Allianz has recorded operating profit of €14.1 billion in the first nine months of 2026, an increase of 7.8% year on year and the highest nine-month operating profit in the group’s history.
The firm also delivered a stronger Q3, with operating profit increasing 6.2% to €4.709 billion.
Total business volume grew 1.2% year on year to €143 billion in the first nine months of 2026. In Q3 alone, this figure rose 3.8% to €44.4 billion.
Allianz’s net income for the first nine months of 2026 climbed to €9.589 billion, up 11.4% from a year earlier.
Of this, €9.069 billion was attributable to shareholders, an increase of 11.8% from €8.111 billion in the corresponding period last year.
However, quarterly net income was slightly lower, falling 1.7% to €2.960 billion in Q3. Net income attributable to shareholders in Q3 2026 declined 2.2% to €2.784 billion.
Allianz’s Property-Casualty business recorded total business volume of €70.5 billion in the first nine months of 2026, up 5.5% from €66.9 billion in the prior-year period. Q3 business volume increased 6% to €20.9 billion, compared with €19.7 billion.
Operating profit for the segment rose 3.2% to €7.075 billion in the first nine months of the year; however, quarterly operating profit fell 7.9% to €2.204 billion.
The combined ratio in Property-Casualty deteriorated by 0.6 percentage points to 92.2% in the first nine months of 2026, compared with 91.6% in the same period last year. The quarterly ratio increased by 2 percentage points to 93.8%, from 91.9%.
Turning to the Life/Health segment, total business volume declined 4.1% year on year to €65.8 billion in the first nine months of 2026, compared with €68.7 billion in the same period of 2025. Business volume was broadly flat in Q3 alone, at €21.1 billion, representing a marginal 0.1% decline.
Despite the lower nine-month business volume, operating profit in Life/Health increased 3.1% to €4.367 billion, up from €4.237 billion.
Q3 operating profit in the segment rose 4.4% to €1.469 billion, compared with €1.407 billion in the corresponding quarter last year.
The new business margin in Life/Health was 5.5% for the first nine months of 2026, down 0.2 percentage points from 5.7% a year earlier. In Q3, the margin fell 0.3 percentage points to 5.6%, compared with 5.9% in Q3 2025.
Asset Management delivered the strongest operating profit growth of the group’s three main business segments, with profit increasing 20.3% to €2.909 billion in the first nine months of 2026, against €2.417 billion in the same period last year.
The segment’s Q3 operating profit increased 35.1% to €1.119 billion, compared with €828 million in Q3 2025.
Total business volume in Asset Management rose 14.3% to €7.1 billion in the first nine months, from €6.2 billion a year earlier. In Q3 alone, business volume increased 22.9% to €2.6 billion, compared with €2.1 billion.
Oliver Bäte, Chief Executive Officer of Allianz, commented, “Allianz’s record operating profit of 14.1 billion euros for the first nine months of 2026 reflects the disciplined execution of our strategy.
“Yet we are not standing still: at a time when many people are finding protection and retirement solutions harder to afford, we are working to leverage our scale and expertise to deliver relevant, accessible solutions to our clients.
“This starts with deepening our understanding of what our customers perceive as value, and not losing sight of the seemingly small, and often very human, details that make a difference to them. Smart growth is driven by competence, resilience, and efficiency, yet sustainable customer growth is a matter of care and trust.”
Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz, said, “In the third quarter 2026, Allianz delivered a strong operating profit of 4.7 billion euros, despite high capital market volatility and elevated natural catastrophe losses. Our nine-month result rose to a record 14.1 billion euros, with all segments contributing.
“This broad-based performance highlights the strength and resilience of our diversified business model, even in a demanding operating environment. Building on this momentum, Allianz raised the upper end of its full-year 2026 operating profit target range to around 18.6 billion euros.
“Our strong results reaffirm that we are well positioned to continue generating sustainable returns for customers and shareholders and to deliver on our Capital Markets Day targets.”
