Despite a one-off tax effect related to the planned sale of holdings in India, Allianz delivered a strong operating result in the first quarter. The operating profit reached a record level of €4,2 billion (Q1 2024: €4,0 billion), representing an increase of 6,3 percent, driven by growth across all segments:

• Property and Casualty Insurance: Operating profit of €2,17 billion (+5 percent), combined with an improved combined ratio of 91,8 percent (target: 93 percent)
• Life and Health Insurance: Operating profit of €1,43 billion (+8 percent), with the value of new business rising by 13,6 percent to €1,44 billion
• Asset Management: Operating profit of €811 million (+4,8 percent), with net inflows of €28,7 billion and stable third-party assets under management at €1,91 trillion

Share Buyback Program Launched

Allianz confirmed its outlook for the 2025 financial year, aiming for an operating profit of €16,0 billion (±€1 billion).

In the first quarter of 2025, Allianz repurchased its own shares worth €0,1 billion as part of its announced buyback program of up to €2 billion.