Allianz (ALV) Q1 2026 earnings summary

Executive summary

• Achieved record operating profit of EUR 4.5 billion in Q1 2026, up 6.6% year-over-year, driven by strong Property & Casualty and Asset Management performance, while Life/Health remained resilient in volatile markets.

• Shareholders' core net income surged 48.4% to EUR 3.8 billion, reflecting significant gains from the sale of Indian JV stakes and robust underlying growth; adjusted core net income up 7%.

• Core EPS rose 50.7% to EUR 9.96, with underlying EPS growth at 9% after adjusting for one-off items.

• Annualized core RoE reached 24.2%, with underlying RoE at 18%.

• Solvency II ratio improved to 221%, up 2 percentage points from year-end 2025, reflecting strong capital generation.

Financial highlights

• Total business volume reached EUR 53.0 billion (+3.5% internal growth), with P&C at EUR 28.3 billion (+6.8%), L/H at EUR 22.6 billion (-1.0%), and AM at EUR 2.2 billion (+12.7%).

• P&C operating profit up 11.1% year-over-year to EUR 2.4 billion; combined ratio improved to 91.0%.

• Asset management net inflows reached EUR 45 billion, with annualized organic growth rate of 9% and third-party AUM at EUR 2.043 trillion.

• Asset management revenues up 12.7% FX-adjusted; operating profit up 15% FX-adjusted; cost-income ratio improved to 60.4%.

• Life/Health segment showed resilience despite FX and JV disposal impacts; new business margin at 5.3%, operating profit EUR 1.4 billion (-5.1%).

Outlook and guidance

• On track to achieve full-year operating profit outlook of EUR 17.4 billion ± EUR 1 billion.

• Core EPS CAGR targeted at 7-9%, and Solvency II ratio target set at or above 180%.

• Expectation of improved life investment results as perimeter impacts ease.

• Health and protection business targeted to grow operating profit by 7% CAGR through 2027.

• 2Q 2026 subordinated capital issuance expected to further increase Solvency II ratio by ~2 percentage points.