Allianz Delivers Record Result and Is Well on Track to Achieve Its Targets

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In 2Q 2026, total business volume reached 21.3 billion euros (2Q 2025: 20.1 billion euros). Internal growth was very good at 4.7 percent.

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The operating profit of 2.5 (2.3) billion euros increased by 7.2 percent compared to the prior-year quarter and marks our highest quarterly operating profit ever.

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The combined ratio remained at a strong level of 91.9 percent (91.2 percent). The loss ratio stood at 68.1 percent (67.4 percent). The increase of 0.7 percentage points is mainly due to prudent run-off. The expense ratio developed favorably by 0.1 percentage points to 23.8 percent (23.9 percent), reflecting an ongoing productivity focus.

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The retail⁸ business sustained its momentum and delivered strong internal growth of 8 percent. The segment’s combined ratio remained excellent at 91.9 percent (91.8 percent).

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In the commercial⁹ business, internal growth was 1 percent as we continued to carefully manage the market environment. The segment achieved a combined ratio of 91.8 percent (90.3 percent).

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In the 6M 2026 period, total business volume reached 49.6 billion euros (6M 2025: 47.1 billion euros), delivering a very good internal growth of 5.6 percent.

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Operating profit was excellent at 4.9 (4.5) billion euros, reaching 54 percent of the full-year outlook midpoint. Strong growth of 9.1 percent was driven by the operating insurance service and the operating investment result.

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The combined ratio remained at an excellent level of 91.4 percent (91.5 percent), ahead of our 92-93 percent outlook range for the full-year. The loss ratio reached 67.7 percent (67.5 percent), while the expense ratio improved by 0.3 percentage points to a very good level of 23.7 percent (24.0 percent), reflecting the top-line development and a continued productivity focus.

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In our retail business, internal growth reached 7 percent, while the combined ratio remained broadly flat at an excellent level of 91.7 percent (91.8 percent).

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In our commercial business, internal growth was 4 percent, and the segment maintained an excellent combined ratio of 91.1 percent (91.0 percent).

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Life/Health insurance: Good results with improving momentum

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In 2Q 2026, PVNBP, the present value of new business premiums, increased to a good level of 19.6 billion euros (2Q 2025: 19.5 billion euros). Adjusted for foreign currency translation effects and the sale of our stake in UniCredit Allianz Vita, PVNBP rose by 9 percent. 90 percent (93 percent) of new business was generated in our preferred lines (capital-efficient products, unit-linked without guarantees, protection & health).

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The new business margin (NBM) was strong at 5.6 percent (5.7 percent), ahead of our ambition of at least 5 percent. The value of new business (VNB) was at a good level of 1.1 (1.1) billion euros, an increase of 4 percent adjusted for foreign currency translation effects and the sale of UniCredit Allianz Vita.

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Operating profit increased 10 percent to 1.5 (1.4) billion euros. Growth was spread across most entities. It was supported by first-time dividend payments from investment participations in Viridium and Sconset Re.

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The Contractual Service Margin (CSM) rose to 57.3 billion euros (1Q 2026: 55.4 billion euros). Normalized CSM growth was 1.1 percent.

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In 6M 2026, PVNBP amounted to 43.4 billion euros (6M 2025: 45.6 billion euros). Adjusted for foreign currency translation effects and the sale of our stake in UniCredit Allianz Vita, PVNBP increased by 3 percent. The quality of our new business was good with 91 percent (92 percent) of our new business sales in our preferred lines.

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The new business margin was at a healthy level of 5.4 percent (5.6 percent). The value of new business reached 2.4 (2.6) billion euros. Adjusted for the sale of our stake in UniCredit Allianz Vita and foreign currency translation effects, the value of new business remained broadly stable.

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Operating profit increased to 2.9 (2.8) billion euros. Growth was widespread and benefited from first-time dividend payments from investment participations in Viridium and Sconset Re.

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The Contractual Service Margin (CSM) rose to 57.3 billion euros (12M 2025: 55.7 billion euros). Normalized CSM growth of 2.7 percent puts us well on track to reach our growth ambition of around 5 percent for the full year.

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Asset Management: Net inflows and operating profit at record levels in first six months

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In 2Q 2026, operating revenues increased to 2.3 billion euros (2Q 2025: 2.0 billion euros), an internal growth of 19.3 percent. This was supported by higher AuM-driven revenues, which advanced by 17 percent (F/X adjusted), as well as by higher performance fees.

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Operating profit was very strong at 933 million euros (2Q 2025: 779 million euros), up 19.8 percent. Adjusted for foreign currency translation effects, operating profit increased by 23 percent. The cost-income ratio (CIR) improved to a very good level of 60.2 percent (61.3 percent), ahead of our full-year ambition of less than 61 percent. This achievement reflects strong top-line momentum and management actions.

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Third-party assets under management increased to a record level of 2.161 trillion euros as of June 30, 2026 (4Q 2025: 1.990 trillion euros; 1Q 2026: 2.043 trillion euros). Positive market effects of 68 billion euros and excellent net inflows of 39 billion euros were the main drivers. Average third-party assets under management increased to 2.093 trillion euros, 13 percent above 2Q 2025.

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