- Oliver Bäte, Chief Executive Officer of Allianz SE
Earnings Release: 1Q 2026
Allianz delivers record operating profit in strong start to 2026
“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.
We remain disciplined in our delivery as we work to expand affordable protection and retirement for more people, harnessing the potential of AI to serve them in an even more efficient and personalized way.
By rigorously combining technological advancements with our expertise and empathy to meet customer needs, we create a unique value proposition and opportunities for everyone who puts their trust into Allianz.”
Financial Highlights
Allianz Group: Strong start to 2026
Swipe to view more
|
Key performance indicator |
1Q 2026 |
Change vs prior year |
|---|---|---|
|
Total business volume (€ bn); change shows internal growth |
53.0 |
3.5% |
|
Operating profit (€ mn) |
4,517 |
6.6% |
|
Shareholders’ core net income (€ mn) |
3,785 |
48.4% |
|
Core return on equity (annualized) (%) 6 |
24.2 |
6.1%-p |
|
Solvency II ratio (%) 6 |
221 |
2%-p |
“Allianz’s first-quarter performance reflects the quality of our diversified portfolio and the rigorous execution of our strategic priorities.
We built on the momentum of an excellent 2025, achieving profitable growth and a record operating profit of 4.5 billion euros. These results demonstrate our ability to create sustainable value for our customers and shareholders, even in a demanding operating environment.
We remain focused on the delivery of our ambitions and affirm our full-year outlook with confidence.”
Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE
Our total business volume amounted to 53.0 billion euros (1Q 2025: 54.0 billion euros). Internal growth, which excludes the effects of foreign-currency translation as well as acquisitions and divestments, was 3.5 percent. The Property-Casualty segment was the main contributor with strong business growth also in Asset Management.
Operating profit rose 6.6 percent to a record level of 4.5 (4.2) billion euros and reached 26 percent of our full-year outlook midpoint. This reflects a strong development of our Property-Casualty and Asset Management segments. The performance of our Life/Health segment was resilient in a volatile market environment.
Shareholders’ core net income advanced 48.4 percent to 3.8 (2.6) billion euros. Adjusted for the effects of the sale of the stakes in our Indian Joint Ventures and offsetting measures, shareholders’ core net income advanced strongly by 7 percent2, almost exclusively driven by a higher operating profit.
Core earnings per share (EPS)7 amounted to 9.96 (6.61) euros, an increase of 50.7 percent. Adjusted for the above-mentioned effects, growth was excellent at 9 percent2, the top-end of our 7-9 percent CAGR target for the 2025-2027 strategic cycle.
Allianz delivered an annualized core return on equity (RoE)7 of 24.2 percent in 1Q 2026 (12M 2025: 18.1 percent). Adjusted for the above-mentioned effects, our annualized core return on equity was at a very strong level of 18 percent2.
This performance was achieved while we further strengthened our capitalization. Our Solvency II ratio reached 221 percent, an increase of 2 percentage points compared to full-year 2025 (218 percent), supported by strong capital generation.
Outlook
Allianz is on track to achieve its full-year outlook of an operating profit of 17.4 billion euros, plus or minus 1 billion euros.
Other
The share buy-back program of up to 2.5 billion euros, announced on February 25, 2026, is underway and 0.3 billion euros were completed in the first three months of 2026.
Property & Casualty: Another record performance
Swipe to view more
|
Key performance indicator |
1Q 2026 |
Change vs prior year |
|---|---|---|
|
Total business volume (€ bn); change shows internal growth |
28.3 |
6.8% |
|
Operating profit (€ mn) |
2,411 |
11.1% |
|
Combined ratio (%) |
91.0 |
-0.9%-p |
|
Loss ratio (%) |
67.3 |
-0.4%-p |
|
Expense ratio (%) |
23.7 |
-0.5%-p |
Core messages Property & Casualty insurance 1Q 2026
- Sustained strong internal growth, in particular in retail
- Highest quarterly operating profit ever, reaching 27 percent of our full-year outlook midpoint
- Combined ratio excellent; strong underwriting performance and very good expense ratio
In 1Q 2026, total business volume reached 28.3 (1Q 2025: 27.0) billion euros. Internal growth was strong at 6.8 percent, sustaining the good momentum from last year. Allianz maintained a successful balance of growing its business while keeping underwriting discipline.
The record operating profit of 2.4 (2.2) billion euros marked a successful start to the year, reaching 27 percent of our full-year outlook midpoint. Operating profit advanced 11.1 percent, entirely driven by a higher insurance service result.
The combined ratio improved to an excellent level of 91.0 percent (91.8 percent), ahead of our full-year outlook of 92 to 93 percent. This development was supported by the loss ratio and expense ratio.
The loss ratio was at a strong level of 67.3 percent (67.7 percent), an improvement of 0.4 percentage points. The expense ratio developed favorably by 0.5 percentage points to 23.7 percent, reflecting top-line growth and productivity gains.
The retail8 business sustained its momentum and delivered strong internal growth of 8 percent. The segment’s combined ratio further improved to 91.4 percent (91.8 percent).
In the commercial9 business, internal growth of 6 percent was good. The segment achieved an excellent combined ratio of 90.3 percent (91.7 percent).
Life/Health insurance: Resilient performance
Swipe to view more
|
Key performance indicator |
1Q 2026 |
Change vs prior year |
|---|---|---|
|
PVNBP (€ mn) |
23,727 |
-9.1% |
|
New business margin (%) |
5.3 |
-0.2%-p |
|
VNB (€ mn) |
1,260 |
-12.5% |
|
Operating profit (€ mn) |
1,354 |
-5.1% |
|
Contractual Service Margin (€ bn, eop) |
55.4 |
1.7% 10 |
Core messages Life/Health insurance 1Q 2026
- Value of new business at a good level of 1.3 billion euros, with a high-quality business mix
- New business margin of 5.3 percent above our ambition level of at least 5 percent
- Operating profit of 1.4 billion euros resilient in a volatile environment
In 1Q 2026, PVNBP, the present value of new business premiums, amounted to a good level of 23.7 (1Q 2025: 26.1) billion euros. Adjusted for foreign currency translation effects and the sale of our stake in UniCredit Allianz Vita, PVNBP reduced only marginally – by 1 percent – from an exceptionally strong prior year level. 91 percent (91 percent) of our new business was generated in our preferred lines of business (capital-efficient products, unit-linked without guarantees, protection & health).
The new business margin (NBM) was healthy at 5.3 percent (5.5 percent), ahead of our ambition level of at least 5 percent. The value of new business (VNB) reached a good level of 1.3 (1.4) billion euros. Adjusted for foreign currency translation effects, the sale of our stake in UniCredit Allianz Vita, and exceptional large contracts in Germany in the prior year quarter, VNB remained broadly stable.
Operating profit remained resilient at 1.4 (1.4) billion euros in a volatile operating environment. Adjusted for foreign currency translation effects as well as the sale of the stakes in our Indian Joint Ventures and in UniCredit Allianz Vita, operating profit was up 3 percent.
The Contractual Service Margin (CSM) was 55.4 (12M 2025: 55.7) billion euros. Normalized CSM growth was 1.7 percent, supporting our full-year expectations of around 5 percent.
Asset Management: Excellent organic growth with record 1Q inflows
Swipe to view more
|
Key performance indicator |
1Q 2026 |
Change vs prior year |
|---|---|---|
|
Operating revenues (€ bn); change shows internal growth |
2.2 |
12.7% |
|
Operating profit (€ mn) |
857 |
5.8% |
|
Cost-income ratio (%) |
60.4 |
-0.9%-p |
|
Third-party net flows (€ bn) |
45.2 |
57.6% |
|
Third-party assets under management (€ bn) |
2,043 |
6.7% |
|
Average third-party assets under management (€ bn) |
2,041 |
5.1% |
Core messages Asset Management 1Q 2026
- Assets under management (AUM)-driven revenues grow by 11 percent (F/X adjusted)
- Operating profit increases by 15 percent (F/X adjusted)
- Record first quarter net inflows of 45 billion euros
In 1Q 2026, operating revenues increased to 2.2 billion euros, an internal growth of 12.7 percent. This was supported by higher AuM-driven revenues, which advanced by 11.1 percent (F/X adjusted), as well as by higher performance fees.
Operating profit was strong at 857 (1Q 2025: 811) million euros, up 5.8 percent. Adjusted for foreign currency translation effects, operating profit increased by 15.0 percent. The cost-income ratio (CIR) improved to a very good level of 60.4 percent (61.3 percent), which is ahead of our full-year ambition of less than 61 percent. This development reflects sustained top-line momentum and management actions.
Third-party assets under management reached a record level of 2.043 trillion euros as of March 31, 2026 (4Q 2025: 1.990 trillion euros; 1Q 2025: 1.914 trillion euros). Very strong net inflows of 45 billion euros were the main contributor. Average third-party assets under management increased to 2.041 trillion euros, 5.1 percent above 1Q 2025.
Footnotes
1 Total growth -1.8 percent in 1Q 26.
2 Adjusted for sale of stakes in Indian JVs (net income impact: -0.1 billion euros tax provision in 1Q 25 and 1.1 billion euros gain in 1Q 26) and offsetting measures (net income impact: -0.15 billion euros in 1Q 26).
3 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.
4 Based on quarterly dividend accrual; additional accrual to reflect FY dividend would impact Solvency II capitalization ratio by -11%-p as of March 31, 2026. This applies to all information regarding the Solvency II capitalization ratio in this document.
5 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.
6 Change versus full-year 2025.
7 Core EPS and core RoE calculation based on shareholders‘ core net income.
8 Retail including SME and Fleet. This applies to all information related to retail in this document.
9 Commercial including large Corporate, MidCorp, credit insurance, internal and 3rd party R/I. This applies to all information related to commercial in this document.
10 Normalized CSM growth compared to December 31, 2025.
1Q 2026 Results Table
Allianz Group - key figures 1st quarter 2026
Swipe to view more
|
|
|
|
|
1Q 2026
|
1Q 2025
|
Delta
|
|
|---|---|---|---|---|---|---|---|
| Total business volume | € bn | 53.0 | 54.0 | -1.8% | |||
| - Property-Casualty | € bn | 28.3 | 27.0 | 4.9% | |||
| - Life/Health | € bn | 22.6 | 25.0 | -9.6% | |||
| - Asset Management | € bn | 2.2 | 2.1 | 3.5% | |||
| - Consolidation | € bn | -0.1 | -0.1 | 4.1% | |||
| Operating profit / loss | € mn | 4,517 | 4,238 | 6.6% | |||
| - Property-Casualty | € mn | 2,411 | 2,170 | 11.1% | |||
| - Life/Health | € mn | 1,354 | 1,427 | -5.1% | |||
| - Asset Management | € mn | 857 | 811 | 5.8% | |||
| - Corporate and Other | € mn | -114 | -165 | -30.9% | |||
| - Consolidation | € mn | 8 | -4 | n.m. | |||
| Net income | € mn | 3,846 | 2,581 | 49.0% | |||
| - attributable to non-controlling interests | € mn | 156 | 158 | -1.3% | |||
| - attributable to shareholders | € mn | 3,690 | 2,423 | 52.3% | |||
| Shareholders’ core net income1 | € mn | 3,785 | 2,550 | 48.4% | |||
| Core earnings per share2 | € | 9.96 | 6.61 | 50.7% | |||
| Additional KPIs | |||||||
| - Group | Core return on equity3 | % | 24.2% | 18.1% | 6.1% | -p | |
| - Property-Casualty | Combined ratio | % | 91.0% | 91.8% | -0.9% | -p | |
| - Life/Health | New business margin | % | 5.3% | 5.5% | -0.2% | -p | |
| - Asset Management | Cost-income ratio | % | 60.4% | 61.3% | -0.9% | -p | |
| 03/31/2026 | 12/31/2025 | Delta | |||||
| Shareholders' equity4 | € bn | 65.9 | 62.7 | 5.1% | |||
| Contractual service margin (net) | € bn | 34.9 | 35.4 | -1.3% | |||
| Solvency II capitalization ratio5 | % | 221% | 218% | 2% | -p | ||
| Third-party assets under management | € bn | 2,043 | 1,990 | 2.6% | |||
Please note: The figures are presented in millions of Euros, unless otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
1_ Presents the portion of shareholders’ net income before non-operating market movements and before amortization of intangible assets from business combinations (including any related income tax effects).
2_ Calculated by dividing the respective period’s shareholders' core net income, adjusted for net financial charges related to undated subordinated bonds classified as shareholders' equity, by the weighted average number of shares outstanding (basic core EPS).
3_ Represents the annualized ratio of shareholders’ core net income to the average shareholders’ equity at the beginning and at the end of the period. Shareholders’ core net income is adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity. From the average shareholders’ equity, undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses are excluded. Annualized figures are not a forecast for full year numbers. For 1Q 2025, the core return on equity for the respective full year is shown.
4_ Excluding non-controlling interests.
5_ Risk capital figures are group diversified at 99.5% confidence level. Solvency II capitalization ratio is based on quarterly dividend accrual; additional accrual to reflect FY dividend would impact solvency II capitalization ratio by -11%-p as of 31 March 2026.
Rating
Swipe to view more
|
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.
Media Conference Call | 9:30 am CEST
Analyst Conference Call | 2:30 pm CEST
Related links
Media conference
May 13, 2026, 9:30 am CEST
Analyst conference
May 13, 2026, 2:30 pm CEST
Results
The results and related documents can be found in the Download Center.
Upcoming events
Financial Results 2Q & 6M 2026
August 7, 2026
More information can be found in the financial calendar.
Media contacts
Investor Relations contacts
Further information
About Allianz
The Allianz Group is one of the world’s leading insurers and asset managers, active in almost 70 countries and serving around 97 million private and corporate customers*. Our customers benefit from a broad range of personal and corporate insurance services, including property, life and health insurance, as well as assistance services, credit and global business insurance. Recognized for the seventh consecutive year as the number one global insurance brand in Interbrand’s Best Global Brands 2025 ranking, Allianz’s success is built on technology-enabled customer centricity – providing peace of mind, protection, and prevention for our customers and strengthening the resilience of individuals, communities, and societies. We are one of the world’s largest investors, managing around 770 billion euros** on behalf of our 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 environmental and social criteria in our business processes and investment decisions, Allianz received an MSCI ESG Rating of AAA (as of March 2026). In 2025, our 156,000 dedicated employees achieved a total business volume of 186.9 billion euros and an operating profit of 17.4 billion euros for our shareholders.
* As of December 31, 2025. Customer count reflects Allianz customers in consolidated entities that are part of the customer reporting scope only
.** As of March 31, 2026.
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:
