Company Reports

Allianz's first quarter marginally beat expectations, characterized by better results in property and casualty and the holding; the better holding numbers have continued in the second quarter, this time more convincingly exceeding expectations and driven by asset management and life and health.

Allianz announced on Aug. 5 that Allianz Global Investors will acquire UOB Asset Management, which manages EUR 28 billion across Southeast Asia. This follows the July announcement that Allianz will acquire HSBC Life Singapore along with a 15-year exclusive HSBC Singapore distribution agreement.

Allianz is one of the best-performing multiline insurers in our European insurance coverage. The company combines a unique set of assets to generate returns that are better than most of its peers. In its property and casualty division, the company has continued to invest in technology and data to improve customer experience, as well as its policy and claims processing. By increasing the speed of its first notice of loss, the company gets ahead of inflation and can manage repairs and claims more effectively. While the division has not earned economic returns, from an underwriting perspective, it is one of the better-performing divisions.

Allianz is one of the best-performing multiline insurers in our European insurance coverage. The company combines a unique set of assets to generate returns that are better than most of its peers. In its property and casualty division, the company has continued to invest in technology and data to improve customer experience, as well as its policy and claims processing. By increasing the speed of its first notice of loss, the company gets ahead of inflation and can manage repairs and claims more effectively. While the division has not earned economic returns, from an underwriting perspective, it is one of the better-performing divisions.

On July 24, 2026, Allianz announced the acquisition of HSBC Life Singapore, a life and health insurer in Singapore that brings with it a 15-year exclusive HSBC distribution agreement. The purchase is subject to regulatory approval.

Allianz is one of the best-performing multiline insurers in our European insurance coverage. The company combines a unique set of assets to generate returns that are better than most of its peers. In its property and casualty division, the company has continued to invest in technology and data to improve customer experience, as well as its policy and claims processing. By increasing the speed of its first notice of loss, the company gets ahead of inflation and can manage repairs and claims more effectively. While the division has not earned economic returns, from an underwriting perspective, it is one of the better-performing divisions.

Allianz reported a broadly in-line set of numbers for the first quarter, posting slightly better numbers in property and casualty and holding costs and a bit lighter in life and health and asset management. Overall, it was a slight beat for the group.

We have rolled our model for Allianz to incorporate the latest figures for full-year 2025, and in doing so, we have revised our forecasts moderately.

Allianz is one of the best-performing multiline insurers in our European insurance coverage. The company combines a unique set of assets to generate returns that are better than most of its peers'. In its property and casualty division, the company has continued to invest in technology and data to improve customer experience, as well as its policy and claims processing. By increasing the speed of its first notice of loss, the company gets ahead of inflation and can manage repairs and claims more effectively. While the division has not earned economic returns, from an underwriting perspective, it is one of the better-performing segments.

You can't take much away from Allianz for the results it has delivered over 2025. The business continues to demonstrate just how good it is at setting and meeting its targets and in driving efficiency throughout the business.

For the third quarter of 2025, Allianz has delivered another good financial performance and raised its guidance for the full year.

Allianz is one of the best-performing multiline insurers in our European insurance coverage. The company combines a unique set of assets to generate returns that are better than most others. In its property and casualty division, the company has continued to invest in technology and data to improve customer experience, as well as its policy and claims processing. By increasing the speed of its first notice of loss, the company gets ahead of inflation and can manage repairs and claims more effectively. While the division has not earned economic returns, from an underwriting perspective, it is one of the better-performing segments.

With Allianz's second-quarter results, the business has beaten consensus, and importantly, operating profit looks to be coming in above the top end of guidance. In terms of expenses, the business continues to do an enviable job, at the holding as well.

In our look into European dividends for companies and stocks we prefer for 2025 earnings, we like Admiral, Munich, and Scor, but we prefer Scor over Munich based on its price/fair value ratio. We also think there is potential in Ageas.

Allianz is one of the best-performing multiline insurers in our European insurance coverage. The company combines a unique set of assets to generate returns that are better than most others. In its property and casualty division, the company has continued to invest in technology and data to improve customer experience, as well as its policy and claims processing. By increasing the speed of its first notice of loss, the company gets ahead of inflation and can manage repairs and claims more effectively. While the division has not earned economic returns, from an underwriting perspective, it is one of the better-performing segments.

For the first quarter, Allianz delivered EUR 4.238 billion in operating profit. This puts the business on track for its EUR 16 billion full-year target. Operating profit is in line with the EUR 4.233 billion company-compiled consensus, but slightly ahead of our full-year forecast.

We have rolled our model for Allianz to incorporate the latest figures for full-year 2024, and in doing so we have revised our forecasts.

Allianz is one of the best-performing multiline insurers in our European insurance coverage. The company combines a unique set of assets to generate returns that are better than most others. In its property and casualty division, the company has continued to invest in technology and data to improve customer experience, as well as its policy and claims processing. By increasing the speed of its first notice of loss, the company gets ahead of inflation and can manage repairs and claims more effectively. While the division has not earned economic returns, from an underwriting perspective it is one of the better-performing segments.

For full-year 2024 Allianz has delivered operating profit of EUR 16.023 billion, which is better than the EUR 15.824 billion as per company-compiled consensus and the EUR 15.841 billion that we forecast.

At Allianz’s 2024 capital markets day, the business outlined its strategy for the next three years where it plans to lift operating profit to roughly more than EUR 18.5 billion. We believe the biggest lifts are taking place in asset management and property and casualty. The life and health ambitions look fair against a backdrop of what the unit has been able to achieve. Though it doesn’t get much attention, that is a decent business for Allianz. We lift our fair value estimate marginally to EUR 315 per share. We maintain our no-moat rating.