Allianz reported total business volume of €45.6 bn in 2Q 2026, up from €44.5 bn a year earlier. Internal growth reached 5.7%, excluding foreign-currency effects, acquisitions and divestments. All three business segments contributed, with Asset Management delivering the fastest performance.
Operating profit rose 10.6% to a record €4.9 bn from €4.4 bn. Asset Management and Life/Health drove the increase with double-digit growth.
Shareholders’ core net income fell 12.7% to €2.6 bn from €3 bn. The decline reflected last year’s divestment gain on the UniCredit joint venture and this year’s offsetting measures after Allianz sold its stake in Indian joint ventures. Adjusted for those effects, underlying growth reached 10%.
For the first half of 2026, total business volume reached €98.6 bn, compared with €98.5 bn in 6M 2025. Internal growth stood at 4.3%. Asset Management delivered excellent growth, Property-Casualty also performed well, and Life/Health gained momentum in the second quarter.
Allianz has once more delivered strong results for the second quarter and first half of 2026, confirming the power of our customer-centered strategy. Our excellent performance gives us the ability – as well as the obligation – to bring superior advice, protection, and retirement solutions within reach for more customers around the world.
Oliver Bäte, Chief Executive Officer of Allianz SE
“Insurance costs are rising faster than disposable income, and we take that challenge seriously. Through our investments in AI, risk prevention, and smarter services, we are determined to help more customers protect what matters to them at a price they can afford. This value creation is how Allianz earns the trust that sets us apart and drives our growth”, Oliver Bäte, stated.
Allianz Group: performance and record operating profit
| Key performance indicator | 2Q 2026 | Change vs prior year | 6M 2026 | Change vs prior year |
|---|---|---|---|---|
| Total business volume (€ bn); change shows internal growth | 45.6 | 5.7% | 98.6 | 4.3% |
| Operating profit (€ mn) | 4,874 | 10.6% | 9,390 | 8.6% |
| Shareholders’ core net income (€ mn) | 2,600 | -12.7% | 6,385 | 15.5% |
| Core return on equity (annualized) (%) | 20.7 | 2.6%-p | ||
| Solvency II ratio (%) | 225 | 7%-p |
Operating profit for 6M 2026 increased 8.6% to a record €9.4 bn from €8.6 bn. The figure reached 54% of Allianz’s full-year outlook midpoint. Property-Casualty and Asset Management produced the strongest growth, and all segments ran ahead of the midpoint of their full-year operating profit outlooks.
- Shareholders’ core net income advanced 15.5% to €6.4 bn from €5.5 bn. Adjusted for the sale of the Indian joint venture stake, related offsetting measures and the UniCredit joint venture divestment gain, underlying growth reached 9%.
- Core earnings per share came in at €16.44, up 17.5% from €13.99. Adjusted for those transaction effects, EPS growth reached 10%, above the 7% to 9% CAGR target range for the 2025 to 2027 strategic cycle.
Allianz delivered an annualized core return on equity of 20.7% in 6M 2026, compared with 18.1% for full-year 2025. Adjusted for the same effects, annualized core RoE stood at 19%.
Capital strength improved too. Allianz’s Solvency II ratio reached 225%, up 7 percentage points from 218% at year-end 2025, helped by good capital generation.
Allianz said it remains on track to meet its full-year operating profit outlook of €17.4 bn, plus or minus €1 bn.
The share buyback program of up to €2.5 bn, announced on February 25, 2026, remains underway. Allianz completed €1.4 bn of the program during the first six months of 2026.
In Property-Casualty, total business volume reached €21.3 bn in 2Q 2026, up from €20.1 bn a year earlier. Internal growth reached 4.7%.
Operating profit in the segment increased 7.2% to €2.5 bn from €2.3 bn, marking Allianz’s highest quarterly operating profit in Property-Casualty.
The combined ratio stayed strong at 91.9%, compared with 91.2% a year earlier. The loss ratio rose 0.7 percentage points to 68.1% from 67.4%, mainly due to prudent run-off. The expense ratio improved to 23.8% from 23.9%, reflecting continued productivity work.
Retail maintained momentum and posted internal growth of 8%. Its combined ratio remained excellent at 91.9%, almost unchanged from 91.8% a year earlier.
Commercial business posted internal growth of 1% as Allianz continued to manage the market environment carefully. Its combined ratio stood at 91.8%, compared with 90.3% in 2Q 2025.
For 6M 2026, Property-Casualty total business volume reached €49.6 bn, up from €47.1 bn in the prior-year period. Internal growth reached 5.6%.
Property-Casualty operating profit rose 9.1% to €4.9 bn from €4.5 bn. The segment reached 54% of its full-year outlook midpoint, supported by operating insurance service results and operating investment income.
The segment’s combined ratio remained excellent at 91.4%, compared with 91.5% a year earlier, and sat ahead of Allianz’s 92% to 93% full-year outlook range. The loss ratio reached 67.7%, up from 67.5%. The expense ratio improved 0.3 percentage points to 23.7% from 24.0%, driven by top-line growth and continued productivity efforts.
Retail internal growth reached 7% in the first half. Its combined ratio remained broadly flat at 91.7%, compared with 91.8% a year earlier.
