Allianz (ALV) Q4 2025 (Media) earnings summary

Executive summary

• Achieved record operating profit of EUR 17.4 billion for 2025, up 8.4% year-over-year, with strong growth, profitability, and resilience across all segments.

• Total business volume rose 8.1% to EUR 186.9 billion, reflecting broad-based growth.

• Shareholder net income increased 11% to EUR 11.1 billion; core EPS up 12.5% to EUR 28.61.

• Solvency II ratio reached 218%, the highest in five years, reflecting robust capital strength.

• Management proposes a dividend of EUR 17.10 per share (+11%) and announced a EUR 2.5 billion share buyback.

Financial highlights

• Total revenue grew 8% to EUR 187 billion, with all segments contributing positively.

• Operating profit up 8% to EUR 17.4 billion; excluding FX, growth would have been 11%.

• Core EPS grew 13%, above the 7%-9% target range; ROE at 18%, surpassing the >17% target.

• Net cash remittance reached EUR 8.6 billion, slightly ahead of the EUR 8.5 billion target.

• Shareholders' equity increased 4.0% to EUR 62.7 billion.

Outlook and guidance

• 2026 operating profit target set at EUR 17.4 billion, plus or minus EUR 1 billion.

• Outlook for 2026 remains confident, with continued focus on growth, productivity, and resilience.

• Operating profit guidance range unchanged, allowing for market volatility and FX uncertainties.

• IFRS gains from Bajaj JV disposal to be reinvested in productivity and higher-yielding bonds.

• Share buyback and dividend policy to support ongoing EPS growth.