operating environment.

We remain focused on the delivery of our ambitions and affirm our full-year outlook with confidence.”

- Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE

Our total business volume amounted to 53.0 billion euros (1Q 2025: 54.0 billion euros). Internal growth, which excludes the effects of foreign-currency translation as well as acquisitions and divestments, was 3.5 percent. The Property-Casualty segment was the main contributor with strong business growth also in Asset Management.

Operating profit rose 6.6 percent to a record level of 4.5 (4.2) billion euros and reached 26 percent of our full-year outlook midpoint. This reflects a strong development of our Property-Casualty and Asset Management segments. The performance of our Life/Health segment was resilient in a volatile market environment.

Shareholders’ core net income advanced 48.4 percent to 3.8 (2.6) billion euros. Adjusted for
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