Goldman Sachs raised Allianz SE rating to buy, lifting 12‑month target to €450 from €410, implying ~15.6% upside from €389.30.
Allianz posted 2025 EPS growth 12.5% (10.8% after tax provision), ROE 18.1% and €8.6bn net cash remittances, backing its 2025‑27 plan.
P&C division delivered €8.99bn operating profit (~50% of group profit) and improved combined ratio to 92.2% in 2025.
Allianz’s private credit exposure is ~22% of its portfolio; it spends €6.5bn on AI, seeking 10‑30% productivity gains.