achieving a record operating profit of 4.5 billion euros in the first quarter, supported by solid performance across its Property-Casualty and Asset Management businesses.
The company’s total business volume reached 53.0 billion euros, representing internal growth of 3.5 percent. Operating profit increased by 6.6 percent year-over-year, while shareholders’ core net income surged 48.4 percent to 3.8 billion euros, largely supported by gains from the sale of stakes in the company’s Indian joint ventures. Excluding these one-time impacts and offsetting measures, underlying core net income growth remained strong at 7 percent.
Core earnings per share rose 50.7 percent to 9.96 euros. On an adjusted basis, underlying growth reached 9 percent, aligning with the upper end of Allianz’s long-term strategic growth target for 2025–2027. The company also reported an annualized core return on equity of 24.2 percent, while its Solvency II ratio improved to 221 percent, reflecting strong capital generation.
Oliver Bäte, Chief Executive Officer of Allianz SE, said the company’s record first-quarter operating profit demonstrates the strength of Allianz’s business fundamentals and customer-focused strategy. He emphasized the company’s continued focus on expanding affordable protection and retirement solutions while using artificial intelligence to improve efficiency and deliver more personalized customer experiences.
Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz, stated that the company’s diversified business portfolio and disciplined execution helped drive profitable growth despite challenging market conditions. She reaffirmed confidence in Allianz’s full-year outlook.
The company confirmed that it remains on track to achieve its 2026 full-year operating profit target of 17.4 billion euros, with a possible variation of plus or minus 1 billion euros. Allianz also noted that its previously announced share buy-back program of up to 2.5 billion euros is progressing as planned, with 0.3 billion euros completed during the first quarter.
Allianz SE delivered another record quarter in its Property-Casualty segment. Total business volume increased to 28.3 billion euros, supported by strong internal growth of 6.8 percent.
Operating profit in the segment rose 11.1 percent to 2.4 billion euros, driven entirely by improved insurance service results. The combined ratio improved to an excellent 91.0 percent, reflecting strong underwriting discipline, lower loss ratios, and operational efficiency gains.
Retail business growth remained particularly strong, while commercial insurance operations also delivered healthy growth and improved profitability.
In the Life/Health segment, Allianz reported resilient performance despite volatile market conditions. The present value of new business premiums reached 23.7 billion euros, while the value of new business stood at 1.3 billion euros.
The new business margin remained healthy at 5.3 percent, exceeding the company’s long-term target of at least 5 percent. Operating profit in the segment totaled 1.4 billion euros.
The company highlighted that 91 percent of new business came from preferred business lines, including capital-efficient products, protection products, health insurance, and unit-linked products without guarantees.
Allianz’s Asset Management division delivered strong results with record first-quarter net inflows of 45 billion euros. Operating revenues increased to 2.2 billion euros, while operating profit rose to 857 million euros.
The division’s cost-income ratio improved to 60.4 percent, outperforming the company’s full-year target. Third-party assets under management reached a record 2.043 trillion euros by the end of March 2026.
The growth was supported by strong asset management inflows and higher revenues linked to assets under management, alongside increased performance fees.
About Allianz SE
Allianz Group is one of the world’s leading insurance and asset management companies, operating in nearly 70 countries and serving approximately 97 million customers worldwide. The company provides a wide range of insurance and financial services, including property, life, health, and corporate insurance solutions, as well as investment management services through subsidiaries such as PIMCO and Allianz Global Investors.
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