Allianz Raises 2026 Operating Profit Target Ceiling to €18.6 Billion
Key Facts
On November 12, Allianz raised the upper end of its 2026 operating profit target to around €18.6 billion, from its original range of €17.4 billion, plus or minus €1 billion. The adjustment applies only to the ceiling and does not mean the full-year outlook has been raised. The company announced the change alongside third-quarter results, which showed operating profit of €4.709 billion. That was a 6.2% increase year on year from the third quarter of 2025. Allianz said the higher ceiling is conditional on there being no major unexpected natural catastrophes or capital market events.
Total business volume reached €44.4 billion in the third quarter, compared with €42.8 billion in the same period of 2025. Allianz said internal growth was 3.0% during the quarter. The figures show business volume expanding alongside year-on-year growth in operating profit. But segment performance did not move in the same direction during the period. Property-casualty operating profit fell 7.9% to €2.204 billion. By contrast, life and health profit rose 4.4% to €1.469 billion.
Asset management stood out as the clearest strength in the quarterly results, posting operating profit of €1.119 billion, a quarterly record. Profit increased 35.1% from the year-earlier period, alongside 21.6% growth in operating revenue to €2.6 billion. The company recorded net third-party inflows of €47 billion during the quarter. For the first nine months of 2026, those inflows totaled €132 billion. The segment comparison shows a divergence between asset management growth and a decline in property-casualty profit, rather than a uniform improvement across all of Allianz’s businesses.
Allianz said third-quarter operating profit was strong “despite high volatility in capital markets and elevated natural catastrophe losses.” The statement puts the period’s results in the context of pressures the company faced during the quarter, without erasing the differences in performance across its segments. Property-casualty profit fell, while asset management posted a quarterly record. Group operating profit was above its level a year earlier, according to company data. The annual profit guidance remained within its original range, with the upper end raised to around €18.6 billion.
On capital allocation, Allianz said its share buyback program, announced on February 25, 2026, with a value of up to €2.5 billion, had been completed by September. The program’s completion comes against the backdrop of the annual and quarterly results announced by the company. Danish company MT Højgaard’s quarterly data showed revenue growth of 12% to DKK 2.7 billion. Operating profit rose 13% to DKK 125 million, while net profit was DKK 89 million, compared with DKK 70 million in the third quarter of 2025. However, the company left its 2026 outlook unchanged, forecasting revenue of between DKK 10.0 billion and DKK 10.5 billion and operating profit of between DKK 225 million and DKK 275 million.
MT Højgaard said 98% of expected revenue from construction projects was covered by final orders at the end of September. This remains part of the context for the company’s results, which showed it keeping its annual guidance unchanged despite quarterly growth in revenue and profit. Allianz has set February 24, 2027, as the date for publishing its 2026 financial year results. That will be the full-year results announcement following the guidance ceiling it raised in November. According to the company’s statement, the new ceiling is conditional on there being no major unexpected natural catastrophes or capital market events.