Allianz Scales Record Heights as AI Reshapes Workforce and Berenberg Eyes 60% Upside
Veröffentlicht: 09.07.2026 um 02:43 Uhr, Redaktion boerse-global.de
Allianz shares punched through to a fresh all-time high of €423.90 on July 7, only to edge back to €419.20 the following Wednesday as the market digested news that the group’s assistance arm, Allianz Partners, would eliminate up to 1,800 roles across Europe. The mild 1.11% retreat from the peak underscores a market that is far from panicked — and analysts see plenty more headroom.
Berenberg analyst Michael Huttner has stuck to his €684 price target, implying roughly 60% upside from current levels. His conviction rests on the insurer’s earnings trajectory and a sustained share buyback programme that is shrinking the free float and boosting earnings per share. With EPS at €30.97, the stock trades on a price-to-earnings multiple of 13.65, which Huttner considers undemanding for a company with Allianz’s market capitalisation of €160.84 billion — the fourth-largest weight in the DAX at 7.44%.
Technically, the rally is showing signs of fatigue. The 14-day relative strength index sits at 72.0, firmly in overbought territory, while the 30-day annualised volatility is a moderate 13.02%. Yet the underlying trend remains solid: the share price is 7.30% above its 50-day moving average and 11.55% above the 200-day line. Compared with the 52-week low of €334.90 touched on 1 August 2025, the stock has gained more than a quarter.
Should investors sell immediately? Or is it worth buying Allianz?
The job cuts at Allianz Partners, announced late Tuesday by chief executive Tomas Kunzmann, follow six months of negotiations with works councils over a voluntary redundancy programme. Between 1,500 and 1,800 positions will disappear as artificial intelligence systems take over tasks previously handled by employees. The division specialises in insurance and assistance solutions, and the move illustrates how deeply AI is now reshaping headcount planning at Europe’s largest insurers.
Group finances, however, remain robust. Allianz confirmed on 6 July its full-year operating profit target of €17.4 billion, with a €1 billion tolerance band in either direction. The first quarter already delivered a record operating result of €4.517 billion, roughly 26% of the annual guidance range. The Solvency II ratio stands at a comfortable 221%, leaving ample capital for both buybacks and strategic investments.
Those investments include a push into the energy transition. During a recent roundtable hosted by Allianz Global Investors, head of impact and sustainability private markets Diane Mak argued that the green shift now encompasses European energy security, industrial competitiveness and technological sovereignty — areas where Allianz is positioning its asset management arm to capture long-term returns. For Berenberg’s Huttner, the combination of a robust buyback, strong earnings and an underappreciated growth story justifies a target that still towers above the current record. Whether the overbought signal triggers a near-term pause or simply marks another waypoint on a longer ascent, the fundamental case looks difficult to challenge.
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