Allianz (Xetra: ALV) is due to report results for the third quarter and the first nine months of 2026 on Thursday, November 12, 2026, at 7:00 a.m. CET, which is 8:00 in Bucharest, before the Xetra open. The earnings release, key figures and analyst presentation come out at 7:00; the media call follows at 9:30 CET and the analyst call at 2:30 p.m. CET (Allianz results page, read November 10). The last reported quarter, the second quarter of 2026, showed operating profit of €4,874M, up 10.6% on the year, but net income attributable to shareholders of €2,595M, down 8.7%. The shares closed at €457.00 on Xetra on Monday, November 9 (ad-hoc-news.de); the Lang & Schwarz quote was €461.70 at 10:09 CET on November 10, an intraday price, not a close (ad-hoc-news.de). Below: the last four quarters, each against the same quarter a year earlier, the segment picture, the consensus Allianz itself compiles, what the 2026 target implies for the rest of the year, the dividend, and what to watch.
The last four quarters, each against the same quarter a year earlier
| Metric (each quarter vs the same quarter a year earlier) | Q3 2025 (Jul to Sep 2025) | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Total business volume | €42.8bn vs €42.8bn, about flat | €45.7bn vs €45.9bn, -0.5% | €53.0bn vs €54.0bn, -1.8% | €45.6bn vs €44.5bn, +2.5% |
| Operating profit (€M) | 4,433 vs 3,938, +12.6% | 4,297 vs 4,174, +3.0% | 4,517 vs 4,238, +6.6% | 4,874 vs 4,406, +10.6% |
| Net income attributable to shareholders (€M) | 2,847 vs 2,471, +15.2%* | 2,664 vs 2,472, +7.7% | 3,690 vs 2,423, +52.3% | 2,595 vs 2,841, -8.7% |
| Shareholders’ core net income (€M) | 2,855 vs 2,534, +12.7% | 2,731 vs 2,434, +12.2% | 3,785 vs 2,550, +48.4% | 2,600 vs 2,976, -12.7% |
| Core EPS | €7.44 vs €6.54, +13.8%* | €7.17 vs €6.31, +13.7% | €9.96 vs €6.61, +50.7% | €6.48 vs €7.39, -12.3% |
| Property-Casualty combined ratio | 91.9% vs 93.5% | 93.6% vs 94.7% | 91.0% vs 91.8% | 91.9% vs 91.2% |
Figures are from Allianz’s own releases: 3Q 2025 with its key figures (November 14, 2025), 4Q and full year 2025 (February 26, 2026), 1Q 2026 (May 13, 2026) and 2Q 2026 (August 7, 2026). Percentages are as shown in the releases, except those marked * (my arithmetic from the two figures). Each quarter is compared only with its own year-earlier quarter. Two things stand out. Operating profit rose in all four quarters, while net income moved much more widely, from +52.3% in the first quarter to -8.7% in the second. The release data I read does not explain that gap here, so check the reconciliation from operating profit to net income in the new release.
Operating profit by segment
| Operating profit by segment (€M, my arithmetic for the changes) | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Property-Casualty | 2,394 vs 1,969, +21.6% | 2,134 vs 1,948, +9.5% | 2,411 vs 2,170, +11.1% | 2,459 vs 2,295, +7.1% |
| Life/Health | 1,407 vs 1,376, +2.3% | 1,364 vs 1,424, -4.2% | 1,354 vs 1,427, -5.1% | 1,544 vs 1,403, +10.0% |
| Asset Management | 828 vs 782, +5.9% | 928 vs 941, -1.4% | 857 vs 811, +5.7% | 933 vs 779, +19.8% |
Segment figures are from the same releases; the percentage changes are my arithmetic from the rounded € million figures, so they can differ by 0.1 point from the rounded changes in the releases.
What analysts expect
| Q3 2026 metric | Consensus mean (range) | Q3 2025 actual | Change (my arithmetic) |
|---|---|---|---|
| Group operating profit (€M) | 4,297 (4,169 to 4,504) | 4,433 | -3.1% |
| Property-Casualty (€M) | 2,114 (1,996 to 2,332) | 2,394 | -11.7% |
| Life/Health (€M) | 1,446 (1,410 to 1,490) | 1,407 | +2.8% |
| Asset Management (€M) | 947 (897 to 1,010) | 828 | +14.4% |
| Net income attributable (€M) | 2,506 (2,369 to 2,727) | 2,847 | -12.0% |
| Core net income (€M) | 2,536 (2,363 to 2,800) | 2,855 | -11.2% |
| P&C combined ratio | 93.8% (92.6% to 94.4%) | 91.9% | +1.9 percentage points |
This is the analyst consensus that Allianz compiles and publishes itself (3Q 2026 analyst estimates): 14 estimates, 13 for core net income. The document carries the date 11/06/2026 and the results date 11/12/2026 in the same month-first format, so I read it as November 6; Allianz says the final consensus is published two business days before results, so the numbers may be updated. It is a company-compiled figure, not an independent data provider’s. Against the €4,433M of the year-earlier quarter, the lowest estimate for group operating profit is 6.0% below and the highest 1.6% above (my arithmetic). The consensus therefore expects lower operating profit in Property-Casualty and a higher combined ratio, with Life/Health and Asset Management higher.
What the 2026 target implies (my calculation)
Allianz’s 2026 operating profit outlook is €17.4bn, plus or minus €1bn, set on February 26 and described as “fully on track” on August 7. For scale, 2025 operating profit was €17,374M, so the midpoint is about +0.1% on last year (my arithmetic). Operating profit for the first half of 2026 was €9,390M. To reach €16.4bn, €17.4bn or €18.4bn, the second half would need €7,010M, €8,010M or €9,010M, an average of €3,505M, €4,005M or €4,505M a quarter. If the third quarter matches the €4,297M consensus, nine months would stand at €13,687M and the fourth quarter would need €3,713M for the midpoint. These are arithmetic, not forecasts; Allianz warns that natural catastrophes and capital market developments can affect the result significantly.
The dividend, the buyback and the share price
For the 2025 financial year Allianz paid €17.10 per share, up 11% from €15.40: approved at the annual meeting on May 7, 2026, ex-dividend on May 8 and paid on May 12 (Allianz dividend page). It is paid once a year, so there is no dividend to expect on November 12; a proposal for 2026 normally comes with the full-year results, as the 2025 proposal did on February 26, 2026. On the €457.00 close of November 9 the €17.10 is a yield of 3.74% (my arithmetic). The €17.10 is 59.8% of full-year 2025 core EPS of €28.61 (my arithmetic); the company’s policy is a regular payout of 60% of net income attributable to shareholders, adjusted for extraordinary and volatile items, with a floor at the previous year’s dividend per share, plus at least 15% on average returned through buybacks in 2025 to 2027, an intention that may be revised. A buyback of up to €2.5bn was announced on February 25, 2026, and €1.4bn had been completed in the first half. The Solvency II ratio was 225% at June 30, 2026 (221% at March 31; 218% at the end of 2025) on a quarterly dividend accrual; a full-year accrual would lower it by 7 percentage points. A dividend is never guaranteed.
What to watch on November 12
- The combined ratio: consensus is 93.8%, against 91.9% in Q3 2025 and 91.4% for the first half of 2026. It is the main reason the consensus has Property-Casualty profit about 12% lower.
- From operating profit to net income: in Q2, operating profit rose 10.6% while core net income fell 12.7%; the consensus again has net income (-12.0%) below operating profit (-3.1%).
- Life/Health and Asset Management: consensus is +2.8% and +14.4%; Asset Management earned €933M in Q2, up 19.8%.
- The outlook line: whether the €17.4bn target, plus or minus €1bn, is repeated, narrowed or changed.
- Capital: the Solvency II ratio against 225% in June, and progress on the €2.5bn buyback.
For investors in Europe
- Allianz pays in euros. Germany withholds 26.375% on dividends (25% plus a 5.5% solidarity surcharge on that tax); non-resident investors can apply to the Federal Central Tax Office (BZSt) for a refund of the amount above the rate allowed under German law or a tax treaty, within four years after the end of the calendar year of the income, using the official forms (BZSt, undated page read on November 10; Allianz tax note). Your broker or tax adviser can say what applies to you. Our withholding tax guide does not yet cover Germany.
- The results are published before the Xetra open, so the first reaction comes when trading starts at 9:00 CET, 10:00 in Bucharest.
Sources
- Allianz: Group financial results page (3Q 2026 date and call times, read November 10, 2026)
- Allianz earnings releases: 3Q 2025 (November 14, 2025) and key figures; 4Q and FY 2025 (February 26, 2026); 1Q 2026 (May 13, 2026); 2Q 2026 (August 7, 2026)
- Allianz: 3Q 2026 analyst estimates (company-compiled consensus, dated 11/06/2026)
- Allianz: dividend page (2025 dividend, payout policy, read November 10, 2026)
- BZSt: refund procedure for capital yields tax and Allianz: tax on dividends (read November 10, 2026)
- Share price: ad-hoc-news.de, November 10, 2026, 08:12 (Xetra close of November 9); ad-hoc-news.de, November 10, 2026, 10:23 (Lang & Schwarz intraday quote). A cross-check on finanzen.net (Stuttgart exchange) showed about €455.60 intraday on November 9 and a €449.00 close on November 6, consistent with the Xetra close.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Company figures are taken from the releases listed; consensus comes from the Allianz-compiled estimates listed and share prices from the third-party sources listed, as of the dates stated; and the percentage changes marked as my arithmetic, the implied second-half and fourth-quarter figures, the yield and the payout ratio are my own arithmetic, not a company forecast. Confirm current figures with your broker or the company’s investor relations page. Investing involves risk, including the possible loss of capital, and a dividend payment is never guaranteed.
