A2Z Cust2Mate Solutions Corp.
Annual Report 2025

Plain-text annual report

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.

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