Allianz's 1Q'26 operating profit beat consensus by 4% to reach €4,517mn, driven by strong Property & Casualty performance and record €45bn net inflows in Asset Management. Despite a slight miss in Life & Health due to market volatility, the results are considered clean and should be well-received by the market.
Key Takeaways
- 1.Allianz reported 1Q'26 operating profit of €4,517mn, which is 4% above company-collected consensus.
- 2.The Property & Casualty segment outperformed with a 7% beat relative to consensus, driven by lower weather-related losses and favorable run-off.
- 3.Asset Management showed very strong momentum with third-party net flows of €45bn, significantly exceeding consensus expectations.
Table of Contents
- Property & Casualty
- Life & Health
- Asset management
- 1Q'26 actual vs. company-collected consensus vs. GSe
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
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Authors
Andrew Baker, CFAVash Gosalia, CFAAlice PalumboAnkitha Giridhar
Securities
ALVG.DEPimcoAGI
Themes
Quarterly Earnings OutperformanceResilient Asset Management Inflows
Regions
EuropeGermany