Global insurer Allianz has reported that its total business volume increased by 6.5% year-on-year to €45.7 billion in the fourth quarter of 2025, as operating profit across the Group rose 3% to €4.3 billion, with contributions from all segments.
Group-wide, shareholders’ core net income increased by 12% year-on-year, reaching €2.7 billion in Q4’25.
For the full year 2025, total business volume rose 8.11% compared to the prior year, reaching €186.9 billion with contributions from all segments.
Operating profit in 2025 increased 8.4% to €17.4 billion, Allianz’s highest operating profit ever, the firm noted.
The insurer highlighted the Property/Casualty business as the main growth driver, with all business segments exceeding their full-year outlook midpoints.
Shareholders’ core net income for the full year 2025 rose to €11.1 billion, marking a 10.9% increase from the previous year.
Further underscoring the strong performance of its P&C business, the insurer reported that total business volume in the segment reached €19.9 billion in Q4’25, up from €19.5 billion in the same period of 2024.
For the full year 2025, total business volume rose to €86.7 billion, compared with €82.9 billion in 2024.
Meanwhile, operating profit in the segment increased by 9.6% year-on-year to €2.1 billion in Q4’25. For the full year, operating profit reached €9 billion, significantly exceeding the insurer’s full-year outlook midpoint of €8.0 billion.
According to the insurer, operating profit growth of 13.9% was driven almost entirely by a higher operating insurance service result.
The P&C combined ratio improved to 93.6% in Q4’25, compared with 94.7% in Q4’24. For the full year 2025, the combined ratio improved to 92.2%, down from 93.4% in 2024. The improvement was supported by both a lower loss ratio and a lower expense ratio.
The company noted that lower natural catastrophe losses, combined with underlying improvements from underwriting actions, more than offset a conservative run-off ratio.
The firm also highlighted strong performance across its retail and commercial businesses in 2025. The retail business reported an improved full-year combined ratio of 92.4%, while the commercial business delivered a solid combined ratio of 91.7%.
For Q4’25, the retail business recorded a combined ratio of 94.5%, while the commercial business posted a combined ratio of 92.6%.
Within the carrier’s life and health (L&H) business, the present value of new business premiums (PVNBP) amounted to €21.2 billion in Q4’25. For 2025, PVNBP reached €84.7 billion.
The new business margin remained attractive in Q4’25 at 5.8%, and the value of new business rose by 5.3% to €1.2 billion. For 2025, the new business margin was at an attractive 5.7%, as the value of new business increased by 5.8% to €4.8billion.
L&H operating profit reached a good level of €1.4 billion in Q4’25 and increased by 1.7% to €5.6 billion in full year 2025.
Turning to Allianz’s Asset Management business, operating revenues increased to €8.5 billion for 2025 and reached €2.3 billion in Q4’25.
Oliver Bäte, Chief Executive Officer of Allianz SE, commented: “Allianz’s record results for 2025 demonstrate – again – our ability to deliver reliably, including in rapidly shifting and increasingly divisive environments. The strength of our performance and fundamentals goes well beyond our financial discipline and operational resilience. Our success is also powered by our leading brand strength, record customer loyalty, and highly motivated employees.
“Customers expect protection and peace of mind at a price that they can afford, which is why our ability to offer superior value is so vital to the continued growth of our customer base. To mitigate deepening polarization in the world, it remains our strategic priority – as well as our societal responsibility – to ensure that people can access the freedom and security that our products and services provide.”
