Allianz (ALV) Q2 2026 (Media) earnings summary

Executive summary

• Achieved record operating profit for H1 2026, with strong contributions from all segments, especially Asset Management and Property-Casualty.

• Shareholders' core net income rose 15.5% year-over-year in H1 2026, with underlying growth of 9% after adjusting for divestment effects.

• Core earnings per share increased 17.5% to €16.44 in H1 2026.

• Strategic focus on smart growth, productivity, and resilience, with significant investments in Asia and asset management.

• Confidence in meeting 2026 targets, supported by robust financials and diversified business lines.

Financial highlights

• Total business volume reached €98.6bn for H1 2026, up 4.3% year-over-year, with Q2 at €45.6bn, up 5.7% internally.

• Operating profit at €9.39bn for H1 2026, up 8.6% year-over-year; core net income up 15.5%, core EPS up 17.5%.

• Solvency II ratio at 225%, highest since 2018, up 7pp from FY 2025.

Outlook and guidance

• Operating profit outlook maintained at €17.4bn ± €1bn, citing ongoing market volatility and potential nat cat events.

• Share buyback program of up to €2.5bn underway; €1.4bn completed in H1 2026.

• Confident in achieving 2026 targets, with ongoing work to reach 24-25% OCG by 2027.