Allianz SE Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	9,931	8,541	6,421	6,610
Depreciation & Amortization	1,282	1,450	1,413	1,710
Other Amortization	872	822	766	815
Gain (Loss) on Sale of Investments	4,434	7,254	23,782	-1,177
Change in Accounts Receivable	27,519	16,023	-12,598	-
Reinsurance Recoverable	-1,033	210	-2,873	-1,385
Change in Unearned Revenue	-	-	-	1,261
Change in Deferred Taxes	623	13	418	-358
Change in Insurance Reserves / Liabilities	2,964	644	-7,398	18,022
Change in Other Net Operating Assets	-13,274	-12,530	15,651	-2,897
Other Operating Activities	-1,267	2,203	-7,523	5,741
Operating Cash Flow	31,903	24,462	17,952	25,124
Operating Cash Flow Growth	30.42%	36.26%	-28.55%	-21.61%
Capital Expenditures	-1,915	-2,140	-1,618	-1,411
Sale of Property, Plant & Equipment	272	188	220	131
Cash Acquisitions	-280	-106	-199	-3,172
Investment in Securities	-21,876	-9,655	9,554	-11,266
Other Investing Activities	-2,143	517	-22,142	-171
Investing Cash Flow	-25,675	-12,007	-14,992	-19,783
Long-Term Debt Issued	9,206	6,869	8,823	8,350
Total Debt Repaid	-6,491	-6,020	-6,905	-6,695
Net Debt Issued (Repaid)	2,715	849	1,918	1,655
Issuance of Common Stock	-	-	-	2
Repurchases of Common Stock	-1,500	-2,202	-1,311	-
Common Dividends Paid	-5,376	-4,542	-4,383	-3,956
Other Financing Activities	-203	171	-591	-1,487
Financing Cash Flow	-4,364	-5,724	-4,367	-3,786
Foreign Exchange Rate Adjustments	426	-468	268	216
Miscellaneous Cash Flow Adjustments	137	51	-212	-
Net Cash Flow	2,427	6,314	-1,351	1,771
Free Cash Flow	29,988	22,322	16,334	23,713
Free Cash Flow Growth	34.34%	36.66%	-31.12%	-22.51%
Free Cash Flow Margin	27.94%	22.45%	17.05%	20.71%
Free Cash Flow Per Share	77.17	56.32	40.21	57.60
Cash Interest Paid	1,555	1,311	961	1,090
Cash Income Tax Paid	2,269	3,068	3,163	3,018
Levered Free Cash Flow	1,408	-2,839	-4,267	-2,286
Unlevered Free Cash Flow	2,349	-2,059	-3,741	-1,561
Change in Working Capital	16,799	4,360	-6,800	11,719

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.