Allianz SE has announced a record operating profit of €17.4 billion for the 2025 fiscal year, marking what executives described as an “excellent start” to the group’s new strategic cycle. The German financial services giant reported an 8.4% increase in operating profit compared to the previous year, driven largely by a surge in its property and casualty (P&C) business.

Total business volume for the 12-month period rose 8.1% to reach €186.9 billion, with the company noting positive contributions from all operating segments. Shareholders’ core net income saw a double-digit advance of 10.9%, climbing to €11.1 billion.

Segment performance

The P&C sector emerged as the company’s primary engine for growth in 2025, with its operating profit rising 13.9% to reach nearly €9.0 billion. This performance was supported by a robust combined ratio of 92.2%, an improvement attributed to disciplined underwriting and lower-than-expected natural catastrophe losses.

In the asset management division, third-party net inflows reached an “excellent” €139 billion, pushing third-party assets under management to an all-time high of €1.99 trillion by year-end. Meanwhile, life/health insurance results remained steady, with 3.5% growth in the present value of new business premiums.

Following these results, Allianz management proposed a dividend of €17.10 per share, an 11.0% increase from 2024. Additionally, the group announced a new share buy-back programme of up to €2.5 billion, which commenced on Wednesday.

Strategic outlook

“Allianz’s record results for 2025 demonstrate – again – our ability to deliver reliably, including in rapidly shifting and increasingly divisive environments,” said Oliver Bäte (pictured), chief executive officer of Allianz SE. “Customers expect protection and peace of mind at a price that they can afford, which is why our ability to offer superior value is so vital to the continued growth of our customer base. To mitigate deepening polarisation in the world, it remains our strategic priority – as well as our societal responsibility – to ensure that people can access the freedom and security that our products and services provide.”

Allianz maintains a strong capital position, reporting a Solvency II ratio of 218%, up from 209% at the end of 2024.

Chief financial officer Claire-Marie Coste-Lepoutre noted that the performance highlights the resilience of the Allianz business model as it enters the 2025–2027 planning phase. “As we pursue our 2026 target of an operating profit of €17.4 billion, plus or minus €1 billion, we continue the focused execution of our strategic Capital Markets Day priorities to deliver on our 2025–2027 plan.”

The plan was first outlined in late 2024. Under the plan, the group has set aggressive financial targets, including a compound annual growth rate for earnings per share of 7% to 9%. The firm also intends to achieve a return on equity of at least 17% by the end of the period.

Central to this strategy is a focus on “smart growth” and productivity improvements. Allianz has outlined plans to deploy generative AI tools to streamline operations and enhance customer service. Investor materials indicate the group aims to manage more than €27bn in cumulative net cash remittance between 2025 and 2027, supporting its stated capital allocation policy and shareholder payout framework.

At the same time, the company is reinforcing its environmental, social, and governance priorities. The group’s sustainability approach seeks to integrate net-zero transition considerations into its investment portfolio and underwriting activities, consistent with its commitment to the 1.5°C pathway under the Paris Climate Agreement.

Olympic partnerships and brand engagement

Allianz continues to expand its global brand presence through high-profile partnerships, having been names as the “Official Insurer of the Olympic and Paralympic Movements” in January. The company’s “Safety Sled” initiative and support for “Team Allianz” athletes are central to its engagement strategy.

Management has claimed that these partnerships are not merely marketing exercises but are intended to drive inclusion and highlight the group’s commitment to safety and excellence. Executives have linked strong brand engagement to improved customer retention metrics in recent results disclosures, citing loyalty trends as a contributor to performance in 2025.