Allianz Raises Upper End of 2026 Operating Profit Target to €18.6 Billion After Record Performance
Key Facts
On Nov. 11, Allianz raised the upper end of its 2026 operating profit target to about €18.6 billion after reporting record operating profit of €14.1 billion in the first nine months of the year, compared with €13.1 billion in the same period of 2025. The company said the outlook adjustment leaves the midpoint of its target at €17.4 billion, the level set at the start of the year. Allianz had set a range of €1 billion above or below that level. Under the update, the upper end of the forecast rose to about €18.6 billion. The target remains subject to no major unexpected natural catastrophes or capital market events.
The nine-month profit provides a basis Allianz disclosed in its update, but the company did not publish its full quarterly results alongside the increase to the target ceiling. Third-quarter results were scheduled for Nov. 12, the day after the update. In August, the group reported record operating profit of €9.4 billion in the first half, up 8.6% from the same period. Core net income attributable to shareholders rose 15.5% to €6.4 billion in the first half. Those results showed a strong earnings base before the record nine-month figure was announced, while the full quarterly details remained due on the scheduled date.
Allianz said property and casualty was the main driver of operating profit growth in the first half. It attributed this to a higher operating insurance service result and an increase in the segment's operating investment result. This performance put insurance activity at the forefront of the factors supporting the group's earnings during the period. In asset management, the company cited asset revenues and performance fees as supporting earnings. These drivers provide context for the increase in operating profit recorded in the first half, before the company announced its nine-month figure in November.
Before the results announcement, Allianz Consensus published on Oct. 22 an average estimate of €4,254 million for the group's third-quarter operating profit, based on five estimates. The consensus came ahead of the results scheduled for Nov. 12 and therefore represented analysts' published expectations before the quarterly announcement. The company scheduled the results release for 7 a.m. Central European Time. A media conference is set to follow at 9:30 a.m., then an analyst call at 2:30 p.m. The upcoming results announcement will allow published estimates to be compared with the quarterly performance the group will disclose.
In U.S. trading, Allianz's depositary receipt, trading under the ticker ALIZY, closed at $51.82 on Nov. 11, according to EL7 data, compared with a close of $51.94 on Nov. 10 and $51.42 on Nov. 9. These prices are for the U.S.-traded receipt. Looking ahead, Allianz listed Feb. 24, 2027, as the date for publishing its 2026 fiscal-year results. That follows the third-quarter results scheduled for Nov. 12. The annual operating profit target remains subject to the company's stated condition regarding major unexpected natural catastrophes and capital market events.