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 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 due to strong liquidity and capital generation, with €2bn completed in 2025 and an additional €2.5bn planned for 2026.

• All business segments—P&C, Life & Health, and Asset Management—contributed to growth, supported by investments in technology, AI, and customer experience.

Financial highlights

• Total business volume reached €186.9bn (+8.1% year-over-year), with all segments contributing.

• Operating profit hit a record €17.4bn, up 8.4%, exceeding the high end of guidance.

• Shareholders' core net income increased by €1.1bn (+10.9%) to €11.1bn; core EPS grew 12.5% to €28.61.

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

• Net cash remittance for 2025 was €8.6bn, with an 89% remittance ratio.

Outlook and guidance

• 2026 operating profit outlook set at €17.4bn ± €1bn, representing 9% growth over the 2025 midpoint.

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

• Share buyback program of up to €2.5bn announced for 2026.

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

• IFRS gain from Bajaj JV sale to be neutralized in 2026, with proceeds reinvested in productivity and higher-yielding assets.