The European stock markets rose significantly in 2023. The EURO STOXX 50 was 19.2% higher than at the beginning of the year. The upward movement was largely driven by increasing optimism that the central banks' cycle of interest rate hikes was over.

Although insurance stocks also recorded price gains, these were less pronounced than on the broader markets, as can be seen from the STOXX Europe 600 Insurance (+8.8%). The Allianz share performed significantly better with an increase of 20.4% to a closing price of 241.95 euros. Including the dividend of 11.40 euros, this results in an increase of 26.8%. Allianz shares were also an attractive investment in the long term. In a ten-year comparison, the average annual increase in value was 11.5%.

2022 turned out to be a difficult year for stocks. Already at the beginning of the year increasing concerns about inflation weighed on the sentiment. The outbreak of war in Ukraine in February then fundamentally changed the stock market environment. Along with rising commodity prices, inflation accelerated and the central banks triggered a price decline on the stock markets with a wave of interest rate increases. Year-on-year, the EURO STOXX 50 fell by 11.7%.

The performance of the insurance sector was significantly better. The STOXX Europe 600 Insurance traded almost unchanged (-1.0%). The Allianz share recorded a slight fall of 3.3% to 200.90 euros. Including the dividend of 10.80 euros, the increase in value was 2.0%. In a ten-year comparison, the average annual increase in value was 11.8%.

Stock markets were again dominated by the pandemic in 2021. While the price upswing on the stock exchanges in the first half of the year was driven by hope of rapid success in the vaccination campaigns, the price increases flattened out in the second half of the year, as a result of new virus variants and increasing inflation. In a year-on-year comparison, the EURO STOXX 50 increased by 21.0%.

For the insurance sector, the plus was somewhat less pronounced. The STOXX Europe 600 Insurance gained 15.4%. Allianz shares traded 3.5% higher at 207.65 euros as the possible impact of legal disputes in the USA weighed on the price. Including the dividend of 9.60 euros, the increase in value was 8.1%. In a five-year comparison, the average annual increase in value was 10.8%.

Stock markets were dominated by the COVID-19 pandemic in 2020. An initially positive start to the year was followed by massive price losses as a result of the outbreak of the pandemic, before a combination of political aid measures for the economy and expansionary central bank policy led to a noticeable recovery on the stock markets. In a year-on-year comparison, the EURO STOXX 50 fell by 5.1%.

The losses for the European insurance sector were more pronounced than for the overall market with the STOXX Europe 600 Insurance closing 13.5% lower. Allianz shares performed significantly better and, with a year-end price of 200.70 euros, traded 8.1% weaker than at the beginning of the year. Including the dividend of 9.60 euros, the loss in value is reduced to 2.5%. In the longer term, the balance remains positive: in a five-year comparison, the average annual increase in value was 9.3%.

European equity markets advanced significantly in 2019. The EURO STOXX 50 was 24.8% higher than at the beginning of the year. The course drivers identified were the defusing of the political crises in Italy and Great Britain and the turnaround back to a very expansionary monetary policy led by the US Federal Reserve. The partial agreement in the trade dispute between China and the USA gave further impetus.

In line with the overall market, insurance stocks posted strong gains, as seen on the STOXX Europe 600 Insurance (+ 24.4%). The Allianz share performed similarly well with a plus of 24.7% to a closing price of 218.40 euros. Including the dividend of 9.00 euros, there is an increase of 30.3%.

The Allianz share was also an attractive investment in the long term. Over the past five years, there has been an average increase in value of 14.7%.

European stock markets suffered substantial losses in 2018. This can be seen at the EURO STOXX 50, which was 14.3% lower at the end of the year. On the one hand, concerns about Brexit and the Italian budget policy weighed on the overall sentiment. On the other hand, trade conflicts had an increasingly negative impact on company earnings.

For the European insurance sector, losses were lower than for the market as a whole. The STOXX Europe 600 Insurance declined by 10.1%. As in the previous three years, the Allianz share outperformed the insurance index, although it was 8.5% lighter at a year-end price of 175.14 euros. Including the dividend of 8.00 euros, the loss in value reduces to 4.7%. In the longer term, the overall balance remains positive: in the 5-year comparison, the average annual increase in value was 10.9%.

The European stock markets reported significant growth in 2017 as can be seen at the EURO STOXX’s 6.5 % increase. The central banks’ ongoing loose monetary policy, the outcome of the French presidential elections and the accelerated economic growth also spurred this development.

Insurance stocks developed in line with the broader market as the STOXX Europe 600 Insurance advanced 6.9%. The Allianz share outperformed its peers again last year and finished at 191.50 euros, a plus of 22.0%. Provided the dividend of 7.60 euros was reinvested in Allianz stock, the total return was even 27.3%. The share price performance reflects both the strong business development and our disciplined capital management.

Also in the long run Allianz share was an attractive investment. On a 5-year view, the average total return per annum reached 17.9%.

2016 proved to be a turbulent year for the stock market. After picking up the pace on the home straight, European stock markets reported a slight increase as the year drew to a close, as indicated by the EURO STOXX 50 (+0.7%). This comes after a period of what was, in some cases, a surprising change of course, for instance a turn brought about by the Brits' decision to leave the European Union or the outcome of the presidential elections in the US, with the latter to blame for the upswing on the stock markets in recent weeks.

Following double-digit growth reported by the European insurance stocks in the previous year, STOXX Europe 600 Insurance lost 5.6% in value in 2016. Falling interest rates and a continuous drop in investment returns put considerable pressure on the industry.

While Allianz' shares did outperform the insurance index, as was also the case in the previous year, the year-end share price equivalent to 157 euros represents a slight decrease of 4.0% compared to the same value at the end of 2015. Assuming dividend reinvestment in Allianz stock, this results in positive performance for the fifth time in a row, producing a yield of 1.0%. In other words, the overall balance remains positive, even in the long term: the average annual value increase came in at 21.8% in a five-year comparison.

Following a year of turbulent developments in share prices, European stock markets reported a slight increase as the year drew to a close. Back in spring, stock markets set new records, driven mainly by the expansionary monetary policy of the European Central Bank, as well as a weaker Euro. It was then, however, that a change occurred in the fundamental data, as the Euro embarked on a recovery course and the Greek crisis flared up again. Moreover, there were growing concerns about a possible slowdown in the Chinese economy. In circumstances like these, a 19.1% increase in the value of Allianz shares to 163.55 euros is substantial, outperforming the STOXX Europe 600 Insurance sector index (+14.0%) and the EURO STOXX 50 cross-sector index (+3.8%). Provided the dividend was reinvested in Allianz shares, investments in the company would have seen an increase of 24.6%. This year’s gain constitutes a double-digit rise in value for the fourth time in a row. Not only is this a reflection of favorable business developments, it is also testament to the positive reaction to an investor event, in which our Renewal Agenda was introduced in detail. Following the publication of the 2015 results on February 19, 2016, 63% of analysts issued a “buy” recommendation for Allianz shares – with an average price target of 174 euros. You can find the current analyst recommendations and profit forecasts here.

A rising share price in 2015 lends further credibility to the appeal of a long-term investment in Allianz shares. Investors who have had our shares in their portfolios for five years and opted to reinvest their dividends achieved an average annual performance of 18.1% over this period of time. Over the last ten years the corresponding gain came to 6.7%.

Despite the European Central Bank’s expansive monetary policy creating favorable conditions for stock markets in Europe, market appreciation in the region was modest, something that can be traced back to geopolitical crises and the Eurozone’s disappointing economic development. With these conditions in mind, the performance of Allianz’s share price was pleasing, rising by 5.4% to 137.35 euros. Provided the dividend was reinvested in Allianz shares, investments in the company would have seen a double-digit value increase for the third time in a row, namely +10.0% in this reporting year. This was stimulated by the strong performance of our business and the positive response to our new dividend policy. However, it was dampened by concerns over the potential ramifications of continually low interest rates and in particular the future performance of our asset manager PIMCO. As a result, the gains made by our shares fell short of those made by the STOXX Europe 600 Insurance (+9.8%). They nonetheless significantly outclassed the value increase of cross-sector indices such as the EURO STOXX 50 (+1.2%). Following the publication of the 2014 results on February 26, 2015, 49% of analysts issued a “buy” recommendation for Allianz shares – with an average price target of 152 euros. You can find the current analyst recommendations and profit forecasts at www.allianz.com/analystrecommendations.

The price gains made in 2014 also underpinned the appeal of a long-term investment in Allianz shares. Investors who have kept our shares in their portfolios for five years and opted to reinvest their dividends in Allianz shares achieved an average annual performance of 14.7% over this period of time. Over the last ten years the corresponding gain amounted to 7.5%.