Business 2 min read By Callum Montgomery
Allianz Posts Record Nine-Month Operating Profit and Lifts Full-Year Forecast
German insurer Allianz posted a record operating profit in the first nine months of 2026 and raised the upper end of its full-year outlook.
German insurance group Allianz reported a record operating profit of €14.1 billion in the first nine months of 2026, a 7.8% increase over the same period of the previous year. Based on these results, the company raised the upper end of its full-year estimate to approximately €18.6 billion.
Core net profit attributable to shareholders reached €9.3 billion, up 10.6%, while total net profit attributable to shareholders was €9.07 billion, 11.8% higher. Core earnings per share rose 12.7% to €24.15, and the core return on equity stood at 20.1%, compared with 18.1% for the full year 2025. Total business volume reached €143 billion, with internal growth of 3.8%, and assets under management for third-party clients rose to €2,152 billion.
The Property and Casualty insurance segment delivered an operating profit of €7.1 billion, up 3.2%. The combined ratio deteriorated slightly to 92.2%, as losses from natural catastrophes increased the claims ratio. In the third quarter, the segment's operating profit fell 7.9%. Internal growth was 7% in retail customer insurance and 3% in commercial insurance.
The Life and Health insurance division reported an operating profit of €4.37 billion, 3.1% higher, while business volume declined 4.1% to €65.8 billion. The margin on new business was 5.5%, above the group-wide minimum of 5%. The contractual service margin reached €56.4 billion.
Asset management was the most dynamic activity. The division's operating profit rose 20.3% to €2.9 billion, supported by growth in assets and performance fees. Net inflows totaled €132 billion, 40.4% higher, and the cost-income ratio improved to 58.9%.
In terms of capital, the company's Solvency II ratio stands at 219%. In September, Allianz fully completed its €2.5 billion share buyback programme.
Management nevertheless noted that volatile capital markets pose a pressure factor, and that losses from natural catastrophes in the third quarter affected results. For comparison, Allianz's operating profit for the full year 2025 was €17.4 billion.
Source: economedia.ro
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