Allianz SE announced that its second‑quarter operating profit reached €4.87 billion, representing a 10.6% year‑on‑year increase and the highest quarterly operating profit ever recorded by the group. This figure surpassed the analyst consensus average of €4.60 billion and exceeded the top of the company‑compiled forecast range of €4.83 billion.

Shareholders’ core net income for the quarter was €2.60 billion, a 12.7% decline from the prior year and below the consensus average of €2.82 billion, though it fell within the forecast range of €2.44 billion to €3.12 billion. The decline was attributed to a divestment gain on the UniCredit joint venture booked in the previous year and offsetting measures related to the sale of Allianz’s stake in its Indian joint ventures during the current year. Adjusted for these one‑off items, underlying growth remained 10%.

Non‑operating items recorded a loss of €1.04 billion, worse than the consensus expectation of €678 million and below the low‑end forecast of €867 million; the shortfall was linked to the same offsetting measures from the Indian joint‑venture sale.

Segment performance:

  • Asset Management generated operating profit of €933 million, up 19.8% YoY, beating the consensus average of €871 million and the top of the forecast range of €908 million. The growth was driven by flow‑driven momentum at PIMCO and Allianz Global Investors.
  • Life/Health delivered operating profit of €1.54 billion, a 10% YoY increase, surpassing the consensus average of €1.41 billion and the top of the forecast range of €1.48 billion. The segment benefited from first‑time dividend payments from investment participations in Viridium and Sconset Re.
  • Property‑Casualty posted operating profit of €2.46 billion, marginally below the consensus average of €2.47 billion but within the forecast range of €2.33 billion to €2.63 billion. Despite prudent run‑off, this represented the segment’s highest quarterly operating profit.

The combined ratio for the quarter was 91.9%, slightly worse than the consensus average of 91.1% yet within the forecast range of 90.2% to 92.2%; the 0.7 percentage‑point increase from a year earlier was mainly due to the prudent run‑off approach.

Third‑party assets under management (AUM) rose to €2.16 trillion, exceeding the consensus average of €2.10 trillion and the top of the forecast range of €2.12 trillion.

The Solvency II capitalization ratio stood at 225%, exactly matching the consensus average and comfortably within the forecast range of 221% to 228%.

Core earnings per share for the first half of the year were €16.44, reflecting a 17.5% increase over the same period last year.