# Allianz SE (XETRA:ALV)

As of Sun 8 Nov 2026 12:00 UTC (weekly snapshot). Full report: https://standard-equity.report/XETRA/ALV

Price €450.30 (EUR), market cap €168.4B, Financials - Insurance - Diversified.

## Valuation

- SE Reference Value (expected value, DCF): €347.55 (central 50% range €324.03 to €374.91), -23% against the price; range width narrow
- SE Grade: 1 of 3 (Value 0, Quality 2, Moat 2)
- Consensus Rating: Hold (Strong buy 4, Buy 2, Hold 6, Sell 3, Strong sell 1)
- Consensus Price (mean): €468.59, +4% against the price

## Key metrics

Financials in EUR. Peer percentile: 100 = best in the peer group.

| Metric | Now | 5Y median | 10Y median | Peers |
|---|---|---|---|---|
| Revenue | €124.9B | CAGR -0.8% | CAGR 0.7% | P93 |
| Revenue growth | 4.9% | 2.5% | 3.8% | P63 |
| Benefit ratio | 73.6% | 62.6% | 88.9% | - |
| Operating margin | 15.3% | 13.5% | 12.7% | P57 |
| Net margin | 9.3% | 8.4% | 6.8% | P37 |
| P/TBV | 4.20x | 2.42x | 1.60x | P33 |
| Premium growth | 3.8% | 3.7% | 2.6% | P33 |
| Investment yield | -1.0% | 0.5% | 2.9% | P22 |
| Book value per share growth | 11.8% | 5.6% | 5.6% | P60 |
| ROE | 19.3% | 14.9% | 11.0% | P70 |
| ROA | 1.1% | 0.9% | 0.8% | P41 |
| EPS | €30.72 | CAGR 11.0% | CAGR 6.9% | - |
| EPS growth | 17.3% | 9.9% | 8.9% | P68 |
| Book value per share | €166.33 | CAGR -3.4% | CAGR 1.2% | - |
| Tangible book value per share | €107.27 | CAGR -7.8% | CAGR -1.2% | - |
| Dividend per share | €17.10 | CAGR 12.2% | CAGR 9.4% | - |
| Dividend yield | 3.8% | 5.6% | 5.3% | P50 |
| Payout ratio (FY2025) | 61.8% | 65.2% | 60.0% | P46 |
| Diluted shares | 374.0M | CAGR -1.6% | CAGR -1.9% | P56 |
| Buyback yield | 1.7% | 1.4% | 2.0% | P56 |
| Debt/equity | 0.51x | 0.53x | 0.53x | P47 |
| Assets | €1.073T | CAGR -0.7% | CAGR 1.7% | P90 |
| Long-term debt | €32.63B | CAGR -0.2% | CAGR 1.5% | P87 |

## Company Note (Q2 2026)

Written by AI from the data above.

**Allianz grew second-quarter revenue** 12.1% year on year, well ahead of its five-year compound rate of -0.8%, yet diluted EPS fell 8.0% to €6.47. The two moved in opposite directions because underwriting got harder. Retail volume growth slowed as price elasticity rose and retention lagged acquisition. Commercial rates softened quickly at AGCS in property, natural resources and construction. Higher inflation buffers in commercial lines added roughly a point to the combined ratio. The shares look stretched: SE fair value of €348 is 22.6% below the price.

**On the August call**, management kept its three-year ambition of 3%-4% retail volume growth. It targets operating capital generation of at least 22 percentage points for 2026 and an asset-management cost-income ratio below 61. Analysts asked why retail volumes lag plan. Management blamed higher price elasticity and weak retention, while saying acquisition has improved. The CEO's answer: "The only answer is to be loyalty leader in what you do." On strategy, buying out PIMCO minority units should lift net income from 2027, and the UOB and HSBC Singapore deals should add operating profit from 2028.

**Analysts expect FY2026 EPS** to grow 8.2% and FY2027 EPS 6.3%. That is steady progress, but modest against the earnings multiple the shares already carry. Their FY2026 revenue forecast implies 63.9% growth, which reflects a different revenue basis rather than a business shift. Our projection sits a third below that figure and tracks the reported base instead. The earnings record gives little support for upside: EPS beat in 4 of the last 8 quarters, and the latest quarter missed.

**Profitability has strengthened**. ROE rose from 9.4% in FY2022 to 17.2% in FY2025, and book value per share growth recovered from -31.0% to 5.6% over the same span. The weak spot is investment yield, which fell from 6.1% in FY2022 to 0.4%. It now stands at -1.0%, against a five-year median of 0.5%, and ranks at the 22nd percentile of similar-sized peers. Quality is held back by share count growth and by the spread of ROE over the cost of equity.

**The valuation already prices** in much of the improvement. P/B of 2.71x is 115% above its 10-year own median of 1.26x, and the trailing P/E of 14.7x compares with a long-run median of 10.9x. SE fair value of €348 is 22.6% below the price, held with high confidence. The weighted analyst target of €469 is 4.1% above the price. For the price to hold, results must beat the model's base case. A further rise in the property-casualty combined ratio from 92.2 would show that is not happening.

**The SE Score** is 1 of 3. Quality earns two stars because ROE of 17% clears a 7.0% cost of equity by about ten points. Moat earns two stars: each euro retained has created €3.07 of market value, although ROE topped 12% in only three of ten years. Value earns no stars, with SE fair value about 20% below the price and P/B well above its own history. Because the price sits above fair value, it lowered the business tier one notch, from two stars to one.

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Weekly snapshot, not live data. For information only, not investment advice. Methodology: https://standard-equity.report/methodology