Good morning, everyone, welcome to Allianz's 4Q and 12 months 2025 conference call. Thank you very much for joining us today. My name is Frank Stoffel, Head of Financial Communications and Investor Relations, I'm here at our headquarters in Munich with our Chief Executive Officer, Oliver Bäte; Chief Financial Officer, Claire-Marie Coste-Lepoutre; and Group Head of Communications, Lauren Day. Today's conference call is scheduled for 75 minutes, as usual, we will answer your questions following our presentations by our CEO and our CFO. With this, it is my pleasure to hand over to our CEO, Oliver Bäte.
Thank you, Frank, and thank you, good morning from sunny Munich for joining us. I hope we have an interesting time, despite the fact we are going to go through the material. I will, for better reference, since we are not seeing each other, will go through the various slides and let you know where we are, where I am in terms of the presentation. If I can turn your attention, please, to Page number A4, where we are summarizing some of the key financial outcomes for the year. I'll talk about non-financials in a little while. We are very happy to report that we are very joyful that we have had another wonderful year, 2025, for our company. 8% more volume to EUR 187 billion.
Operating result, 8% up, same number by coincidence, to EUR 17.4 billion, which is above our outlook, again, increased further from what we thought to build it, the third quarter. Our short, shareholder net income is up actually double-digit to 11% to EUR 11.1 billion. Our dividend per share, consequently, is going to, as a proposal to the AGM, is going to go to EUR 17.10. I would particularly highlight the point around Solvency II. We had a significant bounce upward for the year to 218%.
More importantly, when you will listen to Claire-Marie's comments, post-stress, we now have one of the most comfortable positions in the industry, so we've been closing a little bit, but some people said, "Are you high enough?" Return on equity, we call that core return on equity because we take the shareholders' core net income, is at 18.1%, one up, 1.2 percentage points up. Remember, at the Capital Markets Day, we were asked whether we are not very ambitious to say it's above EUR 17 billion. Last year, we did a share buyback of EUR 2 billion. This year, we just announced EUR 2.5 billion. Why EUR 2.5 billion? We have very strong capital generation, very strong Solvency II, very strong cash flows, very strong, what we call operating capital generation as a number.
We are very confident in our cash and cash generation position, and that allows us to invest more, and we believe, particularly on a relative basis, our share is a very attractive investment to invest into. Let me then go more into some of the important details, at least from our perspective, on Page A5. I would like to start with a little thing on the lower right-hand side. All these numbers that we're going to explain to you show that we are very well on track to deliver on our Capital Markets Day targets that we have discussed with many of you in December of 2024. There was a question on how the 1st year would look like, and we are very well on track to deliver on the targets that at the time seemed quite a stretch.
Let me start on the upper left-hand side. Our property casualty retail business is doing very well at very high levels of profitability, even though in the fourth quarter, we have done, again, another strengthening of the balance sheet. Our combined ratio in commercial is even better at below 92%, and the health and protection business that we've been growing more than the rest of the business over the last few years, the profit has been growing 10% again, and we'd like to make sure it grows. For those of you that wonder how the number comes back, please mind that we have been changing the reporting scale in order to better reflect our two core businesses, protection and retirement, as highlighted in the Capital Markets Day. We obviously still report financially in the segments P&C Life and Asset Management.
On the retirement side, the net CSM grew up 8%, adjusted for FX. Please, all these very good numbers that we are reporting in euro were massively impacted by the weakening of the US dollar. As a reminder, more important maybe for analysts, we do hedge dividends, so we had no negative impact on cash flows. Our asset management numbers improved further. The cost-income ratio at 60.7%, strong feed discipline at PIMCO anyway, but also great results from Allianz Global Investors, who are working very hard on productivity and achieving it. On top of that, we had outstanding net flows of EUR 139 billion, organic growth of 7%. Again, both asset manager, mostly PIMCO, but also AGI, having positive net flows despite a challenging picture on the pure equity side.
That's a testimony to the strong asset management segment. You know, when people ask us, what do we really look for? Because we always report quarters and then annual numbers, I'd like to turn your attention to Page A6. Why do I do that? Because we are on a long-term trajectory. We do really manage the business for the long term, and we want to accelerate the growth of our business as we have reached now a very good level of profitability. Page A6 is supposed to highlight the trend that we've been taking on revenues, on operating profit, on earnings per share, and dividend per share, we are almost now, when you look at dividend per share, at EUR 10 more than we had in 2015.
We've been consistently growing the dividends out of the last 10 years, 9 x increase in dividends. Why is this important? Many of our investors do need dividend. They do need it for retirement income. As the baby boomers are retiring, dividend income is a very important source, and we are also the share that, from what I know, we are the most widely held share in Germany by retail investors. We now have more than 70% of our employees as shareholders, and they are benefiting from higher dividend. By the way, as a side note, we are again giving free shares to our employees this year, one for free for everyone, plus matching shares, because we really believe we need to capitalize retirement income, and we want to contribute to that as much as we can.
Why is Allianz doing very well? You can say, "Isn't that a bit odd? The world is a crazy place, and you are doing so well. What does it actually mean?" Page A7 gives you the Allianz-specific answer, but I would say, in general, the insurance sector has been systematically improving itself. While everyone always criticizes regulation, I can tell you Solvency II has been a very good regulation for us because it's purely risk-based. When I joined Allianz, we had too much risk on the investment side relative to what investor appetite was. That has been optimized. We're getting much better risk adjusted return on investments now. We're taking the returns and the risk where they are appropriate, so a much better balance sheet structure. The productivity in the sector has been improving, not just at Allianz.
I think first, backdrop is the industry is doing better. We are pricing our guarantees and life insurance better. This is the 1st part. Within the insurance and asset management sector, if I may say, we're doing extremely well. We're one of the few that have been able to really build a successful asset management business. You see that. It's often asked why. Well, we have been at it for a long time, and we believe it's a core part of the retirement value proposition. There are other things that I'd like to highlight, and when you turn to A7 again, that in an environment where you have enormous geopolitical and society tensions, the AI revolution, climate change, the most important thing is the trust from our customers. I'll talk about that.
The Net Promoter Score, again, let me repeat what this is: the willingness of our customers to recommend our services and product to their families and friends. The value and the power of our brand, we are by far the highest value insurance brand, and in terms of financial services, in Interbrand, we are only number two behind J.P. Morgan, who are much more large than we are. Certainly not least, we have really made a lot of progress on employee engagement. According to our data, we are now the benchmark within the insurance and financial services industry, and we obviously make sure that we have good financial ratings, but that comes as no surprise.
Page A8 shows you the journey, and I would always like to tell you, believe it or not, all these numbers are audited because they're part of incentive structures. We do have very clear scientific numbers, not like we are sucking our thumb and come up with stuff that looks good. Whether that is on loyalty leadership, whether that's on brand value, and it's not just Interbrand, Brand Finance, the trust barometer of Edelman, and you see what we call IMEX, is employee engagement. It's based on a database of 2,000 companies in the world, and all of these KPIs help us to do well for our shareholders at the end of it.
Let me not talk about strategy and reinforce what we've been telling you during the Capital Markets Day. If you allow me, I would like to go into some of the examples, what's driving our success. I would like to start with Page A10, where we're highlighting. One of the most fundamental opportunities for Allianz is to grow faster and to grow our customer base. We've always done fairly well on revenue, but the customer base growth, particularly in the core of Europe, for a long time, was anemic. It had a lot to do with the improper balance between price and value, which we've been working on, a lot of work on not just brand, but product quality and service quality over the last 10 to 15 years, and that is starting to show.
Some of you remember the history in Germany, where we were losing market shares against our competitors in auto insurance, leaps and bounds, year after year in the retail business. We've been able to turn that around. Let me do a particular shout-out to our colleagues in Germany, particularly in health and in property casualty and in life, for doing a great job in improving customer service quality and product quality. You see that on Page A10, our new business policies in Germany have been growing 12%. I think we have now back to more than 10 million cars that we insure, discussed with some of you as we went down to 8 million and others were growing. That we have been turning around. We're not finished yet.
The second thing is the key number to work on, this is just an example for the United Kingdom, is to reduce policy churn. The highest churn, by the way, in Europe, is in the UK. Retention is only below 70%, is the number 1 opportunity. We still have a lot of work to do, we're improving in reducing churn as we speak. Last but not least, on this page is increasing cross-sell. We have quite a few markets where we're improving them. I would like to call out Italy, where for a long time we were seen to be world-class on motor insurance, not on many other things other than life. We're increasing cross-sell as we speak. 2% looks like a small number.
If you compound it's quite significant. The last box on this page is the volume growth that we are continuously seeing on our so-called platform businesses, Allianz Partners and Allianz Direct. Allianz Partners is a little bit more volatile. The 1st three quarters were much stronger than the fourth, but momentum long term will be very strong. Allianz Direct is showing very good level of profitability and double-digit growth in volume, which is a really nice thing to report, and we are very happy about that. Page A 11 talks about what's very important for us to grow health and protection.
It is not just highly appreciated by our customers. You have a few examples on the page that I'm gonna highlight, but also shareholders like it because it is an underwriting business and is something that society needs as the public health and protection systems are curling back. Just a couple of examples. We have been growing market share in Turkey for a long, long time, a country that's under severe stress from high inflation. It's on the back of already being a market leader. I'm super proud about what our health team in Germany has been doing. Allianz Private Krankenversicherung has had super success, both in supplemental but also now in the core product, after having completely re-revamped it.
We are also now number one in the group health business, supplemental health business, and that has been a growth engine, by the way, because of great corporate collaboration and distribution with the team in Stuttgart. You have a couple of other examples. The last one on this page I'd like to turn your attention to is the lowest box, is we're increasing cross-selling. We have really spent a lot of time in France on trying to cross-sell, particularly for new customers, protection products. It took a long time to come. Now it's really working. We have 28% higher cross-selling in the protection side, and the numbers are up to 81%, which is quite stunning. As always, in Allianz, we're trying to expedite these changes and bring them to other markets on a consistent basis.
That's it, what we are trying to do on the growth side, and again, it's the beginning of the journey. It's not the middle or the end of it. A12 talks about productivity. Again, we're probably gonna talk about what does AI do to us? We would like to point back to if you have a chance, look at our website, look at the stuff we said at the Capital Markets Day, at the end of 2024. Yes, that's barely 16 months ago. We're very clear that productivity is one of the sources of a competitive advantage in the future, and we're at it consistently. What you don't see here, we started the journey in 2018 with an expense ratio on P&C of 28.6%.
We've brought that down to 23.9% at the end of last year, and we aim to continue the journey with about 30 basis points every year and improvement. Both, you see that in the smaller numbers, to work on administration expenses, but also on the larger bucket, which is distribution costs. You will ask yourself: How is this possible? Because distributors always ask for more. The way we think about that is using the strengths of our brand, the digital attraction that we have for clients and bringing that to our distribution partners to reduce acquisition costs, which help also in the value proposition to our clients, pay the price of the product, and then, of course, for our shareholders, too. What are we gonna do going forward? That's really important.
We will accelerate further the investment into productivity initiatives because we have very strong profitability. We have some extraordinary gains this year. We talked about it in the last third quarter of last year, that we want to use significant amount of money that we are getting, for example, for our joint venture in India, into doubling down on in technology and productivity initiatives. The focus of those is not to take the cost out first. It is actually improving customer services. This is the number one priority that we have. you know, people reward us not for being cheaper, but being better. That's the focus. We need to obviously now then translate that into unit costs and factor productivity, so we also have programs in life and asset management.
You see then the great progress at Allianz Global Investors. Now we have the advantage that we can be a lot more fast than we were in the past with AI. Why? Because these translation mechanisms that you had from business requirements into business organization, into technology specification, and then the programming is being shortened and accelerated. This will have a productivity impact, because a lot of the IT costs are there because we need to run parallel systems for many years, and that so-called parallel runs times have to come down, and they will come down. Last but certainly not least, a lot of the innovation we're testing 1st in Allianz Partners and Allianz Direct because they are built with the idea of being digital first and then rolled out to the rest of the businesses.
That mean that we don't have innovation anywhere else, but we can sort of test many of these things there first and then move. That's on productivity, a long-term story that will not change. Again, we believe in the power of consistency and not in the power of having a new story every day. Page A 13 talks about another consistency that we've been working on. That's resilience. By the way, resilience is not just a financial number or financial expression, as you see, with better financial leverage, higher net cash remittances, higher Solvency II ratios. Again, for those of you that are experts, you know we have a Solvency II reform that's coming that's gonna give us further boost.
We have a few points coming from our India divestment, our Solvency II position is now first class, certainly post-stress, but also capital generation has been extremely strong, and we're gonna use that to reinvest in the strengths of our franchise. With that, there is only one page that we will always debate. That's the outlook page. If you had asked me, you know, you found that revolutionary, I wouldn't do an outlook, because I believe, you know, people should know that Allianz is a strong deliverer. When you look at the Page A14, you find what the midpoint of our outlook was, what the actual results are. We always are careful with what we do because, remember, there can be sudden shocks to markets, and we want to make sure that we'd rather over-deliver than overpromise.
Page A 15 is a nice transition into Claire-Marie part that reminds everyone of what our capital management approach is: 60% payout, at least the dividend per share of the previous year, and an additional capital return. That's exactly what we're doing this year, right? We have done the EUR 2.5 billion share buyback because we have an extremely strong equity capital generation position, and it nicely fits to our 60% payout. For 2025, we will be above that, with an estimated total payout ratio of 79%. Again, a small reminder for someone like me, as a fan of dividends, growing dividends geometrically 9% per year for the last 10 years. That's it from my side. Thank you for your attention, and with that, I'd like to hand over to Claire-Marie.
Thank you very much, Oliver, and good morning as well from my side. Let me start on Page B3, where I would like to share some highlights when it comes to our overall results for the full year 2025. Overall, and before I go into any details, I think the overall picture, and you have heard that from Oliver, is very strong and is very strong in terms of growth, in terms of profitability and resilience. Clearly, that picture demonstrates, from my perspective, an excellent start into our Capital Markets Day targets. This performance is fueled by the rigorous focus of the organization in terms of execution of our three strategic levers: growth, productivity, and resilience.
Indeed, as we go through the material, you will see how both our sustained financial momentum and our disciplined attention to resilience are supporting our confidence towards 2026 and beyond, I would say. Moving to the numbers and starting with top line, you can see that we have reached a record top line of EUR 187 billion, with an internal growth of 8%. All segments, you can see that on the small pie chart, are contributing to this positive development. For all segments, this growth is either in line or above our capital market expectations. On a nominal basis, we see a strong FX effect, in particular in the second half of the year, which is impacting all segments.
On the operating profit side, we have been growing by more than 8%, emerging at EUR 17.4 billion, our highest level ever. This is above the high end of our original outlook and as well above the Capital Markets Day expected growth rate we have communicated in December 2024. P&C clearly had an excellent year, but both life and asset management deliver strong performance as well, from my perspective. We have an FX impact into that number. Just to give you a sense, excluding FX, to get a sense of the true underlying picture of our performance, our operating profit growth would have been around 11%, excluding FX, with P&C at 17% and asset management at 7%.
This year, we have a better non-operating profit, which, together with our operating profit, results in a very strong core net income growth and core EPS growth of 13%, clearly above the 7%-9% Capital Markets Day target range. This 13% of core EPS growth is building on the 12% we had achieved already last year, making our EPS journey very attractive, clearly, as already also highlighted by Oliver. In addition, our ROE is at 18%, also nicely above our target of strictly above 17%. Finally, our Solvency II ratio is at a strong to 18%. This is the highest it has been over the last 5 years, demonstrating our resilience and our focus on this as an organization. Let's move to Page B4, and let's have a look at the P&C results.
For the year there, our top line achieved its highest level ever at EUR 87 billion, with 8% growth, both price and volume are contributing roughly equally to that development. On the retail P&C side, the growth in particular is at 9%. As Oliver has already mentioned, our initiatives to increase our underlying volume growth are making good progress. We have achieved 3.5% in the second half of the year on that dimension. As you can see as well, further in the backup or in the further details of the material, the growth is broad-based across our portfolio. On the rate side, we are overall at a healthy level of rate of 4.6% for the full year.
Talking about profitability, as you can see, our combined ratio emerged close to 92% for the year. This is clearly an excellent level, and both our retail and our commercial lines of business are contributing to this performance. Once again, you can see further in the material how diversified this performance is as well across our portfolio. The main driver for the positive development of our margin compared to 2024 is a further improvement of our fundamentals in the attritional loss ratio, which I'm very happy to see. Overall, we have seen a lower level of natural catastrophes in 2025, but this has been offset with a lower level of runoff and discounting.
Even though we have seen quite some Natural Catastrophes activities in Australia in the last quarter, our Natural Catastrophes experience was better this year compared to 2024. As communicated in the third quarter as well, we have been very conservative this year on the year-end booking, both in terms of runoff but as well in terms of current accident year, we have further increased the level of prudency in our balance sheet. We also did focus during this year on productivity, as you have heard from Oliver as well, with our expense ratio, which has been further decreasing by 30 basis points versus last year, as expected.
While the overall investment results were slightly lower in 2025, mainly due to FX, our excellent technical performance and growth allows our P&C operating profit to emerge at EUR 9 billion. This is 14% higher compared to last year, well ahead of our capital market expectations of 6% operating profit growth in P&C. We are very pleased with the performance of our P&C business in 2025. We see excellent performance in both retail and commercial. This performance is not due to a Natural Catastrophes experience, but rather is a reflection of an excellent volume growth, positive underlying margin development, and prudent current and prior year reserving. This position is very clearly very well for the year ahead.
Let's move to Life and Health on Page B5, there I'm starting with growth, where you can see on this page that our PVNBP emerged at almost EUR 85 billion. It's its highest level ever, with a growth of more than 5% FX adjusted. This growth comes after an exceptional new business development in 2024, where in 2024 we had seen 22% growth of PVNBP back then. I'm very happy with the new business we have captured in 2025. We also see good increase in net flows across all our portfolio. We continue to operate at an excellent level of new business margin, continuing to benefit from a focus on our preferred lines of business. Like in P&C, our performance across the portfolio is quite diversified.
Oliver has already outlined some of our success stories in Health, so I can add some positive highlights on the rest of our life business with, as an example, the Italian team, which has grown by 20%, its value of new business adjusted for the divestment of the UniCredit JV. The Asian team, which did grow its sales outside of Taiwan by more than 14% last year. The life CSM development over the year is better represented if you look at the net development of the CSM on the page, so in the small capsule, which allows for reinsurance and tax effects. The net CSM adjusted for FX did grow by 7.5%. Moving to life operating profit, we emerge at EUR 5.6 billion, which is ahead of our outlook.
The operating profit growth is around 4% FX adjusted and close to our medium-term expected growth rate with this adjustment. In the fourth quarter, on a standalone basis, our level of profit is a bit lower than the quarterly run rate of around EUR 1.4 billion as a result of some charges that we have taken for some legacy medical business in Asia. Overall, for the Life and Health business, we are pleased with the level of growth and the level of profitability of the new business. In absolute, I will say, but as well, considering the very demanding comparison to 2024, we see very healthy inflows and a steady development of both in force and profit, which also gives confidence for 2026.
Moving to asset management and looking at Page B6, here the level of organic growth of our asset management business, reflected in the flows, developed strongly over the course of the year. We have seen a total net flows of almost EUR 140 billion and an organic growth rate of 7% for the full year. In the fourth quarter, the trajectory continued with EUR 45 billion of net flows, a record for the fourth quarter, with strong organic growth at both PIMCO and AGI. The trajectory at AGI since the second half of the year is very pleasing to see from my perspective. Our net flows continue to be supported by our excellent investment performance. We have a share of 93% outperforming asset under management against benchmark on a 3-year basis. Clearly, we are adding value to our customers.
Net flows are diversified across geographies and with strong development as well into new products and distribution initiatives, like the PIMCO Active ETF suite, with nearly 50% growth in 2025. This excellent flow momentum is continuing into 2026 at both asset managers. Revenues emerge at EUR 8.5 billion, with margin broadly stable and lower performance fees compared to last year. Both asset managers have done an excellent job when it comes to productivity, so it's not only productivity for P&C, we also do productivity life and health, but as well on the asset management side. Here both asset managers have done really well when it comes to that focus. Here I want, in particular, to praise AGI, now almost at 62% cost-income ratio for the full year and below 60% in the 4th quarter.
With the segment cost-income ratio below 61%, we land at an operating profit of EUR 3.3 billion, a 7% growth, FX adjusted. Overall, the performance on the asset management segment, also given the FX impact, has been excellent, in my view. We see a record level of third-party asset under management, very strong flow momentum, stable fee margin, and an excellent focus on productivity. I'm very pleased here as well. Moving to Page B7, as you may remember, resilience was an important aspect of our Capital Markets Day at the end of 2024, also as highlighted by Oliver. We continuously strive to secure reliable delivery of profits, capital generation, and cash as an organization.
Beyond the fact that the group derives considerable resilience from its diversification across geographies and segments, here I'm focusing back on the framework and the dashboard that we had laid out at the Capital Markets Day. As you know, we look at resilience holistically. We have seen clear positive developments over the year, also as we work structurally on the various dimensions of the framework. Let me go through a couple of examples. First of all, we have seen a strong operating profit evolution despite the FX headwinds. We continuously enhance our technical excellence in our P&C business to ensure a good preparation to the cycle. We have captured 7 percentage point increase of our Solvency II ratio from our refined work at modeling implied volatility.
Our Solvency II capital generation is at an excellent level, also supported by the early benefits of our enhanced focus there, and we have further improved our downside management. This even goes beyond the significant improvement in the post-stress Solvency II of plus 11 percentage point, for example, but also to include further diversification of our reinsurance structure. Throughout the year, we did broaden the scope and the nature of our scenario testing to further reflect the geopolitical environment. Overall, a lot of work with positive concrete outcome as well in the numbers. Let me zoom into the Solvency II ratio development to further illustrate on Page B8. I hope you have a way to see the slides, because it looks like we have a technical issue, so I hope you can see that.
It's certainly going to come, in a few seconds.
I think we should interrupt the webcast for a moment until we have reestablished the connection.
We can do that, yeah.
Sorry for any inconvenience. We'll be back shortly. Thank you.
Very good. We are back, and I hope you can all see Page B8. Where we can look at the development of our Solvency II ratio. One before on the Solvency II ratio, B8. Very good. Thank you very much. Basically, you can see that our Solvency II ratio emerged very strong, actually, at 218% at year-end, which is 10 percentage point increase versus year-end 2024. Our presentation, it's fine. This increase is in particular fueled by the early work we have performed on our operating capital generation and the very strong performance that we have seen in our P&C business in particular.
This allowed our operating capital regeneration to emerge at an excellent 25 percentage point in 2025. You can see also on the right-hand side that our sensitivities have slightly reduced. It would be good to go to Page B8, if we can. Combined with the overall increase of Solvency II, this means that our Solvency II position post the combined stress is now around 197%, so almost 200%, which is 11 points higher compared to year-end 2024. Clearly, this almost 200% of Solvency II ratio post stress is a very strong position and a very good position to operate from in the future.
If we move to remittances on Page B9, here you can see that our net cash remittance for 2025 is at EUR 8.6 billion, which is slightly ahead of our Capital Markets Day commitment of EUR 8.5 billion, as is our remittance ratio at 89%, which is against our 85% target. As previously, and I think it's very important, our cash remittances are coming from a very diversified base. It's very broad base, as you can see on the right-hand side. FX are playing a role in the year-on-year comparison of the cash development. On a normalized basis, actually, remittances grew at least in line with the operating profit growth.
On top of our normal cash remittance, we did receive the proceeds from the first tranche of the sale of the Bajaj joint ventures a few weeks ago, which will also give us further flexibility for the future. Overall, as well, from a cash perspective, we are in a very healthy position, too. Let's move to Page B10, and let's have a look at our outlook. We are keeping our traditional approach to base our outlook on the delivered operating profit of the previous. Range is unchanged versus last year, and allows for some uncertainties, typically around capital market volatility, FX, and P&C natural catastrophes. I also would like to mention that, as announced, we plan to neutralize the IFRS accounting gains related to the disposal of the Bajaj Joint Venture.
This gain will be reinvested in productivity initiatives and also in accelerating the reinvestment of bonds into higher-yielding instruments. Importantly, both of those actions will have a positive and lasting impact on our future earning power. Finally, the share buyback we have announced yesterday, will continue to support our EPS growth journey, standing at 14.4% at this point against our Capital Market Date target, a very attractive level. Let me recap now on Page B11. I'm very pleased with our performance for this year, and I also would like to warmly thank all our employees and teams for their work and dedication at best servicing our customers across the globe, which allows for such results.
With our operating profit above the highest point of our original outlook range of EUR 16 billion ± EUR 1 billion, we are in excellent territory for the delivery of our targets for the three-year Capital Markets Day cycle. Importantly, also, we have not only delivered a very strong financial performance, but we have as well increased our resilience across all metrics. This is an excellent achievement too. Both the financial performance momentum and the resilience of our organization provide a very supportive environment to our dividend proposal and our share buyback program. It as well gives full confidence towards 2026, and also our ability to sustain value creation for all stakeholders going forward. With that, I thank you very much for your attention, and I hand over back for questions to you, Frank.
Thank you, Oliver. Thank you, Claire-Marie. Before we start our Q&A session, let me please mention the usual housekeeping items. We will answer your questions in English, if you're more comfortable to ask your question in German, please feel free to do so, and we will repeat it back in English for everyone else on the call to understand. If you want to ask a question during this Q&A session, press star five if you have joined via telephone or press the Talk Request button on the web audio call. If you are on an IP-based telephone, this may cause technical problems for you. If this is the case, please email your question to media.contact@allianz.com, we can assist you with your setup, we can take your question and ask it on your behalf. Let's wait a few moments for the questions to arrive.
Okay, let's take the first nope, the question has disappeared. No question. Okay, we are not seeing any questions on the line. Can you just check whether there's a technical problem, please?
In light of that, would you have any concluding remarks?
Yeah, normally we have a lively debate. I don't know whether the numbers are so stunningly positive that nobody wants to ask a question. Please use the opportunity during the day. I know there's a lot of reporting going on also by other companies. We had Munich Re, we had AXA with great results, so the sector is doing really well. I hope we're doing well for customers, too. Again, thank you for your attention, and thank you for your support. We are available in case that format is not the best one. Frank and Lauren have their mobile phones live and will be happy to speak to you. We'll have an analyst call later if there are more things on a technical level you'd like to understand. You're obviously welcome to also participate in that.
Let me summarize: We have super strong financial. We have enormously added to our resilience, too. We're using the opportunity to strengthen ourselves for whatever may lie ahead. We want to use the financial resources to further double down on strengthening our brand and customer service and, over time, affordability of our products. I thought that would be a base for discussion today. We are happy to see you also in person and speak in German whenever you have the desire to do so. Thank you for listening.
Thank you.