model and the internal control
system; enhancing and promoting the
Solvency II governance culture.
Board members of Allianz SE and
executives below Allianz SE
Board level.
As of 31 December 2024
The Supervisory Board has adopted the following diversity concept for
the Board of Management of Allianz SE:
“For the composition of the Management Board, the Supervisory
Board aims for an adequate “Diversity of Minds”. This comprises a
broad diversity with regard to gender, internationality, and
educational as well as professional background.
B _ Management Report of Allianz SE
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Annual Report 2024 – Allianz SE
The Supervisory Board assesses the achievement of such target, inter
alia, on the basis of the following specific indicators:
−
Adequate proportion of women on the Management Board;
−
Adequate share of members with an international background
(e.g. because of origin or extensive professional experience
abroad), ideally with connection to the regions in which Allianz is
operating;
−
Adequate diversity with regard to educational and professional
background taking into account the limitations for the Supervisory
Board by regulatory requirements (fitness).”
This diversity concept is implemented by the Supervisory Board, via the
appointment procedure for members of the Board of Management.
For the purpose of long-term succession planning, a list of candidates
is prepared and updated on an ongoing basis by the Chairperson of
the Board of Management in consultation with the Chairperson of the
Supervisory Board. It is ensured that lists of successors contain an
appropriate proportion of female and internationally experienced
candidates. This is especially taken into account by the Personnel
Committee in succession planning. The list of candidates includes
internal and external candidates generally meeting the requirements
for a mandate in the Board of Management. In the event of a vacancy
on the Board of Management, the Personnel Committee, after a
thorough examination, recommends a suitable candidate to the
Supervisory Board plenary session. It also reports on the selection
process and, if necessary, alternative candidates. Prior to an appointment
to the Board of Management, all members of the Supervisory Board
are given the opportunity to meet the candidate in person.
Currently, the Board of Management of Allianz SE comprises four
female members, accounting for 44.4 %. Four members of the Board
of Management have international backgrounds based on their origin.
There is an adequate degree of diversity with regard to educational
and professional backgrounds. The Board of Management of
Allianz SE is thus composed in accordance with the diversity concept.
The Remuneration Report for the past financial year, including the
auditor's report, the current remuneration system for the Board of
Management, as well as the last resolution of the General Meeting on
the remuneration system are available on the Allianz company
website.
The Board of Management reports regularly and comprehensively to
the Supervisory Board on business development, the Company’s net
assets, financial position and earnings, planning and achievement of
objectives, business strategy, and risk exposure. Details on the Board
of Management’s reporting to the Supervisory Board are laid down in
the Information Rules issued by the Supervisory Board.
Important decisions of the Board of Management require
approval by the Supervisory Board. Approval requirements are
stipulated by law, by the Statutes, or in individual cases by decisions of
the Supervisory Board itself or the General Meeting. Supervisory
Board approval is required, for example, for certain capital measures,
the conclusion of intercompany agreements, and the launch of new
business segments or the closure of existing ones. Approval is also
required for acquisitions of companies and holdings in companies as
well as for divestments of Group companies that exceed certain
thresholds.
Supervisory Board
The Supervisory Board oversees and advises the Board of
Management on managing the business. It is also responsible for
appointing the members of the Board of Management, determining
their overall remuneration, succession planning for the Board of
Management, and reviewing Allianz SE’s and the Allianz Group’s
annual financial statements. The Supervisory Board’s activities in the
financial year 2024, including an individualized disclosure of the
meeting participation, are described in the Supervisory Board Report.
The German Co-Determination Act (“Mitbestimmungsgesetz”) does
not apply to Allianz SE because it has the legal form of a European
Company (SE). Instead, the size and composition of the Supervisory
Board is determined by general European SE regulations. These
regulations are implemented in the Statutes and via the Agreement
concerning the Participation of Employees in Allianz SE in the version
dated June 2021.
The Supervisory Board of Allianz SE comprises twelve members.
The six shareholder representatives are appointed by the General
Meeting, the six employee representatives are appointed by the SE
Works Council. The Supervisory Board currently in office includes four
employee representatives from Germany – including one trade union
representative – and one each from France and Italy. The regular term
of appointment for the members of the Supervisory Board of
Allianz SE is four years. Moreover, a staggered board with different
appointment periods was introduced with the elections to the
Supervisory Board on 4 May 2022.
The composition of the Supervisory Board is presented in the
Supervisory Board Report. Furthermore, the composition and a
general description of the operations of the Supervisory Board are
available on the Allianz company website, which also provides the CVs
of the Supervisory Board members.
The Supervisory Board takes all decisions with a simple majority.
In the event of a tie, the casting vote lies with the Chairperson of the
Supervisory Board, who – at Allianz SE – must be a shareholder
representative. If there is a tie and the Chairperson is not present, the
casting vote lies with the vice chairperson elected at the shareholder
representatives’ proposal. A second vice chairperson is elected at the
employee representatives’ proposal.
The Supervisory Board regularly reviews the efficiency of its
activities and the activities of its committees in the framework of a
so-called self-assessment. The self-assessment is carried out either
by means of an internal questionnaire or by consulting an external
consultant. In 2024, the self-assessment was carried out with the
support of an external consultant. The Supervisory Board plenary
session discusses possibilities for improvements and adopts
appropriate measures on the basis of recommendations from the
Standing Committee. In addition, the fitness and propriety of the
individual members of the Supervisory Board are reviewed as part of
an annual self-evaluation required by supervisory law, and a
development plan for the Supervisory Board is drawn up on this basis.
The Supervisory Board and the Audit Committee regularly hold
sessions that are not attended by any of the members of the Board of
Management.
Part of the Supervisory Board’s work is carried out by its committees.
The Supervisory Board receives regular reports on the activities of its
committees. The composition of committees and the tasks assigned to
them are governed by the Supervisory Board’s Rules of Procedure,
which can be found on the Allianz company website.
B _ Management Report of Allianz SE
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Annual Report 2024 – Allianz SE
Supervisory Board committees
Supervisory Board committees
Responsibilities
Standing Committee
– Approval of certain transactions which
require the approval of the Supervisory
Board, e.g., capital measures, acquisitions,
and disposals of participations.
– Preparation of the Declaration of
Conformity pursuant to § 161 of the
German Stock Corporation Act and review
of corporate governance.
– Preparation of the self-assessment of the
Supervisory Board.
5 members
– Chairperson: Chairperson of the
Supervisory Board (Michael
Diekmann)
– Two further shareholder
representatives (Sophie Boissard,
Dr. Friedrich Eichiner)
– Two employee representatives
(Jürgen Lawrenz, Jean-Claude Le
Goaër)
Audit Committee
– Initial review of the annual financial
statements of Allianz SE and the Allianz
Group, the Management Reports
(including Non-financial Statement and
Risk Report) and the proposal for the
appropriation of net earnings, review of
quarterly results, and the half-yearly
financial reports.
– Monitoring of the financial reporting
process, the effectiveness of the internal
control and risk management system,
internal audit system, and legal and
compliance issues.
– Preparation of the Supervisory Board’s
nomination for the election of the statutory
auditor.
– Supervision of the audit procedures, in
particular monitoring of the independence
of the auditor, the quality of the audit
procedures and the services additionally
rendered by the auditor, awarding of the
audit contract, and determining the audit
areas of focus.
– Discussion to evaluate the audit risk,
audit strategy, and audit planning.
5 members
– Chairperson: appointed by the
Supervisory Board (Dr. Friedrich
Eichiner)
– Three shareholder
representatives (in addition to Dr.
Friedrich Eichiner: Michael
Diekmann, Dr. Jörg Schneider)
– Two employee representatives
(Frank Kirsch, Jean-Claude Le
Goaër)
Risk Committee
– Monitoring of the general risk situation
and special risk developments in the
Allianz Group.
– Monitoring of the effectiveness of the risk
management system.
– Initial review of the Risk Report and other
risk-related statements in the annual
financial statements and consolidated
financial statements as well as
management reports, informing the Audit
Committee of the results of such reviews.
5 members
– Chairperson: appointed by the
Supervisory Board (Michael
Diekmann)
– Three shareholder
representatives
(in addition to Michael Diekmann:
Dr. Friedrich Eichiner, Dr. Jörg
Schneider)
– Two employee representatives
(Prof. Dr. Nadine Brandl,
Primiano Di Paolo)
Supervisory Board committees
Responsibilities
Personnel Committee
– Preparation of the appointment and
dismissal of Board of Management
members.
– Preparation of plenary session
resolutions on the remuneration system
and resolutions on setting of the total
compensation of Board of Management
members.
– Preparation of the Remuneration Report.
– Conclusion, amendment, and termination
of contracts with Board of Management
members unless reserved for the plenary
session.
– Long-term succession planning for the
Board of Management.
– Approval of the assumption of other
mandates by Board of Management
members.
3 members
– Chairperson: Chairperson of the
Supervisory Board (Michael
Diekmann)
– One further shareholder
representative (Dr. Jörg
Schneider)
– One employee representative
(Gabriele Burkhardt-Berg)
Nomination Committee
– Setting of concrete objectives for the
composition of the Supervisory Board.
– Establishment of selection criteria for
shareholder representatives on the
Supervisory Board in compliance with the
Code’s recommendations on the
composition of the Supervisory Board.
– Selection of suitable candidates for
election to the Supervisory Board as
shareholder representatives.
3 members
– Chairperson: Chairperson of the
Supervisory Board (Michael
Diekmann)
– Two further shareholder
representatives (Dr. Friedrich
Eichiner, Dr. Jörg Schneider)
Technology Committee
– Regular exchange regarding
technological developments.
– In-depth monitoring of the Board of
Management’s technology and innovation
strategy.
– Support of the Supervisory Board in the
oversight of the implementation of the
Board of Management’s technology and
innovation strategy.
5 members
– Chairperson: appointed by the
Supervisory Board (Rashmy
Chatterjee)
– Three shareholder
representatives
(in addition to Rashmy
Chatterjee: Sophie Boissard,
Michael Diekmann)
– Two employee representatives
(Gabriele Burkhardt-Berg, Jürgen
Lawrenz)
Sustainability Committee
– Regular exchange regarding
sustainability-related issues (Environment,
Social, Governance – ESG).
– Close monitoring of the Board of
Management’s sustainability strategy.
– Support of the Supervisory Board in the
oversight of the execution of the Board of
Management’s sustainability strategy.
– Support of the Personnel Committee of
the Supervisory Board in the preparation
of the ESG-related target setting as well as
the assessment of the fulfillment of the set
targets for the Board of Management’s
remuneration.
5 members
– Chairperson: appointed by the
Supervisory Board (Stephanie
Bruce)
– Three shareholder
representatives
(in addition to Stephanie Bruce:
Sophie Boissard, Michael
Diekmann)
– Two employee representatives
(Gabriele Burkhardt-Berg, Frank
Kirsch)
As of 31 December 2024
The objectives for the composition of the Supervisory Board (in the
version of February 2024), as specified to implement legal
requirements and the recommendation of the Code, are set out below.
In addition to the profile of skills and expertise for the overall
Supervisory Board to be drawn up under the Code, the diversity
concept is also included. The objectives for the composition of the
Supervisory Board can be found on the Allianz company website.
B _ Management Report of Allianz SE
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Annual Report 2024 – Allianz SE
Objectives for the composition of Allianz SE’s Supervisory Board
“The aim of Allianz SE’s Supervisory Board is to have members who are equipped with the necessary skills and competence to
properly supervise and advise Allianz SE’s management. Supervisory Board candidates should possess the professional
expertise and experience, integrity, motivation and commitment, independence, and personality required to successfully carry
out the responsibilities of a Supervisory Board member in a financial services institution with international operations.
These objectives take into account the regulatory requirements for the composition of the Supervisory Board as well as the
relevant recommendations of the German Corporate Governance Code (“GCGC”). In addition to the requirements for each
individual member, a profile of skills and expertise (“Kompetenzprofil”) as well as a diversity concept are provided for the entire
Supervisory Board.
Employee representation within Allianz SE, according to the Agreement concerning the Participation of Employees in Allianz SE,
contributes to the diversity of work experience and cultural background. Pursuant to the provisions of the German SE
Participation Act (SEBG), the number of women and men appointed as German employee representatives should be
proportional to the number of women and men working in the German companies. However, the Supervisory Board does not
have the right to select the employee representatives.
The following requirements and objectives apply to the composition of Allianz SE’s Supervisory Board:
I. Requirements relating to the individual members of the Supervisory Board
1. Propriety
The members of the Supervisory Board must be proper as defined by the regulatory provisions. A person is assumed to be
proper as long as no facts are to be known which may cause impropriety. Therefore, no personal circumstances shall exist
which – according to general experience – lead to the assumption that the diligent and orderly exercise of the mandate may
be affected (in particular, administrative offences or violation of criminal law, especially in connection with commercial
activity).
2. Fitness
The members of the Supervisory Board must have expertise and experience necessary for a diligent and autonomous
exercise of the Allianz SE Supervisory Board mandate, in particular for exercising control of and giving advice to the
Management Board as well as for the active support of the development of the company. This comprises in particular:
– Adequate expertise in all business areas;
– Adequate expertise in the insurance and finance sector or comparable relevant experience and expertise in other sectors;
– Adequate expertise in the regulatory provisions material for Allianz SE (supervisory law, including Solvency II regulation,
corporate and capital markets law, corporate governance);
– Ability to assess the business risks;
– Knowledge of accounting basics and insurance specific risk management basics.
3. Independence
The GCGC defines a person as independent who, in particular, does not have any business or personal relations with
Allianz SE or its executive bodies, a controlling shareholder, or an enterprise associated with the latter, which may cause a
substantial and not merely temporary conflict of interest.
The Supervisory Board of Allianz SE states the following with regard to the further specification of independence:
– Former members of the Allianz SE Management Board shall not be deemed independent during the mandatory corporate
law cooling-off period.
– Members of the Supervisory Board of Allianz SE in office for more than 12 years shall not be deemed independent.
– Regarding employee representatives, the mere fact of employee representation and the existence of a working
relationship with the company shall not itself affect the independence of the employee representatives.
Applying such definition, at least eight members of the Supervisory Board shall be independent. In case shareholder
representatives and employee representatives are viewed separately, at least four members respectively should be
independent.
It has to be considered that the possible emergence of conflicts of interests in individual cases cannot generally be excluded.
Potential conflicts of interest must be disclosed to the Chairperson of the Supervisory Board and will be resolved by
appropriate measures.
4. Time of availability
Each member of the Supervisory Board must ensure that he/she has sufficient time to dedicate to the proper fulfillment of the
mandate of this Supervisory Board position.
In addition to the mandatory mandate limitations and the GCGC recommendation for active Management Board members of
listed companies (max. two mandates), the common capital markets requirements shall be considered.
With regard to the exercise of the Allianz SE mandate, the members shall take into account that
– at least four, but as a rule six, ordinary Supervisory Board meetings are held each year, each of which requires adequate
preparation; the members of the Supervisory Board shall ensure attendance at all plenary and committee meetings
(depending on membership);
– sufficient time must be set aside for the audit of the annual and consolidated financial statements;
– participation in the General Meeting is required;
– depending on possible membership in one or more of the Supervisory Board Committees, extra time planning is required
for participation in these Committee meetings and to do the necessary preparation for these meetings; this applies in
particular for the Audit and Risk Committees;
– attendance of extraordinary meetings of the Supervisory Board or of a Committee might be required to deal with special
matters.
5. Retirement age
The members of the Supervisory Board shall, as a rule, not be older than 70 years of age.
6. Term of membership
The continuous period of membership for any member of the Supervisory Board should, as a rule, not exceed 12 years.
7. Former Allianz SE Management Board members
Former Allianz SE Management Board members are subject to the mandatory corporate law cooling-off period of two years.
According to regulatory provisions, no more than two former Allianz SE Management Board members shall be members of
the Supervisory Board.
II. Requirements for the entire Supervisory Board
1. Profile of skills and expertise for the entire Supervisory Board
In addition to the expertise-related requirements for the individual members, the following shall apply with respect to the
expertise and experience of the entire Supervisory Board:
– Familiarity of members in their entirety with the insurance and financial services sector;
– Adequate expertise of the entire Board with respect to regulatorily required areas of investment management, insurance
actuarial practice, accounting, audit of the annual financial statements and partial internal model;
– Adequate expertise of the entire Board with respect to technology, including cybersecurity, employee engagement and
sustainability (especially Environment, Social responsibility and Governance as well as data privacy);
– At least one member with considerable experience in the insurance and financial services fields;
– At least one member with comprehensive expertise in the field of accounting and at least one other member with
comprehensive expertise in the field of auditing. The expertise in the field of accounting shall consist of special knowledge
and experience in the application of accounting principles and internal control and risk management systems, and the
expertise in the field of auditing shall consist of special knowledge and experience in the auditing of financial statements.
Accounting and auditing also include sustainability reporting and its audit and assurance;
– At least one member with comprehensive expertise in the field of digital transformation;
– Specialist expertise or experience in other economic sectors;
– Managerial or operational experience.
2. Diversity concept
To promote an integrative cooperation among the Supervisory Board members, the Supervisory Board aims at an adequate
diversity with respect to gender, internationality, as well as different occupational backgrounds, professional expertise, and
experience:
– The Supervisory Board shall be composed of at least 30 % women and at least 30 % men. The representation of women is
generally considered to be the joint responsibility of the shareholder and employee representatives.
– At least four of the members must, on the basis of their origin or function, represent regions or cultural areas in which
Allianz SE conducts significant business.
– For Allianz SE as a Societas Europaea, the Agreement concerning the Participation of Employees in Allianz SE provides
that Allianz employees from different EU member states are considered in the allocation of employee representatives’
Supervisory Board seats.
– In order to provide the Board with the most diverse sources of experience and specialist knowledge possible, the members
of the Supervisory Board shall complement each other with respect to their background, professional experience, and
specialist knowledge.”
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Annual Report 2024 – Allianz SE
The Supervisory Board pursues these objectives, and thus also the
diversity concept, when nominating candidates for shareholder
representatives.
As
employee
representatives
are
appointed
according to different national provisions, the potential to influence
the selection of employee representatives is limited.
The Supervisory Board of Allianz SE is composed in accordance
with these objectives, including the diversity concept and the profile of
skills and expertise. Based on the objectives for its composition, the
Supervisory Board of Allianz SE has developed the following
qualification matrix:
Supervisory Board of Allianz SE: Qualification matrix
Diekmann
Boissard
Bruce
Chatterjee
Eichiner
Schneider
Brandl
Burkhardt-
Berg
Le Goaër
Kirsch
Lawrenz
Di Paolo
Tenure
Joined Board in
2017
2017
2024
2022
2016
2024
2024
2012
2018
2018
2015
2022
Personal
Suitability
Regulatory
Requirement
(Fit & Proper)
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
Independence1
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
No Overboarding1
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
Diversity
Gender
male
female
female
female
male
male
female
female
male
male
male
male
Nationality
German
French
British
Singaporean
German
German
German
German
French
German
German
Italian
Fitness
Accounting
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
Audit of the Annual
Financial
Statements
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
Partial Internal
Model
✓
✓
✓
✓
✓
✓
-
✓
✓
✓
✓
✓
Insurance Actuarial
Practice
✓
✓
✓
✓
✓
✓
-
✓
✓
✓
✓
✓
Investment
Management
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
Technology
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
Digital
Transformation
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
Employee
Engagement
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
Sustainability
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
Regional Expertise
North America
✓
-
-
✓
✓
✓
-
-
-
-
-
-
Growth Markets
✓
-
-
✓
✓
✓
-
-
-
-
-
-
Europe (E.U.)
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓ Criteria met. Expertise criteria based on annual self-evaluation by the Supervisory Board. Tick means at least “Good knowledge” and implies the capacity to understand the relevant matters well, and to take educated decisions. Good knowledge may result from existing qualifications and from the
training regularly attended by all members of the Supervisory Board. On a scale from A-E this requires at least grade B.
1_According to the German Corporate Governance Code.
B _ Management Report of Allianz SE
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Annual Report 2024 – Allianz SE
The members of the Audit Committee as a whole are familiar with the
sector in which the Company operates. All shareholder representatives
on the Audit Committee, including the Chairperson of the Committee,
have comprehensive expertise in the fields of accounting and auditing.
The expertise in the field of accounting consists of special knowledge
and experience in the application of accounting principles and
internal control and risk management systems, and the expertise in the
field of auditing consists of special knowledge and experience in the
auditing of financial statements. Accounting and auditing also include
sustainability reporting and its audit.
The Chairperson of the Audit Committee, Dr. Eichiner, is a business
administration graduate. He gained extensive knowledge and
experience in both accounting and auditing during his many years as
Chief Financial Officer of a DAX-listed company. Mr. Diekmann also
has in-depth knowledge and experience in both areas due to his many
years of service, first as CEO and later as Chairperson of the
Supervisory Board, and as a long-standing member of the Audit
Committee of the Supervisory Board of Allianz SE. Finally,
Dr. Schneider, too, has in-depth knowledge and experience in both
areas due to his training i.e., in business administration, as well as his
many years of service as Chief Financial Officer of Münchener
Rückversicherungs-Gesellschaft Aktiengesellschaft.
The employee representatives on the Audit Committee, Mr. Kirsch
and Mr. Le Goaër, also have expertise in the fields of accounting and
auditing due to their long-standing membership of the Supervisory
Board of Allianz SE.
The remuneration of the Supervisory Board is laid down in the Statutes
of Allianz SE. The most recent resolution on Supervisory Board
remuneration was passed at the Annual General Meeting on
4 May 2023. The corresponding resolution of the Annual General
Meeting and the Remuneration Report, including the auditor's report,
are available on the Allianz company website.
General Meeting
Shareholders exercise their rights at the General Meeting. The General
Meeting elects the shareholder representatives of the Supervisory
Board and decides on the approval of the actions taken by the Board
of Management and the Supervisory Board. Furthermore, it decides, in
particular, on the appropriation of net earnings, capital measures, the
election of the auditor, and approval of intercompany agreements. It
also decides on the approval of the remuneration system for the
members of the Board of Management presented by the Supervisory
Board, the remuneration of the Supervisory Board, the approval of the
Remuneration Report prepared by the Board of Management and the
Supervisory Board, as well as changes to the Company’s Statutes.
Resolutions of the General Meeting shall be passed, unless mandatory
legal provisions require otherwise, by a simple majority of the votes cast.
When adopting resolutions, each share confers one vote.
Each year, an annual general meeting is held, at which the Board
of Management and Supervisory Board give an account of the
preceding financial year. For special circumstances, the German Stock
Corporation Act provides for the convening of an extraordinary
general meeting. If authorized by the Statutes, general meetings can
also be held in virtual format.
Corporate governance practices
For detailed information on the Allianz Group's internal control system
and risk management system, please refer to the Risk and Opportunity
Report.
Integrity is at the core of our compliance programs and underpins the
trust of our customers, shareholders, business partners, and
employees. The Compliance function fosters a corporate culture of
individual and collective responsibility for ethical conduct and
adherence to the rules. For further information on the Allianz Group's
compliance management system, please refer to the Sustainability
Statement of the Group's Management Report.
Code of Conduct
Our Code of Conduct and the internal compliance policies and
guidelines derived from it provide all employees, managers, and
executive board members with clear and practical guidance,
enabling them to act in line with the values of the Allianz Group. The
rules of conduct established by the Code of Conduct are binding
for all employees worldwide and form the basis for our compliance
programs. The Code of Conduct is available on the Allianz company
website.
Directors’ Dealings
Members of the Board of Management and the Supervisory Board, as
well as persons closely associated with them, are obliged by the E.U.
Market Abuse Regulation to notify both Allianz SE and the German
Federal Financial Supervisory Authority of any transactions carried out
by them involving shares or debt securities of Allianz SE or related
financial derivatives or other related financial instruments as soon as
the value of the acquisition or disposal transactions reaches or
exceeds € 20 thou in total within a calendar year. These disclosures
are published on the Allianz company website.
Accounting and auditing
The Allianz Group prepares its accounts according to § 315e HGB on
the basis of the International Financial Reporting Standards (IFRS) as
applicable in the European Union. The annual financial statements of
Allianz SE are prepared in accordance with German law and
accounting standards.
The auditor of the annual financial statements and the auditor in
charge of the review of the half-yearly financial report was elected by
the Annual General Meeting on 8 May 2024. The audit of the
financial statements covers the individual financial statements of
Allianz SE and the consolidated financial statements of the
Allianz Group, including the respective management reports. In
accordance with regulatory requirements, the solvency statements are
also audited by the auditor.
The Remuneration Report for the financial year 2024 was subjected
to a substantive audit by the auditor, in addition to the statutory audit
scope. In addition, the Group Sustainability Statement was audited by
the auditor with regard to its content beyond the statutory scope of the
audit with reasonable assurance.
B _ Management Report of Allianz SE
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Annual Report 2024 – Allianz SE
Information in accordance with the
German Act on the Equal Participation
of Women and Men in Executive
Positions in the Private and the Public
Sectors
The section below outlines the targets set by Allianz SE and the other
companies of the Allianz Group in Germany that are subject to co-
determination (the “subsidiaries concerned”) for the Supervisory
Board, the Board of Management, and the two management levels
below the Board of Management.
Pursuant to § 17 (2) SEAG, the share of women and men among
the members of the Supervisory Board of Allianz SE has to be at least
30 % each. The Supervisory Board fulfills this requirement as it includes
five women (41.7 %) and seven men (58.3 %).
Pursuant to § 16 (2) SEAG, it has to be ensured that the Board of
Management includes at least one female and at least one male
member when appointing members to the Board of Management.
This statutory requirement is met by the current Board of Management
of Allianz SE. As of 31 December 2024, the proportion of women on
the Board of Management was 44.4 %.
With regard to the proportion of women on the first and second
management level below the Board of Management, the Board of
Management of Allianz SE had set target quotas of 30 % each, to be
achieved by 31 December 2024. As of 31 December 2024, these
targets were met for the first management level with a percentage of
women of 36.1 %, and for the second management level with a
percentage of women of 40.8 %.
As of 31 December 2024, there are twelve subsidiaries concerned
in addition to Allianz SE. Within the reporting period, two of the
subsidiaries concerned were initially required to set target quotas for
the proportion of women on the Supervisory Board, the Board of
Management and the two management levels below the Board of
Management. We will report on these subsidiaries concerned for the
first time as part of the 2025 reporting period. Therefore, regarding the
proportion of women on the Supervisory Board and Board of
Management as well as regarding the proportion of women on the
first and second management level below the Board of Management,
reference will be made to ten subsidiaries concerned.
With regard to the supervisory boards of the subsidiaries
concerned, the target quotas for the proportion of women for nine of
the ten subsidiaries concerned were set at 33 % or 33.3 % respectively
and the target quota for one subsidiary concerned was set at 50 %, to
be achieved by 31 December 2024. Nine of the ten subsidiaries
concerned achieved the respective targets as of 31 December 2024.
The target quotas for the boards of management of the
subsidiaries concerned were set between 25 % and 50 %, to be
achieved by 31 December 2024, and were met by six of the ten
subsidiaries concerned as of 31 December 2024.
For the subsidiaries concerned, target quotas of 30 % to 40 % were
additionally set for the first management level below the Board of
Management and target quotas of 30.2 % to 43.5 % were set for the
second management level below the Board of Management, to be
achieved by 31 December 2024. As of 31 December 2024, the very
ambitious targets for the first management level were achieved by
four of the ten subsidiaries concerned, with six of the ten subsidiaries
concerned already achieving over 30 %, and some a significantly
higher proportion. For the second management level, six of the ten
subsidiaries concerned were able to achieve the very ambitious
targets, with seven of the ten subsidiaries concerned already achieving
over 30 %, and some a significantly higher proportion. All of the ten
subsidiaries concerned achieved at least a share of 25 % on the first
management level and nine of the ten subsidiaries concerned
achieved at least a share of 25 % on the second management level.
For the Allianz Group, the target quotas for the proportion of
women are not just about fulfilling legal requirements. Since a
company’s long-term success can only be ensured if women are
promoted on an equal basis and are appointed to management
positions based on performance, the companies of the Allianz Group
are committed to promoting diversity, have created appropriate
framework conditions, aligned HR processes and implemented
various measures. These measures are continuously reviewed for
effectiveness and adapted to new requirements. All measures are
incorporated into the internal talent management processes, so that
female talents are systematically promoted from the identification of
potential to the filling of positions, and a fair approach is always
guaranteed. The measures range from offers to reconcile work and
family life, to sponsorship and mentoring programs, and the
establishment of a leadership culture that prioritizes equal
opportunities, mutual trust and collaboration in diverse teams. Further
measures are targeted at ensuring a sufficiently large talent pool from
which management positions can be filled with female candidates.
These include development programs and information formats.
Despite these intensified efforts to promote women, it was not
possible to achieve the very ambitious targets in some of the
subsidiaries concerned. Reasons for this include the exceptionally low
external fluctuation on the relevant management levels in the
subsidiaries concerned. In addition, the relatively small population of
the relevant management levels in some of the subsidiaries concerned
results in disproportionately high volatility in the proportion of women
in case individuals switch positions.
B _ Management Report of Allianz SE
39
Annual Report 2024 – Allianz SE
Our non-financial statement in accordance with § 289b HGB is
included in the Sustainability Statement chapter of the Group
Management Report and is an original part of our management
report.
NON-FINANCIAL STATEMENT
B _ Management Report of Allianz SE
40
Annual Report 2024 – Allianz SE
Our steering
The members of the Board of Management of Allianz SE are jointly
responsible for the management of the company and compliance with
legal requirements. Notwithstanding this overall responsibility, the
individual members independently head the departments assigned to
them. They consult with the Chairperson of the Board of Management
on important issues. The Chairperson of the Board of Management is
also responsible for coordinating the departments.
Divisional responsibilities for business segments and/or functional
responsibilities are assigned to the individual departments. The latter
include Finance, Risk Management and Controlling Functions, Invest-
ments, Operations and IT, Human Resources, Legal, Compliance,
Internal Audit, and Mergers & Acquisitions. Business division
responsibilities focus on geographical regions or global lines. Rules of
procedure specify the inner organization of the Board of Management
as well as the departmental responsibilities in more detail.
For further information on Board of Management members and
their responsibilities, please refer to Mandates of the Members of the
Board of Management.
For Allianz SE the same key performance indicators and target values
as for the Allianz Group apply. In particular the key financial
performance indicators are based on IFRS.
The Allianz Group steers its operating entities and business
segments via an integrated management and control process. It
begins with the definition of a business-specific strategy and goals,
which are discussed and agreed upon between the Holding and
operating entities. Based on this strategy, our operating entities
prepare three-year plans, which are then aggregated to form the
financial plans for the business divisions and for the Allianz Group as a
whole. This plan also forms the basis for our capital management. On
the basis of this plan, the Supervisory Board sets corresponding targets
for the Board of Management. The performance-based remuneration
1_Core return on equity represents the ratio of shareholders' core net income to the average shareholders'
equity at the beginning and at the end of the year. From the average shareholders' equity unrealized
of the Board of Management is linked to short-term and long-term
targets to ensure effectiveness and emphasize sustainability. For
further details about our remuneration structure, including target
setting and performance assessment, please refer to the
Remuneration Report.
We continuously monitor our business performance against these
targets through monthly reviews – which cover key operational and
financial metrics – to ensure we can move quickly and take
appropriate measures in the event of negative developments. The
Allianz Group uses operating profit and core net income as key
financial performance indicators across all its business segments.
Other indicators include segment-specific figures, such as the
combined ratio for Property-Casualty, core return on equity1 and new
business margins for Life/Health, and the cost-income ratio for Asset
Management.
Besides performance steering, we also have a risk-steering
process in place, which is described in the Risk and Opportunity
Report.
Non-financial key performance indicators (KPIs) are also taken
into account when determining the variable remuneration of the
Board of Management. Non-financial KPIs include sustainability-
(related)
targets
such
as
customer
satisfaction,
employee
engagement, leadership quality as well as various environmental
indicators. For further information on non-financial KPIs, as well as an
overview of the past and expected development of these non-
financial KPIs, please refer to the Sustainability Statement in the Group
Management Report.
For customer satisfaction levels, we want at least 60 % of our
operating entities to be “loyalty leaders” in their local markets by 2027,
as measured by the Net Promoter Score (NPS)2. In terms of employee
engagement, our ambition is to score at least 75 % in the Inclusive
Meritocracy Index, which measures Allianz’s progress in building a
culture where both people and performance matter.
For an overview of the past and expected development of the
most important financial KPIs, please refer to the Outlook 2025 of the
Allianz Group’s Annual Report 2024.
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.
Branches
In 2024, Allianz SE operated its business from Munich and from branch
offices in Rome (Italy), Casablanca (Morocco), Singapore, Labuan
(Malaysia), Wallisellen (Switzerland), Vienna (Austria), and Dublin
(Ireland). The branches in Labuan (Malaysia) and Casablanca
(Morocco) are in the process of being closed.
Takeover-related Statements and
Explanations
The following information is provided pursuant to § 289a of the
German Commercial Code (“Handelsgesetzbuch – HGB”) and
§ 176 (1) of the German Stock Company Act (“Aktiengesetz – AktG”).
As of 31 December 2024, the share capital of Allianz SE was
€ 1,169,920,000. It was divided into 386,166,676 registered and fully
paid-up shares with no par value. All shares carry the same rights and
obligations. Each no-par value share carries one vote.
Shares may only be transferred with the consent of the company. An
approval duly applied for may only be withheld if it is deemed
necessary in the company’s interest on exceptional grounds. The
applicant will be informed of the reasons.
Shares acquired by employees of the Allianz Group as part of the
employee stock purchase plan are generally subject to a three-year
lock-up period. During the lock-up period, employees can exercise
their voting rights.
2_The external provider for the global NPS survey changed for the measurement period 2025 - 2027. 2027
targets are set on a baseline measurement conducted with the new provider.
OTHER INFORMATION
B _ Management Report of Allianz SE
41
Annual Report 2024 – Allianz SE
Allianz SE is not aware of any direct or indirect interests in the share
capital that exceed 10 % of the voting rights.
There are no shares with special rights conferring powers of control.
The appointment and removal of members of Allianz SE’s Board of
Management is governed by Articles 9 (1), 39 (2) and 46 of the SE
Regulation, §§ 84, 85 AktG, § 24 (3) and § 47 No. 1 of the German
Insurance Supervision Act (“Versicherungsaufsichtsgesetz – VAG”), and
the Statutes. According to the Statutes, the Board of Management
shall consist of at least two persons; the Supervisory Board determines
the number of any additional members (§ 5 (1) of the Statutes). The
members of the Board of Management are appointed by the
Supervisory Board for a term of up to five years; reappointment is
permitted for a maximum of five years in each case (§ 5 (3) of the
Statutes). A simple majority of the votes cast in the Supervisory Board
is required to appoint members to the Board of Management. In the
case of a tie vote, the Chairperson of the Supervisory Board, who
pursuant to Article 42 of the SE Regulation must be a shareholder
representative, shall have the casting vote (§ 8 (3) of the Statutes). If
the Chairperson does not participate in the vote, the Vice-Chairperson
shall have the casting vote, provided they are a shareholder
representative. A Vice-Chairperson who is an employee representative
has no casting vote (§ 8 (3) of the Statutes).
Amendments to the Statutes are governed by Article 59 SE
Regulation, § 179 AktG, and the Statutes. § 13 (4) of the Statutes of
Allianz SE stipulates that, unless mandatory law requires otherwise,
changes to the Statutes require a two-thirds majority of the votes cast
at a General Meeting or, if at least one half of the share capital is
represented, a simple majority of the votes cast. Where the law
requires a majority in capital for a shareholder resolution, a simple
majority of the capital represented at the General Meeting is sufficient,
provided this is in line with legal requirements. The Supervisory Board
may alter the wording of the Statutes (§ 179 (1) AktG and § 10 of the
Statutes).
The Board of Management is authorized to issue shares as well as to
acquire and use treasury shares as follows:
It may increase the company’s share capital on or before 3 May 2027,
with the approval of the Supervisory Board, by issuing new registered
no-par value shares against contributions in cash and/or in kind, on
one or more occasions:
−
Up to a total of € 467,968,000 (Authorized Capital 2022/I): In case
of a capital increase against cash contribution, the Board of
Management may exclude the shareholders’ subscription rights
for these shares with the consent of the Supervisory Board (i) for
fractional amounts, (ii) in order to safeguard the rights pertaining
to holders of convertible bonds or bonds with warrants, including
mandatory convertible bonds, and (iii) in the event of a capital
increase of up to 10 %, if the issue price of the new shares is not
significantly below the stock market price. The Board of
Management may furthermore exclude the shareholders’
subscription rights with the consent of the Supervisory Board in the
event of a capital increase against contributions in kind.
−
Up to a total of € 15,000,000 (Authorized Capital 2022/II): The
shareholders’ subscription rights are excluded. New shares may
only be issued to employees of Allianz SE and its Group
companies.
The company’s share capital is conditionally increased by up to
€ 116,992,000 (Conditional Capital 2022). This conditional capital
increase will only be carried out to the extent that the holders of
convertible bonds, bonds with warrants, convertible participation
rights, participation rights, and subordinated financial instruments
issued against cash by Allianz SE or its subsidiaries, based on the
authorizations granted by the General Meeting on 4 May 2022,
exercise their conversion or option rights, or to the extent that
conversion obligations from such bonds are fulfilled, and to such
extent that treasury shares or shares from authorized capital are not
used for such purpose.
Under an authorization by the General Meeting on 8 May 2024,
the Board of Management may, until 7 May 2029, buy back Allianz
shares corresponding to up to 10 % of the lower of (i) the share capital
at the moment of the shareholder resolution and (ii) the share capital
at the moment of the buy-back, and to use those shares for other
purposes (§ 71 (1) No. 8 AktG). Together with other treasury shares that
are held by Allianz SE, or which are attributable to it under §§ 71a et
seq. AktG, such shares may not exceed 10 % of the share capital at any
time. The shares acquired pursuant to this authorization may be used,
under exclusion of the shareholders’ subscription rights, for any legally
admissible purposes, in particular those specified in the authorization.
Furthermore, the acquisition of treasury shares under this
authorization may also be carried out using derivatives.
The following essential agreements of the company are subject to a
change-of-control condition following a takeover bid:
−
Our reinsurance contracts, in principle, include a clause under
which both parties to the contract have an extraordinary
termination right if and when the counterparty merges with
another entity or its ownership or control situation changes
materially. Agreements with brokers regarding services connected
with the purchase of reinsurance cover also provide for
termination rights in case of a change of control. Such clauses are
standard market practice.
−
Allianz SE is also party to various bancassurance distribution
agreements for insurance products in various regions. These
distribution agreements normally include a clause under which the
parties have an extraordinary termination right in the event of a
change of control of the other party’s ultimate holding company.
−
Shareholder agreements and joint ventures to which Allianz SE is
a party often contain change-of-control clauses that provide, as
the case may be, for the termination of the agreement, or for put
or call rights that one party can exercise with regard to the joint
venture or the target company, if there is a change of control of
the other party.
−
The framework agreements between Allianz SE and the
subsidiaries of various car manufacturers relating to the
distribution of car insurance by the respective car manufacturers
each include a clause under which each party has an
extraordinary termination right in case there is a change of control
of the other party.
B _ Management Report of Allianz SE
42
Annual Report 2024 – Allianz SE
−
In some cases, bilateral credit agreements provide for termination
rights in the event of a change of control, mostly defined as the
acquisition of at least 30 % of the voting rights within the meaning
of § 29 (2) of the German Takeover Act (“Wertpapiererwerbs- und
Übernahmegesetz – WpÜG”). Where such termination rights are
exercised, the respective credit lines have to be replaced by new
credit lines under conditions then applicable.
−
Allianz Group sponsoring and similar partnership agreements
may provide for termination rights for the other party where there
is a change of control in relation to Allianz SE. These termination
rights are largely discretionary.
−
Under the Allianz Equity Incentive Program, Restricted Stock Units
(RSUs) – i.e., virtual Allianz shares – are granted to senior
management of the Allianz Group worldwide as a stock-based
remuneration component. The conditions for these RSUs contain
change-of-control clauses, which apply when a majority of the
voting share capital in Allianz SE is directly or indirectly acquired
by one or more third parties who do not belong to the
Allianz Group, and which provide for an exception from the usual
vesting and exercise periods. In line with the relevant general
conditions, the company will release the RSUs to plan participants
on the day of the change of control, without observing any vesting
period that would otherwise apply. The cash amount payable per
RSU must equal or exceed the average market value of the Allianz
share and the price offered per Allianz share in a preceding tender
offer. By providing for the non-application of the vesting period in
the event of a change of control, the terms take into account the
fact that the conditions influencing the share price are
substantially different when there is a change of control.
Annual Report 2024 – Allianz SE
43
FINANCIAL STATEMENTS OF ALLIANZ SE
C
C _ Financial Statements of Allianz SE
44
Annual Report 2024 – Allianz SE
€ thou
as of 31 December
Note
2024
2024
2023
ASSETS
A. Intangible assets
1, 2
I.
Self-created industrial property rights, and similar rights and assets
5,588
5,894
II. Licenses acquired against payment, industrial property rights,
and similar rights and assets as well as licenses for such rights and assets
796
298
6,383
6,192
B. Investments
1, 3 – 6
I.
Real estate, real estate rights, and buildings,
including buildings on land not owned by Allianz SE
333,139
309,266
II. Investments in affiliated enterprises and participations
78,085,726
76,780,581
III. Other investments
33,972,989
28,510,323
IV. Funds held by others under reinsurance business assumed
16,791,035
15,001,473
129,182,890
120,601,643
C. Receivables
I.
Accounts receivable on reinsurance business
1,565,425
1,833,117
thereof from affiliated enterprises: € 550,560 thou (2023: € 911,090 thou)
thereof from participations¹: € 56,996 thou (2023: € 53,020 thou)
II. Other receivables
7
4,803,917
5,419,777
thereof from affiliated enterprises: € 4,541,832 thou (2023: € 4,948,670 thou)
thereof from participations¹: € 506 thou (2023: € 76 thou)
6,369,341
7,252,894
D. Other assets
I.
Tangible fixed assets and inventories
13,829
12,501
II. Cash with banks, checks, and cash on hand
845,752
250,761
III. Miscellaneous assets
8
487,234
723,206
1,346,814
986,469
E. Deferred charges and prepaid expenses
9
I.
Accrued interest and rent
176,600
155,989
II. Other deferred charges and prepaid expenses
73,870
91,117
250,469
247,105
Total assets
137,155,898
129,094,304
1_Companies in which we hold a participating interest.
FINANCIAL STATEMENTS
BALANCE SHEET
C _ Financial Statements of Allianz SE
45
Annual Report 2024 – Allianz SE
€ thou
as of 31 December
Note
2024
2024
2024
2023
EQUITY AND LIABILITIES
A. Shareholders’ equity
11
I.
Issued capital
1,169,920
1,169,920
Less: mathematical value of own shares
749
778
1,169,171
1,169,142
II. Additional paid-in capital
28,042,295
28,037,586
III. Revenue reserves
1. Statutory reserve
1,229
1,229
2. Other revenue reserves
7,589,829
6,289,774
7,591,058
6,291,003
IV. Net earnings
6,364,106
5,939,146
43,166,630
41,436,877
B. Subordinated liabilities
12, 15
18,678,128
17,635,930
C. Insurance reserves
13
I.
Unearned premiums
1. Gross
3,341,400
2,680,919
2. Less: amounts ceded
32,631
34,240
3,308,769
2,646,678
II. Aggregate policy reserves
1. Gross
1,642,641
1,739,247
2. Less: amounts ceded
1,324,776
1,378,684
317,864
360,563
III. Reserves for loss and loss adjustment expenses
1. Gross
22,102,883
20,153,177
2. Less: amounts ceded
2,552,975
2,873,850
19,549,908
17,279,326
IV. Reserves for premium refunds
1. Gross
37,626
43,411
37,626
43,411
V. Claims equalization and similar reserves
2,810,797
2,713,554
VI. Other insurance reserves
1. Gross
62,545
40,871
2. Less: amounts ceded
1,202
1,202
61,343
39,669
26,086,308
23,083,203
D. Other provisions
14
10,508,562
10,617,515
E. Funds held with reinsurance business ceded
2,306,219
2,478,530
C _ Financial Statements of Allianz SE
46
Annual Report 2024 – Allianz SE
as of 31 December
Note
2024
2024
2024
2023
F. Other liabilities
I.
Accounts payable on reinsurance business
532,341
812,415
thereof to affiliated enterprises: € 271,848 thou (2023: € 432,780 thou)
thereof to participations¹: € 27 thou (2023: € 566 thou)
II. Bonds
15
3,157,842
3,170,013
thereof to affiliated enterprises: € 3,157,842 thou (2023: € 3,170,013 thou)
III. Liabilities to banks
15
287
445
IV. Miscellaneous liabilities
15
32,718,149
29,855,536
thereof for taxes: € 31,529 thou (2023: € 79,964 thou)
thereof for social security: € 255 thou (2023: € 280 thou)
thereof to affiliated enterprises: € 29,785,878 thou (2023: € 27,756,141 thou)
36,408,619
33,838,410
G. Deferred income
1,431
3,839
Total equity and liabilities
137,155,898
129,094,304
1_Companies in which we hold a participating interest.
C _ Financial Statements of Allianz SE
47
Annual Report 2024 – Allianz SE
€ thou
Notes
2024
2024
2024
2023
I. Technical account
1.
Premiums earned (net)
a) Gross premiums written
17
17,885,399
14,714,280
b) Ceded premiums written
(1,093,152)
(1,415,280)
16,792,247
13,299,000
c) Change in gross unearned premiums
(640,065)
(345,712)
d) Change in ceded unearned premiums
(2,509)
12,379
(642,574)
(333,333)
Premiums earned (net)
16,149,673
12,965,667
2.
Allocated interest return (net)
18
15,657
13,675
3.
Other underwriting income (net)
330
-
4.
Loss and loss adjustment expenses (net)
19
a) Claims paid
aa) Gross
(10,692,414)
(9,088,744)
ab) Amounts ceded in reinsurance
1,062,794
2,005,485
(9,629,621)
(7,083,259)
b) Change in reserve for loss and loss adjustment expenses (net)
ba) Gross
(1,724,729)
(1,819,230)
bb) Amounts ceded in reinsurance
(395,547)
(547,352)
(2,120,275)
(2,366,582)
Loss and loss adjustment expenses (net)
(11,749,896)
(9,449,841)
5.
Change in other insurance reserves (net)
20
22,838
9,284
6.
Expenses for premium refunds (net)
5,979
(4,590)
7.
Underwriting expenses (net)
21
(4,604,441)
(3,748,625)
8.
Other underwriting expenses (net)
(24,757)
(26,055)
9.
Subtotal (net underwriting result)
(184,616)
(240,486)
10. Change in claims equalization and similar reserves
(97,243)
(192,717)
11. Net technical result
(281,859)
(433,203)
INCOME STATEMENT
C _ Financial Statements of Allianz SE
48
Annual Report 2024 – Allianz SE
Notes
2024
2024
2024
2023
II. Non-technical account
1.
Investment income
22
12,059,316
11,157,505
2.
Investment expenses
23
(2,441,392)
(2,366,985)
3.
Investment result
9,617,924
8,790,519
4.
Allocated interest return
(34,688)
(31,213)
9,583,236
8,759,306
5.
Other income
5,242,658
4,112,859
6.
Other expenses
(6,686,976)
(4,752,970)
7.
Other non-technical result
24
(1,444,318)
(640,111)
8.
Non-technical result
8,138,918
8,119,195
9.
Net operating income
7,857,059
7,685,991
10. Income taxes
25
(439,562)
(92,373)
Amounts charged to other Group companies
1,173,588
407,142
734,026
314,769
11. Other taxes
10,126
50,053
12. Taxes
744,152
364,822
13. Net income
8,601,211
8,050,813
14. Unappropriated earnings carried forward
562,895
388,333
15. Transfer to revenue reserves
To other revenue reserves
(2,800,000)
(2,500,000)
(2,800,000)
(2,500,000)
16. Net earnings
26
6,364,106
5,939,146
C _ Financial Statements of Allianz SE
49
Annual Report 2024 – Allianz SE
NATURE OF OPERATIONS AND BASIS OF PREPARATION
Allianz SE, the holding and reinsurance company of the Allianz
Group, is located at Königinstraße 28, 80802 Munich, and registered
in the Commercial Register of the municipal court in Munich under
HRB 164232 and is publicly listed.
The annual financial statements of Allianz SE and the consolidated
financial statements of the Allianz Group are published digitally in the
company register (“Unternehmensregister”).
Our financial statements and the management report have been
prepared in accordance with the regulations of the German
Commercial Code (HGB), the German Stock Corporation Act (AktG),
the Law on the Supervision of Insurance Enterprises (VAG), and the
Government Order on the External Accounting Requirements of
Insurance Enterprises (RechVersV).
All amounts in these financial statements are presented in
thousands of euro (€ thou), unless otherwise stated.
ACCOUNTING, VALUATION, AND CALCULATION METHODS
Intangible assets are recorded at acquisition or construction cost less
depreciation. They are amortized on a straight-line basis over a useful
life of generally three to five years. In case of a permanent impairment,
an unscheduled write-down is recognized. Based on the capitalization
option in accordance with § 248 (2) sentence 1 of the German
Commercial Code, the internally generated intangible assets are
capitalized.
These items are recorded at acquisition or construction cost less
depreciation in accordance with § 253 (1) sentence 1 of the German
Commercial Code in conjunction with § 341b (1) sentence 1 of the
German Commercial Code. Depreciation is measured mainly using a
straight-line method according to ordinary useful life. The useful life of
newly acquired properties is based on the remaining useful life in
the purchase report. For all other assets, we use tax depreciation
tables. In case of a permanent impairment, the values of these items
are adjusted through unscheduled write-downs.
Shares in affiliated enterprises and participations
These are recorded at cost less impairments, in accordance with
§ 341b (1) of the German Commercial Code in conjunction with
§ 253 (3) sentence 5 of the German Commercial Code.
Impairments are measured either as the difference between the
acquisition cost and the respective value, in accordance with IDW RS
HFA 10 in conjunction with IDW S1, or as the difference between the
acquisition cost and the lower share price as of 31 December 2024, or
in some cases as the difference between the acquisition cost and the
net asset value.
Wherever the market value on the balance sheet date is higher
than the previous year’s valuation, the value is written up to no more
than the historical acquisition cost.
Loans in affiliated enterprises and participations
These items are normally recorded at cost less impairments, in
accordance with § 253 (3) sentence 5 of the German Commercial
Code. However, when converting foreign currency loans into euro at
the reporting date, the strict lower of cost or market value principle is
applied.
Stocks, interests in funds, debt securities and other
fixed and variable income securities, miscellaneous
investments
These items are generally valued in accordance with § 341b (2) of the
German Commercial Code in conjunction with § 253 (1), (4), and (5) of
the German Commercial Code, using either the acquisition cost or the
stock exchange or market value on the balance sheet date, whichever
is lower. We calculate the acquisition cost by averaging the different
acquisition costs for securities of the same type.
NOTES TO THE FINANCIAL STATEMENTS
C _ Financial Statements of Allianz SE
50
Annual Report 2024 – Allianz SE
Registered bonds, debentures, and loans
These items are recorded at cost less impairments in accordance with
§ 253 (3) sentence 5 of the German Commercial Code. In accordance
with § 341c of the German Commercial Code, amortized cost
accounting is applied and the difference between acquisition cost and
the redemption amount is amortized over the remaining period, based
on the effective interest method.
Assets to meet liabilities resulting from retirement
provision commitments
These assets are recorded at fair value in accordance with § 253 (1)
of the German Commercial Code, and offset against the liabilities in
accordance with § 246 (2) of the German Commercial Code. Group life
insurance contracts are recorded at asset value.
If the liabilities exceed the fair value, the exceeding amount will
be shown under other provisions. If the fair value of the assets exceeds
the liabilities, the exceeding amount is shown as an excess of plan
assets over pensions and similar obligations.
These items are recorded at acquisition cost less depreciation on a
straight-line basis. The expected useful life is based on the tax
depreciation tables. Low-value assets worth up to € 250 are written off
immediately. A compound item for tax purposes formed in accordance
with § 6 (2a) of the German Income Tax Act (EStG) for assets from € 250
to € 1,000 is depreciated by one fifth each year.
When calculating deferred taxes, deferred tax assets and liabilities are
offset.
Based on the capitalization option in accordance with § 274 (1)
sentence 2 of the German Commercial Code, the surplus of deferred
tax assets over deferred tax liabilities is not recognized.
These consist of the following:
−
funds held by others under reinsurance business assumed,
−
bank deposits,
−
accounts receivable on reinsurance business,
−
other receivables,
−
cash with banks and cash on hand.
These items are recorded at face value less repayments and
impairments.
These consist of the following:
−
unearned premiums,
−
aggregate policy reserves,
−
reserves for loss and loss adjustment expenses,
−
reserves for premium refunds,
−
claims equalization and similar reserves,
−
other insurance reserves.
Insurance reserves are set up according to the German Commercial
Code and the Government Order on the External Accounting
Requirements of Insurance Enterprises (RechVersV) requirements. The
primary goal is to ensure our ongoing ability to satisfy reinsurance
contract liabilities in all cases. Generally, reinsurance reserves are
booked according to the cedent’s statements. For claims incurred but
not yet reported, or not sufficiently reported, additional reserves are
calculated using actuarial techniques.
Insurance reserves in the ceded reinsurance business are
calculated according to the terms of the retrocession contracts.
Unearned premiums are accrued premiums already written for
future risk periods. They are calculated in accordance with German
accounting principles, partly on the basis of information received from
the cedents and partly using nominal percentages. Where unearned
premiums are calculated using such percentages, these are based on
many years of experience and the latest information available.
Aggregate policy reserves for Life/Health reinsurance are generally
recorded according to the amounts in the cedent’s statements.
Reserves for loss and loss adjustment expenses are established
for the payment of losses and loss adjustment expenses on claims that
have occurred but are not yet settled. Reserves for loss and loss
adjustment expenses fall into two categories: case reserves for
reported claims, and reserves for losses incurred but not yet reported,
or not sufficiently reported.
Reserves for premium refunds are generally recorded according
to the amounts in the cedent’s statements.
For Property-Casualty reinsurance, the equalization reserve, the
reserve for nuclear power plants, the product liability reserve for major
pharmaceutical risks, and reserves for risks relating to terrorist attacks
are calculated according to § 341h of the German Commercial Code
in conjunction with § 29 and § 30 of the Government Order on the
External Accounting Requirements of Insurance Enterprises. The
reserves are set up to moderate substantial fluctuations in the claims
of individual lines of business. In cases where above-average or
below-average claims occur, changes in the reserves mitigate the
technical result for the individual lines of business.
Other insurance reserves are generally recorded according to the
amounts in the cedent’s statements.
Pension provisions are calculated applying actuarial principles. Other
obligations, such as provisions for jubilee payments, early retirement
payments and phased in early retirement benefits are also calculated
in accordance with actuarial principles.
According to § 253 (2) sentence 1 of the German Commercial Code,
the discount rate used for calculating the pension obligations has to
be derived from a 10-year average; for calculating other obligations, it
has to be derived from a 7-year average.
§ 253 (6) sentence 2 of the German Commercial Code states that
a positive difference resulting from the calculation of pension
obligations with the discount rate of 7-year average versus 10-year
average is earmarked for profit distribution.
Apart from that, with respect to the discount rate, the
simplification option set out in § 253 (2) sentence 2 of the German
Commercial Code has still been applied (duration of fifteen years). The
effect resulting from the change in the discount rate is reported under
other non-technical result.
For further information regarding the accounting for pensions
and similar obligations, please refer to note 14 to our financial
statements.
Remaining other provisions are recognized at the settlement
amount. Long-term provisions are discounted applying the net
approach in accordance with IDW RS HFA 34.
These consist of the following:
−
subordinated liabilities,
−
funds held with reinsurance business ceded,
−
other liabilities.
These items are valued at the settlement amount. Annuities are recorded
at present value.
C _ Financial Statements of Allianz SE
51
Annual Report 2024 – Allianz SE
Accrued interest and rent are valued at nominal amounts. Premiums
and discounts carried forward as prepaid income and expenses are
amortized over the remaining life of the related financial instruments.
Transactions are generally recorded in the original currency and
converted into euro at the relevant daily rate (middle forex spot rate).
Loans to affiliated enterprises denominated in foreign currencies
are converted into euro using the middle forex spot rate as of the
reporting date, and applying the strict lower of cost or market value
principle.
The valuation of foreign currency shares in affiliated enterprises
and participations, stocks, interests in funds, and other variable and
fixed-income securities is performed by converting their value from
the original currency into euro, using the middle forex spot rate as of
the reporting date.
Comparing the acquisition cost in euro with the value in euro as
described above, the moderate lower-value principle is applied for
affiliated enterprises and participations. For other investments, the
strict lower of cost or market value principle is applied.
As a result of this valuation method, currency gains and losses
are not separately determined and shown as foreign-exchange
gains/losses in the other non-technical result. Instead, the net effect
of both changes (exchange rate and value in original currency) is
reflected in the impairments/reversals of impairments and in the
realized gains/losses calculated for these asset classes and is
disclosed in the investment result.
Issued debt securities and borrowings denominated in foreign
currencies are converted into euro at the middle forex spot rate as of
the reporting date. Unrealized losses are recognized immediately in
the income statement, while unrealized gains are not.
All other monetary assets and liabilities with a remaining term
of one year or less recorded in foreign currency are valued at the
middle forex spot rate as of the reporting date. Both unrealized losses
and gains resulting from the valuation of these foreign currency
positions are reflected immediately in the other non-technical result, as
according to § 256a of the German Commercial Code neither § 253 (1)
sentence 1 nor § 252 (1) number 4 clause 2 of the German Commercial
Code are applicable.
Allianz SE made use of the option of forming valuation units as
defined in § 254 of the German Commercial Code. This option is used
for derivative contracts in which Allianz SE acts as an intra-group
clearing agency. In this function, Allianz SE enters into derivative
transactions with other Group companies and hedges the exposure
resulting from these transactions by entering into mirror positions with
the same term and structure but with different partners. Opposing
positions whose performances completely offset each other have
been combined into valuation units and form a perfect micro hedge.
When accounting for valuation units, we apply the “freezing”
method, which means that mutually offsetting changes in value
of opposing positions (i.e., within valuation units) are not recorded in
the income statement. More details regarding derivative transactions
combined into valuation units are explained in note 16 to our financial
statements.
C _ Financial Statements of Allianz SE
52
Annual Report 2024 – Allianz SE
1 _ Change of assets A., B.I. through B.III.
Values stated as of
1 January 2024
Additions
(+)
Transfers
Disposals
(-)
Revaluation
(+)
Depreciation
(-)
Net additions
(+)
Net disposals
(-)
Values stated as of
31 December 2024
€ thou
%
€ thou
€ thou
€ thou
€ thou
€ thou
€ thou
€ thou
%
A.
Intangible assets
1. Self-created industrial property rights, and similar rights and assets
5,894
2,121
-
-
-
2,427
(306)
5,588
2. Licenses acquired against payment, industrial property rights, and
similar rights and assets as well as licenses for such rights and assets
298
696
-
-
-
198
498
796
Subtotal A.
6,192
2,817
-
-
-
2,625
191
6,383
B.I. Real estate, real estate rights, and buildings, including buildings on
land not owned by Allianz SE
309,266
0.3
33,797
-
3,072
-
6,852
23,873
333,139
0.3
B.II. Investments in affiliated enterprises and participations
1. Shares in affiliated enterprises
74,461,150
70.5
4,414,826
-
3,099,354
-
-
1,315,471
75,776,622
67.4
2. Loans to affiliated enterprises
1,182,800
1.1
40,000
-
40,000
-
-
-
1,182,800
1.1
3. Participations
1,133,296
1.1
-
-
7,944
-
4,364
(12,307)
1,120,988
1.0
4. Loans to participations
3,335
-
1,981
-
-
-
-
1,981
5,316
-
Subtotal B.II.
76,780,581
72.7
4,456,806
-
3,147,298
-
4,364
1,305,144
78,085,726
69.5
B.III. Other investments
1. Stocks, interests in funds, and other variable-income securities
2,702,345
2.6
245,239
-
178,340
37,569
155,881
(51,414)
2,650,932
2.4
2. Debt securities and other fixed-income securities
23,023,400
21.8
73,716,478
-
68,272,660
190,509
113,453
5,520,874
28,544,274
25.4
3. Other loans
a) Registered bonds
1,287,302
1.2
424,409
-
828,703
-
-
(404,294)
883,008
0.8
b) Loans and promissory notes
228,146
0.2
20,179
-
98,200
-
-
(78,022)
150,124
0.1
4. Bank deposits
1,269,129
1.2
475,522
-
-
-
-
475,522
1,744,651
1.6
Subtotal B.III.
28,510,323
27.0
74,881,826
-
69,377,903
228,078
269,334
5,462,666
33,972,989
30.2
Subtotal B.I. – B.III.
105,600,170
100.0
79,372,429
-
72,528,274
228,078
280,550
6,791,684
112,391,854
100.0
Total
105,606,362
79,375,246
-
72,528,274
228,078
283,175
6,791,875
112,398,238
2 _ Intangible assets
The book value of intangible assets totaled € 6 mn (2023: € 6 mn) and
mainly consists of internally generated software.
SUPPLEMENTARY INFORMATION ON ASSETS
C _ Financial Statements of Allianz SE
53
Annual Report 2024 – Allianz SE
3 _ Market value of investments
Fair values and carrying amounts of the investments, subdivided into
individual asset categories, were as follows:
Book values and market values of investments
€ bn
Book value
Market value
Valuation reserve
as of 31 December
2024
2023
2024
2023
2024
2023
Real estate
0.3
0.3
1.1
1.1
0.8
0.8
Equity securities
Shares in affiliated enterprises
75.8
74.5
80.2
78.2
4.4
3.7
Participations
1.1
1.1
1.9
1.7
0.8
0.6
Stocks, interests in funds, and other variable-income securities
2.7
2.7
2.7
2.7
-
-
Subtotal equity securities
79.5
78.3
84.8
82.6
5.3
4.3
Debt securities
28.5
23.0
28.7
23.2
0.1
0.1
Loans
Loans to affiliated enterprises
1.2
1.2
1.2
1.2
-
-
Other loans
1.0
1.5
1.0
1.5
-
-
Subtotal loans
2.2
2.7
2.2
2.7
-
-
Bank deposits
1.7
1.3
1.7
1.3
-
-
Funds held by others under reinsurance business assumed
16.8
15.0
16.8
15.0
-
-
Total
129.2
120.6
135.3
125.8
6.2
5.2
Real estate
Land and buildings are valued using the Discounted Cash Flow
method, or at cost for new buildings. The fair value is determined
during the financial year.
Equity securities
Investments in companies quoted on the stock exchange are generally
measured by the stock exchange price quoted on the last trading
day of 2024. Non-quoted companies are generally valued at their
net asset value, calculated using the German Association for Financial
Analysis and Asset Management’s (DVFA) method. The transaction
prices are used for recent transactions. In individual cases, market-
based valuation models based on market multiples of relevant peers
or internal valuation models considering the individual conditions
defined in shareholder agreements are applied.
Debt securities
These items are measured at the stock exchange value quoted on the
last trading day of 2024 or, if there is no active market, at the prices
obtained from brokers or pricing services.
Loans
Loans are valued using the Discounted Cash Flow method. Relevant
discount rates are derived from observable market parameters
and reflect the remaining life and credit risk of the instruments.
Bank deposits and funds held by others under
reinsurance business assumed
There are no differences between the book value and the fair value of
these items.
We disregarded market value declines of € 12 mn for loans with a
book value of € 317 mn. Based on the expected development of
market conditions, the decline in market value is not expected to be
of an enduring nature. We intend to hold loans until maturity in order
to ensure a repayment at par value.
4 _ Real estate, real estate rights and
buildings
The book value of own property for own use amounted to € 205 mn
(2023: € 182 mn).
C _ Financial Statements of Allianz SE
54
Annual Report 2024 – Allianz SE
5 _ Investments in affiliated enterprises
and participations
€ bn
as of 31 December
2024
2023
Change
Shares in affiliated enterprises
75.8
74.5
1.3
Loans to affiliated enterprises
1.2
1.2
-
Participations
1.1
1.1
-
Total
78.1
76.8
1.3
The book value of shares in affiliated companies increased by € 1.3 bn
to € 75.8 bn (2023: € 74.5 bn). This increase in book value is composed
as follows:
−
Contributions in kind of our subsidiaries Allianz of Asia-Pacific and
Africa GmbH, Allianz Malaysia Berhard, Allianz Ayudhya Capital
Public Limited and Allianz Ayudhya Assurance Public Company
Limited as well as of our 33 % stake in Allianz UK Limited to Allianz
Europe B.V., leading to book value decreases totaling € 2.1 bn and
raising the book value of Allianz Europe B.V., also by € 2.1 bn.
−
Merger of Allianz Finanzbeteiligungs GmbH into Allianz Asset
Management GmbH, resulting in a book value reduction of
€ 0.9 bn due to the divestiture of Allianz Finanzbeteiligungs GmbH
as well as a corresponding € 0.9 bn book value increase of our
subsidiary Allianz Asset Management GmbH.
−
Various further capital increases of Group companies raising the
book value by € 1.4 bn, partially offset by capital decreases
amounting to € 0.1 bn.
6 _ Interests in investment funds
Details on interests in investment funds in accordance with § 285 (26)
of the German Commercial Code for Allianz SE shareholdings greater
than 10.0 %:
€ thou
as of
31 December 2024
Book value
Fair value
Valuation
reserve
Dividend
distribution
Equity funds
Allianz China
Healthy Living Fund
3,439
3,439
-
-
Allianz Alpha Sector
Rotation
4,460
4,460
-
-
Allianz High Dividend
Global Sharia Equity
Dollar
6,086
7,419
1,333
64
Allianz China Select
Hybrid Equity Fund
7,623
8,878
1,255
-
Allianz Thematic
Income
9,727
9,727
-
-
Subtotal equity funds
31,335
33,923
2,588
64
Bond funds
Allianz RE Asia Fund
1,444,729
1,456,636
11,907
21,224
Allianz SE – PD Fund
1,068,112
1,068,112
-
-
Reksa Dana Allianz
Usd Fixed Income
Fund
3,043
3,214
171
-
Allianz SE Ashmore
Emerging Markets
Corporates Fund
95,950
95,950
-
-
Subtotal bond funds
2,611,834
2,623,912
12,078
21,224
Multi asset funds
Allianz Legacy
Builder Fund
3,565
3,741
176
-
Subtotal multi asset
funds
3,565
3,741
176
-
Money market funds
Allianz Rupiah Liquid
Fund
3,000
3,115
115
-
Subtotal money
market funds
3,000
3,115
115
-
Total
2,649,734
2,664,691
14,957
21,288
The fund shares can be redeemed each trading day.
7 _ Other receivables
As of 31 December 2024, other receivables amounted to € 4,804 mn
(2023: € 5,420 mn). They mainly comprise receivables from profit
transfer agreements amounting to € 3,380 mn (2023: € 3,196 mn),
receivables from cash pooling of € 889 mn (2023: € 1,541 mn), and tax
receivables of € 216 mn (2023: € 451 mn).
8 _ Miscellaneous assets
At the end of the financial year, this position mainly included variation
margins paid in connection with financial derivative transactions
(€ 480 mn).
9 _ Deferred charges and prepaid
expenses
This item includes accrued interest in the amount of € 177 mn (2023:
€ 156 mn), which mainly results from our investments in debt securities
and loans as well as other deferred charges and prepaid expenses
amounting to € 74 mn (2023: € 91 mn). The latter mainly comprise the
discount on borrowings from affiliated enterprises as well as lump-sum
payments for advertising agreements.
10 _ Collateral
Assets amounting to € 111 mn (2023: € 127 mn), of which € 23 mn
(2023: € 26 mn) were in favor of affiliated enterprises, were pledged
as collateral for liabilities.
C _ Financial Statements of Allianz SE
55
Annual Report 2024 – Allianz SE
11 _ Shareholders’ equity
Issued capital as of 31 December 2024 amounted to € 1,169,920,000,
divided into 386,166,676 fully paid registered shares. The shares have
no-par value but a mathematical per-share value as a proportion of
the issued capital.1
As of 31 December 2024, Allianz SE had authorized capital with a
notional amount of € 467,968,000 for the issuance of new shares
until 3 May 2027 (Authorized Capital 2022/I). The shareholders’
subscription rights can be excluded for capital increases against
contribution in kind. For a capital increase against contributions in
cash, the subscription rights can be excluded: (i) for fractional
amounts, (ii) to the extent necessary to grant subscription rights to new
shares to holders of bonds (including participation rights) issued by
Allianz SE or its Group companies that carry conversion or option rights
or conversion obligations to shares in Allianz SE to the extent that such
holders would be entitled to after having exercised their conversion or
option rights or after any conversion obligation had been fulfilled, and
(iii) if the issue price is not significantly below the market price and
the shares issued under exclusion of the subscription rights pursuant
to § 186 (3) sentence 4 of the German Stock Corporation Act
(Aktiengesetz) do not exceed 10 % of the share capital, neither on the
date on which this authorization takes effect nor on the date of
exercise of this authorization. The sale of treasury shares shall be
counted towards this limitation, provided that the sale occurs during
the term of this authorization, subject to the exclusion of subscription
rights in the corresponding application of § 186 (3) sentence 4 AktG.
Furthermore, such shares shall count towards this limitation that are
to be issued to service bonds (including participation rights) with
conversion or option rights and/or conversion obligations, provided
that these bonds (including participation rights) were issued during
the term of this authorization, subject to exclusion of subscription
rights in the corresponding application of § 186 (3) sentence 4 AktG.
The subscription rights for new shares from the Authorized Capital
1_Mathematical per-share value € 3.03 (rounded).
2022/I and the Conditional Capital 2022 may only be excluded for
the proportionate amount of the share capital of up to
€ 116,992,000 (corresponding to 10 % of the share capital at year-end
2024).
In addition, Allianz SE has authorized capital (Authorized Capital
2022/II) for the issuance of new shares against contributions in cash
until 3 May 2027. The shareholders’ subscription rights are excluded.
The new shares may only be issued to employees of Allianz SE and
its Group companies. As of 31 December 2024, the Authorized Capital
2022/II amounted to € 15,000,000.
As of 31 December 2024, Allianz SE had conditional capital totaling
€ 116,992,000 (Conditional Capital 2022). This conditional capital
increase shall be carried out only if conversion or option rights
attached to bonds (including participation rights) which Allianz SE or
its Group companies have issued against cash payments according to
the resolutions of the Annual General Meeting (AGM) on 4 May 2022
are exercised or the conversion obligations under such bonds are
fulfilled, and only to the extent that the conversion or option rights or
conversion obligations are not serviced through treasury shares,
through shares from authorized capital, or through other forms of
fulfillment.
Number of issued shares outstanding
2024
2023
Number of issued shares outstanding as of
1 January
391,458,589
401,589,162
Changes in number of treasury shares
13,155
1,464,440
Cancellation of issued shares
(5,552,307)
(11,595,013)
Number of issued shares outstanding
as of 31 December
385,919,437
391,458,589
Treasury shares1
247,239
260,394
Total number of issued shares
386,166,676
391,718,983
1_Thereof 247,239 (2023: 260,394) own shares held by Allianz SE.
The Board of Management and the Supervisory Board propose
that
the
net
earnings
(“Bilanzgewinn”)
of
Allianz SE
of
€ 6,364,105,680.15 for the 2024 fiscal year shall be appropriated as
follows:
−
Distribution of a dividend of € 15.40 per no-par share entitled to a
dividend: € 5,943,159,329.80
−
Unappropriated earnings carried forward: € 420,946,350.35.
The proposal for appropriation of net earnings reflects the 247,239
treasury shares held directly and indirectly by the company as of
31 December 2024. Such treasury shares are not entitled to the
dividend pursuant to § 71b of the German Stock Corporation Act
(AktG). Should there be any change in the number of shares entitled to
the dividend by the date of the Annual General Meeting, the above
proposal will be amended accordingly and presented for resolution
on the appropriation of net earnings at the Annual General Meeting,
with an unchanged dividend of € 15.40 per each share entitled to
dividend.
SUPPLEMENTARY INFORMATION ON EQUITY AND LIABILITIES
C _ Financial Statements of Allianz SE
56
Annual Report 2024 – Allianz SE
As of 31 December 2024, Allianz SE held 247,239 (2023: 260,394)
treasury shares. Of these, 47,239 (2023: 60,394) were held for
covering future subscriptions by employees in Germany and abroad
in the context of Employee Stock Purchase Plans. 200,000 (2023:
200,000) were held as a hedge for obligations from the Allianz Equity
Incentive Program.
In 2024, 728,881 (2023: 818,526) treasury shares were transferred
to employees of Allianz SE and its subsidiaries in Germany and
abroad. This includes 113,315 (2023: 104,383) shares granted as part
of the so-called “free share program” (“Gratisaktienprogramm”). The
60,394 (2023: 54,482) treasury shares earmarked for the purposes of
Employee Stock Purchase Plans from the previous year were fully
consumed and, in addition, 715,726 (2023: 824,435) treasury shares
were acquired from the market for this purpose. In addition,
5,195 (2023: 10,240) shares were acquired from the market and
transferred free of charge to tied agents in Germany.
As in previous years, no capital increase for the purpose of
Employee Stock Purchase Plans was carried out in 2024. Employees of
the Allianz Group purchased approximately 75 % of the shares of the
purchase plan at a reference price of € 299.06 (2023: € 224.11) per
share and were allocated one additional share per three shares
purchased, which is equivalent to a discount of approximately 25 %.
The shares were sold to employees at an average price of
€ 224.30 (2023: € 168.08).
In the year ending 31 December 2024, the total number of
treasury shares of Allianz SE decreased by 13,155, which
corresponds to a decrease by € 39,854.03 or by 0.003 % of issued
capital.
The treasury shares of Allianz SE and its subsidiaries represented
€ 749,028.51 (2023: € 777,700.75) or 0.06 % (2023: 0.07 %) of the issued
capital.
In its meeting on 22 February 2024, the Board of Management
of Allianz SE resolved to carry out a share buy-back program in
an amount of up to € 1 bn within a period between beginning of
March 2024 and 31 December 2024 (Share Buy-Back Program
2024/I), based on the authorization granted by the Annual General
Meeting on 4 May 2022. In the period between 11 March 2024 and
24 July 2024, a total of 3,791,467 treasury shares with a market value
of € 999,999,697.86 were acquired for an average price of € 263.75.
In its meeting on 7 August 2024, the Board of Management of
Allianz SE resolved to carry out an additional share buy-back program
in an amount of up to € 500 mn within a period between mid-
August 2024 and 31 December 2024 (Share Buy-Back Program
2024/II), based on the authorization granted by the Annual General
Meeting on 8 May 2024. In the period between 19 August 2024 and
8 October 2024, a total of 1,760,840 treasury shares with a market
value of € 499,999,721.04 were acquired for an average price of
€ 283.96.
All of the treasury shares acquired within the Share Buy-Back
Programs 2024/I and 2024/II have been redeemed according to the
simplified procedure without reduction of the share capital.
Additional paid-in capital
€ thou
As of 31 December 2023
28,037,586
Own shares: realized gains
4,710
As of 31 December 2024
28,042,295
Revenue reserves
€ thou
as of 31 December
2023
Own shares
exceeding
mathematical value
Own shares:
cancellation1
Transfer
to revenue reserves
2024
1. Statutory reserve
1,229
-
-
-
1,229
2. Other revenue reserves2
6,289,774
(502)
(1,499,444)
2,800,000
7,589,829
Total
6,291,003
(502)
(1,499,444)
2,800,000
7,591,058
1_Share Buy-Back Program 2024: acquisition costs for the repurchased and cancelled Allianz SE shares.
2_Thereof reserves for own shares € 749 thou (2023: € 778 thou).
The unappropriated reserves plus the unappropriated earnings
carried forward are not fully available for the distribution of a dividend
due to legal restrictions.
The unappropriated reserves of Allianz SE correspond to the other
revenue reserves.
Of the unappropriated reserves plus the unappropriated earnings
carried forward, a total of € 18,133 thou (2023: € 103,728 thou) is
exempt from dividend distribution. Of this amount, € 0 thou (2023:
€ 93,184 thou) are due to the legal requirement for discounting pension
obligations according to § 253 (2) sentence 1 in connection with
§ 253 (6) of the German Commercial Code.
Another € 5,588 thou (2023: € 5,894 thou) account for internally
generated intangible assets according to § 268 (8) sentence 1 of
the
German
Commercial
Code,
and
€ 11,796 thou
(2023:
€ 3,872 thou) account for the surplus of the fair value of pension plan
assets and phased-in early retirement plan assets compared to the
acquisition costs according to § 268 (8) sentence 3 of the German
Commercial Code.
Another € 749 thou (2023: € 778 thou) correspond to the
mathematical value of own shares deducted from issued capital
according to § 272 (1a) of the German Commercial Code.
C _ Financial Statements of Allianz SE
57
Annual Report 2024 – Allianz SE
12 _ Subordinated liabilities
Subordinated liabilities increased to € 18.7 bn in 2024 (2023:
€ 17.6 bn) and are exclusively attributable to external subordinated
liabilities resulting from bonds directly issued by Allianz SE. In 2024,
Allianz SE placed two subordinated bonds, with volumes of € 1.0 bn,
and USD 1.25 bn (equals € 1.2 bn) and repaid a € 1.5 bn subordinated
bond. Foreign currency translation losses of € 0.4 bn related to our
bonds denominated in USD contributed to the overall book value
increase of this position.
13 _ Insurance reserves
€ thou
as of 31 December 2024
Unearned premiums
Aggregate
policy reserves
Reserves for
loss and loss
adjustment expenses
Reserves for
premium refunds
Claims equalization
and similar reserves
Other insurance
reserves
Total
Motor
1,387,232
-
6,978,423
-
-
23,751
8,389,406
Fire and property reinsurance
894,462
-
4,208,673
8,648
775,410
7,477
5,894,671
Liability
283,708
-
4,783,058
3,210
514,319
2,226
5,586,521
Life
69,103
278,702
335,797
784
-
(348)
684,038
Marine and aviation
88,066
-
484,324
-
224,878
364
797,632
Personal accident
52,801
38,072
800,916
473
1,851
1,415
895,527
Credit and bond
30,527
-
427,573
24,389
510,781
24,101
1,017,371
Legal expenses
51,956
-
463,941
-
93,680
91
609,668
Health
13,735
1,090
16,993
-
-
1
31,819
Other lines
437,178
-
1,050,211
123
689,878
2,266
2,179,655
Total
3,308,769
317,864
19,549,908
37,626
2,810,797
61,343
26,086,308
The increase of the insurance reserves was mainly driven by the
reserves for loss and loss adjustment expenses.
Aggregate policy reserves declined by € 43 mn to € 318 mn, which
was mainly attributable to the life reinsurance.
Reserves for loss and loss adjustment expenses increased by 13.1 % to
€ 19,550 mn, mainly driven by motor reinsurance.
In 2024, claims equalization and similar reserves increased by € 97 mn
to € 2,811 mn. This development was mainly driven by the lines of
reinsurance for marine and aviation, credit and bond as well as legal
expenses.
C _ Financial Statements of Allianz SE
58
Annual Report 2024 – Allianz SE
14 _ Other provisions
Development of other provisions
€ thou
Provision
Use
Release1
Additions1
Reversal of discounting
Provision
1 January 2024
(-)
(-)
(+)
(+)
31 December 2024
Provisions for pensions and similar liabilities
8,873,217
346,954
139,590
168,434
64,803
8,619,909
Tax provisions
663,898
2,787
49,878
261,931
-
873,163
Miscellaneous
1. Anticipated losses
607,090
255,899
33,901
165,157
-
482,447
2. Remaining provisions
473,310
218,106
64,385
342,305
(81)
533,043
Total
10,617,515
823,746
287,755
937,826
64,722
10,508,562
1_Including currency translation effects.
The total of other provisions declined by € 109 mn. This decrease
resulted mainly from the reduction of the pension liabilities by
€ 253 mn, which was partially offset by the increase of the tax
provisions by € 209 mn. The provisions for anticipated losses, which
resulted exclusively from derivative transactions, went down by
€ 125 mn.
Allianz SE has made pension promises for which pension
provisions are recognized. Part of these pension obligations are
secured by “Contractual Trust Arrangements” (Methusalem Trust e.V.).
These trust assets constitute offsettable plan assets, with the asset
value/market value being used as the fair value.
In 1985, the pension provisions of the German subsidiaries were
centralized by transferring the corresponding assets to Allianz SE. As
a result, Allianz SE has a joint liability for a large part of these old
pension promises. The German subsidiaries reimburse the costs, with
Allianz SE assuming responsibility for settlement. Consequently, these
pension provisions are reported by Allianz SE.
As of 1 January 2015, Allianz SE completely assumed the
obligations
resulting
from
the
agents
pension
fund
(“Vertreterversorgungswerk – VVW”) from Allianz Beratungs- und
Vertriebs-AG. Effective from 1 January 2017, the German subsidiaries
only reimburse the service costs for their employees. There is no longer
any cost reimbursement for the risks arising from changes in interest
rate, inflation, and mortality tables.
The following table shows a breakdown of pension provisions:
Settlement amount of the offset liabilities
€ thou
as of 31 December
2024
2023
Old pension promises of the German subsidiaries
2,029,004
2,165,571
Pension promises of Allianz SE
agents pension fund (VVW)
6,506,718
6,610,021
old pension promises to employees
287,545
296,979
contribution-based pension plans
413,929
389,954
deferred compensation
143,782
142,532
Total
9,380,979
9,605,057
The settlement amount is calculated on the basis of the projected
unit credit method and/or reported as the present value of the
entitlements acquired. In the case of security-linked pension plans, the
fair value of the offset assets is shown.
Due to the fact that there is no employment relationship between
the tied agents and Allianz SE, and since Allianz Beratungs- und
Vertriebs-AG no longer reimburses any costs, the pension obligations
resulting from the VVW are recorded at their full present value.
Actuarial parameters
%
as of 31 December
2024
2023
Discount rate (10-year average)
1.90
1.83
Discount rate (7-year average)
1.97
1.76
Rate of pension trend1
2.00
2.00
Rate of salary increase
(including average career trend)
3.25
3.25
1_In the previous year, an increased pension trend of 5.5 % per year was used for the period 2022
to 2024 due to high inflation. This inflation backlog is now taken into account in the pension
adjustment as of 1 January 2025.
Contrary to the above rates, part of the pension promises are
calculated using a guaranteed pension increase rate of 1.00 % p.a.
The mortality tables used are the Heubeck’s RT2018G tables,
which have been adjusted with respect to mortality, disability, and labor
turnover to reflect company-specific circumstances.
The retirement age applied is the contractual or legal retirement
age.
C _ Financial Statements of Allianz SE
59
Annual Report 2024 – Allianz SE
Supplementary information
€ thou
as of 31 December
2024
2023
Historical costs of the offset assets
750,131
728,333
Settlement amount of the offset liabilities
9,380,979
9,605,057
(-) Fair value of the offset assets
761,070
731,840
Provisions for pensions and similar liabilities
8,619,909
8,873,217
Allianz SE has obligations resulting from jubilee payments, early
retirement, phased-in early retirement, and from a long-term credit
account, which are reported under remaining provisions. These
obligations are basically calculated in the same way as pension
obligations, using the same actuarial assumptions (except for the
discount rate).
Offsettable plan assets are held at Methusalem Trust e.V. to
secure the phased-in early retirement and long-term credit account
obligations. The asset value/market value is used as the fair value.
The following table shows a breakdown of the offset assets and
liabilities that result from phased-in early retirement and long-term
credit account obligations.
Information on the offset assets and liabilities
€ thou
as of 31 December
2024
2023
Historical costs of the offset assets
34,274
32,183
Settlement amount of the offset liabilities
34,816
32,197
Fair value of the offset assets
35,131
32,548
C _ Financial Statements of Allianz SE
60
Annual Report 2024 – Allianz SE
15 _ Maturity of financial liabilities
The residual terms of subordinated liabilities, bonds issued, and
miscellaneous liabilities are as follows:
Maturity table as of 31 December 2024
€ thou
Total
Term
< 1 year
Term
1 – 5 years
Term
> 5 years
Subordinated liabilities (B.)
Subordinated bonds issued by Allianz SE
18,678,128
312,967
-
18,365,162
Subtotal subordinated liabilities (B.)
18,678,128
312,967
-
18,365,162
Bonds (intra-group – F.II.)
3,157,842
398,842
1,380,000
1,379,000
Liabilities to banks (F.III.)
287
287
-
-
Miscellaneous liabilities (F.IV.)
Intra-group transmission of proceeds from third-party financing
6,490,587
783,475
2,800,000
2,907,112
Other intra-group liabilities1
23,295,291
15,838,928
4,824,000
2,632,364
Subtotal intra-group miscellaneous liabilities
29,785,878
16,622,403
7,624,000
5,539,475
Liabilities to third parties
2,932,270
2,932,270
-
-
Subtotal miscellaneous liabilities (F.IV.)
32,718,149
19,554,673
7,624,000
5,539,475
Total
54,554,406
20,266,769
9,004,000
25,283,637
1_As of 31 December 2024, other intra-group liabilities due within one year amounted to € 15.8 bn. Thereof, cash pool and intra-group loans accounted for € 13.0 bn and € 1.5 bn respectively. Upon maturity, intra-group loans are rolled forward by Allianz SE on a regular basis.
Maturity table as of 31 December 2023
€ thou
Total
Term
< 1 year
Term
1 – 5 years
Term
> 5 years
Subordinated liabilities (B.)
Subordinated bonds issued by Allianz SE
17,635,930
277,243
-
17,358,687
Subtotal subordinated liabilities (B.)
17,635,930
277,243
-
17,358,687
Bonds (intra-group – F.II.)
3,170,013
124,013
1,167,000
1,879,000
Liabilities to banks (F.III.)
445
445
-
-
Miscellaneous liabilities (F.IV.)
Intra-group transmission of proceeds from third-party financing
6,129,427
563,926
2,700,000
2,865,501
Other intra-group liabilities1
21,626,714
14,649,350
2,945,000
4,032,364
Subtotal intra-group miscellaneous liabilities
27,756,141
15,213,276
5,645,000
6,897,865
Liabilities to third parties
2,099,395
2,099,395
-
-
Subtotal miscellaneous liabilities (F.IV.)
29,855,536
17,312,671
5,645,000
6,897,865
Total
50,661,925
17,714,373
6,812,000
26,135,551
1_As of 31 December 2023, other intra-group liabilities due within one year amounted to € 14.6 bn. Thereof, cash pool and intra-group loans accounted for € 11.1 bn and € 2.6 bn respectively. Upon maturity, intra-group loans are rolled forward by Allianz SE on a regular basis.
C _ Financial Statements of Allianz SE
61
Annual Report 2024 – Allianz SE
16 _ Information about derivative financial instruments
Options dealing in shares and share indices as of 31 December 2024
Nominal
Fair value
Book value
Underlying
Balance sheet
position
Class
€ thou
€ thou
€ thou
Long call
43,272
26,107
4,599
Share index
Assets D.III.
Short call
43,272
(26,107)
4,599
Share index
Liabilities F.IV.
Long put
101,520
801
463
Share index
Assets D.III.
Short put
101,520
(801)
463
Share index
Liabilities F.IV.
The options on share indices are held in the context of hedging
activities of Allianz companies with Allianz SE. Allianz SE hedged
these positions by entering into countertrades at the market. Both
intra-group and group-external positions were combined to valuation
units (“Bewertungseinheiten”). The average remaining term of the
call options is three years. The average remaining term of the put
options is two years.
European-type options are valued using the Black-Scholes
model, and American-type options using the binomial model; both
based on the closing price on the valuation date. Yield curves are
derived from the swap rates prevailing on the valuation date. The
future dividend yield is estimated on the basis of market information
on the valuation date. Volatility is estimated based on currently traded
implicit volatility, taking into account the residual term, and the ratio
between the strike price and the prevailing share price.
Forward contracts in shares and share indices as of 31 December 2024
Nominal
Fair value
Book value
Underlying
Balance sheet
position
Class
€ thou
€ thou
€ thou
Long forward
746,571
105,508
–
Allianz SE share
–
Positions in long forwards on Allianz SE shares are held in the context
of hedging the Allianz Equity Incentive Plans. The remaining term of
these forwards is on average less than one year.
The fair value of a forward contract is determined as the
difference between the underlying closing price on the valuation date
and the discounted forward price. The net present value of dividend
payments due before maturity of the forward contract after
consideration of pass through agreements is also taken into account.
C _ Financial Statements of Allianz SE
62
Annual Report 2024 – Allianz SE
Forward contracts in bonds as of 31 December 2024
Nominal
Fair value
Book value
Underlying
Balance sheet
position
Class
€ thou
€ thou
€ thou
Long forward
106,773
(2,134)
–
Bonds
–
Short forward
106,773
2,134
–
Bonds
–
For the purpose of hedging the interest rate risk of investments,
Allianz Benelux N.V. entered into forward transactions on bonds with
Allianz SE. Allianz SE hedged these positions by entering into
countertrades at the market. Both intra-group and group-external
positions were combined to valuation units. The average remaining
term of these forwards is less than two years.
The fair value of a forward bond contract is determined as the
difference between the market price of the underlying bond (including
accrued interest) on the valuation date and the discounted forward
price, taking into account the net present value of all interest payments
occurring between the valuation date and the expiry date of the
forward contract.
Forward currency contracts as of 31 December 2024
Nominal
Fair value
Book value
Underlying
Balance sheet
position
Class
€ thou
€ thou
€ thou
Long forward
27,456,677
599,464
10,166
AED, AUD, CAD, CHF, CNY, COP, CZK, DKK, GBP, HKD,
HUF, IDR, ILS, INR, JPY, KRW, NOK, NZD, PLN, SAR,
SEK, SGD, THB, TRY, TWD, USD, ZAR
Liabilities D.
Short forward
29,757,517
(445,653)
154,991
AED, AUD, BRL, CAD, CHF, CNY, CZK, DKK, GBP, HKD,
HUF, JPY, KRW, NOK, NZD, PLN, SAR, SEK, SGD, USD,
ZAR
Liabilities D.
Allianz SE holds long and short positions in various currencies in order
to manage foreign exchange risks within Allianz SE and other entities
of the Allianz Group.
The fair value of a forward currency contract is the difference
between the discounted forward price and the spot rate in euro. The
discounted forward price is calculated by applying the euro interest
rate as a discount rate and the foreign currency interest rate as a
compound interest rate.
Long forwards and short forwards with a nominal value of
€ 19.9 bn, and a fair value of € 328.7 mn respectively, were
aggregated to valuation units, each comprising intra-group positions
offset by countertrades at the market. The average remaining term of
the forwards in valuation units is less than one year.
Interest rate swap contracts as of 31 December 2024
Nominal
Fair value
Book value
Underlying
Balance sheet
position
Class
€ thou
€ thou
€ thou
Receiver swap EUR
1,000,000
(320,782)
317,292
Long-term interest rate positions
Liabilities D.
Allianz SE holds euro receiver swaps for the purpose of managing
duration and hedging interest rate risk arising from interest rate
positions in the pension portfolio of Allianz SE.
The fair value of an interest rate swap is the aggregate net
present value of all expected incoming and outgoing cash flows of the
respective swap transaction.
Our financial participations include put and call options on
company shares, which are linked to certain conditions. Due to the lack
of quoted prices on active markets for these financial participations,
C _ Financial Statements of Allianz SE
63
Annual Report 2024 – Allianz SE
and the uncertainty regarding the occurrence of the option conditions,
the fair value of such options cannot be determined reliably. Wherever
feasible, contractual arrangements including the option agreements
were taken into account when determining the fair value of the
financial participation. However, no stand-alone valuation of the
options as derivative financial instruments was performed.
Embedded in a retrocession agreement covering the retrocession
of life business to an external reinsurance partner, Allianz SE has
provided the retrocessionaire with credit protection related to the
issuer risk associated with ceded future cash flows arising from a
corporate bond. The agreement obliges Allianz SE to pay an
amount of € 87 mn to the retrocessionaire as compensation for
safeguarding the reinsurance partner against default risk arising from
a bond. At the end of 2024, the fair value of this credit derivative
amounted to € 4.8 mn.
C _ Financial Statements of Allianz SE
64
Annual Report 2024 – Allianz SE
17 _ Gross premiums written
€ thou
2024
2023
Property-Casualty reinsurance
17,275,592
13,764,926
Life/Health reinsurance
609,807
949,354
Total
17,885,399
14,714,280
Gross premiums written increased by 21.6 % to € 17,885 mn. The
positive premium development in the Property-Casualty reinsurance is
particularly attributable to motor reinsurance, liability reinsurance as
well as marine and aviation reinsurance. In Life/Health reinsurance,
gross premiums written decreased by € 340 mn.
18 _ Allocated interest return (net)
The allocated interest return (net) mainly corresponds to the agreed
interest rate for deposited provisions and is therefore transferred from
the non-technical section to the technical section. It amounts to
€ 16 mn (2023: € 14 mn).
19 _ Run-off result
In 2024, the run-off result in Property-Casualty reinsurance amounted
to € 273 mn (2023: € 548 mn). The positive run-off result was mainly
due to external reinsurance treaties, primarily in the fire and other
property reinsurance lines of business.
20 _ Change in other insurance
reserves (net)
€ thou
2024
2023
Change in aggregate policy reserves (net)
42,625
23,486
Other insurance reserves (net)
(19,787)
(14,202)
Total
22,838
9,284
The change in aggregate policy reserves (net) was mainly driven by life
reinsurance.
The other insurance reserves (net) mostly include reserves for
motor reinsurance as well as credit and bond reinsurance.
21 _ Underwriting expenses (net)
€ thou
2024
2023
Gross underwriting expenses
(4,625,037)
(3,797,341)
Less: commission received on retroceded business
20,596
48,716
Net
(4,604,441)
(3,748,625)
The increase of underwriting expenses (net) mainly followed a growth
in the premium development. The expense ratio (net) in Property-
Casualty reinsurance decreased to 28.8 % (2023: 29.3 %), mainly
driven by a lower commission ratio of 28.1 % (2023: 28.6 %).
22 _ Investment income
€ thou
2024
2023
a) Income from participations
thereof from affiliated enterprises:
€ 7,810,207 thou (2023: € 6,421,923 thou)
7,865,368
6,467,998
b) Income from other investments
thereof from affiliated enterprises:
€ 487,990 thou (2023: € 362,390 thou)
aa) Income from real estate, real estate rights,
and buildings, including buildings on land
not owned by Allianz SE
17,651
16,824
bb) Income from other investments (see below)
1,231,578
867,670
c) Income from reversal of impairments
228,078
727,641
d) Realized gains
277,852
132,734
e) Income from profit transfer agreements
2,438,788
2,944,639
Total
12,059,316
11,157,505
2024
2023
bb) Income from other investments
Debt securities
545,088
346,951
Funds held by others under reinsurance
business assumed
321,112
168,901
Receivables from intra-group cash pooling
138,006
160,949
Bank deposits
70,231
44,319
Loans to affiliated enterprises
64,117
64,044
Loans to third parties
36,959
25,552
Interests in funds
21,299
14,894
Other
34,767
42,060
Total
1,231,578
867,670
The income from profit transfer agreements of the 2024 financial year
includes income attributable to other periods amounting to € 20 mn.
SUPPLEMENTARY INFORMATION ON THE INCOME STATEMENT
C _ Financial Statements of Allianz SE
65
Annual Report 2024 – Allianz SE
23 _ Investment expenses
€ thou
2024
2023
a) Expenses for the management of investments,
interest, and other investment-related expenses
aa) Interest expenses (see below)
(1,695,935)
(1,479,598)
ab) Other
(100,477)
(95,606)
b) Depreciation and impairments of investments
(280,550)
(237,378)
c) Realized losses
(218,366)
(230,973)
d) Expenses from losses taken over
(146,063)
(323,429)
Total
(2,441,392)
(2,366,985)
2024
2023
aa) Interest expenses
Subordinated bonds issued by Allianz SE
(657,881)
(589,362)
Liabilities from intra-group cash pooling
(691,542)
(548,249)
Liabilities from intra-group loans
(215,398)
(222,250)
Liabilities from intra-group bonds
(70,349)
(62,688)
Liabilities from commercial paper issues
(53,816)
(48,855)
Other
(6,949)
(8,194)
Total
(1,695,935)
(1,479,598)
24 _ Other non-technical result
€ thou
2024
2023
Other income
Gains on derivatives
2,842,347
2,763,224
Currency gains
1,684,369
830,002
Other service revenues from Group companies
481,019
421,781
Income from the release of other provisions
181,554
53,905
Intercompany income
24,991
26,142
Interest and similar income
thereof from affiliated enterprises:
€ 62 thou (2023: € 0 thou)
21,800
6,881
Service revenues from pensions charged to Group
companies
5,522
6,108
Other
1,055
4,816
Total other income
5,242,658
4,112,859
Other expenses
Expenses for derivatives
(2,430,778)
(2,232,366)
Currency losses
(2,312,842)
(629,251)
Other service expenses to Group companies
(481,019)
(421,781)
Other HR-related expenses
(451,942)
(432,119)
Other administrative expenses
(358,050)
(345,613)
Pension expenses
(208,826)
(195,487)
Anticipated losses on derivatives
(165,157)
(228,751)
Interest and similar expenses
thereof from reversal of discounting
miscellaneous provisions:
€ 95 thou (2023: € 95 thou)
thereof from affiliated enterprises:
€ (844) thou (2023: € (489) thou)
(113,362)
(136,726)
Service expenses from pensions charged to Group
companies
(5,522)
(6,108)
Other
(159,477)
(124,770)
Total other expenses
(6,686,976)
(4,752,970)
Other non-technical result
(1,444,318)
(640,111)
The
other
non-technical
result
significantly
deteriorated
to
€ (1,444) mn after € (640) mn in 2023, primarily driven by the
development of the foreign currency translation result, amounting to
€ (628) mn following € 201 mn in the previous year. This deterioration
of the foreign currency translation result is mainly attributable to
foreign currency translation losses on liabilities denominated in USD
(€ (469) mn) in 2024 after corresponding gains in 2023 (€ 186 mn).
Higher foreign currency translation losses on liabilities denominated in
GBP in 2024 (€ (120) mn) compared to 2023 (€ (27) mn) contributed
to the overall deterioration.
Allianz SE has a joint liability for a large part of the pension
provisions of its German subsidiaries (see note 14 for more details).
Expenses incurred in this context are recognized as service expenses
from pension plans charged to Group companies, as they are
reimbursed by the German subsidiaries according to the cost
allocation contract and result in corresponding service revenues.
C _ Financial Statements of Allianz SE
66
Annual Report 2024 – Allianz SE
Furthermore, other income/expenses include the following offset
income and expenses:
€ thou
2024
2023
Pensions and similar obligations
Other obligations
Pensions and similar obligations
Other obligations
Actual return of the offset assets
28,889
1,548
20,526
1,029
Imputed interest cost for the settlement amount of the offset liabilities
(182,077)
(1,498)
(173,691)
(898)
Effect resulting from the change in the discount rate for the settlement amount
88,386
6
53,056
12
Net amount of the offset income and expenses
(64,802)
56
(100,109)
143
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
(PwC GmbH) is the external auditing firm for the Allianz Group.
Audit services primarily relate to services rendered for the audit of
the Allianz Group’s consolidated financial statements, the audit of the
statutory financial statements of Allianz SE and its subsidiaries, the
audit of the Allianz Group’s Solvency II market value balance sheet as
well as those of Allianz SE and its subsidiaries. In addition, a review of
the Allianz Group’s consolidated interim financial statements was
performed. The 2023 fees for audit services include fees for the
implementation audit of IFRS 9 and IFRS 17.
The 2024 fees for other attestation services comprise fees for the
reasonable assurance engagement on the Group sustainability
statement.
Tax services primarily refer to tax compliance services, other
services mainly refer to consulting services.
Details of the fees to the auditor for services to Allianz SE,
pursuant to § 285 No. 17 of the German Commercial Code, can be
found in the notes to the Allianz Group’s consolidated financial
statements.
25 _ Income taxes
In 2024, the tax income, most of which is net operating income,
increased to € 734 mn (2023: € 315 mn).
As the controlling company (“Organträger”) of the tax group,
Allianz SE files a consolidated tax return with most of its German
affiliated enterprises. The tax compensation payments received from
members of the tax group increased to € 1,174 mn (2023:
€ 407 mn).
The greatest differences between accounting and tax-based
valuation concern the pension accruals, bonds, and reserves for
loss and loss adjustment expenses resulting in deferred tax assets.
The valuation of the domestic deferred taxes is based on a tax
rate of 31.0 %.
The company has elected not to carry forward any deferred tax
on the assets side of the balance sheet, as permitted under § 274 (2)
HGB.
As the ultimate parent company of the Allianz Group, Allianz SE
including its foreign permanent establishments is within the scope of
the OECD Pillar Two Model rules. Under these rules, a top-up-tax must
be paid per jurisdiction for the difference between the Global Anti-
Base Erosion (GloBE) effective tax rate and the 15 % minimum rate.
Local Pillar Two legislation came into effect from 1 January 2024 in
Germany, the jurisdiction in which the Company is incorporated. As the
GloBE effective tax rate of all Allianz entities being situated for tax
purposes in Germany is expected to be greater than the minimum rate
of 15 %, no additional income tax is expected for Allianz SE in Germany.
Furthermore, various foreign fully consolidated affiliated
companies of Allianz SE, for which Pillar Two legislation has not yet
been or won’t be implemented locally, are within the scope of the
OECD Pillar Two Model rules. As the GloBE effective tax rate is lower
than the minimum tax rate in some of the affected tax jurisdictions,
Allianz SE has recognized a provision for the expected top-up tax of
€ 45 mn in total.
Deferred taxes in connection with the GloBE top-up tax were not
recognized.
26 _ Net earnings
€ thou
2024
2023
Net income
8,601,211
8,050,813
Unappropriated earnings carried forward
562,895
388,333
Transfer to other revenue reserves
(2,800,000)
(2,500,000)
Net earnings
6,364,106
5,939,146
C _ Financial Statements of Allianz SE
67
Annual Report 2024 – Allianz SE
Contingent liabilities, other financial
commitments, and litigation
Guarantees
The following guarantees have been provided by Allianz SE to
Allianz Group companies as well as to third parties with regard to
the liabilities of certain Allianz Group companies:
−
senior bonds issued by Allianz Finance II B.V. for € 7.7 bn,
−
commercial papers issued by Allianz Finance Corporation. As of
31 December 2024, USD 0.2 bn in commercial papers were issued
as part of the program,
−
letters of credit issued to various Allianz Group companies
amounting to € 1.1 bn.
Guarantee declarations totaling € 0.7 bn have also been made for life
policies signed by Allianz Compañía de Seguros y Reaseguros S.A.
Contingent liabilities exist because of indirect pension promises
organized via pension funds (Allianz Versorgungskasse VVaG) and
support funds (Allianz Pensionsverein e.V.). Because the adjustment
obligation according to § 16 of the German Occupational Pensions Act
(BetrAVG) is not funded in the APV old tariff, the resulting deficit as of
31 December 2024 amounts to € 53 mn (2023: € 56 mn). In addition,
Allianz SE has a joint liability of € 625 mn (2023: € 597 mn) for a part
of the pension promises belonging to its German subsidiaries.
In the context of the sale of investments, guarantees were given in
individual cases to cover counterparty exposures or the various bases
used to determine purchase prices.
In addition, Allianz SE has issued guarantees to various
Allianz Group companies totaling € 0.3 bn.
Allianz SE enters into contingent liabilities only after careful
consideration of the risks involved. On the basis of a continuous
evaluation of the risk situation of the contingent liabilities entered into,
and taking into account the knowledge gained up to the preparation
date, it can be assumed that the obligations underlying the contingent
liabilities can be met by the respective principal debtors. As of today,
and to the best of our knowledge, Allianz SE assesses the probability
of a loss resulting from contingent liabilities to be extremely remote.
Legal obligations
Legal obligations to assume any losses arise on account of
management control agreements and/or profit transfer agreements
with the following companies:
−
Allianz Asset Management GmbH,
−
Allianz Deutschland AG,
−
Allianz Digital Health GmbH,
−
Allianz Direct Versicherungs-AG,
−
Allianz Global Corporate & Specialty SE,
−
Allianz Investment Management SE,
−
Allianz Kunde und Markt GmbH,
−
Allianz Technology SE,
−
Allvest GmbH,
−
IDS GmbH-Analysis and Reporting Services,
−
AZ-Argos 88 Vermögensverwaltungsgesellschaft mbH.
There are financial obligations of € 512 mn, which result from
advertising agreements (€ 482 mn), and payment obligations arising
from investments (€ 30 mn).
Allianz SE is involved in legal, regulatory, and arbitration proceedings
in Germany and foreign jurisdictions, including the United States. Such
proceedings arise in the ordinary course of business, including,
amongst others, Allianz SE’s activities as a reinsurance company,
employer, investor and taxpayer. While it is not feasible to predict or
determine the ultimate outcome of such proceedings, they may result
in substantial damages or other payments or penalties or result in
adverse publicity and damage to Allianz SE’s reputation. As a result,
such proceedings could have an adverse effect on Allianz SE’s
business, financial condition and results of operations. Apart from the
proceedings discussed below, Allianz SE is not aware of any
threatened or pending legal, regulatory or arbitration proceedings
which may have, or have had in the recent past, significant effects on
its financial position or profitability. Material proceedings in which
Allianz SE is involved include in particular the following:
In January 2023, a putative class action complaint was filed
against Allianz SE and, in its amended version, against Allianz GI U.S.
in the United States District Court for the Central District of California.
The complaint alleged violation of Federal U.S. Securities Laws by
making false or misleading statements in public disclosures such as the
annual reports of Allianz in the period between March 2018 and
May 2022 regarding the Allianz GI U.S. Structured Alpha matter and
internal controls. In June 2024, the complaint was dismissed in its
entirety with prejudice. In July 2024, plaintiff has filed a notice of
appeal.
OTHER INFORMATION
C _ Financial Statements of Allianz SE
68
Annual Report 2024 – Allianz SE
Board members
The disclosures required in accordance with § 285 No. 10 of the
German Commercial Code for the Supervisory Board and Board of
Management can be found in the chapters Mandates of the Members
of the Supervisory Board and Mandates of the Members of Board of
Management.
Board of Management remuneration1
As of 31 December 2024, the Board of Management was comprised
of nine members. The following expenses reflect the full Board of
Management active in the respective year.
The remuneration of the Board of Management includes fixed and
variable components.
The variable remuneration consists of the annual bonus (short-
term) and the share-based compensation (long-term). In 2024, the
share-based remuneration was comprised of 84,5492 (2023: 84,921 3)
Restricted Stock Units (RSUs).
Board of Management remuneration
€ thou
2024
2023
Base salary
(10,197)
(10,197)
Annual bonus
(11,579)
(10,189)
Perquisites
(67)
(289)
Subtotal base salary, annual bonus, and perquisites
(21,843)
(20,674)
Fair value of RSUs at grant date
(17,999)
(14,932)
Subtotal share-based compensation
(17,999)
(14,932)
Total
(39,842)
(35,606)
The total remuneration of the Board of Management of Allianz SE for
2024 amounted to € 39,842 thou (2023: € 35,606 thou).
1_For detailed information regarding the Board of Management remuneration, please refer to the
Remuneration Report.
2_The relevant share price to determine the final number of RSUs granted is only available after the sign-
off by the external auditors, thus numbers are based on a best estimate.
The remuneration system as of 1 January 2019 only awards RSUs
under the long-term incentive plan. For 2024, the fair value of the
RSUs at the date of grant was € 17,999 thou (2023: € 14,932 thou).
In 2024, remuneration and other benefits of € 9 mn (2023: € 12 mn)
were paid to retired members of the Board of Management and to
surviving dependents of deceased former members of the Board of
Management.
The pension obligations to former members of the Board of
Management and their surviving dependents are as follows:
€ thou
as of 31 December
2024
2023
Fair value of the offset assets
143,812
147,120
Settlement amount of the offset liabilities
172,914
179,359
Pension provisions
29,102
32,239
Supervisory Board remuneration4
2024
2023
€ thou
%
€ thou
%
Fixed remuneration
(2,269)
63.6
(2,250)
64.0
Committee
remuneration
(1,218)
34.1
(1,200)
34.0
Attendance fees
(81)
2.3
(84)
2.0
Total
(3,567)
100.0
(3,534)
100.0
3_The disclosure in the Annual Report 2023 was based on a best estimate of the RSU grants. The figure
shown here for 2023 now includes the actual fair value as of the grant date (8 March 2024), including the
members of the Board of Management who left as of 31 December 2023. The value therefore differs
from the value disclosed last year.
Average number of employees
Excluding members of the Board of Management, employees in the
passive phase of partial retirement and on early retirement, on
sabbatical leave, parental leave or voluntary military/federal
voluntary service, employees with severance agreements (termination
contracts) or employees on gardening leave, trainees, and interns:
2024
2023
Full-time staff
2,128
2,177
Part-time staff
356
363
Total
2,484
2,540
Staff expenses
Including members of the Board of Management, employees in the
passive phase of partial retirement and on early retirement, on
sabbatical leave, parental leave or voluntary military/federal
voluntary service, employees with severance agreements (termination
contracts) or employees on gardening leave, trainees, and interns:
€ thou
2024
2023
Wages and salaries
(467,720)
(448,076)
Statutory welfare contributions and expenses for
optional support payments
(41,021)
(39,966)
Expenses for pensions and other post-retirement
benefits
(31,606)
(33,594)
Total expenses
(540,347)
(521,635)
4_For detailed information regarding the Supervisory Board remuneration, please refer to the
Remuneration Report.
C _ Financial Statements of Allianz SE
69
Annual Report 2024 – Allianz SE
Events after the balance sheet date
In February 2025, Allianz SE has resolved a new share buy-back
program with a volume of up to € 2.0 bn, starting in March 2025.
Allianz SE will cancel all repurchased shares.
Information pursuant to § 160 (1)
No. 8 AktG
The following major shareholdings exist and were reported pursuant
to § 20 (1) or (4) AktG, or pursuant to §§ 33, 34 WpHG:
By way of notification dated 20 December 2024, BlackRock Inc.,
Wilmington, Delaware, United States of America, informed us in the
course of a voluntary group notification with triggered threshold on
subsidiary level its voting rights pursuant to §§ 33, 34 WpHG as of
17 December 2024 amounted to 6.90 % (represented 26,640,268
shares); its holdings in instruments pursuant to § 38 (1) No. 1 WpHG as
of 17 December 2024 amounted to 0.07 % (represented 284,461
voting rights absolute); and its holdings in instruments pursuant to
§ 38 (1) No. 2 WpHG as of 17 December 2024 amounted to 0.01 %
(represented 38,142 voting rights absolute). The total position as
notified on 20 December 2024 amounted to 6.98 %.
Declaration of Conformity with the
German Corporate Governance Code
On 12 December 2024, the Board of Management and the
Supervisory Board of Allianz SE issued the Declaration of Conformity
with the German Corporate Governance Code required by
§ 161 AktG, and made it permanently available on the Allianz
company website.
C _ Financial Statements of Allianz SE
70
Annual Report 2024 – Allianz SE
Equity
Net
earnings
€ thou
€ thou
GERMANY
Consolidated affiliates
ACP Vermögensverwaltung GmbH & Co.
KG Nr. 4 a, Munich
100.0
6,138
271
ADAC Autoversicherung AG, Munich
51.0
212,986
1,093
ADAC Zuhause Versicherung AG, Munich
51.0
45,199
(9,036)
ADEUS Aktienregister-Service-GmbH,
Munich
79.6
10,035
1,972
AGCS Infrastrukturfonds GmbH, Munich
100.0 2
44,221
-
AGCS-Argos 76
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
61,110
-
AGCS-Argos 86
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
134,121
-
ALIDA Grundstücksgesellschaft mbH &
Co. KG, Hamburg
94.8 3
362,192
31,323
Allianz Asset Management GmbH,
Munich
100.0 2,3
3,802,097
-
Allianz AZL Vermögensverwaltung GmbH
& Co. KG, Munich
100.0
409,222
10
Allianz Beratungs- und Vertriebs-AG,
Munich
100.0 2
11,815
-
Allianz Capital Partners GmbH,
Munich
100.0 2,3
27,388
-
Allianz Capital Partners Verwaltungs
GmbH, Munich
100.0
13,341
455
Allianz Deutschland AG, Munich
100.0 2
7,426,862
-
Allianz Digital Health GmbH, Munich
100.0 2
25,966
-
Allianz Direct Versicherungs-AG, Munich
100.0 2
207,231
-
Allianz Global Corporate & Specialty SE,
Munich
100.0 2,3
1,144,237
-
Allianz Global Investors GmbH, Frankfurt
am Main
100.0 2,3
356,685
-
Allianz Global Investors Holdings GmbH,
Frankfurt am Main
100.0 2,3
103,171
-
Allianz Hanau Logistics GmbH & Co. KG,
Stuttgart
100.0 3
32,676
(316)
Allianz Hirschgarten GmbH & Co. KG,
Stuttgart
100.0 3
234,560
7,064
Equity
Net
earnings
€ thou
€ thou
Allianz Investment Management SE,
Munich
100.0 2
7,096
-
Allianz Kunde und Markt GmbH, Munich
100.0 2
6,849
-
Allianz Leben Direkt Infrastruktur GmbH,
Munich
100.0 2
380,062
-
Allianz Leben Infrastrukturfonds GmbH,
Munich
100.0 2
4,212,884
-
Allianz Leben Private Equity Fonds 2001
GmbH, Munich
100.0 2
12,494,801
-
Allianz Lebensversicherungs-
Aktiengesellschaft, Stuttgart
100.0 2
2,567,344
-
Allianz NM 28 GmbH & Co. KG, Stuttgart
93.3 3
169,087
(42,870)
Allianz of Asia-Pacific and Africa GmbH,
Munich
100.0
832,699
22,787
Allianz ONE - Business Solutions GmbH,
Munich
100.0 2
81,764
-
Allianz Partners Deutschland GmbH,
Aschheim
100.0 3
59,199
(12,654)
Allianz Pension Direkt Infrastruktur
GmbH, Munich
100.0 2
8,757
-
Allianz Pensionsfonds Aktiengesellschaft,
Stuttgart
100.0
55,543
(69)
Allianz Pensionskasse Aktiengesellschaft,
Stuttgart
100.0
390,192
15,000
Allianz Polch Logistics GmbH & Co. KG,
Stuttgart
88.0 3
5,112
(337)
Allianz Private Equity GmbH, Munich
100.0 2
8,958
-
Allianz Private Krankenversicherungs-
Aktiengesellschaft, Munich
100.0 2,3
321,409
-
Allianz Renewable Energy Subholding
GmbH & Co. KG, Sehestedt
100.0 3
5,424
509
Allianz Taunusanlage GbR, Stuttgart
99.5 3
165,298
2,570
Allianz Technology SE, Munich
100.0 2,3
338,218
-
Allianz Versicherungs-Aktiengesellschaft,
Munich
100.0 2
887,569
-
Allianz X GmbH, Munich
100.0 3
9,822
1,705
Allianz ZWK Nürnberg GmbH & Co. KG,
Stuttgart
100.0 3
90,474
(7,753)
Allvest GmbH, Munich
100.0 2,3
5,306
-
APK Infrastrukturfonds GmbH, Munich
100.0 2
81,852
-
Equity
Net
earnings
€ thou
€ thou
APK-Argos 65
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
45,525
-
APK-Argos 75
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
103,109
-
APK-Argos 85
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
234,024
-
APK-Argos 95
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2,3
267,625
-
APKV Direkt Infrastruktur GmbH, Munich
100.0 2
49,926
-
APKV Infrastrukturfonds GmbH, Munich
100.0 2
480,119
-
APKV Private Equity Fonds GmbH,
Munich
100.0 2
1,124,598
-
APKV-Argos 74
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
425,487
-
APKV-Argos 84
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
1,779,049
-
ARE Funds APKV GmbH, Munich
100.0 2,3
1,069,594
-
ARE Funds AZL GmbH, Munich
100.0 2,3
7,944,927
-
ARE Funds AZV GmbH, Munich
100.0 2,3
40,957
-
atpacvc Fund GmbH & Co. KG, Munich
100.0
98,671
(3,019)
Atropos
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0
498,931
4,210
AV8 Ventures II GmbH & Co. KG, Munich
100.0
49,415
(1,839)
AZ ATLAS GmbH & Co. KG, Stuttgart
94.9 3
108,671
5,929
AZ ATLAS Immo GmbH, Stuttgart
100.0 2,3
139,002
-
AZ Northside GmbH & Co. KG, Stuttgart
94.0 3
8,548
(35)
AZ-Arges
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
152,158
-
AZ-Argos 68
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0
52,238
928
AZ-Argos 88
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
114,525
-
LIST OF PARTICIPATIONS OF ALLIANZ SE, MUNICH AS OF 31 DECEMBER 2024
ACCORDING TO § 285 NO. 11 AND 11B HGB IN CONJUNCTION WITH § 286 (3) NO. 1 HGB
C _ Financial Statements of Allianz SE
71
Annual Report 2024 – Allianz SE
Equity
Net
earnings
€ thou
€ thou
AZL PE Nr. 1 GmbH, Munich
100.0
7,265
2,856
AZL-Argos 43
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
247,025
-
AZL-Argos 53
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
339,725
-
AZL-Argos 63
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
896,078
-
AZL-Argos 73
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
3,441,663
-
AZL-Argos 83
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
11,412,536
-
AZL-Argos 89
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
157,771
-
AZL-Argos 93
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2,3
50,025
-
AZL-Private Finance GmbH, Stuttgart
100.0 2,3
2,322,212
-
AZ-SGD Direkt Infrastruktur GmbH,
Munich
100.0 2
37,669
-
AZ-SGD Infrastrukturfonds GmbH,
Munich
100.0 2
257,657
-
AZ-SGD Private Equity Fonds 2 GmbH,
Munich
100.0 2
9,676
-
AZ-SGD Private Equity Fonds GmbH,
Munich
100.0 2
778,276
-
AZV-Argos 72
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
112,847
-
AZV-Argos 77
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
109,168
-
AZV-Argos 82
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
411,262
-
AZV-Argos 87
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
355,993
-
BrahmsQ Objekt GmbH & Co. KG,
Stuttgart
94.8 3
74,670
3,911
ControlExpert GmbH, Langenfeld
100.0
77,208
18,611
ControlExpert Holding GmbH,
Langenfeld
100.0
115,846
190
Deutsche Lebensversicherungs-
Aktiengesellschaft, Berlin
100.0 2
55,214
-
EASTSIDE Joint Venture GmbH & Co. KG,
Frankfurt am Main
50.0 3
608,421
(48,906)
Equity
Net
earnings
€ thou
€ thou
Euler Hermes Aktiengesellschaft,
Hamburg
100.0 3
93,874
6,020
IDS GmbH - Analysis and Reporting
Services, Munich
100.0 2
25,004
-
Innovation Group AG, Stuttgart
100.0 2
6,633
-
Innovation Group Fleet & Mobility GmbH,
Stuttgart
100.0 2
10,332
-
Innovation Group Germany GmbH,
Stuttgart
100.0
185,273
8,128
Innovation Group Parts GmbH,
Lauchhammer
100.0 2
12,084
-
PIMCO Europe GmbH, Munich
100.0 2
61,268
-
PIMCO Prime Real Estate GmbH, Munich
100.0 2,3
24,087
-
Projekt Hirschgarten MK8 GmbH & Co.
KG, Stuttgart
94.9 3
165,215
7,853
REC Frankfurt Objekt GmbH & Co. KG,
Hamburg
89.9 3
267,277
5,443
Seine GmbH, Munich
100.0
461,605
27,817
Seine II GmbH, Munich
100.0
155,192
4,314
simplesurance GmbH, Berlin
100.0 3
16,930
6,921
Solvd GmbH, Munich
100.0
18,865
(13,008)
Spherion Beteiligungs GmbH & Co. KG,
Stuttgart
100.0 3
7,702
(5)
Spherion Objekt GmbH & Co. KG,
Stuttgart
89.9 3
119,233
(740)
Spherion Verwaltungs GmbH, Stuttgart
100.0 3
7,385
30
Syncier GmbH, Munich
100.0 3
8,933
10,273
Volkswagen Autoversicherung AG,
Braunschweig
100.0 2
139,561
-
Volkswagen Autoversicherung Holding
GmbH, Braunschweig
49.0
148,163
3,306
Windpark Aller-Leine-Tal GmbH & Co. KG,
Sehestedt
100.0 3
15,864
469
Windpark Büttel GmbH & Co. KG,
Sehestedt
100.0 3
13,225
1,471
Windpark Calau GmbH & Co. KG,
Sehestedt
100.0 3
35,636
1,957
Windpark Cottbuser See GmbH & Co. KG,
Sehestedt
100.0 3
6,750
4,204
Windpark Dahme GmbH & Co. KG,
Sehestedt
100.0 3
18,524
1,517
Windpark Eckolstädt GmbH & Co. KG,
Sehestedt
100.0 3
28,131
2,421
Windpark Freyenstein-Halenbeck GmbH
& Co. KG, Sehestedt
100.0 3
10,717
726
Windpark Kesfeld-Heckhuscheid GmbH &
Co. KG, Sehestedt
100.0 3
11,455
1,900
Windpark Pröttlin GmbH & Co. KG,
Sehestedt
100.0 3
9,212
1,586
Equity
Net
earnings
€ thou
€ thou
Windpark Quitzow GmbH & Co. KG,
Sehestedt
100.0 3
8,496
1,491
Windpark Redekin-Genthin GmbH & Co.
KG, Sehestedt
100.0 3
15,793
1,023
Windpark Schönwalde GmbH & Co. KG,
Sehestedt
100.0 3
9,763
880
Windpark Waltersdorf GmbH & Co. KG
Renditefonds, Sehestedt
100.0 3
5,683
442
Windpark Werder Zinndorf GmbH & Co.
KG, Sehestedt
100.0 3
14,466
2,722
Joint ventures
AQ Überseehaus GmbH & Co. KG,
Hamburg
39.9 3
10,150
(3,170)
Dealis Fund Operations GmbH, Frankfurt
am Main
50.0 3
33,742
787
EDGE Wriezener Karree Berlin GmbH &
Co. KG, Frankfurt am Main
47.5 3
143,421
(27,130)
He Dreiht Investor HoldCo GmbH & Co.
KG, Ulm
33.3 3
334,525
(5,010)
Seagull Portfolio GmbH & Co. KG,
Frankfurt am Main
56.3 3
446,140
(107,065)
UGG TopCo GmbH & Co. KG,
Ismaning
41.8 3
97,234
(118,941)
VGP Park München GmbH, Vaterstetten-
Baldham
48.9 3
64,531
4,479
Associates
AV Packaging GmbH, Munich
100.0
27,094
1,029
Clark Holding SE, Frankfurt am Main
23.1 3
121,989
(65,679)
DCSO Deutsche Cyber-
Sicherheitsorganisation GmbH, Berlin
25.0 3
7,097
(811)
T&R Real Estate GmbH, Bonn
25.0 3
140,835
24
Other Participations below 20% voting
rights
EXTREMUS Versicherungs-
Aktiengesellschaft, Cologne
16.0 3
62,760
1,013
FC Bayern München AG, Munich
8.3 3
500,678
22,645
GDV Dienstleistungs-GmbH,
Hamburg
9.1 3
33,341
2,474
La Famiglia Fonds I GmbH & Co. KG,
Berlin
5.9 3
19,120
5,356
MLP SE, Wiesloch
9.7 3
404,105
45,032
N26 AG, Berlin
5.3 3
637,604
(115,594)
Protektor Lebensversicherungs-AG, Berlin
10.0 3
7,950
1
Sana Kliniken AG, Ismaning
14.5 3
1,318,492
34,075
C _ Financial Statements of Allianz SE
72
Annual Report 2024 – Allianz SE
Equity
Net
earnings
€ thou
€ thou
FOREIGN ENTITIES
Consolidated affiliates
1800 M Street REIT LP, Wilmington, DE
100.0 3
5,739
(41)
1Insurer Holdings Limited, Fareham
100.0
67,288
-
490 Lower Unit LP, Wilmington, DE
100.0 3
94,501
5,637
ACRE Hinoki Pte. Ltd., Singapore
100.0 3
23,718
(16)
ACRE Sugi Pte. Ltd., Singapore
100.0 3
8,975
4
ACRE Yuzu Pte. Ltd., Singapore
100.0 3
10,920
(57)
Aero-Fonte S.r.l., Misterbianco
100.0 3
18,049
3,214
AGA Service Company Corp., Richmond,
VA
100.0 3
26,949
16,366
AGCS International Holding B.V.,
Amsterdam
100.0 3
1,465,658
90,653
AGCS Marine Insurance Company Corp.,
Chicago, IL
100.0 3
158,939
5,197
Allianz - Slovenská DSS a.s., Bratislava
100.0 3
49,968
7,048
Allianz - Slovenská poist'ovňa a.s.,
Bratislava
99.6
481,803
103,875
Allianz (UK) Limited, Guildford
100.0 3
1,860,048
(14)
Allianz 1 Liverpool Street Holding S.à r.l.,
Luxembourg
100.0 3
63,796
(89)
Allianz 101 Moorgate Holding S.à r.l.,
Luxembourg
100.0 3
63,797
(90)
Allianz Alapkezelő Zrt., Budapest
100.0
5,140
2,584
Allianz Argentina Compañía de Seguros
S.A., Buenos Aires
100.0 3
74,300
14,190
Allianz Asia Holding Pte. Ltd., Singapore
100.0 3
86,130
14,382
Allianz Asia Pacific Private Credit Debt
Holdings S.à r.l., Senningerberg
0.0 3
11,110
17,681
Allianz Asia Pacific Private Credit Debt
SecCo S.à r.l. (Compartments),
Luxembourg
0.0 3
8,095
8,286
Allianz Asset Management of America
LLC, Dover, DE
100.0 3
6,278,364
1,917,708
Allianz Asset Management U.S. Holding II
LLC, Dover, DE
100.0 3
253,104
85,271
Allianz Australia General Insurance Pty
Ltd., Sydney
100.0 3
50,069
(8,373)
Allianz Australia Insurance Limited,
Sydney
100.0 3
2,191,355
156,274
Allianz Australia Life Insurance Holdings
Limited, Sydney
100.0 3
70,327
(16,969)
Allianz Australia Life Insurance Limited,
Sydney
100.0 3
70,327
(16,969)
Allianz Australia Limited, Sydney
100.0 3
1,304,916
116,647
Allianz Australia Services Pty Limited,
Sydney
100.0 3
23,977
123
Equity
Net
earnings
€ thou
€ thou
Allianz Ayudhya Assurance Public
Company Limited, Bangkok
82.8 3
385,830
50,540
Allianz Ayudhya Capital Public Company
Limited, Bangkok
49.0 3
325,852
31,341
Allianz Ayudhya General Insurance Public
Company Limited, Bangkok
100.0 3
120,691
7,453
Allianz Bank Bulgaria AD, Sofia
99.9 3
176,324
29,386
Allianz Bank Financial Advisors S.p.A.,
Milan
100.0
577,725
93,422
Allianz Banque S.A., Paris la Défense
100.0
121,007
7,786
Allianz Benelux S.A., Brussels
100.0 3
760,433
168,837
Allianz Bulgaria Holding AD, Sofia
66.2 3
63,066
18,730
Allianz Capital Partners of America LLC,
Dover, DE
100.0 3
48,765
28,151
Allianz Carbon Investments B.V.,
Amsterdam
100.0 3
6,232
(1,347)
Allianz Cash SAS, Paris la Défense
100.0
7,644
466
Allianz Chicago Private Reit LP,
Wilmington, DE
100.0 3
113,888
(50,687)
Allianz China Insurance Holding Limited,
Shanghai
100.0 3
636,151
59,394
Allianz China Life Insurance Co. Ltd.,
Shanghai
100.0 3
543,023
43,066
Allianz Colombia S.A., Bogotá D.C.
100.0 3
123,823
13,296
Allianz Compañía de Seguros y
Reaseguros S.A., Madrid
99.9 3
341,266
107,097
Allianz Digital Services Pte. Ltd.,
Singapore
100.0 3
6,226
181
Allianz Direct S.p.A., Milan
100.0 3
338,953
(20,677)
Allianz do Brasil Participações Ltda., São
Paulo
100.0 3
873,706
(6,024)
Allianz Eiffel Square Kft., Budapest
100.0 3
92,849
(162)
Allianz Elementar Lebensversicherungs-
Aktiengesellschaft, Vienna
100.0
79,354
19,650
Allianz Elementar Versicherungs-
Aktiengesellschaft, Vienna
100.0
394,406
99,453
Allianz Engineering Inspection Services
Limited, Guildford
100.0 3
11,853
1,488
Allianz Equity Investments Ltd., Guildford
100.0 3
150,289
(1,847)
Allianz Europe B.V., Amsterdam
100.0 3
41,274,903
4,836,525
Allianz European Reliance Single
Member Insurance S.A., Athens
100.0 3
253,368
3,544
Allianz Finance II B.V., Amsterdam
100.0 3
9,270
3,443
Allianz Finance II Luxembourg S.à r.l.,
Luxembourg
100.0 3
3,708,102
(526,952)
Allianz Finance IX Luxembourg S.A.,
Luxembourg
100.0 3
4,712,601
(163,469)
Allianz Finance VII Luxembourg S.A.,
Luxembourg
100.0 3
3,325,932
13,298
Equity
Net
earnings
€ thou
€ thou
Allianz Finance VIII Luxembourg S.A.,
Luxembourg
100.0 3
1,003,355
28,509
Allianz Finance X Luxembourg S.A.,
Luxembourg
92.8 3
238,511
(31,552)
Allianz Fire and Marine Insurance Japan
Ltd., Tokyo
100.0 3
14,216
854
Allianz France Immobilier Expansion -
AFIX, Paris la Défense
100.0
20,777
(732)
Allianz France Real Estate Invest
SPPICAV, Paris la Défense
100.0
1,069,984
26,862
Allianz France Real Estate S.à r.l.,
Luxembourg
100.0 3
41,861
(4,275)
Allianz France Richelieu 1 S.A.S., Paris la
Défense
100.0
281,350
4,323
Allianz France S.A., Paris la Défense
100.0
6,092,526
682,554
Allianz France US REIT LP, Wilmington,
DE
100.0
109,165
(14,747)
Allianz Fund Investments Inc.,
Wilmington, DE
100.0 3
211,807
15,955
Allianz General Insurance Company
(Malaysia) Berhad, Kuala Lumpur
100.0 3
489,146
88,990
Allianz Global Corporate & Specialty do
Brasil Participações Ltda., Rio de Janeiro
100.0 4
39,125
153
Allianz Global Corporate & Specialty of
Africa (Proprietary) Ltd., Johannesburg
100.0 3
6,097
-
Allianz Global Corporate & Specialty
Resseguros Brasil S.A., São Paulo
100.0 4
38,944
151
Allianz Global Corporate & Specialty
South Africa Ltd., Johannesburg
100.0 3
10,587
196
Allianz Global Investors (Schweiz) AG,
Zurich
100.0 3
6,359
3,014
Allianz Global Investors Asia Pacific Ltd.,
Hong Kong
100.0 3
69,581
43,765
Allianz Global Investors Fund
Management Co. Ltd., Shanghai
100.0 3
34,081
(4,307)
Allianz Global Investors Ireland Ltd.,
Dublin
100.0 3
7,890
149
Allianz Global Investors Japan Co. Ltd.,
Tokyo
100.0 3
38,763
13,651
Allianz Global Investors Management
Consulting (Shanghai) Limited, Shanghai
100.0 3
16,961
(1,273)
Allianz Global Investors Singapore Ltd.,
Singapore
100.0 3
36,176
9,849
Allianz Global Investors Taiwan Ltd.,
Taipei
100.0 3
68,879
50,871
Allianz Global Investors U.S. Holdings
LLC, Dover, DE
100.0 3
77,247
(69,491)
Allianz Global Investors UK Limited,
London
100.0 3
86,478
1,148
Allianz Global Life dac, Dublin
100.0 3
173,917
19,674
C _ Financial Statements of Allianz SE
73
Annual Report 2024 – Allianz SE
Equity
Net
earnings
€ thou
€ thou
Allianz Global Risks US Insurance
Company Corp., Chicago, IL
100.0 3
2,024,347
124,008
Allianz Hayat ve Emeklilik A.S., Istanbul
89.0
13,847
6,084
Allianz Hedeland Logistics ApS,
Copenhagen
100.0 3
15,067
(9,444)
Allianz Hold Co Real Estate S.à r.l.,
Luxembourg
100.0 3
298,586
694
Allianz Holding eins GmbH, Vienna
100.0
4,958,540
689,284
Allianz Holding France SAS, Paris la
Défense
100.0
7,710,058
842,273
Allianz Holdings p.l.c., Dublin
100.0 3
61,518
-
Allianz Holdings plc, Guildford
100.0 3
3,004,197
204,414
Allianz Hrvatska d.d., Zagreb
100.0 3
134,957
19,829
Allianz Hungária Biztosító Zrt., Budapest
100.0
176,896
35,037
Allianz HY Investor LP, Wilmington, DE
100.0 3
294,679
(1,616)
Allianz I.A.R.D. S.A., Paris la Défense
100.0
2,328,795
150,544
Allianz Immovalor S.A., Paris la Défense
100.0
15,724
9,422
Allianz Infrastructure Holding I Pte. Ltd.,
Singapore
100.0 3
1,368,206
65,742
Allianz Infrastructure Luxembourg Holdco
I S.A., Luxembourg
100.0 3
2,611,301
87,927
Allianz Infrastructure Luxembourg Holdco
II S.A., Luxembourg
100.0 3
545,227
18,348
Allianz Infrastructure Luxembourg Holdco
III S.A., Luxembourg
100.0 3
1,642,435
(21)
Allianz Infrastructure Luxembourg Holdco
IV S.A., Luxembourg
100.0 3
355,140
2,549
Allianz Infrastructure Luxembourg I
S.à r.l., Luxembourg
100.0 3
3,591,085
25,335
Allianz Infrastructure Luxembourg II
S.à r.l., Luxembourg
100.0 3
1,969,377
(7,431)
Allianz Infrastructure Luxembourg III S.A.,
Luxembourg
100.0 3
13,723
(527)
Allianz Infrastructure Norway Holdco I
S.à r.l., Luxembourg
100.0 3
34,693
7,151
Allianz Insurance Asset Management Co.
Ltd., Beijing
100.0 3
45,713
(5,932)
Allianz Insurance Lanka Limited,
Colombo
100.0 4
26,774
(3,180)
Allianz Insurance plc, Guildford
100.0 3
964,745
181,557
Allianz Insurance Singapore Pte. Ltd.,
Singapore
100.0 3
63,551
(13,828)
Allianz Inversiones S.A., Bogotá D.C.
100.0 3
6,253
395
Allianz Invest Kapitalanlagegesellschaft
mbH, Vienna
100.0
11,630
6,081
Allianz Investment Management LLC, St.
Paul, MN
100.0 3
9,637
32,126
Allianz Investments HoldCo S.à r.l.,
Luxembourg
100.0 3
3,639,096
161,709
Equity
Net
earnings
€ thou
€ thou
Allianz Investments III Luxembourg S.A.,
Luxembourg
100.0 3
1,227,273
48,678
Allianz Jingdong General Insurance
Company Ltd., Guangzhou
53.3 3
159,108
3,927
Allianz Leasing Bulgaria AD, Sofia
100.0 3
5,945
1,017
Allianz Leben Real Estate Holding I
S.à r.l., Luxembourg
100.0 3
885,379
2,032
Allianz Leben Real Estate Holding II
S.à r.l., Luxembourg
100.0 3
6,730,804
104,834
Allianz Lietuva gyvybės draudimas UAB,
Vilnius
100.0 3
46,339
14,161
Allianz Life Financial Services LLC,
Minneapolis, MN
100.0 3
37,067
(46,405)
Allianz Life Insurance Company of
Missouri Corp., Clayton, MO
100.0 3
326,665
(849)
Allianz Life Insurance Company of New
York Corp., New York, NY
100.0 3
167,655
(11,060)
Allianz Life Insurance Company of North
America Corp., Minneapolis, MN
100.0 3
2,288,398
898,808
Allianz Life Insurance Malaysia Berhad,
Kuala Lumpur
100.0 3
452,721
64,668
Allianz Life Luxembourg S.A.,
Luxembourg
100.0 3
123,598
13,075
Allianz Malaysia Berhad, Kuala Lumpur
75.0 3
213,973
90,212
Allianz Management Services Limited,
Guildford
100.0 3
30,066
9,447
Allianz Marine (UK) Ltd., London
100.0 3
11,722
427
Allianz México S.A. Compañía de
Seguros, Mexico City
100.0 3
256,139
33,559
Allianz Mutual Funds Management
Company S.A., Athens
100.0 3
5,012
486
Allianz Nederland Groep N.V., Rotterdam
100.0 3
2,044,883
229,449
Allianz New Zealand Limited, Auckland
100.0 3
39,051
335
Allianz Next S.p.A., Milan
100.0 3
101,870
(42,434)
Allianz Nikko Pte. Ltd., Singapore
100.0 3
44,287
(353)
Allianz Nikko1 Pte. Ltd., Singapore
100.0 3
13,928
(27)
Allianz Nikko2 Pte. Ltd., Singapore
100.0 3
18,775
(74)
Allianz Nikko3 Pte. Ltd., Singapore
100.0 3
30,143
70
Allianz of America Inc., Wilmington, DE
100.0 3
19,766,811
2,444,758
Allianz p.l.c., Dublin
100.0 3
321,527
41,864
Allianz Partners SAS, Saint-Ouen
100.0 3
1,085,193
(34,175)
Allianz PCREL US Debt S.A., Luxembourg
100.0 3
1,468,849
110,384
Allianz Pensionskasse Aktiengesellschaft,
Vienna
100.0
16,410
1,886
Allianz penzijní spolecnost a.s., Prague
100.0 3
66,840
17,730
Allianz Perfekta 71 S.A., Luxembourg
94.9 3
6,739
1,464
Allianz PNB Life Insurance Inc., Makati
City
51.0 3
58,639
9,660
Equity
Net
earnings
€ thou
€ thou
Allianz pojistovna a.s., Prague
100.0 3
388,773
110,186
Allianz Polska Services Sp. z o.o., Warsaw
100.0 3
14,873
497
Allianz Presse Infra S.C.S., Luxembourg
91.9 3
385,500
10,208
Allianz Presse US REIT LP, Wilmington, DE
91.9 3
57,986
(10,058)
Allianz Properties Limited, Guildford
100.0 3
224,247
2,211
Allianz Re Argentina S.A., Buenos Aires
100.0 3
11,089
2,644
Allianz Re Dublin dac, Dublin
100.0 3
3,296,248
559,508
Allianz Real Estate Investment S.A.,
Luxembourg
100.0 3
387,997
(7,796)
Allianz Reinsurance America Inc.,
Glendale, CA
100.0 3
186,306
(19,879)
Allianz Renewable Energy Partners I LP,
London
100.0
99,792
23,960
Allianz Renewable Energy Partners II
Limited, London
100.0
9,473
917
Allianz Renewable Energy Partners III LP,
London
99.2
93,160
11,304
Allianz Renewable Energy Partners IV
Limited, London
99.3
312,447
3,412
Allianz Renewable Energy Partners
Luxembourg II S.A., Luxembourg
100.0 3
134,147
4,089
Allianz Renewable Energy Partners
Luxembourg IV S.A., Luxembourg
100.0 3
976,738
36,006
Allianz Renewable Energy Partners
Luxembourg V S.A., Luxembourg
100.0 3
484,568
21,471
Allianz Renewable Energy Partners
Luxembourg VI S.A., Luxembourg
100.0 3
1,337,442
(27,954)
Allianz Renewable Energy Partners
Luxembourg VIII S.A., Luxembourg
100.0 3
528,811
3,011
Allianz Renewable Energy Partners of
America 2 LLC, Wilmington, DE
100.0 3
264,036
21,142
Allianz Renewable Energy Partners of
America LLC, Wilmington, DE
100.0 3
648,291
47,569
Allianz Renewable Energy Partners V
Limited, London
100.0
41,683
5,579
Allianz Renewable Energy Partners VI
Limited, London
100.0
252,302
2,184
Allianz Retraite S.A., Paris la Défense
100.0
516,291
55,373
Allianz Risk Transfer (Bermuda) Ltd.,
Hamilton
100.0 3
119,082
(733)
Allianz Risk Transfer AG, Schaan
100.0 3
661,788
64,228
Allianz Risk Transfer Inc., New York, NY
100.0 3
7,288
(27)
Allianz S.p.A., Milan
100.0 3
2,148,917
547,933
Allianz Sakura Multifamily 1 Pte. Ltd.,
Singapore
100.0 3
261,830
(335)
Allianz Sakura Multifamily 2 Pte. Ltd.,
Singapore
100.0 3
193,999
(907)
Allianz Sakura Multifamily Lux SCSp,
Luxembourg
100.0 3
348,892
(51,894)
C _ Financial Statements of Allianz SE
74
Annual Report 2024 – Allianz SE
Equity
Net
earnings
€ thou
€ thou
Allianz Saúde S.A., São Paulo
100.0 3
18,941
(10,200)
Allianz Seguros de Vida S.A., Bogotá D.C.
100.0 3
59,627
5,155
Allianz Seguros S.A., Bogotá D.C.
100.0 3
67,734
11,230
Allianz Seguros S.A., São Paulo
100.0 3
858,320
22,347
Allianz Services (UK) Limited, London
100.0 3
6,318
996
Allianz Services Private Ltd.,
Thiruvananthapuram
100.0 3
35,280
12,689
Allianz Sigorta A.S., Istanbul
96.2
855,531
276,508
Allianz Société Financière S.à r.l.,
Luxembourg
100.0 3
1,191,127
(1,642)
Allianz Soluciones de Inversión AV S.A.,
Madrid
100.0 3
6,330
(2,229)
Allianz South America Holding B.V.,
Amsterdam
100.0 3
1,153,123
101,592
Allianz Strategic Investments LLC, St.
Paul, MN
100.0 3
108,849
396
Allianz Strategic Investments S.à r.l.,
Luxembourg
100.0 3
1,497,129
(137,587)
Allianz Suisse Immobilien AG, Wallisellen
100.0 3
6,699
4,071
Allianz Suisse Lebensversicherungs-
Gesellschaft AG, Wallisellen
100.0 3
590,688
89,311
Allianz Suisse Versicherungs-Gesellschaft
AG, Wallisellen
100.0 3
1,075,304
368,748
Allianz Taiwan Life Insurance Co. Ltd.,
Taipei
99.7
320,426
45,164
Allianz Technology (Thailand) Co. Ltd.,
Bangkok
100.0 3
8,145
742
Allianz Technology AG, Wallisellen
100.0 3
8,968
2,098
Allianz Technology GmbH, Vienna
100.0
17,811
(1,397)
Allianz Technology S.L., Barcelona
100.0 3
58,315
(2,438)
Allianz Technology S.p.A., Milan
100.0 3
8,438
(751)
Allianz Technology SAS, Paris la Défense
100.0 3
46,625
(3,269)
Allianz Tiriac Pensii Private Societate de
administrare a fondurilor de pensii
private S.A., Bucharest
100.0
22,374
9,719
Allianz U.S. Investment LP, Wilmington,
DE
100.0 3
3,927,540
(799,539)
Allianz U.S. Private REIT LP, Wilmington,
DE
100.0 3
3,430,281
(598,591)
Allianz Underwriters Insurance Company
Corp., Chicago, IL
100.0 3
64,882
4,274
Allianz US Debt Holding S.A.,
Luxembourg
100.0 3
352,446
(14)
Allianz Vermogen B.V., Rotterdam
100.0 3
17,214
5,863
Allianz Vie S.A., Paris la Défense
100.0
2,187,056
124,801
Allianz Vorsorgekasse AG, Vienna
100.0
55,206
13,339
Allianz X Euler Hermes Co-Investments
S.à r.l., Luxembourg
100.0
46,853
(43)
Equity
Net
earnings
€ thou
€ thou
Allianz Yasam ve Emeklilik A.S., Istanbul
80.0
182,037
97,125
Allianz ZB d.o.o. Mandatory and
Voluntary Pension Funds Management
Company, Zagreb
51.0
21,781
7,845
Allianz-Tiriac Asigurari SA, Bucharest
52.2 3
271,067
74,340
Allianz-Tiriac Unit Asigurari S.A.,
Bucharest
100.0
5,544
(1,555)
American Automobile Insurance
Company Corp., Clayton, MO
100.0 3
78,278
(325)
APK US Investment LP, Wilmington, DE
100.0 3
110,315
(24,522)
APKV US Private REIT LP, Wilmington, DE
100.0 3
484,264
(75,979)
Appia Investments S.r.l., Milan
57.6 3
744,496
93,054
Arges Investments I N.V., Amsterdam
100.0 3
47,953
1,884
Argos US Forest Invest L.P., Wilmington,
DE
100.0
230,738
(719)
Argos US Forest Invest REIT L.P.,
Wilmington, DE
100.0
248,134
12,709
Asit Services S.R.L., Bucharest
100.0
28,612
(1,021)
Assistance, Courtage d'Assurance et de
Réassurance S.A., Paris la Défense
100.0
7,385
6,730
Assurances Médicales SA, Metz
100.0
12,285
974
AWP Assistance (India) Private Limited,
Gurgaon
100.0 3
7,337
2,757
AWP Australia Holdings Pty Ltd.,
Brisbane
100.0 3
45,031
-
AWP Austria GmbH, Vienna
100.0 3
18,521
1,084
AWP Business Services (Beijing) Co. Ltd.,
Beijing
100.0 3
22,501
2,179
AWP France SAS, Saint-Ouen
95.0 3
37,510
8,443
AWP Health & Life S.A., Saint-Ouen
100.0 3
566,767
321
AWP MEA Holdings Co. W.L.L., Manama
100.0 3
8,000
2,686
AWP P&C S.A., Saint-Ouen
100.0 3
510,985
109,975
AWP Service Brasil Ltda., São Bernardo
do Campo
100.0 3
27,778
(1,777)
AWP Services (India) Private Limited,
Gurgaon
100.0 3
5,220
18
AWP Services Belgium S.A., Brussels
100.0 3
10,067
(893)
AWP Services New Zealand Limited,
Auckland
100.0 3
6,172
3,227
AWP Servis Hizmetleri A.S., Istanbul
97.0 3
10,295
8,951
AWP USA Inc., Richmond, VA
100.0 3
377,330
88,695
Axios Bidco Limited, Whiteley
100.0
690,815
98
AZ Euro Investments II S.à r.l.,
Luxembourg
100.0 3
966,119
31,356
AZ Euro Investments S.A., Luxembourg
100.0 3
2,641,642
36,318
AZ Jupiter 10 B.V., Amsterdam
100.0 3
432,030
19,838
AZ Jupiter 11 B.V., Amsterdam
97.8 3
241,460
(42,288)
Equity
Net
earnings
€ thou
€ thou
AZ Jupiter 8 B.V., Amsterdam
100.0 3
1,204,430
17,827
AZ Jupiter 9 B.V., Amsterdam
100.0 3
113,258
(4,827)
AZ REIT - University Circle LP, Wilmington,
DE
100.0 3
382,209
(84,824)
AZ Vers US Private REIT LP, Wilmington,
DE
100.0 3
147,441
(23,219)
AZ-CR Seed Investor LP, Wilmington, DE
100.0 3
88,473
(4,926)
AZGA Service Canada Inc., Kitchener, ON
55.0 3
26,399
(4,124)
AZL PF Investments Inc., Minneapolis, MN
100.0 3
554,449
-
AZSG Fintech Holding Pte. Ltd.,
Singapore
100.0 3
7,995
-
Barcelona Sea Offices S.A., Barcelona
100.0
14,622
(237)
BBVA Allianz Seguros y Reaseguros S.A.,
Madrid
50.0 3
547,327
12,831
BCP-AZ Investment L.P., Wilmington, DE
98.0 3
45,210
(62)
Beleggingsmaatschappij
Willemsbruggen B.V., Rotterdam
100.0 3
92,323
3,802
Beykoz Gayrimenkul Yatirim Insaat
Turizm Sanayi ve Ticaret A.S., Ankara
100.0
161,551
27,928
BN Infrastruktur GmbH, St. Pölten
74.9 3
97,093
(87)
Borgo San Felice S.r.l., Castelnuovo
Berardenga
100.0 3
5,189
1,026
C.E.P.E. de la Forterre S.à r.l., Versailles
100.0 3
17,078
3,426
C.E.P.E. de Vieille Carrière S.à r.l.,
Versailles
100.0 3
7,163
797
C.E.P.E. du Bois de la Serre S.à r.l.,
Versailles
100.0 3
5,940
494
Calobra Investments Sp. z o.o., Warsaw
100.0 3
118,169
(10,265)
CAP, Rechtsschutz-
Versicherungsgesellschaft AG, Wallisellen
100.0 3
28,021
2,749
Caroline Berlin S.C.S., Luxembourg
93.2 3
166,569
3,369
CELUHO S.à r.l., Luxembourg
100.0
390,692
(14)
Central Shopping Center a.s., Bratislava
100.0 3
40,965
7,743
Centrale Photovoltaique de Saint Marcel
sur Aude SAS, Versailles
100.0 3
6,364
14,645
Centrale Photovoltaique de Valensole
SAS, Versailles
100.0 3
5,523
21,208
CEPE de Langres Sud S.à r.l., Versailles
100.0 3
33,326
6,318
CEPE de Mont Gimont S.à r.l., Versailles
100.0 3
32,744
7,735
CEPE de Sambres S.à r.l., Versailles
100.0 3
7,460
(418)
CEPE des Portes de la Côte d'Or S.à r.l.,
Versailles
100.0 3
15,443
3,079
Ceres Holding I S.à r.l., Luxembourg
100.0 3
226,972
187
Ceres Warsaw Gorzow Sp. z o.o., Warsaw
100.0 3
81,714
(607)
Ceres Weert B.V., Amsterdam
100.0 3
57,812
(4,859)
Chicago Insurance Company Corp.,
Chicago, IL
100.0 3
68,790
1,750
C _ Financial Statements of Allianz SE
75
Annual Report 2024 – Allianz SE
Equity
Net
earnings
€ thou
€ thou
CIC Allianz Insurance Limited, Sydney
100.0 3
12,022
678
Climmolux Holding SA, Luxembourg
100.0 3
72,190
2,754
Columbia REIT - 221 Main Street LP,
Wilmington, DE
100.0 3
313,023
(10,739)
Columbia REIT - 333 Market Street LP,
Wilmington, DE
45.0 3
534,331
10,694
Companhia de Seguros Allianz Portugal
S.A., Lisbon
64.8 3
180,366
55,203
ControlExpert Holding B.V., Amsterdam
100.0 3
190,054
(39)
ControlExpert UK Limited, Farnborough
100.0
7,426
2,111
Corn Investment Ltd., London
100.0
6,564
(5,446)
COSEC-Companhia de Seguro de
Créditos S.A., Lisbon
100.0 3
84,600
3,004
Cova Beijing Zpark Investment Pte. Ltd.,
Singapore
98.0 3
11,287
(771)
CPRN Thailand Ltd., Bangkok
100.0 3
65,721
23,494
Darta Saving Life Assurance dac, Dublin
100.0 3
491,749
90,860
Delta Technical Services Ltd., London
100.0 3
56,601
3,124
Diamond Point a.s., Prague
100.0 3
11,098
81
Dresdner Kleinwort Pfandbriefe
Investments II Inc., Wilmington, DE
100.0 3
699,533
22,053
Elite Prize Limited, Hong Kong
100.0 3
26,419
(1,872)
EMac Limited, Whiteley
100.0
31,367
3,335
Enertrag-Dunowo Sp. z o.o., Szczecin
100.0 3
291,009
42,667
Eolica Erchie S.r.l., Lecce
100.0 3
19,429
1,650
Euler Hermes Acmar SA, Casablanca
55.0 3
6,378
1,087
Euler Hermes Collections North America
Company, Owings Mills, MD
100.0 3
12,754
2,569
Euler Hermes Collections Sp. z o.o.,
Warsaw
100.0 3
8,546
(711)
Euler Hermes Crédit France S.A.S., Paris la
Défense
100.0 3
64,153
2,452
Euler Hermes Group SAS, Paris la Défense
100.0 3
3,479,468
300,306
Euler Hermes Hong Kong Services
Limited, Hong Kong
100.0 3
6,160
1,157
Euler Hermes Luxembourg Holding
S.à r.l., Luxembourg
100.0 3
102,445
(24)
Euler Hermes North America Holding Inc.,
Wilmington, DE
100.0 3
180,765
46,624
Euler Hermes North America Insurance
Company Inc., Lutherville, MD
100.0 3
358,353
91,521
Euler Hermes Real Estate SPPICAV, Paris
la Défense
60.0 3
205,944
7,251
Euler Hermes Recouvrement France
S.A.S., Paris la Défense
100.0 3
8,599
9,286
Euler Hermes Reinsurance AG,
Wallisellen
100.0 3
1,080,688
175,343
Euler Hermes S.A., Brussels
100.0 3
861,787
61,340
Equity
Net
earnings
€ thou
€ thou
Euler Hermes Seguros S.A., São Paulo
100.0 3
8,648
1,632
Euler Hermes Service AB, Stockholm
100.0 3
97,105
39,340
Euler Hermes Services Italia S.r.l., Rome
100.0 3
15,219
13,245
Euler Hermes Services North America LLC,
Owings Mills, MD
100.0 3
13,408
5,317
Euler Hermes Serviços de Gestão de
Riscos Ltda., São Paulo
100.0 3
12,220
2,552
Euler Hermes Sigorta A.S., Istanbul
100.0 3
8,230
5,242
Euler Hermes Singapore Services Pte.
Ltd., Singapore
100.0 3
5,251
(224)
Euler Hermes South Express S.A., Ixelles
100.0 3
29,344
748
Eurl 20-22 Rue Le Peletier, Paris la
Défense
100.0
43,194
(2,750)
Eurosol Invest S.r.l., Udine
100.0 3
14,663
1,740
Fairmead Insurance Limited, Guildford
100.0 3
52,715
985
Financière Callisto SAS, Paris la Défense
100.0 3
10,559
(293)
Fireman's Fund Indemnity Corporation,
Trenton, NJ
100.0 3
49,433
2,582
Fireman's Fund Insurance Company
Corp., Chicago, IL
100.0 3
1,252,096
(2,876)
Flying Desire Limited, Hong Kong
100.0 3
61,998
(10)
Foshan Geluo Storage Services Co. Ltd.,
Foshan
100.0 3
33,381
413
Fragonard Assurances S.A., Saint-Ouen
100.0 3
106,098
2,560
Franklin S.C.S., Luxembourg
94.5 3
83,345
4,320
Galore Expert Limited, Hong Kong
100.0 3
39,920
1,179
Generation Vie S.A., Paris la Défense
52.5
119,257
9,924
Global Azawaki S.L., Madrid
100.0
573,916
(10,227)
Global Besande S.L., Madrid
100.0
5,501
68
Global Carena S.L., Madrid
100.0 3
150,516
(22,278)
Global Manzana S.L., Madrid
100.0
156,321
(1,549)
Global Transport & Automotive Insurance
Solutions Pty Limited, Sydney
100.0 3
14,520
7,047
Grupo Multiasistencia S.A., Madrid
100.0 3
16,702
1,154
GT Motive S.L., San Sebastian de los
Reyes
86.0 4
6,755
(2,727)
Harro Development Praha s.r.o., Prague
100.0 3
61,967
406
Health Care Management Company
Limited, Bangkok
100.0 3
9,002
3,606
Highway Insurance Company Limited,
Guildford
100.0 3
273,243
(13,870)
Highway Insurance Group Limited,
Guildford
100.0 3
228,753
(35,644)
Humble Bright Limited, Hong Kong
100.0 3
61,824
(9)
ICON Immobilien GmbH & Co. KG, Vienna
100.0 3
256,903
12,576
ICON Inter GmbH & Co. KG, Vienna
100.0 3
24,330
592
Equity
Net
earnings
€ thou
€ thou
Innovation FSP (Pty) Ltd., Johannesburg
100.0
14,101
3,685
Innovation Group (Pty) Ltd.,
Johannesburg
75.0
8,130
59
Innovation Group Business Services
Limited, Whiteley
100.0
5,514
(1,595)
Innovation Group Holdings Limited,
Whiteley
100.0
346,264
43
Innovation Group North America Inc.,
Schaumburg, IL
100.0
19,438
254
Innovation Holdings (South Africa) (Pty)
Ltd., Johannesburg
100.0
26,743
11
Innovation Property (UK) Limited,
Whiteley
100.0
9,609
3,362
Interstate Fire & Casualty Company
Corp., Chicago, IL
100.0 3
72,939
1,802
Investitori SGR S.p.A., Milan
100.0 3
13,036
1,747
Järvsö Sörby Vindkraft AB, Danderyd
100.0 3
92,229
7,729
Jefferson Insurance Company Corp., New
York, NY
100.0 3
307,434
104,270
Joukhaisselän Tuulipuisto Oy, Oulu
100.0 3
15,758
912
Jouttikallio Wind Oy, Helsinki
100.0 3
8,706
268
KAIGO Hi-Tech Development (Beijing) Co.
Ltd., Beijing
100.0 3
16,835
95
KaiLong Greater China Real Estate Fund
II S.C.Sp., Luxembourg
65.8 3
207,294
(16,731)
Keyeast Pte. Ltd., Singapore
100.0 3
61,833
(22)
Kiinteistö Oy Rahtiraitti 6, Vantaa
100.0 3
67,628
113
Kohlenberg & Ruppert Premium
Properties S.à r.l., Luxembourg
100.0 3
101,061
5,268
Kuolavaara-Keulakkopään Tuulipuisto
Oy, Oulu
100.0 3
35,683
568
La Rurale SA, Paris la Défense
100.0
5,124
3,289
Lincoln Infrastructure USA Inc.,
Wilmington, DE
100.0
343,951
(8,130)
Liverpool Victoria General Insurance
Group Limited, Guildford
100.0 3
1,311,271
28,317
Liverpool Victoria Insurance Company
Limited, Guildford
100.0 3
752,464
(28,798)
Living Residential SOCIMI S.A., Madrid
100.0
325,261
(259)
LV Repair Services Limited, Guildford
100.0 3
31,187
65,755
Maevaara Vind 2 AB, Stockholm
100.0 3
23,074
3,661
Maevaara Vind AB, Stockholm
100.0 3
51,072
7,633
Medi24 AG, Bern
100.0 3
9,515
2,827
Michael Ostlund Property S.A., Brussels
100.0
15,040
(3,102)
Mombyasen Wind Farm AB, Halmstad
100.0 3
31,399
16,315
Morningchapter S.A., Ourique
100.0 3
10,153
(3,351)
National Surety Corporation, Chicago, IL
100.0 3
76,404
1,998
C _ Financial Statements of Allianz SE
76
Annual Report 2024 – Allianz SE
Equity
Net
earnings
€ thou
€ thou
Niederösterreichische
Glasfaserinfrastrukturgesellschaft mbH,
St. Pölten
100.0 3
15,283
(6,070)
nöGIG Phase Zwei GmbH, St. Pölten
100.0 3
43,930
(3,497)
öGIG Fiber GmbH, St. Pölten
100.0 3
23,204
(1,720)
öGIG GmbH, St. Pölten
80.0 3
164,045
(24,525)
OPCI Allianz France Angel, Paris la
Défense
100.0
123,161
(24)
Orione PV S.r.l., Lecce
100.0 3
12,505
1,382
Orsa Maggiore PV S.r.l., Lecce
100.0 3
16,334
3,649
Orsa Minore PV S.r.l., Lecce
100.0 3
6,784
802
Pacific Investment Management
Company LLC, Dover, DE
90.6 3
1,268,309
1,968,256
Parc Eolien de Chaourse SAS, Versailles
100.0 3
9,952
1,300
Parc Eolien de Chateau Garnier SAS,
Versailles
100.0 3
6,902
503
Parc Eolien de Derval SAS, Versailles
100.0 3
52,177
517
Parc Eolien de Dyé SAS, Versailles
100.0 3
5,995
445
Parc Eolien de Fontfroide SAS, Versailles
100.0 3
10,649
1,262
Parc Eolien de la Sole du Bois SAS,
Versailles
100.0 3
5,683
1,041
Parc Eolien de Pliboux SAS, Versailles
100.0 3
5,360
509
Parc Eolien des Barbes d´Or SAS,
Versailles
100.0 3
8,402
1,703
Parc Eolien des Joyeuses SAS, Versailles
100.0 3
6,978
1,478
Parc Eolien des Quatre Buissons SAS,
Versailles
100.0 3
6,870
1,191
Parc Eolien Les Treize SAS, Versailles
100.0 3
5,269
948
Pet Plan Ltd., Guildford
100.0 3
18,208
313
PFP Holdings LLC, Wilmington, DE
100.0 3
7,250,081
28,509
PGA Global Services LLC, Dover, DE
100.0 3
14,043
3,930
PIMCO (Schweiz) GmbH, Zurich
100.0 3
81,787
15,107
PIMCO Asia Ltd., Hong Kong
100.0 3
50,219
20,970
PIMCO Asia Pte. Ltd., Singapore
100.0 3
27,909
5,917
PIMCO Australia Management Limited,
Sydney
100.0 3
31,257
30,448
PIMCO Australia Pty Limited, Sydney
100.0 3
31,257
30,448
PIMCO Canada Corp., Halifax, NS
100.0 3
43,778
41,588
PIMCO Europe Ltd., London
100.0 3
202,781
103,804
PIMCO Global Advisors (Ireland) Ltd.,
Dublin
100.0 3
27,524
11,603
PIMCO Global Advisors (Luxembourg)
S.A., Luxembourg
100.0 3
10,277
1,061
PIMCO Global Advisors LLC, Dover, DE
100.0 3
554,898
226,272
PIMCO Global Holdings LLC, Dover, DE
100.0 3
55,796
42,501
PIMCO Investments LLC, Dover, DE
100.0 3
108,571
180,103
Equity
Net
earnings
€ thou
€ thou
PIMCO Japan Ltd., Road Town
100.0 3
50,366
33,649
PIMCO Prime Real Estate Asia Pacific Pte.
Ltd., Singapore
100.0 3
6,142
3,237
PIMCO Prime Real Estate LLC,
Wilmington, DE
100.0 3
23,238
14,124
PIMCO Taiwan Ltd., Taipei
100.0 3
12,165
988
POD Allianz Bulgaria AD, Sofia
65.9 3
43,978
15,738
Primacy Underwriting Management Pty
Ltd., Melbourne
100.0 3
7,566
1,836
Promultitravaux SAS, Saint-Ouen
100.0 3
7,887
7,859
Protexia France S.A., Paris la Défense
100.0
68,023
9,906
PT Asuransi Allianz Life Indonesia,
Jakarta
99.8 3
341,382
16,084
PT Asuransi Allianz Life Syariah
Indonesia, Jakarta
100.0 3
161,845
15,683
PT Asuransi Allianz Utama Indonesia,
Jakarta
97.8 3
50,232
1,032
PTE Allianz Polska S.A., Warsaw
100.0 3
159,047
29,160
Quality1 AG, Bubikon
100.0 3
5,353
2,245
Queenspoint S.L., Madrid
50.0
12,863
6,986
Real Faubourg Haussmann SAS, Paris la
Défense
100.0
1,115,924
(130,984)
Real FR Haussmann SAS, Paris la
Défense
100.0 3
62,228
1,486
Redoma 2 S.A., Luxembourg
100.0 3
104,510
5
Rokko Development Praha s.r.o., Prague
100.0 3
32,174
712
SA Carène Assurances, Paris
100.0
20,758
(1,277)
SA Vignobles de Larose, Saint-Laurent-
Médoc
100.0
64,989
(1,201)
Saarenkylä Tuulipuisto Oy, Oulu
100.0 3
12,323
714
Santander Allianz TU na Zycie S.A.,
Warsaw
51.0 3
63,090
33,791
Santander Allianz TU S.A., Warsaw
51.0 3
49,916
9,739
SAS Allianz Etoile, Paris la Défense
100.0
126,277
(3,263)
SAS Allianz Forum Seine, Paris la Défense
100.0
227,023
8,965
SAS Allianz Logistique, Paris la Défense
100.0
758,248
(41,460)
SAS Allianz PH, Paris la Défense
100.0
56,378
198
SAS Allianz Platine, Paris la Défense
100.0
224,827
16,934
SAS Allianz Prony, Paris la Défense
100.0
40,171
1,522
SAS Allianz Rivoli, Paris la Défense
100.0
99,063
1,840
SAS Allianz Serbie, Paris la Défense
100.0
234,594
(6,136)
SAS Angel Shopping Centre, Paris la
Défense
100.0
258,945
(527)
SAS Chaponnay Mérieux Logistics, Paris
la Défense
100.0 3
5,362
384
SAS Passage des princes, Paris la Défense
100.0
180,702
(4,126)
Equity
Net
earnings
€ thou
€ thou
SAS Pershing Hall, Paris la Défense
100.0
31,209
1,187
Sättravallen Wind Power AB, Strömstad
100.0 3
43,321
842
SC Tour Michelet, Paris la Défense
100.0
44,422
(8,882)
SCI 37-39 Rue de la Bienfaisance, Paris la
Défense
100.0
25,125
340
SCI 46 Desmoulins, Paris la Défense
100.0
129,580
(4,314)
SCI Allianz 13-15 Lamennais, Paris la
Défense
100.0
26,589
(83)
SCI Allianz 38 Opéra, Paris la Défense
100.0
233,611
3,111
SCI Allianz 4 Banque, Paris la Défense
100.0
49,390
1,251
SCI Allianz 67 Courcelles, Paris la Défense
100.0
21,727
(112)
SCI Allianz 7 Drouot, Paris la Défense
100.0
38,263
(860)
SCI Allianz Arc de Seine, Paris la Défense
100.0
178,474
(28,027)
SCI Allianz Cantons Régions - ACR, Paris
la Défense
100.0
83,671
680
SCI Allianz Citylights, Paris la Défense
100.0
384,613
(112,946)
SCI Allianz Laennec Office, Paris la
Défense
100.0
322,401
5,859
SCI Allianz Messine, Paris la Défense
100.0
224,438
12,030
SCI Allianz New Real Estate 6, Paris la
Défense
100.0
20,366
(55)
SCI Allianz Value Pierre, Paris la Défense
100.0
73,106
(5,170)
SCI Allianz Work'In Park, Paris la Défense
100.0
111,952
1,770
SCI ESQ, Paris la Défense
100.0
70,034
(2,004)
SCI Onnaing Escaut Logistics, Paris la
Défense
100.0
28,415
1,146
SCI Pont D'Ain Septembre Logistics, Paris
la Défense
100.0
69,021
1,071
SCI Réau Papin Logistics, Paris la Défense
100.0
78,291
1,542
SCI Stratus, Paris la Défense
100.0
5,117
2,068
SCI Via Pierre 1, Paris la Défense
100.0
146,821
90,101
Servicios Compartidos Multiasistencia
S.L., Madrid
100.0 3
168,339
13,085
Sigma Reparaciones S.L., Madrid
100.0 3
5,069
4,814
Silex Gas Norway AS, Oslo
100.0 3
31,825
2,581
Sirius S.A., Luxembourg
94.8 3
7,228
(125)
Societa' Agricola San Felice S.p.A., Milan
100.0 3
48,274
(553)
Société d'Energie Eolienne de Cambon
SAS, Versailles
100.0 3
9,988
1,532
Société Foncière Européenne B.V.,
Amsterdam
100.0 3
112,527
(405)
South City Office Broodthaers SA,
Brussels
100.0 3
39,205
2,301
Stam Fem Gångaren 11 AB, Stockholm
100.0 3
75,745
2,607
StocksPLUS Management Inc., Dover, DE
100.0 3
5,484
164
TFI Allianz Polska S.A., Warsaw
100.0 3
20,908
5,288
C _ Financial Statements of Allianz SE
77
Annual Report 2024 – Allianz SE
Equity
Net
earnings
€ thou
€ thou
The Innovation Group (EMEA) Limited,
Whiteley
100.0
117,378
(14,965)
The Innovation Group Limited, Whiteley
100.0
423,073
(30,202)
TIG Acquisition Co., Wilmington, DE
100.0
46,916
-
TIG Acquisition Holdings Limited,
Fareham
100.0
250,501
6
TopImmo A GmbH & Co. KG, Vienna
100.0
6,668
1,371
TopImmo Besitzgesellschaft B GmbH &
Co. KG, Vienna
100.0
9,813
1,957
Trafalgar Insurance Limited, Guildford
100.0 3
9,838
481
Triton Lux SCS, Luxembourg
100.0 3
160,320
11,380
TU Allianz Zycie Polska S.A., Warsaw
100.0 3
488,423
170,099
TU Euler Hermes S.A., Warsaw
100.0 3
28,702
3,166
TUA Assicurazioni S.p.A., Milan
100.0 3
163,353
5,223
TUiR Allianz Polska S.A., Warsaw
100.0 3
346,052
53,043
UK Logistics PropCo I S.à r.l., Luxembourg
100.0 3
58,460
(182)
UK Logistics PropCo II S.à r.l.,
Luxembourg
100.0 3
45,584
66
UK Logistics PropCo III S.à r.l.,
Luxembourg
100.0 3
59,630
(476)
UK Logistics S.C.Sp., Luxembourg
100.0 3
170,569
254
Unicredit Allianz Assicurazioni S.p.A.,
Milan
50.0 3
105,445
38,241
Unicredit Allianz Vita S.p.A., Milan
50.0 3
664,487
145,390
Vailog Hong Kong DC17 Limited, Hong
Kong
100.0 3
30,945
(1,001)
Valderrama S.A., Luxembourg
100.0 3
165,715
1,977
Vintage Rents S.L., Madrid
100.0
14,837
68
Viveole SAS, Versailles
100.0 3
10,361
2,765
Vordere Zollamtsstraße 13 GmbH,
Vienna
100.0 3
64,357
2,701
Weihong (Shanghai) Storage Services Co.
Ltd., Shanghai
100.0 3
26,335
874
Weilong (Hubei) Storage Services Co.
Ltd., Ezhou
100.0 3
5,470
(1,681)
Weilong (Jiaxing) Storage Services Co.
Ltd., Jiaxing
100.0 3
18,011
29
Windpark AO GmbH, Pottenbrunn
100.0 3
10,123
(704)
Windpark EDM GmbH, Pottenbrunn
100.0 3
32,163
938
Windpark GHW GmbH, Pottenbrunn
100.0 3
7,140
(360)
Windpark Ladendorf GmbH, Pottenbrunn
100.0 3
7,330
(88)
Windpark Les Cent Jalois SAS, Versailles
100.0 3
10,008
1,688
Windpark LOI GmbH, Pottenbrunn
100.0 3
12,475
(304)
Windpark PDV GmbH, Pottenbrunn
100.0 3
7,714
(178)
Windpark PL GmbH, Pottenbrunn
100.0 3
5,308
(89)
Windpark Zistersdorf GmbH, Pottenbrunn
100.0 3
5,277
(485)
Equity
Net
earnings
€ thou
€ thou
Windpower Ujscie Sp. z o.o., Poznan
100.0 3
64,389
(86)
YAO NEWREP Investments S.A.,
Luxembourg
94.0 3
281,567
(484)
Yorktown Financial Companies Inc.,
Minneapolis, MN
100.0 3
138,633
12
ZAD Allianz Bulgaria AD, Sofia
87.4 3
59,537
10,233
ZAD Allianz Bulgaria Life AD, Sofia
99.0 3
30,092
2,421
ZAD Energy AD, Sofia
51.0 3
14,336
4,359
Joint ventures
1 Liverpool Street LP, Whiteley
70.0 3
26,134
(46,157)
101 Moorgate LP, Whiteley
70.0 3
52,013
(18,719)
114 Venture LP, Wilmington, DE
49.5 3
87,402
(24,975)
1515 Broadway Realty LP, Wilmington,
DE
43.0 3
888,610
12,123
30 HY WM REIT Owner LP, Wilmington,
DE
49.0 3
240,849
(355)
53 State JV L.P., Wilmington, DE
49.0 3
337,926
(542)
55-15 Grand Avenue Investor JV L.P.,
Wilmington, DE
44.9 3
181,672
(63,000)
A&A Centri Commerciali S.r.l., Bolzano
50.0 3
151,188
1,938
AA Ronsin Investment Holding Limited,
Hong Kong
62.0 3
507,098
(5,133)
ACRE Acacia Investment Trust I, Sydney
50.0 3
119,749
3,510
ACRE Acacia Management I Pty Ltd.,
Sydney
50.0 3
120,097
(6,553)
Allee-Center Kft., Budapest
50.0 3
106,165
13,202
Altair MF TMK, Tokyo
49.9 3
46,869
660
AMLI-Allianz Investment LP, Wilmington,
DE
75.0 3
79,755
5,471
Arcturus MF TMK, Tokyo
51.0 3
26,928
854
AREAP Core I LP, Singapore
50.0 3
593,046
28,902
AREAP JMF 1 LP, Singapore
33.3 3
178,162
15,035
AS Gasinfrastruktur Beteiligung GmbH,
Vienna
55.6 3
201,327
(43,977)
Austin West Campus Student Housing LP,
Wilmington, DE
45.0 3
363,531
16,034
AZ/JH Co-Investment Venture (DC) LP,
Wilmington, DE
80.0 3
183,037
(62,236)
AZ/JH Co-Investment Venture (IL) LP,
Wilmington, DE
80.0 3
141,446
(63,108)
Bazalgette Equity Ltd., London
34.3 3
588,195
17,592
BCal Houston JV L.P., Wilmington, DE
39.2 3
117,329
2,544
BL West End Offices Limited, London
75.0 3
339,786
(67,083)
Canis MF TMK, Tokyo
49.9 3
20,967
566
Chapter Master Limited Partnership,
London
45.5 3
1,351,450
122,933
Equity
Net
earnings
€ thou
€ thou
CHP-AZ Seeded Industrial L.P.,
Wilmington, DE
49.0 3
163,983
(9,345)
Corvus MF TMK, Tokyo
25.4 3
74,022
519
CPIC Fund Management Co. Ltd.,
Shanghai
49.0 3
89,594
13,437
CPPIC Euler Hermes Insurance Sales Co.
Ltd., Shanghai
49.0
7,247
146
Daiwater Investment Limited, Hatfield
36.6 3
312,400
(28,765)
Dundrum Car Park Limited Partnership,
Dublin
50.0 3
29,272
2,466
Dundrum Retail Limited Partnership,
Dublin
50.0 3
623,474
(45,894)
Elton Investments S.à r.l., Luxembourg
32.5 3
383,484
(5,730)
ESR India Logistics Fund Pte. Ltd.,
Singapore
50.0 3
202,838
6,825
EUROMARKT Center d.o.o., Ljubljana
50.0 3
54,588
10,994
Fiumaranuova S.r.l., Milan
50.0 3
202,292
4,837
Floene Energias S.A., Lisbon
45.5 3
259,581
17,025
GBTC I LP, Singapore
50.0 3
283,056
7,492
GBTC II LP, Singapore
50.0 3
156,236
39,783
Grus MF TMK, Tokyo
51.0 3
59,162
1,075
Händelö Logistics Holding AB, Stockholm
50.0 3
78,967
2,242
Heimstaden Eagle AB, Malmö
56.3 3
1,487,982
51,587
HKZ Investor Holding B.V., Arnhem
51.0 3
680,856
(21,531)
Hudson One Ferry JV L.P., Wilmington, DE
45.0 3
108,090
(8,765)
Italian Shopping Centre Investment S.r.l.,
Milan
50.0 3
21,159
17,237
LBA IV-PPI Venture LLC, Wilmington, DE
45.0 3
156,542
(209,603)
LBA IV-PPII-Office Venture LLC,
Wilmington, DE
45.0 3
7,836
(17,628)
LBA IV-PPII-Retail Venture LLC,
Wilmington, DE
45.0 3
47,242
1,108
LPC Logistics Venture One LP,
Wilmington, DE
31.7 3
1,036,788
(195,539)
Muralis MF TMK, Tokyo
49.9 3
17,571
277
NeuConnect Holdings B.V., Amsterdam
25.0 3
155,006
16,409
NRF (Finland) AB, Stockholm
50.0 3
102,522
8,129
NRP Nordic Logistics Fund AS, Oslo
49.5 3
461,235
3,448
Ophir-Rochor Commercial Pte. Ltd.,
Singapore
60.0 3
565,321
12,244
Orion MF TMK, Tokyo
49.9 3
288,787
(5,682)
Piaf Bidco B.V., Amsterdam
23.9 3
1,447,683
(76,319)
Podium Fund HY REIT Owner LP,
Wilmington, DE
44.3 3
631,131
(440)
Porterbrook Holdings I Limited, Derby
30.0 3
1,117,397
32,730
RMPA Holdings Limited, Colchester
56.0 3
25,397
20,847
C _ Financial Statements of Allianz SE
78
Annual Report 2024 – Allianz SE
Equity
Net
earnings
€ thou
€ thou
SAS Docks V2, Paris la Défense
50.0
19,319
(13,169)
SES Shopping Center AT 1 GmbH,
Salzburg
50.0 3
112,776
5,927
SES Shopping Center FP 1 GmbH,
Salzburg
50.0 3
86,768
2,944
Sirius MF TMK, Tokyo
49.9 3
35,399
(268)
Solunion Seguros Compañía
Internacional de Seguros y Reaseguros
SA, Madrid
50.0 3
152,742
12,480
Spanish Gas Distribution Investments
S.à r.l., Senningerberg
40.0 3
1,219,779
19,811
SPREF II Pte. Ltd., Singapore
50.0
346,030
(892)
Stonecutter JV Limited, London
50.0 3
184,501
(44,052)
Terminal Venture LP, Wilmington, DE
32.4 3
547,372
(298,066)
The Israeli Credit Insurance Company
Ltd., Ramat Gan
50.0 3
52,738
11,906
The State-Whitehall Company LP,
Wilmington, DE
49.9 3
229,349
5,683
TopTorony Ingatlanhasznosító Zrt.,
Budapest
50.0 3
18,946
2,716
VGP European Logistics 2 S.à r.l.,
Senningerberg
50.0 3
319,366
(7,567)
VGP European Logistics S.à r.l.,
Senningerberg
50.0 3
558,118
10,711
VISION (III) Pte. Ltd., Singapore
30.0 3
55,488
(9,734)
Waterford Blue Lagoon LP, Wilmington,
DE
49.0 3
323,573
(3,241)
Associates
AlTi Global Inc., Wilmington, DE
20.6 3
713,372
(150,372)
Areim Fastigheter 2 AB, Stockholm
23.3 3
21,891
(16,733)
Areim Fastigheter 3 AB, Stockholm
31.6 3
129,242
39,522
Bajaj Allianz General Insurance Company
Ltd., Pune
26.0 3
1,202,818
167,147
Bajaj Allianz Life Insurance Company
Ltd., Pune
26.0 3
1,595,820
60,867
Best Regain Limited, Hong Kong
16.4 3
71,215
17,202
Blue Vista Student Housing Select
Strategies Fund L.P., Wilmington, DE
24.9 3
234,292
19,408
Delgaz Grid S.A., Târgu Mures
30.0 3
793,839
(49,348)
Delong Limited, Hong Kong
16.4 3
38,517
13,396
Four Oaks Place LP, Wilmington, DE
49.0 3
485,777
15,571
Global Stream Limited, Hong Kong
16.4 3
141,615
32,225
Glory Basic Limited, Hong Kong
16.4 3
111,693
12,801
HUB Platform Technology Partners Ltd.,
London
28.6 3
40,322
(12,998)
Equity
Net
earnings
€ thou
€ thou
Jumble Succeed Limited, Hong Kong
16.4 3
46,382
7,674
Linia Nou Tram Dos S.A., Barcelona
36.5 3
37,938
15,278
Long Coast Limited, Hong Kong
16.4 3
18,789
(523)
Luxury Gain Limited, Hong Kong
16.4 3
39,701
4,738
Medgulf Takaful B.S.C.(c), Sanabis
25.0 3
16,492
782
Metro Ligero Oeste S.A., Pozuelo de
Alarcón
20.0 3
91,889
17,662
MFM Holding Ltd., London
30.1 3
178,542
(1,310)
Modern Diamond Limited, Hong Kong
16.4 3
43,623
10,688
MTech Capital Fund (EU) SCSp,
Luxembourg
27.3 3
64,861
(10,332)
National Insurance Company Berhad
Ltd., Bandar Seri Begawan
25.0 3
16,032
3,393
New Try Limited, Hong Kong
16.4 3
62,569
9,641
Nordic Ren-Gas Oy, Espoo
30.0 3
8,344
(5,598)
Ocean Properties LLP, Singapore
20.0 3
1,676,696
63,535
OeKB EH Beteiligungs- und Management
AG, Vienna
49.0 3
94,634
10,964
Pool-ul de Asigurare Impotriva
Dezastrelor Naturale SA, Bucharest
15.0 3
47,076
479
Praise Creator Limited, Hong Kong
16.4 3
30,621
5,367
Prime Space Limited, Hong Kong
16.4 3
57,521
6,521
Quadgas Holdings Topco Limited, Saint
Helier
13.0 3
3,912,065
395,539
Residenze CYL S.p.A., Milan
33.3 3
54,840
492
Sanlam Allianz Africa (Pty) Ltd., Cape
Town
40.4 3
8,500
(2)
Santéclair S.A., Nantes
46.6 3
16,412
612
SAS Alta Gramont, Paris
49.0
208,982
1,912
SCI Bercy Village, Paris
49.0
34,160
9,081
Sierra European Retail Real Estate Assets
Holdings B.V., Amsterdam
25.0 3
820,982
72,950
Sino Phil Limited, Hong Kong
16.4 3
92,845
18,916
SNC Alta CRP Gennevilliers, Paris
49.0
26,829
3,817
SNC Alta CRP La Valette, Paris
49.0
6,753
6,733
SNC Société d'aménagement de la Gare
de l'Est, Paris
49.0
7,852
4,254
Summer Blaze Limited, Hong Kong
16.4 3
45,801
6,640
Supreme Cosmo Limited, Hong Kong
16.4 3
41,380
12,791
Sure Rainbow Limited, Hong Kong
16.4 3
35,939
10,703
Tikehau Real Estate III SPPICAV, Paris
12.2 3
225,835
18,315
UK Outlet Mall Partnership LP,
Edinburgh
19.5 3
5,400
2,473
Vanbreda Nederland B.V., Gouda
25.0 3
12,899
637
Equity
Net
earnings
€ thou
€ thou
Wildlife Works Carbon LLC, Wilmington,
DE
9.6 3
15,776
2,445
Other Participations below 20% voting
rights
Agrupación Española de Entidades
Aseguradoras de los Seguros Agrarios
Combinados S.A., Madrid
8.1 3
13,492
962
AIM Commercial Growth Freehold and
Leasehold Real Estate Investment Trust,
Bangkok
15.6 3
75,335
6,512
AIM Industrial Growth Freehold and
Leasehold Real Estate Investment Trust,
Bangkok
6.4 3
194,741
13,976
ALTRO Invest S.C.A., Weiswampach
19.9 3
5,232
(10)
Amata Summit Growth Freehold and
Leasehold Real Estate Investment Trust,
Bangkok
5.6 3
93,439
6,875
Autostrade per l’Italia S.p.A., Rome
6.9 3
2,210,320
873,102
Bancar Technologies Limited,
Manchester
3.3 3
282,744
(183,243)
Bualuang Office Leasehold Real Estate
Investment Trust, Bangkok
7.6 3
97,208
8,863
CapsAuto SA, Chatou
15.0 3
7,828
6,591
Coalition Inc., Wilmington, DE
4.4
358,541
(53,413)
Czech Gas Networks S.á r.l.,
Luxembourg
18.5 3
403,629
(174,079)
Formula E Holdings Limited,
Hong Kong
3.8 4
21,099
(5,378)
Fundbox Ltd., Tel Aviv
3.3 4
108,802
(95,352)
Golden Ventures Leasehold Real Estate
Investment Trust, Bangkok
7.1 3
236,988
19,119
Guomin Pension & Insurance Co. Ltd.,
Peking
2.0 3
1,474,546
41,153
IDI SCA, Paris
5.4 3
473,412
235,725
Instituto de Investigación sobre Vehículos
S.A, Zaragoza
4.6 3
7,008
1,557
Next Insurance Inc., Wilmington, DE
7.5 3
437,322
(120,637)
Oddo et Cie SCA, Paris
2.2 3
1,014,904
102,261
OpenGamma Inc, Wilmington, DE
15.7 3
5,054
(3,031)
PERILS AG, Zurich
10.0 3
13,391
581
Pie Insurance Holdings Inc., Washington,
D.C.
16.1 3
184,195
(154,990)
Pollen Inc., Wilmington, DE
4.1 4
24,082
(58,622)
Portima SCRL, Brussels
10.9 3
12,645
802
PT Polinasi Iddea Investama, Jakarta
1.4 3
99,723
(33,938)
C _ Financial Statements of Allianz SE
79
Annual Report 2024 – Allianz SE
Equity
Net
earnings
€ thou
€ thou
Tecnologías de la Información y Redes
para las Entidades Aseguradoras S.A.,
Las Rozas de Madrid
6.1 3
52,810
5,832
Welab Holdings Limited, Road Town
15.0 3
513,674
(48,501)
1_Percentage includes equity participations held by dependent entities in full, even if the Allianz
Group’s share in the dependent entity is below 100 %.
2_Profit and loss transfer agreement.
3_As per annual financial statement 2023.
4_As last per annual financial statement before 2023.
Annual Report 2024 – Allianz SE
80
FURTHER INFORMATION
D
D _ Further Information
81
Annual Report 2024 – Allianz SE
To the best of our knowledge, and in accordance with the applicable reporting principles, the financial
statements of Allianz SE give a true and fair view of the assets, liabilities, financial position, and profit or
loss of the company, and the management report includes a fair review of the development and
performance of the business and the position of the company, together with a description of the principal
opportunities and risks associated with the expected development of the company.
Munich, 27 February 2025
Allianz SE
The Board of Management
Oliver Bäte
Sirma Boshnakova
Claire-Marie Coste-Lepoutre
Dr. Barbara Karuth-Zelle
Dr. Klaus-Peter Röhler
Dr. Günther Thallinger
Christopher Townsend
Renate Wagner
Dr. Andreas Wimmer
RESPONSIBILITY STATEMENT
D _ Further Information
82
Annual Report 2024 – Allianz SE
To Allianz SE, Munich
Report on the Audit of the Annual
Financial Statements and of the
Management Report
We have audited the annual financial statements of Allianz SE,
Munich, which comprise the balance sheet as at 31 December 2024,
and the income statement for the financial year from 1 January to
31 December 2024 and notes to the financial statements, including
the presentation of the recognition and measurement policies. In
addition, we have audited the management report of Allianz SE for the
financial year from 1 January to 31 December 2024. In accordance
with the German legal requirements, we have not audited the content
of those parts of the management report listed in the “Other
Information” section of our auditor’s report.
In our opinion, on the basis of the knowledge obtained in the audit,
−
the accompanying annual financial statements comply, in all
material respects, with the requirements of German commercial
law and give a true and fair view of the assets, liabilities and
financial position of the Company as at 31 December 2024 and of
its financial performance for the financial year from 1 January to
31 December 2024 in compliance with German Legally Required
Accounting Principles and
−
the accompanying management report as a whole provides
an appropriate view of the Company’s position. In all material
respects, this management report is consistent with the annual
financial
statements,
complies
with
German
legal
requirements and appropriately presents the opportunities
and risks of future development. Our audit opinion on the
management report does not cover the content of those parts of
the management report listed in the “Other Information“ section
of our auditor’s report.
Pursuant to § [Article] 322 Abs. [paragraph] 3 Satz [sentence] 1 HGB
[Handelsgesetzbuch: Germany Commercial Code], we declare that
our audit has not led to any reservations relating to the legal
compliance of the annual financial statements and of the
management report.
We conducted our audit of the annual financial statements and of
the management report in accordance with § 317 HGB and the EU
Audit Regulation (No. 537/2014, referred to subsequently as "EU Audit
Regulation") in compliance with German Generally Accepted
Standards for Financial Statement Audits promulgated by the Institut
der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW).
Our responsibilities under those requirements and principles are
further described in the "Auditor's Responsibilities for the Audit of the
Annual Financial Statements and of the Management Report" section
of our auditor's report. We are independent of the Company in
accordance with the requirements of European law and German
commercial and professional law, and we have fulfilled our other
German professional responsibilities in accordance with these
requirements. In addition, in accordance with Article 10 (2) point (f) of
the EU Audit Regulation, we declare that we have not provided non-
audit services prohibited under Article 5 (1) of the EU Audit Regulation.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinions on the annual
financial statements and on the management report.
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the annual financial
statements for the financial year from 1 January to 31 December 2024.
These matters were addressed in the context of our audit of the annual
financial statements as a whole, and in forming our audit opinion
thereon; we do not provide a separate audit opinion on these matters.
In our view, the matters of most significance in our audit were as
follows:
−
Measurement of reserves for loss and loss adjustment expenses
−
Measurement of shares in affiliated companies and participations
Our presentation of these key audit matters has been structured in
each case as follows:
−
Matter and issue
−
Audit approach and findings
−
Reference to further information
Hereinafter, we present the key audit matters:
Measurement of reserves for loss and loss
adjustment expenses
Matter and issue
In the annual financial statements of the Company, technical
provisions (so called “claims provisions”) amounting to € 19,550 mn
(14.3 % of total assets) are reported under the “Reserves for loss and
loss adjustment expenses” balance sheet item.
Insurance companies are required to recognize technical
provisions to the extent necessary in accordance with reasonable
business judgment to ensure that they can meet their obligations from
insurance contracts on a continuous basis. Defining assumptions for
the purpose of measuring the technical provisions requires the
Company's executive directors, in addition to complying with the
requirements of commercial and regulatory law, to make estimations
of future events and to apply appropriate measurement methods. The
gross provision is generally determined on the basis of the cedents'
information or, in the case of outstanding settlements, on the basis of
an estimate. The Company reviews the appropriateness of the cedents'
information and, if necessary, makes appropriate increases to the
amounts.
INDEPENDENT AUDITOR’S REPORT
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Annual Report 2024 – Allianz SE
The methods used to determine the amount of the claims
provisions and the calculation parameters are based on judgments
and assumptions made by the executive directors. This also includes
the evaluation of the impact of increased inflation rates on the
calculation of the reserves. In particular, the lines of products with
long claims settlement periods, low loss frequency or high individual
losses are usually subject to increased estimation uncertainties and
usually require a high degree of judgment by the Company's executive
directors.
Minor changes to those assumptions and to the methods used
may have a material impact on the measurement of the claims
provisions. Due to the material significance of the amounts of these
provisions in relation to the assets, liabilities and financial
performance of the Company as well as the considerable scope for
judgment on the part of the executive directors and the associated
uncertainties in the estimations made, the measurement of the claims
provisions was of particular significance in the context of our audit.
Audit approach and findings
As part of our audit, we evaluated the appropriateness of selected
controls established by the Company for the purpose of selecting
actuarial methods, determining assumptions and making estimates
for the measurement of provisions for unsettled claims in property-
casualty insurance.
With the support of our property-casualty insurance valuation
specialists, we have compared the respective actuarial methods
applied and the material assumptions with generally recognized
actuarial practices and industry standards and examined to what
extent these are appropriate for the valuation. Our audit also included
an evaluation of the plausibility and integrity of the data and
assumptions used in the valuation including the assessment of the
executive directors regarding the impact of increased inflation rates,
and an analysis of the claims settlement processes and the
reconciliation of the information provided by the cedents.
Furthermore, we recalculated the amount of the provisions for
selected lines of products, in particular lines of products with large
reserves or increased estimation uncertainties. For these lines of products
we compared the recalculated provisions with the provisions
calculated by the Company and evaluated any differences.
Based on our audit procedures, we were able to satisfy ourselves
that the estimates and assumptions made by the executive directors
are appropriate overall for measuring the technical provisions in
property-casualty insurance.
Reference to further information
The Company's disclosures on the measurement of provisions for
unsettled claims are contained in section Accounting, Valuation, and
Calculation Methods in the notes to the financial statements.
Measurement of shares in affiliated companies and
participations
Matter and issue
In the annual financial statements of the Company shares in affiliated
companies and other equity instruments amounting to € 76,898 mn
(56.1 % of total assets) are reported under the "Investments" balance
sheet item.
Shares in affiliated companies and other equity instruments are
measured in accordance with German commercial law at the lower of
cost and fair value. For shares in affiliated companies and other equity
instruments whose valuation is not based on stock exchange prices or
other market prices, the income approach is used for all significant
operating companies (property insurance companies, banks and asset
management companies) respectively pro rata equity. For life and
health insurance companies, the valuation is based on the value in use.
Companies whose business purpose is essentially limited to the
management of investments (asset holding companies), the fair value
is determined on the basis of the fair values of the respective
underlying investment properties, which are determined using
different valuation methods (e.g. net asset value, discounted cash flow
method).
The measurement of the fair values is based on the business plan
set up by the executive directors. In this context, the executive directors
have to make significant judgments, estimates and assumptions in
particular about the future development of the business and the effect
of the development of macroeconomic factors on the business of the
shares in affiliated companies and the companies which are other
equity instruments. The discount rate used in the context of the income
approach is the individually determined cost of capital for the relevant
financial investment.
Small changes in the assumptions made as well as in the methods
applied can have a significant effect on the measurement of the
shares in affiliated companies and other equity instruments. On the
basis of the values determined and supplementary documentation,
write-downs amounting in total to € 4.4 mn were required for the
financial year. Due to the significance in terms of the amount of the
shares in affiliated companies and other equity instruments for the
Company's assets, liabilities and financial performance as well as the
considerable judgments of the executive directors and the related
estimation uncertainties, the measurement of the shares in affiliated
companies and other equity instruments was of particular significance
in the context of our audit.
Audit approach and findings
As part of our audit, we assessed methodology used by the Company
for the purposes of the valuation and the assumptions made by the
executive directors in light of the significance of the shares in affiliated
companies and other equity instruments. Our assessment was based
on, among other things, our knowledge of the industry, our investment
valuation expertise and our industry experience. We evaluated the
company's valuation process, including the design and effectiveness of
the controls in place. On that basis, we performed tests of detail
related to the valuation for selected shares in affiliated companies and
other equity instruments. Our selection was risk-oriented with regard
to the size and significance for the Company's financial statements
and in the case of specific indications for a permanent impairment.
Our tests of detail included, among other things, the assessment of the
selected valuation method, its consistent application and the
arithmetic correctness of the applied procedures. In addition, we
checked the assumptions underlying the valuation (planned budget,
derivation of the discount rate and assumptions on the perpetual
annuity) for their appropriateness.
On the basis of our audit procedures, we were able to satisfy
ourselves that the estimates and assumptions made by the executive
directors for the measurement of the shares in affiliated companies
and other equity instruments are substantiated and sufficiently
documented.
Reference to further information
The Company's disclosures relating to shares in affiliated companies
and other equity instruments are contained in sections Accounting,
Valuation, and Calculation Methods and “3 _ Market value of
investments” of the notes to the financial statements.
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Annual Report 2024 – Allianz SE
The executive directors are responsible for the other information. The
other information comprises the following non-audited parts of the
management report:
−
the statement on corporate governance pursuant to § 289f HGB
included in section Corporate Governance Statement of the
management report
−
the non-financial statement to comply with §§ 289b to 289e HGB
included in section Non-Financial Statement of the management
report
−
the disclosures marked as unaudited in the management report
The other information comprises further
−
the remuneration report pursuant to § 162 AktG [Aktiengesetz:
German Stock Corporation Act], for which the supervisory board
is also responsible
−
all remaining parts of the annual report – excluding cross-
references to external information – with the exception of the
audited annual financial statements, the audited management
report and our auditor’s report.
Our audit opinions on the annual financial statements and on the
management report do not cover the other information, and
consequently we do not express an audit opinion or any other form
of assurance conclusion thereon.
In connection with our audit, our responsibility is to read the other
information mentioned above and, in so doing, to consider whether
the other information
−
is materially inconsistent with the annual financial statements, with
the management report disclosures audited in terms of content
or with our knowledge obtained in the audit, or
−
otherwise appears to be materially misstated.
The executive directors are responsible for the preparation of the
annual financial statements that comply, in all material respects, with
the requirements of German commercial law, and that the annual
financial statements give a true and fair view of the assets, liabilities,
financial position and financial performance of the Company in
compliance with German Legally Required Accounting Principles. In
addition, the executive directors are responsible for such internal
control as they, in accordance with German Legally Required
Accounting Principles, have determined necessary to enable the
preparation of annual financial statements that are free from material
misstatement, whether due to fraud (i.e., fraudulent financial reporting
and misappropriation of assets) or error.
In preparing the annual financial statements, the executive
directors are responsible for assessing the Company's ability to
continue as a going concern. They also have the responsibility for
disclosing, as applicable, matters related to going concern. In
addition, they are responsible for financial reporting based on the
going concern basis of accounting, provided no actual or legal
circumstances conflict therewith.
Furthermore, the executive directors are responsible for the
preparation of the management report that as a whole provides
an appropriate view of the Company’s position and is, in all material
respects, consistent with the annual financial statements, complies
with German legal requirements, and appropriately presents the
opportunities and risks of future development. In addition, the
executive directors are responsible for such arrangements and
measures (systems) as they have considered necessary to enable the
preparation of a management report that is in accordance with the
applicable German legal requirements, and to be able to provide
sufficient
appropriate evidence for the assertions in the
management report.
The supervisory board is responsible for overseeing the
Company's financial reporting process for the preparation of the
annual financial statements and of the management report.
Our objectives are to obtain reasonable assurance about whether
the annual financial statements as a whole are free from material
misstatement, whether due to fraud or error, and whether the
management report as a whole provides an appropriate view of the
Company’s position and, in all material respects, is consistent with the
annual financial statements and the knowledge obtained in the audit,
complies with the German legal requirements and appropriately
presents the opportunities and risks of future development, as well
as to issue an auditor’s report that includes our audit opinions on the
annual financial statements and on the management report.
Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with § 317 HGB and
the EU Audit Regulation and in compliance with German Generally
Accepted Standards for Financial Statement Audits promulgated by
the Institut der Wirtschaftsprüfer (IDW) will always detect a material
misstatement. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users
taken on the basis of these annual financial statements and this
management report.
We exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
−
Identify and assess the risks of material misstatement of the
annual financial statements and of the management report,
whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our audit opinions. The risk
of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the
override of internal controls.
−
Obtain an understanding of internal control relevant to the audit
of the annual financial statements and of arrangements and
measures (systems) relevant to the audit of the management
report in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an audit
opinion on the effectiveness of the internal control of the Company
and these arrangements and measures (systems), respectively.
−
Evaluate the appropriateness of accounting policies used by the
executive directors and the reasonableness of estimates made by
the executive directors and related disclosures.
−
Conclude on the appropriateness of the executive directors' use
of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the
Company's ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw
attention in the auditor's report to the related disclosures in the
annual financial statements and in the management report or, if
D _ Further Information
85
Annual Report 2024 – Allianz SE
such disclosures are inadequate, to modify our respective audit
opinions. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However, future
events or conditions may cause the Company to cease to be able
to continue as a going concern.
−
Evaluate the overall presentation, structure, and content of
the annual financial statements, including the disclosures, and
whether the annual financial statements present the underlying
transactions and events in a manner that the annual financial
statements give a true and fair view of the assets, liabilities,
financial position, and financial performance of the Company in
compliance with German Legally Required Accounting Principles.
−
Evaluate the consistency of the management report with the
annual financial statements, its conformity with German law, and
the view of the Company's position it provides.
−
Perform audit procedures on the prospective information
presented by executive directors in the management report. On
the basis of sufficient appropriate audit evidence we evaluate, in
particular, the significant assumptions used by the executive
directors as a basis for the prospective information, and evaluate
the proper derivation of the prospective information from these
assumptions. We do not express a separate audit opinion on the
prospective information and on the assumptions used as a basis.
There is a substantial unavoidable risk that future events will
differ materially from the prospective information.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with the relevant independence requirements,
and communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where
applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the annual financial statements of the
current period and are therefore the key audit matters. We describe
these matters in our auditor's report unless law or regulation precludes
public disclosure about the matter.
Other Legal and Regulatory
Requirements
Assurance opinion
We have performed assurance work in accordance with § 317
Abs. 3a HGB to obtain reasonable assurance as to whether the
rendering of the annual financial statement and the management
report (hereinafter the “ESEF documents”) contained in the
electronic file Allianz SE_JA+LB_ESEF-2024-12-31.zip and prepared
for publication purposes complies in all material respects with the
requirements of § 328 Abs. 1 HGB for the electronic reporting format
(“ESEF format”). In accordance with German legal requirements, this
assurance work extends only to the conversion of the information
contained in the annual financial statements and the management
report into the ESEF format and therefore relates neither to the
information contained within these renderings nor to any other
information contained in the electronic file identified above.
In our opinion, the rendering of the annual financial statements
and the management report contained in the electronic file identified
above and prepared for publication purposes complies in all material
respects with the requirements of § 328 Abs. 1 HGB for the electronic
reporting format. Beyond this assurance opinion and our audit opinion
on the accompanying annual financial statement and the
accompanying management report for the financial year from
1 January to 31 December 2024 contained in the “Report on the Audit
of the Annual Financial Statements and on the Management
Report” above, we do not express any assurance opinion on the
information contained within these renderings or on the other
information contained in the electronic file identified above.
Basis for the assurance opinion
We conducted our assurance work on the rendering of the annual
financial statements and the management report contained in the
electronic file identified above in accordance with § 317 Abs. 3a HGB
and the IDW Assurance Standard: Assurance Work on the Electronic
Rendering of Financial Statements and Management Reports,
Prepared for Publication Purposes in accordance with § 317
Abs. 3a HGB (IDW AsS 410 (06.2022)) and the International Standard
on Assurance Engagements 3000 (Revised). Our responsibility in
accordance therewith is further described in the “Auditor’s
Responsibilities for the Assurance Work on the ESEF Documents”
section. Our audit firm applies the IDW Standard on Quality
Management 1: Requirements for Quality Management in the Audit
Firm (IDW QS 1).
Responsibilities of the Executive Directors and the
Supervisory Board for the ESEF Documents
The executive directors of the Company are responsible for the
preparation of the ESEF documents including the electronic rendering
of the annual financial statements and the management report in
accordance with § 328 Abs. 1 Satz 4 Nr. [number] 1 HGB.
In addition, the executive directors of the Company are
responsible for such internal control as they have considered
necessary to enable the preparation of ESEF documents that are free
from material non-compliance with the requirements of § 328
Abs. 1 HGB for the electronic reporting format, whether due to fraud
or error.
The supervisory board is responsible for overseeing the process
for preparing the ESEF documents as part of the financial reporting
process.
Auditor's responsibilities for the assurance work on
the ESEF documents
Our objective is to obtain reasonable assurance about whether the
ESEF documents are free from material non-compliance with the
requirements of § 328 Abs. 1 HGB, whether due to fraud or error. We
exercise professional judgment and maintain professional skepticism
throughout the assurance work. We also:
−
Identify and assess the risks of material non-compliance with the
requirements of § 328 Abs. 1 HGB, whether due to fraud or error,
design and perform assurance procedures responsive to those
risks, and obtain assurance evidence that is sufficient and
appropriate to provide a basis for our assurance opinion.
−
Obtain an understanding of internal control relevant to the
assurance work on the ESEF documents in order to design
assurance procedures that are appropriate in the circumstances,
but not for the purpose of expressing an assurance opinion on the
effectiveness of these controls.
D _ Further Information
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Annual Report 2024 – Allianz SE
−
Evaluate the technical validity of the ESEF documents, i.e., whether
the electronic file containing the ESEF documents meets the
requirements of the Delegated Regulation (EU) 2019/815 in the
version in force at the date of the annual financial statements on
the technical specification for this electronic file.
−
Evaluate whether the ESEF documents provide a XHTML
rendering with content equivalent to the audited annual financial
statements and to the audited management report.
We were elected as auditor by the annual general meeting on
8 May 2024. We were engaged by the supervisory board on
14 May 2024. We have been the auditor of the Allianz SE, Munich,
without interruption since the financial year 2018.
We declare that the audit opinions expressed in this auditor's
report are consistent with the additional report to the audit committee
pursuant to Article 11 of the EU Audit Regulation (long-form audit
report).
Our auditor’s report must always be read together with the audited
annual financial statements and the audited management report as
well as the assured ESEF documents. The annual financial statements
and the management report converted to the ESEF format – including
the versions to be filed in the company register – are merely electronic
renderings of the audited annual financial statements and the audited
management report and do not take their place. In particular, the
“Report on the Assurance on the Electronic Rendering of the
Annual Financial Statements and the Management Report Prepared
for Publication Purposes in Accordance with § 317 Abs. 3a HGB” and
our assurance opinion contained therein are to be used solely together
with the assured ESEF documents made available in electronic form.
German Public Auditor Responsible for
the Engagement
The German Public Auditor responsible for the engagement is Florian
Möller.
Munich, 3 March 2025
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Florian Möller
Dennis Schnittger
Wirtschaftsprüfer
Wirtschaftsprüfer
(German Public Auditor)
(German Public Auditor)
D _ Further Information
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Annual Report 2024 – Allianz SE
The Remuneration Report1 describes the structure and arrangements
of the remuneration system for the Board of Management and the
Supervisory Board of Allianz SE. It explains the application of the
remuneration system in the 2024 financial year, using detailed and
individualized specifications on the remuneration of current and
former members of the Board of Management and the Supervisory
Board.
The report was jointly created by the Board of Management and
the Supervisory Board, taking into consideration the requirements of
§ 162 of the German Stock Corporation Act (AktG), and of the German
Corporate Governance Code in its currently valid version.
It was also decided to allow the auditor to carry out a
comprehensive, content audit of the Remuneration Report going
above and beyond the legal requirements of § 162 (3) AktG.
The remuneration year of 2024 at a
glance
The year 2024 was another year of heightened geopolitical and
economic uncertainty. For example, the potential for further escalation
of the conflicts in the Middle East and the ongoing war in Ukraine, with
incalculable consequences for the global economy, remained strong.
Against that backdrop, the global capital markets proved to be
gratifyingly robust last year. The U.S. stock market, in particular,
delivered returns of more than 20 % for the second consecutive year, as
measured by the S&P 500 Index. European stock markets also
performed well, in spite of the weak economic growth. This positive
development is primarily attributable to the expected cuts in key
interest rates by the U.S. and European central banks. The stock market
rally, particularly in U.S. IT stocks, was also driven by the artificial
intelligence (AI) euphoria. Meanwhile, inflation in the major economies
in 2024 once again turned out to be more persistent than had been
projected at the beginning of the year. High claims inflation therefore
remained a major challenge for the insurance industry. The continued
1_The Remuneration Report also fulfills the disclosure requirements ESRS 2 GOV-3.29 (a)-(e) and ESRS 2
GOV-3.29 AR7 of the European Sustainability Reporting Standards (ESRS).
rise in the frequency of natural catastrophes, for example in the
German domestic market, in Spain, and in the U.S., also weighed on
the results of the global insurance industry.
The Personnel Committee of the Supervisory Board closely
monitored the business performance, in particular with regard to
potential target achievement at Group level and the achievement of
individual remuneration targets both at the end of the first half of 2024
and at year-end 2024.
The annual bonus and the Long-Term Incentive (LTI) allocation are
derived in equal shares from two Group financial targets for the
relevant financial year: operating profit and net income attributable to
shareholders.
Operating profit
The operating profit target of € 14.80 bn was significantly exceeded at
€ 16.02 bn. All business divisions made a very positive contribution to
this strong result. This resulted in a target achievement of 116.53 % for
the operating result.
Net income attributable to shareholders
Due to the transition to the new IFRS 9 accounting standard, the
proportion of assets measured at fair value through profit or loss has
increased significantly. To address the resulting uncertainty regarding
the impact on net income, a bonus curve was used in 2024, as in 2023,
which defines a fluctuation range around the target value. The target
achievement of 100 % was defined as a plateau with an upward or
downward fluctuation range of € 500 mn.
Net income attributable to shareholders amounted to € 9.93 bn
in the previous financial year and was therefore above the target
range of € 8.1 – € 9.1 bn, resulting in target achievement of 118.89 %.
Overall, this results in target achievement for the Group’s financial
targets of 117.71 %.
REMUNERATION REPORT
D _ Further Information
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Annual Report 2024 – Allianz SE
In the reporting year, the Board of Management once again faced
significant challenges requiring a team effort. In addition to the
persistently
challenging
geopolitical
and
macroeconomic
environment, regulatory requirements continued to increase.
Implementing the technological transformation and adopting
strategic decisions regarding the use of artificial intelligence also
remained on the agenda, and these challenges were once again
jointly addressed by the Board of Management in a combined effort,
across the individual areas of responsibility. The tasks of the Board of
Management team also included developing the new three-year
strategy for the period from 2025 to 2027. It was presented and
explained in detail to the capital market as early as in December 2024
and met with a positive response across the board.
The reporting year once again saw adverse impacts from natural
catastrophes and high claims inflation. Nevertheless, operating profit
and net income rose to new record levels. This strong overall
performance was delivered on a sustainable basis: Despite the
premium adjustments required in an inflationary environment, Allianz
once again achieved very high customer satisfaction levels. At 57 %, the
proportion of local businesses considered loyalty leaders in terms of
customer satisfaction, measured by the digital Net Promoter Score
(dNPS), is only slightly down on the previous year’s record level.
Employee satisfaction was also very positive once again. The Inclusive
Meritocracy Index and Work Well Index Plus, used to measure
employee satisfaction, once again reached new all-time highs at 83 %
and 79 %, respectively, bucking a negative trend in the industry. For the
first time, Allianz has been considered the industry leader in
comparison with its peers for both indicators. The Board of
Management also once again met its ambitious environmental
targets. CO2 emissions per employee were reduced by 62 % versus the
2019 baseline year.
When deciding on the individual contribution factor for each
member of the Board of Management, the Supervisory Board
assessed the good cooperation and the performance delivered by all
members. Overall, this assessment led to a result at the upper end of
the range from 0.8 to 1.2 with marginal differences. The individual
performance of each member of the Board of Management is
described in detail in a later section.
The system for the remuneration of members of the Board of
Management was approved by the Annual General Meeting on
5 May 2021 with a majority of 87.14 % of the votes. The remuneration
system applies to all members of the Board of Management in office
in the 2024 financial year.
The Remuneration Report for 2023 was approved at the Annual
General Meeting on 8 May 2024 with a majority of 85.95 % of the votes.
Overall, the remuneration system and the Remuneration Report
were strongly supported by investors as well as proxy advisors. Some
of the aspects emphasized in discussions with the Supervisory Board
are that the transparency provided with regard to the remuneration of
the members of the Board of Management exceeds the best-practice
standard in Germany in many respects and that the Supervisory Board
exercises its discretionary powers, as granted to them to the usual
extent, very responsibly.
Various investors expressed the desire for a clearer weighing of
the sustainability targets and improved transparency in order to more
clearly emphasize the significance of these targets for the Board of
Management remuneration. A corresponding adjustment to the
remuneration system will therefore be proposed to the Annual General
Meeting on 8 May 2025, which is explained in the outlook.
Claire-Marie Coste-Lepoutre took over from Giulio Terzariol on
1 January 2024.
Remuneration of the Allianz SE Board
of Management
Remuneration is designed to be appropriate compared to peer
companies, given the Allianz Group’s range of business activities,
operating environment, and business results achieved. The aim is to
ensure and promote sustainable and value-oriented management of
the company that is in line with our corporate strategy. The key
principles are as follows:
−
Support of the Group’s strategy: The design of variable
compensation, and in particular of performance targets, reflects
the business strategy and sustainable long-term development of
the Allianz Group.
−
Alignment of pay and performance: The performance-based
variable component of the remuneration of members of the Board
of Management forms a significant portion of the overall
remuneration, corresponding to 70 % of the target compensation.
−
Sustainability of performance and alignment with shareholder
interests: A major part of the variable remuneration reflects
longer-term performance, with deferred payout (64 %), and is
linked to the absolute and relative performance of the Allianz
share price.
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Annual Report 2024 – Allianz SE
The following diagram provides an overview of the structure and
amount of the target remuneration of the members of the Board of
Management in the 2024 financial year.
D _ Further Information
90
Annual Report 2024 – Allianz SE
Base salary
The base salary, which is not performance-related, is paid in twelve
equal monthly installments.
Perquisites
Perquisites mainly consist of contributions to accident and liability
insurances, tax consultant fees, and the provision of a company car
and further individual perquisites if applicable. Perquisites are not
linked to performance. The Supervisory Board regularly reviews the
level of perquisites; a contractual annual cap applies. If an
appointment to the Board of Management requires a change of
residence, relocation expenses are reimbursed to an appropriate
extent.
Strategic relevance of base salary and perquisites: The fixed
remuneration components provide competitive remuneration to
attract and retain Board of Management members with experience
and skills that enable them to develop and successfully implement the
Allianz Group’s strategy. They secure a reasonable level of income in
line with market conditions and promote a company management
that is commensurate with risk.
Variable remuneration
The performance-based variable remuneration includes the short-
term annual bonus and long-term share-based remuneration. This
composition aims to balance short-term performance, longer-term
success, and sustained value creation. The Supervisory Board ensures
that the variable remuneration targets are challenging, ambitious and
sustainable.
Target achievement factor to determine the variable
remuneration
The calculation of variable remuneration follows a transparent and
simple system. The annual bonus and long-term incentive (LTI)
allocation are based on only two Group financial targets for the
relevant financial year: operating profit and net income attributable to
shareholders, each at 50 %. The resulting target achievement is
adjusted by an individual contribution factor (ICF) in the range of 0.8
to 1.2, which reflects both the results of the business division and the
performance of the individual Board member. If targets are not met,
the variable compensation can be reduced to zero. If targets are
significantly exceeded, the target achievement is limited to 150 %.
The Group financial targets are based on equally weighted targets for
Group operating profit and Group net income attributable to
shareholders. Adjustments are only applied to acquisitions and
disposals that account for more than 10 % of the operating profit or net
income attributable to shareholders, or that have a value-adding
effect from a risk management perspective (e.g., portfolio transfers)
and were not yet known at the time the plan was prepared. This
regulation is intended to prevent entrepreneurial meaningful
transactions from having a negative impact on the remuneration of
the Board of Management.
Operating profit highlights the underlying performance of
ongoing core operations of the Allianz Group.
Net income attributable to shareholders is the profit after tax and
non-controlling interests (minorities). Furthermore, the net income
forms the basis for the dividend payout, as well as for calculating the
return on equity. Both key performance indicators (KPIs) are important
steering parameters for the Allianz Group and therefore reflect the
level of implementation of the business strategy.
The Group’s financial target achievement is limited to a maximum
of 150 % and can drop to zero.
The minimum, target, and maximum values for the Group
financial targets are set annually by the Supervisory Board. These
targets are documented for the respective next financial year and
published ex-post in the Remuneration Report.
The Group financial target achievement is multiplied by the ICF for
each member of the Board of Management. The ICF is based on an
assessment by the Allianz SE Supervisory Board of performance,
sustainability and strategic goals, based on KPIs reflecting the
respective Board member’s area of responsibility and their personal
contribution.
−
Strategic priority: An individual strategic priority will be set for
every Board member at the beginning of each performance year,
linked to a corresponding KPI and qualitatively assessed by the
Supervisory Board. In addition, overarching strategic goals that
apply to all Board members are set.
−
Performance (business division targets): For Board members with
business-related division responsibilities, the contribution to the
financial performance is based on various indicators of
profitability (e.g., operating profit and net income) and
productivity (e.g., expense ratio) for the respective business
division. For Board members with a functional focus, division-
specific performance targets are determined based on their key
responsibilities, and are qualitatively assessed.
−
Sustainability targets: Non-financial sustainability targets take
into account customer satisfaction (e.g., digital Net Promoter
Score (dNPS), employee engagement (e.g., Allianz Engagement
Survey), and leadership quality. The assessment of the individual
leadership quality also includes a review of behavioral aspects,
such
as
customer
orientation,
collaborative
leadership,
entrepreneurship, and trust (e.g., corporate social responsibility,
integrity, and sustainability as measured by the greenhouse gas
reduction of Allianz companies and by the development of a
roadmap to reduce CO2 emissions in the context of capital
allocation).
Additional
information,
in
particular
regarding
the
annual
sustainability targets for the Allianz SE Board of Management can be
found in the Sustainability Statement for the Allianz Group.
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Annual Report 2024 – Allianz SE
The Supervisory Board determines the ICF for each member of the
Board of Management based on the fulfillment of the individual
performance indicators. Most of the performance indicators are
provided with quantitative criteria, and therefore offer a sufficiently
concrete basis for the combined assessment.
Each ICF category – strategic priority, performance, and
sustainability – has a significant weighting, and all three categories are
of equal importance and make an equal contribution to the overall
assessment. However, the individual indicators are not weighted on a
fixed percentage basis, so that the ICF is not determined on the basis
of a formulaic calculation. This allows the Supervisory Board to take
appropriate consideration of the individual criteria and to react
appropriately to changes in priorities during the year. In particular,
significantly underperforming in one category should allow a low
overall rating without being balanced out by the other indicators.
Since performance is determined without a specified weighting,
the ICF covers a narrow range of 0.8 to 1.2.
Variable remuneration components
Annual bonus
The annual bonus provides incentives for profitable growth and
further development of the operating business by successfully
implementing the business objectives for the respective financial year.
In doing so, the overall responsibility for reaching the Group targets as
well as the individual performance with regard to the operational
responsibilities of the individual members of the Board of
Management are taken into consideration.
The annual bonus is calculated by multiplying the target
achievement factor by the target amount for the annual bonus. It is
paid out in cash after the end of the relevant financial year, with
payment limited to a maximum of 150 % of the target amount.
D _ Further Information
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Annual Report 2024 – Allianz SE
Long-term incentive – LTI
The long-term, share-based compensation component makes up the
largest portion of variable compensation (64%). It is oriented mainly
towards the sustainable increase in the enterprise value. Taking the
share price performance in absolute and relative terms as a basis
encourages combining the interests of the shareholders with those of
the members of the Board of Management.
Other stakeholder aspects are taken into consideration by setting
strategic sustainability targets. The achievement of these targets forms
the basis for the final assessment at the end of the four-year
contractual vesting period.
−
Grant and contractual vesting period: The LTI is granted annually
in the form of virtual Allianz shares, known as restricted stock units
(RSUs). The number of RSUs to be granted corresponds to the LTI
allocation amount, divided by the allocation value of an RSU at
grant:
−
The LTI allocation amount is calculated by multiplying the LTI
target amount by the annual bonus achievement factor, and
capped at a maximum of 150 % of the target level.
1_The fair value of the RSUs, on the other hand, is determined based on standard market simulation
methods. In this process, additional parameters are taken into account, such as the structure of interest
rates, the volatility of the Allianz stock and the index, the correlation, as well as the expected dividends.
The “Allocation Value” of the RSUs which is used for the calculation of the number of RSUs allocated to
−
The RSU allocation value is based on the ten-day-average
Xetra closing price of the Allianz stock following the annual
financial media conference1. As RSUs are virtual stock without
dividend payments, the relevant share price is reduced by the
net present value of the expected future dividend payments
during the four-year contractual vesting period.
The LTI grant is followed by a contractual vesting period of four years.
After that period, the LTI amount to be paid is determined based on
the relative performance of the Allianz share, the relevant share price,
and the results of the sustainability assessment.
−
Relative performance versus peers: Besides the absolute share-
price development, the LTI payout takes the relative performance
of the Allianz share into account. The total shareholder return
(TSR) of the Allianz share is benchmarked against the TSR of the
STOXX Europe 600 insurance index by reflecting the relation of
the total performance of the Allianz share (“Allianz TSR”) and the
total performance of the STOXX Europe 600 insurance index
(“Index TSR”) between the start and end of the four-year
the members of the Board may differ from the fair value, as a simplified calculation method is applied
for reasons of traceability and transparency.
contractual vesting period. The payout is based on the TSR
performance factor, which is calculated as follows:
−
At the end of the contractual vesting period, the difference
between the Allianz TSR and the Index TSR is determined in
percentage points; the result is multiplied by “2” because the
comparison with competitors and the market is critically
important, so the outperformance/underperformance is given
a twofold weighting.
−
To determine the factor, 100 percentage points are added to
the result. Example: 1 percentage point outperformance
results in a relative performance factor of 102 %; 1 percentage
point underperformance results in a relative performance
factor of 98 %.
In order to avoid incentivizing excessive risk-taking, the relative TSR
performance factor is limited: it can vary between zero (for
underperformance of the index by - 50 percentage points or lower)
and 200 % (for outperformance of the index by minimum
+ 50 percentage points or higher).
D _ Further Information
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Annual Report 2024 – Allianz SE
−
Sustainability assessment: Prior to the payout of each LTI tranche,
the Personnel Committee makes a preliminary assessment before
the Supervisory Board determines whether there are any
sustainability-related concerns regarding a full payout. If any
concerns are identified, payment of the tranche may be cancelled
in full or in part.
The sustainability assessment covers:
−
compliance breaches,
−
balance sheet issues, such as reserve strength, solvency,
indebtedness, and ratings,
−
KPIs contained in the individual Board members’ targets, such
as dNPS, employee satisfaction, and climate targets.
The assessment is made by applying a comparable basis; i.e., any
regulatory changes, changes in accounting regulations, or
changes in calculation methods for the KPIs in question are taken
into account.
−
Allianz share performance, payout, and cap: Following the end of
the four-year contractual vesting period, the granted RSUs are
settled in cash, based on the ten-day average Xetra closing price
of the Allianz SE share following the annual financial media
conference in the year the respective RSU plan vests, multiplied by
the relative TSR performance factor, and adjusted by the
sustainability assessment, if necessary. The relevant share price is
capped at 200 % of the grant price. Likewise, the relative TSR
performance factor is capped at a maximum of 200 %. Taking into
account the overall compensation cap (€ 6,000 thou for a regular
Board member and € 11,750 thou for the Chairperson of the
Board of Management), the LTI payout in relation to the LTI target
– which deviates from the individual LTI component caps – is
limited.
Outstanding RSU holdings are forfeited should a Board member leave
at their own request or their position be terminated for important
cause.
Additional remuneration principles
Shareholding obligation and shareholding exposure
The members of the Board of Management are obliged to build up
the following degree of Allianz share ownership within three years:
−
Chairperson of the Board of Management: two times base salary,
i.e., € 4,013 thou,
−
Regular Board of Management member: one time base salary,
i.e., € 1,024 thou.
Ownership is required for the entire term of service on the Board of
Management. Shares will be acquired through mandatory pay
component conversion. In the event of a base salary increase, the
shareholding obligation increases accordingly. The ownership
obligation ceases with the end of the mandate.
In combination with the virtual shares (RSU) accumulated over
four years through the LTI plan, the Allianz SE Board of Management
has significant economic exposure to Allianz stock. This amounts to
approximately 800 % of base salary for the Chairperson and
approximately 700 % of base salary for a regular Board member.
Malus and clawback
In order to ensure sustainable corporate development and to avoid
taking inappropriate risks, variable remuneration components may
not be paid, or payment may be restricted, in the event of a significant
breach of the Allianz Code of Conduct or regulatory Solvency II
policies or standards, including risk limits.
In the same way, variable remuneration components already
paid may be subject to a clawback for three years after payout.
Additionally, a reduction or cancellation of variable remuneration may
be implemented if this is required by the supervisory authority (BaFin)
in accordance with its statutory powers.
Application in the 2024 financial year: There was no reason to
reduce the payment of variable remuneration (malus), or to reclaim
variable remuneration already paid out (clawback).
Pension contribution
In line with Allianz Group's business model as one of the leading
providers of company pension products, the company also attaches
great importance to an attractive company pension scheme, both for
employees and for the Board of Management. To provide competitive
and cost-effective retirement and disability benefits, company
contributions to the defined-contribution pension plan “My Allianz
Pension” are invested with a guarantee for the contributions paid but
no further interest guarantee.
With regard to the Board of Management, the Supervisory Board
decides each year whether a budget is provided and, if so, to what
extent. The current pension contribution generally represents 15 % of
the target remuneration of the Board members. The contribution level
for employees in Germany, measured against the target remuneration,
is not significantly below the 15% mark for the Board of Management.
Apart from cases of occupational or general disability, the earliest
age a pension can be drawn and the “My Allianz Pension” pension
plan is 62. Should Board membership cease before the retirement age
is reached, accrued pension rights are maintained if vesting
requirements are met.
Members of the Board of Management may have additional
pension entitlements under former pension plans based on previous
positions in the Allianz Group or due to membership of the Board of
Management prior to 2015. Payments of social insurance
contributions abroad required by Allianz in individual cases may also
give rise to additional pension entitlements.
Payout cap
In
accordance
with
§ 87a (1) sentence 2 (1) AktG
and
the
recommendations of the German Corporate Governance Code, the
Supervisory Board has determined a remuneration cap.
Thus, the actual payout for the underlying financial year –
comprising the base salary, variable remuneration and pension service
cost – will be capped at a maximum of € 11,750 thou for the
Chairperson of the Board of Management, and at € 6,000 thou for a
regular member of the Board of Management. If the remuneration for
the financial year exceeds this amount, compliance with the maximum
limit will be ensured by reducing the payout of the long-term variable
remuneration accordingly.
D _ Further Information
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Annual Report 2024 – Allianz SE
This payout cap principle was introduced for the first time for the
2019 financial year. Given that the actual amount of the long-term
variable remuneration paid out cannot be determined until after
vesting and the final sustainability assessment, compliance with the
payout cap is reported on for the first time later on in this
Remuneration Report.
Termination of service
Board of Management contracts are limited to a period of five years.
For new appointments, a shorter period of up to three years is provided
based on the recommendation by the German Corporate Governance
Code.
Severance payment cap
Payments for early termination to Board members with a remaining
term of contract of more than two years are capped at twice the
annual compensation, consisting of the last financial year’s base
salary and 100 % of the variable target compensation. If the remaining
term of contract is less than two years, the payment is made on a pro-
rata basis for the remaining term of the contract. Contracts do not
contain provisions for any other cases of early termination of Board of
Management service.
In the event of a contractually agreed non-compete clause, a
severance payment is offset against compensation resulting from the
non-compete clause in the event of premature termination of service.
Transition payment
Board members appointed before 1 January 2010 are eligible for a
transition payment after leaving the Board of Management. The
transition payment comprises an amount corresponding to the most
recent base salary (paid for a period of six months), plus a one-time
payment of 25 % of the target variable remuneration. Where an Allianz
pension is due at the same time, this pension is deducted from the
monthly transition payments. In the event of a contractually agreed
non-compete clause, the remittance of the transitional payment will
be offset against the payment resulting from the non-compete clause.
Miscellaneous
Internal and external Board appointments
When a member of the Board of Management simultaneously holds
an appointment at another company within the Allianz Group or their
joint ventures with outside partners, the full amount of the respective
remuneration is transferred to Allianz SE.
In recognition of related benefits to the organization, and subject
to prior approval by the Supervisory Board of Allianz SE, Board
members are also allowed to accept a limited number of non-
executive supervisory roles at appropriate external organizations. In
these cases, 50 % of the remuneration received is paid to Allianz SE.
The respective Board member will only retain the full
remuneration for that position if the Allianz SE Supervisory Board
classifies the appointment as a personal one (ad personam). Any
remuneration paid by external organizations will be itemized in those
organizations’ annual reports; the level of remuneration will be
determined by the governing body of the relevant organization.
The Board of Management’s remuneration is decided upon by the
entire Supervisory Board, based on proposals prepared by the
Supervisory Board’s Personnel Committee. If required, the Supervisory
Board may seek outside advice from independent external
consultants. The Personnel Committee and the Supervisory Board
consult with the Chairperson of the Board of Management in
assessing the performance and remuneration of Board of
Management members. The Chairperson of the Board of
Management is generally not involved in discussion about their own
remuneration. The Supervisory Board designs the remuneration system
for the members of the Board of Management in accordance with the
requirements of the AktG in its currently valid version, as well as with
regulatory requirements and the recommendations of the German
Corporate Governance Code. Clarity and comprehensibility are
ensured at all times. Feedback from investors is also considered.
The Supervisory Board can temporarily deviate from the remuneration
system in exceptional circumstances in accordance with the statutory
requirements (§ 87a (2) AktG), if this is necessary in the interests of the
long-term welfare of the company. The assessment may take into
account both macroeconomic and company-related exceptional
circumstances, such as impairment of the long-term viability and
profitability of the company. The deviation requires a prior proposal by
the Personnel Committee.
Particular components of the remuneration system from which
deviations may be made in exceptional cases include the base salary,
the annual bonus and the LTI, including their relationship to each other,
their respective assessment bases where applicable, the target setting
and target achievement assessment principles, and the determination
of any payout and payment dates. The duration of the deviation shall
be determined by the Supervisory Board at its due discretion, but
should not exceed a period of four years. In a crisis situation, for
example, this principle is intended to allow the appointment of a new
Board member with skills such as crisis management expertise, with a
remuneration
structure
that
temporarily
deviates
from
the
remuneration structure.
Application in the 2024 financial year: The Supervisory Board did
not make use of the option to deviate from the remuneration system.
Determination and adequacy of Board of
Management target remuneration
Based on the remuneration system, the Supervisory Board determines
the
target
total
compensation
and
regularly
reviews
the
appropriateness of the remuneration. This is based on both a
horizontal comparison (i.e., with peer companies) and a vertical
comparison (in relation to Allianz employees). Again, the Supervisory
Board’s Personnel Committee develops respective recommendations,
if necessary with the assistance of external consultants.
The structure, weighting, and level of each remuneration
component should be adequate and appropriate.
Horizontal appropriateness
The Supervisory Board regularly reviews the remuneration of the
Board of Management of Allianz SE, taking into account both the
economic situation of the company and its sustainable performance.
The remuneration is compared with the DAX 40 companies, as well as
European and global industry peer groups. This comparison is based
on the equally weighted size criteria of revenue, number of employees
and market capitalization, which are used to determine the relative
size, complexity and internationality of Allianz.
Application in the 2024 financial year: In 2023, the Supervisory
Board did not identify any need to adjust the remuneration of the
Board of Management of Allianz SE in the annual review of the
appropriateness of the Board of Management remuneration
applicable from 2024.
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Annual Report 2024 – Allianz SE
Vertical appropriateness
This comparison is based on the total direct remuneration of a member
of the Board of Management and the average direct remuneration of
an employee of the German companies of the Allianz Group. The
Supervisory Board’s decision in December is based on the factor
resulting from this comparison for the previous financial year.
Application in the 2024 financial year: In 2024, the corresponding
factor for the CEO to employees was “94” (2023: “68”) and for regular
Board members to employees “50” (2023: “36”). The increase in 2024
compared to 2023 for is due to the payout of the first LTI tranche of the
revised remuneration system that was introduced in 2019.
Adjustment of Board of Management target
remuneration
The Supervisory Board may adjust the target remuneration of
members of the Board of Management, insofar as this is appropriate
to ensure that the remuneration of the Chairperson of the Board of
Management or a regular member of the Board of Management is
appropriate with regard to their duties and performance. In doing so,
it shall take into account the horizontal and vertical comparison of the
Board of Management remuneration. The aim of this rule is to
moderately adjust Board of Management remuneration on the basis
of horizontal and vertical salary trends, and thus to avoid major salary
increases.
Rather than being automatic, adjustment requires a justified
decision by the Supervisory Board on a case-by-case basis. Such a
moderate adjustment of the target remuneration does not in itself
represent a significant change to the remuneration system. These
adjustments or deviations must be justified in detail in the respective
Remuneration Report for the financial year.
Application in the 2024 financial year: The Supervisory Board has
not made use of the option to adjust the remuneration.
Remuneration adjustment for extraordinary events
The Supervisory Board is also entitled to take appropriate account of
extraordinary unforeseeable developments when determining the
amount of the variable remuneration components. This rule takes up
a recommendation of the German Corporate Governance Code and
allows for the adjustment of the remuneration in rare unforeseeable
exceptional cases.
Conceivable cases of application include, for example, significant
changes in accounting rules, or in the tax or regulatory framework, as
well as catastrophic events. The application of this rule may also lead
to a reduction in the variable remuneration.
Application in the 2024 financial year: The Supervisory Board has
not made use of the option to adjust the remuneration for
extraordinary events.
Application of the remuneration
system in the financial year
Group financial targets and target achievement
The degree of target achievement for the Group’s financial targets is
calculated as the simple average of the target achievement of the
operating profit for the year and the net income attributable to
shareholders for the year. The operating profit target of € 14.80 bn was
exceeded at € 16.02 bn. All business segments made a very positive
contribution to this strong result. This resulted in a target achievement
of 116.53 % for the operating profit.
Due to the transition to the new IFRS 9 accounting standard, the
proportion of assets measured at fair value through profit or loss has
increased significantly. To address the resulting uncertainty regarding
the impact on net income, a bonus curve was used in 2024, as in 2023,
which defines a fluctuation range around the target value. The target
achievement of 100 % was defined as a plateau with an upward or
downward fluctuation range of € 500 mn.
Net income attributable to shareholders amounted to € 9.93 bn
in the previous financial year and was therefore above the target
range of € 8.1 – 9.1 bn, resulting in a target achievement of 118.89 %.
Overall, this results in a target achievement rate for the Group’s
financial targets of 117.71 %.
Group financial target achievement 2023 and 2024
Group financial target achievement
Operating profit
Net income attributable to shareholders
Achievement level combined in %
Financial year
2023
2024
2023
2024
2023
2024
Bonus curve
0 % - Floor in € bn
7.10
7.40
3.70
3.80
103.85
117.71
100 % - Target in € bn
14.20
14.80
7.9 - 8.9
8.1 - 9.1
150 % - Max in € bn
17.75
18.50
11.00
11.30
Target achievement
Achievement level in € bn
14.75
16.02
8.54
9.93
Achievement level in %
107.69
116.53
100.00
118.89
Weight in %
50.00
50.00
50.00
50.00
D _ Further Information
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Annual Report 2024 – Allianz SE
Individual performance indicators and application
of the individual contribution factor
In order to calculate the annual bonus, the target achievement level of
the Group’s financial targets is multiplied by the individual contribution
factor (ICF). The Supervisory Board determines the ICF for each Board
member in line with their achievement of the targets defined in the
individual agreement on the individual performance indicators.
As Chairman of the Board of Management, Oliver Bäte, together
with the entire Board of Management team, has yet again guided the
company to a record result. The strong growth in a challenging
economic environment is due not least to his unwavering focus on
brand strength as well as customer and employee satisfaction. At the
Capital Markets Day, Mr. Bäte presented a compelling update to the
business strategy for 2025 to 2027, with a focus on customer growth,
productivity, and a further enhanced resilience. The Supervisory Board
expects this strategy to be implemented with determination in the
coming financial year and beyond.
In the past financial year, Sirma Boshnakova has made further
progress in expanding the platform business – in other words with the
digital business models comprising Allianz Partners, the business-to-
business-to-consumer market leader in assistance and insurance
solutions, AZ Direct, the European direct insurer, and Solvd, the claims
service platform. For example, Allianz Direct was again able to show
strong growth and achieve further progress with consolidating the
European platform business. The performance of Allianz Partners also
remained highly satisfactory, and an ambitious IT transformation laid
the foundations for further margin improvements. Furthermore, Solvd’s
services were successfully rolled out within other Allianz Group
operating entities. The business in Western and Southern Europe also
achieved robust growth under the leadership of Ms. Boshnakova. For
2025, the Supervisory Board expects the continued pursuit of a strong
growth trajectory in the platform business, along with the realization
of synergies within the Allianz Group. The improvement in sustainable
profitability remains a focal aspect, especially within the European life
insurance entities.
Claire-Marie Coste-Lepoutre was able to very quickly fulfill her
role she had assumed as Chief Financial Officer (and member of the
Board of Management also responsible for risk), and, as part of her
role, made an important contribution to the Group’s record financial
result. She also initiated a considerable strengthening of the Group’s
steering of capital generation and productivity, while also persuasively
communicating Allianz’s ambitious Group targets at the Capital
Markets Day hosted in December. For the coming financial year, the
Supervisory Board is expecting further optimization of capital
generation within the operative business, alongside strict control of
costs in order to benefit from productivity gains. Ms. Coste-Lepoutre’s
key responsibilities also include further improvements in the steering
of IT spend, alongside the digital transformation of the finance
function in 2025.
Barbara Karuth-Zelle further reinforced IT security and Group
governance through ambitious transformation projects and the
preparations made for the introduction of the Digital Operational
Resilience Act. With the realignment of the Business Master Platform,
she has also laid the foundations for a faster and more cost-efficient
implementation of new technologies, thereby making a crucial
contribution to improving the profitability of IT investments.
Furthermore, Ms. Karuth-Zelle succeeded in significantly improving
user satisfaction with the IT workplace services, as well as considerably
enhancing the stability of the IT systems. For the coming financial year,
the Supervisory Board is expecting a boost in the productivity and
resilience of the internal service entities, Allianz Technology and Allianz
Services, especially through more standardization so as to apply
leading IT solutions and services to support the operative business
even more efficiently.
Within his business area, Klaus-Peter Röhler once again achieved
significant productivity gains, making significant contributions to major
transformation projects, especially the “Growth Triathlon” with its focus
on growth in terms of new and multi-product customers alongside
reducing cancellations. The financial targets were achieved,
particularly through the highly satisfactory performance in Life/Health
insurance in Germany, which more than compensated the negative
impact of losses due to natural catastrophes in the Property-Casualty
insurance. In addition, Allianz was again able to demonstrate its
excellent customer service during the floods that occurred in southern
Germany. For 2025, the Supervisory Board is expecting a further
strengthening of distribution capabilities to optimally support the
profitable customer growth ambition. Moreover, the measures
available in the German Life insurance business have to be rigorously
implemented in order to further reinforce the Group’s solvency
capitalization.
With a strong investment yield, which was after all achieved in a
choppy capital market with higher interest rates, a correction in the
real estate sector, and a weaker Private Equity segment, Günther
Thallinger made a considerable contribution to the Group’s healthy
financial result. Under his leadership, the realignment of the
investment portfolio towards new market conditions and the risk
profile was considerably advanced, lending crucial support to securing
the Group’s very healthy solvency and liquidity position. The
performance of the global health insurance business yet again proved
satisfactory, now accounting for a double-digit share of the
Allianz Group’s operating earnings. For the coming financial year, the
Supervisory Board is expecting to see the continuation of the direction
taken by the investment portfolio in a changing financial environment,
additional earnings growth in the health insurance segment, and the
further adjustment of the business processes in order to achieve our
sustainability targets.
In the past financial year, Christopher Townsend achieved a
further improvement in the results of the entities controlled by him in
Latin America and Ireland. United Kingdom business activities also
performed very well, and the successful rebranding undertaken in
some parts of the retail business makes it well-placed for achieving
future profitable growth. The commercial lines business, especially
Allianz Trade, again made significant contributions to the robust Group
result. The disposal of the U.S. mid-corp and entertainment business
also enabled to focus on the U.S. business. For 2025, the Supervisory
Board is expecting to see a consistent focus on sustained profitable
insurance business for corporate clients, especially at Allianz Global
Corporate & Specialty.
In Australia, Renate Wagner achieved a marked improvement in
earnings in 2024. The business in Asia-Pacific, especially the life
insurance sector, showed a healthy rate of growth in terms of revenue
and profits. Alongside that, in her function as member of the Board of
Management with responsibility for People & Culture, Ms. Wagner
once again contributed to the outstanding results for employee
satisfaction. This was evident from looking at the Inclusive Meritocracy
Index used to measure employee satisfaction, which again achieved a
record score and a top position among Allianz Group’s competitors.
Ms. Wagner also continuously expanded the training programs
available to employees, especially in terms of new technologies, the
aim being to equip the workforce with vital specialist skills. For the
coming financial year, the Supervisory Board is expecting further
progress in strategic personnel planning, particularly in order to make
productivity gains through the use of new technologies, and position
the business in the best-possible way for further demographic
changes. In addition, the expansion of the Asia-Pacific business
including India as a further strategic growth driver for the
Allianz Group will be the focus of her work in 2025.
The global life insurance business headed by Andreas Wimmer
showed a very positive development over the past financial year, and
D _ Further Information
97
Annual Report 2024 – Allianz SE
made an important contribution to the record financial result achieved
by the Allianz Group. In the Asset Management division, PIMCO in
particular reported a very healthy rate of net inflows, bolstered by
growing interest in fixed income investment strategies, and also by
PIMCO’s outstanding investment performance. The alternative
investments business, which also grew strongly over the past years, is
also accounting for an increasingly larger share of this division’s results.
Additionally, the capital efficiency was further improved by the use of
a reinsurance solution for new business in the U.S. life insurance
market, and in collaboration with PIMCO. For 2025, the Supervisory
Board is expecting to see a further expansion of the business with
wealthy private clients, as well as an optimization of capital efficiency
in the global life insurance business.
Overview target achievement and variable
remuneration for the financial year
The following table shows the amounts for annual bonus payout and
LTI allocation resulting from the target achievement of the financial
year, as well as the target, minimum, and maximum amount of the
variable compensation components.
Target achievement and variable remuneration of the members of the Board of Management for the financial year
Board member
Target achievement
Annual bonus
LTI allocation1
Group
financial
performance
ICF
Target
achievement
factor
Target
Min
Max
Payout
Target
Min
Max
Allocation
Active Board members in the financial year
%
0.8 – 1.2
%
€ thou
€ thou
€ thou
€ thou
€ thou
€ thou
€ thou
€ thou
Oliver Bäte
2024
117.71
1.17
137.72
1,673
-
2,510
2,304
3,011
-
4,516
4,147
Appointed: 01/2008
CEO since 05/2015
2023
103.85
1.17
121.50
1,673
-
2,510
2,033
3,011
-
4,516
3,658
Sirma Boshnakova
2024
117.71
1.16
136.54
854
-
1,280
1,166
1,536
-
2,304
2,097
Appointed: 1/2022
2023
103.85
1.15
119.43
854
-
1,280
1,020
1,536
-
2,304
1,835
Claire-Marie Coste-Lepoutre
2024
117.71
1.15
135.37
854
-
1,280
1,156
1,536
-
2,304
2,079
Appointed: 01/2024
2023
-
-
-
-
-
-
-
-
-
-
-
Dr. Barbara Karuth-Zelle
2024
117.71
1.15
135.37
854
-
1,280
1,156
1,536
-
2,304
2,079
Appointed: 01/2021
2023
103.85
1.15
119.43
854
-
1,280
1,020
1,536
-
2,304
1,835
Dr. Klaus-Peter Röhler
2024
117.71
1.15
135.37
854
-
1,280
1,156
1,536
-
2,304
2,079
Appointed: 04/2020
2023
103.85
1.15
119.43
854
-
1,280
1,020
1,536
-
2,304
1,835
Dr. Günther Thallinger
2024
117.71
1.15
135.37
854
-
1,280
1,156
1,536
-
2,304
2,079
Appointed: 01/2017
2023
103.85
1.15
119.43
854
-
1,280
1,020
1,536
-
2,304
1,835
Christopher Townsend
2024
117.71
1.16
136.54
854
-
1,280
1,166
1,536
-
2,304
2,097
Appointed: 01/2021
2023
103.85
1.15
119.43
854
-
1,280
1,020
1,536
-
2,304
1,835
Renate Wagner
2024
117.71
1.16
136.54
854
-
1,280
1,166
1,536
-
2,304
2,097
Appointed: 01/2020
2023
103.85
1.15
119.43
854
-
1,280
1,020
1,536
-
2,304
1,835
Dr. Andreas Wimmer
2024
117.71
1.15
135.37
854
-
1,280
1,156
1,536
-
2,304
2,079
Appointed: 10/2021
2023
103.85
1.15
119.43
854
-
1,280
1,020
1,536
-
2,304
1,835
1_Derived by multiplying the LTI target amount by the target achievement factor.
D _ Further Information
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Annual Report 2024 – Allianz SE
The following tables show the individual remuneration of those
members of the Board of Management who were active in the
reporting year.
The table “Remuneration in the financial year” features the
remuneration awarded and due in accordance with § 162 (1)
sentence 1 AktG. It includes the payments made in the financial year
for base salary, perquisites, and other remuneration. For the variable
remuneration, the components for performance fully rendered in the
financial year are reported. This requirement is met where the
applicable performance criteria are fulfilled and conditions
subsequent and suspensive have been met or have ceased to exist. For
the 2024 financial year, this is the annual bonus that refers to the 2024
performance period and is paid out in March 2025. The long-term,
share-based remuneration relates to the payment of the long-term
incentive (LTI) for the 2019 financial year, the vesting period of which
ended in the 2024 financial year (LTI 2019).
The additional table “Remuneration for the financial year” goes
above and beyond the requirements of § 162 AktG. It includes the
contributions to base salary and perquisites made in the respective
financial year, as well as the annual bonus for the respective financial
year and the allocation amount of the LTI for the financial year. The
amounts for the annual bonus and LTI allocation reported here result
from the achievement of the targets for the financial year. The
information therefore directly depicts the correlation between
remuneration and business development.
The remuneration for the financial year is decisive for reviewing
the retention of the general payout cap of € 11,750 thou for the
Chairperson of the Board of Management and € 6,000 thou for a
regular member. It is reviewed prior to the payout in 2029 of the LTI
tranches allocated for the 2024 financial year, and reported in the
Remuneration Report for the 2029 financial year.
Furthermore, the pension expenses in the financial year are listed
in both tables, even though these expenses are not regarded as
remuneration awarded and due in accordance with § 162 AktG. Finally,
in addition to the absolute amounts, the share of the individual
remuneration components relative to the total remuneration is stated.
For the sake of clarity, the information provided for by the Stock
Corporation Act on remuneration awarded and due to former
members of the Board of Management is shown in a separate table.
The following diagram presents the allocation of the
remuneration components in the two tables, using the 2024 financial
year as an example:
D _ Further Information
99
Annual Report 2024 – Allianz SE
Remuneration in the financial year
The following table shows the remuneration awarded and due in
accordance with § 162 (1) sentence 1 AktG. It includes the payments
made in the financial year for base salary and perquisites, the annual
bonus for the financial year, which is paid out in the following year, and
the LTI payout amount that vested in the financial year. Furthermore,
the pension expenses in the financial year are listed, even though
these are not regarded as remuneration awarded and due in
accordance with § 162 AktG.
Individual remuneration: 2024 and 2023
€ thou (total might not sum up due to rounding)
Board members
Fixed compensation
Variable short-term
Variable long-term
Other compensation
Total
compen-
sation acc.
§ 162 AktG
Pension
service
cost
Total
Base salary
Perquisites
Annual bonus
LTI
Board members active in financial year
€ thou
in % of TC
€ thou
in % of TC
€ thou
in % of TC
€ thou
in % of TC
€ thou
in % of TC
€ thou
€ thou
€ thou
Oliver Bäte
2024
2,007
22
5
-
2,304
25
4,850
53
-
-
9,166
1,065
10,230
Appointed: 01/2008
CEO since 05/2015
2023
2,007
32
35
1
2,033
32
2,283
36
-
-
6,357
1,109
7,466
Sirma Boshnakova
2024
1,024
46
14
1
1,166
53
-
-
-
-
2,203
474
2,677
Appointed: 01/2022
2023
1,024
49
29
1
1,020
49
-
-
-
-
2,072
444
2,516
Claire-Marie Coste-Lepoutre
2024
1,024
47
8
-
1,156
53
-
-
-
-
2,188
507
2,694
Appointed: 01/2024
2023
-
-
-
-
-
-
-
-
-
-
-
-
-
Dr. Barbara Karuth-Zelle
2024
1,024
47
4
-
1,156
53
-
-
-
-
2,183
534
2,717
Appointed: 01/2021
2023
1,024
49
27
1
1,020
49
-
-
-
-
2,071
552
2,622
Dr. Klaus-Peter Röhler
2024
1,024
47
12
1
1,156
53
-
-
-
-
2,191
511
2,703
Appointed: 04/2020
2023
1,024
49
54
3
1,020
49
-
-
-
-
2,097
502
2,599
Dr. Günther Thallinger
2024
1,024
21
3
-
1,156
24
2,625
55
-
-
4,808
541
5,349
Appointed: 01/2017
2023
1,024
31
4
-
1,020
31
1,278
38
-
-
3,325
547
3,872
Christopher Townsend
2024
1,024
47
10
-
1,166
53
-
-
-
-
2,199
461
2,660
Appointed: 01/2021
2023
1,024
50
18
1
1,020
49
-
-
-
-
2,062
434
2,496
Renate Wagner
2024
1,024
47
8
-
1,166
53
-
-
-
-
2,197
531
2,728
Appointed: 01/2020
2023
1,024
49
30
1
1,020
49
-
-
-
-
2,074
529
2,602
Dr. Andreas Wimmer
2024
1,024
47
4
-
1,156
53
-
-
-
-
2,183
538
2,721
Appointed: 10/2021
2023
1,024
50
8
-
1,020
50
-
-
-
-
2,051
538
2,589
D _ Further Information
100
Annual Report 2024 – Allianz SE
LTI 2019 – Long-term Incentive payout
In the 2024 financial year, the LTI awards for Oliver Bäte and Dr.
Günther Thallinger for the 2019 financial year (LTI 2019) were paid out.
The LTI payout was calculated as follows:
LTI 2019 – Calculation of the payout amount
Oliver Bäte
Dr. Günther Thallinger
%
Number of RSUs
€ thou
%
Number of RSUs
€ thou
LTI initial grant based on:
•LTI target
2,559
1,463
•LTI allocation amount (rounded): annual bonus achievement factor applied to LTI target
122.85
3,144
116.33
1,702
•RSU grant based on the allocation value (= relevant share price: € 202.46 less present value of expected
dividends: € 160.49)
19,588
10,604
LTI payout at vesting based on:
•RSUs x share price at vesting (€ 252.40)
4,944
2,676
•TSR relative performance factor: 2 x (TSR Allianz: 45.1 % – TSR STOXX Europe 600 Insurance: 46.1 %) + 100 %
98.09
98.09
Payout
4,850
2,625
LTI 2019 Sustainability assessment
Before each LTI tranche is paid out, the Supervisory Board reviews
whether there are any concerns about a full payout from a
sustainability perspective. The sustainability review covers the
development of key figures from the annual remuneration,
compliance violations, balance sheet issues such as reserve strength,
solvency and ratings.
There were no indications of a downward adjustment for the
payout of the LTI 2019 tranche: Both the operating result and the net
income attributable to shareholders have increased since 2019. The
claims cost ratio and the asset management cost-income ratio have
also developed positively.
Both the dNPS and the Inclusive Meritocracy Index, which
measures employee satisfaction, are continuing to grow.
The key balance sheet figures also showed a stable development
including a strong Solvency II position and a solid and stable S&P
rating (AA).
As part of the sustainability review, the Supervisory Board also
addressed the effects of COVID-19 and the Structured Alpha matter.
The COVID-19 crisis had a negative impact on the operating result in
2020, while the Structured Alpha matter led to declines in net income
in 2021 and 2022. Both events already had an impact on the annual
bonus and the LTI allocation of the respective years as well as on the
absolute and relative performance of the Allianz share, so that a new
consideration in the LTI payout was not necessary.
Adherence to the overall remuneration cap – active members
of the Board of Management
To determine whether the maximum remuneration was complied with,
the overall remuneration cap set out in the 2019 remuneration system
had to be taken into account. These amounted to € 10,000 thou for the
Chairperson of the Management Board and € 6,000 thou for a regular
member of the Board of Management. It was necessary to take into
account the remuneration paid for 2019 (including base salary in
2019, annual bonus in 2020 and LTI in 2024) and the pension expenses
for 2019. These figures are shown in the table below.
Adherence to the overall remuneration cap
Board members
Fixed compensation
Variable compensation
Pension service cost
Total
Maximal
compensation
Base salary
Annual bonus
LTI
€ thou
Oliver Bäte
1,706
1,747
4,850
891
9,194
10,000
Dr. Günther Thallinger
975
946
2,625
473
5,019
6,000
D _ Further Information
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Annual Report 2024 – Allianz SE
Remuneration for the financial year
The following table shows the remuneration for the financial year. It
contains the variable remuneration amounts resulting directly from the
target achievement of the financial year: the annual bonus – as in the
remuneration in the financial year table – and the allocation amount
of the LTI grant for the financial year.
Individual remuneration: 2024 and 2023
€ thou (total might not sum up due to rounding)
Board members
Fixed compensation
Variable short-term
Variable long-term
Other compensation
Total
compen-
sation
Pension
service
cost
Total
Base salary
Perquisites
Annual bonus
LTI – allocation value
Board members active in financial year
€ thou
in % of TC
€ thou
in % of TC
€ thou
in % of TC
€ thou
in % of TC
€ thou
in % of TC
€ thou
€ thou
€ thou
Oliver Bäte
2024
2,007
24
5
-
2,304
27
4,147
49
-
-
8,463
1,065
9,527
Appointed: 01/2008
CEO since 05/2015
2023
2,007
26
35
-
2,033
26
3,658
47
-
-
7,732
1,109
8,841
Sirma Boshnakova
2024
1,024
24
14
-
1,166
27
2,097
49
-
-
4,301
474
4,775
Appointed: 01/2022
2023
1,024
26
29
1
1,020
26
1,835
47
-
-
3,907
444
4,351
Claire-Marie Coste-Lepoutre
2024
1,024
24
8
-
1,156
27
2,079
49
-
-
4,267
507
4,774
Appointed: 01/2024
2023
--
--
-
-
-
-
-
-
-
-
-
-
-
Dr. Barbara Karuth-Zelle
2024
1,024
24
4
-
1,156
27
2,079
49
-
-
4,263
534
4,796
Appointed: 01/2021
2023
1,024
26
27
1
1,020
26
1,835
47
-
-
3,905
552
4,457
Dr. Klaus-Peter Röhler
2024
1,024
24
12
-
1,156
27
2,079
49
-
-
4,271
511
4,782
Appointed: 04/2020
2023
1,024
26
54
1
1,020
26
1,835
47
-
-
3,932
502
4,434
Dr. Günther Thallinger
2024
1,024
24
3
-
1,156
27
2,079
49
-
-
4,262
541
4,803
Appointed: 01/2017
2023
1,024
26
4
-
1,020
26
1,835
47
-
-
3,882
547
4,429
Christopher Townsend
2024
1,024
24
10
-
1,166
27
2,097
49
-
-
4,296
461
4,757
Appointed: 01/2021
2023
1,024
26
18
-
1,020
26
1,835
47
-
-
3,896
434
4,330
Renate Wagner
2024
1,024
24
8
-
1,166
27
2,097
49
-
-
4,295
531
4,825
Appointed: 01/2020
2023
1,024
26
30
1
1,020
26
1,835
47
-
-
3,908
529
4,437
Dr. Andreas Wimmer
2024
1,024
24
4
-
1,156
27
2,079
49
-
-
4,263
538
4,801
Appointed: 10/2021
2023
1,024
26
8
-
1,020
26
1,835
47
-
-
3,885
538
4,424
D _ Further Information
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Annual Report 2024 – Allianz SE
Adherence to the overall remuneration cap
To determine whether the maximum remuneration was complied with,
the upper limit set out in the 2019 remuneration system had to be
taken into account. The overall remuneration cap amounted to
€ 6,000 thou for a regular member of the Board of Management. It
was necessary to take into account the remuneration paid for 2019
(including base salary in 2019, annual bonus in 2020 and LTI in 2024)
and the pension expenses for 2019. These figures are shown in the
table below.
Adherence to the overall remuneration cap
Board members
Fixed compensation
Variable compensation
Pension service cost
Total
Maximal
compensation
Base salary
Annual bonus
LTI
€ thou
Sergio Balbinot (until 12/2022)
975
981
2,724
435
5,114
6,000
Ivan de la Sota (until 12/2022)
975
840
2,331
488
4,633
6,000
Jacqueline Hunt (until 09/2021)
975
972
2,699
449
5,095
6,000
Dr. Christof Mascher (until 12/2020)
975
946
2,625
489
5,035
6,000
Niran Peiris (until 12/2020)
975
707
1,963
413
4,058
6,000
Dr. Axel Theis (until 03/2020)
975
981
2,724
564
5,244
6,000
Dr. Helga Jung (until 12/2019)
975
946
2,625
506
5,052
6,000
D _ Further Information
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Annual Report 2024 – Allianz SE
Remuneration awarded and due in the 2024
financial year for former members of the Board of
Management
The following table shows the components awarded and due to
former members of the Board of Management in the 2024 financial
year, in accordance with § 162 AktG, and their relative share of total
remuneration.
According to § 162 (5) AktG, reporting is done at individual level
for up to 10 years after the end of the financial year in which the Board
member in question has ended their activity. Remuneration awarded
and due totaling € 5 mn was awarded in the 2024 financial year to 13
members of the Board of Management who had left before this
period.
Individual remuneration: 2024
€ thou (total might not sum up due to rounding)
Former members of the Board of Management
Share-based compensation
Pensions
Other compensation
Total
€ thou
in % of total
€ thou
in % of total
€ thou
in % of total
€ thou
Sergio Balbinot (until 12/2022)
2,724
94
3
-
1621
6
2,888
Ivan de la Sota (until 12/2022)
2,331
100
6
-
-
-
2,337
Jacqueline Hunt (until 09/2021)
2,699
99
-
-
14
1
2,713
Dr. Christof Mascher (until 12/2020)
2,625
95
134
5
-
-
2,759
Niran Peiris (until 12/2020)2
1,963
60
1,297
40
3
-
3,263
Dr. Axel Theis (until 03/2020)
2,724
89
340
11
-
-
3,064
Dr. Helga Jung (until 12/2019)
2,625
94
167
6
2
-
2,794
Dr. Dieter Wemmer (until 12/2017)
-
-
96
100
-
-
96
Dr. Werner Zedelius (until 12/2017)
-
-
488
100
-
-
488
Jay Ralph (until 06/2016)3
-
-
872
100
-
-
872
Dr. Maximilian Zimmerer (until 12/2016)
-
-
285
100
-
-
285
Manuel Bauer (until 08/2015)
-
-
137
100
-
-
137
Michael Diekmann (until 04/2015)
-
-
540
100
-
-
540
1_Sergio Balbinot: The other compensation shown includes compensation resulting from the non-compete clause amounting to € 135.5 thou and perquisites amounting to € 26.4 thou.
2_Niran Peiris: One-off lump-sum from “My Allianz Pension” on 1 February 2024.
3_Jay Ralph: Including one-off lump sum from “My Allianz Pension” BPV on 1 February 2024 amounting to € 786 thou.
D _ Further Information
104
Annual Report 2024 – Allianz SE
The following table shows the development of the RSU portfolios of
the members of the Board of Management in the reporting year.
The reported RSU portfolios may include RSUs which have been
granted prior to the appointment as member of the Board of
Management of Allianz SE under the Allianz Equity Incentive (AEI). The
number of RSUs granted under the AEI and the LTI are displayed
separately. The decisive price of the Allianz share at the time of payout
was € 247.58 for the LTI and € 252.40 for the AEI.
RSU portfolio development in financial year 2024
Under the shareholding requirements, members of the Board of
Management must build share ownership within three years. The
following table shows the values of the share ownership and RSU
portfolios at the end of the reporting year for each Board member, and
their proportion of base salary.
Shareholding exposure as of 31 December 2024
in € thou
Share-
ownership
portfolio1
RSU
portfolio2
Total
portfolio
Proportion
of total
portfolio
value of
base salary
in %
Board members
active in financial
year
Oliver Bäte
6,257
21,604
27,861
1,388
Sirma Boshnakova
1,263
7,759
9,022
881
Claire-Marie Coste-
Lepoutre (appointed:
01/2024)
-
3,622
3,622
354
Dr. Barbara Karuth-
Zelle
1,466
9,605
11,071
1,081
Dr. Klaus-Peter
Röhler
1,443
11,306
12,748
1,245
Dr. Günther
Thallinger
1,602
11,334
12,936
1,264
Christopher
Townsend
1,466
8,761
10,227
999
Renate Wagner
1,471
11,393
12,864
1,257
Dr. Andreas Wimmer
1,263
8,472
9,735
951
1_Based on the XETRA closing price of the Allianz share as of 30 December 2024. Shareholdings
as of 31 December 2024: Oliver Bäte: 21,146 shares; Dr. Günther Thallinger: 5,413 shares, Renate
Wagner: 4,972 shares, Dr. Barbara Karuth-Zelle and Christopher Townsend: 4,954 shares each,
Dr. Klaus-Peter Röhler: 4,876 shares, Sirma Boshnakova and Dr. Andreas Wimmer: 4,270 shares
each.
2_Based on fair value of RSU portfolio as of 31 December 2024 shown in the table reporting the
share-based compensation. The determination of the LTI fair values is based on an option
pricing model taking into account additional input parameters, including the term structure of
interest rates and the expected relative performance of the Allianz share price compared to the
peer index. For the latter, simulation techniques are applied at the valuation date to determine
the volatility of the Allianz stock, the volatility of the peer index, and their correlation.
Board members
RSU plan
Number of RSUs
on
1 January 2024
Development during financial year
Number of RSUs on
31 December 2024
Number of RSUs
allocated in
March 2024
Number of RSUs
settled in March
2024
Number of RSUs
forfeited in 2024
Oliver Bäte
LTI
74,278
18,827
19,588
-
73,517
AEI
-
-
-
-
-
Sirma Boshnakova
LTI
10,017
9,442
-
-
19,459
AEI
11,144
-
3,007
-
8,137
Claire-Marie Coste-Lepoutre
LTI
-
-
-
-
-
AEI
10,840
3,541
947
-
13,434
Dr. Barbara Karuth-Zelle
LTI
20,220
9,442
-
-
29,662
AEI
4,768
-
1,823
-
2,945
Dr. Klaus-Peter Röhler
LTI
26,397
9,442
-
-
35,839
AEI
7,263
-
5,454
-
1,809
Dr. Günther Thallinger
LTI
38,697
9,442
10,604
-
37,535
AEI
-
-
-
-
-
Christopher Townsend
LTI
20,310
9,442
-
-
29,752
AEI
-
-
-
-
-
Renate Wagner
LTI
28,280
9,442
-
-
37,722
AEI
1,205
-
1,205
-
-
Dr. Andreas Wimmer
LTI
12,655
9,442
-
-
22,097
AEI
8,743
-
1,182
-
7,561
D _ Further Information
105
Annual Report 2024 – Allianz SE
Company contributions to the current pension plan “My Allianz
Pension” are 15 % of total target direct compensation, reduced by an
amount covering the death and occupational or general disability risk.
The contributions are invested in a fund with a guarantee on the
contributions paid, but no further interest guarantee.
For members with pension rights under the now frozen defined
benefit plan, the above contribution rates are reduced by 19 % of the
expected annual pension from that frozen plan.
Individual pensions: 2023 and 2024
€ thou (total might not sum up due to rounding)
In 2024, Allianz paid € 5 mn (2023: € 5 mn) to increase
reserves for pensions and similar benefits for active members of the
Board of Management. As of 31 December 2024, reserves for
pensions and similar benefits for active members of the Board of
Management amounted to € 38 mn (2023: € 35 mn).
Reserves for current pension obligations and accrued pension
rights to former members of the Board of Management totaled
€ 164 mn (2023: € 171 mn).
The following overview compares the annual development of the
remuneration of the members of the Board of Management, the
average remuneration of the employees, and selected earnings
parameters over the last five financial years.
The remuneration of the members of the Board of Management
presented in the table corresponds to the total remuneration
rewarded and due in the respective financial year. The earnings
development is shown using the two key performance indicators for
the Group’s financial target achievement – operating profit and net
income attributable to shareholders, as well as net income as reported
in the individual financial statements of Allianz SE. The workforce of
the German companies of the Allianz Group is used to present the
average employee remuneration on the basis of full-time equivalents.
Larger payout changes are related to a mid-year departure or
entry with a pro-rated compensation or first time payouts from the
long-term incentive plans AEI or LTI. The higher payouts in 2024
compared to 2023 for Oliver Bäte, Dr. Günther Thallinger, and the
former members of the Board of Management are due to the payout
of the first LTI tranche of the revised remuneration system that was
introduced in 2019.
Remuneration awarded and due to former members of the Board
of Management for the financial years following their departure
comprises mainly pension payments, share-based compensation
payouts, and other remuneration.
Board members
Current pension plan
Previous pension plans1
Total
SC2
DBO3
SC2
DBO3
SC2
DBO3
Oliver Bäte
2024
956
8,407
109
4,834
1,065
13,241
2023
942
7,012
167
4,713
1,109
11,725
Sirma Boshnakova
2024
474
1,698
-
-
474
1,698
2023
444
1,202
-
-
444
1,202
Claire-Marie Coste-Lepoutre
2024
488
1,296
19
231
507
1,527
2023
-
-
-
-
-
-
Dr. Barbara Karuth-Zelle
2024
486
2,749
48
845
534
3,594
2023
479
2,147
73
840
552
2,987
Dr. Klaus-Peter Röhler
2024
485
3,545
26
1,928
511
5,473
2023
478
2,894
24
1,880
502
4,774
Dr. Günther Thallinger
2024
488
4,305
53
1,193
541
5,498
2023
480
3,598
67
1,193
547
4,791
Christopher Townsend
2024
461
1,797
-
-
461
1,797
2023
434
1,308
-
-
434
1,308
Renate Wagner
2024
488
2,823
43
173
531
2,996
2023
480
2,220
49
168
529
2,388
Dr. Andreas Wimmer
2024
488
2,337
50
247
538
2,584
2023
481
1,751
58
238
538
1,989
1_Previous closed and frozen plans, including transition payment for Oliver Bäte.
2_SC = service cost. Service costs are calculatory costs for the DBO related to the business year reported.
3_DBO = Defined Benefit Obligation, end of year. The figures show the obligation for Allianz resulting from defined benefit plans, taking into account realistic assumptions with regard to interest rate,
dynamics, and biometric probabilities.
D _ Further Information
106
Annual Report 2024 – Allianz SE
Comparative presentation
Development of Board of Management compensation, profit, and average compensation of employees
Financial year
2020
Change
2020 to 2021
in %
2021
Change
2021 to 2022
in %
2022
Change
2022 to 2023
in %
2023
Change
2023 to 2024
in %
2024
Board of management compensation in € thou
Board members active in financial year
Oliver Bäte
5,350
11
5,912
(4)
5,660
12
6,357
44
9,166
Sirma Boshnakova
-
-
-
-
1,961
6
2,072
6
2,203
Claire-Marie Coste Lepoutre (appointed: 01/2024)
-
-
-
-
-
-
-
-
2,188
Dr. Barbara Karuth-Zelle
-
-
1,861
5
1,945
6
2,071
5
2,183
Dr. Klaus-Peter Röhler
1,285
47
1,888
4
1,970
6
2,097
4
2,191
Dr. Günther Thallinger
1,678
10
1,852
65
3,051
9
3,325
45
4,808
Christopher Townsend
-
-
1,903
4
1,972
5
2,062
7
2,199
Renate Wagner
1,708
10
1,883
5
1,977
5
2,074
6
2,197
Dr. Andreas Wimmer
-
-
472
312
1,944
6
2,051
6
2,183
Former members
Giulio Terzariol (end of service: 12/2023)
1,694
10
1,870
6
1,973
71
3,378
-
-
Sergio Balbinot (end of service 12/2022)
3,644
(5)
3,453
(8)
3,184
94
6,167
(53)
2,888
Ivan de la Sota1 (end of service 12/2022)
1,717
6
1,814
(3)
1,755
(38)
1,082
116
2,337
Jacqueline Hunt (end of service: 09/2021)
1,699
39
2,357
23
2,903
(56)
1,287
111
2,713
Dr. Christof Mascher (end of service: 12/2020)
3,285
(56)
1,452
(17)
1,200
8
1,291
114
2,759
Niran Peiris (end of service: 12/2020)
1,507
-
-
-
4
30,5252
1,225
166
3,263
Dr. Axel Theis (end of service: 03/2020)
2,405
(26)
1,773
(17)
1,472
12
1,652
85
3,064
Dr. Helga Jung (end of service: 12/2019)
1,428
(5)
1,354
(17)
1,118
13
1,266
121
2,794
Profit development in € bn
Operating profit
10.75
25
13.40
6
14.16
4
14.75
9
16.02
Net income attributable to shareholders
6.81
(3)
6.61
2
6.743
27
8.54
16
9.93
Net income acc. Allianz SE financial statement
4.61
16
5.35
(10)
4.79
68
8.05
7
8.60
Average employee compensation in € thou
Average compensation based on full-time equivalent
81
4
84
4
87
7
93
5
98
1_In order to ensure actual comparability for Mr. de la Sota, Mr. de la Sota’s compensation for the 2022 financial year is shown excluding the severance payment in the amount of € 6,502 thou that was paid in January 2023. Including the severance payment, his compensation amounts to € 8,257 thou,
and the change 2021 to 2022 is 355 %.
2_The significant increase reported is due to the fact that Niran Peiris received a payment from share-based remuneration in 2023, while only expenses for tax consultancy fees were reimbursed in 2022.
3_Including the adjustment impact of the deconsolidation in Russia, Group net income amounted to € 7.17 bn, with a growth rate of 19 %.
D _ Further Information
107
Annual Report 2024 – Allianz SE
Outlook Board of Management
remuneration 2025
The remuneration system for the Allianz SE Board of Management has
remained stable over the last four years and was last submitted to the
Annual General Meeting for approval in 2021. In accordance with
Section 120a AktG,
the
Supervisory
Board
carried
out
a
comprehensive comparison of the remuneration system with the
market environment in the area of Board of Management
remuneration. As part of this review and taking into account feedback
from investors and other stakeholders, the Supervisory Board of
Allianz SE has decided to retain the main features of the remuneration
system. The adjustments made are limited to the consideration of
selected sustainability targets as part of the quantitative Group
targets and adjustments to the target and maximum remuneration of
the Board of Management of Allianz SE. The new structure took effect
on 1 January 2025 and will be submitted to the Annual General
Meeting on 8 May 2025 for approval.
The Supervisory Board would like to improve transparency with regard
to the importance and achievement of the sustainability targets, also
on the basis of the discussions held with key investors. Improvements
in sustainability matters, including customer and employee
satisfaction, will support our long-term financial performance.
Sustainability, previously only part of a multiplier, should therefore
represent an independent component within the Group targets to
complement the Group’s financial targets. The two Group financial
targets, operating profit and net income attributable to shareholders,
are each weighted at 40 %, while the sustainability targets are
weighted at 20 %.
For this purpose, selected sustainability targets were therefore
removed from the individual contribution factor and transferred to the
Group targets. The targets are combined in a sustainability basket and
weighted
equally.
This
basket
reflects
three
dimensions:
decarbonization, employees and customers.
Each dimension is mapped via a quantitative, measurable
indicator that is of key strategic importance for the Group’s
sustainability agenda (materiality) and is accordingly examined by an
auditor.
The Supervisory Board determines indicators on an annual basis
followed by disclosure in the Remuneration Report for the previous
financial year. For the 2025 financial year the Supervisory Board
selected the following indicators:
Sustainability targets
Dimensions
Weight
Indicator
Sustainability
basket
Environ-
mental
Decarbonization
1/3
- Emissions of the
own investment
portfolio
Target
achievement
(in %)
Social
Customer
satisfaction
1/3
- Digital Net
Promoter Score
(dNPS)
Employee
satisfaction
1/3
- Inclusive
Meritocracy
Index (IMIX)
As a component of the target achievement factor, which
determines both the amount of the annual bonus and the allocation
for the LTI, the sustainability basket has an impact on both short- and
long-term remuneration with a weighting of 20 % in relation to the total
variable remuneration.
The Supervisory Board evaluates KPIs annually and at the end of
the vesting period. The latter is to assess whether progress is in line with
the company’s net-zero transition plan. This long-term performance
assessment may reduce the actual payout of LTI (but not increase).
Additional information regarding the annual sustainability
targets for the Allianz SE Board of Management can be found in the
Sustainability Statement for the Allianz Group.
As part of the review of the Board of Management remuneration
system, a need to adjust the level of remuneration for the Board of
Management of Allianz SE was also identified. The Supervisory Board
considered a moderate increase of 5 % in the annual target
remuneration to be appropriate, also in view of inflation. Target
remuneration for regular members of the Board of Management rose
from € 3,414 thou to € 3,584 thou. The target remuneration for the
Chairperson increased from € 6,691 thou to € 7,025 thou, whereby the
ratio of the remuneration of the Chairperson to the regular member of
the Board of Management was maintained at a factor of 1.96.
The target remuneration for the members of the Board of
Management was increased due to a number of relevant factors. The
decision is based on a market comparison, as well as a careful analysis
of the constantly intensifying market environment and the global
challenges, which increase the demands on the Board of
Management accordingly. The very positive development of the
company in recent years was also taken into account. Despite the
difficult external conditions, the company has recorded very positive
development. In recent years, the company has not only strengthened
its market position, in particular in terms of market capitalization, but
has also achieved sustainable increases in sales and profits.
D _ Further Information
108
Annual Report 2024 – Allianz SE
Horizontal comparison
The peer group used for the comparative benchmark study (horizontal
comparison) carried out to verify the appropriateness of the Board of
Management compensation included the DAX 40 companies, nine
European peers listed in the STOXX Europe 600 and selected
international companies in the financial services sector.
In comparison with the DAX companies, the percentile ranking of
Allianz in terms of sales, headcount and market capitalization was at
the 91st percentile or rank 5 (out of 40). In contrast, the target
compensation of the Chairperson and the regular members of the
Board of Management was significantly below the ranking position
determined for Allianz at the 82nd or 84th percentile, respectively.
After a 5 % increase in the target compensation of the Board of
Management, the target compensation of the Chairperson is at the
86th percentile and the target compensation of the regular members
of the Board of Management is at the 87th percentile. Although the
target compensation of the Board of Management therefore remains
below the positioning determined for Allianz, the gap was at least
partially closed in order to avoid larger increases in subsequent years.
A benchmark study of the target compensation against nine
European peers from the STOXX Europe 600 showed that the
percentile ranking of Allianz in terms of total assets, headcount and
market capitalization was at the 100th percentile or rank 1. The target
compensation of the Chairperson was below that positioning at
rank 4. while the target compensation of the regular members of the
Board of Management was in line with Allianz’s positioning. The
increase of 5 % did not lead to any significant changes in the ranking
of the target remuneration of the Board of Management.
Vertical comparison
The moderate increase was also found to be appropriate in a vertical
comparison with the pay rises for the overall workforce. Over the past
five years, the compensation of employees covered by collective
bargaining agreements rose by a cumulative 13 %, or 17 %, if increases
in the compensation of non-tariff employees are also taken into
account. At an increase of 5 %, the development of the target
compensation for regular members of the Board of Management over
the same period was significantly lower, while the 18 % increase in the
target compensation of the Chairperson was slightly higher than the
increases in compensation for the overall workforce over the same
period.
Maximum compensation
To ensure the incentive effect of the remuneration system, the
Supervisory Board considered an increase of the maximum
compensation as appropriate. The cap shall be set at double the
annual target compensation. After applying the moderate adjustment
in the target compensation, this currently corresponds to € 14,050 thou
for the Chairperson of the Management Board and € 7,168 thou for
regular members of the Board of Management. The maximum
remuneration for the members of the Board of Management has
never been adjusted since its introduction in the 2019 financial year.
The Chairperson’s maximum remuneration has been adjusted once –
at the last vote on the remuneration system during the 2021 Annual
General Meeting. Due to the high inflation rate since then, and several
moderate increases in the target remuneration, the Supervisory Board
now considers a larger adjustment to the maximum remuneration to
be appropriate, in order to ensure that the incentive of the
remuneration system remains attractive in the future, too. The
maximum compensation is, therefore, at the 86th percentile for the
Chairperson and the 75th percentile for regular members of the Board
of Management.
D _ Further Information
109
Annual Report 2024 – Allianz SE
The following diagram provides an overview of the structure and
amount of the target remuneration of the members of the Board of
Management in the 2025 financial year.
Bonus curve for net income attributable to
shareholders
In the 2023 and 2024 financial years, due to the transition to IFRS 9
and the associated uncertainty regarding the impact of assets
measured at fair value through profit or loss on the net income, a
bonus curve was applied that defines a fluctuation corridor around the
target value. After gaining experience with the new accounting
standard over the past two years, the Board of Management and
Supervisory Board have decided to return to the linear bonus curve.
This does not involve any change to the remuneration system.
D _ Further Information
110
Annual Report 2024 – Allianz SE
Remuneration of the Allianz SE
Supervisory Board
The remuneration of the Supervisory Board is governed by the
Statutes of Allianz SE and the German Stock Corporation Act.
Furthermore, the structure of the Supervisory Board’s remuneration is
regularly reviewed with regard to its compliance with German,
European, and international corporate governance recommendations
and regulations.
−
The set total remuneration is both aligned with the scale and
scope of the Supervisory Board’s duties and appropriate in view of
the company’s activities and its business and financial situation.
This also reflects the contribution made by the monitoring activity
of the Supervisory Board to the long-term development of the
company.
−
The remuneration takes into account the individual functions and
responsibilities of Supervisory Board members, such as
Chairperson, Deputy Chairperson, or Committee memberships.
−
The
remuneration
structure
allows
proper
oversight
of
management as well as independent decisions on executive
personnel and remuneration.
−
Given Allianz’s relative size and complexity as well as its
sustainable performance, the remuneration of the Supervisory
Board is oriented towards the fourth quartile of the supervisory
board remuneration of peers in the DAX.
The remuneration for the Supervisory Board of Allianz SE provides for
a fixed remuneration. Supervisory Board members who had only
served on the Supervisory Board during part of the financial year
receive one twelfth of the remuneration for each month of service
commenced. This shall apply accordingly for membership of
Supervisory Board committees.
The Supervisory Board’s remuneration system was presented to
the Annual General Meeting of Allianz SE on 4 May 2023 and was
approved with a majority vote of 95.07 %.
Fixed annual remuneration
The remuneration of a Supervisory Board member consists of a fixed
cash amount paid pro rata temporis after the end of the respective
quarter of the financial year. Each regular Supervisory Board member
receives a fixed remuneration amounting to € 150 thou per year. The
Chairperson receives € 450 thou, each Deputy Chairperson receives
€ 225 thou.
Committee-related remuneration
The Chairperson and members of the Supervisory Board committees
receive additional committee-related remuneration which is also paid
pro rata temporis after the end of the respective quarter of the
financial year. The committee-related remuneration is as shown in the
graph below:
Attendance fees and expenses
In addition to the fixed and committee-related remuneration,
members of the Supervisory Board receive an attendance fee of
€ 1,000 for each Supervisory Board or committee meeting they attend
in person. Should several meetings be held on the same or consecutive
days, the attendance fee will only be paid once. The attendance fee is
payable after the respective meeting.
In addition, the Supervisory Board members are reimbursed for
expenses incurred in connection with their Supervisory Board activities.
The company provides insurance coverage and technical support to
the Supervisory Board members to an extent reasonable for carrying
out their Supervisory Board duties.
The following table shows the remuneration awarded and due in
accordance with § 162 AktG. It comprises the fixed remuneration,
committee remuneration, and attendance fees as well as members’
relative share of the total remuneration.
D _ Further Information
111
Annual Report 2024 – Allianz SE
Individual remuneration: 2024 and 2023
€ thou (total might not sum up due to rounding)
Members of the Supervisory Board
Fixed remuneration
Committee
remuneration
Attendance fees
Total
remune-
ration
Committees1
A
N
P
R
S
T
SU
Members active in financial year
€ thou
in % of
total
€ thou
in % of
total
€ thou
in % of
total
€ thou
Michael Diekmann
2024
450.0
59
300.0
40
8.0
1
758.0
M
C
C
C
C
M
M
(Chairperson)
2023
450.0
59
300.0
40
9.0
1
759.0
M
C
C
C
C
M
M
Gabriele Burkhardt-Berg
2024
225.0
74
75.0
25
6.0
2
306.0
M
M
M
(Deputy Chairperson)
2023
225.0
74
75.0
25
6.0
2
306.0
M
M
M
Herbert Hainer
2024
93.8
80
20.8
18
2.0
2
116.6
M
M
(Deputy Chairperson: until 05/2024)
2023
225.0
80
50.0
18
6.0
2
281.0
M
M
Dr. Jörg Schneider
2024
150.0
60
91.7
37
7.0
3
248.7
M
M
M
M
(Deputy Chairperson: from 05/2024)
2023
-
-
-
-
-
-
-
Sophie Boissard
2024
150.0
59
97.9
39
6.0
2
253.9
M
M
M
2023
150.0
53
125.0
44
7.0
2
282.0
M
M
M
Christine Bosse
2024
62.5
62
36.5
36
2.0
2
101.0
M
M
C
(until 05/2024)
2023
150.0
62
87.5
36
6.0
2
243.5
M
M
C
Prof. Dr. Nadine Brandl
2024
62.5
86
10.4
14
-
-
72.9
M
(from 08/2024)
2023
-
-
-
-
-
-
-
Stephanie Bruce
2024
100.0
73
33.3
24
4.0
3
137.3
C
(from 05/2024)
2023
-
-
-
-
-
-
-
Rashmy Chatterjee
2024
150.0
73
50.0
24
6.0
3
206.0
C
2023
150.0
73
50.0
24
5.0
2
205.0
C
Dr. Friedrich Eichiner
2024
150.0
40
214.6
57
9.0
2
373.6
C
M
M
M
2023
150.0
40
212.5
57
10.0
3
372.5
C
M
M
M
Jean-Claude Le Goaër
2024
150.0
58
100.0
39
9.0
3
259.0
M
M
2023
150.0
58
100.0
39
9.0
3
259.0
M
M
Martina Grundler
2024
25.0
65
12.5
32
1.0
3
38.5
M
(until 02/2024)
2023
150.0
64
75.0
32
8.0
3
233.0
M
Frank Kirsch
2024
150.0
60
91.7
37
9.0
4
250.7
M
M
2023
150.0
73
50.0
24
6.0
3
206.0
M
M
Jürgen Lawrenz
2024
150.0
73
50.0
24
6.0
3
206.0
M
M
2023
150.0
73
50.0
24
6.0
3
206.0
M
M
Primiano Di Paolo
2024
150.0
83
25.0
14
6.0
3
181.0
M
2023
150.0
83
25.0
14
6.0
3
181.0
M
Katharina Wesenick
2024
50.0
86
8.3
14
-
-
58.3
(from 03/2024 until 06/2024)
2023
-
-
-
-
-
-
-
Total
2024
2,268.8
64
1,217.7
34
81.0
2
3,567.5
-
-
-
-
-
-
-
2023
2,250.0
64
1,200.0
34
84.0
2
3,534.0
-
-
-
-
-
-
-
Legend: C = Chairperson of the respective committee, M = Member of the respective committee.
1_Abbreviations: A = Audit, N = Nomination, P = Personnel, R = Risk, S = Standing, T = Technology, SU = Sustainability.
D _ Further Information
112
Annual Report 2024 – Allianz SE
The following overview compares the annual development of the
remuneration of the members of the Supervisory Board, the average
remuneration of employees, and selected earnings parameters over
the last five financial years. The remuneration of the members of the
Supervisory Board presented in the table corresponds to the total
remuneration awarded and due in the respective financial year.
The earnings development is shown using the two key performance
indicators for the Group’s financial target achievement – operating
profit and net income attributable to shareholders, as well as net
income as reported in the individual financial statements of Allianz SE.
The workforce of the German companies of the Allianz Group is used
to present the average employee remuneration on the basis of full-
time equivalents.
Comparative presentation
Comparative information
Development of Supervisory Board compensation, profit, and average compensation of employees
Financial year
2020
Change
2020 to 2021
in %
2021
Change
2021 to 2022
in %
2022
Change
2022 to 2023
in %
2023
Change
2023 to 2024
in %
2024
Supervisory Board compensation in € thou
Active members in financial year
Michael Diekmann
486.0
9
530.9
1
537.0
41
759.0
-
758.0
Gabriele Burkhardt-Berg
240.5
9
261.4
2
265.5
15
306.0
-
306.0
Herbert Hainer (until 05/2024)
180.0
(2)
176.0
25
220.7
27
281.0
(59)
116.6
Dr. Jörg Schneider (from 05/2024)
-
-
-
-
-
-
-
-
248.7
Sophie Boissard
178.0
13
200.9
10
221.7
27
282.0
(10)
253.9
Christine Bosse (until 05/2024)
153.0
37
209.3
3
215.5
13
243.5
(59)
101.0
Prof. Dr. Nadine Brandl (since 08/2024)
-
-
-
-
-
-
-
-
72.9
Stephanie Bruce (since 05/2024)
-
-
-
-
-
-
-
-
137.3
Rashmy Chatterjee
-
-
-
-
119.7
71
205.0
-
206.0
Dr. Friedrich Eichiner
281.0
(1)
278.0
4
289.3
29
372.5
-
373.6
Jean-Claude Le Goaër
203.0
-
203.0
1
206.0
26
259.0
-
259.0
Martina Grundler (until 02/2024)
179.0
(2)
176.0
2
179.0
30
233.0
(83)
38.5
Frank Kirsch
154.0
13
173.9
2
178.0
16
206.0
22
250.7
Jürgen Lawrenz
179.0
(2)
176.0
1
178.0
16
206.0
-
206.0
Primiano Di Paolo
-
-
-
-
103.0
76
181.0
-
181.0
Katharina Wesenick (from 03/2024 until 06/2024)
-
-
-
-
-
-
-
-
58.3
Profit development in € bn
Operating profit
10.75
25
13.40
6
14.16
4
14.75
9
16.02
Net income attributable to shareholders
6.81
(3)
6.61
2
6.741
27
8.54
16
9.93
Net income acc. Allianz SE financial statement
4.61
16
5.35
(10)
4.79
68
8.05
7
8.60
Average employee compensation in € thou
Average compensation based on full-time equivalent
81
4
84
4
87
7
93
5
98
1_Including the adjustment impact of the deconsolidation in Russia, Group net income amounted to € 7.17 bn, with a growth rate of 19 %.
Mr. Jürgen Lawrenz did not receive any remuneration for his service on
the Supervisory Board of Allianz Technology SE. All current employee
representatives of the Supervisory Board, except for Prof. Dr. Nadine
Brandl, are employed by Allianz Group companies and receive
market-based remuneration for their services.
D _ Further Information
113
Annual Report 2024 – Allianz SE
To Allianz SE, Munich
Auditor’s Report
We have audited the remuneration report of Allianz SE, Munich, for
the financial year from 1 January to 31 December 2024 including
the related disclosures, which was prepared to comply with
§ [Article] 162 AktG [Aktiengesetz: German Stock Corporation Act].
The executive directors and the supervisory board of Allianz SE are
responsible for the preparation of the remuneration report, including
the related disclosures, that complies with the requirements of
§ 162 AktG. The executive directors and the supervisory board are
also responsible for such internal control as they determine is
necessary to enable the preparation of a remuneration report,
including the related disclosures, that is free from material
misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on this remuneration report,
including the related disclosures, based on our audit. We conducted
our audit in accordance with German Generally Accepted Standards
for the audit of financial statements promulgated by the Institut
der Wirtschaftsprüfer (Institute of Public Auditors in Germany) (IDW).
Those standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about
whether the remuneration report, including the related disclosures, is
free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts including the related disclosures stated in the
remuneration report. The procedures selected depend on the
auditor's judgment. This includes the assessment of the risks of
material misstatement of the remuneration report including the
related disclosures, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
preparation of the remuneration report including the related
disclosures. The objective of this is to plan and perform audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the
Company's internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the executive directors and the
supervisory board, as well as evaluating the overall presentation of
the remuneration report including the related disclosures.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
In our opinion, based on the findings of our audit, the remuneration
report for the financial year from 1 January to 31 December 2024,
including the related disclosures, complies in all material respects
with the accounting provisions of § 162 AktG.
The audit of the content of the remuneration report described in
this auditor's report includes the formal audit of the remuneration
report required by § 162 Abs. [paragraph] 3 AktG, including the
issuance of a report on this audit. As we express an unqualified
audit opinion on the content of the remuneration report, this audit
opinion includes that the information required by § 162 Abs. 1 and
2 AktG has been disclosed in all material respects in the
remuneration report.
We issue this auditor’s report on the basis of the engagement agreed
with Allianz SE. The audit has been performed only for purposes of the
Company and the auditor‘s report is solely intended to inform the
Company as to the results of the audit. Our responsibility for the audit
and for our auditor’s report is only towards the Company in
accordance with this engagement. The auditor’s report is not intended
for any third parties to base any (financial) decisions thereon. We do
not assume any responsibility, duty of care or liability towards third
parties; no third parties are included in the scope of protection of the
underlying engagement. § 334 BGB [Bürgerliches Gesetzbuch:
German Civil Code], according to which objections arising from a
contract may also be raised against third parties, is not waived.
Munich, 3 March 2025
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Florian Möller
Dennis Schnittger
Wirtschaftsprüfer
Wirtschaftsprüfer
(German Public Auditor)
(German Public Auditor)
AUDITOR’S REPORT ON THE REMUNERATION REPORT
Imprint
Allianz SE
Königinstrasse 28
80802 Munich
Germany
Phone + 49 89 3800 0
www.allianz.com
Annual Report online: www.allianz.com/annualreport
Date of publication: 14 March 2025
This is a translation of the German Annual Report of the Allianz SE.
In case of any divergences, the German original is legally binding.