AllianzGI acquires a stake in the German electricity grid Amprion from Talanx

• Allianz Global Investors enters into a partnership with Talanx Versicherungsgruppe for the expansion of Germany’s second-largest electricity grid Amprion.
• This is Allianz’s first direct equity investment in a German electricity grid.
• AllianzGI and Talanx are planning significant investments in energy security and supply for around 29 million people from the North Sea to the Alps.

26.03.2026 | Allianz Global Investors (“AllianzGI”) and Talanx Insurance Group (“Talanx”) announced today that AllianzGI signed an agreement on behalf of Allianz insurance companies and the Allianz European Infrastructure Fund II, to acquire an indirect stake in the German electricity grid operator Amprion from Talanx. Talanx is part of M31 Beteiligungsgesellschaft, which holds a 74.9 percent stake in Amprion. As part of this partnership, Allianz and Talanx plan to invest significant capital in the expansion of Germany’s second-largest electricity grid over the coming years, in order to secure the energy supply for millions of people and drive forward the energy transition.

Amprion is a leading transmission system operator in Europe with an extra-high-voltage grid spanning over 11,000 km and supplies electricity to around 29 million people in Germany. Significant investment will be required over the next few years to construct or upgrade a total of 9,300 km of power lines.

Through this investment, Allianz will work alongside Talanx to help strengthen the country’s secure and competitive energy supply and its critical energy infrastructure. Expanding the electricity grid is a key factor in increasing the share of renewable energy whilst also enhancing the stability, flexibility and efficiency of the energy system.

"Long-term infrastructure investments are a key component of our investment strategy. Particularly in the context of the energy transition, electricity grids are becoming increasingly important as the backbone of a decarbonised energy system. We are therefore delighted to make our first direct equity investment in a German electricity grid. Through targeted equity investments, we not only strengthen the resilience of the energy supply but also enable our customers to benefit from attractive, long-term growth trends," explains Mario Skoric, Chief Executive Officer at Allianz Investment Management.

"A modern, resilient electricity grid, alongside traditional and innovative energy transition technologies, is crucial for energy security and competitiveness. As a long-standing investor in energy infrastructure, we are delighted to be working with our like-minded partner Talanx to drive forward the development of Germany’s second-largest electricity grid and to generate attractive long-term returns for our clients. The investment in Amprion complements our existing portfolio in Germany very well, which already includes the first German-British electricity interconnector, a recently announced battery storage project, as well as wind and solar farms," says Édouard Jozan, Head of Private Markets, Allianz Global Investors.

"More renewable energy and a better energy supply require greater grid capacity. To achieve the country’s climate neutrality by 2045, the proportion of renewable energy fed into the grid must be significantly increased. A modern and efficient grid is essential for this. We are convinced that, together with our partner, we can make an important contribution to the energy security of our country and our customers, and we look forward to working with the Allianz Group," says Dr Jan Wicke, Chief Financial Officer, Talanx AG.

"With this transaction, two established infrastructure partners from the German insurance market are pooling their expertise in the field of electricity grids under an investor agreement. Since 2011, Amprion has proven itself to be a successful and stable investment within the Talanx Insurance Group’s infrastructure portfolio. We will support Amprion’s long-term growth trajectory over the coming years with additional investments and our network, confident that attractive returns will continue, thereby ensuring that Amprion’s long-term financing remains secure," says Dr Thomas Mann, Chief Investment Officer, Ampega Asset Management GmbH.

The transaction is expected to be completed in the second quarter of 2026, subject to the usual closing conditions.

About Allianz Global Investors:

Allianz Global Investors is a leading active asset manager with more than 700 investment professionals in 21 offices worldwide, and managing EUR 591 billion in assets. We believe that with every change comes an opportunity. Our goal is to actively shape the future of investing for all our clients, wherever their location and whatever their objectives. Curious and active in everything we do, we aspire to generate impact beyond alpha, steering our clients’ assets towards the right place at the right time, and building solutions that draw on capabilities across public and private markets.

Our focus on protecting and growing our clients’ assets allows us to create trusted partnerships, underpinned by a commitment to sustainability and driving positive change.

Data as at 31 December 2025. Total assets under management are assets or securities portfolios, valued at current market value, for which Allianz Global Investors companies are responsible vis-à-vis clients for providing discretionary investment management decisions and portfolio management, either directly or via a sub-advisor (these include Allianz Global Investors assets which are now sub-advised by Voya IM since 25 July 2022). This excludes assets for which Allianz Global Investors companies are primarily responsible for administrative services only. Assets under management are managed on behalf of third parties as well as on behalf of the Allianz Group.

About Allianz

The Allianz Group is one of the world’s leading insurers and asset managers with around 97 million customers* in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 764 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 2.0 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2025, over 156,000 employees achieved total business volume of 186.9 billion euros and an operating profit of 17.4 billion euros for the Group.

* Customer count reflects Allianz customers in consolidated entities that are part of the customer reporting scope only.
** As of December 31, 2025.

About Talanx

With insurance premiums of EUR 49.0 billion (2025) and around 30,000 employees worldwide, Talanx is one of Europe’s leading insurance groups. Headquartered in Hanover, the company operates in more than 175 countries. Talanx operates as a global multi-brand provider with a focus on B2B insurance. Under the HDI brand, Talanx operates both domestically and internationally in corporate and specialist insurance as well as in personal and commercial insurance. The Group also includes Hannover Re, one of the world’s leading reinsurers, other national and international brands in personal and commercial insurance such as Yelum in Brazil and Warta in Poland, as well as Ampega, one of Germany’s major asset management companies. Rating agencies have assigned the Talanx primary insurance group a financial strength rating of AA- (“very strong”) from Standard & Poor’s and A+ (“superior”) from AM Best. The Hannover Re Group is rated AA- (“very strong”) by Standard & Poor’s and A+ (“superior”) by AM Best. Talanx AG is listed on the Frankfurt Stock Exchange in the MDAX and on the Hanover Stock Exchange (ISIN: DE000TLX1005, WKN: TLX100).

About Ampega

The Ampega companies act as asset managers for the Talanx Group. Ampega Asset Management GmbH also manages the real estate asset class at both operational and strategic levels for the companies within the Talanx Group and optimises their value growth. The companies are responsible for and manage capital and real estate investments totalling around EUR 194 billion (as at 31 December 2025).