Allianz achieves record results and expects a full-year operating profit of at least 17 billion euros
Magda Purice
Posted On November 14, 2025
3Q 2025 Results
- Double-digit growth in operating profit and shareholders’ core net income
- Total business volume rises 5.21 percent with contributions from all segments
- Operating profit increases 12.6 percent to 4.4 billion euros, with particular strong contribution from the Property-Casualty segment
- Shareholders’ core net income advances by 12.7 percent and reaches 2.9 billion euros
The full report here:
9M 2025
- Continued strong and diversified growth across our businessesand record operating profit
- Total business volume rises 8.51 percent and reaches 141.2 billion euros with contributions from all segments
- Operating profit increases 10.4 percent to 13.1 billion euros, our highest nine-month operating profit ever, reaching 82 percent of our full-year outlook midpoint
- Shareholders’ core net income advances 10.5 percent to 8.4 billion euros. Adjusted for the one-off tax provision related to the sale of our stake in our Indian Joint Ventures and the divestment gain on the UniCredit Joint Venture, shareholders’ core net income increases by 8.3 percent
- Core earnings per share (EPS) grow 12.2 percent and reach 21.43 euros. Adjusted for the tax provision and the divestment gain, core EPS rise 9.9 percent
- Annualized core return on equity (RoE) reaches an excellent level of 18.5 percent, respectively 18.2 percent adjusted for the tax provision and the divestment gain
- Solvency II capitalization ratio remains strong at 2092 percent with excellent capital generation
Outlook & other
- For full-year 2025, Allianz expects to achieve an operating profit of at least 17 billion euros, the upper-end of the full-year outlook range of 16 billion euros, plus or minus 1 billion euros3. Most likely, the full-year operating profit will be in the range between 17 and 17.5 billion euros3
- Share buy-back program of up to 2 billion euros, announced on February 27, 2025, was fully executed as of September 2025
Oliver Bäte, Chief Executive Officer of Allianz SE: Allianz has once again delivered another set of record results, an outcome that is made possible by our exceptional levels of brand trust, customer loyalty, and employee motivation. Alongside our Smart Growth and Resilience levers, we will continue our disciplined focus on productivity to generate even greater value for money for our customers. Affordable insurance solutions remain essential to inclusive economic prosperity, and Allianz remains dedicated to securing a future in which more people can access the protection and peace of mind that our products and services provide.”
Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE: “We delivered record results for the third quarter and nine months, underpinned by diversified growth and excellent profitability. Our performance reflects the steady progress across our businesses as we continue the disciplined execution of our priorities outlined at our Capital Markets Day in December 2024. Allianz continues its sustainable value creation for customers, employees, and shareholders. Building on our strong performance and our confidence in our ability to deliver, we now expect to achieve a full-year operating profit of at least 17 billion euros, most likely in the range between 17 and 17.5 billion euros.”
In 3Q 2025, total business volume reached 19.7 billion euros (3Q 2024: 18.6 billion euros), delivering an excellent internal growth of 9.5 percent. Allianz successfully managed growing its business while maintaining underwriting discipline.
The operating profit grew to a record level of 2.4 (2.0) billion euros, an increase of 21.5 percent compared to the third quarter 2024. This was mainly due to a strong insurance service result.
The combined ratio improved to an excellent level of 91.9 percent (93.5 percent). The loss ratio reached 68.3 percent (69.8 percent), an improvement of 1.5 percentage points. This performance was supported by underlying improvements, reflecting successful underwriting actions, as well as benign natural catastrophes. The run-off result was lower than last year. The expense ratio developed favorably by 0.1 percentage points to 23.6 percent.
The performance in the third quarter was strong across both the retail8 and commercial9 segments.
Our retail business delivered internal growth of 8 percent while further improving its combined ratio to an excellent level of 91.3 percent (94.9 percent).
The commercial business achieved excellent internal growth of 11 percent, supported by strong growth in Allianz Partners’ health business. The combined ratio reached 92.0 percent (90.5 percent).
