German insurance and asset management giant Allianz posted a record second-quarter operating profit of €4.9 billion on August 7, 2026, marking a 10.6 percent increase compared to the same period last year, as strong performance across its insurance and investment divisions offset softer conditions in some market segments.
The company’s total business volume for the quarter reached €45.6 billion, with internal growth of 5.7 percent driven by contributions from all three business segments. The operating profit rise to €4.9 billion from €4.4 billion in Q2 2025 reflects the strength of Allianz’s diversified business model, according to the earnings release.
Asset Management delivered the strongest growth, with operating profit rising 19.8 percent to €933 million, above the consensus average of €871 million. The segment benefited from record net inflows of €39 billion in the quarter and €84 billion for the first half, pushing third-party assets under management to a record €2.161 trillion as of June 30, 2026.
Property-Casualty insurance, Allianz’s largest segment, achieved its highest quarterly operating profit ever at €2.459 billion, up 7.2 percent year-over-year. The segment maintained a strong combined ratio of 91.9 percent, reflecting disciplined underwriting and the company’s focus on profitability over volume growth.
Life and Health insurance operating profit increased 10 percent to €1.544 billion, with new business margins holding steady at 5.6 percent, ahead of the company’s minimum target of 5 percent.
For the first half of 2026, Allianz’s operating profit reached a record €9.4 billion, up 8.6 percent from €8.6 billion in the first half of 2025. This performance puts the company well ahead of schedule to meet its full-year operating profit outlook of €17.4 billion, plus or minus €1 billion. According to the earnings release, the first-half result represents 54 percent of the full-year midpoint, with all three segments ahead of their respective interim targets.
Shareholders’ core net income for the first half reached €6.385 billion, up 15.5 percent year-over-year. Core earnings per share increased 17.5 percent to €16.44. The company’s annualized core return on equity improved to 20.7 percent in the first half from 18.1 percent for full-year 2025.
Allianz’s capital position strengthened further, with the Solvency II ratio increasing to 225 percent as of June 30, 2026, up 7 percentage points from 218 percent at year-end 2025. The company also continued its share buy-back program, completing €1.4 billion of the announced €2.5 billion program in the first half.
Sources
- Allianz.com — Official Q2 and 6M 2026 earnings release with detailed financial highlights, segment performance, and full-year outlook
- Investing.com — Asset Management segment performance details and analyst consensus figures
- Reinsurance News — Q2 2026 operating profit confirmation and segment growth metrics
