Allianz has reported €4.4 billion in operating profit for the second quarter of 2025, a 12.2% increase compared to the same period in 2024.
The group said the result represents 28% of the midpoint of its full-year outlook. Total business volume rose by 8.0% to €44.5 billion, with all business segments contributing.
Second-quarter shareholders’ core net income reached €3.0 billion, up 17.3% year-on-year. Adjusted for a €0.3 billion disposal gain from the UniCredit joint venture, core net income rose 7.1%.
Allianz also reiterated that its €16.0 billion full-year operating profit target, with a tolerance of ±€1.0 billion, accounts for possible external pressures such as natural catastrophe losses and capital market volatility.
For the first half of 2025, Allianz posted a 9.3% increase in operating profit to €8.6 billion, marking its highest ever half-year result. This figure represents 54% of the group’s full-year operating profit outlook midpoint of €16.0 billion, with a variation range of ±€1.0 billion. Shareholders’ core net income rose 9.5% to €5.5 billion.
After adjusting for a one-off tax provision linked to the upcoming sale of Allianz’s stake in Indian joint ventures in the first quarter and the UniCredit disposal gain in the second quarter, core net income increased by 6.2%.
Total business volume for the six-month period was €98.5 billion, up from €91.0 billion in the same period last year, representing internal growth of 10.1%. The life/health segment recorded notable contributions, although all business areas saw growth.
The group’s life/health segment experienced robust momentum in new business during the first quarter of 2025, with the present value of new business premiums (PVNBP) increasing 16.8% to €26.1 billion. Allianz attributed this growth to continued demand for capital-efficient savings products and improved margins in its health insurance portfolios.
Chief executive officer Oliver Bäte (pictured above) said Allianz’s performance in the first half of 2025 was driven by sustained growth and operational focus.
Core earnings per share for the first half were €13.99, an 11.3% increase. Adjusted for the same one-off items affecting net income, core earnings per share rose by 7.9%. The annualised core return on equity stood at 18.5%, or 17.9% on an adjusted basis, compared to 16.9% for full-year 2024.
Allianz’s share price performance has mirrored its financial results. By the end of Q1 2025, its stock was trading near a 52-week high, reflecting stronger investor sentiment supported by earnings momentum and dividend stability.
Allianz’s Solvency II capitalisation ratio was 209% at the end of the second quarter, slightly up from 208% in the first quarter, supported by internal capital generation.
The results mark a continuation of trends from H1 2024, where Allianz had also recorded a record operating profit and internal growth. The year-on-year comparisons reflect stability in combined ratio performance across the property-casualty segment, as well as resilience in its asset management business despite broader market uncertainty.
The group’s €2.0 billion share buyback programme, announced in February, is ongoing. Half of the intended amount had been completed in the first six months of the year.
“Our diversified mix of businesses, global reach, and consistent execution bring opportunity and momentum, placing us on track to deliver on the ambitions set out at our Capital Markets Day in December,” Bäte said.
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