Allianz SE reported record operating profit of €17.4 billion for 2025, up 8.4% from the prior year, but its 2026 guidance disappointed investors. The German insurer projects operating profit of €17.4 billion plus or minus €1 billion, falling short of analyst consensus estimates of €18.1 billion. Revenue grew 8.1% to €186.9 billion, with the Property-Casualty segment delivering strong results.

Despite the record annual performance, fourth-quarter results showed slowing momentum with operating profit rising just 3.0% to €4.3 billion. The company's solvency ratio strengthened to 218%, beating consensus estimates of 211%, supported by strong operating capital generation. Allianz announced a new share buyback program of up to €2.5 billion and proposed an 11% dividend increase to €17.10 per share.

Allianz's Property-Casualty division achieved operating profit of €9.0 billion, up 13.9%, with the combined ratio improving to 92.2%. The Life/Health division posted €5.6 billion in operating profit, while Asset Management generated €3.3 billion, up 3.3%. For 2026, the company expects a Property-Casualty combined ratio of 92-93% and Life/Health normalized gross contractual service margin growth of 5%, with guidance falling short of analyst projections across divisions.