Balance sheet & income statements

Consolidated balance sheet as of December 31, 2025

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Assets	12/31/2025 EUR mn	12/31/2024 EUR mn	Change
Cash and cash equivalents	29,854	31,637	-5.6%
Investments	753,487	752,815	0.1%
Financial assets for unit-linked contracts	158,203	146,470	8.0%
Insurance contract assets	223	142	57.2%
Reinsurance contract assets	27,797	28,770	-3.4%
Deferred tax assets	5,161	6,055	-14.8%
Other assets	30,928	59,564	-48.1%
Intangible assets	18,623	19,126	-2.6%
Total assets	1,024,276	1,044,578	-1.9%

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Liabilities and equity	12/31/2025 EUR mn	12/31/2024 EUR mn	Change
Financial liabilities	66,291	66,137	0.2%
Insurance contract liabilities	800,677	800,511	0.0%
Reinsurance contract liabilities	497	316	57.3%
Investment contract liabilities	50,550	44,553	13.5%
Deferred tax liabilities	2,436	2,257	7.9%
Other liabilities	37,477	66,728	-43.8%
Total liabilities	957,928	980,502	-2.3%
Shareholders' equity	62,722	60,287	4.0%
Non-controlling interests	3,627	3,789	-4.3%
Total equity	66,349	64,076	3.5%
Total liabilities and equity	1,024,276	1,044,578	-1.9%

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	2025 EUR mn	2024 EUR mn	Change
Insurance revenue	102,802	97,675	5.2%
Insurance service expenses	-85,156	-82,085	3.7%
Reinsurance result	-3,277	-3,303	-0.8%
Insurance service result	14,369	12,287	16.9%

Interest result¹	29,014	28,019	3.5%
Realized gains/losses (net)	-918	-3,404	-73.0%
Valuation result	3,266	13,470	-75.8%
Investment expenses	-1,956	-2,136	-8.4%
Net investment income	29,405	35,949	-18.2%
Finance expenses from insurance contracts (net)	-25,903	-31,791	-18.5%
Finance income from reinsurance contracts (net)	749	416	80.2%
Net insurance finance expenses	-25,154	-31,375	-19.8%
Investment result	4,251	4,574	-7.1%

Fee and commission income	14,981	14,543	3.0%
Fee and commission expenses	-6,032	-5,984	0.8%
Net result from investment contracts²	-367	-212	72.9%
Acquisition and administrative expenses	-10,440	-10,161	2.7%
Other income	32	386	-91.6%
Other expenses	-314	-421	-25.4%
Amortization of intangible assets	-285	-296	-3.6%
Restructuring and integration expenses	-736	-700	5.2%

Income before income taxes	15,460	14,016	10.3%
Income taxes	-4,030	-3,476	15.9%
Net income	11,430	10,540	8.4%

Net income attributable to
Non-controlling interests	655	609	7.7%
Shareholders	10,775	9,931	8.5%

Basic earnings per share (EUR)	27.69	25.20	9.9%
Diluted earnings per share (EUR)	27.67	25.18	9.9%

¹Includes interest expenses from external debt.
²Excluding investment result and fee income.

Update: March 13, 2026 (release of the Annual Report 2025)

For the definitions of key indicators please refer to the Allianz Group Annual Reports and the Alternative Performance Measures in the Download center.