Allianz delivers record nine-month result of 14.1 billion euros and raises 2026 outlook

3Q 2026 Total business volume at 44.4 billion euros, an internal growth of 3.0 percent[1]. Excellent contribution from Asset Management and good internal growth in Property-Casualty. Operating profit rises 6.2 percent to 4.7 billion euros, driven by an outstanding result from the Asset Management segment, attributable to higher business volume and margins, and a strong contribution from Life/Health. Shareholders’ core net income increases 1.2 percent to 2.9 billion euros. Adjusted for offsetting measures following the sale of the stake in our Indian JVs, underlying growth is 3 percent 9M 2026 Total business volume at 143.0 billion euros, an internal growth of 3.8 percent1, driven by excellent growth in Asset Management and good internal growth in Property-Casualty. Operating profit rises 7.8 percent to 14.1 billion euros, our highest nine-month operating profit ever. Shareholders’ core net income advances 10.6 percent to 9.3 billion euros. Adjusted for divestment effects and offsetting measures, underlying growth is strong at 7 percent[2]. Core earnings per share increase 12.7 percent and reach 24.15 euros, an excellent underlying growth of 8 percent2. Annualized core RoE at 20.1 percent; underlying level excellent at 19 percent2. Solvency II ratio[3] stands at a strong level of 219 percent[4], an increase of 1 percentage point compared with full-year 2025. Capital generation remains strong.   Outlook & other Following the strong performance, Allianz raised the upper end of its full-year 2026 operating profit target range to around 18.6 billion euros[5], [6]. Share buy-back program of up to 2.5 billion euros announced on February 25, 2026 was fully executed as of September 2026.
CEO comment "Allianz’s record operating profit of 14.1 billion euros for the first nine months of 2026 reflects the disciplined execution of our strategy. Yet we are not standing still: at a time when many people are finding protection and retirement solutions harder to afford, we are working to leverage our scale and expertise to deliver relevant, accessible solutions to our clients. This starts with deepening our understanding of what our customers perceive as value, and not losing sight of the seemingly small, and often very human, details that make a difference to them. Smart growth is driven by competence, resilience, and efficiency, yet sustainable customer growth is a matter of care and trust." ----------------------- FINANCIAL HIGHLIGHTS Allianz Group: Excellent performance and record operating profit for nine months

Key performance indicator		3Q 2026		Change vs		9M 2026		Change vs
				prior year				prior year
Total business volume (€ bn); change shows internal growth		44.4		3.0%		143.0		3.8%
Operating profit (€ mn)		4,709		6.2%		14,099		7.8%
Shareholders’ core net income (€ mn)		2,889		1.2%		9,273		10.6%
Core return on equity (annualized) (%) [7]						20.1		2.0%-p
Solvency II ratio (%) 7						219		1%-p

  CFO comment "In the third quarter 2026, Allianz delivered a strong operating profit of 4.7 billion euros, despite high capital market volatility and elevated natural catastrophe losses. Our nine-month result rose to a record 14.1 billion euros, with all segments contributing. This broad-based performance highlights the strength and resilience of our diversified business model, even in a demanding operating environment. Building on this momentum, Allianz raised the upper end of its full-year 2026 operating profit target range to around 18.6 billion euros. Our strong results reaffirm that we are well positioned to continue generating sustainable returns for customers and shareholders and to deliver on our Capital Markets Day targets." In 3Q 2026, total business volume amounted to 44.4 billion euros (3Q 2025: 42.8 billion euros). Internal growth, which excludes the effects of foreign-currency translation as well as acquisitions and divestments, was 3.0 percent. The Asset Management segment delivered excellent internal growth, alongside a good performance in Property-Casualty. Operating profit rose 6.2 percent to 4.7 (4.4) billion euros, supported by a well-diversified business model. Growth was driven by an outstanding performance of our Asset Management business and strong contribution from Life/Health. Property-Casualty remained resilient despite a higher natural catastrophe impact. Shareholders’ core net income was 2.9 (2.9) billion euros, 1.2 percent above last year. Underlying growth, which adjusts for offsetting measures following the sale of the stake in our Indian Joint Ventures in 1Q 2026, was 3 percent. In 9M 2026, total business volume reached 143.0 billion euros (9M 2025: 141.2 billion euros), an internal growth of 3.8 percent. The Asset Management segment delivered excellent internal growth, with a good performance also in Property-Casualty. Operating profit rose 7.8 percent to a record level of 14.1 (13.1) billion euros and reached 81 percent of our full-year outlook midpoint. Asset Management was the main growth driver, but all business segments are ahead of their pro-rata full-year operating profit outlooks. Shareholders’ core net income advanced 10.6 percent to 9.3 (8.4) billion euros, supported by a higher operating profit and a better non-operating result. Adjusted for the effects of the sale of the stake in our Indian Joint Ventures in 1Q 2026, offsetting measures as well as the divestment gain on the UniCredit Joint Venture in 2Q 2025, underlying growth was strong at 7 percent2. Core earnings per share (EPS)[8] amounted to 24.15 (21.43) euros, an increase of 12.7 percent. Adjusted for the above-mentioned effects, growth was excellent at 8 percent2, in line with our 7-9 percent CAGR target for the 2025-2027 strategic cycle. Allianz delivered an annualized core return on equity (RoE)8of 20.1 percent in 9M 2026
(12M 2025: 18.1 percent). Adjusted for the above-mentioned effects, our annualized core return on equity was excellent at 19 percent2. This performance was achieved while Allianz maintained a strong capitalization with a Solvency II ratio of 219 percent (full-year 2025: 218 percent), supported by a strong operating capital generation of 18 percent. Outlook Following the strong performance, Allianz raised the upper end of its full-year 2026 operating profit target range to around 18.6 billion euros 5, 6. Other The share buy-back program of up to 2.5 billion euros, announced on February 25, 2026, was fully executed by September 22, 2026. -----------------------

Property-Casualty insurance: Good performance in the third quarter – record operating profit for nine months

Key performance indicator		3Q 2026		Change vs		9M 2026		Change vs
				prior year				prior year
Total business volume (€ bn); change shows internal growth		20.9		4.5%		70.5		5.1%
Operating profit (€ mn)		2,204		-7.9%		7,075		3.2%
Combined ratio (%)		93.8		2.0%-p		92.2		0.6%-p
Loss ratio (%)		70.6		2.3%-p		68.7		0.9%-p
Expense ratio (%)		23.2		-0.4%-p		23.6		-0.3%-p

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Core messages Property-Casualty insurance 3Q 2026 Good internal growth of 4.5 percent, spread across entities Resilient operating profit, despite higher natural catastrophe impact Expense ratio excellent, improving 0.4 percentage points compared to prior year, reflects ongoing productivity focus ----------------------- In 3Q 2026, total business volume reached 20.9 billion euros (3Q 2025: 19.7 billion euros). Internal growth was good at 4.5 percent. Operating profit remained resilient at 2.2 (2.4) billion euros and reached 24 percent of our full-year outlook midpoint. This is despite a higher natural catastrophe impact compared to the prior year period. A lower operating insurance service result was partly offset by an excellent operating investment result. The combined ratio reached 93.8 percent (91.9 percent). The loss ratio stood at 70.6 percent (68.3 percent). The increase was mainly due to a higher natural catastrophe impact of 5.1 percent (0.3 percent) which was partly offset by a higher run-off result. The expense ratio reached an excellent level of 23.2 percent (23.6 percent), an improvement of 0.4 percentage points. This reflects our ongoing focus on productivity. The retail[9] business delivered very good internal growth of 5 percent. The segment’s combined ratio reached 94.0 percent (91.3 percent). This development was mainly driven by a higher natural catastrophe impact. In the commercial[10] business, internal growth was 3 percent as we continue to carefully manage the market environment. The segment’s combined ratio amounted to 93.5 percent (92.0 percent).
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Core messages Property-Casualty insurance 9M 2026 Good internal growth of 5.1 percent Operating profit reaches 79 percent of our full-year outlook midpoint Combined ratio of 92.2 percent is within our full-year outlook range of 92-93 percent; also benefiting from our continued productivity focus ----------------------- In the 9M 2026 period, total business volume reached 70.5 billion euros (9M 2025: 66.9 billion euros), a good internal growth of 5.1 percent. Operating profit increased 3.2 percent to 7.1 (6.9) billion euros, reaching 79 percent of the full-year outlook midpoint. Growth was driven by an excellent operating investment result. The combined ratio stood at 92.2 percent (91.6 percent), which is within our 92-93 percent outlook range for the full year. The loss ratio was at a healthy level of 68.7 percent (67.8 percent). The expense ratio improved by 0.3 percentage points to 23.6 percent (23.9 percent), in line with our ambitions. This development reflects good top-line growth and a continued productivity focus. Our retail business delivered strong internal growth of 7 percent, while the combined ratio amounted to 92.5 percent (91.6 percent). In our commercial business, internal growth was 3 percent. The combined ratio stood at a very good level of 91.9 percent (91.3 percent). Life/Health insurance: Strong operating profit and attractive new business profitability

Key performance indicator		3Q 2026		Change vs		9M 2026		Change vs
				prior year				prior year
PVNBP (€ mn)		18,665		4.2%		62,034		-2.3%
New business margin (%)		5.6		-0.3%-p		5.5		-0.2%-p
VNB (€ mn)		1,043		-0.6%		3,398		-5.9%
Operating profit (€ mn)		1,469		4.4%		4,367		3.1%
Contractual Service Margin (€ bn, eop)		56.4		0.7% [11]		56.4		3.4% [12]

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Core messages Life/Health insurance 3Q 2026 Good growth in new business premiums Attractive new business margin of 5.6 percent Strong operating profit at 26 percent of full-year outlook midpoint ----------------------- In 3Q 2026, PVNBP, the present value of new business premiums, rose to 18.7 billion euros (3Q 2025: 17.9 billion euros), a good growth of 4.2 percent. 90 percent (92 percent) of new business was generated in our preferred lines (capital-efficient products, unit-linked without guarantees, protection & health). The new business margin (NBM) remained attractive at 5.6 percent (5.9 percent), ahead of our ambition of at least 5 percent. The value of new business (VNB) was stable at a good level of 1.0 (1.0) billion euros. Operating profit increased 4.4 percent to 1.5 (1.4) billion euros, reaching 26 percent of our full-year outlook midpoint. Growth was spread across most entities. The Contractual Service Margin (CSM) was 56.4 billion euros (2Q 2026: 57.3 billion euros), with normalized CSM growth[13] of 0.7 percent11. -----------------------
Core messages Life/Health insurance 9M 2026 Attractive new business margin of 5.5 percent Operating profit rises across most regions Good normalized CSM growth of 3.4 percent ----------------------- In 9M 2026, PVNBP amounted to 62.0 billion euros (9M 2025: 63.5 billion euros). Allianz maintained a good new business quality, with 91 percent (92 percent) of new business sales in our preferred lines. The new business margin was at an attractive level of 5.5 percent (5.7 percent). The value of new business amounted to 3.4 (3.6) billion euros. Adjusted for the sale of our stake in UniCredit Allianz Vita and foreign currency translation effects, it remained broadly stable. Operating profit increased 3.1 percent to 4.4 (4.2) billion euros and reached 77 percent of our full-year outlook midpoint. Growth was spread across most regions. The Contractual Service Margin (CSM) increased to 56.4 billion euros (12M 2025: 55.7 billion euros), driven by a good normalized CSM growth13 of 3.4 percent12. Asset Management: Record operating profit and excellent net flows

Key performance indicator		3Q 2026		Change vs		9M 2026		Change vs
				prior year				prior year
Operating revenues (€ bn); change shows internal growth		2.6		21.6%		7.1		17.8%
Operating profit (€ mn)		1,119		35.1%		2,909		20.3%
Cost-income ratio (%)		56.3		-4.0%-p		58.9		-2.1%-p
[Third-party net flows (€ bn)]		47		-8.3%		132		40.4%
Third-party assets under management (€ bn)						2,152		11.6%
Average third-party assets under management (€ bn)		2,151		14.0%		2,095		10.7%

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Core messages Asset Management 3Q 2026 3Q & 9M 2026 RESULTS TABLE

Allianz Group - key figures 3rd quarter and first nine months 2026
			3Q 2026	3Q 2025	Delta	9M 2026	9M 2025	Delta
Total business volume		€ bn	44.4	42.8	3.8%	143.0	141.2	1.2%
Property-Casualty		€ bn	20.9	19.7	6.0%	70.5	66.9	5.5%
Life/Health		€ bn	21.1	21.1	-0.1%	65.8	68.7	-4.1%
Asset Management		€ bn	2.6	2.1	22.9%	7.1	6.2	14.3%
Consolidation		€ bn	-0.2	-0.2	7.3%	-0.5	-0.5	-4.6%
Operating profit / loss		€ mn	4,709	4,433	6.2%	14,099	13,077	7.8%
Property-Casualty		€ mn	2,204	2,394	-7.9%	7,075	6,858	3.2%
Life/Health		€ mn	1,469	1,407	4.4%	4,367	4,237	3.1%
Asset Management		€ mn	1,119	828	35.1%	2,909	2,417	20.3%
Corporate and Other		€ mn	-88	-197	-55.4%	-256	-436	-41.2%
Consolidation		€ mn	4	1	186.4%	4	0	n.m.
Net Income		€ mn	2,960	3,010	-1.7%	9,589	8,609	11.4%
attributable to non-controlling interests		€ mn	176	163	7.8%	520	498	4.5%
attributable to shareholders		€ mn	2,784	2,847	-2.2%	9,069	8,111	11.8%
Shareholders’ core net income1		€ mn	2,889	2,855	1.2%	9,273	8,382	10.6%
Core earnings per share2		€	7.70	7.44	3.5%	24.15	21.43	12.7%
Additional KPIs
Group	Core return on equity3	%	–	–	–	20.1%	18.1%	2.0%-p
Property-Casualty	Combined ratio	%	93.8%	91.9%	2.0%-p	92.2%	91.6%	0.6%-p
Life/Health	New business margin	%	5.6%	5.9%	-0.3%-p	5.5%	5.7%	-0.2%-p
Asset Management	Cost-income ratio	%	56.3%	60.3%	-4.0%-p	58.9%	60.9%	-2.1%-p
						09/30/2026	12/31/2025	Delta
Shareholders‘ equity4		€ bn				60.6	62.7	-3.4%
Contractual service margin (net)		€ bn				35.7	35.4	0.8%
Solvency II capitalization ratio5		%				219%	218%	1%-p
Third-party assets under management		€ bn				2,152	1,990	8.1%

  Please note: The figures are presented in millions of Euros, unless otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 1Presents the portion of shareholders’ net income before non-operating market movements and before amortization of intangible assets from business combinations (including any related income tax effects). 2Calculated by dividing the respective period’s shareholders' core net income, adjusted for net financial charges related to undated subordinated bonds classified as shareholders' equity, by the weighted average number of shares outstanding (basic core EPS). 3Represents the annualized ratio of shareholders’ core net income to the average shareholders’ equity at the beginning and at the end of the period. Shareholders’ core net income is adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity. From the average shareholders’ equity, undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses are excluded. Annualized figures are not a forecast for full year numbers. For 9M 2025, the core return on equity for the respective full year is shown. 4Excluding non-controlling interests. 5 Risk capital figures are group diversified at 99.5% confidence level. Solvency II capitalization ratio is based on quarterly dividend accrual; additional accrual to reflect FY dividend would impact solvency II capitalization ratio by -4%-p as of 30 September 2026.   These assessments are, as always, subject to the disclaimer provided below.   Cautionary note regarding forward-looking statements This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements.   Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.   No duty to update Allianz assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.   Other The figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards. This Quarterly Earnings Release is not an Interim Financial Report within the meaning of International Accounting Standard (IAS) 34. This is a translation of the German Quarterly Earnings Release of the Allianz Group. In case of any divergences, the German original is binding.   Privacy Note Allianz SE is committed to protecting your personal data. Find out more in our privacy statement.