Global insurer Allianz has reported record operating profit of €4.5 billion for the first quarter of 2026, a rise of 6.6% compared to €4.2 billion in Q1’25, as total business volume for the quarter dipped slightly to €53 billion from €54 billion.
During the opening quarter of the year, the insurer saw internal growth, which excludes the effects of foreign-currency translation as well as acquisitions and divestments, of 3.5%, with the company’s property and casualty (P&C) arm the main contributor, although strong business growth was also witnessed in Asset Management. Allianz notes that the performance of the life and health (L&H) segment was resilient in a volatile market environment.
Group-wide, shareholders’ core net income rose 48.4% year-on-year to €3.8 billion, impacted by the sale of the stakes in the company’s Indian Joint Ventures.
Looking at the insurer’s Q1’26 P&C results, total business volume reached €28.3 billion, compared to €27 billion in Q1’25, with “strong” internal growth of 6.8% sustaining momentum from last year. Allianz said that it has maintained a successful balance of growing its business while keeping underwriting discipline.
The segment reported a record operating profit of €2.4 billion in Q1’26, compared to €2.2 billion in the comparative prior year quarter, reaching 27% of the firm’s full-year outlook midpoint. There was a 11.1% growth in operating profit, entirely driven by higher insurance service results.
Meanwhile, the Q1’26 combined ratio (CoR) improved to 91% compared to 91.8% in Q1’25, ahead of the full-year outlook of 92 to 93%. The CoR was supported by the loss ratio and expense ratio, which were both strong at 67.3% and 23.7%, respectively, reflecting top-line growth and productivity gains.
Allianz’s L&H segment reported present value of new business premiums (PVNBP) of €23.7 billion in Q1’26, compared to €26.1 billion in Q1’25. The insurer explained that adjusted for foreign currency translation effects and the sale of their stake in UniCredit Allianz Vita, PVNBP reduced only marginally, about 1% from an exceptionally strong prior year level.
According to the firm, 91% of its new business was generated in preferred lines of business. However, the new business margin (NBM) dipped a little but was healthy at 5.3%, compared to 5.5% in Q1’25.
The value of new business (VNB) for Q1’26 was €1.3 billion compared to €1.4 billion in Q1’25, while operating profit remained stable year on year at €1.4 billion.
The Asset Management segment saw an increase in Q1’26 operating revenues of €2.2 billion, with internal growth of 12.7%, supported by higher AuM-driven revenues, and higher performance fees. Operating profit was also strong at €857 million, compared to €811 million in Q1’25, up 5.8%.
Allianz said that it is on track to achieve its full-year operating profit outlook of €17.4 billion, plus or minus €1 billion, and the share buy-back program of up to €2.5 billion announced on February 25th, 2026, is underway with €0.3 billion completed in Q1’26.
Oliver Bäte, Chief Executive Officer, Allianz SE, commented, “Allianz delivered a record operating profit in the first quarter of 2026 – a testament to the strength of our fundamentals and the effectiveness of our customer-centred strategy.
“We remain disciplined in our delivery as we work to expand affordable protection and retirement for more people, harnessing the potential of AI to serve them in an even more efficient and personalised way. By rigorously combining technological advancements with our expertise and empathy to meet customer needs, we create a unique value proposition and opportunities for everyone who puts their trust into Allianz.”
Claire-Marie Coste-Lepoutre, Chief Financial Officer, Allianz SE, added, “Allianz’s first-quarter performance reflects the quality of our diversified portfolio and the rigorous execution of our strategic priorities. We built on the momentum of an excellent 2025, achieving profitable growth and a record operating profit of 4.5 billion euros.
“These results demonstrate our ability to create sustainable value for our customers and shareholders, even in a demanding operating environment. We remain focused on the delivery of our ambitions and affirm our full-year outlook with confidence.”
