Allianz Group 3Q 2025 Financial Results Highlights:
Group Performance
Total business volume increased by 5.2% to 42.8 billion EUR in 3Q 2025.
Operating profit rose by 12.6% to a record 4.4 billion EUR for the quarter.
Core net income attributable to shareholders grew by 12.7% to 2.9 billion EUR.
Solvency II capitalization ratio remained strong at 209%.
Segment Analysis
Property-Casualty: Operating profit jumped 21.5% to 2.3 billion EUR, driven by a strong combined ratio of 91.9%.
Life/Health: Operating profit grew 2.2% to 1.4 billion EUR. New business value reached 3.6 billion EUR for the first nine months.
Asset Management: Third-party Assets under Management (AuM) stood at 1.928 trillion EUR, with 51.0 billion EUR in net inflows during 3Q.
Full-Year Outlook
Allianz has upgraded its 2025 operating profit target to the upper half of the 17.0 to 17.5 billion EUR range.
Here is a summary of Allianz Group’s financial ratio analysis over the past five years:
Profitability Ratios
Core Return on Equity (ROE) has shown a significant upward trend:
2020: 8.42%
2021: 8.27%
2022: 11.80%
2023: 16.0%
2024: 16.9%
3Q 2025 (Annualized): 16.6%
Financial Soundness & Solvency
Solvency II Ratio has consistently remained above the 200% threshold:
2022: 201%
2023: 206%
2024: 209%
3Q 2025: 209%
The Debt-to-Equity ratio remains very low, reflecting a highly stable capital structure.
Market Valuation & Shareholder Returns
Price-to-Earnings (P/E) Ratio has fluctuated between 9.7x and 18.4x over the past five years:
2020: 12.1x
2021: 9.7x
2022: 18.4x
2023: 11.5x
2024: 12.1x
Dividends: The dividend per share has increased steadily, rising from 11.40 EUR in 2022 to 13.80 EUR in 2023.
Operational Efficiency
Property-Casualty: The Combined Ratio has stabilized between 92% and 94%, improving to 91.9% in 3Q 2025, indicating enhanced underwriting discipline.
Asset Management: The Cost-Income Ratio has remained stable at approximately 61%, demonstrating effective cost management.
Here is the P/B Ratio (Price-to-Book) analysis comparing Allianz with its primary European competitors, based on late 2025 to early 2026 market data.
Competitor P/B Ratio Comparison (2025 LTM)
Allianz’s valuation sits in the upper-mid tier among its peers, reflecting market confidence in its diversified business model and robust asset management arm.
| Company Name | Country | P/B Ratio (Est.) | Key Drivers |
| Zurich Insurance | Switzerland | 4.0x – 4.1x | Premium valuation due to high capital efficiency and superior ROE. |
| Helvetia Holding | Switzerland | 2.9x | Strong domestic market position and Swiss premium. |
| Allianz | Germany | 2.3x – 2.5x | Historical high; boosted by record Asset Management inflows and upgraded profit guidance. |
| Talanx AG | Germany | 2.1x | Strong industrial insurance performance. |
| AXA | France | 1.7x – 1.8x | Largest direct rival; historically trades at a discount compared to Allianz. |
| Aviva | UK | 2.0x | Beneficiary of streamlined operations and capital returns. |
| Generali | Italy | 1.3x – 1.4x | Valuation remains lower due to geographic risk profile. |
Key Insights from P/B Analysis
- Historical Valuation ExpansionAllianz’s current P/B of 2.3x to 2.5x is significantly higher than its 5-year average of approximately 1.5x. This expansion is driven by the 2025-2027 strategic cycle and the upward revision of operating profit targets to the 17.0-17.5 billion EUR range.
- The “Asset Management” PremiumAllianz consistently trades at a premium over AXA. This is largely attributed to Allianz’s ownership of PIMCO and Allianz Global Investors. These entities generate high-margin fee income that is less capital-intensive than traditional underwriting, warranting a higher book value multiple.
- Gap vs. Zurich InsuranceZurich remains the gold standard in European insurance valuation with a P/B exceeding 4x. This is maintained through an exceptionally high Return on Equity (ROE) and a very disciplined, light-capital business model that Allianz is currently narrowing the gap toward.
- Capital Strength and BuybacksThe robust 209% Solvency II ratio provides a safety floor for the valuation. Markets reward Allianz’s ability to sustain generous dividend payouts and share buyback programs, which directly support the P/B multiple.
Sources:
- https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/press/document/results/2025-3q/3q-2025-earnings-release-allianz.pdf
- https://www.allianz.com/en/mediacenter/news/media-releases/financials/251114-3q-2025-earnings-release.html
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