![\"Claire-Marie](\"https:\/\/www.europesays.com\/germany\/wp-content\/uploads\/2026\/05\/Claire-Marie-Coste-Lepoutre-Chief-Financial-Officer-of-Allianz-SE-1024x576.png\")
Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE (Image Courtesy: Business Wire)<\/p>\nClaire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE, says, \u201cWe had an excellent start into our new strategic cycle. Our performance highlights the strength and resilience of Allianz\u2019s business model.<\/p>\n
Allianz\u2019s record results for 2025 are characterized by very good growth across our segments and excellent profitability, while we further enhanced our financial strength. This demonstrates our ability to create sustainable value for our customers and shareholders alike.<\/p>\n
As we pursue our 2026 target of an operating profit of 17.4 billion euros, plus or minus 1 billion euros, we continue the focused execution of our strategic Capital Markets Day priorities to deliver on our 2025 \u2013 2027 plan.\u201d<\/p>\n
Allianz\u2019s\u00a012M 2025\u00a0results were excellent. Allianz sustained its momentum across all three segments and achieved a record operating profit. Our total business volume expanded to 186.9 billion euros (12M 2024: 179.8 billion euros). Internal growth, which excludes the effects of foreign-currency translation as well as acquisitions and divestments, was strong at 8.1\u00a0percent, supported by growth across all segments.<\/p>\n
Operating profit reached a record level of 17.4 (16.0) billion euros, an increase of 8.4 percent. The Property-Casualty business was the main growth driver and all business segments exceeded their full-year outlook midpoints.<\/p>\n
Shareholders\u2019 core net income rose by 10.9 percent to 11.1 (10.0) billion euros. Adjusted for a one-off tax provision related to the sale of our stake in our Indian Joint Ventures in 1Q 2025 and the divestment gain on the UniCredit Joint Venture in 2Q 2025, shareholders\u2019 core net income was up by 9.3 percent.<\/p>\n
Core earnings per share (EPS)\u00a0amounted to 28.61 (25.42) euros, an increase of 12.5 percent. Adjusted for the above-mentioned one-off tax provision and divestment gain, core earnings per share rose 10.8 percent. Allianz has delivered an excellent core return on equity (RoE)\u00a0of 18.1 percent in 12M 2025 (12M 2024: 16.9 percent). Adjusted for the effects of the one-off tax provision and divestment gain, the core return on equity was 17.8 percent.<\/p>\n
This performance was achieved while Allianz further strengthened its capitalization. The Solvency II ratio was 218 percent, an increase of 10 percentage points compared to full-year 2024 (209 percent) and 3Q 2025 (209 percent). This development was supported by excellent operating capital generation of 25 percentage points after tax\/before dividend.<\/p>\n
In\u00a04Q 2025, Allianz delivered a strong performance, characterized by good growth across our three segments and excellent profitability. Our total business volume amounted to 45.7 billion euros (4Q 2024: 45.9 billion euros). Internal growth was good at 6.5 percent and all segments contributed.<\/p>\n
Operating profit rose 3.0 percent to 4.3 (4.2) billion euros, reaching 27 percent of our full-year outlook midpoint. The increase was mainly driven by excellent operating profit growth in our Property-Casualty business. Shareholders\u2019 core net income advanced 12.2 percent to 2.7 (2.4) billion euros. A higher operating profit and an improved non-operating result contributed.<\/p>\n
Outlook<\/p>\n
In 2026, Allianz targets an operating profit of 17.4 billion euros, plus or minus 1 billion euros.<\/p>\n
Other<\/p>\n
The Board of Management proposes a dividend per share of 17.10 euros (2024: 15.40 euros) for 2025, an increase of 11.0 percent from 2024. On February 25, 2026, Allianz has announced a new share buy-back program of up to 2.5 billion euros.<\/p>\n
Core messages Property-Casualty insurance 12M 2025Very good internal growth across retail and commercialRecord operating profit, well exceeding the full-year outlook midpointExcellent combined ratio supported by underwriting actions<\/p>\n
In the\u00a012M 2025\u00a0period, total business volume rose to 86.7 billion euros (12M 2024: 82.9 billion euros). Internal growth was very good at 8.2 percent.<\/p>\n
Operating profit was excellent at 9.0 (7.9) billion euros, well exceeding our full-year outlook midpoint of 8.0 billion euros. Operating profit growth<\/a> of 13.9 percent was almost exclusively driven by a higher operating insurance service result.<\/p>\n The combined ratio was at an excellent level of 92.2 percent (93.4 percent), with improvements in the loss ratio and the expense ratio. The loss ratio reached 68.3 percent, an improvement of 1.0 percentage point compared to prior year (69.3 percent). Lower natural catastrophe losses and underlying improvements from underwriting actions overcompensated a conservative run-off ratio. The expense ratio improved by 0.3 percentage points to 23.9 percent (24.2 percent), reflecting a successful ongoing productivity focus.<\/p>\n The retail\u00a0business delivered excellent internal growth of 9 percent while our commercial\u00a0business grew by 7 percent. Profitability in both retail and commercial was strong. The retail combined ratio improved 1.8 percentage points to 92.4 percent (94.1 percent), while in commercial the combined ratio reached an excellent level of 91.7 percent (92.2 percent), an improvement of 0.5 percentage points.<\/p>\n In\u00a04Q 2025, total business volume reached 19.9 billion euros (4Q 2024: 19.5 billion euros), a strong internal growth of 6.7 percent. The operating profit grew to 2.1 (1.9) billion euros, an increase of 9.6 percent, reaching 27 percent of our full-year outlook midpoint. A stronger operating insurance service result was the main driver.<\/p>\n The combined ratio improved to a very good level of 93.6 percent (94.7 percent). The loss ratio was 69.8 percent (70.7 percent), an improvement of 0.9 percentage points. The expense ratio improved by 0.2 percentage points to 23.8 percent (24.1 percent).<\/p>\n![\"\"](\"https:\/\/www.europesays.com\/germany\/wp-content\/uploads\/2026\/05\/Allianz-Logo-taken-from-Business-Wire-1-1024x576.png\"){kind=logo}
Allianz (Image: Business Wire)Core messages Property-Casualty insurance 4Q 2025Strong internal growth of 6.7 percentExcellent operating profit of 2.1 billion euros, up 10 percentVery good combined ratio, supported by a better loss ratio and expense ratio<\/p>\n