Allianz SE VNA O.N.
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5-year stock timeline
2026 H1 — Record results and elevated shareholder returns
Record operating profit delivered; management reiterated a 2026 operating profit target of €17.4bn ± €1bn. New share buy-back program announced up to €2.5bn with €1.4bn completed in H1 2026. Dividend per share of €17.10 proposed for FY2025, paid May 2026. Market narrative shifted toward "top-performing European insurer" with growth in Asset Management and sizeable cash returns. Solvency II coverage remained high, reinforcing perception of a capital-generative, shareholder-return focused insurer [2][10][5].
2026 May to June — AGM approval and dividend execution
Annual General Meeting approved dividend and shareholder return metrics. Dividend for FY2025 paid at €17.10 per share (payout ≈ €6.5bn in May 2026). H1 2026 share buybacks executed ≈ €1.4bn. Solvency II ratio reached approximately 225%, up 7 percentage points versus FY2025. Shareholder confirmation of management's capital-return strategy reinforced investor confidence in the company's ability to return excess capital while maintaining strong solvency [8][12][2].
2025 — Record operating profit and strong capital returns
FY2025 operating profit reached record levels. Total shareholder payout (dividend and buybacks) amounted to approximately 79% of earnings for the year. Share price rose strongly, closing year-end at €390.50 (up 32% for the year). Market narrative emphasized earnings resilience and attractive cash returns, with investors viewing a mix of operating profit strength and capital discipline [1][10].
2024 — Management continuity and strategic stability
No changes to Board of Management composition during the financial year. CFO transition completed with Claire-Marie Coste-Lepoutre taking over the role effective 1 January 2024. Market viewed Allianz as stable at executive level, supporting continuity of strategy in capital management and Asset Management growth [6][3].
2023 — Record operating profit and multi-year share price highs
FY2023 operating profit rose to €14.7bn, up 6.7% versus 2022. Group reported operating profit records; share price reached a 20-year high by year-end 2023. Investor perception shifted to recognizing Allianz as a high-quality compounder with strong Life/Health performance and resilient group earnings despite higher Property-Casualty catastrophe impacts [16][20][25].
2023 Q3 — Natural catastrophe pressure in Property-Casualty
Third quarter 2023 operating profit fell to €3.5bn (versus €4.1bn in Q3 2022). Property-Casualty segment hit by unusually high natural catastrophe impact, affecting combined ratio negatively by approximately 7.3 percentage points. Investor concern about short-term volatility was tempered by longer-term focus on diversification and ability to absorb catastrophe volatility [18][29].
2022 — Structured Alpha settlements and Asset Management remediation
Allianz Global Investors U.S. LLC entered into settlements with DOJ and SEC over the Structured Alpha matter, a legacy investment litigation. Investors accepted remediation and settlement as removing a cloud over future earnings, with focus shifting to restoring investment management growth and reputation [23].
2021 — Pandemic recovery and target reaffirmation
Allianz navigated COVID-19 aftermath and reaffirmed medium-term targets. Company continued balance-sheet remediation following earlier restructuring and portfolio actions. Market transitioned from pandemic-era uncertainty to viewing Allianz as on a recovery track, emphasizing diversification across Property-Casualty, Life/Health, and Asset Management segments with improved capital strength [27][20].
2021 to 2022 — Portfolio management and capital efficiency
Throughout this period Allianz executed portfolio management actions including select disposals and portfolio adjustments across markets, while emphasizing capital efficiency. Investors increasingly viewed the company as actively managing its portfolio to optimize returns and capital, supporting valuation tied to improving return on equity and shareholder returns [17][27].
Key risks and downside factors
Allianz SE operates as a global diversified insurer and asset manager with presence across retail property & casualty, commercial insurance, life & health, and asset management through PIMCO and AllianzGI. Its competitive landscape spans large global composite insurers such as AXA, Zurich, and Generali, alongside global reinsurers and specialists including Munich Re and ERGO, and major asset managers like BlackRock and Amundi within investment management. The company faces material exposure to insurance underwriting risk and catastrophe events, sensitivity to market and interest-rate movements that influence investment portfolio performance and reserve adequacy, regulatory and political shifts across its multiple operating jurisdictions, and pressure from intensifying competition among large incumbents, reinsurers, asset managers, and emerging insurtech platforms.
- Large catastrophes or concentrated underwriting losses—whether from natural disasters or major commercial claims—create material pressure on property and casualty reserves and erode capital adequacy ratios.
- Market, interest-rate, and credit risk losses in the investment portfolio reduce surplus, affect life reserves, and lower asset management fees.
- Regulatory, tax, and political shifts across EU and global markets—including solvency II adjustments, consumer protection rules, and insurer taxation—have raised capital costs and constrained product offerings.
- Competitive pressure from global insurers, reinsurers, and asset managers alongside fast-growing insurtech and MGA distribution models that compress margins and erode new-business profitability.
Competitive landscape
Allianz SE operates as a global composite insurer and asset manager across property & casualty, life & health, and asset management divisions. Its competitive landscape spans large multi-line European and global insurers (AXA, Generali, Zurich, Munich Re/ERGO, Chubb) alongside global asset managers (BlackRock, Amundi) where product lines overlap. The intensity and nature of competition varies materially by geography and business segment—retail, commercial, reinsurance, and asset management each present different competitive dynamics. The company faces material exposure to underwriting and catastrophe losses, market and investment volatility given its substantial AUM base, regulatory and interest-rate shifts concentrated in Europe, and longer-term disruption risk from insurtechs and ongoing broker consolidation.
| Company | Ticker |
|---|---|
| Zurich Insurance Group Ltd | ZURN.SWX |
| Munich Re (Münchener Rückversicherungs-Gesellschaft AG) | MUV2.XETRA |
Private competitors
- Selected insurtech startups and private specialty insurers (e.g., Descartes Underwriting, Cover Genius — private or VC-backed businesses competing in digital distribution and specialty risk)
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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 | -5.97% | -2.64% | -7.38% |
| 3M | -0.47% | -0.56% | -4.37% |
| 6M | +16.63% | +11.01% | +1.39% |
| 1Y | +20.80% | +17.70% | +3.11% |
| 3Y | +115.53% | +50.45% | +27.45% |
| 5Y | +170.36% | +105.02% | +80.12% |
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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 | 13.6 | 1.0 | 2.6 | 4.8 |
| 1Y ago | 11.1 | 0.9 | 2.5 | 4.4 |
| 3Y ago | 10.6 | 0.7 | 1.6 | 4.9 |
| 5Y ago | 8.6 | 0.6 | 1.0 | 2.5 |
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?
Does ALV.XETRA pay dividends?
What are the key risks when investing in ALV.XETRA?
- Large catastrophes or concentrated underwriting losses—whether from natural disasters or major commercial claims—create material pressure on property and casualty reserves and erode capital adequacy ratios.
- Market, interest-rate, and credit risk losses in the investment portfolio reduce surplus, affect life reserves, and lower asset management fees.
- Regulatory, tax, and political shifts across EU and global markets—including solvency II adjustments, consumer protection rules, and insurer taxation—have raised capital costs and constrained product offerings.
- Competitive pressure from global insurers, reinsurers, and asset managers alongside fast-growing insurtech and MGA distribution models that compress margins and erode new-business profitability.
Who are the main competitors of Allianz SE VNA O.N.?
- Zurich Insurance Group Ltd (ZURN.SWX)
- Munich Re (Münchener Rückversicherungs-Gesellschaft AG) (MUV2.XETRA)
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 | 14.02B | 14.00B | 12.53B | 8.21B |
| 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)
