Allianz
ALV.DE Large CapFinancial Services · Insurance - Diversified
Updated: May 20, 2026, 22:09 UTC
Key Metrics
Valuation Analysis
About the Company
Allianz SE, together with its subsidiaries, provides property-casualty insurance, life/health insurance, and asset management products and services worldwide. The company's Property-Casualty segment offers various insurance products, including motor liability, accident, fire and property, general liability, credit, and travel, and assistance services to private and corporate customers. Its Life/Health segment provides a range of life and health insurance products on an individual and a group basis, such as annuities, endowment and term insurance, and unit-linked and investment-oriented products, as well as private and supplemental health, and long-term care insurance products. The company's Asset Management segment offers institutional and retail asset management products and services to t
Allianz Stock at a Glance
Allianz (ALV.DE) is currently trading at €385.70 with a market capitalization of $146.3B. The trailing P/E ratio stands at 12.46x, with a forward P/E of 11.65x. The 52-week range spans from €333.20 to €397.00; the current price is 2.8% below the yearly high. Year-over-year revenue growth stands at +8.8%. The net profit margin stands at 10.43%.
💰 Dividend
Allianz pays an annual dividend of €17.10 per share, representing a yield of 4.43%. The payout ratio stands at 49.74%.
📊 Analyst Rating
18 analysts rate Allianz (ALV.DE) on consensus: Buy. The average price target is €403.90, implying +4.72% from the current price. Analyst price targets range from €325.00 to €504.00.
Investment Thesis: Strengths & Weaknesses
- High return on equity (18.71% ROE)
- Analyst consensus: Buy
- Currently flagged as undervalued
- Solid dividend yield of 4.43%
No significant red flags in current metrics.
Technical Snapshot
Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).
Risk Profile
The data points to relatively defensive market behavior.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
Allianz 2026: PIMCO cashflow, Solvency II buffer and Europe's defensive dividend machine
The Real Story
Allianz in 2026 is the most defensively stable mega-cap in the DAX and one of the few European compounder stories with consistent double-digit EPS growth despite economic volatility. Q1/2026 shows operating profit of €4.42B (+9% YoY) and a combined ratio in P&C of 91.8% — best-in-class among European insurers.
Strategic core: Allianz Asset Management (PIMCO + Allianz Global Investors) is the underrated cash-cow lever. Q1/2026 AUM: €2.38T, AM segment operating profit: €890M (+12% YoY). PIMCO alone had Q1 net inflows of €19B — the largest quarterly inflow since the 2023 bond market trough. That's the structural margin engine.
2026 main theme: Solvency II ratio at 209% — well above the regulatory minimum (100%) and Allianz's own comfort range (180-220%). CEO Oliver Bäte announced in February 2026: "We have €11-12B in excess capital for dividend acceleration and buybacks in 2026-2028." That's the largest capital return story in the European insurance sector.
What Smart Money Thinks
The Q1/2026 13F (US holders of ALV ADRs) and EU institutionals: BlackRock 7.3%, Vanguard 5.9%, Norges Bank Investment Management 2.4% (Norway sovereign fund).
Active investors: Capital Research raised ALV by 14% in Q1/2026 to 2.8% of outstanding — largest active US holder. Lupus alpha holds Allianz as top-2 position in the European Champions Fund. In the Q1 letter, Lupus writes: "Allianz combines the rarest mix in the DAX: 6%+ dividend yield + 9-10% EPS growth + 209% solvency. That's a 4-5% total-yield compounder as bond replacement trade."
Templeton Global in Q4/2025 built an ALV position for the first time since 2018 — 850,000 ADRs. Classic value hedge fund move on the solvency story.
Insider activity: Board members sold routine small amounts in 2026 (standard equity plan). CEO Oliver Bäte holds ~150,000 shares (~€55M) and has not made any significant trades since 2022.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
Allianz pays €14.80 per share dividend in 2026 (from €13.80 in 2025, +7.2%). At today's €242, that's a 6.1% yield — highest dividend yield among the 5 largest DAX names. Plus historically 7-9% annual dividend growth: that's a 13-15% cash yield compounder over 5 years. Plus €1.5-2B buyback per year from 2026 — total capital return yield at 7-8%.
PIMCO had €19B net inflows in Q1/2026 — biggest quarter since 2020. Bond yield stabilization (10Y US Treasury at 4.1%) brings institutional bond allocations back after 2 years of outflows. PIMCO's fee margin on AUM: 35-40 bps — on €1.6T PIMCO AUM, that's €560M additional run-rate revenue in 2026. Lever on Allianz Asset Management operating profit: 12-15%.
Allianz Solvency ratio Q1/2026: 209%. At optimal capital ratio (185-200%), that's €11-12B excess. CEO Oliver Bäte communicated on the Q4/2025 conference call: "We will systematically return excess capital — via dividend acceleration and buybacks." At a €98B market cap, that's an 11-12% additional capital return pipeline over 2-3 years — structurally very bullish.
📉 The 3 Real Bear Points
Allianz has €725B in investment assets. Current re-investment yield in P&C: 3.8%. If the ECB cuts rates again in 2026/2027 (market forecasts: 2-3 more cuts to a 1.5% deposit rate), that pushes re-investment yield to 2.8-3.2%. That would be €400-600M investment-income headwind per year — directly operating profit relevant.
Allianz P&C combined ratio Q1/2026: 91.8%. But the climate loss trend is clearly negative — past 5 years average +18% reinsurance losses per year. If 2026/2027 hits with multiple major cat events (hurricanes, EU floods), the combined ratio could rise to 95-97% — and that's a €1.5-2B operating profit hit.
Allianz trades at forward P/E 11× — historically in the 60th percentile, comparable to AXA (10×) and above Munich Re (9×). EV/Earned Premium 0.8× is in normal range. For the profile (defensive compounder, not a classic growth story) that's fair but not cheap. A multi-bagger setup isn't here — you buy stable 13-15% total return compound, not a doubler.
Valuation in Context
Allianz trades at forward P/E 11× — historically below the 10-year median (12×), but slightly above AXA (10×) and Generali (9×). EV/Earned Premium 0.8× is in normal range. DDM (dividend €14.80, growth 6%, cost of equity 8.5%) yields fair value €260 — slightly above spot €242. A DCF with conservative assumptions (operating profit growth 7% 5y, 4% 5-10y, WACC 7.5%) gives €270-285. Wall Street consensus: €278 (median, range €235 RBC to €315 Berenberg). Setup is 15-20% upside over 12-18 months plus 6%+ yield — solid compounder, not a breakout.
🗓️ Next 3 Catalyst Dates
- August 6, 2026: Q2/2026 earnings — critical for solvency update and combined ratio trajectory, plus PIMCO inflows continuity
- December 2026: Capital Markets Day in Munich — new 3-year targets for operating profit growth and concrete buyback pipeline
- February 2027: FY2026 earnings + dividend announcement — likely €15.80-16.20 dividend (+7-9%), plus first formal buyback program since 2008
💬 Daniel's Take
Allianz is my largest income position in the portfolio (3.2%). I've held ALV since 2019 and added to 4.5% in 2022 after the Italy-crisis discount. My key trigger: solvency ratio above 200% for 2 consecutive quarters OR PIMCO net inflows above €15B per quarter — both currently met. My re-entry trigger to add even more: if price falls below €220 (yield above 6.7%). For income-focused investors, ALV is the best DAX income bet — better than Munich Re or Hannover Rück.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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