Allianz hits the first 9 months 2025 of the year with €13.1bn in operating profit, up from €11.8bn in 9M2024. The Board of Management now signals a full year 2025 outcome of at least €17bn, which sits at the upper bound of the €16bn +/- €1bn target range they set months earlier.
Third quarter numbers landed strong. Allianz SE logged record net income and a chunky uplift in profit. Net income attributable to shareholders hit €2.85bn ($3.31bn), up 15.2% from last year’s quarter.
According to our analysts, the team expects the final tally to land somewhere between €17bn and €17.5bn if markets don’t lurch or nat cats don’t crash through the door. The confidence feels real, even if the world still swings.
- Continued strong and diversified growth across our businesses and record operating profit
- Total business volume rises 8.51% and reaches 141.2 bn euros with contributions from all segments
- Operating profit increases 10.4% to 13.1 bn euros, our highest nine-month operating profit ever, reaching 82% of our full-year outlook midpoint
- Shareholders’ core net income advances 10.5% to 8.4 bn euros. Adjusted for the one-off tax provision related to the sale of our stake in our Indian Joint Ventures and the divestment gain on the UniCredit Joint Venture, shareholders’ core net income increases by 8.3%
- Core earnings per share (EPS) grow 12.2% and reach 21.43 euros. Adjusted for the tax provision and the divestment gain, core EPS rise 9.9%
- Annualized core return on equity (RoE) reaches an excellent level of 18.5%, respectively 18.2% adjusted for the tax provision and the divestment gain
- Solvency II capitalization ratio remains strong at 2092% with excellent capital generation
Operating profit climbed 12.6% to €4.43bn, a jump that didn’t surprise people watching the group this year.
Allianz has once again delivered another set of record results, an outcome that is made possible by our exceptional levels of brand trust, customer loyalty, and employee motivation.
Oliver Bäte, Chief Executive Officer of Allianz SE
“Alongside our Smart Growth and Resilience levers, we will continue our disciplined focus on productivity to generate even greater value for money for our customers,” Oliver Bäte said. “Affordable insurance solutions remain essential to inclusive economic prosperity, and Allianz remains dedicated to securing a future in which more people can access the protection and peace of mind that our products and services provide.”
Total business volume for Q3 sat at €42.8bn. Flat on the surface, though internal growth reached 5.2% thanks to property/casualty and asset management momentum.
Some quarters look louder than others. This one shows the machine moving even when headline volume barely shifts.
CFO Claire-Marie Coste-Lepoutre said the company bumped its full year operating profit outlook to €17bn. She added that the year still carries risk but the leadership feels comfortable with where things stand. Maybe even more than comfortable.
Of course, the year is not over, and we can still see nat cats or market movements, but clearly we are very confident with the overall outcome
Claire-Marie Coste-Lepoutre, Allianz CFO
Property/casualty came in hot. Q3 business volume reached €19.7bn, rising 9.5%. Operating profit jumped 21.5% to €2.39bn.
The combined ratio tightened to 91.9, an improvement of 1.6. Internal growth hit 8% in retail lines and 11% in commercial. Those numbers speak louder than any commentary we could throw at them.
Life/health delivered €1.41bn in operating profit, a 2.2% lift year over year. Contractual service margin edged up to €55.5bn, a 1.1% rise.
Present value of new business premiums came in at €17.91bn, down 8.1% from last year. A small slide but not a crisis. Some quarters sag a little, then bounce.
Allianz keeps widening its footprint worldwide through a string of partnerships and smaller acquisitions. Its CEO flagged that approach earlier this year.
Maybe it’s a slow-burn strategy, picking up influence line by line, market by market, instead of swinging for giant deals. According to our data, that pattern usually builds long-term optionality, though results unfold in uneven beats.
The Allianz Group is a leading insurers and asset managers serving private and corporate customers in nearly 70 countries.
Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz manage around 761 bn euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.9 tn euros of third-party assets.








