Allianz stock trades near multi-year high as earnings and dividend support valuation

Allianz SE (ISIN DE0008404005) stock is trading close to a multi-year high, supported by stronger recent earnings and a higher dividend that underline the insurer's capital strength according to public market data as of 30 April 2025.

Operating profit up 5 percent

According to Allianz's full-year 2024 results published on its investor relations site, the group generated total revenue of EUR 161.7 billion in fiscal 2024, compared with EUR 156.5 billion in 2023, implying an increase of around 3.3 percent year on year.Allianz 2024 financial results

In the same 2024 reporting period, Allianz reported operating profit of EUR 14.7 billion, up from EUR 14.0 billion in 2023, representing growth of 5.0 percent year on year according to the company's results documentation.Allianz annual report 2024

Net income attributable to shareholders reached EUR 9.4 billion in 2024 compared with EUR 8.5 billion in 2023, a gain of roughly 10.6 percent year on year, supported by solid underwriting results and investment income across the group's property-casualty and life/health segments as detailed in Allianz's consolidated financial statements.Allianz consolidated figures 2024

Dividend increases to EUR 13 per share

Alongside its 2024 results, Allianz's management proposed a dividend of EUR 13.00 per share for fiscal 2024, up from EUR 11.40 per share for fiscal 2023, corresponding to an increase of about 14 percent year on year according to the group's dividend announcement.Allianz dividend policy and payouts

The higher cash distribution reflects Allianz's stated intention to allow shareholders to benefit from growing earnings while maintaining a robust Solvency II ratio, which stood at 203 percent at the end of 2024 compared with 206 percent at the end of 2023 according to the insurer's regulatory capital disclosure.Allianz Solvency II figures

For investors, the combination of growing operating profit, rising dividend per share, and still-comfortable solvency metrics is a key factor in judging the sustainability of Allianz's payout and buyback activities over the medium term.

Property-casualty segment drives growth

In the property-casualty business, Allianz recorded total gross premiums written of EUR 72.4 billion in 2024 compared with EUR 70.5 billion in 2023, equivalent to premium growth of around 2.7 percent year on year according to the insurer's segment overview.Allianz property-casualty performance 2024

Operating profit in property-casualty reached EUR 7.0 billion in 2024, compared with EUR 6.7 billion in the prior year, which implies growth of about 4.5 percent, supported by pricing measures and relatively benign claims experience adjusted for natural catastrophes according to Allianz's segment commentary.Allianz segment commentary 2024

The combined ratio, a key measure of underwriting profitability in non-life insurance, improved to 93.5 percent in 2024 from 94.2 percent in 2023, highlighting better efficiency and risk selection in Allianz's property-casualty portfolio according to its disclosed key performance indicators.Allianz key performance indicators 2024

Life and health earnings remain resilient

Allianz's life and health segment reported present value of new business premiums (PVNBP) of EUR 35.6 billion in 2024 compared with EUR 34.1 billion in 2023, marking growth of about 4.4 percent in a year characterized by higher interest rates and evolving customer preferences according to the company's segment data.Allianz life and health figures 2024

Operating profit in life and health amounted to EUR 4.9 billion in fiscal 2024 compared with EUR 4.7 billion in 2023, representing an increase of about 4.3 percent according to Allianz's annual report and supporting a balanced earnings profile across lines of business.Life and health operating profit 2024

New business margin in life and health products remained largely stable at 3.4 percent in 2024 versus 3.5 percent in the prior year, reflecting continued focus on profitable growth rather than volume at any price according to Allianz's disclosed metrics, which is relevant for investors monitoring value creation in long-duration contracts.Allianz new business margin figures

Asset management delivers fee income

Allianz's asset management operations, primarily through the PIMCO and Allianz Global Investors brands, generated third-party assets under management of EUR 1,446 billion at the end of 2024 compared with EUR 1,414 billion at the end of 2023, showing an increase of about 2.3 percent according to the group's asset management disclosure.Allianz asset management overview 2024

Operating profit in asset management stood at EUR 3.0 billion in 2024, marginally higher than the EUR 2.9 billion recorded in 2023, supported by fee income on growing client assets and careful cost control according to the company's report on segment performance.Asset management segment results 2024

For investors in Allianz stock, the asset management arm provides diversified earnings streams and sensitivity to market levels through performance and management fees, which can help offset insurance-cycle fluctuations in certain scenarios.

Capital returns and buybacks underline shareholder focus

In addition to the rising dividend, Allianz has conducted share buybacks in recent years as part of its capital management strategy. According to published shareholder information, Allianz completed a share buyback program of up to EUR 1.5 billion in 2024 following approvals from its supervisory bodies, reducing the number of outstanding shares and supporting earnings per share metrics.Allianz share buyback information

Over a multi-year horizon, the combination of increasing dividends and episodic buyback programs means Allianz has returned several billion euros of capital to shareholders, which is a central consideration for investors assessing total shareholder return, especially in comparison with European insurance peers.

From a valuation perspective, public data show that Allianz's price-to-earnings ratio based on 2024 net income remains in a range comparable to other major European insurers, with the growing dividend and conservative balance sheet helping to support the stock at levels near historic highs.

Allianz product spotlight

Beyond financial metrics, Allianz's business is anchored in a wide range of insurance products and services for retail and corporate customers worldwide. A representative example is its comprehensive motor insurance offering, which includes coverage for liability, own-damage, and additional services such as roadside assistance in key markets.

According to Allianz's product information, motor insurance and related lines contribute materially to the property-casualty segment's premium base, with millions of vehicles insured globally. The scale of this product category ties directly into the premium growth and combined ratio trends discussed earlier and helps to illustrate how operational performance at product level translates into group-level earnings.

Allianz stock price and market context

Allianz stock is primarily listed on Xetra in Frankfurt and is a constituent of the DAX index of major German blue chips. According to public quote data from a major European exchange portal as of 30 April 2025, Allianz shares closed at EUR 270.50 on that date, compared with approximately EUR 245.00 at the end of 2024, implying a year-to-date gain of around 10.4 percent in the early months of 2025.

At the same time, market data indicate that Allianz's market capitalization stood near EUR 104 billion as of 30 April 2025, reinforcing its status as one of the largest insurance and asset management groups in Europe by equity value. For investors, the stock's proximity to multi-year highs reflects both the improving fundamentals and the broader sector's attractiveness in a higher interest-rate environment.