Allianz posts €4.4bn operating profit for Q2’25 with strong P&C performance

Global insurer Allianz has reported that its total business volume increased by 8% year-on-year to €44.5 billion in the second quarter of 2025, as operating profit across the Group rose 12% to €4.4 billion, with a particularly strong performance in the property and casualty (P&C) segment.

Group-wide, shareholders’ core net income increased by more than 17% year-on-year to €3 billion in Q2’25, and for the first six months of 2025, core net income exceeded €5.5 billion, an increase of 10% on the prior year.

Total business volume for H1’25 grew 10% to €98.5 billion, and operating profit increased by 9% to a half-year record of €8.6 billion for the firm, reaching more than half of Allianz’s full-year outlook midpoint.

The insurer highlights the strong performance of its P&C business in both the second quarter and first half of 2025. P&C total business volume increased by 9% to €20.1 billion for Q2 and rose 8% to €47.1 billion for H1’25. At the same time, the segment’s operating profit increased 20% to €2.3 billion for Q2 and increased 12% to €4.5 billion for H1’25. Allianz attributes the rise in operating profit to a higher insurance service result, which more than offset a lower operating investment result.

The P&C combined ratio improved by 2.2 percentage points to 91.2% for Q2’25 and improved by 1.2 percentage points to 91.5% for H1’25. Allianz explains that underlying improvements were driven by underwriting actions and slightly lower natural catastrophe lasses overcompensated a lower run-off ratio.

The firm also highlights the strong performance of its retail and commercial businesses so far in 2025, with the former reporting an improved H1’25 combined ratio of 91.8%, and the latter posting a solid combined ratio of 91%.

Within the carrier’s life and health (L&H) business, the present value of new business premiums (PVNBP) rose 4% to €19.5 billion in Q2’25, and increased by 11% to €45.6 billion in H1’25. The new business margin remained attractive in Q2 at 5.7% and value of new business rose by 3% to €1.1 billion. For H1’25, the new business margin was at an attractive 5.6%, as the value of new business increased by 9% to €2.6 billion.

L&H operating profit increased 2% to €1.4 billion in Q2’25 and increased by 5% to €2.8 billion in H1’25.

Turning to Allianz’s Asset Management business, operating revenues rose 7% to €2 billion for Q2’25 and increased by 4% to €4.1 billion for H1’25, as operating profit increased to €779 million and €1.6 billion, respectively.

Oliver Bäte, Chief Executive Officer of Allianz, commented: “Allianz has delivered record results in the first half of the year, underpinned by sustained growth and a disciplined focus on productivity. The value and relevance of
our products help us to retain and expand our customer base.

“Our diversified mix of businesses, global reach, and consistent execution bring opportunity and momentum, placing us on track to deliver on the ambitions set out at our Capital Markets Day in December.”