- Oliver Bäte, Chief Executive Officer of Allianz SE
Earnings Release: 4Q and 12M 2025
Allianz achieves record operating profit of 17.4 billion euros – excellent start to new strategic cycle
“Allianz’s record results for 2025 demonstrate – again – our ability to deliver reliably, including in rapidly shifting and increasingly divisive environments. The strength of our performance and fundamentals goes well beyond our financial discipline and operational resilience. Our success is also powered by our leading brand strength, record customer loyalty, and highly motivated employees.
Customers expect protection and peace of mind at a price that they can afford, which is why our ability to offer superior value is so vital to the continued growth of our customer base. To mitigate deepening polarization in the world, it remains our strategic priority – as well as our societal responsibility – to ensure that people can access the freedom and security that our products and services provide.”
Financial Highlights
Allianz Group: An excellent start to our Capital Markets Day delivery
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|
Key performance indicator |
4Q 2025 |
Change vs prior year |
12M 2025 |
Change vs prior year |
|---|---|---|---|---|
|
Total business volume (€ bn)4 |
45.7 |
6.5% |
186.9 |
8.1% |
|
Operating profit (€ mn) |
4,297 |
3.0% |
17,374 |
8.4% |
|
Shareholders’ core net income (€ mn) |
2,731 |
12.2% |
11,113 |
10.9% |
|
Core return on equity (%) |
18.1 |
1.2%-p |
||
|
Solvency II ratio (%) |
218 |
10%-p |
“We had an excellent start into our new strategic cycle. Our performance highlights the strength and resilience of Allianz’s business model.
Allianz’s record results for 2025 are characterized by very good growth across our segments and excellent profitability, while we further enhanced our financial strength. This demonstrates our ability to create sustainable value for our customers and shareholders alike.
As we pursue our 2026 target of an operating profit of 17.4 billion euros, plus or minus
1 billion euros, we continue the focused execution of our strategic Capital Markets Day priorities to deliver on our 2025 – 2027 plan.”
- Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE
Allianz’s 12M 2025 results were excellent. Allianz sustained its momentum across all three segments and achieved a record operating profit.
Our total business volume expanded to 186.9 billion euros (12M 2024: 179.8 billion euros). Internal growth, which excludes the effects of foreign-currency translation as well as acquisitions and divestments, was strong at 8.1 percent, supported by growth across all segments.
Operating profit reached a record level of 17.4 (16.0) billion euros, an increase of 8.4 percent. The Property-Casualty business was the main growth driver and all business segments exceeded their full-year outlook midpoints.
Shareholders’ core net income rose by 10.9 percent to 11.1 (10.0) billion euros. Adjusted for a one-off tax provision related to the sale of our stake in our Indian Joint Ventures in 1Q 2025 and the divestment gain on the UniCredit Joint Venture in 2Q 2025, shareholders’ core net income was up by 9.3 percent.
Core earnings per share (EPS)5 amounted to 28.61 (25.42) euros, an increase of 12.5 percent. Adjusted for the above-mentioned one-off tax provision and divestment gain, core earnings per share rose 10.8 percent.
Allianz has delivered an excellent core return on equity (RoE)5 of 18.1 percent in 12M 2025 (12M 2024: 16.9 percent). Adjusted for the effects of the one-off tax provision and divestment gain, the core return on equity was 17.8 percent.
This performance was achieved while Allianz further strengthened its capitalization. The Solvency II ratio was 218 percent, an increase of 10 percentage points compared to full-year 2024 (209 percent) and 3Q 2025 (209 percent). This development was supported by excellent operating capital generation of 25 percentage points after tax/before dividend.
In 4Q 2025, Allianz delivered a strong performance, characterized by good growth across our three segments and excellent profitability.
Our total business volume amounted to 45.7 billion euros (4Q 2024: 45.9 billion euros). Internal growth was good at 6.5 percent and all segments contributed.
Operating profit rose 3.0 percent to 4.3 (4.2) billion euros, reaching 27 percent of our full-year outlook midpoint. The increase was mainly driven by excellent operating profit growth in our Property-Casualty business.
Shareholders’ core net income advanced 12.2 percent to 2.7 (2.4) billion euros. A higher operating profit and an improved non-operating result contributed.
Outlook
In 2026, Allianz targets an operating profit of 17.4 billion euros, plus or minus 1 billion euros.
Other
The Board of Management proposes a dividend per share of 17.10 euros (2024: 15.40 euros) for 2025, an increase of 11.0 percent from 2024.
On February 25, 2026, Allianz has announced a new share buy-back program of up to 2.5 billion euros.
Property-Casualty insurance: Excellent delivery across all dimensions
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|
Key performance indicator |
4Q 2025 |
Change vs prior year |
12M 2025 |
Change vs prior year |
|---|---|---|---|---|
|
Total business volume (€ bn)4 |
19.9 |
6.7% |
86.7 |
8.2% |
|
Operating profit (€ mn) |
2,134 |
9.6% |
8,992 |
13.9% |
|
Combined ratio (%) |
93.6 |
-1.1%-p |
92.2 |
-1.3%-p |
|
Loss ratio (%) |
69.8 |
-0.9%-p |
68.3 |
-1.0%-p |
|
Expense ratio (%) |
23.8 |
-0.2%-p |
23.9 |
-0.3%-p |
Core messages Property-Casualty insurance 12M 2025
- Very good internal growth across retail and commercial
- Record operating profit, well exceeding the full-year outlook midpoint
- Excellent combined ratio supported by underwriting actions
In the 12M 2025 period, total business volume rose to 86.7 billion euros (12M 2024: 82.9 billion euros). Internal growth was very good at 8.2 percent.
Operating profit was excellent at 9.0 (7.9) billion euros, well exceeding our full-year outlook midpoint of 8.0 billion euros. Operating profit growth of 13.9 percent was almost exclusively driven by a higher operating insurance service result.
The combined ratio was at an excellent level of 92.2 percent (93.4 percent), with improvements in the loss ratio and the expense ratio. The loss ratio reached 68.3 percent, an improvement of 1.0 percentage point compared to prior year (69.3 percent). Lower natural catastrophe losses and underlying improvements from underwriting actions overcompensated a conservative run-off ratio. The expense ratio improved by 0.3 percentage points to 23.9 percent (24.2 percent), reflecting a successful ongoing productivity focus.
The retail6 business delivered excellent internal growth of 9 percent while our commercial7 business grew by 7 percent.
Profitability in both retail and commercial was strong. The retail combined ratio improved 1.8 percentage points to 92.4 percent (94.1 percent), while in commercial the combined ratio reached an excellent level of 91.7 percent (92.2 percent), an improvement of 0.5 percentage points.
Core messages Property-Casualty insurance 4Q 2025
- Strong internal growth of 6.7 percent
- Excellent operating profit of 2.1 billion euros, up 10 percent
- Very good combined ratio, supported by a better loss ratio and expense ratio
In 4Q 2025, total business volume reached 19.9 billion euros (4Q 2024: 19.5 billion euros), a strong internal growth of 6.7 percent.
The operating profit grew to 2.1 (1.9) billion euros, an increase of 9.6 percent, reaching 27 percent of our full-year outlook midpoint. A stronger operating insurance service result was the main driver.
The combined ratio improved to a very good level of 93.6 percent (94.7 percent). The loss ratio was 69.8 percent (70.7 percent), an improvement of 0.9 percentage points. The expense ratio improved by 0.2 percentage points to 23.8 percent (24.1 percent).
Our retail business delivered excellent internal growth of 9 percent and the combined ratio reached 94.5 percent (94.0 percent).
The commercial business achieved an internal growth of 3 percent, carefully managing the market environment, while the combined ratio improved by 4.0 percentage points to a strong level of 92.6 percent (96.6 percent).
Life/Health insurance: Consistently good results
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|
Key performance indicator |
4Q 2025 |
Change vs prior year |
12M 2025 |
Change vs prior year |
|---|---|---|---|---|
|
PVNBP (€ mn) |
21,163 |
-0.2% |
84,682 |
3.5% |
|
New business margin (%) |
5.8 |
0.3%-p |
5.7 |
-0.0%-p |
|
Value of new business (€ mn) |
1,217 |
5.3% |
4,829 |
2.9% |
|
Operating profit (€ mn) |
1,364 |
-4.2% |
5,601 |
1.7% |
|
Contractual Service Margin (€ bn, eop) |
55.7 |
1.4%8 |
55.7 |
5.2%9 |
Core messages Life/Health insurance 12M 2025
- Good PVNBP growth of 3.5 percent from exceptionally high prior year level
- Very good normalized CSM growth of 5.2 percent
- Operating profit above full-year outlook midpoint
In 12M 2025, PVNBP, the present value of new business premiums, reached 84.7 billion euros (12M 2024: 81.8 billion euros), an increase of 3.5 percent from an exceptionally high prior year level or 7.5 percent higher adjusted for foreign currency translation effects and scope changes10. Growth was spread across most regions. The share of new business premiums generated in our preferred lines was 91 percent (93 percent).
The new business margin remained strong at 5.7 percent (5.7 percent) and the value of new business rose to 4.8 (4.7) billion euros, an increase of 5.8 percent adjusted for foreign currency translation effects and scope changes10.
Operating profit grew to 5.6 (5.5) billion euros, an increase of 1.7 percent, and exceeding our full-year outlook midpoint.
The Contractual Service Margin (CSM) remained broadly stable at 55.7 billion euros compared to 55.6 billion euros11 at the end of 2024. Very good normalized CSM growth of 5.2 percent was largely offset by foreign currency translation effects and non-economic movements.
Core messages Life/Health insurance 4Q 2025
- New business margin strong at 5.8 percent
- Value of new business increases 12 percent adjusted for foreign currency translation effects and scope changes
- Operating profit good at 1.4 billion euros
In 4Q 2025, PVNBP, the present value of new business premiums, amounted to 21.2 billion euros (4Q 2024: 21.2 billion euros), an increase of 7.8 percent adjusted for foreign currency translation effects and scope changes10. The share of new business premiums generated in our preferred lines was 90 percent (92 percent).
The new business margin (NBM) of 5.8 percent (5.5 percent) was strong and above our ambition of at least 5 percent. The value of new business (VNB) increased by 5.3 percent to 1.2 (1.2) billion euros or 11.7 percent adjusted for foreign currency translation effects and scope changes10.
Operating profit reached a good level of 1.4 (1.4) billion euros, amounting to 25 percent of our full-year outlook midpoint.
Contractual Service Margin (CSM) increased to 55.7 billion euros (3Q 2025: 55.5 billion euros). Normalized CSM growth of 1.4 percent was very good and overcompensated non-economic movements.
Asset Management: Excellent third-party net inflows
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|
Key performance indicator |
4Q 2025 |
Change vs prior year |
12M 2025 |
Change vs prior year |
|---|---|---|---|---|
|
Operating revenues (€ bn)12 |
2.3 |
5.8% |
8.5 |
5.9% |
|
Operating profit (€ mn) |
928 |
-1.5% |
3,345 |
3.3% |
|
Cost-income ratio (%) |
60.0 |
-0.0%-p |
60.7 |
-0.4%-p |
|
Third-party net flows (€ bn) |
45.5 |
173.2% |
139.3 |
64.2% |
|
Third-party assets under management (€ bn) |
1,990 |
3.6% |
||
|
Average third-party assets under management (€ bn) |
1,978 |
4.8% |
1,914 |
5.8% |
Core messages Asset Management 12M 2025
- Operating profit increases 3 percent to 3.3 billion euros
- Cost-income ratio improves to 60.7 percent, ahead of full-year ambition of around 61 percent
- Excellent third-party net inflows of 139 billion euros
In 12M 2025, operating revenues increased to 8.5 billion euros (12M 2024: 8.3 billion euros), an internal growth of 5.9 percent. Growth was driven by higher AuM-driven revenues, which advanced by 8.3 percent adjusted for foreign currency translation effects. This was supported by higher average third-party AuM.
Operating profit rose to 3.3 (3.2) billion euros, up 3.3 percent, or 6.9 percent adjusted for foreign currency translation effects. The cost-income ratio (CIR) improved to a very good level of 60.7 percent (61.1 percent), ahead of our full-year ambition of around 61 percent. This development reflects strong underlying revenue momentum and management actions.
Third-party assets under management amounted to 1.990 (1.920) trillion euros as of December 31, 2025, reaching an all-time high. Excellent net inflows of 139 billion euros and positive market effects of 94 billion euros were partly offset by negative foreign currency translation effects of 170 billion euros. Average third-party assets under management amounted to 1.914 trillion euros, 5.8 percent above the 2024 average.
Core messages Asset Management 4Q 2025
- Assets under management (AuM)-driven revenues grow by 10 percent (F/X adjusted)
- Operating profit at 928 million euros, reaching 28 percent of our full-year outlook midpoint
- Strong third-party net inflows of 45 billion euros
In 4Q 2025, operating revenues reached 2.3 billion euros (4Q 2024: 2.4 billion euros), an internal growth of 5.8 percent. This was due to higher AuM-driven revenues, which increased by 10.5 percent adjusted for foreign currency translation effects.
Operating profit amounted to 928 (941) million euros, an increase of 5.3 percent adjusted for foreign currency translation effects. The cost-income ratio (CIR) was stable at an excellent level of 60.0 percent (60.0 percent).
Third-party assets under management of 1.990 trillion euros as of December 31, 2025 increased by 3.2 percent compared to 3Q 2025 (4Q 2024: 1.920 trillion euros; 3Q 2025: 1.928 trillion euros). Strong net inflows of 45 billion euros and market effects of 20 billion euros were the drivers. Average third-party assets under management increased 4.8 percent compared to 4Q 2024 and reached 1.978 trillion euros.
Footnotes
1 Internal growth; total growth 4.0 percent in 12M 2025 and -0.5 percent in 4Q 2025.
2 Solvency II ratio / Solvency II capitalization ratio: ratio that expresses the capital adequacy of a company by comparing own funds to SCR. This applies to all information related to the Solvency II ratio in this document.
3 As always, natural catastrophes and adverse developments in the capital markets, as well as factors stated in our cautionary note regarding forward-looking statements may severely affect the operating profit and/or net income of our operations and the results of the Allianz Group.
4 Change refers to internal growth.
5 Core EPS and core RoE calculation based on shareholders‘ core net income.
6 Retail including SME and Fleet. This applies to all information related to retail in this document.
7 Commercial including large Corporate, MidCorp, credit insurance, internal and 3rd party R/I. This applies to all information related to commercial in this document.
8 Normalized CSM growth fourth quarter 2025.
9 Normalized CSM growth 2025, percentage calculated including the scope changes in the base value in the first quarter 2025 and including UniCredit Allianz Vita S.p.A. until the sale in the second quarter 2025.
10 Sale of our stake in UniCredit JV and transfer of our German accident insurance with premium refund (APR) and the Austrian health businesses from the P/C segment to the L/H segment.
11 Figure includes gross CSM of EUR 0.8 bn as of December 31, 2024 for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the third quarter of 2024.
12 Internal growth.
4Q & 12M 2025 Results Table
Rating
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|
Ratings1 |
S&P Global |
Moody’s |
A.M. Best2 |
|---|---|---|---|
|
Insurer financial strength rating |
AA | stable outlook |
Aa2 | stable outlook |
A+ | stable outlook |
|
Counterparty credit rating |
AA | stable outlook |
Not rated |
aa3 | stable |
|
Senior unsecured debt rating |
AA |
Aa2 | stable outlook |
aa | stable |
|
Subordinated debt rating |
A+/A |
A1/A34 | stable outlook |
aa- / a+ | stable |
|
Commercial paper (short term) rating |
A-1+ |
Prime-1 |
Not rated |
1 Includes ratings for securities issued by Allianz Finance II B.V. and Allianz Finance Corporation.
2 A.M. Best's Rating Reports reproduced on www.allianz.com appear under licence from A.M. Best Company and do not constitute, either expressly or implicitly, an endorsement of Allianz's products or services. A.M. Best's Rating Reports are the copyright of A.M. Best Company and may not be reproduced or distributed without the express written consent of A.M. Best Company. Visitors to www.allianz.com are authorised to print a single copy of the rating report displayed there for their own use. Any other printing, copying or distribution is strictly prohibited. A.M. Best's ratings are under continual review and subject to change or affirmation. To confirm the current rating visit www.ambest.com.
3 Issuer credit rating.
4 Final ratings vary on the basis of the terms.
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About Allianz
The Allianz Group is one of the world’s leading insurers and asset managers with around 97 million customers* in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 764 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 2.0 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2025, over 156,000 employees achieved total business volume of 186.9 billion euros and an operating profit of 17.4 billion euros for the Group.
* Customer count reflects Allianz customers in consolidated entities that are part of the customer reporting scope only.
** As of December 31, 2025.
Cautionary note regarding forward-looking statements
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:
