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Allianz

Lifting Ambitions, 2025 to 2027

To capitalize on its role as a trusted partner of choice by growing its customer base with innovative protection and retirement solutions and seamless services
Allianz’s aim

Lifting Ambitions

Allianz insures people and businesses and manages their money, and made a record €17.4 billion of operating profit in 2025. At its Capital Markets Day in December 2024 its chief executive, Oliver Bäte, set out Lifting Ambitions, a plan for 2025 to 2027 with three levers: smart growth, reinforced productivity, and strengthened resilience.

Smart growth

Win new customers, sell more to existing ones, and lose fewer.

  1. 01CustomersWin new customers, increase cross-selling, and reduce churn, with at least 60% of its businesses leading their markets for customer loyalty by 2027.
  2. 02Property-CasualtyGrow Property-Casualty revenue 6–7% a year, to about €9.5 billion of operating profit by 2027.
  3. 03Asset ManagementGrow third-party assets under management by about 8% a year from 2024 to 2027.

26 February 2026Total business volume grew 8.1% in 2025, to €186.9 billion, with all segments contributing.

7 August 2026Third-party assets under management reached a record €2.161 trillion in June 2026, with €39 billion of net inflows in the quarter.

Allianz aims to grow core earnings per share by 7–9% a year from 2024 to 2027

Core earnings per share rose 12.5% in 2025, to €28.61, and underlying growth in the first half of 2026 was 10%, above the top of the range. Core return on equity, targeted at 17% or more, was 18.1% in 2025.,,

9% a year: €32.92*7% a year: €31.14*€25.42€28.612024202520262027

*Worked out from 2024’s core earnings per share of €25.42, growing 7% and 9% a year.

Allianz has set each of its three segments an operating profit to reach by 2027

Property-Casualty is to reach about €9.5 billion, Life/Health about €6 billion, and Asset Management about €4 billion. In 2025 they made €9.0 billion, €5.6 billion, and €3.3 billion, and every segment beat the midpoint of its outlook for the year.,

Property-Casualty€9.0bnLife/Health€5.6bnAsset Management€3.3bn

One brick to each €250 million of operating profit.,

  1. Few levers, firm numbers.

    Allianz’s plan has three levers and four group targets: earnings per share, return on equity, capital generation, and cash remitted. We recommend pairing a short list of strategic levers with a short list of numbers, so that everyone can see how the levers add up to the result.

  2. Set the floor for every business.

    Allianz backs its group targets with one for each segment: about €9.5 billion of operating profit from Property-Casualty, €6 billion from Life/Health, and €4 billion from Asset Management by 2027. We recommend giving each part of the business its own share of the target, so that no single part has to carry the plan.

  3. Report against the plan at the halfway mark.

    Halfway through its plan, Allianz reported underlying earnings growth of 10% against its 7–9% target. We recommend measuring progress against the plan’s own targets every time results come out, so that the plan stays in view between strategy days.

Sources

  1. 1. Allianz (2024). Allianz lifts financial ambitions at its Capital Markets Day 2024. Investor relations release, 10 December 2024. web.archive.org
  2. 2. Allianz (2026). Earnings release: 4Q and 12M 2025. Earnings release, 26 February 2026. web.archive.org
  3. 3. Allianz (2026). Allianz delivers record result and is well on track to achieve its targets. EQS-News release, 7 August 2026. webdisclosure.com

Headwater is not connected with Allianz SE. Allianz is a trade mark of its owner. Updated 5 October 2026.

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