Reviewed listing: XETR:ALV · Analysis dated Oct 29, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
Allianz sells insurance, including coverage for cars, property, health, and retirement. It earns premiums and investment income. Through PIMCO and Allianz Global Investors, it also manages money for clients and earns fees for doing so.
What supports the business?
Ongoing operations are growing profitably: in the first half of 2026, operating profit increased from 8.64 to 9.39 billion euros. This is profit from the business before taxes and other items that are not operational.
What could improve?
The opportunity lies in continued growth in earnings and distributions. Fewer shares through buybacks can increase earnings per remaining share. But this is beneficial over the long term only if sufficient capital remains in the company and buybacks are not made at too high a price.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At the analysis price of 435.30 euros, investors are paying about 15.7 times earnings per share of 2025. My cautious model calculation comes to around 397 euros. The price therefore appears rather high; good business performance alone does not yet make the stock cheap.
What is the main risk?
Major weather losses and rising repair costs can weigh on earnings. In addition, falling stock prices can affect investments and asset management fees. A dividend is therefore not a guaranteed interest payment.
What is the overall assessment?
Allianz earns good returns in its insurance business and has a substantial capital cushion. However, at 435.30 euros, I do not see a sufficient price discount for the risks. Therefore: keep watching.
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- Original source 1 · www.allianz.com · Aug 07, 2026
- Original source 2 · www.allianz.com · Feb 26, 2026
- Original source 3 · www.allianz.com · Aug 07, 2026
- Original source 4 · www.allianz.com · May 07, 2026
- Original source 5 · www.allianz.com
- Original source 6 · www.allianz.com
- Original source 7 · api-v4.fcsapi.com · Oct 28, 2026