Global insurance company Allianz reported a record operating profit of 4.5 billion euros in the first quarter of 2026, an increase of 6.6% from 4.2 billion euros in the first quarter of 2025. Total business volume in the quarter fell slightly from 54 billion euros to 53 billion euros.
In the first quarter, the insurer’s organic growth (which excludes the impact of foreign currency translation and acquisitions and divestments) was 3.5%, with the company’s property and casualty (P&C) unit being the main contributor, although the asset management business also saw strong business growth. Allianz noted that the Life & Health (L&H) segment’s performance was resilient in a volatile market environment.
Affected by the sale of the company’s stake in the company’s Indian joint venture, core net profit for shareholders of the entire group increased by 48.4% year-on-year to 3.8 billion euros.
Judging from the insurance company’s property and casualty performance in the first quarter of 2026, the total business volume reached 28.3 billion euros, compared with 27 billion euros in the first quarter of 25, and the “strong” internal growth of 6.8% maintained last year’s momentum. Allianz said it maintains a successful balance between business growth and underwriting discipline.
The division reported a record operating profit of 2.4 billion euros in the first quarter of 2026, compared with 2.2 billion euros in the same period last year and 27% of the midpoint of the company’s full-year outlook. Operating profit increased by 11.1%, driven entirely by improved insurance services performance.
Meanwhile, the combined ratio (CoR) improved to 91% in 1Q26 and 91.8% in 1Q25, higher than the full-year forecast of 92% to 93%. CoR was supported by loss and expense ratios, which were strong at 67.3% and 23.7% respectively, reflecting revenue growth and productivity improvements.
Allianz’s L&H unit reported that the present value of new business premiums (PVNBP) in Q1’26 was €23.7 billion, compared with €26.1 billion in Q1’25. The insurer explained that PVNBP was down only slightly, about 1% from last year’s unusually strong levels, after foreign currency translation effects and the sale of its stake in UniCredit Allianz Vita.
According to the company, 91% of its new business comes from preferred business areas. However, new business margin (NBM) declined slightly but remained at a healthy level of 5.3% compared to 5.5% in 1Q25.
Value of new business (VNB) was €1.3 billion in Q1’26 compared to €1.4 billion in Q1’25, while operating profit remained stable year-on-year at €1.4 billion.
Asset Management segment’s 1Q26 operating income increased by €2.2 billion, an organic increase of 12.7%, driven by higher assets-driven revenue under management and higher performance fees. Operating profit was also strong, reaching 857 million euros, up 5.8% from 811 million euros in the first quarter of 2025.
Allianz said that its full-year operating profit is expected to achieve 17.4 billion euros, plus or minus 1 billion euros, and that the share buyback plan of up to 2.5 billion euros announced on February 25, 2026 is ongoing, with 300 million euros completed in the first quarter of 2026.
Oliver Bäte, CEO of Allianz Group, commented: “Allianz Group achieved a record operating profit in the first quarter of 2026, demonstrating the strength of our fundamentals and the effectiveness of our customer-focused strategy.
“We remain disciplined in our delivery and strive to provide affordable protection and retirement services to more people, leveraging the potential of artificial intelligence to serve them in a more efficient and personalized way. By rigorously combining technological advancements with our expertise and empathy to meet customer needs, we create a unique value proposition and opportunity for everyone who trusts Allianz.”
Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz Group, added: “Allianz’s first quarter results reflect the quality of our diversified portfolio and the disciplined execution of our strategic priorities. We built on the good momentum in 2025 to achieve profitable growth and a record operating profit of €4.5 billion.
“These results demonstrate our ability to create sustainable value for our customers and shareholders, even in a demanding operating environment. We remain focused on delivering on our ambitions and remain confident in our full-year outlook.”