Allianz (ALV) Q3 2025 earnings summary

Executive summary

• Achieved record operating profit and shareholders' core net income for both 3Q and 9M 2025, with double-digit growth across all segments and OP at 82% of the full-year outlook midpoint.

• Year-to-date business volume growth at 8.5%, diversified across segments and geographies, with P/C at 8.3%, L/H at 8.9%, and AM at 6.1%.

• Core EPS increased 12.2% to EUR 21.43, and core RoE improved by 1.6% to 18.5%.

• EUR 2bn share buy-back completed in September 2025, representing 1.5% of issued capital.

• Upgraded full-year outlook to at least EUR 17 billion operating profit, likely in the EUR 17–17.5bn range.

Financial highlights

• 9M 2025 total business volume reached EUR 141.2bn (+8.5% year-over-year).

• Operating profit for 9M 2025 was EUR 13,077mn (+10.4% year-over-year); 3Q 2025 operating profit: €4,433m (+12.6% YoY).

• Shareholders' core net income for 9M 2025 was EUR 8,382mn (+10.5% year-over-year); 3Q: €2,855m (+12.7% YoY).

• Core EPS at EUR 21.43 (+12.2% year-over-year); core return on equity (annualized) at 18.5%.

• Solvency II capitalization ratio at 209% as of 30.09.25.

Outlook and guidance

• Full-year 2025 operating profit expected at least €17bn, likely in the €17–17.5bn range, at the upper end of guidance.

• More than 20%p operating capital generation after tax expected for FY 2025.

• 6%-7% medium-term growth rate for P&C business reaffirmed.