Allianz Research

Allianz Global Wealth Report 2023:
The next chapter

2022 was a turning point, both politically and economically. Whether it also marked a turning point for financial assets will certainly only become clear in retrospect. 

Weed out the laggards: Sustainability as a credit filter

Financial fundamentals remain the primary drivers of credit risk. Across more than 7,400 companies and 280,000 firm-year observations, profitability (ROA), leverage and size collectively explain the vast majority of variation in credit risk. 

Matryoshka market: Nested convictions in equities

Geopolitical resolution is the master assumption. Equity markets are pricing a framework agreement by September, consistent with the prediction market consensus and the pronounced kink in VIX term structure at Q3. 

Allianz Global Insurance Report 2026

The global insurance industry is estimated to have grown by +7.1% to EUR6.9trn in 2025, adding EUR456bn to the global premium pool. Although growth moderated from the exceptional +9.4% recorded in 2024, it remained comfortably above the ten year compound average growth rate (CAGR) of +5.6%, confirming that the industry’s growth drivers remain firmly intact. Life insurance remained the largest segment (EUR2,861bn), followed by P&C (EUR2,320bn) and health (EUR1,688bn).