Ladies and gentlemen, dear shareholders, I would like to welcome you to our AGM. My name is Michael Diekmann, and as Chairman of the Supervisory Board, I hereby open today's Annual General Meeting of Allianz SE. On behalf of the entire Supervisory Board and the Board of Management, I would like to welcome you here at the Olympic Hall in Munich and via the live stream. I'm pleased that we have the opportunity today to exchange views in person, and there are also many topics to discuss. Unfortunately, I have to start with saying that the world is in the midst of a very dangerous geopolitical crisis, and it is therefore only fitting that you as the owners learn how your company is preparing for this.
At the same time, the topic of artificial intelligence is of great importance to the world and also to you as shareholders. Last but not least, Allianz will today carry out the change in the chairmanship of the Supervisory Board. For this reason, my successor will introduce himself to you once again, and I'm pleased to have the opportunity to say goodbye to you in person today. Before we enter into today's agenda, I would first like to address a few organizational points. I can state that the Annual General Meeting was convened in due time and form on the 19th of March 2026 in the Federal Gazette. All members of the Supervisory Board and the Board of Management are present today. The general meeting is being recorded by Notary Public Jens Kirchner.
The meeting venue is the entire Olympiahalle, as that includes all the rooms that you can enter through the entry and exit gates, including the adjoining rooms. I would ask all shareholders who wish to speak during the general debate to register as early as possible at the speakers' registration desk right here at the front to my right. Shareholders in the accessible area on the entrance level are kindly requested to approach our employees on-site, who will be happy to assist you. A verbatim transcript of this Annual General Meeting will not be produced. Only the speeches will be recorded for the purpose of noting the questions raised and for preparing the answers. These temporary recordings will be subsequently deleted. Your admission tickets were exchanged for AGM cards at the entrance desks. You will need these to take part in the vote.
If you have several admission tickets and have not yet exchanged all of them for AGM cards, you can do so at the entrance desks until the start of the vote. This is the only way to make sure that all of your shareholding will be taken into account in the voting process. I will explain the exact voting procedure in more detail following the general debate. Should you wish to leave the Annual General Meeting early, please refer to the instructions on the back of your AGM card. All documents required by law for the AGM can be viewed at electronic terminals on the entrance level next to information booth number two, and they are also available on the company website.
This also holds true to the remuneration report and remuneration system for the members of the Board of Management, which will be put up for approval today under Agenda Item 6 and 7 , respectively. If you have any questions regarding our online service, please contact the Allianz Investor Line under the number displayed on screen. If you wish to submit a document, particularly for the notary public, please do so exclusively at the speakers' registration desk, where a notary assessor will be present. Here, you can also declare objections to the minutes if necessary. The participation list can be viewed in electronic form on the screens and will be continuously updated until the end of the Annual General Meeting. The screens are located at the back of the arena floor. For our shareholders, we're broadcasting the entire AGM live via our online service.
In addition, my opening remarks and reports, as well as the speech of the Chairman of the Management Board, can be viewed free of charge on the internet. A recording of this public part of the meeting will be made available on our website after the AGM. As Chair of the meeting, I would like to point out that video and audio recordings are not permitted in the meeting room, and also recordings of the live broadcasts are prohibited. This concludes the organizational matters and will now enter into today's agenda. I call upon Agenda Item 1, the presentation of the financial statements for the financial year 2025 for Allianz SE and the Group, as well as the Supervisory Board's report.
The financial statements of Allianz SE and the Group, as well as the combined management report, have been audited by PricewaterhouseCoopers and issued with unqualified audit opinions. The Supervisory Board has reviewed and approved the financial statements, and the annual financial statements of Allianz SE have thus been adopted. That takes me to the report of the Supervisory Board. A detailed account of the activities of the Supervisory Board and its committees can be found in the group annual report on pages four and following. Here you will also find a detailed breakdown of meeting attendance. At this point, I would like to refrain myself to the most important parts of the Supervisory Board work in the last year. In the year 2025, the focus was once again on the impact of geopolitical developments on the overall economy and the associated risk exposure for the insurance industry.
In this context, we also deliberated on measures to increase Allianz's resilience and engaged in intensive discussions with the Board of Management. Other key areas of the Supervisory Board's work included strategic topics such as the realignment of our business in India, the investment in the European life insurance portfolio specialist, Viridium, the ongoing digitalization of business processes, and the framework conditions for the use of artificial intelligence. At all regular meetings, the Board of Management provided detailed information to the Supervisory Board on business performance and repeatedly reported on current developments in selected regions areas such as Spain, France, in the asset management division, the global credit insurance, and on the new structure of the corporate client business, what we call global commercial.
Furthermore, over the past year, we've engaged intensively in plenary sessions and the relevant committees regarding the succession planning for the Board of Management and the Supervisory Board. In addition, we once again reviewed the remuneration system for members of the Board of Management. The remuneration system for the Board of Management was submitted to last year's Annual General Meeting for approval. While the basic structure was approved, proxy advisors and shareholders raised concerns regarding two aspects, in particular, the amount of the annual pension contributions and the payout conditions for long-term variable compensation. In light of this feedback, the Supervisory Board has once again reviewed the remuneration system and decided to make three adjustments. First, the annual pension contributions will be reduced by half, and the omitted portion will be allocated across all remuneration components.
Second, no long-term compensation will be paid in the future if the Allianz share underperforms its competitors by more than 25 percentage points during the four-year holding period. Third, to account for the overall increased complexity, remuneration will be moderately increased by approximately 4%. The Supervisory Board is convinced that the adjustments described adequately address the points of criticism mentioned at the outset and align the interests of shareholders and members of the Board of Management very well. This revised remuneration system is being submitted to you today for approval under Agenda Item 7. Ladies and gentlemen, looking back on the past financial year, it is clear that Allianz has once again succeeded in achieving record results despite ongoing geopolitical tensions and macroeconomic volatility. You are to share in this success through the proposed dividend of EUR 17.10.
On behalf of the entire Supervisory Board, I would like to take this opportunity to express our gratitude to the Board of Management and to all employees of the Allianz Group. It is only through you and your dedication that these results are possible. I think this is worth some applause. Thank you. Well, dear shareholders, that takes me to the end of my report, and I would now like to inform you of upcoming changes on the Board of Management and the Supervisory Board. At the end of the year, Dr. Klaus-Peter Röhler will step down from the Board of Management of Allianz SE upon the expiration of his term and reaching the age limit. The Supervisory Board has appointed Mr. Tomas Kunzmann as a new member of the Board of Management effective January 1st, 2027.
Dr. Röhler will then be honored at the next Annual General Meeting, and Mr. Kunzmann will introduce himself to you in person at that time. I would also like to inform you that the Supervisory Board has extended the term of Ms. Claire-Marie Coste-Lepoutre as Chief Financial Officer by five years until the end of 2031. Great. Thank you. Mr. Röhler, you can also take a piece of that with you. With regard to the Supervisory Board, on the employee side, there will be changes. Mr. Primiano Di Paolo and Mr. Frank Kirsch will step down from their positions upon the conclusion of today's Annual General Meeting. Mr. Kirsch has served as an employee representative on our Supervisory Board since 2018, and Mr. Di Paolo since 2022.
Dear Mr. Kirsch, dear Mr. Di Paolo, on behalf of the entire Supervisory Board, I would like to thank you for your valuable work, your commitment, and your constructive contributions. It has been a pleasure for us and for me personally to work with you, and we have greatly appreciated your perspective and expertise from sales, Mr. Kirsch, and from technology, Mr. Di Paolo. We wish you all the best and every success for the future, but above all, continued good health. To replace Mr. Kirsch and Mr. Di Paolo, the SE Works Council of Allianz SE, which is responsible under the statutes for electing employee representatives to the Supervisory Board, had already elected Mr. Lars Rogge and Mr. [Giovanni Battista Comini] at the end of March. All other employee and union representatives were confirmed in their positions by the SE Works Council.
On the shareholder side, the terms of office of Ms. Sophie Boissard, Ms. Rashmy Chatterjee, and myself will end with the conclusion of today's Annual General Meeting. Both Ms. Boissard and Ms. Chatterjee have declared their willingness to stand for re-election as shareholder representatives. It is planned that Ms. Chatterjee will be elected to the Supervisory Board for the regular four-year term, and Ms. Boissard, due to reaching the maximum term of service, for a three-year term. Both candidates have been contributing important expertise to the Supervisory Board for many years. Ms. Boissard is CEO of Clariane SE, one of Europe's leading providers in the fields of nursing care, medical care, and assisted living. These are also key issues for Allianz in the context of demographic change. Ms. Boissard was elected to the Supervisory Board of the Eiffage SA, which is stock listed in France on April the 22nd.
Since then, in addition to her role as CEO of Clariane SE, she's held two further Supervisory Board mandates at Allianz and more recently at Eiffage. The Supervisory Board has addressed this, the issue of overboarding, and despite this second mandate, proposes Ms. Boissard for re-election. Due to her high level of professional and personal competence, she significantly strengthens the overall expertise of the Supervisory Board. Over the past five years at Allianz, Ms. Boissard has attended all Supervisory Board meetings and, with the exception of a single meeting, all relevant committee meetings as well. She has assured the board that her availability for the Allianz Supervisory Board remains unrestricted. In addition to her international experience, including in Asia and the U.S., and her many years of work in the technology sector, Ms. Chatterjee is a proven specialist in the field of cybersecurity.
This is also a highly relevant topic for Allianz in times of increasingly aggressive cyberattacks. As a third candidate, I would like to introduce Dr. Frank Ellenbürger to you, who is running for the Supervisory Board for the first time today. Mr. Ellenbürger is an independent auditor and tax advisor, bringing over 30 years of experience in the global finance and insurance industry, as well as extensive knowledge in the areas of accounting and financial statement auditing with him. Mr. Ellenbürger will introduce himself personally today. He is present today. With this, Mr. Ellenbürger, you have the floor.
Thank you very much, Mr. Diekmann. Good morning, ladies and gentlemen, dear shareholders. My name is Frank Ellenbürger. I'm 66 years old, married, and father of three grown-up kids. My interest in the insurance industry has lasted all my life since my training.
I studied MBA in Cologne and got promoted there at the chair for risk provision, and then I worked for more than 33 years for KPMG. Until 2006, I was the responsible partner and balance sheet auditor for the Allianz Group here in Munich. During this time, we worked on the transfer to the IFRS accounting, the increased financial controlling, and I worked through the dot-com crisis with Allianz. Following that, at KPMG, I took over jobs on the Board of Management, and for 14 years, I led the insurance business of KPMG. In my time as the global lead of the insurance division of KPMG, I worked on additional insurance mandates as the lead partner.
As the Chair of the Institute of Auditors in the Reinsurance, I worked in the Reinsurance working group of the European Association and worked on the development of Solvency II and IFRS 17 standards, so two frameworks that form the condition for the risk and balance sheet management of Allianz. Through my work on the Council of BaFin, the German regulator, and in bodies of the, of EIOPA, the European regulation office in the insurance field, I could gain further knowledge in the field of insurance regulations. By taking over Audit Committee and auditing mandates in the first past few years, I could further expand my knowledge in governance questions and other areas.
My current mandates without with the exception of a smaller one in Switzerland, I will hand back with my running for the office here for the Supervisory Board at Allianz. Ladies and gentlemen, what I learned at the beginning of my career at Allianz was an important building block for my whole career. The opportunity in the future to make a contribution as a member of the Supervisory Board to the success of this company is a challenge that I would really like to take, and that's why I ask for your trust and your votes. Thank you very much for your kind attention.
Thank you very much, Mr. Ellenbürger.
Since my term of office ends at the close of today's Annual General Meeting, it's planned that Dr. Jörg Schneider will be nominated for election as Chairman of the Supervisory Board at the Supervisory Board's constituent meeting following this AGM. Mr. Schneider will be the first Chairman of the Supervisory Board in a long time who does not come from Allianz. In the first row, I have my two predecessors, Dr. Perlet and Dr. Schulte-Noelle, then Diekmann, and before this, we had Dr. Liesen as the man who came from outside of Allianz. The fact is that the next Chairman of the Supervisory Board will not come from Allianz reflects the express wish of many institutional investors. Mr. Schneider has used the past two years on the Supervisory Board and as Chairman of the Audit Committee to get to know Allianz thoroughly.
Especially in these times of major global upheavals, his many years of experience as Chief Financial Officer of Munich Re make him ideally suited to lead the Supervisory Board with a steady hand and to fulfill the role of overseeing and advising the Management Board. Mr. Schneider had already introduced himself to you in 2024 upon his election to the Supervisory Board. In view of his planned election as Chairman of the Supervisory Board, Mr. Schneider would like to once again speak to you. Mr. Schneider, you have the floor.
Thank you very much, Mr. Diekmann. Ladies and gentlemen, I'm 67 years old and a lawyer and economist by trade. After my examinations and practical work, I used to work for more than 30 years at Munich Re. I started in the field of company participations and holdings.
In the year 2000, I was appointed to the Board of Management and was responsible for the financial area for many years, amongst others things. At Munich Re, I left the company in 2018 at the age of 60, and then for some years, I worked on the Supervisory Board of Bayerische Landesbank and in the Council of Aldi Süd. Both those mandates I handed down in 2025 so that I could fully focus on my work and my tasks at Allianz. During my onboarding phase, ever since the election to the Supervisory Board, I've learned a lot about the management. I've learned from the Management Board, from the members of the Supervisory Board, and especially from the Chairman, Michael Diekmann.
His expertise, his integrative style of leadership, and his really quiet and reduced style is really a really good example for me. Of course, I can't cope with his large degree of experience in Allianz, but I would like to build upon my knowledge from other companies and other views that stem from this. All Allianz employees can be proud of the success of the past few years, but it must not lead us to become too comfortable in this. Building up on the great success and the positive share price development, we've set ourselves ambitious goals also for the future. Reaching those goals is not easy. Because the environment is challenging, coined by geopolitical distortions and technological disruptions that might lead to completely new competitive conditions.
What gives me optimism is that Allianz has a strong management team and highly skilled and responsible employees. The ladies and gentlemen in the headquarters in Munich, but as well as in the operational units around the world, are the most important pillars of our success. Especially in turbulent time, with the strong brand Allianz at their back, they will continue to build up on our top position. If our Supervisory Board will give me the trust following this AGM, then I'm looking really forward to working with this team of highly skilled representatives from the employee side and the shareholder side, I know how large the degree of trust is that you have given Allianz as institutional or private shareholders. That gives us the obligation or that I will listen to you today but also in the future.
Our employees, the public, and you as our shareholders should still continue to be able to enjoy Allianz. Thank you very much.
Thank you very much, Dr. Schneider. I would now like to ask Mr. Bäte to present his report as Chairman of the Board of Management of Allianz SE to the Annual General Meeting.
Thank you. Good morning, ladies and gentlemen. Dear shareholders, dear employees, ladies and gentlemen. Maybe I should also welcome our former employees. I've seen many of you today in those premises, so welcome here. Well, the Annual General Meeting deals with the 2025 fiscal year, and after many years we see us here in the Olympiahalle. We've also said that we will gather in person again. Thank you. Thank you very much. Before I turn to our outstanding results, our outstanding 2025 results, I would like first of all to express my sincere thanks to you, Mr. Diekmann, also on behalf of the entire Board of Management. For you, this is your final Annual General Meeting as Chairman of the Supervisory Board.
Since May 2017, you have guided Allianz's development on the Supervisory Board with a great experience, clear judgment, and strategic foresight. Prior to this, you actively shaped our company for 12 years as Chairman of the Board of Management. You steered us confidently through the 2008 global financial crisis and the 2011, 2012 euro crisis. The course you set continues to shape the company to this day. Everything is fine. How much time do you need? Okay, Gaza. You're mentioning Gaza. Okay. Can we talk about this later? I mean
Mr. Palantir.
Mr. Palantir, ladies and gentlemen, if you want to say something, you can ask for speaking. At the moment, you're interrupting the AGM. We have heard you. We got your message. May I ask you to sit down again? You can have a say later on. You can ask for speaking. Otherwise, I will have to ask you to leave these premises, to leave the hall. Now you have again, once again, the opportunity to calm down, to sit down. You can ask for speaking. Otherwise, I will have to ask the security officers to pass on the message I just gave to you. We can hear you a lot better. We can listen to you a lot better, dear ladies. If you can say what you want to say in front of a mic. We can't hear you from the back there. Okay, brilliant.
Okay, we got your message. Could you please just behave normally, calmly? Could you please leave these premises? Sorry for the interruption. We will solve the issue in a moment. Mr. Bäte, could you please just wait another second? Okay. Ladies and gentlemen, thank you very much for your patience. Everybody has the right to say what he or she wants. We will just wait a couple more minutes until the situation is calm, and then we will pass the floor back to you, Mr. Bäte.
Ladies and gentlemen, let me continue. It's actually a shame. It's actually a shame. Many young people have something important to say. In order to achieve a good result, a respectful dialogue is necessary. Unfortunately, this is not possible. Let us get back because we really want to listen to each and every one.
In a society, we have to listen to both sides. We need to respect a couple of rules. Let me get back to Mr. Diekmann. It's a shame, let me do it again because you have not only been a sensational Chairman of the Supervisory Board, you have also been a brilliant Chairman during the world financial crisis. We really were bankrupt as a world, you also faced the euro crisis. At the time, I had the privilege of being CFO, without you, without your support, nothing would have been possible. The course you set continues to shape the company to this day. This includes the modernization of our organization. We managed the sale of Dresdner Bank, we continued the internationalization of our Group.
We are based in Germany, we have become a global company. This cultural change, this change of strategy that is needed, you steered this change. You propelled this change. These remain important foundations for our success today. Dear Mr. Diekmann, you have done outstanding work for Allianz. Our collaboration has always been characterized by trust, reliability, and mutual respect. You as a Westphalian and I as a Cologne native have been an excellent team. Please allow me to say that. This is why, on behalf of all of Allianz, I sincerely thank you for your dedication and your courage to embrace change. I wish you all the best in the next chapter of your life.
Yes, dear shareholders, today I would like to present you with more than just record results because behind the numbers lie two issues that are moving our societies. For many people, life is becoming noticeably more expensive, and what's left at the end of the month is getting less and less. The question of whether insurance and retirement planning are still affordable is no longer an abstract debate. It has become reality. It has become a reality for many people. Secondly, artificial intelligence is changing our world faster and more profoundly than many would have expected. Our industry, too, will be deeply transformed by this technological revolution. Everything will change. Both of these developments bring challenges, huge challenges. As always, they also bring great opportunities for society as a whole and for us as a company.
Before talking about this, let me start by looking back at the year 2025. 2025 was another record year for Allianz. We grew profitably and once again exceeded our target results. We did so again. We did so in an environment where for many companies, simply maintaining the status quo is already considered a success. We live in uncertain times. For many people, the world feels unstable. One crisis follows another. The war in Ukraine, for instance, is running for four years now with more of 1 million dead people, and many people act as if this war didn't exist. The escalation in the Middle East and Caribbean and geopolitical tensions are reshaping the global environment every single minute. They are restricting international trade, disrupting air and maritime traffic, and increase costs and risks along global supply chains.
Energy prices are volatile. Capital markets are reacting nervously. These developments, ladies and gentlemen, weigh heavily on our policyholders, investors, consumers, and of course, also our employees worldwide. As climate change continues to advance, the transition to a climate-friendly economy is stalling in some countries. At this stage, I would like to stress that when it comes to climate change, Allianz remains on track. We stand by our commitments and are dedicated to protecting, stabilizing, and strengthening existing alliances in business, the financial sector, and civil society. We need to stabilize it. We need to strengthen it. This reliability, our commitment to reliability. Thank you very much. This is very important to us. Our commitment to reliability goes beyond climate protection. We are reliable, and we don't only need to be reliable when it comes to climate protection.
We are in the midst of a technological paradigm shift driven by artificial intelligence. Germany and Europe are in a phase of realignment. At the same time, our economy in Germany, in Europe sits on a strong foundation, yet it is undergoing a stress test for many years now. Growth is lacking. Innovation is progressing too slowly. Our infrastructure and our productivity are falling behind other regions in the world. Urgently, we are even falling behind emerging countries. Urgently needed reforms are moving too slowly. In this environment, Allianz stands for reliability. Resilience and crisis management are firmly anchored in our business model. We have a good broad footprint. Okay. Okay, we've heard it now. We got the message. May you sit down again. Thank you very much. Thank you. We will happily listen to your questions. Okay.
I've just said that resilience and crisis management are firmly anchored in our business model. We have a broad footprint and can offset regional economic and geopolitical shocks across markets and business segments. In the meantime, we always have been criticized because of our setup, but it's a competitive edge that we do have, and we fulfill our obligations to our customers and to you, our shareholder, dear shareholders. Last year, we were once again able to deliver on our promises. Let me therefore take a look at our results. At the Capital Markets Day in December 2024, we presented our priorities and financial targets to be accomplished by the end of 2027.
We've said that through intelligent growth, high productivity, and the consistent strengthening of our resilience, we've said that we aim to grow profitably, and we wanted to build trust among customers and shareholders. Allianz got off to a very strong start in 2025, the first year of this new strategic cycle. We not only achieved our ambitious financial targets, but we also consistently implemented our strategic priorities. The numbers speak for themselves. Allianz total business volume rose to around EUR 187 billion in 2025, a new record high. Our operative profit reached a record high of EUR 17.4 billion, and core earnings per share increased by approximately 13% to EUR 28.61. Our Solvency II ratio rose by 10 percentage points to 218%.
It indicates how well we are able to absorb unforeseen losses on our own. Our capital base is well above regulatory requirements. Even independent experts, ladies and gentlemen, so-called rating agencies, they also confirm Allianz's financial strength and reliability. As a result, we rank as a top-tier company in the ratings of the leading agencies compared to our competitors. Throughout all of this, we have operated profitably. This is demonstrated by our excellent core return on equity of over 18%. This is also a top value in our industry. During the fiscal year, our individual businesses has also performed remarkably. Our Property and Casualty insurance segment increased its operating profit by nearly 14% to a record level of EUR 9 billion. Business volume amounted to approximately EUR 87 billion.
At the same time, we improved our underwriting profitability. That is the combined ratio. We achieved a very strong level of just over 92%. The combined ratio shows how much of every euro in premiums is spent on paying claims and covering the costs of ongoing operations. We were able to lower it thanks to ongoing improvements in risk assessment and in claims management. This needs to be said, losses from natural disasters were relatively moderate last year. We have consistently pursued our growth targets in the retail business. The strategy follows a clear logic. We want to acquire new customers. We want to minimize churn and recommend additional or complementary products. Consequently, the new business in auto insurance in Germany was encouragingly strong with 2 million newly insured vehicles.
Our integrated platforms and digital offers, service offers from Allianz Partners are Allianz Direct and Solvd, our specialist for fast and effective assistance in the event of a claim. They continued to expand. The business with corporate clients developed positively in a weaker market cycle. With Allianz Commercial and Allianz Trade, we are a strong partner for companies worldwide. Together, we manage complex risks in business and trade. We also achieved strong growth, ladies and gentlemen, in Life and Health insurance. New business rose to around EUR 85 billion, and the operating profit rose to around EUR 6 billion. From Asia through our core markets in Europe to the United States, we saw very strong new businesses in nearly all regions, and this builds on a strong previous year. Last but not least, in our asset management division. We are also very well-positioned.
We saw excellent net inflows, record levels of third-party assets, and increased revenues. Operating profit rose to just over EUR 3 billion, this in a highly volatile market environment. At the end of the year, we managed approximately EUR 2 trillion on behalf of our clients, an all-time high. By the way, Allianz and PIMCO celebrated the 25th anniversary of their partnership last year. PIMCO offers investment solutions with attractive returns to both institutional and private investors. Since our acquisition in the year 2000, assets under management have increased sevenfold. In 2025, PIMCO generated net inflows of EUR 133 billion. Also Allianz Global Investors recorded net inflows of EUR 6 billion in 2025. At the same time, our colleagues managed operations efficiently and achieved a very good cost-income ratio of 62.4%.
This metric shows how profitably a company operates. It compares costs to revenues. Our two asset managers are successfully implementing our strategy. They are achieving sustainable growth and higher productivity. Drawing on our capital market expertise, we develop efficient and broadly diversified investment solutions. This puts us in an excellent position, especially in light of the upcoming reform of private pension provision here in Germany and also elsewhere. In this environment marked by uncertainty, 2025 was a successful year for the Allianz share. Thanks to our reliably strong performance, we are once again able to let you, dear shareholders, participate in our success. Ladies and gentlemen, a reliable and attractive dividend policy has been a core principle of our capital strategy for years. For you, this is certainly a very important aspect of today because you invest your personal capital and your retirement savings in our company.
This is becoming increasingly relevant, especially for younger generations, and we would like to thank you for your trust today. The share price of Allianz performed very well over the course of 2025. It rose by 32% and closed the year at EUR 390.50. This means we outperformed both the EURO STOXX 50 in the European insurance sector. The total annual return of the Allianz share was, by the way, 38%. This makes us one of the top performers among European insurers. Our total payout ratio, that is the dividend plus share buybacks, at 79%, is slightly higher than planned. Well, ladies and gentlemen, what does this mean for you? The Board of Management and the Supervisory Board propose paying a dividend of EUR 17.10 per share for the past fiscal year.
Thank you very much. We're very proud of that. Our dividend has grown, by the way, by EUR 10 per share since 2015. It has thus more than doubled. Allianz is consequently among the top dividend payers on the DAX and in many share markets. We repurchased shares worth EUR 2 billion last year, and this year, we have also approved a new share buyback program of up to EUR 2.5 billion. This also benefits you because such buybacks reduce the number of outstanding shares, and as a result, your stake in the company increases and future profits are distributed among fewer shares. This increases the value of your investment. We are particularly proud. Thank you very much. We are particularly proud of the trust placed in us by our individual shareholders.
Their numbers, the numbers of individual shareholders, has continued to grow. In April 2026, we crossed an important threshold for the first time. 1 million individual shareholders hold shares directly in Allianz. 1 million people who place their trust in us. The fact that we have reached this milestone is a strong signal for us and a special moment during this AGM. Among them are nearly 80% of our employees who hold shares in our company. In doing so, dear colleagues, you are investing in the success of our company and at the same time in your personal future. Thank you very much for this. Well, our strong results across all business segments are no coincidence. They are based on satisfied customers, dedicated employees, and a strong brand. These are key performance indicators for us, which we at Allianz systematically measure and develop.
Acquiring new customers is at the heart of our growth strategy. However, retaining our existing customer base is just as important. We succeed in doing both. We succeeded in doing both in 2025. We achieved net growth of 4 million customers and now serve 97 million customers worldwide. Customer satisfaction is also at an all-time high. Particularly noteworthy is the willingness to recommend us to others, to family members, to peers. This is a metric we track via what is known as Net Promoter Score. 70% of our companies hold a leading position in customer loyalty within their local markets. That is 13 percent points more than in the previous year. Even in our home market of Germany, too, we have consistently been the loyalty leader in the Life and Health segment since 2022.
We are now also performing very well in the Property and Casualty insurance segment, and I'm particularly delighted because of that. Ladies and gentlemen, satisfied customers are created where dedicated and motivated employees bring quality to life every day. The foundation for this is a work environment that fosters development and recognizes performance. We invest extensively in continuing education and inclusive work culture and attractive benefits. It is no coincidence that we are once again among the world's best employers. We ranked, for instance, 17th in the World's Best Workplaces 2025 ranking. In our internal employee satisfaction survey, which we do on an annual basis, we achieved record results once again, even compared to our competitors. We measure this on a regular basis, and the appeal of our brand has also continued to grow.
According to the Interbrand Best Global Brands ranking, Allianz is the world's most valuable insurance brand for the seventh consecutive year. Brand value rose by 20% to $28 billion. Also in other rankings, we are number one. What's behind all this? One example is the partnership in sports. Our partnerships in sport are investments in brand awareness and trust. Who among you followed the Winter Olympics and Paralympics in Milan, Cortina? I hope that in addition to the outstanding performances of the athletes, you also noticed our presence in the stadiums and on the streets. Our partnerships with the Olympic and Paralympic movements, as well as with FC Bayern Munich, for example, expand our reach. Since the beginning of this year, the tennis player Jannik Sinner, who currently tops the men's world ranking, has also joined our roster.
Above all, however, these partnerships bring us together with people and create experience that unite us. Our global program, Power of Unity, also pursues this goal. You might know it under the German term [Non-English content] , Power of Unity. Allianz is committed to fostering understanding and solidarity through lectures, workshops, cultural partnerships, and sporting events for our workforce and the society. Dear shareholders, strong financial results are important, but success only emerges when these human and social aspects come together. Only then success remains. I would now like to express my sincere thanks to our more than 156,000 colleagues worldwide, as well as to our sales partners, especially our wonderful Allianz agencies all over the world. Every day, you all work on behalf of our customers with great dedication and a high level of professionalism.
You embody and deliver on our promise of service, and you make all the difference. Ladies and gentlemen, with that, I would like to conclude this review of a very successful fiscal year and look ahead. As you recall, two topics are currently of particular concern to us. First, the affordability of insurance has become a societal issue. Protection and financial planning, ladies and gentlemen, must remain affordable to ensure the resilience of each individual and of our society as a whole. Second, artificial intelligence is already shaping our world. We must use it responsibly, consistently, and for the benefit of our customers. I would now like to discuss both of these topics in more detail.
The situation in Iran and in the Strait of Hormuz has brought an important issue back into sharp focus inflation, which has been under control, and now it's particularly evident in rising energy prices. For us, this makes the question of the affordability of insurance all the more urgent. This becomes more and more important to us. This applies to Property and Casualty insurance as well as health insurance, but also to the ability to efficiently plan for retirement and build wealth. Dear shareholders, many of you are surely also our customers. You therefore know from your own experience that we have had to raise premiums. The main reason for this is claims inflation. In our auto insurance, for example, hourly rates at German repair shops have risen by over 50% since 2017. That is twice the rate of general inflation.
Combined with more expensive replacement parts, this is driving up repair costs and unfortunately, insurance premiums as well. In home insurance, we are facing rising costs due to claims resulting from extreme weather and natural hazards. Last year, insured losses worldwide exceeded the $100 billion m ark for the sixth consecutive year, which is also driving up premiums. In health insurance, medical advances and the shortage of skilled workers, among other factors, are increasing costs in the healthcare system. In Germany, this is leading to high medical inflation of currently more than 6% per year, the economy is not growing. This is also significantly higher than general inflation. In addition, the economic costs resulting from high rates of sick leave are rising. We want to manage these rising costs responsibly and not simply pass them on unchecked in the form of higher premiums.
In times of rising costs of living, this represents an additional financial burden for many people. For instance, the costs of insurance products in Germany has risen by around 25% over the past five years. Disposable household income has increased by only 19%. Ladies and gentlemen, the numbers make it clear the gap between the cost of living and purchasing power is widening. At least in the area of insurances, we want to keep insurance affordable without people having to compromise on their personal financial planning. We provide part of the solution ourselves by actively managing our cost structure. To do this, we are taking action on several fronts. We optimize our claim settlement process and reduce costs. In doing so, we also make targeted use of AI-powered solutions through our subsidiary Solvd and its specialized service providers.
For hail damage, for instance, we can settle a large number of auto claims digitally and reliably in less than a day. We also reduce costs by using recycled parts for repairs across Europe. This helps us cushion the impact of rising prices for replacement part. This is good for the environment. We leverage our expertise, our market strength, and our bargaining power to negotiate excellent terms with certified partners. You as our customers, you can profit from that. For example, in auto insurance, we collaborate with selected partner repair shops and in property insurance with selected tradespeople. They're not only cheaper but better than the average tradesperson. We focus on clear incentives for prevention and personal responsibility. This is very important here in Germany. Take climate change and the associated risks, for instance. Preparing for extreme weather ranges from one's own basement to public infrastructure.
In healthcare too, cost-conscious behavior and prevention are becoming increasingly important. At Allianz, we help with early detection and offerings for a healthy lifestyle. When costs go down, there's less need to compensate through premium hikes. This benefits our customers, insurance remains affordable for more people. It also creates advantages for us, more satisfied and loyal customers. We are not just securing our own economic foundation. We are hopefully also making an important contribution to social inclusion by stabilizing and reducing insurance costs for the general public. Affordable insurance coverage is particularly important in emerging countries where the coverage gap remains wide. For example, to better protect the general population in India, we established a joint venture two weeks ago with Jio Financial Services. They're part of Reliance Group, one of India's largest and most innovative companies with strong digital capabilities.
Together, we aim to build a completely new insurance model in India and make protection simpler and more accessible for as many people, families, and companies. In doing so, we fulfill our social mission while creating a growth opportunity for us as a company in a country with more than 1.45 billion people. Ladies and gentlemen, the affordability of our product is closely linked to my second topic for today, the topic of artificial intelligence. Our customers always come first. They always come first when it comes to using technology. This fundamental principle also guides our use of artificial intelligence, or AI for short. We are already working with over 600 scalable AI applications across the Group. They support pricing, risk assessment, sales, customer communication, and claims processing.
We develop them in the individual areas of our business and then make them available to the entire Group. Let me illustrate what AI can do with a few examples. At Allianz Versicherungs-AG pet health insurance division, more than half of all claims are already processed fully automatically. In the roadside assistance service of Allianz Partners, AI agents handle the process from the first call to the arrival of the tow truck, and they operate in 10 languages around the clock across Europe. In sales, Allianz Direct is planning the car insurance explorer. With the support of language models like ChatGPT, we will explain insurance policies in an understandable way and make pricing more transparent. AI-based applications, ladies and gentlemen, also help our advisors provide the right guidance to customers faster and in a more personalized way.
This gives them more time for complex cases where personal advice and empathy are crucial. The results are clear. Workflows become faster, processes simpler, and our customers experience more tailored solutions, no matter how they contact us. At the same time, AI boosts our productivity in all parts already by 30% in certain areas of claims management. This allows us to reduce costs sustainably. We view the use of AI as a virtuous cycle. Good results enable further investments. We can increase our productivity. We can sustainably improve the customer experience. This is how we are expanding our position as technological pioneer in our industry and hopefully also in our customer service. The responsible use of AI, of artificial intelligence is our top priority. We adhere to clearly defined ethical principles to protect confidential data and prevent errors.
After all, progress only realizes its value when it's used responsibly and when it strengthens trust. The success of artificial intelligence at Allianz is inextricably linked to the expertise of our employees. That is why we invest extensively in continuing education. In 2025, Allianz employees completed an average of 65 hours of training with a clear focus on data and AI skills. We should all be clear on one thing. AI will fundamentally transform many tasks, job roles, and ways of working within our company in the future and also in society. In particular, tasks with a high degree of manual or administrative work, they can be automated. AI will take over routine tasks. We do everything so that employees will be able to focus on more challenging and trust-building activities. We are shaping this transformation responsibly. Let me conclude with a short story.
It illustrates how we at Allianz identify and see opportunities even where they are not immediately apparent. I hope you all had a smooth journey here this morning. That's not a given, as we know as a leading auto insurer. In Germany, around 7,000 traffic accidents occur every day. Fortunately, in most cases, no one is injured. Nevertheless, ladies and gentlemen, every traffic accident is an exceptional situation, a moment of uncertainty, of particular uncertainty. For us as Allianz, it is the moment of truth, the moment when our promise must be kept. This promise applies not only to our own customers, but also to others involved in the accident. Imagine the following situation. One of our customers causes an accident.
While still at the scene of the accident, the affected driver use their smartphone to scan a QR code from our customer's phone and thus receives their insurance details. Within seconds, the affected driver is directed to Allianz's online claim form. All necessary data can be entered in a couple of seconds. In the next step, we assess the damage using AI. Everything happens automatically. Towing service, rental car, repair shop. Without waiting in the line, without forms, without different stakeholders. Everything is happening automatically. Normally, this leads to a loss of time, to frustration, now this becomes a surprisingly positive experience. Ladies and gentlemen, we hopefully gain another customer for Allianz because if such an experience is not only pleasant for our customers, if it's also pleasant for the other side, then it's the best advert.
This example illustrates very well how we identify significant growth opportunities in every situation, no matter how challenging it may be. We use technology as a problem solver. Through business models that we roll out globally, we achieve growth and more customer satisfaction. We strive for innovative, forward-looking solutions for our customers. We look for intelligent ways to operate more efficiently. We are striving to continue to grow, and this is true even and especially in uncertain times. Dear shareholders, this brings me to the end of my remarks for today. The 2025 fiscal year has once again demonstrated that our Allianz remains strong, successful, and capable of taking action even under challenging conditions. We act with a clear mission.
We make the most of every opportunity and turn crisis into drivers of progress, growth, and even better customer experience. This is how we build trust at a decisive moment at the place where the accident happened. We want a society that grows stronger through foresight and protection. This benefits our customers and of course you as shareholders as well. Thank you for your trust in our Allianz. Thanks for listening.
Thank you very much, Mr. Bäte. Ladies and gentlemen, since you elected me to the Supervisory Board in May 2017, we have had the privilege of witnessing Allianz's remarkable development together. Along with many fond memories, I'm stepping down from this office with a sense of gratitude towards my colleagues on the Supervisory Board for their consistently constructive cooperation, toward the Board of Management for the dedicated interesting collaboration, and this applies in a very special way to Mr. Bäte, my successor as Chairman of the Board of Management. He has met all expectations placed upon him, and I can say this unequivocally today, Allianz is very fortunate to have him as CEO, and it also shows the traditional good succession planning in the Group that he can also rely on in the future. I thank you, dear shareholders, for the trust you have placed in me.
It fills me with great joy that I was able to work for Allianz in positions of responsibility over so many years. Ladies and gentlemen, towards the end, just a short thought that was already mentioned in a way. We are currently witnessing the beginning of a profound transformation driven by artificial intelligence. This opens up unprecedented opportunities for humanity to accelerate progress. At the same time, traditional structures will come massively under pressure, and this is something that unsettles many people. This is the major topic of our time, one that all levels of our society, including Allianz, have to address. I wish the Supervisory Board, the Board of Management, and the employees of Allianz every success in tackling the current and future challenges and opportunities.
Ladies and gentlemen, with this, we have reached the end of the public part of the live broadcast of today's Annual General Meeting. I would like to seize the opportunity to bid farewell to all viewers of the public live stream, and I thank you very much for your interest in Allianz.