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Earnings Release: 1Q 2026
1Q 2026
- Total concern volume at 53.0 cardinal euros, an interior maturation of 3.5 percent1. This was driven by a beardown improvement successful Property-Casualty and Asset Management
- Operating profit rises 6.6 percent and reaches a grounds level of 4.5 cardinal euros
- Shareholders’ halfway nett income advances by 48.4 percent to 3.8 cardinal euros, impacted by the merchantability of the stakes successful our Indian Joint Ventures. Underlying growth, which adjusts for the merchantability effects and offsetting measures, is beardown astatine 7 percent2
- Core net per share grow 50.7 percent and scope 9.96 euros. Adjusted for the above-mentioned effects, underlying maturation is fantabulous astatine 9 percent2
- Annualized halfway RoE at 24.2 percent, underlying level precise beardown astatine 18 percent2
- Solvency II ratio3 increases by 2 percent points to 221 percent4. Capital procreation was strong
Outlook & other
- Allianz is connected way to execute its full-year operating nett outlook of 17.4 cardinal euros, positive oregon minus 1 cardinal euros5
- Share buy-back program of up to 2.5 cardinal euros announced connected February 25, 2026 underway; 0.3 cardinal euros completed successful 1Q 2026
“Allianz delivered a grounds operating nett successful the archetypal 4th of 2026 – a testament to the spot of our fundamentals and the effectiveness of our customer-centered strategy.
We stay disciplined successful our transportation arsenic we enactment to grow affordable extortion and status for much people, harnessing the imaginable of AI to service them successful an adjacent much businesslike and personalized way.
By rigorously combining technological advancements with our expertise and empathy to conscionable lawsuit needs, we make a unsocial worth proposition and opportunities for everyone who puts their spot into Allianz.”
– Oliver Bäte, Chief Executive Officer of Allianz SE
“Allianz’s first-quarter show reflects the prime of our diversified portfolio and the rigorous execution of our strategical priorities.
We built connected the momentum of an fantabulous 2025, achieving profitable maturation and a grounds operating nett of 4.5 cardinal euros. These results show our quality to make sustainable worth for our customers and shareholders, adjacent successful a demanding operating environment.
We stay focused connected the transportation of our ambitions and affirm our full-year outlook with confidence.”
Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE
Ourtotal concern volumeamounted to 53.0 cardinal euros (1Q 2025: 54.0 cardinal euros).Internal growth, which excludes the effects of foreign-currency translation arsenic good arsenic acquisitions and divestments, was 3.5 percent. The Property-Casualty conception was the main contributor with beardown concern maturation besides successful Asset Management.
Operating profitrose 6.6 percent to a grounds level of 4.5 (4.2) cardinal euros and reached 26 percent of our full-year outlook midpoint. This reflects a beardown improvement of our Property-Casualty and Asset Management segments. The show of our Life/Health conception was resilient successful a volatile marketplace environment.
Shareholders’ halfway nett incomeadvanced 48.4 percent to 3.8 (2.6) cardinal euros. Adjusted for the effects of the merchantability of the stakes successful our Indian Joint Ventures and offsetting measures, shareholders’ halfway nett income precocious powerfully by 7 percent2, astir exclusively driven by a higher operating profit.
Core net per stock (EPS)7 amounted to 9.96 (6.61) euros, an summation of 50.7 percent. Adjusted for the above-mentioned effects, maturation was fantabulous astatine 9 percent2, the top-end of our 7-9 percent CAGR people for the 2025-2027 strategical cycle.
Allianz delivered anannualized halfway instrumentality connected equity (RoE)7of 24.2 percent successful 1Q 2026 (12M 2025: 18.1 percent). Adjusted for the above-mentioned effects, our annualized halfway instrumentality connected equity was astatine a precise beardown level of 18 percent2.
This show was achieved portion we further strengthened our capitalization. OurSolvency II ratioreached 221 percent, an summation of 2 percent points compared to full-year 2025 (218 percent), supported by beardown superior generation.
Outlook
Allianz is connected way to execute itsfull-year outlookof an operating nett of 17.4 cardinal euros, positive oregon minus 1 cardinal euros.
Other
The share buy-back programof up to 2.5 cardinal euros, announced connected February 25, 2026, is underway and 0.3 cardinal euros were completed successful the archetypal 3 months of 2026.
In 1Q 2026, total concern volume reached 28.3 (1Q 2025: 27.0) cardinal euros. Internal growth was beardown astatine 6.8 percent, sustaining the bully momentum from past year. Allianz maintained a palmy equilibrium of increasing its concern portion keeping underwriting discipline.
The record operating profit of 2.4 (2.2) cardinal euros marked a palmy commencement to the year, reaching 27 percent of our full-year outlook midpoint. Operating nett precocious 11.1 percent, wholly driven by a higher security work result.
The combined ratio improved to an fantabulous level of 91.0 percent (91.8 percent), up of our full-year outlook of 92 to 93 percent. This improvement was supported by the loss ratio and expense ratio.
The loss ratio was astatine a beardown level of 67.3 percent (67.7 percent), an betterment of 0.4 percent points. The expense ratio developed favorably by 0.5 percent points to 23.7 percent, reflecting top-line maturation 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 conception achieved an excellent combined ratio of 90.3 percent (91.7 percent).
In 1Q 2026, PVNBP, the present worth of caller concern premiums, amounted to a bully level of 23.7 (1Q 2025: 26.1) cardinal euros. Adjusted for overseas currency translation effects and the merchantability of our involvement successful UniCredit Allianz Vita, PVNBP reduced lone marginally – by 1 percent – from an exceptionally beardown anterior twelvemonth level. 91 percent (91 percent) of our caller concern was generated successful our preferred lines of concern (capital-efficient products, unit-linked without guarantees, extortion & health).
The new concern borderline (NBM) was steadfast astatine 5.3 percent (5.5 percent), up of our ambition level of astatine slightest 5 percent. The value of caller concern (VNB) reached a bully level of 1.3 (1.4) cardinal euros. Adjusted for overseas currency translation effects, the merchantability of our involvement successful UniCredit Allianz Vita, and exceptional ample contracts successful Germany successful the anterior twelvemonth quarter, VNB remained broadly stable.
Operating profit remained resilient astatine 1.4 (1.4) cardinal euros successful a volatile operating environment. Adjusted for overseas currency translation effects arsenic good arsenic the merchantability of the stakes successful our Indian Joint Ventures and successful UniCredit Allianz Vita, operating nett was up 3 percent.
The Contractual Service Margin (CSM) was 55.4 (12M 2025: 55.7) cardinal euros. Normalized CSM maturation was 1.7 percent, supporting our full-year expectations of astir 5 percent.
In 1Q 2026, operating revenues increased to 2.2 cardinal euros, an internal growth of 12.7 percent. This was supported by higher AuM-driven revenues, which precocious by 11.1 percent (F/X adjusted), arsenic good arsenic by higher show fees.
Operating profit was beardown astatine 857 (1Q 2025: 811) cardinal euros, up 5.8 percent. Adjusted for overseas currency translation effects, operating nett accrued by 15.0 percent. The cost-income ratio (CIR) improved to a precise bully level of 60.4 percent (61.3 percent), which is up of our full-year ambition of little than 61 percent. This improvement reflects sustained top-line momentum and absorption actions.
Third-party assets nether management reached a grounds level of 2.043 trillion euros arsenic of March 31, 2026 (4Q 2025: 1.990 trillion euros; 1Q 2025: 1.914 trillion euros). Very strong net inflows of 45 cardinal euros were the main contributor. Average third-party assets nether management increased to 2.041 trillion euros, 5.1 percent supra 1Q 2025.
Footnotes
1 Total maturation -1.8 percent successful 1Q 26.
2 Adjusted for merchantability of stakes successful Indian JVs (net income impact: -0.1 cardinal euros taxation proviso successful 1Q 25 and 1.1 cardinal euros summation successful 1Q 26) and offsetting measures (net income impact: -0.15 cardinal euros successful 1Q 26).
3 Solvency II ratio / Solvency II capitalization ratio: ratio that expresses the superior adequacy of a institution by comparing ain funds to SCR. This applies to each accusation related to the Solvency II ratio successful this document.
4 Based connected quarterly dividend accrual; further accrual to bespeak FY dividend would interaction Solvency II capitalization ratio by -11%-p arsenic of March 31, 2026. This applies to each accusation regarding the Solvency II capitalization ratio successful this document.
5 As always, earthy catastrophes and adverse developments successful the superior markets, arsenic good arsenic factors stated successful our cautionary enactment regarding forward-looking statements whitethorn severely impact the operating nett and/or nett income of our operations and the results of the Allianz Group.
6 Change versus full-year 2025.
7 Core EPS and halfway RoE calculation based connected shareholders‘ halfway nett income.
8 Retail including SME and Fleet. This applies to each accusation related to retail successful this document.
9 Commercial including ample Corporate, MidCorp, recognition insurance, interior and 3rd enactment R/I. This applies to each accusation related to commercialized successful this document.
10 Normalized CSM maturation compared to December 31, 2025.
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