Allianz SE delivered a strong insurance performance in the third quarter of 2025, with its property-casualty and life/health businesses underpinning a double-digit increase in group operating profit and core net income. The company has raised its full-year operating profit guidance to at least €17 billion, reflecting the momentum across its insurance operations.
In property-casualty, Allianz reported a third-quarter business volume of €19.7 billion, representing robust internal growth of 9.5%. Segment operating profit reached €2.4 billion, while underwriting quality continued to improve—the combined ratio fell to 91.9%. The loss ratio was 68.3% and the expense ratio 23.6%. Retail insurance business posted 8% internal growth with a combined ratio of 91.3%, while commercial lines saw 11% internal growth and a combined ratio of 92.0%.
The life/health segment also contributed meaningfully, with the present value of new business premiums at €17.9 billion. This result was shaped by the prior divestment of UniCredit Allianz Vita S.p.A and a high prior-year sales base in several markets. The new business margin stood at 5.9%, and quarterly operating profit was €1.4 billion. The Contractual Service Margin (CSM) ended the quarter at €55.5 billion, with normalised CSM growth of 1.1%.
At group level, operating profit rose 12.6% to €4.4 billion, and shareholders’ core net income increased 12.7% to €2.9 billion. Internal growth reached 5.2% as total business volume held steady at €42.8 billion. For the first nine months of 2025, Allianz reported €13.1 billion in operating profit, up 10.4%. Total business volume reached €141.2 billion, with internal growth of 8.5%. Shareholders’ core net income increased 10.5% to €8.4 billion, or 8.3% on an adjusted basis. Core earnings per share were €21.43, and annualised core return on equity reached 18.5%. The Solvency II ratio remained strong at 209%.
Chief financial officer Claire-Marie Coste-Lepoutre highlighted the record results for both the quarter and the nine-month period, noting that full-year operating profit is now expected to fall between €17 billion and €17.5 billion. Chief executive officer Oliver Bäte credited the company’s performance to brand trust, customer loyalty, and employee motivation.
While insurance was the primary driver, Allianz’s Asset Management unit also contributed, reporting €2.1 billion in quarterly operating revenues (internal growth of 9.1%) and an operating profit of €828 million. The cost-income ratio moved to 60.3%. Third-party assets under management rose to €1.928 trillion as of September 30, supported by market effects totalling €42 billion and higher average third-party assets of €1.888 trillion.
With insurance operations delivering improved growth and profitability, Allianz enters the final quarter of 2025 with strong momentum and upgraded guidance for the full year.
