Allianz has reported net profit attributable to shareholders of €10.8bn for 2025, an 8.5% rise from the prior year.

The company’s operating profit for the year stood at €17.4bn, an 8.4% increase over the previous year.

Growth was mainly attributed to the property and casualty (P&C) segment, with all operating segments surpassing their full-year outlook midpoints.

Total business volume rose to €186.9bn from €179.8bn in 2024, reflecting robust internal growth of 8.1%, after excluding currency effects and changes from acquisitions or divestments.

Within P&C, total business volume grew to €86.7bn, up from €82.9bn a year earlier, with internal growth at 8.2%.

Operating profit in this division stood at €9bn, above the full-year outlook midpoint and up 13.9%, mainly due to an improved insurance service result.

In life/health insurance, present value of new business premiums reached €84.7bn, an increase of 3.5% compared to last year, or 7.5% higher when adjusted for currency and scope changes.

The division’s operating profit was €5.6bn, up slightly from €5.5bn in 2024.

Moody’s Ratings senior vice-president Benjamin Serra told Life Insurance International: “Allianz’s results were supported by the outstanding performance of its non-life segment, which generated over 50% of the group’s operating profit. Looking ahead to 2026, there is a possibility of less benign climate-related claims if early-year trends persist, while commercial insurance rates are currently trending downward.

“Nonetheless, the still robust rate increases reported in the personal insurance segment across its key markets should enable Allianz to continue achieving good results in 2026.

“Allianz remains exposed to the risks of declining prices in both public and private equity investments, but the increase in its solvency ratio to 218% strengthens the group’s resilience to stress scenarios, which is credit positive.”

Notably, last year, Allianz sold its holding in Indian joint ventures to Bajaj and realised a divestment gainfrom its UniCredit partnership.

For the fourth quarter of 2025, the German insurer reported business volume of €45.7bn versus €45.9bn during the same period last year, with internal growth measured at 6.5%.

Quarterly operating profit reached €4.3bn, representing a year-on-year increase of 3%, led by gains in property and casualty activities.

For the year ahead, Allianz targets an operating profit of €17.4bn, with a tolerance of plus or minus €1bn.

Allianz CEO Oliver Bäte said: “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.”