Allianz (ALV) Q2 2026 earnings summary

Executive summary

• Achieved record operating profit of EUR 9.4 billion in H1 2026, up 8.6% year-over-year, with all segments contributing, especially Asset Management and Property-Casualty.

• Total business volume reached EUR 99 billion, up 4.3% year-over-year, driven by Asset Management and Property-Casualty.

• Shareholders' core net income rose 15.5% to EUR 6.4 billion, with core EPS up 17.5% to EUR 16.44 and core RoE at 20.7%.

• Strategic focus on smart growth, productivity (leveraging AI), and resilience, with significant investments and acquisitions in Asia and asset management.

• Net income was boosted by a EUR 1.3 billion pre-tax gain from the sale of Indian joint ventures.

Financial highlights

• Solvency II ratio improved to 225%, the highest since 2018, reflecting strong capital generation and market impacts.

• Shareholder core net income reached EUR 6.4 billion, with adjusted core EPS up 10%-17.5% year-over-year.

• Asset management revenues grew 16% FX-adjusted, with operating profit up 12.6%-19% FX-adjusted and record net inflows of EUR 84 billion.

• Health and protection business operating profit at EUR 1.2 billion, with 9% underlying growth.

• Cost-income ratio in Asset Management improved to 60.3%.

Outlook and guidance

• Full-year 2026 operating profit outlook reaffirmed at EUR 17.4 billion, plus or minus EUR 1 billion.

• All segments are ahead of the midpoint of their full-year operating profit outlooks.

• Asset management expected to continue strong performance, supported by acquisitions and product innovation.

• Global economic growth for 2026 expected at 2.5%, with persistent downside risks from geopolitical tensions and policy uncertainty.

• Insurance premium growth in property-casualty expected to decelerate; demand for life/health products remains high.