Allianz stock rises as record profit lifts 2026 outlook

Allianz reported a record operating profit for the first nine months of 2026 and raised the upper end of its full-year target. In its earnings release dated Thursday, November 12, the insurer said operating profit for the first nine months rose 7.8 percent year on year to 14.1 billion euros, its highest nine-month level ever.

Allianz stock traded at 474.60 euros on Lang & Schwarz at 10:13 CET on Friday, November 13, 2026, 0.47 percent above the Xetra close of Thursday, November 12.

Asset Management leads growth

Group total business volume reached 143.0 billion euros in the nine-month period, up from 141.2 billion euros a year earlier. Internal growth was 3.8 percent, supported by Asset Management and Property-Casualty insurance.

Asset Management was the main earnings driver. Its nine-month operating profit rose 20.3 percent to 2.9 billion euros, while operating revenues increased 17.8 percent to 7.1 billion euros. Third-party assets under management reached 2.152 trillion euros at September 30, supported by net inflows of 132 billion euros.

Life/Health operating profit increased 3.1 percent to 4.4 billion euros. Property-Casualty operating profit rose 3.2 percent to 7.1 billion euros for the nine months. The combined ratio was 92.2 percent, within Allianz's full-year outlook range of 92 to 93 percent, although the third quarter absorbed a higher natural catastrophe impact.

Profit target moves higher

Shareholders' core net income advanced 10.6 percent to 9.3 billion euros, while core earnings per share climbed 12.7 percent to 24.15 euros. Annualized core return on equity stood at 20.1 percent, and the Solvency II capitalization ratio was 219 percent at the end of September.

For the third quarter alone, operating profit rose 6.2 percent to 4.7 billion euros. Allianz attributed the increase to a strong Asset Management result, higher business volume and margins, and a solid contribution from Life/Health. The company also said high capital market volatility and elevated natural catastrophe losses affected the period.

Following the nine-month performance, Allianz raised the upper end of its 2026 operating-profit target to 18.6 billion euros. The original range was 17.4 billion euros plus or minus 1 billion euros. The company cautioned that significant natural catastrophes and adverse capital-market developments could affect the outcome.

Buyback completed, results next

Allianz said its share buyback program of up to 2.5 billion euros, announced in February, was fully executed by September 22. The strong operating performance supports the insurer's capital-return profile, while the higher target gives investors a stronger benchmark for the final quarter.

The next scheduled financial milestone is Allianz's fourth-quarter and full-year 2026 results on February 24, 2027.

The broader German market remains the relevant backdrop for Allianz stock, with current coverage available in the DAX market reports.

Further earnings updates and analysis are available in more news and analyses on Allianz stock.