Allianz SE: Key takeaways from 1Q26 conference call

研报英文原文证据摘录

Allianz SE: Key takeaways from 1Q26 conference call

Equity Research

European Insurance

13 May 2026

Allianz SE

Key takeaways from 1Q26

conference call

Management delivered an overall confident message, albeit ALVG.DE/ALV GR UNDERWEIGHT

not hinting at any guidance upgrades. Key highlights include: European Insurance NEUTRAL

1) Further colour on reinvestment of Bajaj proceeds; 2) Details Price Target EUR 350.00

Price (12-May-26) EUR 368.20

on underlying developments within P&C; 3) Drivers for Potential Upside/Downside -4.9%

unusually weak investment result in L&H. Source: Bloomberg, Barclays Research

European InsuranceKey takeaways:

Claudia Gaspari

1) Bajaj proceeds redeployment: Realised €200m of losses in 1Q26 with only €1.5m net +44 (0)20 3134 6039

claudia.gaspari@barclays.comdeployed into strategic / productivity initiatives; management reiterated that the bulk of

Barclays, UK

remaining proceeds will be used to fund strategic (notably AI-related) and productivity

initiatives (namely in P&C), alongside further selective realisation of fixed income losses to Alessia Magni, CFA

accelerate reinvestment. Exact timing and split remain flexible / uncertain, with deployment +44 (0)20 3555 7393

alessia.magni@barclays.comlikely phased in three tranches through FY26 depending on market conditions and execution of

initiatives.

Domenico Turco

2) P&C pricing resilient, volumes mixed: Pricing momentum continues to moderate but +44 (0)20 7773 3505

remains resilient, with retail motor still around +8% and MidCorp at c. +4% (driven by Germany) domenico.turco@barclays.com

highlighted as supportive areas. Retail volume growth at +2.4% was acknowledged as below the Barclays, UK

3–4% CMD target, with shortfall largely driven by seasonality (notably Germany and France) and