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Allianz delivered an excellent annualized core return on equity (RoE)6 of 18.5 percent in 9M 2025 (full-year 2024: 16.9 percent). Adjusted for the effects of the one-off tax provision and divestment gain, the annualized core return on equity (RoE) was 18.2 percent.
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This performance was achieved while Allianz maintained a strong capitalization with a Solvency II ratio of 209 percent (2Q 2025: 209 percent), supported by excellent operating capital generation of 19 percentage points.
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Outlook
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Following the strong performance in the first nine months of the year, Allianz expects to achieve a full-year 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.
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Other
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The share buy-back program of up to 2 billion euros, announced on February 27, 2025, was fully executed by September 17, 2025.
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Property-Casualty insurance: Continued excellent performance
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Key performance indicator | 3Q 2025 | Change vs | 9M 2025 | Change vs | ||||
Total business volume (€ bn)7 | 19.7 | 9.5% | 66.9 | 8.3% | ||||
Operating profit (€ mn) | 2,394 | 21.5% | 6,858 | 15.3% | ||||
Combined ratio (%) | 91.9 | -1.6%-p | 91.6 | -1.3%-p | ||||
Loss ratio (%) | 68.3 | -1.5%-p | 67.8 | -1.0%-p | ||||
Expense ratio (%) | 23.6 | -0.1%-p | 23.9 | -0.3%-p |
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Core messages Property-Casualty insurance 3Q 2025
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- Excellent internal growth of 9.5 percent
- Record operating profit of 2.4 billion euros, up 22 percent
- Excellent combined ratio, supported by a better loss ratio and expense ratio
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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.
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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.
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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.
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The performance in the third quarter was strong across both the retail8 and commercial9 segments.
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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).
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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).
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Core messages Property-Casualty insurance 9M 2025
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- Strong internal growth across retail and commercial segments
- Record operating profit, reaching 86 percent of full-year outlook midpoint
- Excellent combined ratios in retail and commercial, supported by underwriting actions
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In the 9M 2025 period, total business volume rose to 66.9 billion euros (9M 2024: 63.3 billion euros). Internal growth was 8.3 percent, with similar growth in retail and commercial.
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Operating profit was excellent at 6.9 (6.0) billion euros, reaching 86 percent of our full-year outlook midpoint. Operating profit growth of 15.3 percent was almost entirely driven by a higher insurance service result.
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The combined ratio was at an excellent level of 91.6 percent (93.0 percent), with improvements in the loss ratio and the expense ratio. The loss ratio reached 67.8 percent (68.8 percent). Underlying improvements from underwriting actions overcompensated a conservative run-off ratio. The expense ratio improved by 0.3 percentage points to 23.9 percent, reflecting an ongoing productivity focus.
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Profitability in both retail and commercial was strong. The retail combined ratio improved 2.6 percentage points to 91.6 percent (94.2 percent), while in commercial the combined ratio reached an excellent level of 91.3 percent (90.6 percent).
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Life/Health insurance: Fully on track to reach targets
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Key performance indicator | 3Q 2025 | Change vs | 9M 2025 | Change vs | ||||
PVNBP (€ mn) | 17,905 | -8.1% | 63,519 | 4.8% | ||||
New business margin (%) | 5.9 | -0.2%-p | 5.7 | -0.1%-p | ||||
VNB (€ mn) | 1,050 | -11.0% | 3,612 | 2.1% | ||||
Operating profit (€ mn) | 1,407 | 2.2% | 4,237 | 3.8% | ||||
Contractual Service Margin (€ bn, eop) | 55.5 | 1.1%10 | 55.5 | 3.8%11 |
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Core messages Life/Health insurance 3Q 2025
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- New business margin attractive at 5.9 percent, well above our 5 percent target level
- Operating profit strong at 1.4 billion euros, reaching 26 percent of our full-year outlook midpoint
- Normalized CSM growth of 1.1 percent puts us on track for full-year outlook of ~5 percent
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In 3Q 2025, PVNBP, the present value of new business premiums, reached 17.9 billion euros (3Q 2024: 19.5 billion euros), a reduction of 8.1 percent compared to the prior year, or 5.5 percent adjusted for foreign currency translation effects. New business during the quarter was impacted by the divestment of UniCredit Allianz Vita S.p.A in 2Q 2025. Furthermore, the prior-year period benefited from a sales promotion in the United States, strong sales in Taiwan and a large corporate contract in Germany. The underlying demand continues to be good and the share of new business premiums generated in our preferred lines was 92 percent (94 percent).
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The new business margin (NBM) of 5.9 percent (6.1 percent) reached its highest level this year and remained well above our target of 5 percent. The value of new business (VNB) was at a good level at 1.0 (1.2) billion euros.
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Operating profit grew by 2.2 percent and reached a strong level of 1.4 (1.4) billion euros, amounting to 26 percent of our full-year outlook midpoint.
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The Contractual Service Margin (CSM) was 55.5 billion euros (2Q 2025: 55.8 billion euros). Assumption changes impacted the CSM development during the quarter, while normalized CSM growth was at a solid level of 1.1 percent.
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Core messages Life/Health insurance 9M 2025
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- Good new business growth spread across most regions
- Operating profit reaches 77 percent of full-year outlook midpoint
- Normalized CSM growth of 3.8 percent puts us on track to reach ~5 percent growth ambition for full-year
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In 9M 2025, PVNBP increased by 4.8 percent to 63.5 billion euros (9M 2024: 60.6 billion euros) or 6.2 percent adjusted for foreign currency translation effects. Growth was at a good level compared to high prior year sales and was spread across most regions. The share of new business premiums generated in our preferred lines was 92 percent (93 percent).
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The new business margin remained strong at 5.7 percent (5.8 percent). The value of new business rose to 3.6 (3.5) billion euros.
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Operating profit of 4.2 (4.1) billion euros increased by 3.8 percent, reaching 77 percent of our full-year outlook midpoint.
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The Contractual Service Margin (CSM) remained stable at 55.5 billion euros compared to 55.6 billion euros12 at the end of 2024. Good normalized growth of 3.811 percent was offset by foreign currency translation effects and non-economic movements. We are on track to reach our ambition of normalized CSM growth of ~5 percent for the year.
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