安联保险Allianz SE（AZ）2025年年度报告「NYSE」（英文版）（339页）.pdf

1、Power of unityPassion for growthAnnual Report 2025ALLIANZ GROUP To go directly to any chapter,simply click on the headline or the page number.All references to chapters,notes,web pages,etc.within this report are also linked.CONTENT A _ To Our Investors Pages 1 11 2 Letter to the Investors 4 Supervis

2、ory Board Report 10 Mandates of the Members of the Supervisory Board 11 Mandates of the Members of the Board of Management B _ Corporate Governance Pages 12 21 13 Corporate Governance Statement(part of the Combined Management Report)20 Takeover-Related Statements and Explanations(part of the Combine

3、d Management Report)C _ Combined Management Report Pages 22 188 23 Business Operations 26 Sustainability Statement 142 Tax Transparency 145 Business Environment 146 Executive Summary of 2025 Results 147 Property-Casualty Insurance Operations 149 Life/Health Insurance Operations 151 Asset Management

4、153 Corporate and Other 154 Outlook 158 Balance Sheet Review 160 Liquidity and Funding Resources 163 Reconciliations 164 Risk and Opportunity Report 179 Allianz SE Disclosures in accordance with the German Commercial Code(HGB)D _ Consolidated Financial Statements Pages 189 303 190 Consolidated Balan

5、ce Sheet 191 Consolidated Income Statement 192 Consolidated Statement of Comprehensive Income 193 Consolidated Statement of Changes in Equity 194 Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements 195 General Information 217 Notes to Insurance Operations 249 Notes to

6、 Financial Operations 271 Other Information E _ Further Information Pages 304 313 305 Responsibility Statement 306 Independent Auditors Report 312 Assurance Report on the Group Sustainability Statement F _ Remuneration Report Pages 314 336 315 Remuneration Report 336 Auditors Report on the Remunerat