Jefferies Lifts Allianz Target, Calling AI-Driven Selloff Overdone
Published on 10/07/2026 at 09:30 | Editorial boerse-global.de
Analysts at Jefferies have pushed back against the market's recent anxiety over Allianz, arguing that fears of artificial intelligence upending traditional insurance distribution have been blown out of proportion. On Monday, analyst Philip Kett raised his price target on the Munich-based insurer from EUR 325 to EUR 420 while keeping a "Hold" rating on the stock.
The broker's stance contrasts with the broader mood that has weighed on the shares. According to media reports, rising oil prices and expectations of a longer stretch of restrictive US monetary policy have dampened sentiment across markets. Allianz was quoted at EUR 418.40 in pre-market trading, putting the stock 7.9 percent below its 52-week high of EUR 454.50.
Wealth Report Provides a Tailwind for the Core Business
The longer-term backdrop for the insurer looks rather different. Allianz presented its Global Wealth Report on September 29, showing that global financial assets climbed to EUR 268.4 trillion in 2025, a gain of 8.6 percent. Roughly four out of every five euros of that increase came from valuation gains in financial markets, according to the group's calculations.
That trend offers a stable foundation for the insurance business, since rising asset values underpin demand for investment and protection solutions. Even so, the group's economists paint a more nuanced picture of the global economy. Allianz Global Investors struck a robust tone on growth momentum in its fourth-quarter assessment on September 30, but flagged geopolitical tensions and volatile energy prices. Earlier, on September 24, Allianz Research used its first Climate Economics Report to point out that climate change burdens economies not only through physical damage, but also by hitting productivity, inflation, consumption and public finances.
Should investors sell immediately? Or is it worth buying Allianz?
Buyback Completed, Share Price Slips
On the corporate side, Allianz wrapped up its share buyback program roughly two weeks ago, acquiring a total of 6,247,961 of its own shares for EUR 2,499,999,633.67. Since then the stock has given up 3.1 percent. The shares closed yesterday at EUR 418.00, a decline of 0.3 percent, leaving the company with a market capitalization of EUR 157.86 billion.
New Products Target Retail Customers
Operationally, the group is expanding its services for private clients. On Monday, Allianz Deutschland unveiled a new telephone advisory offering: registered customers without their own legal protection insurance can obtain an initial legal assessment for EUR 8.90 a year, with up to two consultations permitted per insurance year. In addition, Allianz Private Krankenversicherung expanded its range at the start of the month with the "MeinKrankenhausschutz" hospital supplementary policy, which comes in three tiers. Existing customers can switch into the new policies without a fresh health check. Following a Federal Court of Justice ruling on workshop risk in comprehensive motor claims, Allianz Deutschland also advised policyholders to contact the insurer first before arranging repairs.
Leadership Changes Across Subsidiaries
There is movement on the personnel front as well. Monika Behr, a member of the management board at subsidiary Allianz Suisse and head of its life insurance business, has announced she will leave the company at the end of 2026 to pursue new professional opportunities. Dr. Verena Jäger, currently Chief Risk Officer and Managing Director at Allianz Global Investors, will succeed her. At the digital units, Philipp Kroetz is set to take the helm at Allianz Partners on November 1, 2026, while Laurent Floquet moves to Allianz Direct as CEO. Tomas Kunzmann is slated to join the board of Allianz SE on January 1, 2027.
Dates for the Diary
Investors now have two near-term appointments to watch. On October 21, the group will present a study from the Allianz Center for Technology on distraction risks posed by modern vehicle technology at the 14th Allianz Motor Day. Third-quarter results follow on November 12, 2026.
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