Allianz SE

Allianz reported half-year operating profit of EUR 9.4 billion, up 9% year over year, total business volume of EUR 99 billion, up 4.3%, shareholder core net income up 9%, and core EPS up 10%. P&C operating profit was EUR 4.9 billion, up 9%, with a combined ratio of 91.4%; Life & Health value of new business was EUR 2.4 billion and Asset Management logged record net inflows of EUR 84 billion. Solvency ratio was 225%, the highest level since year-end 2018, and operating capital generation was 11% for the half year. Management maintained full-year operating profit guidance at EUR 17.4 billion plus/minus EUR 1 billion and said there was still second-half volatility risk from FX, natural catastrophes, and markets.

Oliver Bate framed the quarter around a volatile macro backdrop, including geopolitics, AI disruption, inflation, and climate-related losses, and argued that Allianz is benefiting from diversification, discipline, and resilience. He emphasized three strategic priorities at the midpoint of the three-year plan: smart growth, productivity gains, and further strengthening resilience. He also highlighted targeted expansion in Southeast Asia, the buyout of PIMCO minority units, and the integration of life and asset management into a broader retirement and wealth strategy.

Claire-Marie Coste-Lepoutre emphasized the strong first-half execution, citing EUR 9.4 billion of operating profit, EUR 99 billion of total business volume, 225% solvency, and 11% operating capital generation. She said core net income and core EPS were up 9% and 10%, respectively, after adjusting for divestment and restructuring effects. On capital and M&A, she said the balance sheet and liquidity are strong enough to handle the announced transactions, and on guidance she kept the operating profit outlook at EUR 17.4 billion plus/minus EUR 1 billion because second-half FX, cat losses, and market moves could still vary materially.

Analysts focused on why Allianz did not raise guidance after a strong first half; management said it was still too early because the second half could be affected by FX, natural catastrophes, and market volatility. Questions on Singapore acquisitions drew a response that the moves are part of a long-running Southeast Asia strategy and an integrated wealth-management push across life and asset management, not a one-off coincidence. Management also addressed wildfire protection gaps, cyber/AI risk, and insurance market softening, saying some risks are becoming harder to insure at any price, that cyber cover requires real-time exposure scanning, and that the commercial insurance cycle is softening especially in large corporate.