n Joint Ventures and in UniCredit Allianz Vita, operating profit was up 3 percent.

The Contractual Service Margin (CSM) was 55.4 (12M 2025: 55.7) billion euros. Normalized CSM growth was 1.7 percent, supporting our full-year expectations of around 5 percent.

Asset Management: Excellent organic growth with record 1Q inflows






Key performance indicator





1Q 2026





Change vs
prior year





Operating revenues (€ bn); change shows internal growth





2.2





12.7%





Operating profit (€ mn)





857





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