ALLIANZ (-) : Q1 conference call: PIMCO and P&C the highlights with group performance in a good place

Research evidence excerpt

ALLIANZ (-) : Q1 conference call: PIMCO and P&C the highlights with group performance in a good place

EQUITIES

INSURANCE

ALLIANZ UNDERPERFORMPRICE* EUR368.2  TARGET PRICE EUR345 (DOWNSIDE 6%)

FLASH NOTE

Q1 conference call: PIMCO and P&C the highlights with group

performance in a good place

13 MAY 2026 Securities Research Report Production time: 15:16* (London time)

Research Analyst & Publishing Entities

Iain Pearce BNP Paribas London Branch +44 7435 660 628 iain.pearce@uk.bnpparibas.com

What happened?

Allianz hosted a positive call following a solid set of Q1 numbers. The company are confident in the guidance, provided

some useful additional information surrounding some growth opportunities and continue to highlight strength in non-life

growth and Asset Management. Overall, the company’s operating performance continues to remain in good shape. We

summarise the key points below.

BNPP View:

- Combined ratio outlook: Allianz delivered a 91% combined ratio in Q1. On the call, there were guides that the

company has been adding additional prudence and conservatism on loss picks. With the company delivering a

combined ratio comfortably ahead of the 92 – 93% guidance with additional prudence, it is reasonable to question

whether Allianz will exceed the combined ratio target. CFO Claire-Marie Coste Lepoutre noted that whilst the

combined ratio is in a good place, it is too soon to think about altering guidance. Q1 benefitted from light Nat Cat

and higher discounting and there is always more conservatism in Q1. Normalised, the combined ratio remains

roughly in line with target, which we anticipate the company will be at the bottom end of.

- Ready to raise pricing in Retail: With heightened inflationary risks, strong pricing in retail and strong profitability,