Allianz has reported shareholders’ core net income of €3.8bn for the first quarter of 2026 (Q1 2026), up from €2.6bn a year earlier, an increase of 48.4%.
Excluding the impact of the sale of stakes in its Indian joint ventures (JVs) and offsetting measures, core net income increased by 7%, with the change mainly linked to higher operating profit.
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Annualised core return on equity (ROE) was 24.2% in Q1 2026, compared with 18.1% for full-year 2025.
Operating profit came in at €4.5bn, compared with €4.2bn a year earlier, a rise of 6.6%.
The group attributed the increase to property and casualty (P&C) and asset management, while describing life and health (L&H) as stable despite market volatility.
In P&C insurance, operating profit reached €2.4bn, up from €2.2bn.
The 11.1% increase was due to a higher insurance service result.
Business volume in P&C totalled €28.3bn in the quarter, against €27bn in the same period of 2025. Internal growth was 6.8%.
In L&H insurance, operating profit was unchanged at €1.4bn.
After adjusting for foreign exchange effects and the disposal of stakes in the Indian JVs and UniCredit Allianz Vita, operating profit was 3% higher.
The present value of new business premiums was €23.7bn in the quarter, versus €26.1bn a year before. Adjusted for foreign exchange movements and the sale of its stake in UniCredit Allianz Vita, the decline was 1%.
Group-wide business volume was €53bn in Q1, down from €54bn a year earlier. Internal growth, excluding currency movements as well as acquisitions and disposals, was 3.5%.
Allianz CEO Oliver Bäte said: “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.”
Allianz said it remained on course to meet its full-year operating profit outlook of €17.4bn, plus or minus €1bn.
Its share buyback programme of up to €2.5bn, announced on 25 February 2026, is in progress. Of that amount, €300m was completed in Q1.
