- Allianz SE
- 13 May 2026 10:30:50
Source: Sharecast
Europe’s largest insurer by market value said operating profit rose 6.6% year on year to €4.52bn, ahead of the €4.37bn expected by analysts in a company-compiled consensus.
Total business volume was €53.0bn, representing internal growth of 3.5%, driven mainly by property-casualty and asset management.
Net profit attributable to shareholders rose to €3.69bn from €2.42bn a year earlier, according to the Wall Street Journal, while shareholders’ core net income increased 48.4% to €3.8bn.
Allianz said the result was boosted by the sale of stakes in its Indian joint ventures.
Adjusting for those effects and offsetting measures, core net income rose 7%.
Chief executive Oliver Bäte said: “Allianz delivered a record operating profit in the first quarter of 2026 - a testament to the strength of our fundamentals and the effectiveness of our customer-centered strategy.”
The company reaffirmed its 2026 operating profit target of €17.4bn, plus or minus €1bn.
“Allianz’s first-quarter performance reflects the quality of our diversified portfolio and the rigorous execution of our strategic priorities,” said chief financial officer Claire-Marie Coste-Lepoutre.
“We built on the momentum of an excellent 2025, achieving profitable growth and a record operating profit of €4.5bn.”
Property-casualty operating profit rose 11.1% to a record €2.41bn, supported by strong underwriting and productivity gains.
Business volume in the division rose 6.8% on an internal basis to €28.3bn.
The combined ratio improved to 91.0% from 91.8%, ahead of Allianz’s full-year target range of 92% to 93%, with both the loss ratio and expense ratio improving.
The retail property-casualty business generated internal growth of 8%, while commercial grew 6%.
Allianz said underwriting discipline remained strong across both areas, with combined ratios improving to 91.4% in retail and 90.3% in commercial.
Asset management also delivered a strong quarter, with operating profit rising 5.8% to €857m.
Operating revenue grew 12.7% internally, supported by higher assets under management-driven revenue and performance fees.
Third-party net inflows reached a record first-quarter level of €45.2bn, lifting third-party assets under management above €2trn for the first time to €2.04trn.
Bloomberg said Pimco attracted €37.6bn from external clients during the quarter, while Allianz Global Investors drew €7.6bn of new money.
Life and health operating profit fell 5.1% to €1.35bn, although Allianz said the division remained resilient in a volatile market environment.
The present value of new business premiums declined 9.1% to €23.7bn, but Allianz said the fall was only 1% after adjusting for currency effects and the sale of its stake in UniCredit Allianz Vita.
The new business margin remained above target at 5.3%.
Allianz’s capital position strengthened, with its Solvency II ratio rising two percentage points from the end of 2025 to 221%, supported by strong capital generation.
Annualised core return on equity reached 24.2%, or 18% after adjusting for the Indian joint venture sale and offsetting measures.
The group said its share buyback programme of up to €2.5bn, announced in February, was underway, with €0.3bn completed in the first quarter.
Allianz said it was targeting average shareholder distributions of at least 75% of net income through dividends and buybacks.
At 1112 CEST (1012 BST), shares in Allianz were up 1.28% in Frankfurt at €372.80.
Reporting by Josh White for Sharecast.com.