ALLIANZ (-) : On trend

Research evidence excerpt

ALLIANZ (-) : On trend

EQUITIES

INSURANCE

ALLIANZ UNDERPERFORMPRICE* EUR372.3  TARGET PRICE EUR345 (DOWNSIDE 7%) TARGETunchangedPRICE EPS 1%27e nonEPSmaterial28e

On trend

P&C, PIMCO drive the profits15 MAY 2026

Securities Research Report Overall, there was little change at Allianz’s Q1’s with the trend of recent results continuing. Solid

Production time: 09:16* (London time) volume growth in P&C, excellent flow data in PIMCO and good capital generation. Allianz is at or

Research Analysts & Publishing Entities ahead of many of its 2027 targets. The outlook remains solid. Retail pricing remains resilient and

Iain Pearce volume growth continues to tick up. New product launches continue to provide a tailwind to PIMCO.

BNP Paribas London Branch We slightly increase our estimates. We remain underperform as expectations have already captured+44 7435 660 628

iain.pearce@uk.bnpparibas.com these operating trends and there is greater valuation appear at peers.

Meera Sheth The positive trends continueBNP Paribas London Branch

(+44) 7469 403 487 Retail P&C continue to deliver strong results whilst still seeing positive trends. The Retail division

meera.sheth@uk.bnpparibas.com delivered 8% internal growth, supported by 5.5% rate change on renewal. Volume trends have

improved slightly, whilst rates clearly remain ahead of claims inflation. PIMCO again delivered a

strong quarter, with €38bn of inflows. With these operating trends, there is reason for confidence in

Allianz comfortably delivering its targets.

Life

The Life result was somewhat more mixed. The Italian business suffered from the loss of the

UniCredit JV and the Indian disposal also impacted the volumes in APAC. There were also tough

comparators in Germany. The lower volumes were not compensated by higher NBM’s.