Allianz SE Q1 2026 Earnings Recap

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.