Allianz Announces Excellent Performance and Is Fully on Track for Full-year Ambitions

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Allianz Announces Excellent Performance and Is Fully on Track for Full-year Ambitions

2025-08-07 13:13 Last Updated At：13:20

MUNICH--(BUSINESS WIRE)--Aug 7, 2025--

2Q 2025

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250806235547/en/

6M 2025

Outlook & other

“Allianz has delivered record results in the first half of the year, underpinned by sustained growth and a disciplined focus on productivity. The value and relevance of our products help us to retain and expand our customer base.

Our diversified mix of businesses, global reach, and consistent execution bring opportunity and momentum, placing us on track to deliver on the ambitions set out at our Capital Markets Day in December.”

- Oliver Bäte, Chief Executive Officer of Allianz SE

FINANCIAL HIGHLIGHTS

Allianz Group: Excellent performance and record operating profit

“The strength of our business model and Allianz’s capacity for consistent delivery are evident in our record operating profit of 8.6 billion euros for the first six months of the year.

We generated healthy and profitable growth across all segments and continued to produce sustainable value for all stakeholders.

Our performance sets a strong foundation for the remainder of the year and we confidently affirm our full-year operating profit outlook of 16 billion euros plus or minus 1 billion euros.”

- Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE

In 2Q 2025, Allianz has delivered an excellent performance, characterized by strong growth and a record operating profit.

Our total business volume reached 44.5 (2Q 2024: 42.6) billion euros, an internal growth of 8.0 percent. All segments contributed to this attractive growth.

Operating profit rose 12.2 percent and reached a record level of 4.4 (3.9) billion euros, 28 percent of our full-year outlook midpoint.

Shareholders’ core net income advanced 17.3 percent to 3.0 (2.5) billion euros. This growth was driven by a higher operating profit and an improved non-operating result. Adjusted for the 0.3 billion euros disposal gain on the UniCredit Joint Venture, shareholders’ core net income increased 7.1 percent.

Allianz’s 6M 2025 results were excellent, delivering a record operating profit underpinned by double-digit internal growth.

Our total business volume expanded to 98.5 (6M 2024: 91.0) billion euros, an internal growth of 10.1 percent, with particular strong growth in our Life/Health segment.

Operating profit was excellent at 8.6 (7.9) billion euros, a strong increase of 9.3 percent. The Property-Casualty business was the main growth driver but all business segments contributed.

Shareholders’ core net income advanced by 9.5 percent to a strong level of 5.5 (5.0) billion euros. Adjusted for a one-off tax provision related to the forthcoming sale of our stake in our Indian Joint Ventures in 1Q and the disposal gain on the UniCredit Joint Venture in 2Q, shareholders’ core net income was up by 6.2 percent.

Core earnings per share (EPS) 6 amounted to 13.99 (12.57) euros, an increase of 11.3 percent. Adjusted for the above-mentioned one-off tax provision and disposal gain, core earnings per share rose 7.9 percent.

Allianz has delivered an excellent annualized core return on equity (RoE) 6 of 18.5 percent in 6M 2025 (full-year 2024: 16.9 percent). Adjusted for the effects of the one-off tax provision and disposal gain, the annualized core return on equity (RoE) was 17.9 percent.

This performance was achieved while we maintained a strong capitalization with a Solvency II ratio of 209 percent (1Q 2025: 208 percent), supported by excellent capital generation.

Outlook

Allianz is fully on track to achieve its full-year outlook of an operating profit of 16.0 billion euros, plus or minus 1 billion euros.

Other

The share buy-back program of up to 2 billion euros, announced on February 27, is underway and 1.0 billion euros were completed in the first six months of 2025.

Property-Casualty insurance: Very good growth and excellent underwriting profitability

Core messages Property-Casualty insurance 2Q 2025

In 2Q 2025, total business volume reached 20.1 (2Q 2024: 19.3) billion euros. Internal growth was very good at 8.7 percent, with healthy growth in both commercial 8 and retail 9. Allianz successfully managed growing its business while maintaining underwriting discipline.

The operating profit grew to a record level of 2.3 (1.9) billion euros, an increase of 20 percent compared to the second quarter 2024. Growth was entirely driven by a higher insurance service result.

The combined ratio improved to an excellent level of 91.2 percent (93.5 percent). The loss ratio reached 67.4 percent (69.2 percent), a strong improvement of 1.9 percentage points. This performance was supported by benign natural catastrophes as well as underlying improvements, partly offset by a lower run-off result. The expense ratio developed favorably by 0.4 percentage points to 23.9 percent.

Retail showed a strong performance. It delivered very good internal growth of 7 percent while further improving its combined ratio to 91.8 percent (94.7 percent).

The commercial business achieved a strong internal growth of 10 percent, also benefitting from high growth in Allianz Partners’ health business. The segment achieved an outstanding combined ratio of 90.3 percent (91.3 percent).

Core messages Property-Casualty insurance 6M 2025

In the 6M 2025 period, total business volume reached 47.1 (6M 2024: 44.8) billion euros, delivering a very good internal growth of 7.9 percent.

Operating profit was excellent at 4.5 (4.0) billion euros, reaching 56 percent of our full-year outlook midpoint. Strong growth of 12 percent was entirely driven by a higher insurance service result, more than offsetting a lower operating investment result.

The combined ratio was at a strong level of 91.5 percent (92.7 percent), with improvements in the loss ratio and the expense ratio. The loss ratio reached 67.5 percent (68.3 percent). Underlying improvements driven by underwriting actions and slightly lower natural catastrophe losses overcompensated a lower run-off ratio. The expense ratio improved by 0.4 percentage points to 24.0 percent.

The performance of our retail and commercial businesses was strong.

In our retail business, internal growth reached 8 percent, while the combined ratio improved 2.0 percentage points to 91.8 percent, driven by our SME and non-motor businesses.

Internal growth of 7 percent in our commercial business was solid and the segment achieved an excellent combined ratio of 91.0 percent (90.6 percent).

Life/Health insurance: Strong new business growth at attractive margins

Core messages Life/Health insurance 2Q 2025

In 2Q 2025, PVNBP, the present value of new business premiums, grew to 19.5 (2Q 2024: 18.8) billion euros. Growth was broad-based and 93 percent (93 percent) of our new business was generated in our preferred lines.

The new business margin (NBM) remained attractive at 5.7 percent (5.8 percent) and the value of new business (VNB) increased by 2.9 percent to 1.1 (1.1) billion euros.

Operating profit advanced to a strong level of 1.4 (1.4) billion euros, an increase of 1.8 percent, and reached 26 percent of our full-year outlook midpoint.

The Contractual Service Margin (CSM) amounted to 55.8 billion euros (1Q 2025: 57.0 billion euros 12 ). The development was impacted by currency effects and the sale of UniCredit Allianz Vita S.p.A.. Normalized CSM growth was good at 0.9 percent.

Core messages Life/Health insurance 6M 2025

In 6M 2025, PVNBP increased by 10.9 percent to 45.6 (6M 2024: 41.1) billion euros, with growth across most entities. During the first half of 2025, 92 percent (93 percent) of our new business sales were in our preferred lines.

The new business margin was at an attractive level of 5.6 percent (5.7 percent). The value of new business rose by 8.6 percent to 2.6 (2.4) billion euros.

Operating profit of 2.8 (2.7) billion euros increased by 4.6 percent, reaching 51 percent of our full-year outlook midpoint.

The Contractual Service Margin (CSM) rose to 55.8 billion euros from 55.6 billion euros 13 at the end of 2024. Normalized CSM growth of 2.8 percent was good and Allianz is on track to reach our ~5 percent growth ambition for the year.

Asset Management: Good organic third-party AuM growth

Core messages Asset Management 2Q 2025

In 2Q 2025, operating revenues increased to 2.0 (2Q 2024: 2.0) billion euros, an internal growth of 6.6 percent. This was due to higher AuM-driven revenues, which increased by 8.0 percent (F/X adjusted).

Operating profit rose to a good level of 779 (742) million euros, up 4.9 percent. Adjusted for foreign currency translation effects, operating profit increased by 9.1 percent. The cost-income ratio (CIR) improved to 61.3 percent (62.4 percent), reflecting good top-line development and tight cost management.

Third-party assets under management amounted to 1.842 trillion euros as of June 30, 2025 (2Q 2024: 1.803; 1Q 2025: 1.914). Compared to the first quarter 2025, positive market effects of 18 billion euros and net inflows of 14 billion euros were more than offset by foreign currency translation effects of 103 billion euros. Average third-party assets under management amounted to 1.855 trillion euros, 4 percent above 2Q 2024.

Core messages Asset Management 6M 2025

In 6M 2025, operating revenues increased to 4.1 (6M 2024: 4.0) billion euros, an internal growth of 3.8 percent. The increase was driven by higher AuM-driven revenues following higher average third-party AuM.

Operating profit rose to 1.6 (1.5) billion euros, up 4.8 percent. Adjusted for foreign currency translation effects, operating profit increased by 5.7 percent. The cost-income ratio (CIR) improved to 61.3 percent (61.8 percent).

Third-party assets under management amounted to 1.842 trillion euros as of June 30, 2025, compared to 1.920 trillion euros as of December 31, 2024. Very good net inflows of 42 billion euros and positive market effects were more than offset by foreign currency translation effects of 160 billion euros. Average third-party assets under management amounted to 1.896 trillion euros, 7 percent above 6M 2024.

FOOTNOTES

2Q & 6M 2025 RESULTS TABLE

RATING

Related links
Media Conference
August 7, 2025, 11 AM CEST:YouTube (English language)

Analyst Conference
August 7, 2025, 2:30 PM CEST:YouTube (English language)

Results
The results and related documents can be found in thedownload center.

Upcoming events
Financial Results 3Q & 9M 2025
November 14, 2025

More information can be found in the financial calendar.

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers serving private and corporate 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 749 billion euros* on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.8 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 2024, over 156,000 employees achieved total business volume of 179.8 billion euros and an operating profit of 16.0 billion euros for the Group.

These assessments are, as always, subject to the disclaimer provided below.

Cautionary note regarding forward-looking statements

This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements.

Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.

No duty to update

Allianz assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.

Other

The figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards. This Quarterly Earnings Release is not an Interim Financial Report within the meaning of International Accounting Standard (IAS) 34. This is a translation of the German Quarterly Earnings Release of the Allianz Group. In case of any divergences, the German original is binding.

Privacy Note

Allianz SE is committed to protecting your personal data. Find out more in our privacy statement.

Oliver Bäte, Chief Executive Officer of Allianz SE

Next Article

Legal questions swirl around FDA's new expedited drug program, including who should sign off

WASHINGTON (AP) — The Food and Drug Administration commissioner's effort to drastically shorten the review of drugs favored by President Donald Trump's administration is causing alarm across the agency, stoking worries that the plan may run afoul of legal, ethical and scientific standards long used to vet the safety and effectiveness of new medicines.

Marty Makary's program is causing new anxiety and confusion among staff already rocked by layoffs, buyouts and leadership upheavals, according to seven current or recently departed staffers. The people spoke to The Associated Press on the condition of anonymity because they were not authorized to discuss confidential agency matters.

At the highest levels of the FDA, questions remain about which officials have the legal authority to sign off on drugs cleared under the Commissioner’s National Priority Voucher program, which promises approval in as little as one month for medicines that support “U.S. national interests.”

Traditionally, approval decisions have nearly always been handled by FDA review scientists and their immediate supervisors, not the agency’s political appointees and senior leaders.

But drug reviewers say they've received little information about the new program's workings. And some staffers working on a highly anticipated anti-obesity pill were recently told they can skip certain regulatory steps to meet top officials' aggressive deadlines.

Outside experts point out that FDA drug reviews — which range from six to 10 months — are already the fastest in the world.

“The concept of doing a review in one to two months just does not have scientific precedent,” said Dr. Aaron Kesselheim, a professor at Harvard Medical School. “FDA cannot do the same detailed review that it does of a regular application in one to two months, and it doesn’t have the resources to do it.”

On Thursday Reuters reported that FDA officials have delayed the review of two drugs in the program, in part due to safety concerns, including the death of a patient taking one of the medications.

Health and Human Services spokesman Andrew Nixon said the voucher program prioritizes “gold standard scientific review” and aims to deliver “meaningful and effective treatments and cures."

The program remains popular at the White House, where pricing concessions announced by the Republican president have repeatedly been accompanied by FDA vouchers for drugmakers that agree to cut their prices.

For instance, when the White House announced that Eli Lilly and Novo Nordisk would reduce prices on their popular obesity drugs, FDA staffers had to scramble to vet new vouchers for both companies in time for Trump's news conference, according to multiple people involved in the process.

That’s sparked widespread concern that FDA drug reviews — long pegged to objective standards and procedures — have become open to political interference.

“It’s extraordinary to have such an opaque application process, one that is obviously susceptible to politicization,” said Paul Kim, a former FDA attorney who now works with pharmaceutical clients.

Many of the concerns around the program stem from the fact that it hasn't been laid out in federal rules and regulations.

The FDA already has more than a half-dozen programs intended to speed up or streamline reviews for promising drugs — all approved by Congress, with regulations written by agency staff.

In contrast, information about the voucher program is mostly confined to an agency website. Drugmakers can apply by submitting a 350-word “statement of interest.”

Increasingly, agency leaders such as Dr. Vinay Prasad, the FDA’s top medical officer and vaccine center director, have been contacting drugmakers directly about awarding vouchers. That’s created quandaries for FDA staffers on even basic questions, such as how to formally award a voucher to a company that didn’t request one.

Nixon, the HHS spokesman, said that voucher submissions are evaluated by “a senior, multidisciplinary review committee,” led by Prasad.

Questions about the legality of the program led the FDA’s then-drug director, Dr. George Tidmarsh, to decline to sign off on approvals under the pathway, according to several people with direct knowledge of the matter. Tidmarsh resigned from the agency in November after a lawsuit challenging his conduct on issues unrelated to the voucher program.

After his departure, Sara Brenner, the FDA’s principal deputy commissioner, was set to have the power to decide, but she also declined the role after looking further into the legal implications, according to the people. Currently the agency’s deputy chief medical officer, Dr. Mallika Mundkur, who works under Prasad, is taking on the responsibility.

Giving final approval to a drug carries significant legal risks, essentially certifying that the medicine meets FDA standards for safety and effectiveness. If unexpected safety problems later emerge, both the agency and individual staffers could be pulled into investigations or lawsuits.

Traditionally, approval comes from FDA drug office directors, made in consultation with a team of reviewers. Under the voucher program, approval comes through a committee vote by senior agency leaders led by Prasad, according to multiple people familiar with the process. Staff reviewers don't get a vote.

“It is a complete reversal from the normal review process, which is traditionally led by the scientists who are the ones immersed in the data,” said Kesselheim, who is a lawyer and a medical researcher.

Not everyone sees problems with the program. Dan Troy, the FDA’s top lawyer under President George W. Bush, a Republican, says federal law gives the commissioner broad discretion to reorganize the handling of drug reviews.

Still, he says, the voucher program, like many of Makary’s initiatives, may be short-lived because it isn't codified.

“If you live by the press release then you die by the press release,” Troy said. “Anything that they’re doing now could be wiped out in a moment by the next administration.”

Initially framed as a pilot program of no more than five drugs, it has expanded to 18 vouchers awarded, with more under consideration. That puts extra pressure on the agency’s drug center, where 20% of the staff has left through retirements, buyouts or resignations over the past year.

When Makary unveiled the program in October there were immediate concerns about the unprecedented power he would have in deciding which companies benefit.

Makary then said that nominations for drugs would come from career staffers. Indeed, some of the early drugs were recommended by FDA reviewers, according to two people familiar with the process. They said FDA staffers deliberately selected drugs that could be vetted quickly.

But, increasingly, selection decisions are led by Prasad or other senior officials, sometimes unbeknownst to FDA staff, according to three people. In one case, FDA reviewers learned from GlaxoSmithKline representatives that Prasad had contacted the company about a voucher.

Access to Makary is limited because he does not use a government email account to do business, according to people familiar with the matter, breaking with longstanding precedent.

Once a voucher is awarded, some drugmakers have their own interpretation of the review timeline — creating further confusion and anxiety among staff.

Two people involved in the ongoing review of Eli Lilly's anti-obesity pill said company executives initially told the FDA they expected the drug approved within two months.

The timeline alarmed FDA reviewers because it did not include the agency's standard 60-day prefiling period, when staffers check the application to ensure it isn’t missing essential information. That 60-day window has been in place for more than 30 years.

Lilly pushed for a quicker filing turnaround, demanding one week. Eventually the agency and the company agreed to a two-week period.

Nixon declined to comment on the specifics of Lilly's review but said FDA reviewers can “adjust timelines as needed.”

Staffers were pushed to keep the application moving forward, even though key pieces of data about the drug's chemistry appeared to be missing, according to one person involved in the process. When reviewers raised concerns about some of the gaps during an internal meeting, the person said, they were told by a senior official: “If the science is sound then you can overlook the regulations.”

Former reviewers and outside experts say that approach is the opposite of how FDA reviews should work: By following the regulations, staffers scientifically confirm the safety and effectiveness of drugs.

Skipping review steps could also carry risks for drugmakers if future FDA leaders decide a drug wasn’t properly vetted. Like other experts, Kesselheim says the program may not last beyond the current administration.

“They are fundamentally changing the application of the standards, but the underlying law remains what it is,” he said. “The hope is that one day we will return to these scientifically sound, legally sound principles.”

The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education and the Robert Wood Johnson Foundation. The AP is solely responsible for all content.

FILE - The Food and Drug Administration seal is seen at the Hubert Humphrey Building Auditorium in Washington, April 22, 2025. (AP Photo/Jose Luis Magana, File)

Dr. Marty Makary, commissioner of the Food and Drug Administration, speaks during a press briefing at the White House, Wednesday, Jan. 7, 2026, in Washington. (AP Photo/Jacquelyn Martin)

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