Allianz (ALV) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with total business volume up 8% to €187bn and operating profit up 8.4% to €17.4bn, exceeding targets set at the 2024 Capital Markets Day.

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

• Solvency II ratio improved to 218%, the highest in over five years, reflecting strong capital generation and prudent risk management.

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

• All business segments contributed to growth, supported by investments in technology, AI, and customer experience.

Financial highlights

• Total revenue/business volume reached €187bn (+8% year-over-year), with all segments contributing.

• Operating profit hit a record €17.4bn (+8.4%), exceeding guidance.

• Core net income grew 10.9% to €11.1bn; EPS up 12.5% to €28.61.

• Return on equity (ROE) was 18.1%, above the 17% target.

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

Outlook and guidance

• 2026 operating profit outlook set at €17.4bn ± €1bn, with all segments expected to contribute.

• 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.

• Continued focus on delivering above mid-term targets and sustaining dividend growth.

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