Allianz/2026/Q1 earnings release
| Document info | |
|---|---|
| Organization | Allianz |
| Year | 2026 |
| Period | Q1 |
| Period label | 1Q26 |
| Document type | Earnings press release |
| Publication date | 2026-05-13 |
| Market timing | Pre-market |
| Language | English |
| Pages | 10 |
| Source | Original URL |
This article summarizes Allianz's Q1 2026 earnings release, published on 13 May 2026.
- Total business volume: EUR 53.0bn, with internal growth of +3.5% p. 1.
- Internal growth was driven by strong development in Property-Casualty and Asset Management p. 1.
- Operating profit: +6.6% to a record EUR 4.5bn p. 1.
- Shareholders' core net income: +48.4% to EUR 3.8bn, impacted by the sale of stakes in Indian Joint Ventures p. 1.
- Underlying growth in shareholders' core net income, adjusted for sale effects and offsetting measures, was +7% p. 1.
- Core earnings per share: +50.7% to EUR 9.96 p. 1.
- Underlying growth in core earnings per share, adjusted for the above-mentioned effects, was +9% p. 1.
- Annualized core RoE: 24.2% p. 1.
- Underlying annualized core RoE: 18% p. 1.
- Solvency II ratio: +2pts to 221% p. 1.
- Capital generation was strong p. 1.
Outlook & other
- Allianz is on track to achieve its full-year operating profit outlook of EUR 17.4bn, plus or minus EUR 1bn p. 1.
- A share buy-back program of up to EUR 2.5bn, announced on February 25, 2026, is underway p. 1.
- EUR 0.3bn of the share buy-back program was completed in 1Q 2026 p. 1.
CEO comment
"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." (Oliver Bäte, Chief Executive Officer of Allianz SE p. 1)
Financial highlights
- Allianz Group had a strong start to 2026 p. 2.
| Key performance indicator | 1Q26 | 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) (%) | 24.2 | 6.1%-p |
| Solvency II ratio (%) | 221 | 2%-p |
CFO comment
"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 p. 2)
- Total business volume: EUR 53.0bn (1Q 2025: EUR 54.0bn) p. 2.
- Internal growth: +3.5% p. 2.
- Property-Casualty segment was the main contributor to internal growth, with strong business growth also in Asset Management p. 2.
- Operating profit: +6.6% to a record EUR 4.5bn (prior: EUR 4.2bn) p. 2.
- Operating profit reached 26% of the full-year outlook midpoint p. 2.
- Operating profit development was strong in Property-Casualty and Asset Management segments p. 2.
- Life/Health segment performance was resilient in a volatile market environment p. 2.
- Shareholders' core net income: +48.4% to EUR 3.8bn (prior: EUR 2.6bn) p. 2.
- Adjusted shareholders' core net income (excluding Indian Joint Ventures sale and offsetting measures): +7%, almost exclusively driven by higher operating profit p. 2.
- Core earnings per share (EPS): EUR 9.96 (prior: EUR 6.61), an increase of +50.7% p. 2.
- Adjusted core EPS growth (excluding above-mentioned effects): +9%, which is the top-end of the 7-9% CAGR target for the 2025-2027 strategic cycle p. 2.
- Annualized core return on equity (RoE): 24.2% in 1Q 2026 (12M 2025: 18.1%) p. 2.
- Adjusted annualized core RoE (excluding above-mentioned effects): 18% p. 2.
- Solvency II ratio: 221%, an increase of 2pts compared to full-year 2025 (218%) p. 2.
- The increase in Solvency II ratio was supported by strong capital generation p. 2.
Outlook
- Allianz is on track to achieve its full-year outlook of an operating profit of EUR 17.4bn, plus or minus EUR 1bn p. 3.
Other
- The share buy-back program of up to EUR 2.5bn, announced on February 25, 2026, is underway p. 3.
- EUR 0.3bn of the share buy-back program was completed in the first three months of 2026 p. 3.
Property-Casualty insurance: Another record performance
| Key performance indicator | 1Q26 | 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 |
- Sustained strong internal growth, particularly in retail p. 3.
- Highest quarterly operating profit ever, reaching 27% of the full-year outlook midpoint p. 3.
- Combined ratio was excellent, with strong underwriting performance and a very good expense ratio p. 3.
- In 1Q 2026, total business volume reached EUR 28.3bn (1Q 2025: EUR 27.0bn) p. 3.
- Internal growth was strong at +6.8%, sustaining momentum from the previous year p. 3.
- Allianz maintained a balance of business growth and underwriting discipline p. 3.
- Record operating profit: EUR 2.4bn (prior: EUR 2.2bn) p. 3.
- Operating profit advanced +11.1%, entirely driven by a higher insurance service result p. 3.
- Combined ratio improved to 91.0% (prior: 91.8%), ahead of the full-year outlook of 92% to 93% p. 3.
- Combined ratio improvement was supported by the loss ratio and expense ratio p. 3.
- Loss ratio: 67.3% (prior: 67.7%), an improvement of 0.4pts p. 3.
- Expense ratio developed favorably by 0.5pts to 23.7%, reflecting top-line growth and productivity gains p. 3.
- Retail business internal growth: +8% p. 3.
- Retail segment combined ratio improved to 91.4% (prior: 91.8%) p. 3.
- Commercial business internal growth: +6% p. 3.
- Commercial segment combined ratio: 90.3% (prior: 91.7%) p. 3.
Life/Health insurance: Resilient performance
| Key performance indicator | 1Q26 | 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 |
- Value of new business: EUR 1.3bn, with a high-quality business mix p. 4.
- New business margin: 5.3%, above the ambition level of at least 5% p. 4.
- Operating profit: EUR 1.4bn, resilient in a volatile environment p. 4.
- In 1Q 2026, PVNBP (present value of new business premiums): EUR 23.7bn (1Q 2025: EUR 26.1bn) p. 4.
- Adjusted PVNBP (excluding foreign currency translation effects and UniCredit Allianz Vita sale): marginally reduced by -1% from an exceptionally strong prior year level p. 4.
- 91% of new business was generated in preferred lines (capital-efficient products, unit-linked without guarantees, protection & health) p. 4.
- New business margin (NBM): 5.3% (prior: 5.5%), ahead of the ambition level of at least 5% p. 4.
- Value of new business (VNB): EUR 1.3bn (prior: EUR 1.4bn) p. 4.
- Adjusted VNB (excluding foreign currency translation effects, UniCredit Allianz Vita sale, and exceptional large contracts in Germany in prior year): remained broadly stable p. 4.
- Operating profit: EUR 1.4bn (prior: EUR 1.4bn) p. 4.
- Adjusted operating profit (excluding foreign currency translation effects, Indian Joint Ventures sale, and UniCredit Allianz Vita sale): +3% p. 4.
- Contractual Service Margin (CSM): EUR 55.4bn (12M 2025: EUR 55.7bn) p. 4.
- Normalized CSM growth: +1.7%, supporting full-year expectations of around +5% p. 4.
Asset Management: Excellent organic growth with record 1Q inflows
| Key performance indicator | 1Q26 | 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% |
- Assets under management (AUM)-driven revenues: +11% (F/X adjusted) p. 4.
- Operating profit: +15% (F/X adjusted) p. 4.
- Record first quarter net inflows: EUR 45bn p. 4.
- In 1Q 2026, operating revenues increased to EUR 2.2bn, an internal growth of +12.7% p. 5.
- Operating revenue growth was supported by higher AuM-driven revenues (+11.1% F/X adjusted) and higher performance fees p. 5.
- Operating profit: EUR 857m (1Q 2025: EUR 811m), up +5.8% p. 5.
- Adjusted operating profit (excluding foreign currency translation effects): +15.0% p. 5.
- Cost-income ratio (CIR) improved to 60.4% (prior: 61.3%), ahead of the full-year ambition of less than 61% p. 5.
- CIR improvement reflects sustained top-line momentum and management actions p. 5.
- Third-party assets under management reached a record EUR 2.043 trillion as of March 31, 2026 (4Q 2025: EUR 1.990 trillion; 1Q 2025: EUR 1.914 trillion) p. 5.
- Very strong net inflows of EUR 45bn were the main contributor to AUM growth p. 5.
- Average third-party assets under management increased to EUR 2.041 trillion, +5.1% above 1Q 2025 p. 5.
- Solvency II ratio / Solvency II capitalization ratio: ratio expressing capital adequacy by comparing own funds to SCR p. 6.
- All Solvency II ratio information in the document applies to this definition p. 6.
- Solvency II capitalization ratio is based on quarterly dividend accrual p. 6.
- An additional accrual to reflect FY dividend would impact the Solvency II capitalization ratio by -11%-p as of March 31, 2026 p. 6.
- All information regarding the Solvency II capitalization ratio in the document applies to this p. 6.
- The full-year operating profit outlook of EUR 17.4bn, plus or minus EUR 1bn, may be severely affected by natural catastrophes, adverse capital market developments, and factors stated in the cautionary note regarding forward-looking statements p. 6.
1Q 2026 results table
- Allianz Group key figures for 1st quarter 2026 p. 7.
| — | — | — | 1Q26 | 1Q25 | 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 income | — | € mn | 3,785 | 2,550 | 48.4% |
| Core earnings per share | — | € | 9.96 | 6.61 | 50.7% |
| Additional KPIs | — | — | — | — | — |
| - Group | Core return on equity | % | 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' equity | 65.9 | 62.7 | 5.1% |
| Contractual service margin (net) | 34.9 | 35.4 | -1.3% |
| Solvency II capitalization ratio | 221% | 218% | 2% -p |
| Third-party assets under management | 2,043 | 1,990 | 2.6% |
- Figures are presented in millions of Euros unless otherwise stated p. 7.
- Due to rounding, numbers may not add up precisely to totals, and percentages may not precisely reflect absolute figures p. 7.
- Shareholders' core net income (footnote: 1_): portion of shareholders' net income before non-operating market movements and amortization of intangible assets from business combinations (including related income tax effects) p. 7.
- Core EPS (footnote: 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) p. 7.
- Annualized core RoE (footnote: 3_): represents the annualized ratio of shareholders' core net income to the average shareholders' equity at the beginning and end of the period p. 7.
- Shareholders' core net income for RoE calculation is adjusted for net financial charges related to undated subordinated bonds classified as shareholders' equity p. 7.
- From average shareholders' equity for RoE calculation, undated subordinated bonds classified as shareholders' equity, unrealized gains and losses from insurance contracts, and other unrealized gains and losses are excluded p. 7.
- Annualized figures are not a forecast for full-year numbers p. 7.
- For 1Q 2025, the core return on equity for the respective full year is shown p. 7.
- Excluding non-controlling interests (footnote: 4_) p. 7.
- Risk capital figures are group diversified at a 99.5% confidence level (footnote: 5_) p. 7.
- Solvency II capitalization ratio is based on quarterly dividend accrual p. 7.
- An additional accrual to reflect FY dividend would impact the Solvency II capitalization ratio by 11%-p as of March 31, 2026 p. 7.
Rating
Caption: Allianz ratings by type of rating. p. 8
| Ratings 1 | | --- | | Insurer financial strength rating | | Counterparty credit rating | | Senior unsecured debt rating | | Subordinated debt rating | | Commercial paper (short term) rating |
Caption: Allianz ratings from S&P Global. p. 8
| S&P Global | | --- | | AA | | AA | | AA | | A+/A | | A-1+ |
Caption: Allianz ratings from Moody's. p. 8
| Moody's | | --- | | Aa2 | | Not rated | | Aa2 | | A1/A3 4 | | Prime-1 |
Caption: Allianz ratings from A.M. Best. p. 8
| A.M. Best 2 | | --- | | A+ | | aa 3 | | aa | | aa- / a+ | | Not rated |
Media contacts
- Contact: Frank Stoffel, Tel. +49 160 9011 5157 p. 9.
- Contact: Ann-Kristin Manno, Tel. +49 151 2990 1517 p. 9.
- Contact: Johanna Oltmann, Tel. +49 151 1164 6551 p. 9.
- Contact: Fabrizio Tolotti, Tel. +49 151 5995 6396 p. 9.
Investor Relations contacts
- Contact: Andrew Ritchie, Tel. +49 89 3800 3963 p. 9.
- Contact: Reinhard Lahusen, Tel. +49 89 3800 17224 p. 9.
- Contact: Christian Lamprecht, Tel. +49 89 3800 3892 p. 9.
- Contact: Tobias Rupp, Tel. +49 89 3800 7151 p. 9.
Related links
Media conference
- YouTube (English language) event on May 13, 2026, at 9:30 AM CEST p. 9.
Analyst conference
- YouTube (English language) event on May 13, 2026, at 2:30 PM CEST p. 9.
Results
- Results and related documents can be found in the download center p. 9.
Upcoming events
- Financial Results 2Q & 6M 2026 will be released on August 7, 2026 p. 9.
- More information can be found in the financial calendar p. 9.
About Allianz
- The Allianz Group is a leading insurer and asset manager, active in almost 70 countries p. 9.
- Allianz serves around 97 million private and corporate customers p. 9.
- Customers benefit from a broad range of personal and corporate insurance services, including property, life, health, assistance, credit, and global business insurance p. 9.
- Allianz was recognized as the number one global insurance brand for the seventh consecutive year in Interbrand's Best Global Brands 2025 ranking p. 9.
- Allianz's success is built on technology-enabled customer centricity p. 9.
- Allianz is one of the world's largest investors, managing around EUR 770bn on behalf of insurance customers p. 9.
- Asset managers PIMCO and Allianz Global Investors manage about EUR 2.0 trillion of third-party assets p. 9.
- Allianz received an MSCI ESG Rating of AAA as of March 2026, due to systematic integration of environmental and social criteria p. 9.
- In 2025, 156,000 employees achieved a total business volume of EUR 186.9bn and an operating profit of EUR 17.4bn p. 9.
Cautionary note regarding forward-looking statements
- This document contains forward-looking statements based on management's current views and assumptions p. 10.
- Actual results, performance figures, or events may differ significantly due to known and unknown risks and uncertainties p. 10.
- Deviations may arise from changes in factors including: general economic and competitive situation, financial market performance (volatility, liquidity, credit events), adverse publicity, regulatory actions or litigation, frequency and severity of insured loss events (including natural catastrophes), mortality and morbidity levels and trends, persistency levels, extent of credit defaults, interest rate levels, currency exchange rates (especially EUR/USD), changes in laws and regulations (including tax), impact of acquisitions and related integration issues/reorganization, and general competitive conditions at local, regional, national, and/or global levels p. 10.
- Terrorist activities can exacerbate many of these changes p. 10.
No duty to update
- Allianz assumes no obligation to update any information or forward-looking statement, except as required by law p. 10.
- Figures regarding net assets, financial position, and results of operations were prepared in conformity with International Financial Reporting Standards p. 10.
- This Quarterly Earnings Release is not an Interim Financial Report under International Accounting Standard (IAS) 34 p. 10.
- This is a translation of the German Quarterly Earnings Release of the Allianz Group; the German original is binding in case of divergences p. 10.
Privacy note
- Allianz SE is committed to protecting personal data; more information is available in their privacy statement p. 10.
Glossary
- AA: S&P Global rating
- AAA: MSCI ESG Rating
- AI: Artificial Intelligence
- AUM: Assets Under Management
- CAGR: Compound Annual Growth Rate
- CIR: Cost-Income Ratio
- CSM: Contractual Service Margin
- EPS: Earnings Per Share
- FY: Full Year
- IAS: International Accounting Standard
- MSCI ESG: Morgan Stanley Capital International Environmental, Social and Governance
- NBM: New Business Margin
- PIMCO: Pacific Investment Management Company
- PVNBP: Present Value of New Business Premiums
- SCR: Solvency Capital Requirement
- SE: Societas Europaea
- VNB: Value of New Business