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 reached 218%, the highest in over five years, reflecting robust capital strength and prudent risk management.

• Dividend per share proposed at €17.10 (+11%), marking the ninth increase in ten years, and a €2.5bn share buyback was announced.

• Continued focus on growth, productivity, resilience, and shareholder returns, with strong progress in digital platforms and customer growth.

Financial highlights

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

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

• Core net income and EPS grew 10.9% and 12.5% respectively, exceeding target ranges.

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

• Net cash remittance was €8.6bn, with a remittance ratio of 89%.

Outlook and guidance

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

• Guidance range unchanged, allowing for uncertainties in capital markets, FX, and Nat Cat events.

• 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 continue supporting EPS growth.