Allianz reported record operating profit of €4.5 billion for the first quarter of 2026, as strong underwriting performance in property and casualty insurance and continued growth in asset management helped offset a slight decline in total business volume.
The insurer’s operating profit increased 6.6% year over year from €4.2 billion in Q1 2025, while total business volume edged down to €53 billion from €54 billion. Allianz said internal growth reached 3.5% during the quarter, led primarily by its property and casualty operations, alongside solid momentum in asset management.
Shareholders’ core net income rose sharply to €3.8 billion, up 48.4% from the prior-year period, supported in part by gains linked to the sale of stakes in the company’s Indian joint ventures.
Within the property and casualty segment, total business volume climbed to €28.3 billion, driven by 6.8% internal growth. Operating profit for the division reached a record €2.4 billion, an increase of 11.1% year over year, as underwriting profitability improved and insurance service results strengthened.
The P&C combined ratio improved to 91.0% from 91.8% a year earlier, outperforming Allianz’s full-year guidance range of 92% to 93%. The insurer attributed the result to disciplined underwriting, favorable expense management, and productivity improvements.
In life and health insurance, present value of new business premiums declined to €23.7 billion from €26.1 billion, although Allianz said the reduction was modest after adjusting for currency effects and the disposal of its stake in UniCredit Allianz Vita. Operating profit for the segment remained stable at €1.4 billion.
The asset management division also contributed to earnings growth, with operating revenues increasing to €2.2 billion and operating profit rising 5.8% to €857 million, supported by higher assets under management and stronger performance fees.
CEO Oliver Bäte said the results reflected the strength of Allianz’s diversified business model and highlighted the company’s continued focus on expanding protection offerings while integrating AI-driven capabilities into customer operations.
Allianz reaffirmed its full-year operating profit target of €17.4 billion, plus or minus €1 billion, and confirmed that its previously announced €2.5 billion share buyback program remains underway.
