Allianz (ALV) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with total business volume up 8.1% to €186.9bn and operating profit up 8.4% to €17.4bn, exceeding targets and driven by strong growth across all business segments.

• Shareholders' core net income rose 10.9% to €11.1bn, with core EPS up 12.5% to €28.61.

• Solvency II ratio improved to 218%, reflecting strong capital generation and prudent risk management.

• Announced a €2.5bn share buyback for 2026, following a completed €2bn buyback in 2025.

• Dividend per share proposed at €17.10, up 11% from 2024.

Financial highlights

• Revenue/business volume grew 8.1% year-over-year to €186.9bn, with all segments contributing.

• Operating profit reached €17.4bn (+8.4%), exceeding guidance and marking a record high.

• Core net income increased by €1.1bn (+10.9%) to €11.1bn; core RoE improved to 18.1%.

• Dividend per share proposed at €17.10 (+11%).

• Solvency II ratio at 218%, a 10-point increase from year-end 2024.

Outlook and guidance

• 2026 operating profit outlook set at €17.4bn ± €1bn, supported by all segments.

• P/C business volume expected to grow ~6% with combined ratio in the 92–93% range.

• L/H normalized CSM growth expected at ~5%, and AM operating profit to rise to €3.5bn.

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

• IFRS gain from Bajaj JV sale to be neutralized through reinvestment in productivity and higher-yielding assets.