Rankings Financial data & insurance broking Allianz
Allianz
77
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−5
- Quality of growth−2
- Softening prices in commercial lines−2
Strengths
- Dividend and buybacks+3
- Asset management and capital+2
How the score is built
From 100 to 77, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 440.40 EUR
- Median analyst target
- 445.00 EUR
- Upside to median
- +1.0%
- Analysts
- 17
- Target range
- 351.00 – 684.00 EUR
- 52-week change
- +26%
- P/E (trailing)
- 14.4
- Forward P/E
- 14.0
- PEG
- 2.07
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−4 of −30
- −2Quality of growthRetail growth is only 2.5% year to date vs a target of 3–4%, and management itself says customer retention 'needs to improve' because price sensitivity is rising. Life/Health grew only 2.4% in operating profit in H1; growth is carried by Asset Management and P&C prices.
- −1Recurring restructuringRestructuring costs of EUR 1.3–1.5bn are expected in 2026 (200m in Q2 alone) plus 400m of accelerated IT decommissioning, and management signals more in H2 'in line with past experience'. Restructuring is a recurring cost, not a one-off.
- −1Business mixA conglomerate with a large, capital-heavy life and health business (Life/Health revenue EUR 89.5bn TTM, down from 92.3bn in 2025) alongside P&C and asset management; less focused and with a lower return per unit of capital than pure P&C insurers such as Sampo and Gjensidige.
Price
Today's multiples against the company's own history and its peers. · 2 findings−6 of −35
- −5Multiples vs own historyForward P/E 13.3 vs 8.6–12.6 in 2021–2025 and P/B 2.39 vs 1.01–2.24 (both record highs); trailing P/E 13.95 vs 11.2–14.0 and a dividend yield of 4.0% vs 4.6–6.9%. The higher ROE (19.6% vs 8–17%) explains part of it, but the re-rating is priced in.
- −1PeersForward P/E 13.3 and P/B 2.39 at a 19.6% ROE vs AXA (10.2/1.74/14.9%), Generali (13.0/1.87/15.1%) and Zurich (14.4/3.27/25.7%). The price matches the return; no discount.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−5 of −35
- −2Softening prices in commercial linesAllianz Commercial (AGCS) saw 'rapid softening' of prices in Q2, especially in property, natural resources and construction. As price increases reverse, the combined ratio (H1 91.4%) will be pressed from its current strong level.
- −1Natural catastrophes and claims inflationWildfires and hail in Europe in July are still being assessed, and management itself cites natural catastrophes and currency as risks to H2 guidance (EUR 17.4bn ±1bn).
- −1AI and distributionThe stock fell 4.0% on 23 Sep (DAX −1.2%) on profit-taking, less buyback support and pressure on insurance stocks after AI news from Meta; the market is starting to price the risk of AI platforms taking over the customer relationship in retail insurance.
- −1
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Dividend and buybacksDividends of EUR 6.5bn + buybacks of 2.4bn (TTM) = 8.9bn, below net profit of 11.6bn; share count −1.5% in a year, total shareholder yield 5.5%, dividend raised 11% and a new buyback of up to EUR 2.5bn in 2026.
- +2Asset management and capitalRecord inflows of EUR 84bn and third-party assets of EUR 2,161bn in H1; Asset Management operating profit +12.6%, core EPS +17.5%, core ROE 20.7% and Solvency II 225%.
Caveats
What the score does not capture, or where the data is weak.
Insurance: FCF (stockanalysis 27.9bn) is not meaningful because it includes customer funds; payouts are measured against net income. Stockanalysis' revenue forecast (+63% in 2026) is an accounting artefact (IFRS 17 vs total business volume) and should be ignored. Q2 core net income (−12.7%) is affected by one-offs (Bajaj sale, restructuring, IT wind-down). Life insurance interest-rate risk and the investment portfolio have not been examined separately. Q3 results 12 Nov.
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