Allianz has reported a record operating profit of €4.2 billion for Q1 2025, marking a 6.3% increase from Q1 2024, keeping the firm on track to meet its full-year operating profit target of €16 billion.
The Property & Casualty (P&C) segment posted an operating profit of €2.2 billion in Q1 2025, the highest quarterly result ever recorded for the division. The segment’s combined ratio also improved slightly to 91.8%, outperforming Allianz’s full-year target of approximately 93%. The P&C loss ratio stood at 67.7%. Allianz noted an increase in natural catastrophe claims compared to the relatively benign first quarter of 2024, however, these losses were partly offset by a stronger run-off result.
Meanwhile, operating profit in the Life & Health (L&H) segment rose to €1.4 billion in Q1 2025, up 7.5% year-over-year. The company attributed the performance to solid growth across most regions.
The present value of new business premiums (PVNBP) in the L&H segment grew by 16.8% to €26.1 billion in Q1 2025.
“This excellent growth was broad-based, reflecting the strength of our global franchise and the attractiveness of our customer value proposition. 91% of our new business premiums were generated in our preferred lines of business,” Allianz stated.
In the Asset Management segment, operating profit increased by 4.8% to €811 million. The cost-income ratio (CIR) remained broadly stable at 61.3%, reflecting continued productivity management.
Groupwide, Allianz’s total business volume rose by 11.7% to €54 billion in Q1 2025. The firm highlighted the L&H segment as the primary growth driver, though all business units contributed to the expansion.
Shareholders’ core net income remained stable at €2.6 billion in the opening quarter, as the higher operating profit was offset by a lower non-operating result and increased taxes.
Oliver Bäte, Chief Executive Officer of Allianz SE, commented, “Allianz’s first quarter performance and our confirmed outlook underscore our financial strength and resilient business model, which benefits from the attractiveness of our customer value propositions amid geopolitical and economic uncertainty.
“In fact, we view this uncertainty and change as a catalyst for innovation and growth, allowing us to pursue new opportunities and expand our offerings.
“As the world’s leading insurance brand, we are well-positioned to benefit from the global flight to trust, with the ability to meet growing customer demand for protection and retirement solutions.”
Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE, said, “Allianz had a very good start to the year. We sustained our growth momentum while safeguarding attractive margins across our businesses, evidenced by our record operating profit.
“The proven resilience of our business model positions us very well to successfully manage volatile markets and a more uncertain environment. We confidently affirm our full-year operating profit outlook.
“We are firmly focused on executing the strategic priorities outlined at our Capital Markets Day to deliver on our ambitions.”
