Annual Report 2025
Power of unity
Passion for growth
ALLIANZ SE
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 – 11
11 Note on Combined Management Report and Combined Non-financial Statement
C _ Financial Statements of Allianz SE
Pages 12 – 46
FINANCIAL STATEMENTS
13 Balance Sheet
16 Income Statement
NOTES TO THE FINANCIAL STATEMENTS
18 Nature of Operations and Basis of Preparation
18 Accounting, Valuation, and Calculation Methods
21 Supplementary Information on Assets
24 Supplementary Information on Equity and Liabilities
32 Supplementary Information on the Income Statement
35 Other Information
38 List of Participations of Allianz SE, Munich as of 31 December 2025
according to § 285 No. 11 and 11b HGB in conjunction with § 286 (3) No. 1 HGB
D _ Further Information
Pages 47 – 53
48 Responsibility Statement
49 Independent Auditor’s Report
Annual Report 2025 – Allianz SE
1
TO OUR INVESTORS
A
A _ To our Investors
Annual Report 2025 − Allianz SE
2
Ladies and Gentlemen,
Despite numerous geopolitical challenges, the financial year 2025 was
another highly successful year for Allianz. In this context, the
Supervisory Board comprehensively fulfilled its duties as laid out in
applicable law and the company’s statutes. It monitored the activities
of the company’s Board of Management, advised the Board of
Management on business management issues, and continually
addressed the succession planning for the Board of Management and
the Supervisory Board.
In the financial year 2025, the Supervisory Board held six ordinary
meetings and adopted one written resolution. The ordinary meetings
took place in February, March, May, July, September, and December;
the written resolution was passed in August. All Supervisory Board
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 and 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 financial report as well as
quarterly earnings releases were reviewed in detail by the Supervisory
Board after preparation by the Audit Committee.
The reports and deliberations focused in particular on the impact of
geopolitical developments on the overall economy and the insurance
sector’s exposure to associated risks. In this context, the topics
discussed by the Supervisory Board and its committees included
measures to strengthen macroeconomic resilience. Moreover, the
Supervisory Board again focused on a range of strategic topics,
including the distribution strategy, the strategy for the Asset
Management business segment, the strategic alignment in selected
markets and regions, as well as the Board of Management´s planning
for the financial year 2026. Furthermore, a special focus was on the
M & A activities of the Allianz Group, in particular the strategic
realignment of the joint ventures in India and of the participation in
Viridium, a leading European life insurance consolidation platform. At
several meetings of the Audit Committee and the full Supervisory
Board, the deliberations also focused on auditor rotation and the
associated tendering process for financial statement audits from the
financial year 2027. The Supervisory Board also dealt with the
sustainability positioning of Allianz. In the financial year 2025, the
Supervisory Board continued its intensive discussions of the
progressive digitalization of business processes, including data privacy
issues, and the opportunities and framework for using artificial
intelligence. 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 2025, as in previous financial years, 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
cybersecurity,
artificial
intelligence,
sustainability reporting and, again, the (partial) internal model for
determining the solvency ratio. The new members of the Supervisory
Board received comprehensive support from the company during their
induction, for example through individual training programs.
At the meeting on 27 February 2025, the Supervisory Board first dealt
extensively with the preliminary business figures for the financial year
2024. 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 recent developments
in selected regions and business segments, in particular at Allianz
Spain and Allianz Direct. 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 2024, subject to the approval of the annual financial
statements. As part of the performance assessment, the Supervisory
Board again carried out a Fit & Proper assessment of the members of
the Board of Management. In the process, 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 2020 and also determined that
there were no objections to the corresponding payments. In addition, the
Supervisory Board set the outstanding targets for variable remuneration
for the Board of Management for the financial year 2025. The
Supervisory Board was also given a report on the results of the
efficiency review relating to the work of the Supervisory Board, which in
2024 had been carried out with the support of an external consultant,
as planned. The Audit Committee provided an extensive report on the
status of the tender process for the planned rotation of auditors
envisaged for the financial year 2027. At the end of the meeting, the
Supervisory Board held an executive session without the Board of
SUPERVISORY BOARD REPORT
A _ To our Investors
Annual Report 2025 − Allianz SE
3
Management members being present and discussed questions
relating to succession planning for the Board of Management.
At the meeting on 13 March 2025, the Board of Management first
reported on the business developments to that date in the financial
year 2025, including the strategic M & A projects in India and the
planned participation in the European life insurance consolidation
platform Viridium. The Board of Management also presented its
report on the development of risks and solvency in the financial year
2024 and discussed the outlook for 2025. 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 Sustainability
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 net
earnings. The auditor confirmed that there had been no discrepancies
since their February report and that an unqualified auditor’s report for
the annual and consolidated financial statements and for the solvency
statements had been issued. The auditor did not have any
reservations, either, regarding the audit of the Sustainability Statement
and the Remuneration Report, which partly went beyond legal
requirements. 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 2024, the Remuneration Report and the Supervisory
Board Report, the Corporate Governance Statement, and the
Sustainability 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 2025
annual and consolidated financial statements and for the review of
the 2025 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 sustainability reporting for the financial year 2025, going
beyond statutory audit requirements, with reasonable assurance.
Moreover, the Supervisory Board reviewed the agenda and proposals
for resolution for Allianz SE’s 2025 Annual General Meeting and
resolved in alignment with the Board of Management, to carry out the
2026 Annual General Meeting as an in-person event. Lastly, the
Supervisory Board dealt with Allianz’s sustainability positioning and
strategy.
On 8 May 2025, just before the Annual General Meeting, the Board of
Management
briefed
the
Supervisory
Board
on
business
developments in the first quarter of 2025, as well as on the current
situation of both the Allianz Group and Allianz SE, including the M & A
activities in India. Subject to the election of a new shareholder
representative at the subsequent Annual General Meeting, the
Supervisory Board established the new composition of the Supervisory
Board committees.
At the meeting on 3 July 2025, the Board of Management first
reported on the business developments in the financial year 2025 to
that date, including the termination of the India joint venture with Bajaj
and the formation of a new joint venture in India. The Board of
Management also provided a report on current developments at
Alliance France, Allianz Partners and Allianz Trade, as well as
measures taken to strengthen macroeconomic resilience. 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 also extensively discussed the auditor
rotation planned for the financial year 2027 and the associated tender
and selection process. In addition, the Supervisory Board again dealt
with succession planning for the Board of Management and the
Supervisory Board, and 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 discussed the current deliberations of the Board of
Management regarding the issuance of a Restricted Tier 1 bond.
At the meeting on 13 August 2025, the Supervisory Board adopted a
written resolution to propose to the 2027 Annual General Meeting that
EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft be elected as
auditor for the financial year 2027 on the basis of the deliberations at
the meeting on 3 July 2025 and the recommendation provided by the
Audit Committee in August 2025. In this context, both the Audit
Committee and the full Supervisory Board also extensively evaluated
the implications of the Wirecard matter.
At the meeting on 25 September 2025, the Board of Management first
reported again on the business developments in 2025 to that date,
and provided an in-depth report on the distribution strategy. The
Supervisory Board then held its regular discussion of the IT strategy
and, in this context, obtained a report on the data breach at Allianz
Life in the United States. Furthermore, the Supervisory Board dealt with
succession planning for the Board of Management and the
Supervisory Board. Due to the feedback from the 2025 Annual General
Meeting on the remuneration system for the Board of Management,
the Supervisory Board also discussed a potential adjustment to the
remuneration system for the Board of Management, approved by the
Annual General Meeting. With regard to its internal functioning and
organization, 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 the digital transformation and cybersecurity. Lastly, the Supervisory
Board held an executive session without the members of the Board of
Management being present.
At the meeting on 11 December 2025, 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 2026. The Supervisory Board also obtained reports from
the Board of Management on the strategic positioning of the Asset
Management business segment. The Board of Management further
presented its regular status report on cyber risk security. At that
meeting, the Supervisory Board again discussed succession planning
for the Board of Management. It also resolved to initiate an
adjustment to the remuneration system for the Board of Management,
to be submitted to the 2026 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 2026. 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. In addition,
the Supervisory Board dealt with the Declaration of Conformity with
the German Corporate Governance Code. The Supervisory Board also
dealt with the results of the self-evaluation of the work of the
Supervisory Board (efficiency review), carried out in 2025 on the basis
of an internal questionnaire. 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 2026.
A _ To our Investors
Annual Report 2025 − Allianz SE
4
On 11 December 2025, 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 in the Annual Report
of the Allianz Group. 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 in the Annual
Report of the Allianz Group.
The Standing Committee held five meetings in the financial year 2025,
all of which were held as in-person meetings. The committee also
adopted one written resolution, approving an exclusion of
shareholders’ subscription rights in the context of the issuance of
Restricted Tier 1 bonds. At its meetings, the committee dealt with the
results of the self-evaluation of the work of the Supervisory Board
(efficiency review), carried out in 2024 with the support of an external
consultant, as planned. The Supervisory Board committees also
discussed various corporate governance issues, in particular preparing
and assessing the self-evaluation of the Supervisory Board, as required
by supervisory law, and drawing up the associated development plan
for the Supervisory Board on that basis. The development plan was
implemented by way of various collective and, if necessary, additional
individual training measures. 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 external efficiency review conducted in 2024,
prepared the efficiency review for 2025, carried out internally, and
intensively discussed the results of the efficiency review. 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 deliberating on
questions relating to the contents and the format of the Annual
General Meeting.
The Personnel Committee met four times in 2025 and adopted one
written resolution. While one meeting was held as a video conference,
the other 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 2024, 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 2020, which had to be carried out by the full
Supervisory Board. The committee further dealt with the criteria for the
selection of members of the Board of Management and with medium-
and long-term succession planning for the Board of Management. In
addition, the committee discussed individual issues related to
mandates and contracts of (former) Board of Management members,
also by way of adopting a written resolution. Another focus was on
preparing the target-setting for the variable remuneration for 2026.
Lastly, the Personnel Committee prepared the annual review of the
appropriateness of the remuneration of the members of the Board of
Management. It also dealt with a further review of the remuneration
system for the Board of Management members to be submitted to the
2026 Annual General Meeting for approval.
In 2025, the Audit Committee held five ordinary meetings and in
addition one extraordinary meeting. All meetings were held in person.
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
sustainability 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 on relevant special topics at
all five regular meetings. In this context, the Audit Committee dealt
with the valuation of illiquid investments, as in the previous financial
year, and additionally focused in particular on the divestment of the
participation in the joint venture companies in India, the termination of
the joint venture with UniCredit in Italy, cyber risks, and the effects of
geopolitical developments on the business areas of Allianz. Topics
discussed also included the status of implementation of the Digital
Operational Resilience Act (DORA), the capital situation, the design of
the share buyback program resolved by the Board of Management for
2025, and further experience gained in implementing the new
accounting standards IFRS 9 and 17.
A key focus of the work delivered by the Audit Committee in 2025 was
on preparations for the rotation of auditors from the financial year
2027 onwards. To this end, a tender process was carried out in
accordance with the legal requirements for financial statement audits.
At an extraordinary meeting held in July 2025, selected audit firms
personally presented themselves to the Audit Committee in connection
with that tender process. Subsequently, in August, the Audit Committee
provided a recommendation to the full Supervisory Board. The
preparations for transitioning the audit mandate are being closely
monitored by the Audit Committee.
In addition, the committee dealt with the proposal to the Annual
General Meeting for the appointment of the auditor for the financial
year 2025 and, in this context, proposed to the full Supervisory Board
that PwC be mandated with a supplementary audit of the
Remuneration Report and the Sustainability Statement for 2025,
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 2025. Three audit focus areas were again defined at
Group level: the review of the Business Master Platform, following its
full implementation in an Allianz entity, as a post-implementation
review,
the
review
of
the
group-wide
Business
Continuity
Management, and, regarding the DORA audit, in particular a focused
review of risks when using third-party providers. The audit area of focus
defined for Allianz SE (solo) was the valuation of risk management in
property-casualty reinsurance. Some of the results regarding the
audits of the audit focus areas were already reported by the auditor in
November 2025.
A _ To our Investors
Annual Report 2025 − Allianz SE
5
The Audit Committee discussed the assessment of the audit risk, the
audit strategy, and the audit planning for 2025 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 extensive report from the PwC
auditors in charge of the Asset Management business segment in
2025.
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 2026. At all regular meetings,
reports on legal and compliance issues within the Group, on
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.
The Risk Committee held two meetings in 2025, 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.
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 also extensively dealt with the
risk strategy and risk appetite and their consistency with the business
strategy, capital management, 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 also discussed the current status of the Capital
Management Framework and the Operating Capital Generation at its
March meeting. The committee further obtained reports on the
company’s own risk and solvency assessment and changes to the
internal Solvency II model. It discussed the reports in detail with the
Board of Management and the Head of Group Risk. The committee
also dealt with the reports on credit insurance, civil disobedience
trends, heat- and AI-related risks, longevity risks, investment strategies
in private capital investments, and an analysis of government bonds
focusing on French and U.S. bonds in the context of the current
developments.
The Technology Committee held two meetings in the financial year
2025, both of which were held as in-person meetings. The committee
intensively discussed the current status of implementation of the
Business Master Platform. Deliberations also focused on the
implementation of the customer data strategy, which aims to support
sustainable growth by means of the targeted use of data and to
strengthen the consistent alignment to customers’ needs, inter alia by
means of the responsible use of artificial intelligence. The committee
also extensively discussed the transformation process at Allianz
Technology, the central internal technology provider within the
Allianz Group, and the associated challenges and opportunities.
Lastly, the Technology Committee obtained a report from the Board of
Management on the current status and measures to further
strengthen digital resilience, in particular in light of the entering into
force of the E.U. Digital Operational Resilience Act (DORA) and the
rapidly changing threat landscape.
The Nomination Committee held four meetings in the financial year
2025, all of which were held in person. A major focus was on long-term
succession planning for the Supervisory Board, as well as succession
and composition planning for the committees of 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 the Supervisory Board 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 new Supervisory Board members.
The Sustainability Committee held four ordinary meetings and one
extraordinary meeting in the financial year 2025. Three meetings were
held as video conferences, while the other two 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 2024, and the definition of
sustainability targets for the financial year 2025 by the Personnel
Committee and the Supervisory Board. In addition, the committee
again dealt in detail with sustainability-related reporting for the
financial year 2024, focusing in particular on the status of
implementation and on future requirements under the E.U. Corporate
Sustainability Reporting Directive (CSRD). Due to the geopolitical
developments and the emerging changed perception of sustainability
efforts and ESG practices in companies, the committee also extensively
dealt with the Board of Management’s sustainability strategy. The
deliberations also focused on corporate citizenship – i.e., the interplay
of social and entrepreneurial activities – at Allianz and the role of
sustainability as a growth driver. Another topic discussed by the
Sustainability Committee was the climate adaptation strategy, in
particular building better prevention and stronger resilience against
the risks resulting from climate change. Lastly the Sustainability
Committee again discussed the amendment to the sustainability
targets in connection with the remuneration system for the members
of the Board of Management.
The Supervisory Board obtained regular and comprehensive
information on the work performed by the committees.
A _ To our Investors
Annual Report 2025 − Allianz SE
6
Overview of members’ participation in Supervisory
Board and committee meetings in the financial
year 2025
Disclosure of members’ participation in meetings on an individual
basis
Attendance
%
Plenary sessions of the Supervisory Board
Michael Diekmann (Chairman)
6/6
100
Gabriele Burkhardt-Berg (Vice Chairwoman)
6/6
100
Sophie Boissard
6/6
100
Prof. Dr. Nadine Brandl
6/6
100
Stephanie Bruce
6/6
100
Rashmy Chatterjee
5/6
83.33
Dr. Friedrich Eichiner
3/3
100
Jean-Claude Le Goaër
6/6
100
Frank Kirsch
6/6
100
Jürgen Lawrenz
6/6
100
Primiano Di Paolo
6/6
100
Dr. Jörg Schneider
6/6
100
Prof. Dr. Ralf P. Thomas
3/3
100
Standing Committee
Michael Diekmann (Chairman)
5/5
100
Sophie Boissard
5/5
100
Dr. Friedrich Eichiner
2/2
100
Jean-Claude Le Goaër
5/5
100
Jürgen Lawrenz
5/5
100
Dr. Jörg Schneider
3/3
100
Personnel Committee
Michael Diekmann (Chairman)
4/4
100
Gabriele Burkhardt-Berg
4/4
100
Dr. Jörg Schneider
4/4
100
Audit Committee
Dr. Jörg Schneider (Chairman)
6/6
100
Michael Diekmann
6/6
100
Dr. Friedrich Eichiner
2/2
100
Jean-Claude Le Goaër
6/6
100
Frank Kirsch
6/6
100
Prof. Dr. Ralf P. Thomas
3/4
75
Attendance
%
Risk Committee
Michael Diekmann (Chairman)
2/2
100
Prof. Dr. Nadine Brandl
2/2
100
Stephanie Bruce
1/1
100
Dr. Friedrich Eichiner
1/1
100
Primiano Di Paolo
2/2
100
Dr. Jörg Schneider
2/2
100
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)
4/4
100
Stephanie Bruce
3/3
100
Dr. Friedrich Eichiner
1/1
100
Dr. Jörg Schneider
4/4
100
Sustainability Committee
Stephanie Bruce (Chairwoman)
5/5
100
Sophie Boissard
5/5
100
Gabriele Burkhardt-Berg
5/5
100
Michael Diekmann
5/5
100
Frank Kirsch
5/5
100
Upon a proposal submitted by the Supervisory Board, the company’s
Annual General Meeting held on 8 May 2025 appointed PwC as
auditor for the annual and consolidated financial statements as well
as the review of the 2025 Half-Year Financial Report. PwC audited the
financial statements of Allianz SE and the Allianz Group, as well as the
Combined Management Report, and issued an unqualified auditor’s
report in each case.
The Combined Management Report also contains the Non-Financial
Statement. The Allianz 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 2025
for Allianz SE and the Allianz Group. Furthermore, PwC was
commissioned to conduct an audit of the contents of the Sustainability
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
24 February 2026, as well as in the Supervisory Board’s plenary session
on 25 February 2026. The finalized financial statements and PwC’s
audit reports (dated 2 March 2026) were reviewed by the Audit
Committee on 11 March 2026 and discussed in the Supervisory Board
plenary session on 12 March 2026. 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 2025 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.
A _ To our Investors
Annual Report 2025 − Allianz SE
7
On the basis of its own reviews of the annual and consolidated
financial statements, the Combined Management Report, 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
annual 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.
No changes took place on the employee representatives’ side on the
Supervisory Board of Allianz SE in 2025. The following change took
place on the shareholder representatives’ side in the financial year
2025: the Supervisory Board mandate of Dr. Friedrich Eichiner ended
upon the close of the Annual General Meeting on 8 May 2025. The
Annual General Meeting elected Prof. Dr. Ralf Thomas as new member
of the Supervisory Board.
There were no changes in the composition of the Board of
Management in the financial year 2025.
Munich, 12 March 2026
For the Supervisory Board:
Michael Diekmann
Chairman
A _ To our Investors
8
Annual Report 2025 – 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
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
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
Former Chief Financial Officer abrdn plc
Membership in comparable1 supervisory bodies
Chief Executive Officer ISTARI Global Ltd.
Membership in comparable1 supervisory bodies
until 8 May 2025
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.
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.
since 8 May 2025
Chief Financial Officer Siemens AG
Membership in other statutory supervisory boards and
SE administrative boards in Germany
Membership in comparable1 supervisory bodies
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 2025 – 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
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 2025 – Allianz SE
10
MANAGEMENT REPORT OF ALLIANZ SE
B
B _ Management Report of Allianz SE
Annual Report 2025 – Allianz SE
11
The management report of Allianz SE and the Allianz Group
management report have been combined in accordance with the
provisions of section 315 (5) in conjunction with section 298 (2) of the
German
Commercial
Code
(Handelsgesetzbuch – HGB)
and
published in the Allianz Group Annual Report 2025.
The requirement for a non-financial statement according to
section 289b (3) HGB was implemented in conjunction with section
315b (3) HGB through a combined non-financial statement, which is
published in the Allianz Group Combined Management Report 2025.
The annual financial statement and the Combined Management
Report of Allianz SE and the Allianz Group for the financial year 2025
will
be
published
digitally
in
the
company
register
(“Unternehmensregister”).
NOTE ON COMBINED MANAGEMENT REPORT AND COMBINED NON-
FINANCIAL STATEMENT
Annual Report 2025 – Allianz SE
12
FINANCIAL STATEMENTS OF ALLIANZ SE
C
C _ Financial Statements of Allianz SE
13
Annual Report 2025 – Allianz SE
€ thou
as of 31 December
Note
2025
2025
2024
ASSETS
A. Intangible assets
1, 2
I.
Self-created industrial property rights, and similar rights and assets
4,104
5,588
II. Licenses acquired against payment, industrial property rights,
and similar rights and assets as well as licenses for such rights and assets
552
796
4,655
6,383
B. Investments
1, 3 – 6
I.
Real estate, real estate rights, and buildings,
including buildings on land not owned by Allianz SE
385,029
333,139
II. Investments in affiliated enterprises and participations
79,340,331
78,085,726
III. Other investments
33,792,332
33,972,989
IV. Funds held by others under reinsurance business assumed
16,907,748
16,791,035
130,425,440
129,182,890
C. Receivables
I.
Accounts receivable on reinsurance business
1,788,921
1,565,425
thereof from affiliated enterprises: € 596,602 thou (2024: € 550,560 thou)
thereof from participations¹: € 3,399 thou (2024: € 56,996 thou)
II. Other receivables
7
4,163,018
4,803,917
thereof from affiliated enterprises: € 3,897,862 thou (2024: € 4,541,832 thou)
thereof from participations¹: € 138 thou (2024: € 506 thou)
5,951,939
6,369,341
D. Other assets
I.
Tangible fixed assets and inventories
12,872
13,829
II. Cash with banks, checks, and cash on hand
235,400
845,752
III. Miscellaneous assets
8
426,342
487,234
674,615
1,346,814
E. Deferred charges and prepaid expenses
9
I.
Accrued interest and rent
194,908
176,600
II. Other deferred charges and prepaid expenses
67,272
73,870
262,180
250,469
Total assets
137,318,829
137,155,898
1_Companies in which we hold a participating interest.
FINANCIAL STATEMENTS
BALANCE SHEET
C _ Financial Statements of Allianz SE
14
Annual Report 2025 – Allianz SE
€ thou
as of 31 December
Note
2025
2025
2025
2024
EQUITY AND LIABILITIES
A. Shareholders’ equity
11
I.
Issued capital
1,169,920
1,169,920
Less: mathematical value of own shares
543
749
1,169,377
1,169,171
II. Additional paid-in capital
28,060,486
28,042,295
III. Revenue reserves
1. Statutory reserve
1,229
1,229
2. Other revenue reserves
8,495,364
7,589,829
8,496,593
7,591,058
IV. Net earnings
6,892,796
6,364,106
44,619,251
43,166,630
B. Subordinated liabilities
12, 15
17,893,618
18,678,128
C. Insurance reserves
13
I.
Unearned premiums
1. Gross
3,661,458
3,341,400
2. Less: amounts ceded
113,087
32,631
3,548,371
3,308,769
II. Aggregate policy reserves
1. Gross
1,233,719
1,642,641
2. Less: amounts ceded
941,953
1,324,776
291,766
317,864
III. Reserves for loss and loss adjustment expenses
1. Gross
22,610,827
22,102,883
2. Less: amounts ceded
2,135,894
2,552,975
20,474,934
19,549,908
IV. Reserves for premium refunds
1. Gross
31,489
37,626
31,489
37,626
V. Claims equalization and similar reserves
3,156,917
2,810,797
VI. Other insurance reserves
1. Gross
50,506
62,545
2. Less: amounts ceded
32
1,202
50,474
61,343
27,553,951
26,086,308
D. Other provisions
14
11,511,962
10,508,562
E. Funds held with reinsurance business ceded
1,850,680
2,306,219
C _ Financial Statements of Allianz SE
15
Annual Report 2025 – Allianz SE
as of 31 December
Note
2025
2025
2025
2024
F. Other liabilities
I.
Accounts payable on reinsurance business
709,925
532,341
thereof to affiliated enterprises: € 363,687 thou (2024: € 271,848 thou)
thereof to participations¹: € 18 thou (2024: € 27 thou)
II. Bonds
15
2,453,150
3,157,842
thereof to affiliated enterprises: € 2,216,644 thou (2024: € 3,157,842 thou)
III. Liabilities to banks
15
287
287
IV. Miscellaneous liabilities
15
30,724,653
32,718,149
thereof for taxes: € 43,589 thou (2024: € 31,529 thou)
thereof for social security: € 363 thou (2024: € 255 thou)
thereof to affiliated enterprises: € 27,859,660 thou (2024: € 29,785,878 thou)
33,888,015
36,408,619
G. Deferred income
1,352
1,431
Total equity and liabilities
137,318,829
137,155,898
1_Companies in which we hold a participating interest.
C _ Financial Statements of Allianz SE
16
Annual Report 2025 – Allianz SE
€ thou
Notes
2025
2025
2025
2024
I. Technical account
1. Premiums earned (net)
a) Gross premiums written
17
19,062,885
17,885,399
b) Ceded premiums written
(1,472,109)
(1,093,152)
17,590,776
16,792,247
c) Change in gross unearned premiums
(443,805)
(640,065)
d) Change in ceded unearned premiums
91,226
(2,509)
(352,579)
(642,574)
Premiums earned (net)
17,238,196
16,149,673
2.
Allocated interest return (net)
18
15,595
15,657
3. Other underwriting income (net)
348
330
4. Loss and loss adjustment expenses (net)
19
a) Claims paid
aa) Gross
(11,185,460)
(10,692,414)
ab) Amounts ceded in reinsurance
1,057,782
1,062,794
(10,127,678)
(9,629,621)
b) Change in reserve for loss and loss adjustment expenses (net)
ba) Gross
(1,032,861)
(1,724,729)
bb) Amounts ceded in reinsurance
(283,633)
(395,547)
(1,316,494)
(2,120,275)
Loss and loss adjustment expenses (net)
(11,444,172)
(11,749,896)
5. Change in other insurance reserves (net)
20
36,080
22,838
6. Expenses for premium refunds (net)
5,908
5,979
7.
Underwriting expenses (net)
21
(4,897,658)
(4,604,441)
8.
Other underwriting expenses (net)
(27,393)
(24,757)
9.
Subtotal (net underwriting result)
926,904
(184,616)
10. Change in claims equalization and similar reserves
(346,120)
(97,243)
11. Net technical result
580,784
(281,859)
INCOME STATEMENT
C _ Financial Statements of Allianz SE
17
Annual Report 2025 – Allianz SE
Notes
2025
2025
2025
2024
II. Non-technical account
1. Investment income
22
11,461,555
12,059,316
2. Investment expenses
23
(2,175,503)
(2,441,392)
3.
Investment result
9,286,052
9,617,924
4.
Allocated interest return
(20,790)
(34,688)
9,265,262
9,583,236
5.
Other income
5,194,608
5,242,658
6.
Other expenses
(5,652,980)
(6,686,976)
7.
Other non-technical result
24
(458,371)
(1,444,318)
8.
Non-technical result
8,806,891
8,138,918
9. Net operating income
9,387,675
7,857,059
10. Income taxes
25
(1,349,379)
(439,562)
Amounts charged to other Group companies
1,300,885
1,173,588
(48,493)
734,026
11. Other taxes
13,246
10,126
12. Taxes
(35,247)
744,152
13. Net income
9,352,428
8,601,211
14. Unappropriated earnings carried forward
440,368
562,895
15. Transfer to revenue reserves
To other revenue reserves
(2,900,000)
(2,800,000)
(2,900,000)
(2,800,000)
16. Net earnings
26
6,892,796
6,364,106
C _ Financial Statements of Allianz SE
18
Annual Report 2025 – 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. The internally generated
intangible assets are capitalized based on the capitalization option
in accordance with § 248 (2) sentence 1 of the German Commercial
Code.
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 mainly measured 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 2025, 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.
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
NOTES TO THE FINANCIAL STATEMENTS
C _ Financial Statements of Allianz SE
19
Annual Report 2025 – Allianz SE
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
20
Annual Report 2025 – 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
21
Annual Report 2025 – Allianz SE
1 _ Change of assets A., B.I. through B.III.
Values stated as of
1 January 2025
Additions
(+)
Transfers
Disposals
(-)
Revaluation
(+)
Depreciation
(-)
Net additions
(+)
Net disposals
(-)
Values stated as of
31 December 2025
€ thou
%
€ thou
€ thou
€ thou
€ thou
€ thou
€ thou
€ thou
%
A.
Intangible assets
1. Self-created industrial property rights, and similar rights and assets
5,588
13
-
-
-
1,497
(1,484)
4,104
2. Licenses acquired against payment, industrial property rights, and
similar rights and assets as well as licenses for such rights and assets
796
4
-
-
-
248
(244)
552
Subtotal A.
6,383
17
-
-
-
1,745
(1,728)
4,655
B.I. Real estate, real estate rights, and buildings, including buildings on
land not owned by Allianz SE
333,139
0.3
62,374
-
-
-
10,484
51,890
385,029
0.3
B.II. Investments in affiliated enterprises and participations
1. Shares in affiliated enterprises
75,776,622
67.4
2,963,224
(611,885)
464,103
-
-
1,887,236
77,663,858
68.4
2. Loans to affiliated enterprises
1,182,800
1.1
14,907
-
1,027,807
-
-
(1,012,900)
169,900
0.1
3. Participations
1,120,988
1.0
2,387
355,872
29,578
49,734
327
378,089
1,499,077
1.3
4. Loans to participations
5,316
-
2,180
-
-
-
-
2,180
7,496
-
Subtotal B.II.
78,085,726
69.5
2,982,699
(256,014)
1,521,488
49,734
327
1,254,605
79,340,331
69.9
B.III. Other investments
1. Stocks, interests in funds, and other variable-income securities
2,650,932
2.4
182,049
256,014
117,689
4,323
22,918
301,778
2,952,710
2.6
2. Debt securities and other fixed-income securities
28,544,274
25.4
85,133,439
-
85,080,039
85,515
229,276
(90,362)
28,453,913
25.1
3. Other loans
a) Registered bonds
883,008
0.8
262,547
-
316,572
-
-
(54,025)
828,983
0.7
b) Loans and promissory notes
150,124
0.1
183
-
33,139
-
-
(32,957)
117,168
0.1
4. Bank deposits
1,744,651
1.6
-
-
305,092
-
-
(305,092)
1,439,559
1.3
Subtotal B.III.
33,972,989
30.2
85,578,218
256,014
85,852,531
89,838
252,194
(180,657)
33,792,332
29.8
Subtotal B.I. – B.III.
112,391,854
100.0
88,623,291
-
87,374,020
139,572
263,005
1,125,838
113,517,693
100.0
Total
112,398,238
88,623,308
-
87,374,020
139,572
264,750
1,124,110
113,522,348
2 _ Intangible assets
The book value of intangible assets totaled € 5 mn (2024: € 6 mn) and
mainly consists of internally generated software.
SUPPLEMENTARY INFORMATION ON ASSETS
C _ Financial Statements of Allianz SE
22
Annual Report 2025 – 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
2025
2024
2025
2024
2025
2024
Real estate
0.4
0.3
1.1
1.1
0.8
0.8
Equity securities
Shares in affiliated enterprises
77.7
75.8
81.6
80.2
3.9
4.4
Participations
1.5
1.1
1.9
1.9
0.4
0.8
Stocks, interests in funds, and other variable-income securities
3.0
2.7
5.0
2.7
2.1
-
Subtotal equity securities
82.1
79.5
88.5
84.8
6.3
5.3
Debt securities
28.5
28.5
28.6
28.7
0.1
0.1
Loans
Loans to affiliated enterprises
0.2
1.2
0.2
1.2
-
-
Other loans
0.9
1.0
1.0
1.0
-
-
Subtotal loans
1.1
2.2
1.1
2.2
-
-
Bank deposits
1.4
1.7
1.4
1.7
-
-
Funds held by others under reinsurance business assumed
16.9
16.8
16.9
16.8
-
-
Total
130.4
129.2
137.6
135.3
7.2
6.2
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 2025. 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 2025 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 € 10 mn for loans with a
book value of € 259 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 € 227 mn
(2024: € 205 mn).
C _ Financial Statements of Allianz SE
23
Annual Report 2025 – Allianz SE
5 _ Investments in affiliated enterprises
and participations
€ bn
as of 31 December
2025
2024
Change
Shares in affiliated enterprises
77.7
75.8
1.9
Loans to affiliated enterprises
0.2
1.2
(1.0)
Participations
1.5
1.1
0.4
Total
79.3
78.1
1.3
The book value of shares in affiliated companies increased by € 1.9 bn
to € 77.7 bn (2024: € 75.8 bn). This increase in book value is composed
as follows:
−
Capital increases of our subsidiary Allianz Europe B.V. totaling
€ 2.0 bn.
−
Various further capital increases of Group companies, raising the
book value by € 0.4 bn.
−
Offsetting book value reductions driven by a € 0.4 bn capital
repayment of Allianz Global Corporate Specialty SE and an intra-
group sale of shares in Allianz Jingdong General Insurance
Company Ltd. in the amount of € 0.1 bn.
Due to the repayment of a € 1.0 bn loan to Allianz S.p.A., the book
value of loans to affiliated companies decreased by € 1.0 bn to
€ 0.2 bn.
The increase in the book value of participations by € 0.4 bn to
€ 1.5 bn (2024: € 1.1 bn) is primarily attributable to Allianz SE’s
investment in Viridium Group, which was partially offset by a book
value reduction following a revised balance sheet presentation of our
stakes in Bajaj General Insurance Company and Bajaj Life Insurance
Company as of 31 December 2025. Due to the upcoming sale, the
stakes were reclassified from participations to other investments.
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 2025
Book value
Fair value
Valuation
reserve
Dividend
distribution
Equity funds
Allianz Alpha Sector
Rotation
3,933
3,933
-
-
Allianz High Dividend
Global Sharia Equity
Dollar
6,086
7,155
1,069
207
Allianz China Select
Hybrid Equity Fund
7,623
14,333
6,710
-
Allianz Thematic
Income
15,000
16,556
1,556
-
Subtotal equity funds
32,642
41,977
9,335
207
Bond funds
Allianz RE Asia Fund
1,500,417
1,503,551
3,134
30,835
Allianz SE – PD Fund
1,038,451
1,038,451
-
15,926
Reksa Dana Allianz
Usd Fixed Income
Fund
2,964
2,964
-
-
Allianz Anyu China
Bond Fund
12,480
12,480
-
-
Allianz Quantitative
Asset Allocation
Victory
1,809
1,828
19
-
Allianz Ruili China 6-
month Holding
Period Hybrid Fund
1,208
1,219
11
-
Allianz SE Ashmore
Emerging Markets
Corporates Fund
100,000
102,230
2,230
-
Subtotal bond funds
2,657,329
2,662,723
5,394
46,761
Multi-asset funds
Allianz Legacy
Builder Fund
3,565
3,905
340
-
Subtotal multi-asset
funds
3,565
3,905
340
-
Money market funds
Allianz Rupiah Liquid
Fund
2,775
2,775
-
-
Subtotal money
market funds
2,775
2,775
-
-
Total
2,696,311
2,711,380
15,069
46,968
The fund shares can be redeemed each trading day.
7 _ Other receivables
As of 31 December 2025, other receivables amounted to € 4,163 mn
(2024: € 4,804 mn). They mainly comprised receivables from profit
transfer agreements of € 3,115 mn (2024: € 3,380 mn), receivables
from intra-group cash pooling of € 540 mn (2024: € 889 mn), and tax
receivables of € 198 mn (2024: € 216 mn).
8 _ Miscellaneous assets
At the end of the financial year, this position mainly included variation
margins paid in connection with financial derivative transactions
(€ 419 mn).
9 _ Deferred charges and prepaid
expenses
This item includes accrued interest in the amount of € 195 mn (2024:
€ 177 mn), which mainly results from our investments in debt securities
and loans as well as other deferred charges and prepaid expenses
amounting to € 67 mn (2024: € 74 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 € 966 mn (2024: € 111 mn), of which € 17 mn
(2024: € 23 mn) were in favor of affiliated enterprises, were pledged
as collateral for liabilities.
C _ Financial Statements of Allianz SE
24
Annual Report 2025 – Allianz SE
11 _ Shareholders’ equity
Issued capital as of 31 December 2025 amounted to € 1,169,920,000,
divided into 380,418,897 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 2025, 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 € 3.08 (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
2025).
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 2025, the Authorized Capital
2022/II amounted to € 15,000,000.
As of 31 December 2025, 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
2025
2024
Number of issued shares outstanding as of
1 January
385,919,437
391,458,589
Changes in number of treasury shares
70,540
13,155
Cancellation of issued shares
(5,747,779)
(5,552,307)
Number of issued shares outstanding
as of 31 December
380,242,198
385,919,437
Treasury shares1
176,699
247,239
Total number of issued shares
380,418,897
386,166,676
1_Thereof 176,699 (2024: 247,239) own shares held by Allianz SE.
The Board of Management and the Supervisory Board propose
that
the
net
earnings
(“Bilanzgewinn”)
of
Allianz SE
of
€ 6,892,795,581.70 for the 2025 fiscal year shall be appropriated as
follows:
−
Distribution of a dividend of € 17.10 per no-par share entitled to a
dividend: € 6,502,141,585.80
−
Unappropriated earnings carried forward: € 390,653,995.90.
The proposal for appropriation of net earnings reflects the 176,699
treasury shares held directly and indirectly by the company as of
31 December 2025. 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 € 17.10 per each share entitled to
dividend.
SUPPLEMENTARY INFORMATION ON EQUITY AND LIABILITIES
C _ Financial Statements of Allianz SE
25
Annual Report 2025 – Allianz SE
As of 31 December 2025, Allianz SE held 176,699 (2024: 247,239)
treasury shares. Of these, 44,801 (2024: 47,239) were held for
covering future subscriptions by employees in Germany and abroad
in the context of Employee Stock Purchase Plans. 131,898
(2024: 200,000) were held as a hedge for obligations from the Allianz
Equity Incentive Program.
In 2025, 694,678 (2024: 728,881) treasury shares were transferred
to employees of Allianz SE and its subsidiaries in Germany and
abroad. This includes 116,119 (2024: 113,315) shares granted as part
of the “free share program” (“Gratisaktienprogramm”). The
47,239 (2024: 60,394) treasury shares earmarked for the purposes of
Employee Stock Purchase Plans from the previous year were fully
consumed and, in addition, 692,240 (2024: 715,726) treasury shares
were acquired from the market for this purpose. In addition,
5,460 (2024: 5,195) 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 2025. Employees of
the Allianz Group purchased approximately 75 % of the shares of the
purchase plan at a reference price of € 362.75 (2024: € 299.06) 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
€ 272.06 (2024: € 224.30).
In the year ending 31 December 2025, the total number of
treasury shares of Allianz SE decreased by 70,540, which
corresponds to a decrease by € 216,934.96 or by 0.02 % of issued
capital.
The treasury shares of Allianz SE and its subsidiaries represented
€ 543,410.69 (2024: € 749,028.51) or 0.05 % (2024: 0.06 %) of the issued
capital.
In its meeting on 27 February 2025, the Board of Management
of Allianz SE resolved to carry out a share buy-back program in
an amount of up to € 2 bn within a period between beginning of
March 2025 and 31 December 2025 (Share Buy-Back Program 2025),
based on the authorization granted by the Annual General Meeting
on 8 May 2024. In the period between 21 March 2025 and
17 September 2025, a total of 5,747,779 treasury shares with a market
value of € 1,999,999,483.67 were acquired for an average price of
€ 347.96.
All of the treasury shares acquired within the Share Buy-Back
Program 2025 have been redeemed according to the simplified
procedure without reduction of the share capital.
Additional paid-in capital
€ thou
As of 31 December 2024
28,042,295
Own shares: realized gains
18,190
As of 31 December 2025
28,060,486
Revenue reserves
€ thou
as of 31 December
2024
Own shares
exceeding
mathematical value
Own shares:
cancellation1
Transfer
to revenue reserves
2025
1. Statutory reserve
1,229
-
-
-
1,229
2. Other revenue reserves2
7,589,829
5,847
(2,000,312)
2,900,000
8,495,364
Total
7,591,058
5,847
(2,000,312)
2,900,000
8,496,593
1_Share Buy-Back Program 2025: acquisition costs for the repurchased and canceled Allianz SE shares.
2_Thereof reserves for own shares € 543 thou (2024: € 749 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 € 16,907 thou (2024: € 18,133 thou) is
exempt from dividend distribution. Of this amount, € 0 thou (2024:
€ 0 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 € 4,104 thou (2024: € 5,588 thou) account for internally
generated intangible assets according to § 268 (8) sentence 1 of
the
German
Commercial
Code,
and
€ 12,260 thou
(2024:
€ 11,796 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 € 543 thou (2024: € 749 thou) correspond to the
mathematical value of own shares deducted from issued capital
according to § 272 (1a) of the German Commercial Code.
12 _ Subordinated liabilities
Subordinated liabilities decreased to € 17.9 bn in 2025 (2024:
€ 18.7 bn) and are exclusively attributable to external subordinated
liabilities resulting from bonds directly issued by Allianz SE. In 2025,
Allianz SE placed two subordinated bonds, with volumes of € 1.25 bn
and USD 1.25 bn (equals € 1.1 bn), and repaid two subordinated
bonds with volumes of € 1.5 bn and USD 1.25 bn (equals € 1.1 bn).
Foreign currency translation gains of € 0.5 bn related to our bonds
denominated in USD contributed to the overall book value decrease
of this position.
C _ Financial Statements of Allianz SE
26
Annual Report 2025 – Allianz SE
13 _ Insurance reserves
€ thou
as of 31 December 2025
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
1,600,336
-
7,479,383
-
-
35,512
9,115,232
Fire and property reinsurance
897,977
-
4,266,793
7,579
927,556
4,740
6,104,646
Liability
317,442
-
5,043,908
2,140
546,184
2,565
5,912,238
Marine and aviation
106,652
-
511,418
-
269,564
352
887,987
Life
72,019
253,977
323,253
784
-
(56)
649,976
Personal accident
52,850
36,807
771,722
473
4,006
2,610
868,468
Credit and bond
22,799
-
404,175
20,391
525,854
3,682
976,901
Legal expenses
53,155
-
483,905
-
108,843
128
646,030
Health
15,590
982
17,326
-
-
-
33,899
Other lines
409,552
-
1,173,050
123
774,909
940
2,358,574
Total
3,548,371
291,766
20,474,934
31,489
3,156,917
50,474
27,553,951
The insurance reserves increased during the financial year from
€ 26,086 mn to € 27,554 mn. The increase of the insurance
reserves was mainly driven by the reserves for loss and loss
adjustment expenses.
Aggregate policy reserves declined by € 26 mn to € 292 mn, which
was mainly attributable to the life reinsurance.
Reserves for loss and loss adjustment expenses increased by 4.7 %
to € 20,475 mn, mainly driven by motor reinsurance.
In 2025, claims equalization and similar reserves increased by
€ 346 mn to € 3,157 mn. This development was mainly driven by
the lines of reinsurance for fire and property, marine and aviation
as well as liability.
C _ Financial Statements of Allianz SE
27
Annual Report 2025 – Allianz SE
14 _ Other provisions
Development of other provisions
€ thou
Provision
Use
Release1
Additions1
Reversal of discounting
Provision
1 January 2025
(-)
(-)
(+)
(+)
31 December 2025
Provisions for pensions and similar liabilities
8,619,909
411,262
15
661,552
(41,166)
8,829,017
Tax provisions
873,163
193,830
2,260
961,254
-
1,638,328
Miscellaneous
1. Anticipated losses
482,447
165,157
-
143,488
-
460,778
2. Remaining provisions
533,043
298,570
28,390
377,793
(37)
583,839
Total
10,508,562
1,068,819
30,665
2,144,087
(41,203)
11,511,962
1_Including currency translation effects.
The total of other provisions rose by € 1,003 mn. This step-up resulted
mainly from the increase of the tax provisions by € 765 mn and of the
pension liabilities by € 209 mn. The provisions for anticipated losses,
which resulted exclusively from derivative transactions, went down by
€ 22 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
2025
2024
Old pension promises of the German subsidiaries
1,917,275
2,029,004
Pension promises of Allianz SE
agents pension fund (VVW)
6,844,719
6,506,718
old pension promises to employees
277,848
287,545
contribution-based pension plans
432,419
413,929
deferred compensation
148,992
143,782
Total
9,621,253
9,380,979
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
2025
2024
Discount rate (10-year average)
2.05
1.90
Discount rate (7-year average)
2.21
1.97
Rate of pension trend
2.00
2.00
Rate of salary increase
(including average career trend)
3.25
3.25
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.
Supplementary information
€ thou
as of 31 December
2025
2024
Historical costs of the offset assets
780,843
750,131
Settlement amount of the offset liabilities
9,621,253
9,380,979
(-) Fair value of the offset assets
792,236
761,070
Provisions for pensions and similar liabilities
8,829,017
8,619,909
C _ Financial Statements of Allianz SE
28
Annual Report 2025 – Allianz SE
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
2025
2024
Historical costs of the offset assets
36,845
34,274
Settlement amount of the offset liabilities
37,197
34,816
Fair value of the offset assets
37,712
35,131
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 2025
€ thou
Total
Term
< 1 year
Term
1 – 5 years
Term
> 5 years
Subordinated liabilities (B.)
Subordinated bonds issued by Allianz SE
17,893,618
305,207
-
17,588,411
Subtotal subordinated liabilities (B.)
17,893,618
305,207
-
17,588,411
Bonds (F.II.)
Bonds issued to group companies
2,216,644
19,198
1,395,957
801,490
Bonds issued to third parties
236,505
9,130
37,738
189,637
Subtotal bonds (F.II.)
2,453,150
28,328
1,433,695
991,127
Liabilities to banks (F.III.)
287
287
-
-
Miscellaneous liabilities (F.IV.)
Intra-group transmission of proceeds from third-party financing
5,918,979
1,704,575
2,100,000
2,114,404
Other intra-group liabilities1
21,940,681
14,747,318
7,133,364
60,000
Subtotal intra-group miscellaneous liabilities
27,859,660
16,451,893
9,233,364
2,174,404
Liabilities to third parties
2,864,993
2,864,993
-
-
Subtotal miscellaneous liabilities (F.IV.)
30,724,653
19,316,886
9,233,364
2,174,404
Total
51,071,708
19,650,708
10,667,059
20,753,942
1_As of 31 December 2025, other intra-group liabilities due within one year amounted to € 14.7 bn. Thereof, cash pool and intra-group loans accounted for € 12.9 bn and € 1.3 bn respectively. Upon maturity, intra-group loans are rolled forward by Allianz SE on a regular basis.
C _ Financial Statements of Allianz SE
29
Annual Report 2025 – Allianz SE
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 (F.II.)
Bonds issued to group companies
3,157,842
398,842
1,380,000
1,379,000
Subtotal bonds (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.
16 _ Information about derivative financial instruments
Options dealing in shares and share indices as of 31 December 2025
Nominal
Fair value
Book value
Underlying
Balance sheet
position
Class
€ thou
€ thou
€ thou
Long call
42,836
17,685
4,750
Share index
Assets D.III.
Short call
42,836
(17,685)
4,750
Share index
Liabilities F.IV.
Long put
115,761
379
990
Share index
Assets D.III.
Short put
115,761
(379)
990
Share index
Liabilities F.IV.
The options on share indices are held in the context of the 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 two years. The average remaining term of the put
options is less than one year.
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.
C _ Financial Statements of Allianz SE
30
Annual Report 2025 – Allianz SE
Forward contracts in shares and share indices as of 31 December 2025
Nominal
Fair value
Book value
Underlying
Balance sheet
position
Class
€ thou
€ thou
€ thou
Long forward
938,179
153,763
–
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.
Forward contracts in bonds as of 31 December 2025
Nominal
Fair value
Book value
Underlying
Balance sheet
position
Class
€ thou
€ thou
€ thou
Long forward
59,964
(1,358)
–
Bonds
–
Short forward
59,964
1,358
–
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 one year.
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 2025
Nominal
Fair value
Book value
Underlying
Balance sheet
position
Class
€ thou
€ thou
€ thou
Long forward
24,393,312
62,813
17,125
AED, AUD, CAD, CHF, CNY, COP, CZK, DKK, GBP, HKD,
HUF, ILS, INR, JPY, KRW, MYR, NOK, NZD, PLN, QAR,
RON, SAR, SEK, SGD, THB, TRY, TWD, USD, ZAR
Liabilities D.
Short forward
34,238,874
(64,531)
65,751
AED, AUD, BRL, CAD, CHF, CNY, CZK, DKK, GBP, HKD,
HUF, INR, JPY, NOK, NZD, PLN, QAR, RON, SAR, SEK,
SGD, THB, 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
€ 19.0 bn, and a fair value of € 66.2 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.
C _ Financial Statements of Allianz SE
31
Annual Report 2025 – Allianz SE
Interest rate swap contracts as of 31 December 2025
Nominal
Fair value
Book value
Underlying
Balance sheet
position
Class
€ thou
€ thou
€ thou
Receiver swap EUR
1,000,000
(380,997)
377,506
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,
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 2025, the fair value of this credit derivative
amounted to € 5.1 mn. As part of the acquisition of shares of the
Viridium Group, Allianz SE as investor granted call options to the
management team of Viridium with a fair value of € (1.2) mn.
C _ Financial Statements of Allianz SE
32
Annual Report 2025 – Allianz SE
17 _ Gross premiums written
€ thou
2025
2024
Property-Casualty reinsurance
18,460,901
17,275,592
Life/Health reinsurance
601,984
609,807
Total
19,062,885
17,885,399
Gross premiums written increased by 6.6 % to € 19,063 mn. The positive
premium development is particularly attributable to motor
reinsurance in the Property-Casualty reinsurance. In Life/Health
reinsurance, gross premiums written decreased by € 8 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 (2024: € 16 mn).
19 _ Run-off result
In 2025, the run-off result in Property-Casualty reinsurance amounted
to € 687 mn (2024: € 273 mn). The positive run-off result was mainly
due to external reinsurance treaties, primarily in the fire and property
reinsurance lines of business.
20 _ Change in other insurance
reserves (net)
€ thou
2025
2024
Change in aggregate policy reserves (net)
25,211
42,625
Other insurance reserves (net)
10,869
(19,787)
Total
36,080
22,838
The change in aggregate policy reserves (net) was mainly driven by life
reinsurance.
The other insurance reserves (net) mostly include reserves for
credit and bond reinsurance.
21 _ Underwriting expenses (net)
€ thou
2025
2024
Gross underwriting expenses
(5,031,953)
(4,625,037)
Less: commission received on retroceded business
134,295
20,596
Net
(4,897,658)
(4,604,441)
The increase of underwriting expenses (net) mainly followed a growth
in the premium development. The expense ratio (net) in Property-
Casualty reinsurance decreased to 28.5 % (2024: 28.8 %), mainly
driven by a lower commission ratio of 27.7 % (2024: 28.1 %).
22 _ Investment income
€ thou
2025
2024
a) Income from participations
thereof from affiliated enterprises:
€ 7,824,040 thou (2024: € 7,810,207 thou)
7,850,641
7,865,368
b) Income from other investments
thereof from affiliated enterprises:
€ 497,426 thou (2024: € 487,990 thou)
aa) Income from real estate, real estate rights,
and buildings, including buildings on land
not owned by Allianz SE
18,098
17,651
bb) Income from other investments (see below)
1,243,558
1,231,578
c) Income from reversal of impairments
139,572
228,078
d) Realized gains
219,464
277,852
e) Income from profit transfer agreements
1,990,222
2,438,788
Total
11,461,555
12,059,316
2025
2024
bb) Income from other investments
Debt securities
575,161
545,088
Funds held by others under reinsurance
business assumed
403,017
321,112
Loans to affiliated enterprises
62,576
64,117
Receivables from intra-group cash pooling
57,669
138,006
Bank deposits
51,184
70,231
Interests in funds
46,761
21,299
Loans to third parties
32,735
36,959
Other
14,455
34,767
Total
1,243,558
1,231,578
The income from profit transfer agreements of the 2025 financial year
includes income attributable to other periods amounting to € 4 mn.
SUPPLEMENTARY INFORMATION ON THE INCOME STATEMENT
C _ Financial Statements of Allianz SE
33
Annual Report 2025 – Allianz SE
23 _ Investment expenses
€ thou
2025
2024
a) Expenses for the management of investments,
interest, and other investment-related expenses
aa) Interest expenses (see below)
(1,521,589)
(1,695,935)
ab) Other
(117,395)
(100,477)
b) Depreciation and impairments of investments
(263,005)
(280,550)
c) Realized losses
(151,646)
(218,366)
d) Expenses from losses taken over
(121,868)
(146,063)
Total
(2,175,503)
(2,441,392)
2025
2024
aa) Interest expenses
Subordinated bonds issued by Allianz SE
(690,415)
(657,881)
Liabilities from intra-group cash pooling
(539,285)
(691,542)
Liabilities from intra-group loans
(183,408)
(215,398)
Liabilities from intra-group bonds
(56,372)
(70,349)
Liabilities from commercial paper issues
(37,715)
(53,816)
Other
(14,395)
(6,949)
Total
(1,521,589)
(1,695,935)
1_Increase in underlying age-related parameters weighted by the number of agents.
24 _ Other non-technical result
€ thou
2025
2024
Other income
Currency gains
2,403,700
1,684,369
Gains on derivatives
2,274,676
2,842,347
Other service revenues from Group companies
463,356
481,019
Intercompany income
22,824
24,991
Income from the release of other provisions
16,184
181,554
Interest and similar income
thereof from affiliated enterprises:
€ 0 thou (2024: € 62 thou)
5,687
21,800
Service revenues from pensions charged to Group
companies
4,176
5,522
Other
4,005
1,055
Total other income
5,194,608
5,242,658
Other expenses
Expenses for derivatives
(1,889,232)
(2,430,778)
Currency losses
(1,343,664)
(2,312,842)
Pension expenses
(705,669)
(208,826)
Other HR-related expenses
(515,215)
(451,942)
Other service expenses to Group companies
(463,356)
(481,019)
Other administrative expenses
(326,166)
(358,050)
Anticipated losses on derivatives
(143,488)
(165,157)
Interest and similar expenses
thereof from reversal of discounting
miscellaneous provisions:
€ 74 thou (2024: € 95 thou)
thereof from affiliated enterprises:
€ (446) thou (2024: € (844) thou)
(4,788)
(113,362)
Service expenses from pensions charged to Group
companies
(4,176)
(5,522)
Other
(257,225)
(159,477)
Total other expenses
(5,652,980)
(6,686,976)
Other non-technical result
(458,371)
(1,444,318)
The other non-technical result significantly improved to € (458) mn
from € (1,444) mn in 2024, primarily driven by the development of the
foreign currency translation result, which amounted to € 1,060 mn
compared to € (628) mn in the previous year. This substantial
improvement in the foreign currency translation result is mainly
attributable to gains from the translation of liabilities denominated in
USD, totaling € 825 mn in 2025 following corresponding losses of
€ 469 mn in 2024. Additionally, gains of € 136 mn from the translation
of liabilities denominated in GBP in 2025 compared to losses of
€ 120 mn in 2024, contributed to the overall improvement.
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.
Pension expenses amounted to € 706 mn in the reporting year,
compared with € 209 mn in the previous year. The increase is mainly
attributable to the great sales success of our sales agents and the
associated increases in pension entitlements in the VVW. To this end,
the average expected increases were also adjusted from 1.02 % to
3.02 %.1
C _ Financial Statements of Allianz SE
34
Annual Report 2025 – Allianz SE
Furthermore, other income/expenses include the following offset
income and expenses:
€ thou
2025
2024
Pensions and similar obligations
Other obligations
Pensions and similar obligations
Other obligations
Actual return of the offset assets
24,852
1,033
28,889
1,548
Imputed interest cost for the settlement amount of the offset liabilities
(179,279)
(1,022)
(182,077)
(1,498)
Effect resulting from the change in the discount rate for the settlement amount
198,431
4
88,386
6
Net amount of the offset income and expenses
44,004
15
(64,802)
56
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 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 2025, the tax expense, most of which is net operating income,
increased to € (48) mn (2024: € 734 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 € 1,301 mn (2024:
€ 1,174 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 26.0 %. This includes the corporate tax rate of 10 %, which was
decided in 2025 and will finally apply from 2032.
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 which have been applicable in
Germany since 1 January 2024. 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. For
countries that have not implemented a corresponding minimum tax,
Allianz SE as the ultimate parent entity has to pay the top-up tax in
Germany. In this respect, Allianz SE has recognized expenses for the
expected top-up tax of € 40 mn for 2025 (2024: € 45 mn).
Deferred taxes in connection with the GloBE top-up tax were not
recognized.
26 _ Net earnings
€ thou
2025
2024
Net income
9,352,428
8,601,211
Unappropriated earnings carried forward
440,368
562,895
Transfer to other revenue reserves
(2,900,000)
(2,800,000)
Net earnings
6,892,796
6,364,106
C _ Financial Statements of Allianz SE
35
Annual Report 2025 – 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. amounting to
€ 7.2 bn.
−
Commercial papers issued by Allianz Finance Corporation, with
USD 0.2 bn
issued
as
part
of
the
program
as
of
31 December 2025.
−
Letters of credit issued to various Allianz Group companies
amounting to € 0.7 bn.
Additionally, guarantee declarations totaling € 0.3 bn have been
made for life policies underwritten by Allianz Compañía de Seguros y
Reaseguros S.A.
Contingent liabilities arise from indirect pension promises
organized via Allianz Versorgungskasse VVaG (AVK) and Allianz
Pensionsverein e.V. (APV). Due to the adjustment obligation under § 16
of the German Occupational Pensions Act (BetrAVG) not being funded
in the APV old tariff, a deficit as of 31 December 2025 amounts to
€ 53 mn (2024: € 53 mn). In addition, Allianz SE holds a joint liability of
€ 637 mn (2024: € 625 mn) for a portion of the pension commitments
associated with its German subsidiaries.
In the context of the sale of investments, guarantees have been
provided in specific cases to cover counterparty exposures or the
various criteria used to determine purchase prices.
In addition, Allianz SE has issued guarantees totaling € 0.3 bn to
various Allianz Group companies.
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 Services GmbH,
−
Allianz Technology SE,
−
Allvest GmbH,
−
IDS
GmbH-Analysis
and
Reporting
Services
(until
31 December 2025),
−
AZ-Argos 88 Vermögensverwaltungsgesellschaft mbH.
There are financial obligations of € 693 mn, which result from
advertising agreements and a voluntary donation pledge
(€ 642 mn), and payment obligations arising from investments
(€ 51 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. In June 2025, the Court of Appeals upheld the lower court’s
dismissal of the lawsuit.
OTHER INFORMATION
C _ Financial Statements of Allianz SE
36
Annual Report 2025 – 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 2025, 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 2025, the
share-based remuneration was comprised of 78,629 2 (2024: 75,350 3)
Restricted Stock Units (RSUs).
Board of Management remuneration
€ thou
2025
2024
Base salary
(10,706)
(10,197)
Annual bonus
(13,002)
(11,579)
Perquisites
(81)
(67)
Subtotal base salary, annual bonus, and perquisites
(23,789)
(21,843)
Fair value of RSUs at grant date
(20,841)
(17,999)
Subtotal share-based compensation
(20,841)
(17,999)
Total
(44,630)
(39,842)
The total remuneration of the Board of Management of Allianz SE for
2025 amounted to € 44,630 thou (2024: € 39,842 thou).
1_For detailed information regarding the Board of Management remuneration, please refer to the
Remuneration Report of the Allianz Group.
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 2025, the fair value of the
RSUs at the date of grant was € 20,841 thou (2024: € 17,999 thou).
In 2025, remuneration and other benefits of € 8 mn (2024: € 9 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
2025
2024
Fair value of the offset assets
141,014
143,812
Settlement amount of the offset liabilities
167,565
172,914
Pension provisions
26,551
29,102
Supervisory Board remuneration4
2025
2024
€ thou
%
€ thou
%
Fixed remuneration
(2,263)
63.5
(2,269)
63.6
Committee
remuneration
(1,218)
34.2
(1,218)
34.1
Attendance fees
(81)
2.3
(81)
2.3
Total
(3,561)
100.0
(3,567)
100.0
3_The disclosure in the Annual Report 2024 was based on a best estimate of the RSU grants. The figure
shown here for 2024 now includes the actual fair value as of the grant date (14 March 2025). 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:
2025
2024
Full-time staff
2,111
2,128
Part-time staff
357
356
Total
2,468
2,484
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
2025
2024
Wages and salaries
(541,595)
(467,720)
Statutory welfare contributions and expenses for
optional support payments
(45,242)
(41,021)
Expenses for pensions and other post-retirement
benefits
(30,136)
(31,606)
Total expenses
(616,973)
(540,347)
4_For detailed information regarding the Supervisory Board remuneration, please refer to the
Remuneration Report of the Allianz Group.
C _ Financial Statements of Allianz SE
37
Annual Report 2025 – Allianz SE
Events after the balance sheet date
On 8 January 2026, Allianz SE completed the sale of 23 % of the shares
in its non-life and life insurance joint ventures – Bajaj Allianz General
Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance
Company Limited (BALIC) – to the Bajaj Promotor Group for a gross
consideration of approximately. € 2.1 bn. Allianz SE will recognize a HGB
gain of approximately. € 1.5 bn from the sale of this tranche in 2026.
In February 2026, Allianz SE has resolved a new share buy-back
program with a volume of up to € 2.5 bn, starting in March 2026.
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 25 July 2025, 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
22 July 2025 amounted to 7.63 % (represented 29,447,153 shares); its
holdings in instruments pursuant to § 38 (1) No. 1 WpHG as of
22 July 2025 amounted to 0.0002 % (represented 719 voting rights
absolute); and its holdings in instruments pursuant to § 38 (1)
No. 2 WpHG as of 22 July 2025 amounted to 0.03 % (represented
125,988 voting rights absolute). The total position as notified on
25 July 2025 amounted to 7.67 %.
By way of notification dated 22 December 2025, Amundi S.A.,
Paris, France, informed us its voting rights pursuant to §§ 33, 34 WpHG
as of 18 December 2025 amounted to 3.07 % (represented 11,683,164
shares); its holdings in instruments pursuant to § 38 (1) No. 1 WpHG as
of 18 December 2025 amounted to 0.01 % (represented 28,500 voting
rights absolute); and its holdings in instruments pursuant to § 38 (1)
No. 2 WpHG as
of
18 December 2025
amounted
to
0.00 %
(represented 0 voting rights absolute). The total position as notified on
22 December 2025 amounted to 3.08 %.
Declaration of Conformity with the
German Corporate Governance Code
On 11 December 2025, 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
38
Annual Report 2025 – Allianz SE
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
GERMANY
Consolidated affiliates
ACP Vermögensverwaltung GmbH & Co.
KG Nr. 4 a, Munich
100.0
6,291
154
ACP Vermögensverwaltung GmbH & Co.
KG Nr. 4 d, Munich
100.0
5,109
125
ADAC Autoversicherung AG, Munich
51.0
214,551
1,565
ADAC Zuhause Versicherung AG, Munich
51.0
33,810
(11,388)
ADEUS Aktienregister-Service-GmbH,
Munich
79.6
10,141
1,744
AGCS Infrastrukturfonds GmbH, Munich
100.0 2
37,221
-
AGCS-Argos 76
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
42,610
-
AGCS-Argos 86
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
172,908
-
ALIDA Grundstücksgesellschaft mbH &
Co. KG, Hamburg
94.8 3
346,745
29,724
Allianz Asset Management GmbH,
Munich
100.0 2,3
3,873,421
-
Allianz AZL Vermögensverwaltung GmbH
& Co. KG, Munich
100.0
409,216
(6)
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
13,464
123
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 2,3
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
422,235
-
Allianz Global Investors Holdings GmbH,
Frankfurt am Main
100.0 2,3
103,171
-
Allianz Hanau Logistics GmbH & Co. KG,
Stuttgart
100.0 3
37,553
704
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Allianz Hirschgarten GmbH & Co. KG,
Stuttgart
100.0 3
233,008
7,514
Allianz Investment Management SE,
Munich
100.0 2
6,823
-
Allianz Kunde und Markt GmbH, Munich
100.0
6,850
1
Allianz Leben Direkt Infrastruktur GmbH,
Munich
100.0 2
450,062
-
Allianz Leben Infrastrukturfonds GmbH,
Munich
100.0 2
4,617,884
-
Allianz Leben Private Equity Fonds 2001
GmbH, Munich
100.0 2
12,964,801
-
Allianz Lebensversicherungs-
Aktiengesellschaft, Stuttgart
100.0 2,3
2,567,344
-
Allianz NM 28 GmbH & Co. KG, Stuttgart
93.3 3
144,730
(20,557)
Allianz of Asia-Pacific and Africa GmbH,
Munich
100.0
884,616
67,918
Allianz ONE - Business Solutions GmbH,
Munich
100.0 2
81,764
-
Allianz Pension Direkt Infrastruktur
GmbH, Munich
100.0 2
9,775
-
Allianz Pension Service GmbH, Munich
100.0 3
99,090
(1,013)
Allianz Pensionsfonds Aktiengesellschaft,
Stuttgart
100.0 3
55,543
(69)
Allianz Pensionskasse Aktiengesellschaft,
Stuttgart
100.0 3
390,192
15,000
Allianz Polch Logistics GmbH & Co. KG,
Stuttgart
88.0 3
80,359
(16,246)
Allianz Private Equity GmbH, Munich
100.0 2
7,558
-
Allianz Private Krankenversicherungs-
Aktiengesellschaft, Munich
100.0 2,3
288,765
-
Allianz Renewable Energy Subholding
GmbH & Co. KG, Sehestedt
100.0 3
5,306
(326)
Allianz Taunusanlage eGbR, Stuttgart
99.5 3
165,319
22
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
10,470
746
Allianz ZWK Nürnberg GmbH & Co. KG,
Stuttgart
100.0 3
24,682
(7,288)
Allvest GmbH, Munich
100.0 2,3
5,306
-
AP Solutions GmbH, Munich
100.0 3
18,542
4,582
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
APK Infrastrukturfonds GmbH, Munich
100.0 2
82,852
-
APK-Argos 65
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
45,525
-
APK-Argos 75
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
83,655
-
APK-Argos 85
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
354,262
-
APK-Argos 95
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2,3
413,558
-
APKV Direkt Infrastruktur GmbH, Munich
100.0 2
57,926
-
APKV Infrastrukturfonds GmbH, Munich
100.0 2
546,119
-
APKV Private Equity Fonds GmbH,
Munich
100.0 2
1,189,598
-
APKV-Argos 74
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
747,352
-
APKV-Argos 84
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
2,374,275
-
ARE Funds APKV GmbH, Munich
100.0 2,3
1,124,581
-
ARE Funds AZL GmbH, Munich
100.0 2,3
8,232,571
-
ARE Funds AZV GmbH, Munich
100.0 2,3
41,635
-
atpacvc Fund GmbH & Co. KG, Munich
100.0
101,796
(10,307)
Atropos
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0
499,738
807
AV8 Ventures II GmbH & Co. KG, Munich
100.0
52,245
(5,055)
AZ ATLAS GmbH & Co. KG, Stuttgart
94.9 3
108,626
5,884
AZ ATLAS Immo GmbH, Stuttgart
100.0 2,3
139,002
-
AZ Northside GmbH & Co. KG, Stuttgart
94.0 3
143,228
(4,968)
AZ-Arges
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2,3
152,158
-
AZ-Argos 56
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0
50,503
122
LIST OF PARTICIPATIONS OF ALLIANZ SE, MUNICH AS OF 31 DECEMBER 2025
ACCORDING TO § 285 NO. 11 AND 11B HGB IN CONJUNCTION WITH § 286 (3) NO. 1 HGB
C _ Financial Statements of Allianz SE
39
Annual Report 2025 – Allianz SE
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
AZ-Argos 68
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0
52,367
128
AZ-Argos 88
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
120,243
-
AZL PE Nr. 1 GmbH, Munich
100.0
7,413
148
AZL-Argos 43
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
247,025
-
AZL-Argos 53
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
386,871
-
AZL-Argos 63
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
1,031,078
-
AZL-Argos 73
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
3,730,414
-
AZL-Argos 83
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
11,262,415
-
AZL-Argos 89
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
230,771
-
AZL-Argos 93
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
110,025
-
AZL-Private Finance GmbH, Stuttgart
100.0 2,3
2,528,368
-
AZ-SGD Direkt Infrastruktur GmbH,
Munich
100.0 2
39,869
-
AZ-SGD Infrastrukturfonds GmbH,
Munich
100.0 2
247,657
-
AZ-SGD Private Equity Fonds 2 GmbH,
Munich
100.0 2
6,076
-
AZ-SGD Private Equity Fonds GmbH,
Munich
100.0 2
748,276
-
AZV-Argos 72
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
99,847
-
AZV-Argos 77
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
124,042
-
AZV-Argos 82
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
354,262
-
AZV-Argos 87
Vermögensverwaltungsgesellschaft mbH,
Munich
100.0 2
445,583
-
BrahmsQ Objekt GmbH & Co. KG,
Stuttgart
94.8 3
74,851
4,542
ControlExpert GmbH, Langenfeld
100.0 3
77,208
18,611
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Deutsche Lebensversicherungs-
Aktiengesellschaft, Berlin
100.0 2,3
55,214
-
EASTSIDE Joint Venture GmbH & Co. KG,
Stuttgart
50.0 3
578,034
(9,270)
Euler Hermes Aktiengesellschaft,
Hamburg
100.0 3
113,856
25,983
IDS GmbH - Analysis and Reporting
Services, Munich
100.0 2
25,718
-
Innovation Group Fleet & Mobility GmbH,
Stuttgart
100.0 2,3
10,332
-
Innovation Group Germany GmbH,
Stuttgart
100.0 3
185,273
8,128
Innovation Group GmbH, Stuttgart
100.0 2,3
6,633
-
Innovation Group Parts GmbH,
Lauchhammer
100.0 2,3
12,084
-
PIMCO Europe GmbH, Munich
100.0 2
67,768
-
PIMCO Prime Real Estate GmbH, Munich
100.0 2,3
24,087
-
Projekt Hirschgarten MK8 GmbH & Co.
KG, Stuttgart
94.9 3
164,541
7,181
REC Frankfurt Objekt GmbH & Co. KG,
Hamburg
89.9 3
232,852
(9,987)
Seine GmbH, Munich
100.0
455,544
18,939
Seine II GmbH, Munich
100.0
169,716
4,524
simplesurance GmbH, Berlin
100.0 3
14,247
(6,840)
Solvd GmbH, Munich
100.0
592,833
7,998
Spherion Beteiligungs GmbH & Co. KG,
Stuttgart
100.0 3
7,633
(7)
Spherion Objekt GmbH & Co. KG,
Stuttgart
89.9 3
76,356
(53,178)
Spherion Verwaltungs GmbH, Stuttgart
100.0 3
7,418
34
Syncier GmbH, Munich
100.0 3
25,019
16,085
Vivy GmbH, Berlin
100.0 3
146,895
(2,081)
Volkswagen Autoversicherung AG,
Braunschweig
100.0 2
139,561
-
Volkswagen Autoversicherung Holding
GmbH, Braunschweig
49.0
145,782
924
Windpark Aller-Leine-Tal GmbH & Co. KG,
Sehestedt
100.0 3
14,127
230
Windpark Büttel GmbH & Co. KG,
Sehestedt
100.0 3
12,042
1,343
Windpark Calau GmbH & Co. KG,
Sehestedt
100.0 3
32,906
1,861
Windpark Cottbuser See GmbH & Co. KG,
Sehestedt
100.0 3
5,451
1,208
Windpark Dahme GmbH & Co. KG,
Sehestedt
100.0 3
18,250
1,089
Windpark Eckolstädt GmbH & Co. KG,
Sehestedt
100.0 3
26,506
1,328
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Windpark Freyenstein-Halenbeck GmbH
& Co. KG, Sehestedt
100.0 3
9,042
403
Windpark Kesfeld-Heckhuscheid GmbH &
Co. KG, Sehestedt
100.0 3
9,738
444
Windpark Pröttlin GmbH & Co. KG,
Sehestedt
100.0 3
8,145
1,170
Windpark Quitzow GmbH & Co. KG,
Sehestedt
100.0 3
7,608
1,159
Windpark Redekin-Genthin GmbH & Co.
KG, Sehestedt
100.0 3
13,826
999
Windpark Schönwalde GmbH & Co. KG,
Sehestedt
100.0 3
8,535
2,884
Windpark Werder Zinndorf GmbH & Co.
KG, Sehestedt
100.0 3
12,702
2,459
Joint ventures
Dealis Fund Operations GmbH, Frankfurt
am Main
50.0 3
34,624
882
EDGE Wriezener Karree Berlin GmbH &
Co. KG, Frankfurt am Main
47.5 3
105,300
(38,122)
He Dreiht Investor HoldCo GmbH & Co.
KG, Ulm
33.3 3
310,624
(24,178)
Seagull Portfolio GmbH & Co. KG,
Frankfurt am Main
56.3 3
446,736
596
UGG TopCo GmbH & Co. KG, Ismaning
41.8 3
487,741
(167)
VGP Park München GmbH, Vaterstetten-
Baldham
48.9 3
69,734
5,203
Associates
AV Packaging GmbH, Munich
100.0
27,366
272
DCSO Deutsche Cyber-
Sicherheitsorganisation GmbH, Berlin
25.0 3
7,960
760
T&R Real Estate GmbH, Bonn
25.0 3
140,830
(5)
Other Participations below 20 % voting
rights
EXTREMUS Versicherungs-
Aktiengesellschaft, Cologne
16.0 3
64,303
1,543
FC Bayern München AG, Munich
8.3 3
521,167
29,489
GDV Dienstleistungs-GmbH, Hamburg
9.1 3
36,679
3,339
La Famiglia Fonds I GmbH & Co. KG,
Berlin
5.9 3
16,399
126,498
MLP SE, Wiesloch
9.7 3
392,742
21,426
N26 AG, Berlin
5.3 3
595,612
(43,206)
Protektor Lebensversicherungs-AG, Berlin
10.0 3
8,202
251
Sana Kliniken AG, Ismaning
14.5 3
1,338,705
17,862
C _ Financial Statements of Allianz SE
40
Annual Report 2025 – Allianz SE
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
FOREIGN ENTITIES
Consolidated affiliates
1Insurer Holdings Limited, Fareham
100.0 3
67,288
-
490 Lower Unit LP, Wilmington, DE
100.0 3
89,863
(10,479)
ACRE Hinoki Pte. Ltd., Singapore
100.0 3
21,994
170
ACRE Sugi Pte. Ltd., Singapore
100.0 3
8,218
50
ACRE Yuzu Pte. Ltd., Singapore
100.0 3
9,723
179
Aero-Fonte S.r.l., Misterbianco
100.0 3
18,615
2,641
AGA Service Company Corp., Richmond,
VA
100.0 3
63,173
32,946
AGCS International Holding B.V.,
Amsterdam
100.0 3
1,563,327
92,539
AGCS Marine Insurance Company Corp.,
Chicago, IL
100.0 3
180,126
6,141
Allianz - Slovenská DSS a.s., Bratislava
100.0 3
40,283
9,150
Allianz - Slovenská poist'ovňa a.s.,
Bratislava
99.7 3
481,803
103,875
Allianz (UK) Limited, Guildford
100.0 3
1,949,456
236,230
Allianz 1 Liverpool Street Holding S.à r.l.,
Luxembourg
100.0 3
84,534
(36,963)
Allianz 101 Moorgate Holding S.à r.l.,
Luxembourg
100.0 3
72,201
(13,052)
Allianz Alapkezelő Zrt., Budapest
100.0 3
5,150
2,594
Allianz Argentina Compañía de Seguros
S.A., Buenos Aires
100.0 3
205,968
(26,336)
Allianz Asia Holding Pte. Ltd., Singapore
100.0 3
2,676,994
331,716
Allianz Asia Pacific Private Credit Debt
Holdings S.à r.l., Senningerberg
100.0 3
5,818
610
Allianz Asset Management of America
Holdings Inc., Dover, DE
100.0 3
5,078
1,549
Allianz Asset Management of America
LLC, Dover, DE
100.0 3
6,622,152
1,936,093
Allianz Asset Management U.S. Holding II
LLC, Dover, DE
100.0 3
269,581
86,519
Allianz Australia General Insurance Pty
Ltd., Sydney
100.0 3
48,646
184
Allianz Australia Insurance Limited,
Sydney
100.0 3
2,218,585
252,714
Allianz Australia Life Insurance Holdings
Limited, Sydney
100.0 3
62,279
(14,794)
Allianz Australia Life Insurance Limited,
Sydney
100.0 3
62,279
(14,794)
Allianz Australia Limited, Sydney
100.0 3
1,263,134
170,741
Allianz Australia Services Pty Limited,
Sydney
100.0 3
22,454
122
Allianz Ayudhya Assurance Public
Company Limited, Bangkok
82.8 3
584,215
47,601
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Allianz Ayudhya Capital Public Company
Limited, Bangkok
49.0 3
348,365
26,616
Allianz Ayudhya General Insurance Public
Company Limited, Bangkok
100.0 3
121,920
3,028
Allianz Bank Bulgaria AD, Sofia
99.9 3
205,937
29,376
Allianz Bank Financial Advisors S.p.A.,
Milan
100.0 3
577,725
93,422
Allianz Banque S.A., Paris la Défense
100.0 3
121,007
7,786
Allianz Benelux S.A., Brussels
100.0 3
675,761
99,292
Allianz Bulgaria Holding AD, Sofia
66.2 3
64,732
23,866
Allianz Capital Partners of America LLC,
Dover, DE
100.0 3
44,038
27,425
Allianz Carbon Investments B.V.,
Amsterdam
100.0 3
6,613
380
Allianz Cash SAS, Paris la Défense
100.0 3
7,644
466
Allianz Chicago Private Reit LP,
Wilmington, DE
100.0 3
89,514
(30,605)
Allianz China Insurance Holding Limited,
Shanghai
100.0 3
660,153
165
Allianz China Life Insurance Co. Ltd.,
Shanghai
100.0 3
764,741
47,337
Allianz Colombia S.A., Bogotá D.C.
100.0 3
128,421
20,382
Allianz Compañía de Seguros y
Reaseguros S.A., Madrid
99.9 3
465,747
95,452
Allianz Digital Services Pte. Ltd.,
Singapore
100.0 3
6,596
170
Allianz Direct S.p.A., Milan
100.0 3
331,889
17,936
Allianz do Brasil Participações Ltda., São
Paulo
100.0 3
750,166
50,316
Allianz Eiffel Square Kft., Budapest
100.0 3
95,919
3,070
Allianz Elementar Lebensversicherungs-
Aktiengesellschaft, Vienna
100.0 3
79,354
19,650
Allianz Elementar Versicherungs-
Aktiengesellschaft, Vienna
100.0 3
394,406
99,453
Allianz Engineering Inspection Services
Limited, Guildford
100.0 3
18,510
5,945
Allianz Europe B.V., Amsterdam
100.0 3
41,068,342
3,956,089
Allianz European Reliance Single
Member Insurance S.A., Athens
100.0 3
250,252
13,417
Allianz Finance II B.V., Amsterdam
100.0 3
12,595
4,823
Allianz Finance II Luxembourg S.à r.l.,
Luxembourg
100.0 3
4,497,576
789,474
Allianz Finance IX Luxembourg S.A.,
Luxembourg
100.0 3
4,662,307
(200,295)
Allianz Finance VII Luxembourg S.A.,
Luxembourg
100.0 3
3,340,890
(37,744)
Allianz Finance VIII Luxembourg S.A.,
Luxembourg
100.0 3
1,023,020
4,256
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Allianz Finance X Luxembourg S.A.,
Luxembourg
92.8 3
243,858
(1,549)
Allianz Fire and Marine Insurance Japan
Ltd., Tokyo
100.0 3
13,904
728
Allianz France Immobilier Expansion -
AFIX, Paris la Défense
100.0 3
20,777
(732)
Allianz France Real Estate Invest
SPPICAV, Paris la Défense
100.0 3
1,096,868
26,884
Allianz France Real Estate S.à r.l.,
Luxembourg
100.0 3
38,971
(2,890)
Allianz France Richelieu 1 S.A.S., Paris la
Défense
100.0 3
281,350
4,323
Allianz France S.A., Paris la Défense
100.0 3
6,092,526
682,554
Allianz France US REIT LP, Wilmington,
DE
100.0 3
110,446
(7,979)
Allianz Fund Investments Inc.,
Wilmington, DE
100.0 3
232,419
6,189
Allianz General Insurance Company
(Malaysia) Berhad, Kuala Lumpur
100.0 3
611,108
82,570
Allianz Global Corporate & Specialty of
Africa (Proprietary) Ltd., Johannesburg
100.0 3
6,303
-
Allianz Global Corporate & Specialty
Resseguros Brasil S.A., São Paulo
100.0 3
39,519
21,388
Allianz Global Corporate & Specialty
South Africa Ltd., Johannesburg
100.0 3
12,609
1,639
Allianz Global Investors Asia Pacific Ltd.,
Hong Kong
100.0 3
103,400
35,680
Allianz Global Investors Fund
Management Co. Ltd., Shanghai
100.0 3
59,801
(14,770)
Allianz Global Investors Ireland Ltd.,
Dublin
100.0 3
8,224
333
Allianz Global Investors Japan Co. Ltd.,
Tokyo
100.0 3
34,832
14,488
Allianz Global Investors Management
Consulting (Shanghai) Limited, Shanghai
100.0 3
16,908
(720)
Allianz Global Investors Singapore Ltd.,
Singapore
100.0 3
49,292
22,246
Allianz Global Investors Taiwan Ltd.,
Taipei
100.0 3
98,476
78,143
Allianz Global Investors U.S. Holdings
LLC, Dover, DE
100.0 3
127,722
(7,218)
Allianz Global Investors UK Limited,
London
100.0 3
88,788
(1,804)
Allianz Global Life dac, Dublin
100.0 3
167,819
18,328
Allianz Global Risks US Insurance
Company Corp., Chicago, IL
100.0 3
2,306,426
192,438
Allianz Hayat ve Emeklilik A.S., Istanbul
89.0 3
13,284
5,505
Allianz Hedeland Logistics ApS,
Copenhagen
100.0 3
16,086
1,025
C _ Financial Statements of Allianz SE
41
Annual Report 2025 – Allianz SE
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Allianz Hold Co Real Estate S.à r.l.,
Luxembourg
100.0 3
298,558
(28)
Allianz Holding eins GmbH, Vienna
100.0 3
4,958,540
689,284
Allianz Holding France SAS, Paris la
Défense
100.0 3
7,710,058
842,273
Allianz Holdings p.l.c., Dublin
100.0 3
61,518
-
Allianz Holdings plc, Guildford
100.0 3
3,115,872
203,154
Allianz Hrvatska d.d., Zagreb
100.0 3
155,252
23,818
Allianz Hungária Biztosító Zrt., Budapest
100.0 3
176,896
35,037
Allianz HY Investor LP, Wilmington, DE
100.0 3
289,054
(1,111)
Allianz I.A.R.D. S.A., Paris la Défense
100.0 3
2,328,795
150,544
Allianz Immovalor S.A., Paris la Défense
100.0 3
15,724
9,422
Allianz Infrastructure Holding I Pte. Ltd.,
Singapore
100.0 3
1,368,810
96,138
Allianz Infrastructure Luxembourg Holdco
I S.A., Luxembourg
100.0 3
2,611,227
18,353
Allianz Infrastructure Luxembourg Holdco
II S.A., Luxembourg
100.0 3
545,207
3,828
Allianz Infrastructure Luxembourg Holdco
III S.A., Luxembourg
100.0 3
1,257,320
1,225
Allianz Infrastructure Luxembourg Holdco
IV S.A., Luxembourg
100.0 3
271,754
274
Allianz Infrastructure Luxembourg I S.à
r.l., Luxembourg
100.0 3
3,598,912
33,162
Allianz Infrastructure Luxembourg II S.à
r.l., Luxembourg
100.0 3
1,708,520
209,144
Allianz Infrastructure Luxembourg III S.A.,
Luxembourg
100.0 3
47,392
(231)
Allianz Infrastructure Norway Holdco I
S.à r.l., Luxembourg
100.0 3
34,598
2,316
Allianz Insurance Asset Management Co.
Ltd., Beijing
100.0 3
49,497
2,053
Allianz Insurance Lanka Limited,
Colombo
100.0 3
33,978
(161)
Allianz Insurance plc, Guildford
100.0 3
930,841
148,915
Allianz Insurance Singapore Pte. Ltd.,
Singapore
100.0 3
80,503
(12,942)
Allianz Inversiones S.A., Bogotá D.C.
100.0 3
6,216
362
Allianz Invest Kapitalanlagegesellschaft
mbH, Vienna
100.0 3
11,630
6,081
Allianz Investment Management LLC, St.
Paul, MN
100.0 3
16,715
34,116
Allianz Investment Management
Singapore Pte. Ltd., Singapore
100.0 3
5,117
575
Allianz Investments HoldCo S.à r.l.,
Luxembourg
100.0 3
3,762,784
188,327
Allianz Investments I Luxembourg S.à r.l.,
Luxembourg
100.0 3
172,957
(593)
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Allianz Investments III Luxembourg S.A.,
Luxembourg
100.0 3
1,342,861
115,587
Allianz Jingdong General Insurance
Company Ltd., Guangzhou
53.3 3
182,326
10,990
Allianz Leasing Bulgaria AD, Sofia
100.0 3
6,498
1,417
Allianz Leben Real Estate Holding I S.à
r.l., Luxembourg
100.0 3
885,354
(25)
Allianz Leben Real Estate Holding II S.à
r.l., Luxembourg
100.0 3
7,573,974
4,484
Allianz Lietuva gyvybės draudimas UAB,
Vilnius
100.0 3
48,719
16,158
Allianz Life Financial Services LLC,
Minneapolis, MN
100.0 3
30,046
(66,427)
Allianz Life Insurance Company of
Missouri Corp., Clayton, MO
100.0 3
345,248
5,487
Allianz Life Insurance Company of New
York Corp., New York, NY
100.0 3
247,046
7,638
Allianz Life Insurance Company of North
America Corp., Minneapolis, MN
100.0 3
853,226
902,504
Allianz Life Insurance Malaysia Berhad,
Kuala Lumpur
100.0 3
580,681
74,331
Allianz Life Luxembourg S.A.,
Luxembourg
100.0 3
130,306
5,207
Allianz Malaysia Berhad, Kuala Lumpur
75.0 3
223,749
10,985
Allianz Management Services Limited,
Guildford
100.0 3
32,724
15,100
Allianz Marine (UK) Ltd., London
100.0 3
12,772
475
Allianz México S.A. Compañía de
Seguros, Mexico City
100.0 3
220,625
34,260
Allianz Nederland Groep N.V., Rotterdam
100.0 3
2,009,305
111,551
Allianz New Zealand Limited, Auckland
100.0 3
36,375
(503)
Allianz Nikko Pte. Ltd., Singapore
100.0 3
40,600
(366)
Allianz Nikko1 Pte. Ltd., Singapore
100.0 3
13,011
247
Allianz Nikko2 Pte. Ltd., Singapore
100.0 3
17,375
315
Allianz Nikko3 Pte. Ltd., Singapore
100.0 3
27,975
408
Allianz of America Inc., Wilmington, DE
100.0 3
20,715,766
2,680,786
Allianz p.l.c., Dublin
100.0 3
295,676
55,096
Allianz PCREL US Debt S.A., Luxembourg
100.0 3
1,431,784
70,153
Allianz Pensionskasse Aktiengesellschaft,
Vienna
100.0 3
16,410
1,886
Allianz penzijní spolecnost a.s., Prague
100.0 3
65,157
16,021
Allianz Perfekta 71 S.A., Luxembourg
94.9 3
5,280
1,494
Allianz PNB Life Insurance Inc., Makati
City
51.0 3
69,696
15,268
Allianz pojistovna a.s., Prague
100.0 3
433,585
139,889
Allianz Polska Services Sp. z o.o., Warsaw
100.0 3
15,209
657
Allianz Presse Infra S.C.S., Luxembourg
91.9 3
446,566
16,065
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Allianz Presse US REIT LP, Wilmington, DE
91.9 3
51,104
(7,690)
Allianz Properties Limited, Guildford
100.0 3
244,039
8,802
Allianz Re Argentina S.A., Buenos Aires
100.0 3
30,444
(4,335)
Allianz Re Dublin dac, Dublin
100.0 3
3,820,991
918,096
Allianz Real Estate Investment S.A.,
Luxembourg
100.0 3
388,139
(45,857)
Allianz Reinsurance America Inc.,
Glendale, CA
100.0 3
224,598
19,656
Allianz Renewable Energy Partners I LP,
London
100.0 3
99,792
23,960
Allianz Renewable Energy Partners III LP,
London
99.2 3
93,160
11,304
Allianz Renewable Energy Partners IV
Limited, London
99.2 3
312,447
3,412
Allianz Renewable Energy Partners
Luxembourg Holdco II S.à r.l.,
Luxembourg
100.0 3
77,969
10,012
Allianz Renewable Energy Partners
Luxembourg Holdco IV S.A., Luxembourg
98.6 3
460,581
36,101
Allianz Renewable Energy Partners
Luxembourg Holdco VI S.A., Luxembourg
100.0 3
864,039
4,915
Allianz Renewable Energy Partners
Luxembourg II S.A., Luxembourg
100.0 3
97,650
5,295
Allianz Renewable Energy Partners
Luxembourg IV S.A., Luxembourg
100.0 3
834,330
27,526
Allianz Renewable Energy Partners
Luxembourg V S.A., Luxembourg
100.0 3
484,589
20,149
Allianz Renewable Energy Partners
Luxembourg VI S.A., Luxembourg
100.0 3
1,330,536
(27,206)
Allianz Renewable Energy Partners
Luxembourg VIII S.A., Luxembourg
100.0 3
536,458
(135)
Allianz Renewable Energy Partners of
America 2 LLC, Wilmington, DE
100.0 3
193,858
7,739
Allianz Renewable Energy Partners of
America LLC, Wilmington, DE
100.0 3
463,113
56,634
Allianz Renewable Energy Partners V
Limited, London
100.0
40,595
2,089
Allianz Renewable Energy Partners VI
Limited, London
100.0
230,476
1,386
Allianz Retraite S.A., Paris la Défense
100.0 3
516,291
55,373
Allianz Risk Transfer (Bermuda) Ltd.,
Hamilton
100.0 3
75,493
(12,357)
Allianz Risk Transfer AG, Schaan
100.0 3
598,383
70,824
Allianz Risk Transfer Inc., New York, NY
100.0 3
7,646
2
Allianz S.p.A., Milan
100.0 3
2,043,187
110,270
Allianz Sakura Multifamily 1 Pte. Ltd.,
Singapore
100.0 3
250,025
(530)
Allianz Sakura Multifamily 2 Pte. Ltd.,
Singapore
100.0 3
180,725
(494)
C _ Financial Statements of Allianz SE
42
Annual Report 2025 – Allianz SE
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Allianz Sakura Multifamily Lux SCSp,
Luxembourg
100.0 3
340,149
(2,243)
Allianz Saúde S.A., São Paulo
100.0 3
22,116
6,927
Allianz Seguros de Vida S.A., Bogotá D.C.
100.0 3
58,608
8,080
Allianz Seguros S.A., Bogotá D.C.
100.0 3
73,409
15,094
Allianz Seguros S.A., São Paulo
100.0 3
713,501
49,822
Allianz Services (UK) Limited, London
100.0 3
7,902
1,251
Allianz Services Private Ltd.,
Thiruvananthapuram
100.0 3
47,854
17,007
Allianz Sigorta A.S., Istanbul
96.2 3
855,526
276,445
Allianz Société Financière S.à r.l.,
Luxembourg
100.0 3
1,189,203
(1,924)
Allianz South America Holding B.V.,
Amsterdam
100.0 3
1,181,178
71,055
Allianz South Australia Insurance Limited,
Sydney
100.0 3
91,542
22,918
Allianz Strategic Investments LLC, St.
Paul, MN
100.0 3
112,317
(21,531)
Allianz Strategic Investments S.à r.l.,
Luxembourg
100.0 3
1,993,767
(43,363)
Allianz Suisse Immobilien AG, Wallisellen
100.0 3
6,666
4,122
Allianz Suisse Lebensversicherungs-
Gesellschaft AG, Wallisellen
100.0 3
565,336
78,076
Allianz Suisse Versicherungs-Gesellschaft
AG, Wallisellen
100.0 3
929,786
303,211
Allianz Taiwan Life Insurance Co. Ltd.,
Taipei
100.0 3
320,426
45,164
Allianz Technology (Thailand) Co. Ltd.,
Bangkok
100.0 3
9,251
2,188
Allianz Technology AG, Wallisellen
100.0 3
8,872
313
Allianz Technology GmbH, Vienna
100.0 3
17,811
(1,397)
Allianz Technology S.L., Barcelona
100.0 3
59,800
1,484
Allianz Technology S.p.A., Milan
100.0 3
11,688
3,249
Allianz Technology SAS, Paris la Défense
100.0 3
25,345
(21,280)
Allianz Tiriac Pensii Private Societate de
administrare a fondurilor de pensii
private S.A., Bucharest
100.0 3
22,374
9,719
Allianz U.S. Investment LP, Wilmington,
DE
100.0 3
4,070,996
(110,262)
Allianz U.S. Private REIT LP, Wilmington,
DE
100.0 3
3,471,226
(185,590)
Allianz Underwriters Insurance Company
Corp., Chicago, IL
100.0 3
73,123
3,851
Allianz US Debt Holding S.A.,
Luxembourg
100.0 3
360,443
25,006
Allianz Vermogen B.V., Rotterdam
100.0 3
19,408
6,194
Allianz Vie S.A., Paris la Défense
100.0 3
2,187,056
124,801
Allianz Vorsorgekasse AG, Vienna
100.0 3
55,206
13,339
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Allianz X Euler Hermes Co-Investments
S.à r.l., Luxembourg
100.0 3
46,853
(43)
Allianz Yasam ve Emeklilik A.S., Istanbul
80.0 3
181,966
97,052
Allianz ZB d.o.o. Mandatory and
Voluntary Pension Funds Management
Company, Zagreb
51.0 3
21,781
7,845
Allianz-Tiriac Asigurari SA, Bucharest
52.2 3
312,038
87,436
American Automobile Insurance
Company Corp., Clayton, MO
100.0 3
85,475
1,885
APK Investments Holding S.á r.l.,
Luxembourg
100.0 3
171,970
(1,439)
APK US Investment LP, Wilmington, DE
100.0 3
107,932
(10,255)
APKV US Private REIT LP, Wilmington, DE
100.0 3
473,552
(29,172)
Appia Investments S.r.l., Milan
57.6 3
776,250
54,754
Arges Investments I N.V., Amsterdam
100.0 3
49,236
1,257
Argos US Forest Invest L.P., Wilmington,
DE
100.0
203,828
404
Argos US Forest Invest REIT L.P.,
Wilmington, DE
100.0
223,755
7,089
Asit Services S.R.L., Bucharest
100.0 3
28,612
(1,021)
Assistance, Courtage d'Assurance et de
Réassurance S.A., Paris la Défense
100.0 3
7,385
6,730
Assurances Médicales SA, Metz
100.0 3
12,285
974
AWP Australia Holdings Pty Ltd.,
Brisbane
100.0 3
55,649
-
AWP Australia Pty Ltd., Brisbane
100.0 3
8,360
(8,329)
AWP Business Services (Beijing) Co. Ltd.,
Beijing
100.0 3
16,022
7,087
AWP France SAS, Saint-Ouen
95.0 3
45,744
8,233
AWP Health & Life S.A., Saint-Ouen
100.0 3
526,384
4,617
AWP MEA Holdings Co. W.L.L., Manama
100.0 3
16,641
(2,194)
AWP P&C S.A., Saint-Ouen
100.0 3
558,286
101,304
AWP Service Brasil Ltda., São Bernardo
do Campo
100.0 3
22,951
(384)
AWP Services New Zealand Limited,
Auckland
100.0 3
6,786
991
AWP Servis Hizmetleri A.S., Istanbul
97.0 3
10,743
7,084
AWP USA Inc., Richmond, VA
100.0 3
364,461
127,374
Axios Bidco Limited, Whiteley
100.0 3
690,815
98
AZ Euro Investments II S.à r.l.,
Luxembourg
100.0 3
1,275,188
30,300
AZ Euro Investments S.A., Luxembourg
100.0 3
2,719,209
113,884
AZ Jupiter 10 B.V., Amsterdam
100.0 3
519,636
18,406
AZ Jupiter 11 B.V., Amsterdam
97.8 3
238,199
(3,261)
AZ Jupiter 9 B.V., Amsterdam
100.0 3
112,067
(1,191)
AZ REIT - University Circle LP, Wilmington,
DE
100.0 3
282,085
(120,236)
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
AZ Vers US Private REIT LP, Wilmington,
DE
100.0 3
142,090
(12,384)
AZ-CR Seed Investor LP, Wilmington, DE
100.0 3
84,191
(3,317)
AZGA Service Canada Inc., Kitchener, ON
55.0 3
11,524
(14,365)
Barcelona Sea Offices S.A., Barcelona
100.0 3
14,386
(237)
BBVA Allianz Seguros y Reaseguros S.A.,
Madrid
50.0 3
567,545
27,255
BCP-AZ Investment L.P., Wilmington, DE
98.0 3
41,188
160
Beleggingsmaatschappij
Willemsbruggen B.V., Rotterdam
100.0 3
96,537
7,033
Beykoz Gayrimenkul Yatirim Insaat
Turizm Sanayi ve Ticaret A.S., Ankara
100.0 3
160,531
27,010
BN Infrastruktur GmbH, St. Pölten
74.9 3
106,063
(40)
Borgo San Felice S.r.l., Castelnuovo
Berardenga
100.0 3
6,278
1,090
C.E.P.E. de Haut Chemin S.à r.l., Versailles
100.0 3
5,020
1,089
C.E.P.E. de la Forterre S.à r.l., Versailles
100.0 3
19,164
2,579
C.E.P.E. de Vieille Carrière S.à r.l.,
Versailles
100.0 3
7,482
173
C.E.P.E. du Bois de la Serre S.à r.l.,
Versailles
100.0 3
6,953
1,553
Calobra Investments Sp. z o.o., Warsaw
100.0 3
116,950
3,037
CAP, Rechtsschutz-
Versicherungsgesellschaft AG, Wallisellen
100.0 3
32,497
6,766
Caroline Berlin S.C.S., Luxembourg
93.2 3
168,168
4,968
Central Shopping Center a.s., Bratislava
100.0 3
35,011
(6,256)
Centrale Photovoltaique de Saint Marcel
sur Aude SAS, Versailles
100.0 3
7,850
1,485
Centrale Photovoltaique de Valensole
SAS, Versailles
100.0 3
7,156
1,633
CEPE de Langres Sud S.à r.l., Versailles
100.0 3
35,930
5,231
CEPE de Mont Gimont S.à r.l., Versailles
100.0 3
36,536
6,351
CEPE de Sambres S.à r.l., Versailles
100.0 3
9,136
1,891
CEPE des Portes de la Côte d'Or S.à r.l.,
Versailles
100.0 3
17,903
2,926
Ceres Holding I S.à r.l., Luxembourg
100.0 3
187,400
(35,389)
Ceres Warsaw Gorzow Sp. z o.o., Warsaw
100.0 3
71,292
(5,187)
Ceres Weert B.V., Amsterdam
100.0 3
60,154
2,342
Chicago Insurance Company Corp.,
Chicago, IL
100.0 3
75,894
2,405
CIC Allianz Insurance Limited, Sydney
100.0 3
12,371
749
Climmolux Holding SA, Luxembourg
100.0 3
72,414
2,977
Columbia REIT - 221 Main Street LP,
Wilmington, DE
100.0 3
328,324
(2,575)
Columbia REIT - 333 Market Street LP,
Wilmington, DE
45.0 3
580,880
10,410
C _ Financial Statements of Allianz SE
43
Annual Report 2025 – Allianz SE
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Companhia de Seguros Allianz Portugal
S.A., Lisbon
64.8 3
204,437
54,744
ControlExpert UK Limited, Farnborough
100.0 3
7,426
2,111
Corn Investment Ltd., London
100.0
10,307
3,617
COSEC-Companhia de Seguro de
Créditos S.A., Lisbon
100.0 3
90,198
5,368
Cova Beijing Zpark Investment Pte. Ltd.,
Singapore
98.0 3
11,358
22
CPRN Thailand Ltd., Bangkok
100.0 3
74,402
19,226
Darta Saving Life Assurance dac, Dublin
100.0 3
527,880
116,280
Delta Technical Services Ltd., London
100.0 3
58,019
1,418
Diamond Point a.s., Prague
100.0 3
11,271
448
Elite Prize Limited, Hong Kong
100.0 3
17,823
(8,756)
EMac Limited, Whiteley
100.0 3
31,367
4,307
Enertrag-Dunowo Sp. z o.o., Szczecin
100.0 3
235,330
5,730
Eolica Erchie S.r.l., Lecce
100.0 3
21,218
1,789
Euler Hermes Acmar SA, Casablanca
55.0 3
6,513
995
Euler Hermes Collections North America
Company, Baltimore, MD
100.0 3
15,763
2,065
Euler Hermes Collections Sp. z o.o.,
Warsaw
100.0 3
7,924
(275)
Euler Hermes Crédit France S.A.S., Paris la
Défense
100.0 3
66,606
3,241
Euler Hermes Group SAS, Paris la Défense
100.0 3
3,546,969
545,125
Euler Hermes Hong Kong Services
Limited, Hong Kong
100.0 3
6,929
308
Euler Hermes Luxembourg Holding S.à
r.l., Luxembourg
100.0 3
102,418
(27)
Euler Hermes North America Holding Inc.,
Wilmington, DE
100.0 3
192,808
28,306
Euler Hermes North America Insurance
Company Inc., Lutherville, MD
100.0 3
398,852
36,478
Euler Hermes Real Estate SPPICAV, Paris
la Défense
60.0 3
192,826
8,589
Euler Hermes Recouvrement France
S.A.S., Paris la Défense
100.0 3
8,885
12,198
Euler Hermes Reinsurance AG,
Wallisellen
100.0 3
1,217,678
413,417
Euler Hermes S.A., Brussels
100.0 3
862,403
159,000
Euler Hermes Seguros S.A., São Paulo
100.0 3
8,049
2,656
Euler Hermes Service AB, Stockholm
100.0 3
9,064
1,802
Euler Hermes Services Italia S.r.l., Rome
100.0 3
16,476
14,501
Euler Hermes Services North America LLC,
Owings Mills, MD
100.0 3
11,707
4,910
Euler Hermes Serviços de Gestão de
Riscos Ltda., São Paulo
100.0 3
12,404
3,658
Euler Hermes Sigorta A.S., Istanbul
100.0 3
7,479
45
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Euler Hermes South Express S.A., Ixelles
100.0 3
29,383
772
Eurl 20-22 Rue Le Peletier, Paris la
Défense
100.0 3
43,194
(2,750)
Eurosol Invest S.r.l., Udine
100.0 3
14,018
1,838
Fairmead Insurance Limited, Guildford
100.0 3
50,596
(8,235)
Financière Callisto SAS, Paris la Défense
100.0 3
10,266
(813)
Fireman's Fund Indemnity Corporation,
Trenton, NJ
100.0 3
56,726
3,855
Fireman's Fund Insurance Company
Corp., Chicago, IL
100.0 3
1,373,396
37,930
Flying Desire Limited, Hong Kong
100.0 3
63,443
(8)
Foshan Geluo Storage Services Co. Ltd.,
Foshan
100.0 3
35,321
700
Fragonard Assurances S.A., Saint-Ouen
100.0 3
101,765
2,881
Franklin S.C.S., Luxembourg
94.5 3
84,786
5,761
Galore Expert Limited, Hong Kong
100.0 3
36,470
(5,182)
Generation Vie S.A., Paris la Défense
52.5 3
119,257
9,924
Global Azawaki S.L., Madrid
100.0 3
573,916
(10,227)
Global Besande S.L., Madrid
100.0 3
5,516
68
Global Carena S.L., Madrid
100.0 3
148,143
(2,374)
Global Manzana S.L., Madrid
100.0 3
154,788
(1,533)
Global Transport & Automotive Insurance
Solutions Pty Limited, Sydney
100.0 3
15,624
7,900
GR Solar 2020 SL, Madrid
95.0 3
43,390
(210)
GT Motive S.L., San Sebastian de los
Reyes
100.0 3
21,840
6,993
Harro Development Praha s.r.o., Prague
100.0 3
58,872
1,297
Health Care Management Company
Limited, Bangkok
100.0 3
9,635
3,555
Highway Insurance Company Limited,
Guildford
100.0 3
290,002
(12,724)
Highway Insurance Group Limited,
Guildford
100.0 3
239,750
-
Humble Bright Limited, Hong Kong
100.0 3
63,293
(7)
ICON Immobilien GmbH & Co. KG, Vienna
100.0 3
262,345
18,018
ICON Inter GmbH & Co. KG, Vienna
100.0 3
24,019
631
Innovation FSP (Pty) Ltd., Johannesburg
100.0 3
14,101
3,685
Innovation Group (Pty) Ltd.,
Johannesburg
75.0 3
8,130
59
Innovation Group Business Services
Limited, Whiteley
100.0 3
5,514
(7,430)
Innovation Group Holdings Limited,
Whiteley
100.0 3
346,264
43
Innovation Group North America Inc.,
Schaumburg, IL
100.0 3
19,438
254
Innovation Holdings (South Africa) (Pty)
Ltd., Johannesburg
100.0 3
26,743
11
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Innovation Property (UK) Limited,
Whiteley
100.0 3
9,609
3,362
Interstate Fire & Casualty Company
Corp., Chicago, IL
100.0 3
70,118
1,561
Investitori SGR S.p.A., Milan
100.0 3
18,391
7,071
Järvsö Sörby Vindkraft AB, Danderyd
100.0 3
90,194
165
Jefferson Insurance Company Corp., New
York, NY
100.0 3
265,729
90,614
Joukhaisselän Tuulipuisto Oy, Oulu
100.0 3
13,242
1,823
Jouttikallio Wind Oy, Helsinki
100.0 3
8,684
(22)
KAIGO Hi-Tech Development (Beijing) Co.
Ltd., Beijing
100.0 3
18,933
1,440
Keyeast Pte. Ltd., Singapore
100.0 3
63,298
(21)
Kiinteistö Oy Rahtiraitti 6, Vantaa
100.0 3
68,884
(4,061)
Kohlenberg & Ruppert Premium
Properties S.à r.l., Luxembourg
100.0 3
98,296
4,503
Kuolavaara-Keulakkopään Tuulipuisto
Oy, Oulu
100.0 3
32,056
3,234
La Rurale SA, Paris la Défense
100.0 3
5,124
3,289
Lincoln Infrastructure USA Inc.,
Wilmington, DE
100.0
285,549
(18,393)
Liverpool Victoria General Insurance
Group Limited, Guildford
100.0 3
1,360,633
(13,360)
Liverpool Victoria Insurance Company
Limited, Guildford
100.0 3
857,607
58,625
Living Residential SOCIMI S.A., Madrid
100.0 3
325,002
(259)
LV Repair Services Limited, Guildford
100.0 3
19,575
63,976
Maevaara Vind 2 AB, Stockholm
100.0 3
24,629
2,555
Maevaara Vind AB, Stockholm
100.0 3
53,138
4,465
Michael Ostlund Property S.A., Brussels
100.0 3
12,007
(3,033)
Mombyasen Wind Farm AB, Halmstad
100.0 3
30,419
20,262
Morningchapter S.A., Ourique
100.0 3
11,168
1,016
National Surety Corporation, Chicago, IL
100.0 3
83,535
1,935
NEXtCARE Lebanon SAL, Beirut
100.0 3
14,443
1,636
Niederösterreichische
Glasfaserinfrastrukturgesellschaft mbH,
St. Pölten
100.0 3
10,011
(5,606)
nöGIG Phase Zwei GmbH, St. Pölten
100.0 3
48,263
(4,343)
öGIG Fiber GmbH, St. Pölten
100.0 3
98,644
(17,571)
öGIG GmbH, St. Pölten
80.0 3
373,169
3,113
OPCI Allianz France Angel, Paris la
Défense
100.0 3
123,161
(24)
Orione PV S.r.l., Lecce
100.0 3
12,943
950
Orsa Maggiore PV S.r.l., Lecce
100.0 3
14,231
3,036
Orsa Minore PV S.r.l., Lecce
100.0 3
7,116
964
Pacific Investment Management
Company LLC, Dover, DE
90.6 3
1,351,227
2,179,336
C _ Financial Statements of Allianz SE
44
Annual Report 2025 – Allianz SE
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Parc Eolien de Chaourse SAS, Versailles
100.0 3
10,659
889
Parc Eolien de Chateau Garnier SAS,
Versailles
100.0 3
6,954
13
Parc Eolien de Derval SAS, Versailles
100.0 3
48,352
173
Parc Eolien de Dyé SAS, Versailles
100.0 3
6,413
268
Parc Eolien de Fontfroide SAS, Versailles
100.0 3
11,923
1,708
Parc Eolien de la Sole du Bois SAS,
Versailles
100.0 3
5,536
1,069
Parc Eolien de Ly-Fontaine SAS,
Versailles
100.0 3
5,226
413
Parc Eolien de Pliboux SAS, Versailles
100.0 3
5,681
342
Parc Eolien des Barbes d´Or SAS,
Versailles
100.0 3
8,202
1,019
Parc Eolien des Joyeuses SAS, Versailles
100.0 3
6,597
897
Parc Eolien des Quatre Buissons SAS,
Versailles
100.0 3
7,493
970
Pet Plan Ltd., Guildford
100.0 3
19,419
329
PFP Holdings LLC, Wilmington, DE
100.0 3
7,811,386
87,086
PGA Global Services LLC, Dover, DE
100.0 3
28,505
1,208
PIMCO (Schweiz) GmbH, Zurich
100.0 3
99,881
18,576
PIMCO Asia Ltd., Hong Kong
100.0 3
56,936
23,552
PIMCO Asia Pte. Ltd., Singapore
100.0 3
38,016
9,017
PIMCO Australia Management Limited,
Sydney
100.0 3
9,289
1,575
PIMCO Australia Pty Limited, Sydney
100.0 3
34,439
34,328
PIMCO Canada Corp., Halifax, NS
100.0 3
52,189
45,180
PIMCO Europe Ltd., London
100.0 3
200,660
72,276
PIMCO Global Advisors (Ireland) Ltd.,
Dublin
100.0 3
29,612
11,329
PIMCO Global Advisors (Luxembourg)
S.A., Luxembourg
100.0 3
15,042
3,903
PIMCO Global Advisors LLC, Dover, DE
100.0 3
621,314
190,063
PIMCO Global Holdings LLC, Dover, DE
100.0 3
69,569
45,003
PIMCO Investments LLC, Dover, DE
100.0 3
118,428
222,411
PIMCO Japan Ltd., Road Town
100.0 3
44,322
19,286
PIMCO Prime Real Estate Asia Pacific Pte.
Ltd., Singapore
100.0 3
15,458
27,375
PIMCO Prime Real Estate LLC,
Wilmington, DE
100.0 3
32,852
21,580
PIMCO Taiwan Ltd., Taipei
100.0 3
13,756
1,571
POD Allianz Bulgaria AD, Sofia
65.9 3
49,436
17,438
Primacy Underwriting Management Pty
Ltd., Melbourne
100.0 3
8,777
1,482
Promultitravaux SAS, Saint-Ouen
100.0 3
9,870
9,843
Protexia France S.A., Paris la Défense
100.0 3
68,023
9,906
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
PT Allianz Global Investors Asset
Management Indonesia, Jakarta
100.0 3
7,762
(3,164)
PT Asuransi Allianz Life Indonesia,
Jakarta
99.8 3
386,031
61,378
PT Asuransi Allianz Life Syariah
Indonesia, Jakarta
100.0 3
145,542
3,418
PT Asuransi Allianz Utama Indonesia,
Jakarta
97.8 3
52,331
1,616
PTE Allianz Polska S.A., Warsaw
100.0 3
166,585
43,767
Queenspoint S.L., Madrid
50.0
17,364
18,498
Real Faubourg Haussmann SAS, Paris la
Défense
100.0 3
1,115,924
(130,984)
Real FR Haussmann SAS, Paris la
Défense
100.0 3
61,568
970
Redoma 2 S.A., Luxembourg
100.0 3
108,532
22
SA Carène Assurances, Paris
100.0 3
20,758
(1,277)
SA Vignobles de Larose, Saint-Laurent-
Médoc
100.0 3
64,989
(1,201)
Saarenkylä Tuulipuisto Oy, Oulu
100.0 3
11,816
(507)
Santander Allianz TU na Zycie S.A.,
Warsaw
51.0 3
67,311
39,309
Santander Allianz TU S.A., Warsaw
51.0 3
42,501
7,202
SAS Allianz Etoile, Paris la Défense
100.0 3
123,013
(3,263)
SAS Allianz Forum Seine, Paris la Défense
100.0 3
227,023
8,965
SAS Allianz Logistique, Paris la Défense
100.0 3
758,248
(41,460)
SAS Allianz PH, Paris la Défense
100.0 3
56,378
198
SAS Allianz Platine, Paris la Défense
100.0 3
224,827
16,934
SAS Allianz Prony, Paris la Défense
100.0 3
40,171
1,522
SAS Allianz Serbie, Paris la Défense
100.0 3
234,594
(6,136)
SAS Angel Shopping Centre, Paris la
Défense
100.0 3
258,945
(527)
SAS Chaponnay Mérieux Logistics, Paris
la Défense
100.0 3
5,658
661
SAS Passage des princes, Paris la Défense
100.0 3
180,702
(4,126)
SAS Pershing Hall, Paris la Défense
100.0 3
31,209
1,187
Sättravallen Wind Power AB, Strömstad
100.0 3
41,087
166
Saudi NEXtCARE LLC, Al Khobar
52.0 3
5,470
3,876
SC Tour Michelet, Paris la Défense
100.0 3
44,347
(8,957)
SCI 37-39 Rue de la Bienfaisance, Paris la
Défense
100.0 3
25,125
340
SCI 46 Desmoulins, Paris la Défense
100.0 3
129,580
(4,314)
SCI Allianz 13-15 Lamennais, Paris la
Défense
100.0 3
26,559
(83)
SCI Allianz 38 Opéra, Paris la Défense
100.0 3
233,611
3,111
SCI Allianz 4 Banque, Paris la Défense
100.0 3
49,390
1,251
SCI Allianz 67 Courcelles, Paris la Défense
100.0 3
21,727
(112)
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
SCI Allianz 7 Drouot, Paris la Défense
100.0 3
38,263
(860)
SCI Allianz Arc de Seine, Paris la Défense
100.0 3
178,431
(28,070)
SCI Allianz Cantons Régions - ACR, Paris
la Défense
100.0 3
83,671
680
SCI Allianz Citylights, Paris la Défense
100.0 3
384,613
(112,946)
SCI Allianz Laennec Office, Paris la
Défense
100.0 3
322,401
5,859
SCI Allianz Messine, Paris la Défense
100.0 3
224,438
12,030
SCI Allianz Work'In Park, Paris la Défense
100.0 3
111,952
1,770
SCI ESQ, Paris la Défense
100.0 3
70,034
(2,004)
SCI Onnaing Escaut Logistics, Paris la
Défense
100.0 3
28,415
1,146
SCI Pont D'Ain Septembre Logistics, Paris
la Défense
100.0 3
69,021
1,071
SCI Réau Papin Logistics, Paris la Défense
100.0 3
78,291
1,542
SCI Stratus, Paris la Défense
100.0 3
5,117
2,068
SCI Via Pierre 1, Paris la Défense
100.0 3
146,821
90,101
Societa' Agricola San Felice S.p.A., Milan
100.0 3
57,962
30
Société d'Energie Eolienne de Cambon
SAS, Versailles
100.0 3
9,083
1,193
Société Foncière Européenne B.V.,
Amsterdam
100.0 3
112,546
26,810
South City Office Broodthaers SA,
Brussels
100.0 3
36,904
3,597
Stam Fem Gångaren 11 AB, Stockholm
100.0 3
65,520
3,644
StocksPLUS Management Inc., Dover, DE
100.0 3
5,955
101
TFI Allianz Polska S.A., Warsaw
100.0 3
19,123
6,269
The Innovation Group (EMEA) Limited,
Whiteley
100.0 3
117,378
(14,965)
The Innovation Group Limited, Whiteley
100.0 3
423,073
(30,202)
TIG Acquisition Co., Wilmington, DE
100.0 3
46,916
-
TopImmo A GmbH & Co. KG, Vienna
100.0 3
6,668
1,371
TopImmo Besitzgesellschaft B GmbH &
Co. KG, Vienna
100.0 3
9,813
1,957
Trafalgar Insurance Limited, Guildford
100.0 3
10,643
255
Triton Lux SCS, Luxembourg
100.0 3
163,725
12,905
TU Allianz Zycie Polska S.A., Warsaw
100.0 3
420,902
182,130
TU Euler Hermes S.A., Warsaw
100.0 3
32,540
6,139
TUA Assicurazioni S.p.A., Milan
100.0 3
280,364
117,010
TUiR Allianz Polska S.A., Warsaw
100.0 3
322,010
44,666
UK Logistics PropCo I S.à r.l., Luxembourg
100.0 3
56,656
852
UK Logistics PropCo II S.à r.l.,
Luxembourg
100.0 3
44,160
1,062
UK Logistics PropCo III S.à r.l.,
Luxembourg
100.0 3
53,260
1,289
UK Logistics S.C.Sp., Luxembourg
100.0 3
149,686
(383)
C _ Financial Statements of Allianz SE
45
Annual Report 2025 – Allianz SE
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Unicredit Allianz Assicurazioni S.p.A.,
Milan
50.0 3
173,857
42,820
UP 36 SA, Brussels
100.0 3
18,267
214
Vailog Hong Kong DC17 Limited, Hong
Kong
100.0 3
20,630
(10,923)
Valderrama S.A., Luxembourg
100.0 3
156,966
(2,749)
Vintage Rents S.L., Madrid
100.0 3
14,837
68
Viveole SAS, Versailles
100.0 3
8,179
1,672
Vordere Zollamtsstraße 13 GmbH,
Vienna
100.0 3
62,693
1,037
Weihong (Shanghai) Storage Services Co.
Ltd., Shanghai
100.0 3
25,189
(1,271)
Weilong (Jiaxing) Storage Services Co.
Ltd., Jiaxing
100.0 3
18,649
(20)
Windpark AO GmbH, Pottenbrunn
100.0 3
10,022
(101)
Windpark EDM GmbH, Pottenbrunn
100.0 3
23,246
(519)
Windpark GHW GmbH, Pottenbrunn
100.0 3
7,035
(106)
Windpark Ladendorf GmbH, Pottenbrunn
100.0 3
7,620
289
Windpark Les Cent Jalois SAS, Versailles
100.0 3
7,853
674
Windpark LOI GmbH, Pottenbrunn
100.0 3
12,456
(18)
Windpark PDV GmbH, Pottenbrunn
100.0 3
7,919
204
Windpark PL GmbH, Pottenbrunn
100.0 3
5,613
305
Windpark Zistersdorf GmbH, Pottenbrunn
100.0 3
5,185
(93)
Windpower Ujscie Sp. z o.o., Poznan
100.0 3
65,390
(91)
YAO NEWREP Investments S.A.,
Luxembourg
94.0 3
271,200
1,633
ZAD Allianz Bulgaria Life, Sofia
99.0 3
30,966
4,636
ZAD Allianz Bulgaria, Sofia
87.4 3
67,634
15,864
ZAD Energy AD, Sofia
51.0 3
14,021
3,819
Joint ventures
1 Liverpool Street LP, Whiteley
70.0 3
110,777
956
101 Moorgate LP, Whiteley
70.0 3
101,044
12,043
114 Venture LP, Wilmington, DE
49.5 3
67,736
(24,407)
1515 Broadway Realty LP, Wilmington,
DE
43.0 3
937,826
17,741
30 HY WM REIT Owner LP, Wilmington,
DE
49.0 3
235,750
(1,918)
53 State JV L.P., Wilmington, DE
49.0 3
268,763
(111,922)
55-15 Grand Avenue Investor JV L.P.,
Wilmington, DE
44.9 3
233,327
(6,781)
A&A Centri Commerciali S.r.l., Bolzano
50.0 3
116,212
5,710
AA Ronsin Investment Holding Limited,
Hong Kong
62.0 3
492,502
(54,970)
ACRE Acacia Investment Trust I, Sydney
50.0 3
125,083
9,350
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
ACRE Acacia Management I Pty Ltd.,
Sydney
50.0 3
124,979
8,900
Allee-Center Kft., Budapest
50.0 3
104,727
11,562
Altair MF TMK, Tokyo
49.9 3
44,021
623
AMLI-Allianz Investment LP, Wilmington,
DE
75.0 3
82,040
5,042
Arcturus MF TMK, Tokyo
51.0 3
25,261
746
AREAP Core I LP, Singapore
50.0 3
644,263
28,264
AREAP JMF 1 LP, Singapore
33.3 3
295,550
18,715
AS Gasinfrastruktur Beteiligung GmbH,
Vienna
55.6 3
154,744
(46,583)
Austin West Campus Student Housing LP,
Wilmington, DE
45.0 3
371,497
(4,450)
AZ/JH Co-Investment Venture (DC) LP,
Wilmington, DE
80.0 3
180,099
(33,655)
AZ/JH Co-Investment Venture (IL) LP,
Wilmington, DE
80.0 3
107,254
(41,762)
Bazalgette Equity Ltd., London
34.3 3
616,473
4,607
BCal Houston JV L.P., Wilmington, DE
39.2 3
109,765
2,689
BL West End Offices Limited, London
75.0 3
333,358
(10,578)
Canis MF TMK, Tokyo
49.9 3
19,103
375
Chapter Master Limited Partnership,
London
45.5 3
1,503,829
139,595
CHP-AZ Seeded Industrial L.P.,
Wilmington, DE
49.0 3
165,122
(11,316)
Corvus MF TMK, Tokyo
25.4 3
68,887
2,193
CPIC Fund Management Co. Ltd.,
Shanghai
49.0 3
108,095
14,208
CPPIC Euler Hermes Insurance Sales Co.
Ltd., Shanghai
49.0 3
7,247
146
Daiwater Investment Limited, Hatfield
36.6 3
367,546
(752)
Dundrum Car Park Limited Partnership,
Dublin
50.0 3
28,240
(1,002)
Dundrum Retail Limited Partnership,
Dublin
50.0 3
675,558
(128,291)
Dundrum Village Limited Partnership,
Dublin
49.5 3
26,480
885
Elton Investments S.à r.l., Luxembourg
32.5 3
335,355
1,837
ESR India Logistics Fund Pte. Ltd.,
Singapore
50.0 3
233,285
19,785
EUROMARKT Center d.o.o., Ljubljana
50.0 3
63,388
10,102
Fiumaranuova S.r.l., Milan
50.0 3
195,231
5,776
Floene Energias S.A., Lisbon
45.5 3
234,122
4,568
GBTC I LP, Singapore
50.0 3
356,947
518,831
GBTC II LP, Singapore
50.0 3
211,776
45,354
Grus MF TMK, Tokyo
51.0 3
54,806
870
Händelö Logistics Holding AB, Stockholm
50.0 3
195,275
9,886
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Heimstaden Eagle AB, Malmö
56.3 3
1,453,064
5,271
HKZ Investor Holding B.V., Arnhem
51.0 3
637,229
4,523
Hudson One Ferry JV L.P., Wilmington, DE
45.0 3
111,305
(9,363)
Italian Shopping Centre Investment S.r.l.,
Milan
50.0 3
18,622
9,463
LBA IV-PPI Venture LLC, Wilmington, DE
45.0 3
133,563
(27,376)
LBA IV-PPII-Office Venture LLC,
Wilmington, DE
45.0 3
8,537
170
LBA IV-PPII-Retail Venture LLC,
Wilmington, DE
45.0 3
54,718
(485)
LPC Logistics Venture One LP,
Wilmington, DE
31.7 3
1,199,624
88,427
Muralis MF TMK, Tokyo
49.9 3
16,265
291
NeuConnect Holdings B.V., Amsterdam
25.0 3
302,286
14,412
NRF (Finland) AB, Stockholm
50.0 3
66,113
(93)
NRP Nordic Logistics Fund AS, Oslo
49.5 3
432,091
13,854
Ophir-Rochor Commercial Pte. Ltd.,
Singapore
60.0 3
579,514
12,377
Orion MF TMK, Tokyo
49.9 3
259,424
(1,375)
Piaf Bidco B.V., Amsterdam
23.9 3
828,208
(149,468)
Podium Fund HY REIT Owner LP,
Wilmington, DE
44.3 3
620,535
832
Porterbrook Holdings I Limited, Derby
30.0 3
1,139,462
63,110
RMPA Holdings Limited, Colchester
56.0 3
26,744
20,204
SAS Docks V2, Paris la Défense
50.0 3
19,319
(13,169)
SES Shopping Center AT 1 GmbH,
Salzburg
50.0 3
113,849
9,079
SES Shopping Center FP 1 GmbH,
Salzburg
50.0 3
86,861
3,069
Sirius MF TMK, Tokyo
49.9 3
32,484
(204)
Solunion Seguros Compañía
Internacional de Seguros y Reaseguros
SA, Madrid
50.0 3
169,298
18,489
Spanish Gas Distribution Investments S.à
r.l., Senningerberg
40.0 3
1,219,967
3,946
SPREF II Pte. Ltd., Singapore
50.0 3
346,030
(892)
Stonecutter JV Limited, London
50.0 3
273,160
18,087
Terminal Venture LP, Wilmington, DE
32.9 3
216,358
(297,197)
The Israeli Credit Insurance Company
Ltd., Ramat Gan
50.0 3
64,255
16,605
The State-Whitehall Company LP,
Wilmington, DE
49.9 3
30,512
8,044
TopTorony Ingatlanhasznosító Zrt.,
Budapest
50.0 3
9,272
1,824
VGP European Logistics 2 S.à r.l.,
Senningerberg
50.0 3
321,582
8,817
VGP European Logistics S.à r.l.,
Senningerberg
50.0 3
558,731
22,354
C _ Financial Statements of Allianz SE
46
Annual Report 2025 – Allianz SE
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
VISION (III) Pte. Ltd., Singapore
30.0 3
33,317
(19,281)
Waterford Blue Lagoon LP, Wilmington,
DE
49.0 3
340,648
(4,296)
Associates
AlTi Global Inc., Wilmington, DE
20.5 3
936,934
(120)
Areim Fastigheter 2 AB, Stockholm
23.3 3
16,645
15,030
Areim Fastigheter 3 AB, Stockholm
31.6 3
132,184
(4,219)
Bajaj Allianz Life Insurance Company
Ltd., Pune
26.0
1,032,466
51,535
Bajaj General Insurance Limited, Pune
26.0
1,184,028
185,842
Best Regain Limited, Hong Kong
16.4 3
80,801
4,223
Blue Vista Student Housing Select
Strategies Fund L.P., Wilmington, DE
24.9 3
272,243
21,347
Delgaz Grid S.A., Târgu Mures
30.0 3
874,048
16,007
Delong Limited, Hong Kong
16.4 3
33,787
(7,174)
Four Oaks Place LP, Wilmington, DE
49.0 3
517,008
17,356
Global Stream Limited, Hong Kong
16.4 3
160,614
9,166
Glory Basic Limited, Hong Kong
16.4 3
121,907
2,031
HUB Platform Technology Partners Ltd.,
London
28.6 3
34,568
(8,225)
Jumble Succeed Limited, Hong Kong
16.4 3
49,841
99
KaiLong Greater China Real Estate Fund
II S.C.Sp., Luxembourg
65.8 3
200,111
(22,755)
Linia Nou Tram Dos S.A., Barcelona
36.5 3
60,321
18,868
Linia Nou Tram Quatre S.A., Barcelona
36.5 3
10,277
12,723
Long Coast Limited, Hong Kong
16.4 3
19,837
(297)
Luxury Gain Limited, Hong Kong
16.4 3
39,860
(809)
Medgulf Takaful B.S.C.(c), Sanabis
25.0 3
18,756
642
Metro Ligero Oeste S.A., Pozuelo de
Alarcón
20.0 3
98,611
18,336
MFM Holding Ltd., London
30.5 3
185,633
23
Modern Diamond Limited, Hong Kong
16.4 3
47,394
1,059
MTech Capital Fund (EU) SCSp,
Luxembourg
27.3 3
79,611
(1,557)
National Insurance Company Berhad
Ltd., Bandar Seri Begawan
25.0 3
17,762
3,963
New Try Limited, Hong Kong
16.4 3
68,474
3,089
Ocean Properties LLP, Singapore
20.0 3
1,984,437
305,836
OeKB EH Beteiligungs- und Management
AG, Vienna
49.0 3
93,585
9,951
Pool-ul de Asigurare Impotriva
Dezastrelor Naturale SA, Bucharest
15.0 3
52,463
5,840
Praise Creator Limited, Hong Kong
16.4 3
33,218
363
Prime Space Limited, Hong Kong
16.4 3
60,527
(154)
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Quadgas Holdings Topco Limited, Saint
Helier
13.0 3
3,881,229
184,273
Residenze CYL S.p.A., Milan
33.3 3
49,153
3,113
Santéclair S.A., Nantes
47.7 3
17,744
2,049
SAS Alta Gramont, Paris
49.0 3
208,982
1,912
SCI Bercy Village, Paris
49.0 3
34,160
9,081
Sierra European Retail Real Estate Assets
Holdings B.V., Amsterdam
25.0 3
1,010,677
261,828
Sino Phil Limited, Hong Kong
16.4 3
107,819
7,866
SNC Alta CRP La Valette, Paris
49.0 3
6,753
6,733
SNC Société d'aménagement de la Gare
de l'Est, Paris
49.0 3
7,852
4,254
Summer Blaze Limited, Hong Kong
16.4 3
51,645
2,410
Supreme Cosmo Limited, Hong Kong
16.4 3
43,692
652
Sure Rainbow Limited, Hong Kong
16.4 3
40,764
2,117
Tikehau Real Estate III SPPICAV, Paris
12.2 3
209,196
61,167
Vanbreda Nederland B.V., Gouda
25.0 3
12,899
637
Other Participations below 20 % voting
rights
Agrupación Española de Entidades
Aseguradoras de los Seguros Agrarios
Combinados S.A., Madrid
8.4 3
14,138
670
AIM Commercial Growth Freehold and
Leasehold Real Estate Investment Trust,
Bangkok
15.6 3
71,459
2,140
AIM Industrial Growth Freehold and
Leasehold Real Estate Investment Trust,
Bangkok
6.4 3
276,649
14,719
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
100,987
7,626
Autostrade per l’Italia S.p.A., Rome
6.9 3
2,874,265
1,026,694
Bancar Technologies Limited, Manchester
4.5 3
352,026
(154,558)
Bualuang Office Leasehold Real Estate
Investment Trust, Bangkok
7.6 3
95,126
8,736
CapsAuto SA, Chatou
15.0 3
8,097
6,869
Coalition Inc., Wilmington, DE
4.4 3
358,541
(53,413)
Czech Gas Networks S.á r.l., Luxembourg
18.5 3
346,296
59,553
Fundbox Ltd., Tel Aviv
3.3 3
114,747
(4,426)
Golden Ventures Leasehold Real Estate
Investment Trust, Bangkok
7.1 3
247,978
18,580
Guomin Pension & Insurance Co. Ltd.,
Beijing
2.0
1,629,694
1,245
IDI SCA, Paris
5.4 3
696,084
19,700
Instituto de Investigación sobre Vehículos
S.A, Zaragoza
4.6 3
8,411
1,403
Owned1
Equity
Net
Earnings
%
€ thou
€ thou
Oddo et Cie SCA, Paris
2.2 3
1,079,761
107,158
PERILS AG, Zurich
10.0 3
13,505
236
Pie Insurance Holdings Inc., Washington,
D.C.
16.4 3
135,473
(99,901)
Portima SCRL, Brussels
10.9 3
15,146
2,136
PT Polinasi Iddea Investama, Jakarta
1.4 3
85,436
(15,881)
Sconset Reinsurance Holdings LLC,
Wilmington, DE
9.9 3
319,614
(3,272)
Tecnologías de la Información y Redes
para las Entidades Aseguradoras S.A.,
Las Rozas de Madrid
6.1 3
41,560
7,260
UniCredit S.p.A., Milan
0.1 3
62,441,000
9,719,000
Welab Holdings Limited, Road Town
14.9 3
456,464
75,264
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 2024.
Annual Report 2025 – Allianz SE
47
FURTHER INFORMATION
D
D _ Further Information
48
Annual Report 2025 – 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, 25 February 2026
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
49
Annual Report 2025 – 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 2025,
and the statement of profit and loss for the financial year from
1 January to 31 December 2025 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, which is combined with the group management report, for
the financial year from 1 January to 31 December 2025. 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 2025 and of
its financial performance for the financial year from 1 January to
31 December 2025 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: German 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 2025.
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 € 20,475 mn
(14.9 % 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.
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 included
INDEPENDENT AUDITOR’S REPORT
D _ Further Information
50
Annual Report 2025 – Allianz SE
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 € 79,163 mn
(57.6 % 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-ups amounting in total to € 49.7 mn and write-downs amounting
in total to € 0.3 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,
D _ Further Information
51
Annual Report 2025 – Allianz SE
Valuation, and Calculation Methods and “3 _ Market value of
investments” of the notes to the financial statements.
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
and § 315d HGB included in section Corporate Governance
Statement of the management report
−
the non-financial statement to comply with §§ 289b to 289e HGB
and §§ 315b to 315c HGB included in section Sustainability
Statement of the management report
−
the disclosures marked as unaudited in the management report
The other information comprises further 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
such disclosures are inadequate, to modify our respective audit
opinions. Our conclusions are based on the audit evidence
D _ Further Information
52
Annual Report 2025 – Allianz SE
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 statements and the management
report (hereinafter the “ESEF documents”) contained in the
electronic file Allianz SE_JA+LB_ESEF-2025-12-31.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 statements and the
accompanying management report for the financial year from
1 January to 31 December 2025 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 QMS 1 (09.2022)).
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
53
Annual Report 2025 – 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 2025. We were engaged by the supervisory board on
14 May 2025. 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, 2 March 2026
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Florian Möller
Dennis Schnittger
Wirtschaftsprüfer
Wirtschaftsprüfer
(German Public Auditor)
(German Public Auditor)
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: 13 March 2026
This is a translation of the German Annual Report of Allianz SE.
In case of any divergences, the German original is legally binding.