Allianz reports strong Q1 growth driven by asset management, India deal

Germany’s Allianz on Wednesday reported a 52% rise in first-quarter net profit, supported by gains linked to the sale of stakes in its Indian joint ventures and strong performance in its property and casualty and asset management businesses.The insurer said it remained on track to achieve its full-year operating profit target despite weaker revenues in its life and health division.Net profit attributable to shareholders rose to 3.690 billion euros in the three months ended March, compared with 2.423 billion euros a year earlier.Analysts had expected a profit of 3.654 billion euros, according to a consensus forecast.The company also posted a record operating profit of 4.517 billion euros in the quarter, up 6.6% from the previous year.India JV sale boosts earningsAllianz said shareholders’ core net income increased 48.4% to 3.8 billion euros, largely impacted by the sale of stakes in its Indian joint ventures.Last year, Allianz announced the sale of its stake in joint ventures with Bajaj Finserv to the Bajaj Group, ending a partnership that had lasted for decades.In January, the company said it would book a gain of 1.1 billion euros from the transaction.Allianz has since entered a new equally-owned reinsurance joint venture in India with Jio Financial Services.The insurer said underlying growth, adjusted for the effects of the India transaction and offsetting measures, remained strong at 7%.Core earnings per share rose 50.7% to 9.96 euros.Adjusted for the transaction-related impact, growth stood at 9%, which Allianz said was at the top end of its 2025-2027 strategic target range.Property and casualty business drives growthAllianz reported total business volume of 53.0 billion euros in the first quarter, representing internal growth of 3.5%.The company said the property and casualty segment was the main contributor to growth, while asset management operations also delivered strong performance.Operating profit reached 26% of the midpoint of Allianz’s full-year guidance range.Meanwhile, revenues in the life and health division declined 9.6%, partly due to a weaker US dollar and the exit from a joint venture with UniCredit.The insurer said its Life/Health segment nevertheless remained resilient amid volatile market conditions.Allianz’s Solvency II ratio increased by two percentage points to 221%, supported by strong capital generation.Allianz confirms full-year outlookThe company reaffirmed its full-year operating profit outlook of 17.4 billion euros, plus or minus 1 billion euros.Allianz also said its previously announced share buyback programme of up to 2.5 billion euros remained underway, with 0.3 billion euros completed during the first quarter.Oliver Bäte, chief executive officer of Allianz SE, said the company’s results reflected the strength of its business model and strategy.“Allianz delivered a record operating profit in the first quarter of 2026, a testament to the strength of our fundamentals and the effectiveness of our customer-centred strategy,” Bäte said.He added that the insurer remained focused on expanding affordable protection and retirement solutions while using artificial intelligence to improve customer service and personalisation.“We remain disciplined in our delivery as we work to expand affordable protection and retirement for more people, harnessing the potential of AI to serve them in an even more efficient and personalized way,” he said.Claire-Marie Coste-Lepoutre, chief financial officer of Allianz SE, said the company’s diversified portfolio and strategic execution supported the strong quarterly performance.“We built on the momentum of an excellent 2025, achieving profitable growth and a record operating profit of 4.5 billion euros,” Coste-Lepoutre said.She added that Allianz remained confident in delivering its full-year ambitions despite a demanding operating environment.The post Allianz reports strong Q1 growth driven by asset management, India deal appeared first on Invezz