Allianz posts Q1 P&C combined ratio of 91.8%

By Rebecca Delaney

May 15 - (The Insurer) - Allianz posted a P&C combined ratio of 91.8% for the first quarter of 2025 on Thursday, ahead of its full-year target of around 93.0%.

Natural catastrophe claims increased after a benign first quarter in 2024, but the loss ratio of 67.7% was partly offset by a better run-off result.

In the P&C insurance segment, total business volume increased by 7.1% year on year to 27.0 billion euros ($30.3 billion). Allianz said this was driven by continued healthy rate increases, in particular in retail, while commercial momentum "remained resilient but slowed down".

In the commercial business, Allianz said internal growth of 5.0% reflected the "sustained momentum" of the business, while navigating a "slowing" pricing environment.

The commercial segment reported a combined ratio of 91.7%, a 1.8 percentage point deterioration year on year.

P&C operating profit was up 5.0% to 2.2 billion euros, driven by a higher insurance service result.

This marked Allianz's highest quarterly operating profit ever, and represented 27.0% of its full-year outlook midpoint.

At group level, total business volume increased by 11.7% year on year to 54.0 billion euros.

Operating profit increased by 6.3% to 4.2 billion euros, equivalent to 26.0% of Allianz's full-year outlook midpoint.

Shareholders’ core net income stood at 2.6 billion euros. Adjusted for a one-off tax provision related to the upcoming sale of Allianz's stake in its Indian joint ventures, shareholders’ core net income was up 5.0%.

Allianz concluded that it is "fully" on track to achieve its full-year operating profit outlook of 16.0 billion euros, plus or minus 1.0 billion euros.