Allianz (ALV) Q2 2026 (Media) earnings summary

Executive summary

• Achieved record operating profit for H1 2026, with strong contributions from all segments, especially Asset Management and Property-Casualty.

• Shareholders' core net income rose 15.5% year-over-year in H1 2026, with underlying growth of 9% after adjusting for divestment effects.

• Core earnings per share increased 17.5% to €16.44 in H1 2026.

• Strategic focus on smart growth, productivity, and resilience is delivering results at the midpoint of the three-year plan.

• Significant expansion in Southeast Asia through acquisitions in Singapore and asset management.

Financial highlights

• Total business volume reached €99 billion for H1, up 4.3% year-over-year, with growth accelerating in Q2.

• Operating profit rose to €9.4 billion, up 9% year-over-year, with core EPS up 17.5% to €16.44 and core net income up 15.5%.

• Solvency II ratio at 225%, the highest since 2018, up 7pp from FY 2025.

• P&C operating profit at €4.9 billion, up 9% year-over-year, with a combined ratio of 91.4%.

• Asset Management saw record net inflows of €84 billion and operating profit up 19% FX-adjusted.

Outlook and guidance

• Maintains operating profit outlook at €17.4 billion ± €1 billion for 2026, citing ongoing market volatility and potential for nat cat and FX impacts in H2.

• Confident in achieving 2026 targets and on track with strategic and financial KPIs.

• Share buyback program of up to €2.5 billion underway; €1.4 billion completed in H1 2026.

• Ongoing focus on productivity, resilience, and leveraging AI for future growth.