Allianz : Solvency and Financial Condition Report (en Allianz Group SFCR 2023)

ALLIANZ GROUP

Solvency

and Financial

Condition Report

2023

CONTENT

Executive Summary	3		D	Valuation for Solvency Purposes	74
A	Business and Performance	5		D.1	Assets	78
	D.2	Technical Provisions	85
A.1	Business	6		D.3	Other Liabilities	93
	D.4	Alternative Methods for Valuation	99
A.2	Underwriting Performance	9
	D.5	Any Other Information	100
A.3	Investment Performance	13
A.4	Performance of Other Activities	15
	E	Capital Management	101
A.5	Any Other Information	16

B	System of Governance	17
B.1	General Information on the System of Governance	18
B.2	Fit and Proper Requirements	36
B.3	Risk Management System Including the Own Risk and Solvency Assessment	37
B.4	Internal Control System	43
B.5	Internal Audit Function	47
B.6	Actuarial Function	48
B.7	Outsourcing	49
B.8	Any Other Information	53

E.1	Own Funds	102
E.2	Solvency Capital Requirement and Minimum Capital Requirement	113
E.3	Use of the Duration-Based Equity Risk Sub-Module in the Calculation of the Solvency
	Capital Requirement	114
E.4	Differences Between the Standard Formula and Any Internal Model Used	115
E.5	Non-Compliance with the Minimum Capital Requirement and Non-Compliance with the
	Solvency Capital Requirement	121
E.6	Any Other Information	122
Appendix	123

C	Risk Profile	54
C.1	Underwriting Risk	59
C.2	Market Risk	62
C.3	Credit Risk	64
C.4	Liquidity Risk	66
C.5	Operational Risk	68
C.6	Other Material Risks	71
C.7	Any Other Information	73

2	Solvency II SFCR 2023 − Allianz Group

EXECUTIVE SUMMARY

3	Solvency II SFCR 2023 − Allianz Group

Executive Summary

This Solvency and Financial Condition Report (SFCR) has been prepared for the Allianz Group based on §§ 40, 277 of the German Insurance Supervisory Act (VAG, transposing Articles 51 and 256 of the Directive 2009/138/EC), chapter XII of Title I and chapter V of Title II of the Delegated Regulation (EU) 2015/35, and the Guidelines on reporting and public disclosure EIOPA-BoS-15/109.

The structure of this report follows Annex XX of the Delegated Regulation (EU) 2015/35 and covers the financial year 2023. The Allianz Group's consolidated financial statements and market value balance sheet (MVBS) as of 31 December 2023 were prepared and approved by the Board of Management of Allianz SE on 26 February 2024.

All amounts in this report are presented in thousands of euro (€ thou), in line with Article 2 of the Regulation (EU) 2015/2452. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Information is provided in a level of detail sufficient to allow the reader to obtain a comprehensive view of the solvency and financial condition of the Allianz Group and addresses the following topics:

The Allianz Group offers property-casualty insurance, life/health insurance, and asset management products and services in over 70 countries, with the largest of our operations located in Europe. This chapter offers an overview of the Group and its structure. It then provides an analysis of the underwriting performance of our Non- Life and Life insurance segments - € 4,241,728 thou and

• 5,191,413 thou, respectively - including material geographic areas and lines of business, followed by an analysis of our total investment result of € 24,527,509 thou. The performance of our Asset Management and Corporate and Other business segments is also covered where material.

This chapter describes the roles, functions, and responsibilities of our two-tier board system (Board of Management and Supervisory Board) as well as the internal control and policy framework. In general, the application of our corporate rules framework is governed by the principles of proportionality and materiality, with specific cases evaluated based on sound business judgment. In the section "Fit and Proper Requirements", we describe our specific requirements

concerning skills, knowledge, and expertise of our key function holders. The Allianz Group has set up a comprehensive risk management framework, which is described in detail, including our risk strategy, governance structure, monitoring and reporting procedures, and an overview of the Own Risk and Solvency Assessment (ORSA) process. The chapter concludes with descriptions of how our Internal Control System, Internal Audit function, Actuarial function, and outsourcing are implemented.

Risk is measured and steered based on an approved Group internal model1. The resulting risk profile provides an overview of how risks are distributed over different risk categories and determines the regulatory capital requirements in accordance with Solvency II. This chapter provides an overview of the risk categories contributing to our Solvency Capital Requirement (SCR) of € 43,484,650 thou. We provide qualitative and quantitative information on risk exposures, concentrations, mitigation, and sensitivities for the following risk categories: underwriting, market, credit, liquidity, operational, and other material risks.

This chapter provides information on the MVBS and a comparison of MVBS and statutory figures, which are based on IFRS at Group level. We provide a quantitative and qualitative explanation for material differences in the valuation of assets, technical provisions, and other liabilities, including the main differences between the bases, methods, and main assumptions used.

We provide information on our Group's Own Funds, including a quantitative and qualitative description of material differences in the excess of assets over liabilities, as calculated for the financial statements and for Solvency II purposes, including information on the structure of basic Own Funds and the tiering of eligible Own Funds. Eligible Own Funds (including Own Funds from other financial sectors and from undertakings included in the Group solvency figures, using the deduction and aggregation method) amounted to

• 99,724,143 thou. This chapter also explains the main differences between the underlying assumptions of the standard formula and our

internal model used to calculate our Group Solvency Capital Requirement, as well as any other relevant information.

In terms of Solvency II regulatory capitalization, our capitalization ratio as of 31 December 2023 was 229%. Excluding transitional measures for technical provisions, it would have been 206%, and without considering the volatility adjustment, it would have decreased further to 193 %.

Given our level of capitalization as well as the stress tests conducted, there is currently no indication of the Allianz Group's non- compliance with its Solvency Capital Requirement or minimum consolidated Group Solvency Capital Requirement.

We are managing our portfolios to ensure that the Group and its entities have sufficient resources to meet their solvency capital needs.

There were no material changes to our business and performance, System of Governance, risk profile, valuation for solvency purposes, and capital management over the reporting period.

1_The Group internal model is a partial model as its scope does not include all related undertakings of Allianz SE (but all quantifiable risk categories). Some of our smaller insurance entities report under the

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standard formula and others apply third country equivalence. For asset management, banking and Institutions for Occupational Retirement Provision (IORP), sectoral requirements are applied.

Solvency II SFCR 2023 − Allianz Group

A BUSINESS AND PERFORMANCE

A

5	Solvency II SFCR 2023 − Allianz Group

A _ Business and Performance

A.1 BUSINESS

A.1.1 Business operations

Allianz SE and its subsidiaries (the Allianz Group) offer property- casualty1 insurance, life/health2 insurance, and asset management products and services in almost 70 countries, with the largest of our operations located in Europe. The Allianz Group serves around 125 million private and corporate customers3.

Allianz SE is headquartered in Munich, Germany, and has the legal form of a European Company (Societas Europaea). Allianz SE, the parent company of the Group, also acts as a reinsurer, providing reinsurance coverage, in particular to Group companies.

We offer a wide range of property-casualty and life/health insurance products to both retail and corporate customers. For the Property- Casualty business segment, these include motor, accident, property, general liability, travel insurances, and assistance services. The Life/Health business segment offers savings and investment-oriented products in addition to life and health insurance. We are the leading property-casualty insurer worldwide and rank among the top five in the life/health insurance business4. Our key markets (in terms of premiums) are Germany, France, Italy, and the United States.

Most of our insurance markets are served by local Allianz companies. However, some business lines - such as Allianz Global Corporate & Specialty (AGCS), Allianz Partners (AP), and Allianz Trade

- are run globally.

Our two major asset management entities, PIMCO and AllianzGI, operate under the governance of Allianz Asset Management (AAM). We are one of the leading global asset managers that actively manages assets. Our offerings cover a wide range of equity, fixed income, cash, and multi-assets products as well as a strongly growing number of alternative investment products, such as real estate, infrastructure debt/equity, real assets, liquid alternatives, and solution business. Our core markets are the United States, Canada, Germany, France, Italy, the United Kingdom, and the Asia-Pacific region.

The Corporate and Other business segment's activities include the management and support of the Allianz Group's businesses through its central Holding functions, Banking and Alternative as well as Digital Investments. The Holding functions manage and support the Group's businesses through its strategy, risk, corporate finance, treasury, financial reporting, controlling, communication, legal, human resources, technology, and other functions.

A.1.2 Group structure

For information on the governance and organizational structure of the Group, please refer to chapter "B System of Governance".

A simplified overview of the Allianz Group structure as of 31 December 2023 can be found in the Appendix to this report.

A list of all subsidiaries and related undertakings of the Allianz Group, along with details on their business activities, size, regulation status, and information as to whether they use an internal model, can be found in the Qualitative Reporting Template (QRT) S.32.01.22 in the Appendix to this report.

The Allianz Group does not have any branches considered material according to Article 354 (1) of the Delegated Regulation (EU) 2015/35.

Allianz SE is not aware of any direct or indirect interests in the share capital that exceed 10% of the voting rights.

A.1.3 Significant business and other events

Significant business combinations in 2023

Innovation Group Holdings Ltd., Whiteley

On 12 January 2023, the Allianz Group completed the acquisition of 100% of the shares of Innovation Group Holdings Ltd., Whiteley, a leading global provider of claims and technology solutions to the insurance and automotive sectors. Innovation Group's capabilities complement the Allianz Group's existing claims management options. For example, Innovation Group operates a proprietary software platform to outsource claims management, which enables largely automated claims management through a simple, intuitive user interface and connects all relevant participants, including data providers, in the claims process. The Allianz Group acquired identifiable assets and liabilities with a fair value of € 259 mn and

• 402 mn, respectively. Expected cost synergies and future revenues from operating Innovation Group, independently serving all customers, are the main factors that make up the goodwill recognized in an amount of € 270 mn.

Incontra Assicurazioni S.p.A., Milan

On 30 November 2023, the Allianz Group completed the acquisition of 50% of the shares of Incontra Assicurazioni S.p.A., Milan, a non-life insurance business, to strengthen the bancassurance partnership with UniCredit. The Allianz Group acquired identifiable assets and liabilities with a preliminary fair value of € 456 mn and € 377 mn, respectively. Expected cost synergies are the main factors that make up the goodwill recognized at a preliminary amount of € 40 mn.

Significant changes in non-controlling interests

In 2023, no significant changes in non-controlling interests occurred.

1_Property-Casualty is also referred to as Non-Life. 2_Life/Health is also referred to as Life.

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3_Including non-consolidated entities with Allianz customers.

4_Based on currently available peer data. Allianz has defined a group of comparable peers with a similar business mix and global footprint, which includes AIG, AXA, Chubb, Generali, and Zurich.

Solvency II SFCR 2023 − Allianz Group

A _ Business and Performance

Classification as held for sale

African business operations

On 4 September 2023, the Allianz Group completed the formation of the partnership with Sanlam Ltd., Cape Town, a non-banking financial service company in Africa, by contributing its African business operations and further assets in consideration for a 41% shareholding in the partnership. The assets and liabilities of the affected operations across Africa contributed to the partnership were allocated to the reportable segments Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa (Property-Casualty and Life/Health).

On completion, cumulative losses of € 194 mn previously reported in other comprehensive income relating to the business operations contributed to the partnership mainly consisting of foreign currency translation effects were reclassified to profit or loss.

Russian insurance operations

On 17 May 2023, the Allianz Group completed the sale of 50% plus one share in its Russian insurance operations to Interholding LLC, Moscow. The assets and liabilities of the Russian insurance operations sold were allocated to the reportable segments German Speaking Countries and Central & Eastern Europe (Property-Casualty and Life/Health).

On completion of the sale in the second quarter of 2023, in particular the required reclassification of the cumulative losses, largely consisting of foreign currency translation effects from the past, from other comprehensive income to profit or loss significantly contributed to the loss on disposal of € 435 mn, which was almost completely anticipated by the recognition of an onerous contract provision in the fourth quarter of 2022.

Allianz Lebanon

On 3 July 2023, the Allianz Group completed the sale of 100% of its Lebanese business operations to GGC SNA Holdings Limited. The assets and liabilities of the Lebanese business operations sold were allocated to the reportable segments Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa (Property- Casualty and Life/Health).

Allianz Saudi Arabia

On 27 September 2023, the Allianz Group entered into a binding agreement to sell its 51% stake in Allianz Saudi Fransi to Abu Dhabi

7

National Insurance Company (ADNIC). Pending receipt of regulatory approvals, the sale is expected to be completed in the first quarter of 2024. The assets and liabilities of Allianz Saudi Fransi classified as held for sale are allocated to the reportable segments Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa (Property-Casualty).

As of 31 December 2023, cumulative gains of € 14 mn were reported in other comprehensive income relating to the disposal group classified as held for sale.

Euler Hermes Re S.A., Luxembourg

On 26 January 2024, the Allianz Group entered into a binding agreement to sell its 100% stake in Euler Hermes Re S.A., Luxembourg, to a Luxembourg captive reinsurance company. Pending receipt of regulatory approvals, the sale is expected to be completed in the second quarter of 2024. The assets and liabilities of Euler Hermes Re S.A. classified as held for sale are allocated to the reportable segment Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa (Property-Casualty).

As of 31 December 2023, cumulative losses of € 8 mn were reported in other comprehensive income relating to the disposal group classified as held for sale.

Effective 1 January 2023, the Allianz Group reorganized the structure of its insurance activities to reflect the changes in the responsibilities of the Board of Management. The insurance activities in Iberia & Latin America have been included in the reportable segment Global Insurance Lines & Anglo Markets, Iberia & Latin America, Middle East and Africa. Greece was moved into the reportable segment Western & Southern Europe, Allianz Direct and Allianz Partners. Previously reported information has been adjusted to reflect this change in the composition of the Allianz Group's reportable segments.

Additionally, some minor reallocations have been made between the reportable segments.

A.1.4 Further information

Responsibility for the financial supervision of the Allianz Group lies with the German Federal Financial Supervisory Authority ("Bundesanstalt für Finanzdienstleistungsaufsicht" - BaFin), which is

also the coordinator appointed from amongst the competent authorities involved in the supervision of financial conglomerates. The contact information is as follows:

Address of the Bundesanstalt für Finanzdienstleistungsaufsicht: Graurheindorfer Str. 108 53117 Bonn

or:

Postfach 1253 53002 Bonn

Contact information for the Bundesanstalt für

Finanzdienstleistungsaufsicht:

Phone: [phone]

Fax: [phone]

E-mail:[e-mail] or

De-Mail:[e-mail]

The Allianz Group's consolidated financial statements, the respective Group management report and our solvency statement as of 31 December 2023 have been audited by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC). PwC issued an "unqualified auditor's opinion" on 26 February 2024, on the day when the Group's consolidated financial statements, the Group management report and the solvency statement were prepared and approved by the Board of Management of Allianz SE.

Our consolidated financial statements have been prepared in line with the IFRS adopted by the European Union. In addition, PwC performed a review of our interim financial statements as of 30 June 2023. The completion of the review and the resulting unqualified audit opinion is stated in the auditor's report, which carries the signature of the two independent auditors responsible.

For the financial year 2024, the Supervisory Board has again appointed PwC as auditor for our financial statements and solvency statement.

Solvency II SFCR 2023 − Allianz Group

A _ Business and Performance

Their contact information is as follows:

PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft Bernhard-Wicki-Straße 8

80636 Munich

Phone: +49 89 / 5790 - 50

E-mail: [e-mail]

The Allianz Group defines "relevant transactions within the Group" as transactions between Allianz entities to which at least one (re)insurer established in the European Economic Area (EEA) is a party and with transaction amounts exceeding 5% of the Group Solvency Capital Requirement. In 2023, these very significant transactions were mainly related to capital management transactions, cash pool transactions, and internal reinsurance. Very significant reinsurance transactions were related to quota-share contracts between Allianz Versicherungs- AG and Allianz SE with a premium volume of € 5,295,339 thou.

The Allianz cash pool enables Allianz entities to pool available liquidity resources in order to achieve attractive returns. Allianz SE guarantees daily liquidity and a performance of at least the Euro Short-Term Rate. Apart from a share of any outperformance, there is no associated cost for the participating entities. Short-term overdrafts for Allianz entities are available subject to central approval. In addition, the Group supervisor has defined that intra-group transactions decided upon by the Board of Management of Allianz SE also qualify for very significant intra-group transactions. All very significant intra-group transactions have to be reported to the Group supervisor on an ad-hoc basis.

For information on significant changes in the scope of consolidation - such as significant acquisitions, significant changes in non-controlling interests, classification as held for sale, as well as significant disposals and deconsolidations - as well as for recent organizational changes, please refer to the section "A.1.3 Significant business and other events".

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Material differences between the scope of the Group used for the consolidated financial statements and the scope used for the consolidated data, as determined in accordance with Article 335 of the Delegated Regulation (EU) 2015/35, are described in the chapter "D Valuation for Solvency Purposes".

Chapter A is based on the scope of consolidation used for the consolidated financial statements, as there are no material differences between the two in terms of performance measures.

Solvency II SFCR 2023 − Allianz Group

A _ Business and Performance

A.2 UNDERWRITING PERFORMANCE

A.2.1 Non-Life

For its Non-Life business (Property-Casualty), the Allianz Group defines the underwriting performance as shown under IFRS. This is consistent with the line items shown in the QRT S.05.01.02, except for the investment management expenses, which are considered in the latter only.

A reconciliation between the total underwriting performance as shown in our financial statements and in the aforementioned QRT is provided below.

Table 1: Non-Life - reconciliation of the underwriting performance as shown in the financial statements and in the QRT S.05.01.02

€ thou

		2023
Total as shown in the financial statements1		4,241,728
Life insurance business remapped to Solvency II LoB Life		(39,346)
Health insurance business remapped to Solvency II LoB Health SLT	(23,907)
Non-Life Annuities remapped to Solvency II LoBs Health SLT and
Life		10,755
Investment management expenses		(487,574)
Other insurance service result		(7,049)
Scope difference	16,140
Total according to QRT S.05.01.02		3,710,748

1_Corresponds to operating insurance service result under IFRS and forms the basis for our comments in the following sections.

some of our subsidiaries - for instance, in Asia, Middle East or Africa - do not report according to Solvency II guidelines, so their results are not included in our Solvency II lines of business.

Our underwriting performance decreased slightly due to an increase of our combined ratio by 0.6 percentage points to 93.8%, despite our strong insurance revenue growth. A lower contribution from our run-off result was partly offset by an improvement in both our accident year loss ratio and our expense ratio.

In the below analysis - as opposed to the QRT S.05.01.02 - we show the performance of our Global Lines separately in order to better reflect the true underlying drivers of our performance.

Table 2: Non-Life - underwriting performance by material geographical area

€ thou
		2023			2022
Home country
Germany	712,609	1,137,491
Top 5
Italy		367,278			481,188
France		286,783			141,193
Australia		105,361			338,753
United Kingdom		145,601			75,276
United States1	-	-
Regions (excluding Top 5)
Western & Southern Europe		531,565			310,312
Latin America		16,496			(186,801)
Central & Eastern Europe		470,817			407,662
Allianz Partners		243,046			189,024
Other	71,328	20,398
Global Lines
AGCS		610,258			461,554
Allianz Trade		560,467			498,237
Allianz Reinsurance		125,717			424,529
Consolidation	(5,597)	(917)
Total2		4,241,728			4,297,900

1_Business in the United States is written by the Global Lines only. 2_Corresponds to operating insurance service result under IFRS.

The reason for the adjustments mentioned above is that product classifications used under IFRS differ from those used in the QRT S.05.01.02 due to differences in methodology. One example is German accident insurance with premium refund, where risk products are sold jointly with life-like components. The movements of these lifelike components are excluded from the Non-Life operating insurance service result for the QRT S.05.01.02. Another adjustment refers to annuities stemming from Non-Life contracts: These have to be reported within the Life part of the QRT S.05.01.02, as these obligations are settled as an annuity and can be evaluated using life techniques.

The differences between Solvency II and IFRS financial statements, with regards to reporting scope, are due to the fact that

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The Allianz Group's home country Germany remains the biggest market in terms of premiums, with Allianz Versicherungs-AG the market leader in the local property and casualty insurance market. Here, our underwriting performance decreased compared to the previous year, due to a higher level of claims from natural catastrophes and a higher level of large losses in 2023 as well as inflationary pressures, particularly in motor. The increase in current accident year losses was partially offset by higher run-off and a lower level of expenses.

The underwriting performance of our business in Italy, though lower than before, remained at a very good level. This decline was largely attributable to a higher level of claims from natural catastrophes in combination with a lower contribution from run-off.

Solvency II SFCR 2023 − Allianz Group

A _ Business and Performance

In France, our underwriting performance increased, driven by a lower level of current accident year losses, mainly due to a lower level of large losses.

In Australia, our underwriting performance decreased, due to current accident year losses affected by high claims inflation and adverse development of 2022 claims events from natural catastrophes weighing on the run-off result.

Our underwriting performance in the United Kingdom significantly improved, driven by a lower level of current accident year losses as well as a decreased level of expenses.

In our Western & Southern European markets, we recorded a strong increase in underwriting performance: The main drivers were a lower level of claims in Spain, and a lower level of claims and expenses in Benelux.

In Latin America, our underwriting performance turned positive. This was fully attributable to the portfolio turnaround of the Brazilian motor market.

Our underwriting performance in Central & Eastern Europe improved, mainly driven by Hungary due to a reclassification out of the operating insurance service result.

Table 3: Non-Life - underwriting performance by material Solvency II line of business

€ thou

		2023		2022
Direct business and accepted proportional
reinsurance		4,439,248		4,205,479
Fire and other damage to property insurance		572,026		714,651
Motor vehicle liability insurance		816,143		449,452
Other motor insurance		(291,216)		91,106
General liability insurance		714,536		876,859
Assistance		46,802		26,923
Marine, aviation, and transport insurance		353,946		263,480
Other1		2,227,012		1,783,009
Accepted non-proportional reinsurance	(197,520)	92,421
Total2		4,241,728		4,297,900

1_Including our subsidiaries - for instance, in Asia, Middle East or Africa - which do not report according to Solvency II guidelines with their insurance revenue totaling € 400 mn for 2023.

2_Corresponds to operating insurance service result under IFRS.

While marine, aviation, and transport insurance is offered by a number of local Allianz companies, most of the business in this field is written by AGCS. Over the reporting period, we recorded an increase in underwriting performance compared to 2022, with the largest share attributable to an improvement in the level of claims and expenses at AGCS.

The following lines of business are summarized as other:

• credit and suretyship insurance,
• income protection insurance,
• workers' compensation insurance,
• legal expenses insurance,
• medical expense insurance, and
• miscellaneous financial loss.

Overall, the underwriting performance of these lines of business increased significantly compared to 2022. Major drivers included the lines of business income protection insurance, as well as legal expenses insurance.

At Allianz Partners, the underwriting performance increased, as the level of expenses improved, partly due to a change in business mix.

The line item Other comprises our business in Africa, the Middle East, Asia, and Allianz Direct. The latter includes our direct insurance companies in Germany, Italy, Spain, and the Netherlands.

For our Global Lines book - which comprises the global portfolios of AGCS, Allianz Trade, and Reinsurance - we saw a strong increase in our underwriting performance for AGCS, driven by claims and expenses, and Allianz Trade, supported by premium growth. Reinsurance underwriting performance decreased, driven by a high level of claims from natural catastrophes, mainly due to a series of storm, hail and flood events throughout the second half of 2023.

Direct business and accepted proportional reinsurance

Fire and other damage to property insurance is our biggest line of business in terms of insurance revenue. Here, we saw a decrease in underwriting performance, due to a higher level of claims from natural catastrophes in 2023 as well as lower contribution from run-off.

The underwriting performance of our motor vehicle liability insurance portfolio increased, mainly due to higher contribution from run-off.

In our other motor insurance line of business, which mostly includes motor own-damageshort-tail covers, the underwriting performance decreased, due to a higher level of claims from natural catastrophes in 2023 as well as lower contribution from run-off.

The underwriting performance of our general liability insurance portfolio decreased, mainly from a lower contribution from run-off.

With regards to our assistance line of business, Allianz Partners - the global market leader in travel insurance and assistance - is the largest provider of assistance products within the Allianz Group. It contributed more than 90 % of this line's insurance revenues. The increase in underwriting performance is driven by an increased premium level in combination with improved profitability.

Accepted non-proportional reinsurance

1. major share of our portfolio in accepted non-proportionalreinsurance was written in our property line of business at Reinsurance. The decrease in underwriting performance was attributable to a higher level of claims.

A.2.2 Life

For its Life business (Life/Health insurance), the Allianz Group defines underwriting performance as the operating profit shown under IFRS, and thus more broadly than in the line items under QRT S.05.01.02.

A reconciliation between the total underwriting performance shown in our financial statements (operating profit) and the figures reported in the QRT mentioned above is provided below.

10	Solvency II SFCR 2023 − Allianz Group