MUNICH--(BUSINESSWIRE)--1Q2026
    Totalbusinessvolumeat53.0billioneuros,aninternalgrowthof3.5percent1.ThiswasdrivenbyastrongdevelopmentinProperty-CasualtyandAssetManagement
    Operatingprofitrises6.6percentandreachesarecordlevelof4.5billioneuros
    Shareholders¡¯corenetincomeadvancesby48.4percentto3.8billioneuros,impactedbythesaleofthestakesinourIndianJointVentures.Underlyinggrowth,whichadjustsforthesaleeffectsandoffsettingmeasures,isstrongat7percent2
    Coreearningspersharegrow50.7percentandreach9.96euros.Adjustedfortheabove-mentionedeffects,underlyinggrowthisexcellentat9percent2
    AnnualizedcoreRoEat24.2percent,underlyinglevelverystrongat18percent2
    SolvencyIIratio3increasesby2percentagepointsto221percent4.Capitalgenerationwasstrong
    Outlook&other
    Allianzisontracktoachieveitsfull-yearoperatingprofitoutlookof17.4billioneuros,plusorminus1billioneuros5
    Sharebuy-backprogramofupto2.5billioneurosannouncedonFebruary25,2026underway;0.3billioneuroscompletedin1Q2026
    CEOcomment
    ¡°Allianzdeliveredarecordoperatingprofitinthefirstquarterof2026¨Catestamenttothestrengthofourfundamentalsandtheeffectivenessofourcustomer-centeredstrategy.
    Weremaindisciplinedinourdeliveryasweworktoexpandaffordableprotectionandretirementformorepeople,harnessingthepotentialofAItoservetheminanevenmoreefficientandpersonalizedway.
    Byrigorouslycombiningtechnologicaladvancementswithourexpertiseandempathytomeetcustomerneeds,wecreateauniquevaluepropositionandopportunitiesforeveryonewhoputstheirtrustintoAllianz.¡°
    -OliverBäte,ChiefExecutiveOfficerofAllianzSE
    FINANCIALHIGHLIGHTS
    AllianzGroup:Strongstartto2026
    Keyperformanceindicator
    1Q2026
    Changevs
    prioryear
    Totalbusinessvolume(€bn);changeshowsinternalgrowth
    53.0
    3.5%
    Operatingprofit(€mn)
    4,517
    6.6%
    Shareholders¡¯corenetincome(€mn)
    3,785
    48.4%
    Corereturnonequity(annualized)(%)6
    24.2
    6.1%-p
    SolvencyIIratio(%)6
    221
    2%-p
    CFOcomment
    ¡°Allianz¡¯sfirst-quarterperformancereflectsthequalityofourdiversifiedportfolioandtherigorousexecutionofourstrategicpriorities.
    Webuiltonthemomentumofanexcellent2025,achievingprofitablegrowthandarecordoperatingprofitof4.5billioneuros.Theseresultsdemonstrateourabilitytocreatesustainablevalueforourcustomersandshareholders,eveninademandingoperatingenvironment.
    Weremainfocusedonthedeliveryofourambitionsandaffirmourfull-yearoutlookwithconfidence.¡±
    -Claire-MarieCoste-Lepoutre,ChiefFinancialOfficerofAllianzSE
    Ourtotalbusinessvolumeamountedto53.0billioneuros(1Q2025:54.0billioneuros).Internalgrowth,whichexcludestheeffectsofforeign-currencytranslationaswellasacquisitionsanddivestments,was3.5percent.TheProperty-CasualtysegmentwasthemaincontributorwithstrongbusinessgrowthalsoinAssetManagement.
    Operatingprofitrose6.6percenttoarecordlevelof4.5(4.2)billioneurosandreached26percentofourfull-yearoutlookmidpoint.ThisreflectsastrongdevelopmentofourProperty-CasualtyandAssetManagementsegments.TheperformanceofourLife/Healthsegmentwasresilientinavolatilemarketenvironment.
    Shareholders¡¯corenetincomeadvanced48.4percentto3.8(2.6)billioneuros.AdjustedfortheeffectsofthesaleofthestakesinourIndianJointVenturesandoffsettingmeasures,shareholders¡¯corenetincomeadvancedstronglyby7percent2,almostexclusivelydrivenbyahigheroperatingprofit.
    Coreearningspershare(EPS)7amountedto9.96(6.61)euros,anincreaseof50.7percent.Adjustedfortheabove-mentionedeffects,growthwasexcellentat9percent2,thetop-endofour7-9percentCAGRtargetforthe2025-2027strategiccycle.
    Allianzdeliveredanannualizedcorereturnonequity(RoE)7of24.2percentin1Q2026(12M2025:18.1percent).Adjustedfortheabove-mentionedeffects,ourannualizedcorereturnonequitywasataverystronglevelof18percent2.
    Thisperformancewasachievedwhilewefurtherstrengthenedourcapitalization.OurSolvencyIIratioreached221percent,anincreaseof2percentagepointscomparedtofull-year2025(218percent),supportedbystrongcapitalgeneration.
    Outlook
    Allianzisontracktoachieveitsfull-yearoutlookofanoperatingprofitof17.4billioneuros,plusorminus1billioneuros.
    Other
    Thesharebuy-backprogramofupto2.5billioneuros,announcedonFebruary25,2026,isunderwayand0.3billioneuroswerecompletedinthefirstthreemonthsof2026.
    Property-Casualtyinsurance:Anotherrecordperformance
    Keyperformanceindicator
    1Q2026
    Changevs
    prioryear
    Totalbusinessvolume(€bn);changeshowsinternalgrowth
    28.3
    6.8%
    Operatingprofit(€mn)
    2,411
    11.1%
    Combinedratio(%)
    91.0
    -0.9%-p
    Lossratio(%)
    67.3
    -0.4%-p
    Expenseratio(%)
    23.7
    -0.5%-p
    CoremessagesProperty-Casualtyinsurance1Q2026
    Sustainedstronginternalgrowth,inparticularinretail
    Highestquarterlyoperatingprofitever,reaching27percentofourfull-yearoutlookmidpoint
    Combinedratioexcellent;strongunderwritingperformanceandverygoodexpenseratio
    In1Q2026,totalbusinessvolumereached28.3(1Q2025:27.0)billioneuros.Internalgrowthwasstrongat6.8percent,sustainingthegoodmomentumfromlastyear.Allianzmaintainedasuccessfulbalanceofgrowingitsbusinesswhilekeepingunderwritingdiscipline.
    Therecordoperatingprofitof2.4(2.2)billioneurosmarkedasuccessfulstarttotheyear,reaching27percentofourfull-yearoutlookmidpoint.Operatingprofitadvanced11.1percent,entirelydrivenbyahigherinsuranceserviceresult.
    Thecombinedratioimprovedtoanexcellentlevelof91.0percent(91.8percent),aheadofourfull-yearoutlookof92to93percent.Thisdevelopmentwassupportedbythelossratioandexpenseratio.
    Thelossratiowasatastronglevelof67.3percent(67.7percent),animprovementof0.4percentagepoints.Theexpenseratiodevelopedfavorablyby0.5percentagepointsto23.7percent,reflectingtop-linegrowthandproductivitygains.
    Theretail8businesssustaineditsmomentumanddeliveredstronginternalgrowthof8percent.Thesegment¡¯scombinedratiofurtherimprovedto91.4percent(91.8percent).
    Inthecommercial9business,internalgrowthof6percentwasgood.Thesegmentachievedanexcellentcombinedratioof90.3percent(91.7percent).
    Life/Healthinsurance:Resilientperformance
    Keyperformanceindicator
    1Q2026
    Changevs
    prioryear
    PVNBP(€mn)
    23,727
    -9.1%
    Newbusinessmargin(%)
    5.3
    -0.2%-p
    VNB(€mn)
    1,260
    -12.5%
    Operatingprofit(€mn)
    1,354
    -5.1%
    ContractualServiceMargin(€bn,eop)
    55.4
    1.7%10
    CoremessagesLife/Healthinsurance1Q2026
    Valueofnewbusinessatagoodlevelof1.3billioneuros,withahigh-qualitybusinessmix
    Newbusinessmarginof5.3percentaboveourambitionlevelofatleast5percent
    Operatingprofitof1.4billioneurosresilientinavolatileenvironment
    In1Q2026,PVNBP,thepresentvalueofnewbusinesspremiums,amountedtoagoodlevelof23.7(1Q2025:26.1)billioneuros.AdjustedforforeigncurrencytranslationeffectsandthesaleofourstakeinUniCreditAllianzVita,PVNBPreducedonlymarginally¨Cby1percent¨Cfromanexceptionallystrongprioryearlevel.91percent(91percent)ofournewbusinesswasgeneratedinourpreferredlinesofbusiness(capital-efficientproducts,unit-linkedwithoutguarantees,protection&health).
    Thenewbusinessmargin(NBM)washealthyat5.3percent(5.5percent),aheadofourambitionlevelofatleast5percent.Thevalueofnewbusiness(VNB)reachedagoodlevelof1.3(1.4)billioneuros.Adjustedforforeigncurrencytranslationeffects,thesaleofourstakeinUniCreditAllianzVita,andexceptionallargecontractsinGermanyintheprioryearquarter,VNBremainedbroadlystable.
    Operatingprofitremainedresilientat1.4(1.4)billioneurosinavolatileoperatingenvironment.AdjustedforforeigncurrencytranslationeffectsaswellasthesaleofthestakesinourIndianJointVenturesandinUniCreditAllianzVita,operatingprofitwasup3percent.
    TheContractualServiceMargin(CSM)was55.4(12M2025:55.7)billioneuros.NormalizedCSMgrowthwas1.7percent,supportingourfull-yearexpectationsofaround5percent.
    AssetManagement:Excellentorganicgrowthwithrecord1Qinflows
    Keyperformanceindicator
    1Q2026
    Changevs
    prioryear
    Operatingrevenues(€bn);changeshowsinternalgrowth
    2.2
    12.7%
    Operatingprofit(€mn)
    857
    5.8%
    Cost-incomeratio(%)
    60.4
    -0.9%-p
    Third-partynetflows(€bn)
    45.2
    57.6%
    Third-partyassetsundermanagement(€bn)
    2,043
    6.7%
    Averagethird-partyassetsundermanagement(€bn)
    2,041
    5.1%
    CoremessagesAssetManagement1Q2026
    Assetsundermanagement(AUM)-drivenrevenuesgrowby11percent(F/Xadjusted)
    Operatingprofitincreasesby15percent(F/Xadjusted)
    Recordfirstquarternetinflowsof45billioneuros
    In1Q2026,operatingrevenuesincreasedto2.2billioneuros,aninternalgrowthof12.7percent.ThiswassupportedbyhigherAuM-drivenrevenues,whichadvancedby11.1percent(F/Xadjusted),aswellasbyhigherperformancefees.
    Operatingprofitwasstrongat857(1Q2025:811)millioneuros,up5.8percent.Adjustedforforeigncurrencytranslationeffects,operatingprofitincreasedby15.0percent.Thecost-incomeratio(CIR)improvedtoaverygoodlevelof60.4percent(61.3percent),whichisaheadofourfull-yearambitionoflessthan61percent.Thisdevelopmentreflectssustainedtop-linemomentumandmanagementactions.
    Third-partyassetsundermanagementreachedarecordlevelof2.043trillioneurosasofMarch31,2026(4Q2025:1.990trillioneuros;1Q2025:1.914trillioneuros).Verystrongnetinflowsof45billioneuroswerethemaincontributor.Averagethird-partyassetsundermanagementincreasedto2.041trillioneuros,5.1percentabove1Q2025.
    FOOTNOTES
    1
    Totalgrowth-1.8percentin1Q26.
    2
    AdjustedforsaleofstakesinIndianJVs(netincomeimpact:-0.1billioneurostaxprovisionin1Q25and1.1billioneurosgainin1Q26)andoffsettingmeasures(netincomeimpact:-0.15billioneurosin1Q26).
    3
    SolvencyIIratio/SolvencyIIcapitalizationratio:ratiothatexpressesthecapitaladequacyofacompanybycomparingownfundstoSCR.ThisappliestoallinformationrelatedtotheSolvencyIIratiointhisdocument.
    4
    Basedonquarterlydividendaccrual;additionalaccrualtoreflectFYdividendwouldimpactSolvencyIIcapitalizationratioby-11%-pasofMarch31,2026.ThisappliestoallinformationregardingtheSolvencyIIcapitalizationratiointhisdocument.
    5
    Asalways,naturalcatastrophesandadversedevelopmentsinthecapitalmarkets,aswellasfactorsstatedinourcautionarynoteregardingforward-lookingstatementsmayseverelyaffecttheoperatingprofitand/ornetincomeofouroperationsandtheresultsoftheAllianzGroup.
    6
    Changeversusfull-year2025.
    7
    CoreEPSandcoreRoEcalculationbasedonshareholders¡®corenetincome.
    8
    RetailincludingSMEandFleet.Thisappliestoallinformationrelatedtoretailinthisdocument.
    9
    CommercialincludinglargeCorporate,MidCorp,creditinsurance,internaland3rdpartyR/I.Thisappliestoallinformationrelatedtocommercialinthisdocument.
    10
    NormalizedCSMgrowthcomparedtoDecember31,2025.
    1Q2026RESULTSTABLE
    AllianzGroup-keyfigures1stquarter2026
    1Q2026
    1Q2025
    Delta
    Totalbusinessvolume
    €bn
    53.0
    54.0
    -1.8%
    -Property-Casualty
    €bn
    28.3
    27.0
    4.9%
    -Life/Health
    €bn
    22.6
    25.0
    -9.6%
    -AssetManagement
    €bn
    2.2
    2.1
    3.5%
    -Consolidation
    €bn
    -0.1
    -0.1
    4.1%
    Operatingprofit/loss
    €mn
    4,517
    4,238
    6.6%
    -Property-Casualty
    €mn
    2,411
    2,170
    11.1%
    -Life/Health
    €mn
    1,354
    1,427
    -5.1%
    -AssetManagement
    €mn
    857
    811
    5.8%
    -CorporateandOther
    €mn
    -114
    -165
    -30.9%
    -Consolidation
    €mn
    8
    -4
    n.m.
    Netincome
    €mn
    3,846
    2,581
    49.0%
    -attributabletonon-controllinginterests
    €mn
    156
    158
    -1.3%
    -attributabletoshareholders
    €mn
    3,690
    2,423
    52.3%
    Shareholders¡¯corenetincome1
    €mn
    3,785
    2,550
    48.4%
    Coreearningspershare2
    €
    9.96
    6.61
    50.7%
    AdditionalKPIs
    -Group
    Corereturnonequity3
    %
    24.2%
    18.1%
    6.1%
    -p
    -Property-Casualty
    Combinedratio
    %
    91.0%
    91.8%
    -0.9%
    -p
    -Life/Health
    Newbusinessmargin
    %
    5.3%
    5.5%
    -0.2%
    -p
    -AssetManagement
    Cost-incomeratio
    %
    60.4%
    61.3%
    -0.9%
    -p
    03/31/2026
    12/31/2025
    Delta
    Shareholders'equity4
    €bn
    65.9
    62.7
    5.1%
    Contractualservicemargin(net)
    €bn
    34.9
    35.4
    -1.3%
    SolvencyIIcapitalizationratio5
    %
    221%
    218%
    2%
    -p
    Third-partyassetsundermanagement
    €bn
    2,043
    1,990
    2.6%
    Pleasenote:ThefiguresarepresentedinmillionsofEuros,unlessotherwisestated.Duetorounding,numberspresentedmaynotadduppreciselytothetotalsprovidedandpercentagesmaynotpreciselyreflecttheabsolutefigures.
    1_
    Presentstheportionofshareholders¡¯netincomebeforenon-operatingmarketmovementsandbeforeamortizationofintangibleassetsfrombusinesscombinations(includinganyrelatedincometaxeffects).
    2_
    Calculatedbydividingtherespectiveperiod¡¯sshareholders'corenetincome,adjustedfornetfinancialchargesrelatedtoundatedsubordinatedbondsclassifiedasshareholders'equity,bytheweightedaveragenumberofsharesoutstanding(basiccoreEPS).
    3_
    Representstheannualizedratioofshareholders¡¯corenetincometotheaverageshareholders¡¯equityatthebeginningandattheendoftheperiod.Shareholders¡¯corenetincomeisadjustedfornetfinancialchargesrelatedtoundatedsubordinatedbondsclassifiedasshareholders¡¯equity.Fromtheaverageshareholders¡¯equity,undatedsubordinatedbondsclassifiedasshareholders¡¯equity,unrealizedgainsandlossesfrominsurancecontractsandotherunrealizedgainsandlossesareexcluded.Annualizedfiguresarenotaforecastforfullyearnumbers.For1Q2025,thecorereturnonequityfortherespectivefullyearisshown.
    4_
    Excludingnon-controllinginterests.
    5_
    Riskcapitalfiguresaregroupdiversifiedat99.5%confidencelevel.SolvencyIIcapitalizationratioisbasedonquarterlydividendaccrual;additionalaccrualtoreflectFYdividendwouldimpactsolvencyIIcapitalizationratioby-11%-pasof31March2026.
    RATING
    Ratings1
    S&PGlobal
    Moody¡¯s
    A.M.Best2
    Insurerfinancialstrengthrating
    AA|stableoutlook
    Aa2|stableoutlook
    A+|stableoutlook
    Counterpartycreditrating
    AA|stableoutlook
    Notrated
    aa3|stable
    Seniorunsecureddebtrating
    AA
    Aa2|stableoutlook
    aa|stable
    Subordinateddebtrating
    A+/A
    A1/A34|stableoutlook
    aa-/a+|stable
    Commercialpaper(shortterm)rating
    A-1+
    Prime-1
    Notrated
    1
    IncludesratingsforsecuritiesissuedbyAllianzFinanceIIB.V.andAllianzFinanceCorporation.
    2
    A.M.Best'sRatingReportsreproducedonwww.allianz.comappearunderlicencefromA.M.BestCompanyanddonotconstitute,eitherexpresslyorimplicitly,anendorsementofAllianz'sproductsorservices.A.M.Best'sRatingReportsarethecopyrightofA.M.BestCompanyandmaynotbereproducedordistributedwithouttheexpresswrittenconsentofA.M.BestCompany.Visitorstowww.allianz.comareauthorisedtoprintasinglecopyoftheratingreportdisplayedtherefortheirownuse.Anyotherprinting,copyingordistributionisstrictlyprohibited.A.M.Best'sratingsareundercontinualreviewandsubjecttochangeoraffirmation.Toconfirmthecurrentratingvisitwww.ambest.com.
    3
    Issuercreditrating.
    4
    Finalratingsvaryonthebasisoftheterms.
    Relatedlinks
    MediaConference
    May13,2026,9:30AMCEST:YouTube(Englishlanguage)
    AnalystConference
    May13,2026,2:30PMCEST:YouTube(Englishlanguage)
    Results
    Theresultsandrelateddocumentscanbefoundinthedownloadcenter.
    Upcomingevents
    FinancialResults2Q&6M2026
    August7,2026
    Moreinformationcanbefoundinthefinancialcalendar.
    AboutAllianz
    TheAllianzGroupisoneoftheworld¡¯sleadinginsurersandassetmanagers,activeinalmost70countriesandservingaround97millionprivateandcorporatecustomers*.Ourcustomersbenefitfromabroadrangeofpersonalandcorporateinsuranceservices,includingproperty,lifeandhealthinsurance,aswellasassistanceservices,creditandglobalbusinessinsurance.RecognizedfortheseventhconsecutiveyearasthenumberoneglobalinsurancebrandinInterbrand¡¯sBestGlobalBrands2025ranking,Allianz¡¯ssuccessisbuiltontechnology-enabledcustomercentricity¨Cprovidingpeaceofmind,protection,andpreventionforourcustomersandstrengtheningtheresilienceofindividuals,communities,andsocieties.Weareoneoftheworld¡¯slargestinvestors,managingaround770billioneuros**onbehalfofourinsurancecustomers.Furthermore,ourassetmanagersPIMCOandAllianzGlobalInvestorsmanageabout2.0trillioneuros**ofthird-partyassets.Thankstooursystematicintegrationofenvironmentalandsocialcriteriainourbusinessprocessesandinvestmentdecisions,AllianzreceivedanMSCIESGRatingofAAA(asofMarch2026).In2025,our156,000dedicatedemployeesachievedatotalbusinessvolumeof186.9billioneurosandanoperatingprofitof17.4billioneurosforourshareholders.
    *AsofDecember31,2025.CustomercountreflectsAllianzcustomersinconsolidatedentitiesthatarepartofthecustomerreportingscopeonly.
    **AsofMarch31,2026.
    Theseassessmentsare,asalways,subjecttothedisclaimerprovidedbelow.
    Cautionarynoteregardingforward-lookingstatements
    Thisdocumentincludesforward-lookingstatements,suchasprospectsorexpectations,thatarebasedonmanagement'scurrentviewsandassumptionsandsubjecttoknownandunknownrisksanduncertainties.Actualresults,performancefigures,oreventsmaydiffersignificantlyfromthoseexpressedorimpliedinsuchforward-lookingstatements.
    Deviationsmayariseduetochangesinfactorsincluding,butnotlimitedto,thefollowing:(i)thegeneraleconomicandcompetitivesituationintheAllianz¡¯scorebusinessandcoremarkets,(ii)theperformanceoffinancialmarkets(inparticularmarketvolatility,liquidity,andcreditevents),(iii)adversepublicity,regulatoryactionsorlitigationwithrespecttotheAllianzGroup,otherwell-knowncompaniesandthefinancialservicesindustrygenerally,(iv)thefrequencyandseverityofinsuredlossevents,includingthoseresultingfromnaturalcatastrophes,andthedevelopmentoflossexpenses,(v)mortalityandmorbiditylevelsandtrends,(vi)persistencylevels,(vii)theextentofcreditdefaults,(viii)interestratelevels,(ix)currencyexchangerates,mostnotablytheEUR/USDexchangerate,(x)changesinlawsandregulations,includingtaxregulations,(xi)theimpactofacquisitionsincludingandrelatedintegrationissuesandreorganizationmeasures,and(xii)thegeneralcompetitiveconditionsthat,ineachindividualcase,applyatalocal,regional,national,and/orgloballevel.Manyofthesechangescanbeexacerbatedbyterroristactivities.
    Nodutytoupdate
    Allianzassumesnoobligationtoupdateanyinformationorforward-lookingstatementcontainedherein,saveforanyinformationwearerequiredtodisclosebylaw.
    Other
    Thefiguresregardingthenetassets,financialpositionandresultsofoperationshavebeenpreparedinconformitywithInternationalFinancialReportingStandards.ThisQuarterlyEarningsReleaseisnotanInterimFinancialReportwithinthemeaningofInternationalAccountingStandard(IAS)34.ThisisatranslationoftheGermanQuarterlyEarningsReleaseoftheAllianzGroup.Incaseofanydivergences,theGermanoriginalisbinding.
    PrivacyNote
    AllianzSEiscommittedtoprotectingyourpersonaldata.Findoutmoreinourprivacystatement.

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