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Allianz SE Unsponsored ADR (ALIZY)
OTHER OTC:ALIZY
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Allianz SE Unsponsored ADR
(OTC:ALIZY)
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Rating:79Outperform
Price Target:
$48.00
▲(15.03% Upside)
Action:ReiteratedDate:11/15/25
Allianz SE's strong financial performance and positive earnings call are the most significant factors driving the score. The company's robust profitability, strategic growth initiatives, and upward-adjusted outlook contribute positively. Technical analysis and valuation provide additional support, though mixed technical signals and minor concerns from the earnings call slightly temper the overall score.
Positive Factors
Strategic Partnership
The partnership with Samsara enhances Allianz's risk management offerings, potentially expanding its market reach and improving customer retention in the UK fleet insurance market.
Operating Profit Growth
Sustained growth in operating profit indicates strong operational efficiency and the ability to capitalize on market opportunities, supporting long-term profitability.
Asset Management Inflows
Record net inflows in asset management suggest robust demand for Allianz's investment products, enhancing revenue diversification and stability.
Negative Factors
Market Softening
Softening in key market segments could pressure margins and slow growth, necessitating strategic adjustments to maintain competitive positioning.
Cybersecurity Incidents
Cybersecurity breaches pose risks to customer trust and operational integrity, potentially leading to increased costs and regulatory scrutiny.
Decline in Equity
A decline in equity can indicate financial vulnerabilities, impacting the company's ability to fund growth initiatives and maintain financial resilience.
Allianz SE Unsponsored ADR (ALIZY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$155.83B
Dividend Yield3.69%
Average Volume (3M)307.10K
Price to Earnings (P/E)16.5
Beta (1Y)0.44
Revenue Growth23.90%
EPS Growth11.42%
CountryUS
Employees156,626
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)0.85
Shares Outstanding3,804,189,000
10 Day Avg. Volume494,185
30 Day Avg. Volume307,099
Financial Highlights & Ratios
PEG Ratio0.61
Price to Book (P/B)1.90
Price to Sales (P/S)0.84
P/FCF Ratio3.82
Enterprise Value/Market Cap0.68
Enterprise Value/Revenue0.81
Enterprise Value/Gross Profit0.98
Enterprise Value/Ebitda6.84
Forecast
1Y Price Target
$58.00Price Target Upside38.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)3.57
Revenue Forecast (FY)$226.15B
Allianz SE Unsponsored ADR Business Overview & Revenue Model
Company DescriptionAllianz SE, together with its subsidiaries, provides property-casualty insurance, life/health insurance, and asset management products and services worldwide. The company's Property-Casualty segment offers various insurance products, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit, and travel to private and corporate customers. Its Life/Health segment provides a range of life and health insurance products on an individual and a group basis, such as annuities, endowment and term insurance, and unit-linked and investment-oriented products, as well as private and supplemental health, and long-term care insurance products. The company's Asset Management segment offers institutional and retail asset management products and services to third-party investors comprising equity and fixed income funds, and multi-assets; and alternative investment products comprising infrastructure debt/equity, real assets, liquid alternatives, and solutions. Its Corporate and Other segment provides banking services for retail clients, as well as digital investment services. Allianz SE was founded in 1890 and is headquartered in Munich, Germany.
How the Company Makes MoneyAllianz SE generates revenue primarily through its insurance premiums and investment income. The company earns money by underwriting various insurance products, including property and casualty insurance, life insurance, and health insurance, where it collects premiums from policyholders. In addition to premiums, Allianz invests the collected funds in a diversified portfolio of assets, generating investment income. The company also derives revenue from its asset management division, which offers investment solutions for both institutional and retail clients, charging management and performance fees. Strategic partnerships with other financial institutions and a focus on expanding its digital offerings further enhance Allianz's revenue streams.
Allianz SE Unsponsored ADR Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call highlights strong, broad‑based operational delivery across P&C, Life & Health and Asset Management with record revenue, operating profit, robust capital generation (Solvency II 218%), record flows and improved productivity. Management acknowledges headwinds — chiefly FX sensitivity, claims inflation, reserve conservatism and exposure to nat‑cat and private credit scrutiny — but presents clear mitigation actions (prudent reserving, strong liquidity, buyback/dividend, tech investment, focus on retention and resilience). Overall positives substantially outweigh the challenges.Q4-2025 Updates
Positive Updates
Record Group Revenue and Operating Profit
Group revenue reached EUR 187 billion (record) with internal volume growth of 8%. Operating profit rose more than 8% to EUR 17.4 billion (highest level ever), above the top end of the original outlook.
Strong Earnings, EPS and ROE Outperformance
Core net income / core EPS grew ~13% (above Capital Markets Day 7–9% target range). Return on equity (ROE) at ~18% (above the >17% target).
Very Strong Solvency and Capital Generation
Solvency II ratio at 218% (up ~10 percentage points year‑on‑year). Operating capital generation (OCG) reached ~25 percentage points in 2025 (management estimates sustainable baseline ~22 ppt). Post‑stress solvency around 197%.
P&C Performance: Revenue, Margin and Profit
P&C revenue hit a record EUR 87 billion (+8%); retail P&C growth 9%. Combined ratio close to 92% for the year and P&C operating profit rose ~14% to EUR 9 billion, driven by improved attritional loss ratio and prudent reserving.
Life & Health: New Business and Profitability
PVNBP nearly EUR 85 billion (highest ever) with FX‑adjusted growth >5%. New business mix strong (Protection & Health + Unit‑Linked represent ~51% of new business value). Life & Health operating profit ~EUR 5.6 billion, FX‑adjusted growth ~4%.
Asset Management: Record Flows and Outperformance
Asset Management net flows ~EUR 139 billion (record), organic growth ~7% for the year; Q4 net flows ~EUR 45 billion (record Q4). 93% of assets outperformed 3‑year benchmark. Segment cost/income ratio ~60.7% (improved), operating profit EUR 3.3 billion (FX‑adjusted +7%).
Shareholder Returns and Liquidity Actions
Dividend per share increased double‑digit (continuing a 9‑of‑10‑year trend of increases) and a EUR 2.5 billion share buyback announced. Net cash remittances EUR 8.6 billion with remittance ratio ~89%.
Productivity, Cost Reductions and Technology Investment
P&C expense ratio materially reduced from 28.6% in 2018 to 23.9% (≈5pp improvement). Management targets ongoing ~30 bps annual cost improvements. Group investing ~EUR 6.5 billion in tech and focusing GenAI on differentiated customer service and productivity gains.
Customer, Brand and Employee Strength
NPS and brand metrics improved (70% of businesses are loyalty leaders); highest ever brand/trust scores across multiple benchmarks and best‑in‑class employee motivation and work‑well indices reported.
Negative Updates
Foreign Exchange Headwinds and USD Sensitivity
FX reduced operating profit by just under EUR 400 million in 2025. Management notes that a further U.S. dollar devaluation could reduce operating profit by about EUR 1 billion (10% USD move sensitivity cited at ~EUR 600 million in 2026 vs EUR 500m prior year).
Q4 Attritional Loss Ratio Accounting and Conservatism
Q4 undiscounted attritional loss ratio appeared ~130 bps higher year‑on‑year, with ~140 bps driven by an accounting change; after adjustments the attritional loss ratio for Q4 was roughly in line with prior year, but management took conservative current accident year peaks and strengthened reserving.
Natural Catastrophe Exposure / Event Risk
Management highlighted exposure to nat‑cat variability: a 3‑day hailstorm in Australia in Q4 caused around EUR 300 million of losses, illustrating volatility and the potential for rapid swings versus budget.
Churn and Customer Retention Challenges
Despite gains in new customer acquisition, churn remains elevated and management expects it will take another 2–3 years to materially reduce churn and complete the customer retention 'flywheel'.
Legacy and Local Charges Affecting Quarterly Results
Q4 Life operating profit below recent run‑rate due to charges taken for legacy medical business in Asia; management flagged modest noneconomic variances related to U.S. lapse experience.
Claims Inflation Pressure in Motor and Retail
Claims inflation — particularly spare parts and repair costs — remains above headline CPI. Management expects mid‑single digit inflation across much of Europe and mid‑to‑high single digit in markets such as Australia and the U.K.; pricing must continue to keep pace with claims inflation.
Private/Non‑traded Asset Scrutiny and Liquidity Risk
Group holds significant non‑traded debt (c. EUR 22 billion total non‑traded debt, ~EUR 11 billion within AZ Life). While management stresses high quality and historically low default experience (~18 bps reference), these assets attract regulatory and market scrutiny around liquidity and valuation under stress.
AI & Distribution Risk Questions
Analyst concern about potential disintermediation via LLMs and liability/regulatory uncertainty around AI‑driven advice; management acknowledges risks but believes brand, service and regulated advice requirements will preserve distributor relevance.
Company Guidance
Allianz kept its traditional outlook framework and anchored 2026 guidance to last year’s operating profit of €17.4bn ± €1bn (midpoint implying roughly +9% versus the prior outlook), while reiterating Capital Markets Day targets and signalling stronger capital generation and resilience: Solvency II at 218% (YE‑2025, +~10pp y/y) with post‑stress ~197% and an expected positive Solvency II revision effect (high end of the 5–10% range from 1‑Jan‑2027); operating capital generation target 24–25% by 2027 (OCG was 25% in 2025, underlying ~22%); remittances €8.6bn (remittance ratio 89% vs 85% target); €2.5bn share buyback announced and a double‑digit dividend per share increase; 2025 highlights feeding the outlook included revenues €187bn (+8% internal volume growth), operating profit €17.4bn (+8%, ~+11% ex‑FX), core EPS +13% (vs CMD target 7–9%), ROE/core equity return ~18%/18.1%, P&C OP €9bn (+14%) with combined ratio ~92% and retail growth 9%, Life & Health OP €5.6bn with PVNBP ~€85bn, Asset Management net flows ~€139bn (organic growth 7%) and cost/income ~60–61% (AGI 60.7%), plus expense‑ratio progress in P&C (from 28.6% in 2018 to 23.9%) — all framed conservatively to allow for FX, nat‑cat and market volatility.Allianz SE Unsponsored ADR Financial Statement Overview
Summary
Allianz SE presents a strong financial profile with solid profitability and efficient operations. The balance sheet is stable with manageable leverage, though recent declines in equity warrant attention. Cash flow generation is robust, supporting operational needs and strategic initiatives.Income Statement
Allianz SE demonstrates strong profitability with consistent gross profit margins and net profit margins over the years. The company has maintained a stable EBIT and EBITDA margin, reflecting efficient operations. However, recent revenue growth has been slightly volatile, with a minor decline in the latest year. Overall, the income statement indicates robust financial health with room for growth.82
Very Positive
Balance Sheet
The balance sheet of Allianz SE showcases a healthy equity position with a favorable debt-to-equity ratio, indicating low leverage risk. The company maintains a strong equity ratio, underlining financial stability. However, the decline in stockholders' equity over recent years could be a point of concern. Nonetheless, the balance sheet remains solid overall.78
Positive
Cash Flow
Allianz SE's cash flow statement highlights strong operating cash flow generation, which comfortably covers net income, indicating robust cash conversion. The free cash flow has shown positive growth, supporting strategic investments and shareholder returns. However, fluctuations in operating cash flows in recent years suggest a need for monitoring cash flow stability.80
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 131.33B | 136.92B | 119.67B | 79.86B | 118.91B | 112.24B |
| Gross Profit | 108.40B | 110.39B | 95.40B | 54.68B | 98.12B | 92.71B |
| EBITDA | 15.57B | 16.93B | 14.48B | 13.27B | 13.20B | 12.85B |
| Net Income | 10.21B | 9.93B | 8.54B | 6.42B | 6.61B | 6.81B |
Balance Sheet | ||||||
| Total Assets | 992.88B | 1.04T | 983.17B | 1.02T | 1.14T | 1.06T |
| Cash, Cash Equivalents and Short-Term Investments | 590.95B | 599.55B | 584.26B | 521.17B | 648.15B | 640.20B |
| Total Debt | 28.19B | 23.12B | 20.23B | 35.79B | 35.57B | 35.52B |
| Total Liabilities | 932.37B | 980.50B | 919.59B | 966.26B | 1.06T | 975.42B |
| Stockholders Equity | 57.20B | 60.29B | 58.48B | 54.41B | 79.95B | 80.82B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 29.99B | 22.32B | 346.00M | 23.71B | 30.60B |
| Operating Cash Flow | 0.00 | 31.90B | 24.46B | 1.96B | 25.12B | 32.05B |
| Investing Cash Flow | 0.00 | -25.68B | -12.01B | 2.96B | -19.78B | -28.87B |
| Financing Cash Flow | 0.00 | -4.36B | -5.72B | -4.37B | -3.79B | -1.39B |
Allianz SE Unsponsored ADR Technical Analysis
Negative
41.73
Price Trends
43.59
Negative
43.33
Negative
42.22
Negative
Market Momentum
-0.92
Positive
36.93
Neutral
76.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALIZY, the sentiment is Negative. The current price of 41.73 is below the 20-day moving average (MA) of 42.42, below the 50-day MA of 43.59, and below the 200-day MA of 42.22, indicating a bearish trend. The MACD of -0.92 indicates Positive momentum. The RSI at 36.93 is Neutral, neither overbought nor oversold. The STOCH value of 76.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ALIZY.
Allianz SE Unsponsored ADR Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $33.04B | 7.15 | 19.02% | ― | 16.68% | -28.54% | |
79 Outperform | $155.83B | 16.47 | 17.77% | 3.69% | 23.90% | 11.42% | |
79 Outperform | $36.61B | 10.14 | 21.37% | 1.55% | 7.11% | 22.52% | |
73 Outperform | $18.80B | 16.80 | 10.26% | 3.44% | 12.33% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $10.58B | 4.30 | 14.36% | 5.77% | -6.19% | ― | |
67 Neutral | $39.88B | 15.62 | 7.50% | 2.02% | -23.02% | 52.43% |
* Financial Sector Average
ALIZY
Allianz SE Unsponsored ADR
40.69
3.04
8.07%
AEG
Aegon
6.95
0.56
8.73%
AIG
American International Group
74.33
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-9.16%
ACGL
Arch Capital Group
92.87
-0.32
-0.34%
HIG
Hartford Insurance
132.71
15.01
12.75%
PFG
Principal Financial
86.68
5.41
6.66%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.