Allianz SE Allianz delivers record result and is well on track to achieve its targets

2Q 2026

• Total business volume at 45.6 billion euros, an internal growth of 5.7 percent^[1], with contributions from all segments. Asset Management delivers excellent growth.
• Operating profit rises 10.6 percent to a record level of 4.9 billion euros.
• Shareholders’ core net income at 2.6 billion euros; 12.7 percent below last year. Adjusted for a divestment gain last year and offsetting measures following the sale of the stake in our Indian JVs, underlying growth is strong at 10 percent.

6M 2026

• Total business volume at 98.6 billion euros, an internal growth of 4.3 percent¹, driven by Property-Casualty and especially Asset Management.
• Operating profit rises 8.6 percent and reaches a record level of 9.4 billion euros.
• Shareholders’ core net income advances 15.5 percent to 6.4 billion euros. Adjusted for divestment effects and offsetting measures, underlying growth is strong at 9 percent[2].
• Core earnings per share increase 17.5 percent and reach 16.44 euros. Adjusted for the above-mentioned effects, underlying growth is excellent at 10 percent².
• Annualized core RoE at 20.7 percent; underlying level very strong at 19 percent².
• Solvency II ratio[3] increases by 7 percentage points to 225 percent[4]. Capital generation remains very good.

Outlook & other

• Allianz is fully on track to achieve its full-year operating profit outlook of 17.4 billion euros, plus or minus 1 billion euros[5].
• Share buy-back program of up to 2.5 billion euros announced on February 25, 2026 underway; 1.4 billion euros completed in the first half of 2026.

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CEO comment

“Allianz has once more delivered strong results for the second quarter and first half of 2026, confirming the power of our customer-centered strategy. Our excellent performance gives us the ability – as well as the obligation – to bring superior advice, protection, and retirement solutions within reach for more customers around the world.

Insurance costs are rising faster than disposable income, and we take that challenge seriously. Through our investments in AI, risk prevention, and smarter services, we are determined to help more customers protect what matters to them at a price they can afford. This value creation is how Allianz earns the trust that sets us apart and drives our growth.”

FINANCIAL HIGHLIGHTS

Allianz Group: Strong performance and record operating profit

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CFO comment

“We have delivered an excellent result for the first half of the year and have sustained our strong performance in the second quarter. All segments are ahead of the midpoints of their full-year operating profit outlook, demonstrating the successful execution of our strategic priorities. This puts us well on track for our 2026 ambitions.

As we have reached the halfway point of our strategic cycle, the results confirm that we are on course to deliver on our ambitious Capital Markets Day targets.

Looking ahead, we will maintain our focus on generating smart growth, reinforcing our productivity and strengthening our resilience and thereby sustaining the value creation for all our customers and shareholders.”

In 2Q 2026, total business volume amounted to 45.6 billion euros (2Q 2025: 44.5 billion euros). Internal growth, which excludes the effects of foreign-currency translation as well as acquisitions and divestments, was strong at 5.7 percent. All three segments contributed, with Asset Management performing particularly strong.

Operating profit rose 10.6 percent to a record level of 4.9 (4.4) billion euros. This growth was driven by double-digit increases in Asset Management and Life/Health.

Shareholders’ core net income was at 2.6 (3.0) billion euros; 12.7 percent below last year. Adjusted for the divestment gain on the UniCredit Joint Venture last year and offsetting measures following the sale of the stake in our Indian Joint Ventures this year, the underlying growth was strong at 10 percent.

In 6M 2026, total business volume reached 98.6 billion euros (6M 2025: 98.5 billion euros), with good internal growth of 4.3 percent. Asset Management delivered excellent internal growth with a strong performance also in the Property-Casualty segment. Life/Health momentum improved in the second quarter.

Operating profit rose 8.6 percent to a record level of 9.4 (8.6) billion euros and reached 54 percent of our full-year outlook midpoint. Growth was particularly strong in our Property-Casualty and Asset Management segments. All segments are ahead of the midpoint of their full-year operating profit outlooks.

Shareholders’ core net income advanced 15.5 percent to 6.4 (5.5) billion euros. Adjusted for the effects of the sale of the stake in our Indian Joint Ventures, offsetting measures as well as the divestment gain on the UniCredit Joint Venture, underlying growth was strong at 9 percent².

Core earnings per share (EPS)[7] amounted to 16.44 (13.99) euros, an increase of 17.5 percent. Adjusted for the above-mentioned effects, growth was excellent at 10 percent², above the top-end of our 7-9 percent CAGR target for the 2025-2027 strategic cycle.

Allianz delivered an annualized core return on equity (RoE)⁷ of 20.7 percent in 6M 2026 (12M 2025: 18.1 percent). Adjusted for the above-mentioned effects, our annualized core return on equity was at a very strong level of 19 percent².

This performance was achieved while we further strengthened our capitalization. Our Solvency II ratio reached 225 percent, an increase of 7 percentage points compared to full-year 2025 (218 percent), supported by a very good capital generation.

Outlook

Allianz is fully on track to achieve its full-year operating profit outlook of 17.4 billion euros, plus or minus 1 billion euros.

Other

The share buy-back program of up to 2.5 billion euros, announced on February 25, 2026, is underway and 1.4 billion euros were completed in the first six months of 2026.

Property-Casualty insurance: Strong performance across all dimensions

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Core messages Property-Casualty insurance 2Q 2026

• Very good internal growth, mainly driven by our retail business
• Highest quarterly operating profit ever
• Combined ratio strong in both retail and commercial

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In 2Q 2026, total business volume reached 21.3 billion euros (2Q 2025: 20.1 billion euros). Internal growth was very good at 4.7 percent.

The operating profit of 2.5 (2.3) billion euros increased by 7.2 percent compared to the prior-year quarter and marks our highest quarterly operating profit ever.

The combined ratio remained at a strong level of 91.9 percent (91.2 percent). The loss ratio stood at 68.1 percent (67.4 percent). The increase of 0.7 percentage points is mainly due to prudent run-off. The expense ratio developed favorably by 0.1 percentage points to 23.8 percent (23.9 percent), reflecting an ongoing productivity focus.

The retail[8] business sustained its momentum and delivered strong internal growth of 8 percent. The segment’s combined ratio remained excellent at 91.9 percent (91.8 percent).

In the commercial[9] business, internal growth was 1 percent as we continued to carefully manage the market environment. The segment achieved a combined ratio of 91.8 percent (90.3 percent).

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Core messages Property-Casualty insurance 6M 2026

• Very good internal growth of 5.6 percent
• Record operating profit, reaching 54 percent of our full-year outlook midpoint
• Combined ratio ahead of our full-year outlook range of 92-93 percent

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In the 6M 2026 period, total business volume reached 49.6 billion euros (6M 2025: 47.1 billion euros), delivering a very good internal growth of 5.6 percent.

Operating profit was excellent at 4.9 (4.5) billion euros, reaching 54 percent of the full-year outlook midpoint. Strong growth of 9.1 percent was driven by the operating insurance service and the operating investment result.

The combined ratio remained at an excellent level of 91.4 percent (91.5 percent), ahead of our 92-93 percent outlook range for the full-year. The loss ratio reached 67.7 percent (67.5 percent), while the expense ratio improved by 0.3 percentage points to a very good level of 23.7 percent (24.0 percent), reflecting the top-line development and a continued productivity focus.

In our retail business, internal growth reached 7 percent, while the combined ratio remained broadly flat at an excellent level of 91.7 percent (91.8 percent).

In our commercial business, internal growth was 4 percent, and the segment maintained an excellent combined ratio of 91.1 percent (91.0 percent).

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Life/Health insurance: Good results with improving momentum

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Core messages Life/Health insurance 2Q 2026

• New business premiums at a good level
• New business margin of 5.6 percent
• Operating profit increases by 10 percent to 1.5 billion euros

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In 2Q 2026, PVNBP, the present value of new business premiums, increased to a good level of
19.6 billion euros (2Q 2025: 19.5 billion euros). Adjusted for foreign currency translation effects and the sale of our stake in UniCredit Allianz Vita, PVNBP rose by 9 percent. 90 percent (93 percent) of new business was generated in our preferred lines (capital-efficient products, unit-linked without guarantees, protection & health).

The new business margin (NBM) was strong at 5.6 percent (5.7 percent), ahead of our ambition of at least 5 percent. The value of new business (VNB) was at a good level of 1.1 (1.1) billion euros, an increase of 4 percent adjusted for foreign currency translation effects and the sale of UniCredit Allianz Vita.

Operating profit increased 10 percent to 1.5 (1.4) billion euros. Growth was spread across most entities. It was supported by first-time dividend payments from investment participations in Viridium and Sconset Re.

The Contractual Service Margin (CSM) rose to 57.3 billion euros (1Q 2026: 55.4 billion euros). Normalized CSM growth was 1.1 percent.

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Core messages Life/Health insurance 6M 2026

• Healthy new business margin of 5.4 percent
• Operating profit rises across most regions
• Normalized CSM growth of 2.7 percent, on track for full-year ambition of around 5 percent

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In 6M 2026, PVNBP amounted to 43.4 billion euros (6M 2025: 45.6 billion euros). Adjusted for foreign currency translation effects and the sale of our stake in UniCredit Allianz Vita, PVNBP increased by 3 percent. The quality of our new business was good with 91 percent (92 percent) of our new business sales in our preferred lines.

The new business margin was at a healthy level of 5.4 percent (5.6 percent). The value of new business reached 2.4 (2.6) billion euros. Adjusted for the sale of our stake in UniCredit Allianz Vita and foreign currency translation effects, the value of new business remained broadly stable.

Operating profit increased to 2.9 (2.8) billion euros. Growth was widespread and benefited from first-time dividend payments from investment participations in Viridium and Sconset Re.

The Contractual Service Margin (CSM) rose to 57.3 billion euros (12M 2025: 55.7 billion euros). Normalized CSM growth of 2.7 percent puts us well on track to reach our growth ambition of around 5 percent for the full year.

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Asset Management: Net inflows and operating profit at record levels in first six months

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Core messages Asset Management 2Q 2026

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FOOTNOTES

^[1] Total growth 2.5 percent in 2Q 26 and 0.1 percent in 6M 26.

^[2] Adjusted for the sale of our stake in Indian JVs (net income impact: EUR -0.1bn tax provision in 1Q 25 and EUR 1.1bn gain in 1Q 26), disposal gain on UniCredit JV (net income impact: EUR 0.3bn in 2Q 25) and offsetting measures (net income impact: EUR -0.5bn in 6M 26).

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2Q & 6M 2026 RESULTS TABLE

Please note: The figures are presented in millions of Euros, unless otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

¹Presents the portion of shareholders’ net income before non-operating market movements and before amortization of intangible assets from business combinations (including any related income tax effects).

²Calculated by dividing the respective period’s shareholders’ core net income, adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity, by the weighted average number of shares outstanding (basic core EPS).

³Represents the annualized ratio of shareholders’ core net income to the average shareholders’ equity at the beginning and at the end of the period. Shareholders’ core net income is adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity. From the average shareholders’ equity, undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses are excluded. Annualized figures are not a forecast for full year numbers. For 6M 2025, the core return on equity for the respective full year is shown.

⁴Excluding non-controlling interests.

⁵Risk capital figures are group diversified at 99.5% confidence level. Solvency II capitalization ratio is based on quarterly dividend accrual; additional accrual to reflect FY dividend would impact solvency II capitalization ratio by -7%-p as of 30 June 2026.
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These assessments are, as always, subject to the disclaimer provided below.

Cautionary note regarding forward-looking statements

This document includes forward-looking statements, such as prospects or expectations, that are based on management’s current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements.

Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.

No duty to update

Allianz assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.

 Other

The figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards. This Quarterly Earnings Release is not an Interim Financial Report within the meaning of International Accounting Standard (IAS) 34. This is a translation of the German Quarterly Earnings Release of the Allianz Group. In case of any divergences, the German original is binding.

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