Allianz Achieves Record €17.4bn Profit as all Units Deliver

Allianz has reported a record operating profit of €17.4bn (US$20.56bn) for the full year 2025, up 8.4% on the prior year, as the group grew total business volume to €186.9bn (US$220.84bn) across its property-casualty, life/health and asset management divisions.

Shareholders' core net income rose 10.9% to €11.1bn (US$13.12bn), while core earnings per share climbed 12.5% to €28.61 (US$33.81). The group's Solvency II ratio increased by 10 percentage points to 218%, reflecting what the company described as excellent operating capital generation.

Oliver Bäte, CEO of Allianz SE, pointed to the breadth of the group's performance as a differentiator in a volatile macro environment.

"Allianz's record results for 2025 demonstrate – again – our ability to deliver reliably, including in rapidly shifting and increasingly divisive environments,” says Oliver.

He adds: “The strength of our performance and fundamentals goes well beyond our financial discipline and operational resilience. Our success is also powered by our leading brand strength, record customer loyalty, and highly motivated employees.”

"Customers expect protection and peace of mind at a price that they can afford, which is why our ability to offer superior value is so vital to the continued growth of our customer base. To mitigate deepening polarisation in the world, it remains our strategic priority – as well as our societal responsibility – to ensure that people can access the freedom and security that our products and services provide."

Property-casualty leads the charge

The property-casualty segment was the standout performer, delivering an operating profit of €9bn (US$10.63bn), a 13.9 % increase year-on-year that comfortably exceeded the group's full-year outlook midpoint of €8bn (US$9.44bn). 

The combined ratio improved 1.3 percentage points to 92.2%, driven by lower natural catastrophe losses and ongoing underwriting actions.

Retail business within the segment posted internal growth of 9%, with its combined ratio improving 1.8 percentage points to 92.4%. Commercial lines grew 7% internally, achieving a combined ratio of 91.7%.

Asset management hits trillion-euro milestone

Allianz's asset management arm closed the year with third-party assets under management at an all-time high of €1.990trn, up from 1.920 trillion euros at the end of 2024. Net inflows for the full year reached €139bn, a 64.2% increase on the prior year.

Operating profit for the division rose 3.3% to €3.3bn, with the cost-income ratio improving to 60%, ahead of the group's stated ambition of around 6%. In the fourth quarter alone, net inflows reached €45.5bn, up 173.2% year-on-year.

Life and health hold steady

The life and health segment reported operating profit of €5.6bn (US$6.62bn), up 1.7%, exceeding its full-year outlook midpoint. The present value of new business premiums (PVNBP) grew 3.5% to €84bn (US$99.25bn), while the new business margin held at 5.%. The contractual service margin ended the year at €55.7bn (US$65.81bn), with normalised growth of 5.%.

Chief Financial Officer Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE, framed the results as confirmation of the group's strategic direction heading into its 2025-2027 plan.

"We had an excellent start into our new strategic cycle. Our performance highlights the strength and resilience of Allianz's business model," says Claire-Marie.

She adds: "As we pursue our 2026 target of an operating profit of €17.4bn (US$20.56bn), plus or minus 1 billion euros, we continue the focused execution of our strategic Capital Markets Day priorities to deliver on our 2025 – 2027 plan."

The board has proposed a dividend of €17.10 (US$20.20) per share for 2025, an 11% increase on 2024, alongside a new share buy-back programme of up to €2.5bn (US$2.95bn) announced on 25 February 2026.