Global insurance company Allianz reported that its total business volume increased by 6.5% year-on-year to 45.7 billion euros in the fourth quarter of 2025, and group operating profit increased by 3% to 4.3 billion euros, with all business units contributing.
Group-wide, core net profit for shareholders increased by 12% year-on-year to reach €2.7 billion in the fourth quarter of 2025.
For the full year of 2025, total business volume increased by 8.11% compared with the previous year, reaching 186.9 billion euros with the contribution of all departments.
The company pointed out that operating profit increased by 8.4% to 17.4 billion euros in 2025, which is the highest operating profit in Allianz Group’s history.
The insurer highlighted property/casualty business as a key growth driver, with all segments exceeding the midpoint of full-year guidance.
The core net profit for shareholders for the whole year of 2025 will rise to 11.1 billion euros, an increase of 10.9% over the previous year.
The insurer reported that the segment’s total business volume reached 19.9 billion euros in the fourth quarter of 2025, up from 19.5 billion euros in the same period in 2024, further underlining the strong performance of its property and casualty insurance business.
For the full year 2025, total business volume increased to 86.7 billion euros, compared with 82.9 billion euros in 2024.
At the same time, the segment’s operating profit increased by 9.6% year-on-year to 2.1 billion euros in the fourth quarter of 2025. Full-year operating profit reached 9 billion euros, well above the insurer’s mid-year forecast of 8 billion euros.
According to the insurer, operating profit growth of 13.9% was driven almost entirely by higher operating insurance services performance.
The property and casualty insurance combined ratio improved to 93.6% in the fourth quarter of 2025, compared with 94.7% in the fourth quarter of 2024. For the full year of 2025, the combined ratio improved to 92.2% from 93.4% in 2024. The improvement was driven by lower loss ratios and lower expense ratios.
The company noted that lower natural catastrophe losses, coupled with fundamental improvements in underwriting actions, more than offset conservative runoff ratios.
The company also highlighted strong performance in its retail and commercial businesses in 2025. The full-year combined ratio for the retail business improved to 92.4%, while the commercial business’s combined ratio was 91.7%.
In 4Q25, the combined ratio of the retail business was 94.5%, while the combined ratio of the commercial business was 92.6%.
In the carrier’s Life & Health (L&H) business, the present value of new business premiums (PVNBP) reached €21.2 billion in Q4 2025. In 2025, PVNBP will reach 84.7 billion euros.
In 4Q25, new business margin remained attractive at 5.8% and new business value increased by 5.3% to €1.2 billion. In 2025, new business margin was attractive at 5.7%, and new business value increased by 5.8% to €4.8 billion.
L&H operating profit reached a healthy level of €1.4 billion in the fourth quarter of 2025 and increased by 1.7% to €5.6 billion for the full year of 2025.
As for the Allianz Asset Management business, operating income increased to 8.5 billion euros in 2025 and reached 2.3 billion euros in the fourth quarter of 2025.
Oliver Bäte, CEO of Allianz Group, commented: “Allianz Group’s record performance in 2025 once again demonstrates our ability to deliver reliably, including in a rapidly changing and increasingly fragmented environment. Our performance and fundamental strength go well beyond our financial discipline and operational resilience. Our success is also driven by the strength of our leading brands, record customer loyalty and highly motivated employees.”
“Customers expect protection and peace of mind at a price they can afford, which is why our ability to deliver exceptional value is critical to the continued growth of our customer base. To mitigate the world’s increasing polarization, ensuring people have access to the freedom and security our products and services provide remains a strategic priority and our social responsibility.”