Allianz affirms financial objective attainment
Allianz, the global insurer, has announced its Q2 and H1 2025 financial results, showing strong growth and a positive outlook for the rest of the year. The company reported a record-breaking operating profit for the first half of the year, with a 12% year-on-year increase to €4.4 billion.
Operating Results by Segment
The operating result in the asset management division increased by 4.9% to 779 million euros. In life and health insurance, the operating result rose by 1.8% to 1.4 billion euros. The property-casualty insurance segment showed particularly strong performance, with an operating result increase of 19.9% to 2.3 billion euros.
The growth in operating profit was driven by a higher insurance service result offsetting a lower investment result, and improvements were seen across all business segments.
Property & Casualty (P&C) Segment Highlights
The P&C segment showed a significant improvement, with the total business volume increasing 9% to €20.1 billion in Q2 and 8% to €47.1 billion for H1 2025. The operating profit in P&C increased 20% in Q2 to €2.3 billion, and 12% for H1 to €4.5 billion. The combined ratio improved by 1.8 points to 91.2% in P&C. Commercial P&C business volume grew 6.5% to about €8.0 billion in Q2.
Financial Highlights for Q2 and H1 2025
- Allianz's operating result in the second quarter was the highest ever reported by the company in the first half of the year.
- The total business volume for Allianz increased by 8% to 44.5 billion euros in the second quarter, representing 28% of the mid-term target for the full year.
- The adjusted net income of shareholders for Allianz rose by 17.3% to 3 billion euros.
- Without the gain from the joint venture sale, Allianz's net income increased by 7.1%.
- As of June 30, customer assets under management in asset management amounted to 1.842 trillion euros.
- Pimco and Allianz Global Investors attracted net new money of 14 billion euros.
Outlook and Future Plans
Allianz confirmed its full-year operating profit outlook at €16.0 billion ± €1.0 billion, reflecting confidence despite potential external pressures such as natural catastrophe losses and capital market volatility. The half-year operating profit equals more than half (54–55%) of the full-year midpoint.
CEO Oliver Bäte stated that Allianz has achieved record results in the first half of the year. The company is on track to achieve its annual goal, with a forecasted operating profit of 15 to 17 billion euros for the full year.
The increase in net income included a 300 million euro gain from the sale of a joint venture with UniCredit. All business areas contributed to the growth in total business volume.
Allianz reported these figures on Thursday in Munich. The growth at Allianz was driven by sustained growth and a disciplined focus on productivity. In property-casualty insurance, the total business volume grew by 8.7% to 20.1 billion euros. The combined ratio in property-casualty insurance improved to 91.2% from 93.5%.
In life and health insurance, the present value of new business premiums rose by 3.8% to 19.5 billion euros. Overall, Allianz's Q2 and H1 2025 financial results show strong growth above prior year, and the company affirms its previous full-year operating profit target with positive momentum from the P&C segment and growth across business volumes.
- The property-casualty (P&C) segment, represented by strong performance, contributed significantly to Allianz's growth in the first half of 2025 with an operating profit increase of 12% for the half-year to €4.5 billion, demonstrating a strong business focus.
- The financial results for Q2 and H1 2025 revealed a positive outlook for Allianz, as they reported an operating profit increase of 20% in the P&C segment for Q2, indicating a robust performance in the insurance business.
