Allianz SE Posts Record 2024 Results and Maintains Strong Market Position
MUNICH, 23 January 2026 – Allianz SE, the Munich-based global insurance and asset management leader, reported a year of record financial performance for the 2024 fiscal year, as detailed in its earnings release from February 2025. The company achieved its highest-ever operating profit, announced a significant new share buyback, and proposed a higher dividend, underscoring the resilience of its diversified business model. As of early 2026, the stock remains a focal point for analysts, with a cautiously optimistic outlook prevailing.
Record-Breaking 2024 Financial Performance
In its preliminary results for the 2024 financial year, Allianz SE announced an operating profit of €16.0 billion, an increase of 8.7% from the previous year. This record was supported by strong performance across all business segments. Total business volume grew by 11.2% to €179.8 billion, driven primarily by the Life/Health and Property-Casualty insurance segments. Shareholders’ core net income advanced 10.1% to €10.0 billion, while net income attributable to shareholders climbed 16.3% to €9.9 billion.
The company’s Board of Management proposed a dividend per share of €15.40 for 2024, an 11.6% increase from 2023. Concurrently, Allianz announced a new share buyback programme of up to €2 billion, scheduled to run from March to December 2025, with all repurchased shares to be cancelled.
Key Financial Data for 2024
| Metric | Full Year 2024 | Change vs. 2023 |
|---|---|---|
| Total Business Volume | €179.8 bn | +11.2% |
| Operating Profit | €16.0 bn | +8.7% |
| Net Income (Shareholders) | €9.9 bn | +16.3% |
| Solvency II Ratio | 209% | Stable |
| Proposed Dividend per Share | €15.40 | +11.6% |
Segment Performance and Strategic Execution
The Property-Casualty segment was a key growth driver, with operating profit rising 14.3% to €7.9 billion. The combined ratio—a key measure of underwriting profitability—improved to 93.4%. The Life/Health segment saw the present value of new business premiums surge 21.6% to €81.8 billion, while operating profit reached €5.5 billion. The Asset Management segment, housing PIMCO and Allianz Global Investors, delivered an operating profit of €3.2 billion on revenues of €8.3 billion.
Chief Executive Officer Oliver Bäte attributed the results to strong execution across the group: “Allianz remains the trusted partner of choice for our customers in a global context in which above-average levels of natural catastrophes, armed conflicts, and deepening polarisation continue to create considerable volatility.” Chief Financial Officer Claire-Marie Coste-Lepoutre added that the results “underline our ability to create sustainable value for all stakeholders.”
Current Market View and Stock Performance
As of January 2026, Allianz shares (ISIN: DE0008404005) continue to be a core holding in major indices like the DAX and EURO STOXX 50. The stock delivered a total return (including reinvested dividends) of 28.7% in the 2024 calendar year, significantly outperforming broader European indices. Recent analyst activity reflects a constructive but measured stance. In January 2026, Berenberg reaffirmed its ‘Buy’ rating with a price target of €431, while Goldman Sachs raised its target to €404 but maintained a ‘Neutral’ rating, noting the stock’s strong recent performance.
The investment case centres on Allianz’s diversified earnings, disciplined capital management, and progressive shareholder returns through dividends and buybacks. The company’s strategic focus includes digital transformation, leveraging artificial intelligence in underwriting and claims, and expanding its sustainable finance offerings.
Frequently Asked Questions
What were Allianz’s key achievements in 2024?
Allianz achieved a record operating profit of €16.0 billion, grew total business volume by 11.2%, and maintained a robust Solvency II capitalisation ratio of 209%. The company also announced a €2 billion share buyback and proposed an increased dividend.
How has the Allianz share performed recently?
In the 2024 calendar year, the Allianz share provided a total return of 28.7%, including dividends. The stock has shown resilience and is supported by analyst price targets that suggest potential upside from current levels, though some note the recent strong performance.
What is Allianz’s strategic focus?
Allianz is executing a strategy focused on “smart growth,” technical excellence in underwriting, capital efficiency, and digital transformation. This includes expanding in capital-light business models, leveraging data and AI, and strengthening its global asset management platforms.