Allianz SE Earnings Recaps
Q1 2026
May 14, 2026
The stock gained 3.3% following a solid quarter marked by better-than-expected growth and profitability, driven by record operating profit in P&C and strong results in Asset Management. The market rewarded the company’s resilience and execution despite ongoing macroeconomic uncertainty.
Key takeaways
- Operating profit rose nearly 7% year-on-year, led by a double-digit increase in P&C reaching a new record level and a 6% (15% FX-adjusted) rise in Asset Management profits.
- P&C volume grew internally by 7%, split evenly between price and volume, with a combined ratio of 91%, reflecting strong underwriting profitability and improved expense management.
- Life & Health business showed resilience; new business volumes were slightly up when adjusting for prior-year high comparables, FX, and disposals, with attractive product mix and normalized Life CSM growth of 1.7%.
- Core net income, excluding the one-time EUR 1.1 billion Bajaj disposal gain, rose 7%, with return on equity at 18% and EPS growth of 9%, indicating solid underlying earnings momentum.
- The Solvency II ratio remained strong at 221%, evidencing robust capital generation and risk resilience amid market volatility.
Q3 2025
Nov 15, 2025
Allianz reported a robust third quarter with operating profit growth exceeding 10% year-to-date, driven by strong business volume increase and improved profit margins across all segments.
Key takeaways
- Year-to-date business volume growth reached 8.5%, diversified across segments and geographies.
- Operating profit is up over 10%, with core net income growth accelerating to 10.5% year-to-date.
- The Property & Casualty segment achieved a 15% increase in operating profit, with a combined ratio of 91.6%.
- Life Finance is on track with a 4% growth in value of new business, and operating profit reached EUR 4.2 billion, up 6% adjusted for FX.
- Asset Management delivered record net inflows of EUR 51 billion for the quarter, boosting the year-to-date growth rate to 7%.