Allianz raises 2026 profit outlook after record nine-month operating profit

Quarter beats expectations

Allianz reported third-quarter operating profit of €4.71 billion on Thursday, 12 November, up 6.2% from €4.43 billion in the third quarter of 2025. Analysts had expected an average of €4.3 billion, so the result came in well above that mark. The Munich insurer achieved the figure despite volatile capital markets and higher costs from natural catastrophes. For the first nine months, group operating profit rose 7.8% to a record €14.1 billion, compared with €13.1 billion in the same period of 2025. All segments exceeded their own forecasts.

Analyst average expectation4.3

Q3 2026 actual4.71

Analyst average expectation

4.3 €bn

Q3 2026 actual

4.71 €bn

Data from the article text

Fund business carries the result

Asset management was the main engine of the quarter. Allianz's fund units Pimco and Allianz Global Investors (AGI) collected a net €47 billion in fresh money from customers. Quarterly operating profit in asset management jumped 35.1% to a record €1.12 billion. Life and health insurance also developed strongly, and total business volume for the first nine months reached €143.0 billion, up 3.8%. Earnings per share for the nine months came to €24.15.

First nine months 202513.1

First nine months 202614.1

First nine months 2025

13.1 €bn

First nine months 2026

14.1 €bn

Data from the article text

Natural catastrophes weigh on property and casualty

The property and casualty division absorbed €1.1 billion of natural catastrophe losses in the quarter. Its operating profit fell 7.9% to €2.2 billion, and its combined ratio deteriorated to 93.8% from 91.9% in the third quarter of 2025. The natural catastrophe impact on that ratio stood at 5.1%, against 0.3% in the same quarter of 2025. Handelsblatt linked the higher claims to hailstorms and forest fires. Business volume in the division grew to €20.9 billion from €19.7 billion, an internal growth rate of 4.5%. Across nine months, P&C operating profit still rose 3.2% to a record €7.08 billion, with a combined ratio of 92.2%, inside the full-year target range of 92% to 93%. The company described the nine-month figure as a record.

Finance board member Claire-Marie Coste-Lepoutre said the result had been achieved despite volatile markets and higher disaster costs, and she credited the breadth of the group's business model.

“This development demonstrates the strength and resilience of our diversified business model, even in a demanding operating environment.”

Guidance raised for 2026

Allianz lifted its 2026 operating profit outlook on Wednesday, 11 November, after markets had closed. The company now expects operating profit of €16.4 billion to €18.6 billion, and the upper end moved up from €18.4 billion. Chief executive Oliver Bäte had previously expected the upper end to be €200 million lower. The revised outlook assumes no significant unforeseen natural catastrophe or capital-market events, the company said. The full third-quarter figures were published on Thursday, one day after the guidance change.