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Shareholders’ core net income advanced 12.2 percent to 2.7 (2.4) billion euros. A higher operating profit and an improved non-operating result contributed.
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Outlook
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In 2026, Allianz targets an operating profit of 17.4 billion euros, plus or minus 1 billion euros.
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Other
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The Board of Management proposes a dividend per share of 17.10 euros (2024: 15.40 euros) for 2025, an increase of 11.0 percent from 2024.
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On February 25, 2026, Allianz has announced a new share buy-back program of up to 2.5 billion euros.
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Property-Casualty insurance: Excellent delivery across all dimensions
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Key performance indicator | 4Q 2025 | Change vs | 12M 2025 | Change vs | ||||||||
Total business volume (€ bn)4 | 19.9 | 6.7 | % | 86.7 | 8.2 | % | ||||||
Operating profit (€ mn) | 2,134 | 9.6 | % | 8,992 | 13.9 | % | ||||||
Combined ratio (%) | 93.6 | -1.1%-p | 92.2 | -1.3%-p | ||||||||
Loss ratio (%) | 69.8 | -0.9%-p | 68.3 | -1.0%-p | ||||||||
Expense ratio (%) | 23.8 | -0.2%-p | 23.9 | -0.3%-p |
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Core messages Property-Casualty insurance 12M 2025
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- Very good internal growth across retail and commercial
- Record operating profit, well exceeding the full-year outlook midpoint
- Excellent combined ratio supported by underwriting actions
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In the 12M 2025 period, total business volume rose to 86.7 billion euros (12M 2024: 82.9 billion euros). Internal growth was very good at 8.2 percent.
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Operating profit was excellent at 9.0 (7.9) billion euros, well exceeding our full-year outlook midpoint of 8.0 billion euros. Operating profit growth of 13.9 percent was almost exclusively driven by a higher operating insurance service result.
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The combined ratio was at an excellent level of 92.2 percent (93.4 percent), with improvements in the loss ratio and the expense ratio. The loss ratio reached 68.3 percent, an improvement of 1.0 percentage point compared to prior year (69.3 percent). Lower natural catastrophe losses and underlying improvements from underwriting actions overcompensated a conservative run-off ratio. The expense ratio improved by 0.3 percentage points to 23.9 percent (24.2 percent), reflecting a successful ongoing productivity focus.
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The retail6 business delivered excellent internal growth of 9 percent while our commercial7 business grew by 7 percent.
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Profitability in both retail and commercial was strong. The retail combined ratio improved 1.8 percentage points to 92.4 percent (94.1 percent), while in commercial the combined ratio reached an excellent level of 91.7 percent (92.2 percent), an improvement of 0.5 percentage points.
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Core messages Property-Casualty insurance 4Q 2025
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- Strong internal growth of 6.7 percent
- Excellent operating profit of 2.1 billion euros, up 10 percent
- Very good combined ratio, supported by a better loss ratio and expense ratio
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In 4Q 2025, total business volume reached 19.9 billion euros (4Q 2024: 19.5 billion euros), a strong internal growth of 6.7 percent.
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The operating profit grew to 2.1 (1.9) billion euros, an increase of 9.6 percent, reaching 27 percent of our full-year outlook midpoint. A stronger operating insurance service result was the main driver.
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The combined ratio improved to a very good level of 93.6 percent (94.7 percent). The loss ratio was 69.8 percent (70.7 percent), an improvement of 0.9 percentage points. The expense ratio improved by 0.2 percentage points to 23.8 percent (24.1 percent).
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Our retailbusiness delivered excellent internal growth of 9 percent and the combined ratio reached 94.5 percent (94.0 percent).
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The commercialbusiness achieved an internal growth of 3 percent, carefully managing the market environment, while the combined ratio improved by 4.0 percentage points to a strong level of 92.6 percent (96.6 percent).
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Life/Health insurance: Consistently good results
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Key performance indicator | 4Q 2025 | Change vs | 12M 2025 | Change vs | ||||||||
PVNBP (€ mn) | 21,163 | -0.2 | % | 84,682 | 3.5 | % | ||||||
New business margin (%) | 5.8 | 0.3%-p | 5.7 | -0.0%-p | ||||||||
Value of new business (€ mn) | 1,217 | 5.3 | % | 4,829 | 2.9 | % | ||||||
Operating profit (€ mn) | 1,364 | -4.2 | % | 5,601 | 1.7 | % | ||||||
Contractual Service Margin (€ bn, eop) | 55.7 | 1.4%8 | 55.7 | 5.2%9 |
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Core messages Life/Health insurance 12M 2025
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- Good PVNBP growth of 3.5 percent from exceptionally high prior year level
- Very good normalized CSM growth of 5.2 percent
- Operating profit above full-year outlook midpoint
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In 12M 2025, PVNBP, the present value of new business premiums, reached 84.7 billion euros (12M 2024: 81.8 billion euros), an increase of 3.5 percent from an exceptionally high prior year level or 7.5 percent higher adjusted for foreign currency translation effects and scope changes10. Growth was spread across most regions. The share of new business premiums generated in our preferred lines was 91 percent (93 percent).
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The new business margin remained strong at 5.7 percent (5.7 percent) and the value of new business rose to 4.8 (4.7) billion euros, an increase of 5.8 percent adjusted for foreign currency translation effects and scope changes10.
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Operating profit grew to 5.6 (5.5) billion euros, an increase of 1.7 percent, and exceeding our full-year outlook midpoint.
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The Contractual Service Margin (CSM) remained broadly stable at 55.7 billion euros compared to 55.6 billion euros11 at the end of 2024. Very good normalized CSM growth of 5.2 percent was largely offset by foreign currency translation effects and non-economic movements.
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Core messages Life/Health insurance 4Q 2025
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- New business margin strong at 5.8 percent
- Value of new business increases 12 percent adjusted for foreign currency translation effects and scope changes
- Operating profit good at 1.4 billion euros
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In 4Q 2025, PVNBP, the present value of new business premiums, amounted to 21.2 billion euros (4Q 2024: 21.2 billion euros), an increase of 7.8 percent adjusted for foreign currency translation effects and scope changes10. The share of new business premiums generated in our preferred lines was 90 percent (92 percent).
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The new business margin (NBM) of 5.8 percent (5.5 percent) was strong and above our ambition of at least 5 percent. The value of new business (VNB) increased by 5.3 percent to 1.2 (1.2) billion euros or 11.7 percent adjusted for foreign currency translation effects and scope changes10.
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Operating profit reached a good level of 1.4 (1.4) billion euros, amounting to 25 percent of our full-year outlook midpoint.
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Contractual Service Margin (CSM) increased to 55.7 billion euros (3Q 2025: 55.5 billion euros). Normalized CSM growth of 1.4 percent was very good and overcompensated non-economic movements.
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Asset Management: Excellent third-party net inflows
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Key performance indicator | 4Q 2025 | Change vs | 12M 2025 | Change vs | ||||||||
Operating revenues (€ bn)12 | 2.3 | 5.8 | % | 8.5 | 5.9 | % | ||||||
Operating profit (€ mn) | 928 | -1.5 | % | 3,345 | 3.3 | % | ||||||
Cost-income ratio (%) | 60.0 | -0.0%-p | 60.7 | -0.4%-p | ||||||||
Third-party net flows (€ bn) | 45.5 | 173.2 | % | 139.3 | 64.2 | % | ||||||
Third-party assets under management (€ bn) | 1,990 | 3.6 | % | |||||||||
Average third-party assets under management (€ bn) | 1,978 | 4.8 | % | 1,914 | 5.8 | % | ||||||
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Core messages Asset Management 12M 2025
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- Operating profit increases 3 percent to 3.3 billion euros
- Cost-income ratio improves to 60.7 percent, ahead of full-year ambition of around 61 percent
- Excellent third-party net inflows of 139 billion euros
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In 12M 2025, operating revenues increased to 8.5 billion euros (12M 2024: 8.3 billion euros), an internal growth of 5.9 percent. Growth was driven by higher AuM-driven revenues, which advanced by 8.3 percent adjusted for foreign currency translation effects. This was supported by higher average third-party AuM.
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