Allianz SE VNA O.N.
5-year stock timeline
Allianz has moved through distinct phases over the past six years, each shaped by both genuine business shifts and changes in how the market has chosen to think about it.
The 2020 COVID shock hit hard and visibly—travel collapsed, claims spiked, and investment portfolios took a beating. The stock fell sharply with the rest of the sector. Recovery came as markets normalized through 2020 and into 2021, though the narrative remained cautious: large, defensive, under pressure.
By mid-2022, sentiment turned more complicated. Allianz agreed to sell its Russian operations to Interholding while retaining a 49.9% stake, a move that cost roughly €0.4bn in profit but materially reduced Russia exposure. The market paused around this period—not just from the transaction itself, but from the broader macro volatility and uncertainty about what capital actions might follow.
What changed after 2023 was the operating reality. Allianz delivered record operating profit and double-digit growth in core net income through 2024–2025. Higher interest rates, it turned out, were a tailwind for insurers with disciplined underwriting and strong balance sheets. The company launched successive share buybacks—€2.0bn in 2025 and up to €2.5bn in 2026—and the market rewarded this shift in story from "defensive ex-growth" to "capital-rich, returning cash at scale."
The chart reflects this. From 2023 into early 2026, you see sustained uptrend, rallies tied to results and buyback announcements, and fresh momentum after the 2026 buyback resolution. The stock has moved from a crisis narrative through skepticism into something closer to recognition: a business that's printing cash and knows what to do with it.
At 388.9, Allianz is reflecting that story. Whether it's fully priced in is the question worth sitting with.
Key risks and downside factors
Allianz SE operates as a global insurance and asset-management group, competing alongside established European players like AXA, Zurich, Generali, Munich Re, Prudential and Legal & General across property-casualty, life/health and asset-management. The company's risk profile centers on natural-catastrophe exposure and underwriting losses, market volatility affecting both its asset-management operations and investment portfolio, EU regulatory and capital constraints, and ongoing competitive pressure on premiums and margins.
- Large natural-catastrophe or concentrated underwriting losses that generate significant claims and pressure on reserves.
- Investment volatility and resulting portfolio losses have compressed investment income, putting pressure on solvency metrics.
- Changes to EU or host-country regulatory frameworks—whether through Solvency II adjustments or supervisory actions—that increase capital requirements or limit operational scope.
- Major European insurers and reinsurers are pressing hard on premiums, fees, and underwriting margins, leaving little room to breathe.
Competitive landscape
Allianz operates in direct competition with a tight cluster of diversified global insurers—AXA, Zurich, Generali, Munich Re—across property & casualty, life/health and asset management. Its asset-management division, which includes PIMCO and AllianzGI, faces persistent pressure from scale competitors like BlackRock and Vanguard, a dynamic that weighs on both fee economics and AUM expansion. The risk landscape is shaped by three dominant forces: natural catastrophe underwriting exposure, investment and market volatility embedded in its balance sheet, and the regulatory and capital frameworks that constrain large European insurers as a category.
| Company | Ticker |
|---|---|
| Zurich Insurance Group Ltd | ZURN.SW |
| Assicurazioni Generali S.p.A. | G.MI |
Private competitors
- State Farm (mutual insurer)
- Nationwide (mutual insurer)
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Start Free TrialPerformance Figures of Allianz SE VNA O.N.
Relative Performance vs Benchmarks
| Period | Allianz SE VNA O.N. | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +3.93% | -0.33% | -1.52% |
| 3M | +6.57% | +7.53% | -3.13% |
| 6M | +9.41% | +4.35% | -1.03% |
| 1Y | +16.98% | +12.80% | -12.17% |
| 3Y | +115.38% | +58.40% | +29.71% |
| 5Y | +128.21% | +66.85% | +36.91% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 12.4 | 1.1 | 2.3 | 4.5 |
| 1Y ago | 13.8 | 1.3 | 2.2 | 4.3 |
| 3Y ago | 9.1 | 0.6 | 1.5 | 4.6 |
| 5Y ago | 11.1 | 0.8 | 1.1 | 2.8 |
Frequently Asked Questions
Where is the Allianz SE VNA O.N. stock traded?
What does Allianz SE VNA O.N. do?
What are the key metrics for ALV.XETRA?
How has Allianz SE VNA O.N.'s stock price performed?
How is ALV.XETRA valued?
What are the key risks when investing in ALV.XETRA?
- Large natural-catastrophe or concentrated underwriting losses that generate significant claims and pressure on reserves.
- Investment volatility and resulting portfolio losses have compressed investment income, putting pressure on solvency metrics.
- Changes to EU or host-country regulatory frameworks—whether through Solvency II adjustments or supervisory actions—that increase capital requirements or limit operational scope.
- Major European insurers and reinsurers are pressing hard on premiums, fees, and underwriting margins, leaving little room to breathe.
Who are the main competitors of Allianz SE VNA O.N.?
- Zurich Insurance Group Ltd (ZURN.SW)
- Assicurazioni Generali S.p.A. (G.MI)
When does Allianz SE VNA O.N. report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 17.10 EUR | 4.40% | 4.63% |
| 2025 | 15.40 EUR | 4.14% | |
| 2024 | 13.80 EUR | 5.04% | |
| 2023 | 11.40 EUR | 5.16% | |
| 2022 | 10.80 EUR | 5.06% | |
| 2021 | 9.60 EUR | 4.33% | |
| 2020 | 9.60 EUR | 5.95% | |
| 2019 | 9.00 EUR | 4.31% | |
| 2018 | 8.00 EUR | 4.03% | |
| 2017 | 7.60 EUR | 4.31% | |
| 2016 | 7.30 EUR | 4.87% | |
| 2015 | 6.85 EUR | 4.44% | |
| 2014 | 5.30 EUR | 4.23% | |
| 2013 | 4.50 EUR | 3.73% | |
| 2012 | 4.50 EUR | 5.38% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 137.81B | 136.92B | 124.64B | 125.88B | 110.49B |
| Operating income (EBIT) | 15.46B | 14.78B | 14.00B | 12.10B | 4.63B |
| Net income | 10.78B | 9.93B | 8.54B | 6.42B | 6.56B |
| Free cash flow | 31.52B | 30.28B | 22.32B | 16.33B | 23.71B |
| Total assets | 1.02T | 1.04T | 983.17B | 935.90B | 1.14T |
| Equity | 62.72B | 60.29B | 58.48B | 54.41B | 79.95B |
| Net debt | -1.21B | -1.34B | -8.98B | 15.96B | 14.72B |
PWP Leeway UG (haftungsbeschränkt)
