Allianz posted record operating profit for Q2 and H1 2026, thanks to its asset management arm, with €39bn of net inflows.

PIMCO and AGI combined generated €39bn of third‑party net inflows in Q2, 187% YoY, and €84bn in the first half, nearly double 2025 levels. Third‑party AuM rose to €2.161tn from €1.990tn at year‑end, driven by €84bn net flows and €68bn of positive market effects. Average AuM up 9% YoY.

Asset‑management operating revenues grew 15.8% internally to €4.5bn, operating profit €1.8bn up 12.6% headline and 19% currency‑adjusted. Cost‑income ratio improved to 60.3%. Q2 profit jumped 23% currency‑adjusted to €933m, the strongest quarterly performance. Revenue from AuM rose 17% currency‑adjusted, boosted by higher performance fees.

Other segments: Property‑Casualty operating profit €2.5bn (+7.2%), Life/Health +10% to €1.5bn. CFO Claire‑Marie Coste‑Lepoutre said all segments are ahead of full‑year midpoints, keeping Allianz on track for 2026 ambitions.