Allianz SE VNA O.N.
5-year stock timeline
Allianz SE (ALV.XETRA) closed at 374.5 on 2026-05-18. The timeline below traces material company, accounting and market events from 2020–2026 and their effect on the stock and investor narrative.
Major events 2020–2026
The Covid-19 shock in early 2020 created severe market volatility and hedge losses. Allianz disclosed a roughly €1.3bn Covid impact in its 2020 results. The company suspended its share buyback program that year as uncertainty persisted, a decision later reversed with a new €2.5bn buyback announced for 2026 and planned cancellation of repurchased shares. Accounting and reporting changes became an investor focus: Allianz hosted IFRS-9/17 sessions for analysts in 2022 and revised alternative performance measures—including dividend accrual practice—effective from Q1 2024, which altered reported metrics and investor comparability.
Investor perception
Early 2020 positioned Allianz as resilient among insurers. Management emphasized diversification and a strong solvency position despite the pandemic, shifting sentiment from panic to cautious confidence through late-2020 results. Over 2021–2024 the market increasingly viewed Allianz as a defensive dividend compounder rather than a growth story, supported by steady dividend increases and a history of shareholder returns that underpinned income-oriented positioning. The combination of a suspended 2020 buyback and later large 2026 repurchase plans, plus accounting transitions, produced periodic re-rating conversations around capital-returns upside versus accounting comparability concerns.
Technical phases
March 2020 saw a deep drawdown consistent with broad market volatility, followed by recovery into the second half of 2020 as Allianz reported resilient Q3 and Q4 results. The 2021–2022 period showed consolidation as investors digested underwriting performance, reserve actions and the interest-rate environment affecting life and guarantee liabilities. From 2023–2026, price action has been supported by progressive dividend raises and renewed buyback activity, which functioned as a price backdrop to range breakouts or retests depending on macro risk sentiment.
Capital returns and accounting
Dividends rose steadily from €9.60 in 2020 to higher annual payouts by 2024–2026, reinforcing income narratives and supporting valuation multiples for income investors. The 2020 buyback suspension removed near-term demand, whereas the 2026 €2.5bn program and planned cancellation of repurchased shares signaled renewed, material capital returns likely to be meaningful to the share price. The IFRS-9/17 adjustments and Q1 2024 dividend-accrual change altered short-term comparables and required investors to re-model EPS and ROE trajectories when valuing the stock.
Key risks and downside factors
Allianz SE operates across property & casualty, life/health, and asset management globally, competing directly with major European and global players including AXA, Munich Re, Zurich Insurance Group, Generali, and Aviva. The company faces material risks from natural catastrophes and reserve volatility, sensitivity of its investment portfolio to market and interest-rate shifts, regulatory and capital requirements in the EU, and mounting competitive pressure from both established insurers and emerging insurtechs.
- Major natural disasters or sharp underwriting losses can drive material increases in claims volume and necessitate reserve strengthening.
- Market swings and shifting interest rates can erode both the value of assets and the income they generate, squeezing capital and earnings.
- EU regulatory shifts and Solvency II capital requirements could push the company toward capital raises, product pullbacks, or simply higher costs of capital.
- Heightened competition from global insurers, reinsurers, and insurtech entrants can compress premiums, increase distribution costs, and erode margins.
Competitive landscape
Allianz navigates a dense competitive landscape across insurance and asset management, where established European players like AXA, Generali, Munich Re, Zurich and Swiss Re operate alongside specialized reinsurers. Its asset-management division, PIMCO, faces direct competition from scale operators like BlackRock and Vanguard. The environment itself is tightening—fee pressure in asset management persists, while digital-native insurers and managing general agents are reshaping retail property and casualty distribution.
| Company | Ticker |
|---|---|
| Münchener Rückversicherungs-Gesellschaft (Munich Re) | MUV2.XETRA |
| Zurich Insurance Group | ZURN.SIX |
| Swiss Re | SREN.SIX |
Private competitors
- Wefox [web:8]
- Alan [web:8]
- Getsafe [web:8]
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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 | +2.80% | +2.56% | -0.73% |
| 3M | +7.18% | +9.45% | -0.31% |
| 6M | +10.22% | +4.23% | -1.75% |
| 1Y | +15.07% | +13.24% | -10.11% |
| 3Y | +107.14% | +56.76% | +25.00% |
| 5Y | +125.52% | +66.97% | +36.19% |
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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 | 12.0 | 1.0 | 2.2 | 4.3 |
| 1Y ago | 13.7 | 1.3 | 2.2 | 4.3 |
| 3Y ago | 9.3 | 0.7 | 1.5 | 4.7 |
| 5Y ago | 11.0 | 0.7 | 1.1 | 2.7 |
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?
- Major natural disasters or sharp underwriting losses can drive material increases in claims volume and necessitate reserve strengthening.
- Market swings and shifting interest rates can erode both the value of assets and the income they generate, squeezing capital and earnings.
- EU regulatory shifts and Solvency II capital requirements could push the company toward capital raises, product pullbacks, or simply higher costs of capital.
- Heightened competition from global insurers, reinsurers, and insurtech entrants can compress premiums, increase distribution costs, and erode margins.
Who are the main competitors of Allianz SE VNA O.N.?
- Münchener Rückversicherungs-Gesellschaft (Munich Re) (MUV2.XETRA)
- Zurich Insurance Group (ZURN.SIX)
- Swiss Re (SREN.SIX)
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)
