Allianz SE Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	10,207	9,931	8,541	6,421	6,610	6,807
Depreciation & Amortization	1,261	1,282	1,450	1,413	1,710	1,520
Other Amortization	872	872	822	766	815	724
Gain (Loss) on Sale of Investments	1,499	4,434	7,254	23,782	-1,177	-9,695
Change in Accounts Receivable	19,628	27,519	16,023	-12,598	-	-
Reinsurance Recoverable	-581	-1,033	210	-2,873	-1,385	-2,318
Change in Unearned Revenue	-	-	-	-	1,261	381
Change in Deferred Taxes	319	623	13	418	-358	341
Change in Insurance Reserves / Liabilities	4,976	2,964	644	-7,398	18,022	19,571
Change in Other Net Operating Assets	-8,719	-13,274	-12,530	15,651	-2,897	103
Other Operating Activities	7,548	-1,267	2,203	-7,523	5,741	10,723
Operating Cash Flow	36,771	31,903	24,462	17,952	25,124	32,049
Operating Cash Flow Growth	44.95%	30.42%	36.26%	-28.55%	-21.61%	-12.07%
Capital Expenditures	-1,942	-1,915	-2,140	-1,618	-1,411	-1,448
Sale of Property, Plant & Equipment	248	272	188	220	131	125
Cash Acquisitions	-	-280	-106	-199	-3,172	-857
Investment in Securities	-28,932	-21,876	-9,655	9,554	-11,266	-21,204
Other Investing Activities	338	-2,143	517	-22,142	-171	-3
Investing Cash Flow	-28,831	-25,675	-12,007	-14,992	-19,783	-28,870
Long-Term Debt Issued	-	9,206	6,869	8,823	8,350	8,650
Total Debt Repaid	-6,985	-6,491	-6,020	-6,905	-6,695	-5,024
Net Debt Issued (Repaid)	6,623	2,715	849	1,918	1,655	3,626
Issuance of Common Stock	-	-	-	-	2	-
Repurchases of Common Stock	-1,600	-1,500	-2,202	-1,311	-	-67
Common Dividends Paid	-5,923	-5,376	-4,542	-4,383	-3,956	-3,952
Other Financing Activities	-294	-203	171	-591	-1,487	-997
Financing Cash Flow	-1,194	-4,364	-5,724	-4,367	-3,786	-1,390
Foreign Exchange Rate Adjustments	-964	426	-468	268	216	-758
Miscellaneous Cash Flow Adjustments	49	137	51	-212	-	337
Net Cash Flow	5,831	2,427	6,314	-1,351	1,771	1,368
Free Cash Flow	34,829	29,988	22,322	16,334	23,713	30,601
Free Cash Flow Growth	50.50%	34.34%	36.66%	-31.12%	-22.51%	-12.90%
Free Cash Flow Margin	31.95%	27.94%	22.45%	17.05%	20.71%	26.04%
Free Cash Flow Per Share	90.27	77.17	56.32	40.21	57.60	73.83
Cash Interest Paid	1,595	1,555	1,311	961	1,090	1,074
Cash Income Tax Paid	2,292	2,269	3,068	3,163	3,018	2,691
Levered Free Cash Flow	4,993	1,408	-2,839	-4,267	-2,286	7,064
Unlevered Free Cash Flow	5,923	2,349	-2,059	-3,741	-1,561	7,689
Change in Working Capital	15,623	16,799	4,360	-6,800	11,719	22,067

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.