Allianz Reshuffles Leadership on Two Continents as Investors Weigh a Record Profit Path
Published on 10/01/2026 at 19:02 | Editorial boerse-global.de
Two executive transitions on opposite sides of the globe are landing at an awkward moment for Allianz, with the Munich insurer's shares drifting lower while analysts keep pointing to a sharply higher valuation.
Ong Bi Ying took the helm at Allianz Insurance Singapore on Thursday, succeeding Hicham Raissi, who is leaving the group. The Asian handover coincides with a broader realignment in Munich: Philipp Kroetz, who has run the direct-insurance subsidiary Allianz Direct since 2022, will become chief executive of Allianz Partners on 1 November 2026. He takes over from Tomas Kunzmann, who moves up to the board of parent company Allianz SE at the turn of the year. Laurent Floquet, currently Allianz Partners' chief operating officer, will switch to the top job at Allianz Direct.
The appointments remain subject to regulatory approval, but the timing leaves little room for a stumble. Kroetz built Allianz Direct's business volume to more than EUR 1.5 billion in the 2025 financial year, a 23 percent increase over the prior year, on a combined ratio of 95 percent and a customer base of over 3.2 million policyholders across five European countries.
A record half-year sets a high bar
Allianz shares changed hands at EUR 411.30 in one reading of the market and at EUR 409.40 in another, down 0.8 percent and 1.2 percent respectively as the stock works through a consolidation phase. Against that softer tape, expectations for the current financial year are running at record levels after the group posted an operating profit of EUR 9.4 billion in the first half of 2026.
Repeat that first-half earnings power in the second six months and the full-year operating result would land at roughly EUR 18.8 billion — comfortably above the current market consensus of EUR 18.5 billion. Delivering it depends on momentum holding across all three core segments. Property and casualty operating profit rose 9 percent in the first half, asset management added 13 percent, and life and health chipped in 2 percent.
Should investors sell immediately? Or is it worth buying Allianz?
Profitable new business and an investment result that can withstand market pressure are the prerequisites. Any erosion of margins in the traditional P&C book would put the target in jeopardy.
Berenberg and DZ Bank see room to run
The sell side is not short of conviction. Berenberg's Michael Huttner reaffirmed a EUR 684 price target, implying upside of more than 60 percent, and cited the group's robust capital position alongside an expected dividend yield of about 4.5 percent. Huttner pointed to anticipated revenue and earnings growth through the end of the 2027 strategic plan. DZ Bank moved in the same direction on 18 September, lifting its target from EUR 486 to EUR 495 and keeping a "Buy" rating, with analyst Thorsten Wenzel crediting a solid second quarter and raised profit estimates.
Asset management is providing additional ballast. Net inflows reached EUR 84 billion in the first half of 2026, underpinning the future earnings base. Buybacks have been lending a hand too: the group repurchased 182,616 of its own shares between 21 and 22 September, taking the total since the programme began on 13 March to just under 6.25 million shares. Targeted international expansion and new products such as Allianz Private Krankenversicherung's inpatient supplementary cover are aimed at margin-rich new business.
Weather and credit risks cloud the second half
Not everything points one way. Weather-related losses can take a heavy toll on P&C profitability, and Berenberg flags likely third-quarter strain from severe hail events. A stronger US dollar may offset part of that, but claims development remains a wildcard. Allianz has raised its claims reserve to EUR 1.8 billion as a buffer.
The investment portfolio carries its own considerations. Unlisted holdings total EUR 141 billion, including EUR 24 billion of mid-market loans and other financing. Of that, 93 percent backs long-term life and health obligations with a duration of roughly eight years.
There was also a setback on the operational front. At the end of September, the French Tégo members' assembly voted to terminate existing group residual-debt insurance contracts with Allianz effective the end of 2026, a move that will cost market share to rival CNP Assurances from 2027.
Chart watchers focus on two levels
Technically, the picture hinges on whether the stock can stabilise its recent pullback and close in on its 52-week high of EUR 454.50, which would keep the broader uptrend intact. The 200-day moving average at EUR 396.88 offers the key line in the sand; a sustained break below it would risk extending the setback. A shift in sentiment driven by above-average storm damage in the third quarter could open the door to a test of lower support zones.
Two milestones now sit on the calendar. The CEO handover at Allianz Partners and Allianz Direct takes effect on 1 November 2026, still pending formal regulatory clearance, with Kunzmann joining the group's top leadership body on 1 January 2027. In between, the third-quarter interim report will settle whether Allianz raises its guidance — and whether an operating record near EUR 18.8 billion lays the groundwork for the valuation rally to continue.
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