Allianz Splits Broker Opinion as DZ Bank Lifts Fair Value and UBS Stays on the Fence
Published on 11/14/2026 at 19:31 | Editorial boerse-global.de
Two of Europe's most closely watched research houses reached different conclusions on Allianz this Thursday, even though both had the same set of quarterly figures in front of them. DZ Bank raised its fair value estimate on the Munich insurer from €495 to €508 and reiterated its "Buy" rating. UBS, by contrast, kept its "Neutral" stance and a €460 price target — a level that now sits well below DZ Bank's assessment of what the stock is worth.
The split says less about the numbers than about what each house chooses to emphasize. DZ Bank analyst Thorsten Wenzel pointed to the strength of Allianz's asset management business, which he said made the group's profit upgrade possible in the first place. He also highlighted the insurer's robust solvency position, arguing it leaves room for generous shareholder payouts.
Capital cushion and a completed buyback
The capital figures back that view. Allianz reported a Solvency II ratio of 219% on Thursday. Its share buyback programme of up to €2.5 billion was fully completed in September, having been announced on 25 February.
Should investors sell immediately? Or is it worth buying Allianz?
The stock finished Thursday's session at €476.20, up 1.3%. Insurers across Europe extended their advance, according to dpa-AFX, with Munich Re providing a sector tailwind after its insured major losses came in below expectations. Allianz, the agency noted, continued its record run.
Record nine-month result
For the first nine months of 2026, Allianz posted an operating profit of €14.1 billion — a record, and an increase of 7.8% on the same period a year earlier. Third-quarter operating profit reached €4.7 billion, up 6.2% year on year, on total business volume of €44.4 billion.
Not every division pulled in the same direction. Operating profit in the property and casualty business fell 7.9% to €2.2 billion in the quarter.
On the strength of the group result, Allianz lifted the upper end of its full-year operating profit guidance to around €18.6 billion. Management attached the usual caveat: the outlook assumes no significant natural catastrophes or capital market shocks.
Ad
Allianz Stock: New Analysis - 14 November
Fresh Allianz information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
