A2Z Cust2Mate Solutions Corp.
Annual Report 2024

Plain-text annual report

Power of unity Passion for growth ALLIANZ SE Annual Report 2024  To go directly to any chapter, simply click on the headline or the page number.  All references to chapters, notes, web pages, etc. within this report are also linked. 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 16 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 18 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. B _ Management Report of Allianz SE 19 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 B _ Management Report of Allianz SE 20 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 B _ Management Report of Allianz SE 21 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 22 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. B _ Management Report of Allianz SE 23 Annual Report 2024 – Allianz SE 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. B _ Management Report of Allianz SE 24 Annual Report 2024 – Allianz SE 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. B _ Management Report of Allianz SE 25 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. B _ Management Report of Allianz SE 26 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 B _ Management Report of Allianz SE 27 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 28 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 29 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 30 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. B _ Management Report of Allianz SE 31 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 B _ Management Report of Allianz SE 32 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 33 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 34 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 35 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.” B _ Management Report of Allianz SE 36 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 37 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 38 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 D _ Further Information 83 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. D _ Further Information 84 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 86 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 87 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 88 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. D _ Further Information 89 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. D _ Further Information 91 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 92 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 93 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 94 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. D _ Further Information 95 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 96 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 98 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 101 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 102 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 103 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.

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