1Q 2026
Total business volume at 53.0 billion euros, an internal growth of 3.5 percent1. This was driven by a strong development in Property-Casualty and Asset Management
Operating profit rises 6.6 percent and reaches a record level of 4.5 billion euros
Shareholders’ core net income advances by 48.4 percent to 3.8 billion euros, impacted by the sale of the stakes in our Indian Joint Ventures. Underlying growth, which adjusts for the sale effects and offsetting measures, is strong at 7 percent2
Core earnings per share grow 50.7 percent and reach 9.96 euros. Adjusted for the above-mentioned effects, underlying growth is excellent at 9 percent 2
Annualized core RoE at 24.2 percent, underlying level very strong at 18 percent 2
Solvency II ratio3 increases by 2 percentage points to 221 percent4. Capital generation was strong
Outlook & other
Allianz is on track to achieve its full-year operating profit outlook of 17.4 billion euros, plus or minus 1 billion euros5
Share buy-back program of up to 2.5 billion euros announced on February 25, 2026 underway; 0.3 billion euros completed in 1Q 2026
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
Key performance indicator | 1Q 2026 | Change vs |
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 |
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 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 insurance: Another record performance
Key performance indicator | 1Q 2026 | Change vs |
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 |
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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
Key performance indicator | 1Q 2026 | Change vs |
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 |
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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
Key performance indicator | 1Q 2026 | Change vs | ||
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% |
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