Allianz (ALV) Q1 2026 (Media) earnings summary

Executive summary

• Achieved record operating profit of €4.5 billion in Q1 2026, up 6.6% year-on-year, driven by strong Property-Casualty and Asset Management performance.

• Full-year operating profit outlook reaffirmed at EUR 17.4 billion ± EUR 1 billion despite market volatility and macro uncertainty.

• Shareholders' core net income surged 48.4% to €3.8 billion, reflecting gains from the sale of Indian JV stakes and robust underlying growth.

• Core EPS rose 50.7% to €9.96; underlying EPS growth was 9% after adjusting for one-time effects.

• Solvency II ratio at 221%, up 2 points from year-end, reflecting strong capital generation and resilience.

Financial highlights

• Property-Casualty internal growth at 7%, operating profit up 11% to EUR 2.4 billion, combined ratio improved to 91%.

• Asset Management net inflows of EUR 45 billion, annualized organic growth rate of 9%, revenues up 12% FX adjusted.

• Asset Management operating profit exceeded EUR 850 million, cost-income ratio improved to 60.4%.

• Life/Health segment resilient despite FX and JV disposals; new business margin at 5.3%, value of new business €1.3 billion.

• Total business volume was €53.0 billion, with internal growth of 3.5% year-over-year.

Outlook and guidance

• On track to achieve full-year operating profit outlook of €17.4 billion ± €1 billion.

• Confident in delivering Capital Markets Day targets, including 9% core EPS growth and 7% CAGR in protection and health operating profit through 2027.

• Share buyback program of up to €2.5 billion underway, with €0.3 billion completed in Q1 2026.