Allianz SE has reported a record operating profit of €17.4 billion for the 2025 fiscal year, marking an 8.4% increase from the previous year and signalling what executives described as a strong start to the group’s new strategic cycle.
Total business volume for the year rose 8.1% to €186.9 billion, with positive contributions from all operating segments. Shareholders’ core net income climbed 10.9% to €11.1 billion, reflecting sustained earnings momentum across the business.
P&C Business Leads Growth
The property and casualty (P&C) segment was the primary driver of performance in 2025, delivering a 13.9% rise in operating profit to nearly €9.0 billion. The combined ratio improved to 92.2%, supported by disciplined underwriting and lower-than-expected natural catastrophe losses.
Asset management also recorded strong results, with third-party net inflows of €139 billion. Third-party assets under management reached a record €1.99 trillion at year-end. In the life and health segment, the present value of new business premiums grew 3.5%, maintaining stable performance during the period.
Following the results, Allianz management proposed a dividend of €17.10 per share, an 11.0% increase compared to 2024. The group also announced a new share buy-back programme of up to €2.5 billion, which commenced this week.
Capital Strength and Strategic Targets
Allianz reported a Solvency II ratio of 218%, up from 209% at the end of 2024, underscoring its strong capital position as it enters the 2025–2027 planning phase.
Chief Executive Officer Oliver Bäte said the record results demonstrate the group’s ability to deliver consistently in changing market conditions. Chief Financial Officer Claire-Marie Coste-Lepoutre highlighted the resilience of the business model as Allianz advances toward its 2026 operating profit target of €17.4 billion, plus or minus €1 billion.
Under its strategic plan, first outlined in late 2024, Allianz is targeting a compound annual growth rate in earnings per share of 7% to 9% and a return on equity of at least 17% by the end of 2027. The group also aims to manage more than €27 billion in cumulative net cash remittance between 2025 and 2027 to support its capital allocation and shareholder payout framework.
Technology, Sustainability and Brand Partnerships
As part of its “smart growth” strategy, Allianz plans to deploy generative AI tools to streamline operations and enhance customer service. The group is also reinforcing its environmental, social, and governance priorities, integrating net-zero transition considerations into investment and underwriting activities in line with the 1.5°C pathway under the Paris Climate Agreement.
Allianz continues to expand its global brand presence through partnerships, including its role as Official Insurer of the Olympic and Paralympic Movements. The company’s engagement initiatives, including support for “Team Allianz” athletes, are positioned as part of its broader customer and brand strategy.
Management linked strong brand engagement and customer loyalty trends to the group’s overall performance in 2025, as Allianz begins its new three-year strategic cycle from a position of record profitability and capital strength.
