Allianz (ALV) Q2 2026 earnings summary

Executive summary

• Achieved record operating profit of EUR 9.4 billion in H1 2026, up 8.6%-9% year-over-year, with all segments contributing, especially Asset Management and Property-Casualty.

• Total business volume reached EUR 98.6-99 billion, up 4.3% internally, driven by Asset Management and Property-Casualty.

• Shareholders' core net income rose to EUR 6.4-6.6 billion, up 15.5% headline and 9% adjusted for disposals and restructuring.

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

• Strong brand and stakeholder trust, ranked #1 in Edelman Trust Barometer and Evident AI Index for Insurance.

Financial highlights

• Operating profit for H1 2026 was EUR 9.4 billion, up 8.6%-9% year-over-year; Q2 operating profit was EUR 4.9 billion, up 10.6%.

• Solvency II ratio increased to 225%, the highest since 2018 and up from 218% at year-end 2025.

• Core EPS up 10%-11%, exceeding the 7%-9% target range; basic EPS reached EUR 16.18.

• Core RoE at 19%-20.7% (adjusted and headline).

• Cost-income ratio improved to 60.3%.

Outlook and guidance

• Full-year 2026 operating profit outlook reaffirmed at EUR 17.4 billion, plus or minus EUR 1 billion.

• On track to meet or exceed core EPS and ROE targets, with all segments ahead of the midpoint of their full-year outlooks.

• Retail volume growth at 2.5% YTD, aiming for 3%-4% by year-end, with improvement expected in H2.

• Global economic growth for 2026 expected at 2.5%, with persistent downside risks from geopolitical tensions and policy uncertainty.

• Asset management faces ongoing margin pressure but benefits from net inflows and product innovation.