Allianz Wins Fresh Buy Support as Fund Arm Powers Guidance Upgrade
Published on 11/14/2026 at 13:11 | Editorial boerse-global.de
Allianz has picked up a second endorsement from the research community in the wake of its third-quarter report, with DZ Bank lifting its fair value for the Munich insurer from €495 to €508 while reiterating a "Kaufen" rating. The move came on Thursday, the same day JPMorgan restated its more cautious "Neutral" stance and a €460 price target — a level the stock has already left behind.
Shares in the group advanced 1.3% on Friday to close at €476.20, comfortably above JPMorgan's objective but still short of DZ Bank's revised assessment.
Asset management carries the upgrade
Thorsten Wenzel, the DZ Bank analyst behind the higher valuation, tied his decision directly to the strength of Allianz's asset management operations, which he argued made the improved full-year outlook possible. The numbers bear him out: operating profit in the division jumped 35.1% year on year to €1.12 billion in the third quarter of 2026.
The property and casualty business moved in the opposite direction over the same period, with operating profit down 7.9% to €2.2 billion.
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A record nine months
At group level, Allianz reported an operating result of €14.1 billion for the first nine months of 2026 — a record for the period. Third-quarter operating profit reached €4.7 billion, an increase of 6.2%, while business volume for the quarter came in at €44.4 billion and €143.0 billion for the nine-month stretch.
The insurer also raised the top end of its guidance for full-year operating profit, now seen at roughly €18.6 billion, up from a prior ceiling of €18.4 billion. The upgraded range runs from €16.4 billion to €18.6 billion and is explicitly conditional on the absence of unforeseeable major natural catastrophes or capital market shocks.
Bottom line sends mixed signals
Profit attributable to shareholders told a more complicated story. Reuters put third-quarter net income at €2.78 billion, down from €2.85 billion a year earlier but ahead of the €2.51 billion consensus forecast. On an adjusted basis, Allianz reported quarterly earnings attributable to shareholders of €2.9 billion and an adjusted nine-month figure of €9.3 billion.
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The split verdict from the two brokerages leaves investors weighing a valuation call against a momentum call. JPMorgan's Kamran Hossain kept his €460 target unchanged after the results, while Wenzel's €508 fair value implies roughly 7% upside from Friday's close.
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