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AllianzAchievesRecordOperatingProfitof17.4BillionEuros–ExcellentStarttoNewStrategicCycle
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f our full-year ambition of around 61 percent. This development reflects strong underlying revenue momentum and management actions.

Third-party assets under managementamounted to 1.990 (1.920) trillion euros as of December 31, 2025, reaching an all-time high. Excellent net inflows of 139 billion euros and positive market effects of 94 billion euros were partly offset by negative foreign currency translation effects of 170 billion euros. Average third-party assets under management amounted to 1.914 trillion euros, 5.8 percent above the 2024 average.

Core messages Asset Management 4Q 2025


Assets under management (AuM)-driven revenues grow by 10 percent (F/X adjusted)

Operating profit at 928 million euros, reaching 28 percent of our full-year outlook midpoint

Strong third-party net inflows of 45 billion euros


In4Q 2025, operating revenues reached 2.3 billion euros (4Q 2024: 2.4 billion euros), an internal growth o
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