Allianz SE Earnings Recaps
Q1 2026
May 15, 2026
Allianz’s shares edged up 1.8% post-earnings, reflecting a broadly steady quarter with solid growth and resilient profitability, though the market remained cautious amid no clear upside surprise.
Key takeaways
- Operating profit rose nearly 7% year-on-year, led by double-digit growth in P&C segment and a 6% (15% FX-adjusted) increase in Asset Management.
- P&C delivered an 11% operating profit increase with a combined ratio of 91%, driven by balanced price and volume growth and robust underwriting.
- Life & Health showed resilience despite FX headwinds and prior period disposals; underlying new business volumes were slightly up and new business value broadly stable.
- Core net income increased 7% with an 18% ROE and 9% EPS growth, excluding the EUR 1.1 billion Bajaj disposal gain, which is being neutralized over 2026.
- The Solvency II ratio remained strong at 221%, demonstrating balanced capital management amid market volatility.