Allianz SE Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	11,430	10,540	9,032	6,856	7,105
Depreciation & Amortization	2,178	2,154	2,272	2,179	2,525
Other Adjustments	5,013	-331	9,217	21,943	3,173
Changes in Reinsurance Contract Assets	-182	-1,033	210	-2,873	-1,385
Changes in Deferred Acquisition Costs	-	-	-	-	2,754
Changes in Unearned Premiums	-	-	-	-	1,261
Changes in Claims Reserves	23,810	27,519	16,023	-12,598	18,022
Changes in Income Taxes Payable	16	623	13	418	-358
Changes in Other Operating Activities	-9,058	-7,569	-12,306	2,026	-7,971
Operating Cash Flow	33,209	31,903	24,462	17,952	25,124
Operating Cash Flow Growth	4.09%	30.42%	36.26%	-28.55%	-21.61%
Capital Expenditures	-1,693	-1,627	-1,553	-1,444	-1,363
Sale of Property, Plant & Equipment	160	110	188	220	131
Purchases of Investments	-313,281	-281,113	-217,017	-268,719	-199,156
Proceeds from Sale of Investments	284,415	259,063	206,329	276,930	191,501
Payments for Business Acquisitions	-140	-280	-280	-199	-3,209
Proceeds from Business Divestments	1,163	315	-191	362	301
Other Investing Activities	2,479	-2,144	518	-22,142	-7,987
Investing Cash Flow	-26,897	-25,675	-12,007	-14,992	-19,783
Short-Term Debt Issued	2,883	1,916	1,364	2,975	1,454
Net Short-Term Debt Issued (Repaid)	2,883	1,916	1,364	2,975	1,454
Long-Term Debt Issued	5,273	7,290	5,505	5,848	4,593
Long-Term Debt Repaid	-6,262	-6,087	-5,619	-6,455	-6,299
Net Long-Term Debt Issued (Repaid)	-989	1,203	-114	-607	-1,706
Issuance of Common Stock	-1,994	-1,500	-2,202	-1,311	2
Net Common Stock Issued (Repurchased)	-1,994	-1,500	-2,202	-1,311	2
Issuance of Preferred Stock	1,073	-	-	-	2,303
Repurchase of Preferred Stock	-1,068	-	-	-	-
Net Preferred Stock Issued (Repurchased)	5	-	-	-	2,303
Common Dividends Paid	-6,387	-5,751	-4,931	-4,870	-4,270
Other Financing Activities	-296	-232	159	-555	-1,568
Financing Cash Flow	-6,778	-4,364	-5,724	-4,367	-3,786
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-1,362	426	-468	268	216
Net Cash Flow	-1,829	2,289	6,262	-1,140	1,771
Free Cash Flow	31,516	30,276	22,909	16,508	23,761
Free Cash Flow Growth	4.10%	32.16%	38.77%	-30.53%	-22.40%
FCF Margin	21.66%	20.57%	17.84%	18.89%	19.44%
Free Cash Flow Per Share	82.30	77.91	57.80	40.63	57.72
Levered Free Cash Flow	3,930	5,598	-1,573	9,095	1,821
Unlevered Free Cash Flow	2,691	3,088	-2,332	7,162	2,568

Updated Dec 31, 2025. Data Source: Fiscal.ai. Insurance template. Financial Sources.