Allianz has reported its highest-ever quarterly operating profit in Q1 2025, reaching €4.2 billion, an increase of 6.3% from the same period last year. The result represents 26% of the midpoint of the insurer’s full-year outlook.
Total business volume rose by 11.71% to €54.0 billion, up from €48.4 billion in Q1 2024, with contributions from all segments. Growth was led by the life/health segment.
Shareholders’ core net income remained steady at €2.6 billion, as higher operating profit was offset by a lower non-operating result and increased tax expenses. These taxes included a one-off provision related to the upcoming sale of Allianz’s stake in its Indian joint ventures. Adjusting for this provision, core net income increased by 5%.
Core earnings per share rose by 2.9% to €6.61. On an adjusted basis, the increase was 7%. Annualised core return on equity stood at 16.6%, or 17.2% when accounting for the tax provision. The Solvency II capitalisation ratio remained stable at 208%, compared to 209% at the end of 2024.
With these record results, Allianz continues its win streak following an operating profit of €16.0 billion for 2024, an 8.7% increase from the previous year, with strong performance across all business segments.
Allianz’s total business volume rose 11.2% in 2024 to €179.8 billion, driven primarily by its life/health and property-casualty segments. Shareholders’ core net income increased 10.1% to €10.0 billion, while net income attributable to shareholders climbed 16.3% to €9.9 billion.
Allianz confirmed that it is on course to meet its full-year operating profit guidance of €16.0 billion, plus or minus €1 billion. The group cited a strong balance sheet, limited exposure to Solvency II sensitivities, and stable product demand as factors supporting its ability to navigate market volatility and geopolitical developments.
As of Q1 2025, Allianz had completed €0.1 billion of its €2 billion share buy-back programme, which was announced on February 27, 2025.
Speaking on the results, CEO Oliver Bäte said Allianz’s first-quarter performance and reaffirmed outlook reflect its financial position and business model.
“Allianz’s first quarter performance and our confirmed outlook underscore our financial strength and resilient business model, which benefits from the attractiveness of our customer value propositions amid geopolitical and economic uncertainty,” he said. “In fact, we view this uncertainty and change as a catalyst for innovation and growth, allowing us to pursue new opportunities and expand our offerings.”
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