Allianz SE VNA O.N.
5-year stock timeline
Allianz SE has traced a distinct five-year arc from pandemic shock to earnings recovery, with the share price now at 359.3 reflecting a market repriced toward durability and capital returns.
2020 brought a sharp COVID impact. Operating profit fell and net income dipped as the group absorbed pandemic-related losses explicitly detailed in that year's results. The stock experienced a deep drawdown with elevated volatility as macro panic and earnings concerns dominated.
2021 marked a strategic pivot. Allianz completed multiple bolt-on acquisitions and partnerships—including the Aviva Italia purchase and several insurance operations—alongside insurtech and platform investments. These moves reshaped distribution channels and growth vectors. Price action remained choppy, though recovery periods emerged.
2022–2023 saw a geopolitical reckoning. The group announced and executed a sale of its Russian operations, a material decision tied to the Ukraine war and regulatory continuity. This created a multi-hundred-million-euro P&L impact and introduced periods of risk-off selling pressure, though the stock began staging a sustained uptrend from late 2022 onward.
2024–2026 delivered the narrative inflection. Allianz reported record operating profit figures and strong earnings recovery. Management signalled a return-focused stance with a higher dividend target and a multi-billion-euro buyback program announced in early 2026. Quarterly beats and these capital return headlines drove notable rallies, with investor focus decisively shifting from caution about geopolitics and underwriting to confidence in durable cash flow and capital discipline.
The current price sits within the post-2022 recovery range, anchored by the market's repricing toward higher profitability and shareholder-friendly actions.
Key risks and downside factors
Allianz SE operates within a densely competitive European insurance landscape alongside Munich Re, Zurich Insurance Group, AXA, and Assicurazioni Generali, spanning property & casualty, life/health, and asset management. The company's scale provides advantages, though it remains exposed to investment-market swings and catastrophe losses. Regulatory capital requirements and aggressive pricing pressure from peers across the region meaningfully constrain both returns and strategic flexibility.
- Investment and interest-rate risk: low yields compress income while widening credit spreads erode returns, both pressuring solvency ratios [13].
- Catastrophe exposure: increased frequency or severity of natural disasters can generate substantial property and casualty claims, along with reserve volatility.
- Regulatory and capital risk: shifts in EU or sector-specific capital rules, along with supervisory actions, can push capital requirements higher and constrain dividend distributions or strategic flexibility.
- Aggressive pricing from large European insurers and reinsurers poses a real risk to underwriting margins and market share [14].
Competitive landscape
Allianz SE operates as a diversified global insurer and asset manager across life, property & casualty, health, and asset management, competing directly with major players like AXA, Zurich, Munich Re, and Generali. The business faces meaningful headwinds: natural catastrophe exposure and underwriting losses can swing results significantly, while interest-rate and market movements create ripple effects through life insurance and investment portfolios. Regulatory capital requirements under Solvency II remain a structural constraint, and competitive pressure continues mounting from both established global insurers and newer entrants in the insurtech space.
| Company | Ticker |
|---|---|
| Zurich Insurance Group AG | ZURN.SIX |
| Münchener Rückversicherungs-Gesellschaft AG (Munich Re) | MUV2.XETRA |
Private competitors
- CLARK
- Getsafe
- Coya
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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 | -3.00% | +2.97% | +1.99% |
| 3M | -7.99% | -2.59% | -3.62% |
| 6M | -0.61% | +4.36% | +1.66% |
| 1Y | +4.99% | +2.21% | -12.27% |
| 3Y | +95.57% | +47.34% | +30.49% |
| 5Y | +110.96% | +57.61% | +37.14% |
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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 | 12.6 | 1.0 | 2.2 | 4.1 |
| 1Y ago | 13.8 | 1.3 | 2.2 | 4.3 |
| 3Y ago | 9.4 | 0.7 | 1.5 | 4.8 |
| 5Y ago | 11.2 | 0.8 | 1.1 | 2.8 |
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 | — | 4.64% |
| 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)
