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Allianz Delivers Record Operating Profit in Strong Start to 2026

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Allianz Delivers Record Operating Profit in Strong Start to 2026
Business

Business

Allianz Delivers Record Operating Profit in Strong Start to 2026

2026-05-13 13:21 Last Updated At:13:40

MUNICH--(BUSINESS WIRE)--May 13, 2026--

1Q 2026

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260512320157/en/

Outlook & other

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

FINANCIAL HIGHLIGHTS

Allianz Group: Strong start to 2026

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

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 percent 2, 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 percent 2, 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 percent 2.

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 insurance: Another record performance

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 retail 8 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 commercial 9 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

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

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

1Q 2026 RESULTS TABLE

RATING

Related links

Media Conference
May 13, 2026, 9:30 AM CEST:YouTube (English language)

Analyst Conference
May 13, 2026, 2:30 PM CEST:YouTube (English language)

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

Upcoming events

Financial Results 2Q & 6M 2026
August 7, 2026

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, 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.

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

Oliver Bäte, Chief Executive Officer of Allianz SE

OMAHA, Neb. (AP) — The Democratic primary for a key U.S. House seat in Nebraska was too early to call late Tuesday, as two candidates were separated by a narrow margin in a contest that could decide the fate of the state's “blue dot" — a small, but significant factor in presidential politics.

Political activist Denise Powell had a lead of about 2 percentage points over state Sen. John Cavanaugh, out of more than 51,000 votes counted.

Douglas County, which accounts for more than 90% of the district, has a history of counting a significant number of votes after election day, and county officials were unable to provide an estimate of the number of outstanding ballots late Tuesday. The county expects to provide additional information about outstanding ballots on Wednesday afternoon.

The winner of the Democratic primary will face Republican Brinkner Harding, who was endorsed by President Donald Trump, in what will be one of the Democrats' top targets in the November general election. The seat has been held for much of the last decade by U.S. Rep. Don Bacon, a Republican who is retiring.

"Hopefully, we wake up tomorrow morning to some good news," Powell said at her election night party. “I think people are ready for that fired up mom. I think that they’re looking for change, and hopefully they see me as the person to help Nebraska to bring it."

The district draws national attention because Nebraska is one of just two states that splits its electoral votes in presidential elections. The 2nd District has gone to Democratic presidential candidates three out of five times since 2008 — a “blue dot” in an otherwise sea of red.

Some Democrats contended that the very survival of the “blue dot,” a point of intense local pride, was at stake on Tuesday.

Powell's supporters argued that a Cavanaugh primary victory would jeopardize the district's special status because he'd be leaving his valuable state legislative seat, making it easier for Republicans in the Nebraska Legislature to change the law that allows the state to split its electoral votes.

The issue has defined the primary contest, where the leading candidates have much in common ideologically, perhaps more than any other.

Outside an Omaha polling place, Beth Pepitone said she voted for Powell because she wanted someone who would stand up to Trump.

“I just think we’re going in the wrong direction and it’s very sad,” said Pepitone. “I want to preserve the ‘blue dot.’”

A key Senate contest also got clarity on Tuesday night, as U.S. Sen. Pete Ricketts easily won the GOP primary in his bid to seek his first full term. Ricketts was appointed to replace former Sen. Ben Sasse in 2023 and then won a 2024 special election.

Ricketts' real test will come in the November general election against independent candidate Dan Osborn, an industrial mechanic and military veteran who came within 7 points of defeating Republican U.S. Sen. Deb Fischer in her 2024 reelection bid.

Democrats are not expected to promote their own competitor in the general election, even after Cindy Burbank won the party's primary. Burbank has said she plans to drop out of the race and rally behind Osborn as part of her party's broader strategy to defeat Ricketts this fall. On her website, Burbank says Osborn “deserves a fair shot against Ricketts.”

The Nebraska Democratic Party said it would support the independent Osborn for the general election as well.

Meanwhile, in the race for governor, incumbent Republican Gov. Jim Pillen won his party’s primary, while former state Sen. Lynne Walz won the Democratic nomination.

In the 2nd District, the Democratic argument against Cavanaugh has little to do with his politics or policies.

His opponents and groups backing them have flooded mailboxes, airwaves and social media warning that if he wins the congressional primary, Nebraska's Republican governor would appoint a conservative Republican to replace him in the Legislature.

That move, they say, could give state Republicans enough votes to enact a conservative wish list that includes stricter limitations on abortion and transgender rights.

It could also empower Republicans to enact midcycle redistricting or change the state's unusual system of splitting presidential electoral votes, some Democrats argue. Republicans failed in 2024 to pass a bill that would have made Nebraska the 49th state to award its Electoral College votes on a winner-take-all basis.

“Our Blue Dot. We fought hard for it. But if John Cavanaugh goes to Congress, it could all fall down,” cautions one TV ad by the super PAC New Democrat Majority.

EMILY’s List, a national group that supports women running for office, has put its reach and money behind Powell, calling Cavanaugh’s candidacy “a gift to MAGA Republicans.”

While all the Democratic contenders cite affordability and opposition to Trump administration policies — from immigration and healthcare to military actions — the top contenders began attacking one another more aggressively in the days leading up to the primary.

Powell, who is Latina, co-founded Women Who Run Nebraska, a political action committee that supports progressive female candidates, and she has a decade of Democratic political activism. She's never held office but said her deep connections have helped her with independents and third-party voters who make up nearly 30% of the district's electorate.

Cavanaugh talked up his support for labor unions, specifically the Teamsters, as he addressed supporters Tuesday night.

“This campaign is fueled by working people,” he said. “We stand in solidarity with those working people.”

The winner of Tuesday's primary will head to a highly competitive general election.

Trump won the district in 2016, and the retiring Bacon, who has clashed with Trump, has held the House seat for five terms.

At an Omaha polling place, independent Hayden Kephart said her biggest concern is inflation.

“Obviously the price of everything has really gone up,” she said. “And the price of oil can be a factor in everyday life and travel plans.”

Peoples reported from New York. Josh Funk in Omaha, Nebraska, contributed to this report.

Supporters Shannon Gilroy, left, and Emily Moody pose for a photo during an election night watch party for Denise Powell, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Supporters Shannon Gilroy, left, and Emily Moody pose for a photo during an election night watch party for Denise Powell, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Denise Powell, right, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, cheers during an election night watch party Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Denise Powell, right, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, cheers during an election night watch party Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

From front left, parents Kate and John Cavanaugh, sister-in-law Audra Cavanaugh and friend Michelle Sullivan cheer for State Sen. John Cavanaugh, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, during an election night watch party Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz) ADDS NAMES

From front left, parents Kate and John Cavanaugh, sister-in-law Audra Cavanaugh and friend Michelle Sullivan cheer for State Sen. John Cavanaugh, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, during an election night watch party Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz) ADDS NAMES

State Sen. John Cavanaugh, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, left, stands with his wife, Kakie McGill, during an election night watch party Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

State Sen. John Cavanaugh, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, left, stands with his wife, Kakie McGill, during an election night watch party Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Ruth Hiebner-Brown, right, toasts a fellow supporter as election results are tallied during an election night watch party for State Sen. John Cavanaugh, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Ruth Hiebner-Brown, right, toasts a fellow supporter as election results are tallied during an election night watch party for State Sen. John Cavanaugh, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Denise Powell, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, speaks to the media after casting her ballot in the Nebraska Primary Election at Omaha Community Playhouse Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Denise Powell, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, speaks to the media after casting her ballot in the Nebraska Primary Election at Omaha Community Playhouse Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Gabe Kaplan, deputy finance director for State Sen. John Cavanaugh's campaign, posts signs in Underwood Bar ahead the election night watch party for the Democratic nomination to the House of Representatives in Nebraska's second district, Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Gabe Kaplan, deputy finance director for State Sen. John Cavanaugh's campaign, posts signs in Underwood Bar ahead the election night watch party for the Democratic nomination to the House of Representatives in Nebraska's second district, Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Denise Powell hugs her husband, Hobson, after voting in the Nebraska Primary Election at Omaha Community Playhouse Tuesday, May 12, 2026, in Omaha, Neb. Powell is a candidate for the Democratic nomination to the House of Representatives in Nebraska's second district. (AP Photo/Rebecca S. Gratz)

Denise Powell hugs her husband, Hobson, after voting in the Nebraska Primary Election at Omaha Community Playhouse Tuesday, May 12, 2026, in Omaha, Neb. Powell is a candidate for the Democratic nomination to the House of Representatives in Nebraska's second district. (AP Photo/Rebecca S. Gratz)

Denise Powell, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, votes in the Nebraska Primary Election at Omaha Community Playhouse Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Denise Powell, candidate for the Democratic nomination to the House of Representatives in Nebraska's second district, votes in the Nebraska Primary Election at Omaha Community Playhouse Tuesday, May 12, 2026, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

District county clerk Crystal Rhoades speaks at a fundraising event Thursday, April 16, 2026, in Omaha, Neb. (AP Photo/Margery A. Beck)

District county clerk Crystal Rhoades speaks at a fundraising event Thursday, April 16, 2026, in Omaha, Neb. (AP Photo/Margery A. Beck)

Political activist Denise Powell speaks at a fundraising event Thursday, April 16, 2026, in Omaha, Neb. (AP Photo/Margery A. Beck)

Political activist Denise Powell speaks at a fundraising event Thursday, April 16, 2026, in Omaha, Neb. (AP Photo/Margery A. Beck)

State Sen. John Cavanaugh speaks at an office in Lincoln, Neb., Friday, April 10, 2026. (AP Photo/Margery A. Beck)

State Sen. John Cavanaugh speaks at an office in Lincoln, Neb., Friday, April 10, 2026. (AP Photo/Margery A. Beck)

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