Allianz
Overview
Allianz SE is a global insurance and asset management company headquartered in Munich, Germany, founded in 1890. The Group operates through three main segments: Property-Casualty Insurance, Life/Health Insurance, and Asset Management. As of 31 December 2025, Allianz managed $2.95 trillion in total assets under management, including $2.34 trillion in third-party assets under management. The company employs 156,875 people globally as of 31 December 2025.
Allianz operates as an integrated insurance and asset management group, combining proprietary insurance reserve management with third-party asset management services. The company is rated AA by S&P Global, Aa2 by Moody's, and A+ by AM Best, placing it at the top of its peer group. Allianz's brand value reached $28.2 billion in 2025 according to the Interbrand Best Global Brands ranking, making it the world's most valuable insurance brand for the seventh consecutive year. The company maintains a two-tier governance structure with a Board of Management responsible for executive operations and a Supervisory Board providing oversight.
Allianz serves customers globally with protection and investment solutions across public equity, fixed income, private equity, real estate, infrastructure, and cash. The company's scale and diversification across insurance and asset management segments position it as one of the world's largest financial services organizations. Total business volume reached $219.3 billion in 2025, up from $211.0 billion in 2024. The company's operating model emphasizes superior asset management skills as a competitive advantage in a fast-changing investment landscape.
Investment Mandate
Allianz operates as an integrated insurance and asset management group serving customers globally with protection and investment solutions. The Asset Management segment manages third-party assets across public equity, fixed income, private equity, real estate, infrastructure, and other asset classes. Third-party net inflows in Asset Management reached $163.5 billion in 2025, reflecting strong demand for investment solutions. The company emphasizes superior asset management skills as a competitive advantage in a fast-changing investment landscape.
The Life/Health segment achieved present value of new business premiums (PVNBP) of $99.4 billion in 2025 with a new business margin of 5.7 percent. The Property-Casualty Insurance segment grew total business volume by 4.7 percent to $101.8 billion in 2025, driven by volume and targeted price increases. Allianz maintains a disciplined focus on affordable, relevant insurance solutions to ensure protection remains accessible to customers. The company does not disclose target allocation percentages or a formal Investment Policy Statement in its public filings. It does disclose actual allocation: at 31 December 2025, fixed income represented 74.6 percent of total assets under management, alternatives 9.6 percent, multi-assets 8.3 percent, and equities 7.5 percent, and its insurance investment portfolio totaled $896.9 billion, 74.8 percent in debt instruments.
Allianz's geographic focus spans global markets with particular strength in Europe, North America, and Asia-Pacific. The company's investment approach combines active and passive strategies across its insurance and asset management operations. Third-party assets under management increased by 3.6 percent to $2.34 trillion as of 31 December 2025. The Asset Management segment achieved a 3.3 percent increase in operating profit in 2025, reaching $3.9 billion, supported by strong inflows and investment performance.
Fixed income comprised 74.6 percent of Allianz total assets under management at 31 December 2025, followed by alternatives at 9.6 percent, multi-assets at 8.3 percent, and equities at 7.5 percent. Source: Allianz Group Annual Report 2025, Composition of total assets under management; converted at 1.1736 USD per EUR (Federal Reserve H.10, 31 December 2025).
| Asset Class | AUM (USD billions) |
|---|---|
| Fixed income | 74.6% |
| Alternatives | 9.6% |
| Multi-assets | 8.3% |
| Equities | 7.5% |
Financial Position
Total assets under management were $2.95 trillion as of 31 December 2025, per Allianz Group Annual Report 2025 key figures. Third-party assets under management totaled $2.34 trillion. Operating profit advanced to $20.4 billion in 2025 from $18.8 billion in 2024, with the Property-Casualty segment contributing a 13.9 percent increase. Net income attributable to shareholders was $12.7 billion in 2025, compared with $11.6 billion in 2024. Core return on equity was 18.1 percent in 2025, compared with 16.9 percent in 2024.
Shareholders' equity was $73.9 billion as of 31 December 2025, up from $70.4 billion at year-end 2024. The Solvency II capitalization ratio was 218 percent as of 31 December 2025, compared with 209 percent at year-end 2024. The Allianz share total return was 37.6 percent for calendar year 2025. Total business volume reached $219.3 billion in 2025, up from $211.0 billion in 2024. The company employs 156,875 people globally as of 31 December 2025.
- Total assets under management: $2.95 trillion as of 31 December 2025
- Core return on equity: 18.1 percent for calendar year 2025
- Net income attributable to shareholders: $12.7 billion for calendar year 2025
- Operating profit: $20.4 billion for calendar year 2025
- Third-party net inflows: $163.5 billion in 2025
- Workforce: 156,875 employees globally as of 31 December 2025
Total assets under management grew from $2.29 trillion at year-end 2022 to $2.95 trillion at year-end 2025. Source: Allianz Group Annual Report 2025, Key Indicators table; EUR figures converted at Federal Reserve H.10 year-end rates.
| Period | AUM (USD trillions) |
|---|---|
| 2022 | 2.29 |
| 2023 | 2.46 |
| 2024 | 2.53 |
| 2025 | 2.95 |
DEEP Disclosure Rating
Under the DEEP Disclosure Rating, Allianz scores 54 of 100 (Limited) for disclosure and governance transparency as of this assessment. Allianz publishes audited financial statements, total and third-party assets under management, actual asset allocation, investment results, and its investment expenses and fee figures, and it names its supervisory and management boards. It does not publish an investment policy statement, target allocation, position-level holdings, a manager-selection process, an RFP process, or board and committee meeting minutes and materials. The DEEP Disclosure Rating measures disclosure and governance practices; it does not assess investment quality, performance, or creditworthiness. Last assessed October 2026. Items that cannot apply to a fund's type are excluded from its score rather than scored as zero. The fund-specific basis is set out in the DEEP Disclosure Report. The full scoring rubric is public on the DEEP Disclosure Rating methodology page. A detailed, pillar-by-pillar and item-by-item breakdown of this fund's score is available as a DEEP Disclosure Report on request.
Manager Approach and Matching Profile
Pursuit verdict: Allianz operates as an integrated insurance and asset management group, managing both proprietary insurance reserves and third-party assets through its Asset Management segment. External asset managers have no disclosed opportunity: the company does not publish an RFP process, procurement calendar, or manager selection criteria for investment mandates. No investment consultant is named in public disclosures. The Allianz Deutschland AG Procure-to-Pay Supplier Portal is for operational procurement (goods and services) only, not investment management. Active and passive managers seeking mandates from Allianz should note that no public pathway for external manager appointments is disclosed.
- Target vs. actual allocation: Allianz does not disclose target allocation percentages or ranges by asset class. It does disclose actual allocation: at 31 December 2025, total assets under management comprised fixed income of $2.20 trillion (74.6 percent), alternatives of $284.0 billion (9.6 percent), multi-assets of $245.3 billion (8.3 percent), and equities of $220.6 billion (7.5 percent). The insurance investment portfolio totaled $896.9 billion, with debt instruments at 74.8 percent. Asset-class figures are converted from EUR at 1.1736 USD per EUR.
- Historical AUM and return series: Allianz discloses total assets under management annually from 2022 through 2025 in its key figures table. The company reports the Allianz share total return (37.6 percent for calendar year 2025) but does not disclose fund-level or segment-level investment returns. Third-party assets under management increased by 3.6 percent to $2.34 trillion as of 31 December 2025.
Period AUM (USD) Return 2025 year-end $2.95 trillion 37.6% (Allianz share total return) 2024 year-end $2.53 trillion Not disclosed 2023 year-end $2.46 trillion Not disclosed 2022 year-end $2.29 trillion Not disclosed - External manager roster and consultant detail: Third-party assets are managed by Allianz's two asset management businesses: PIMCO (79.0 percent of third-party assets under management, about $1.85 trillion) and Allianz Global Investors (about $490.5 billion). Insurance portfolios are managed internally by Allianz insurance entities. Allianz does not publish a roster of external managers, mandate benchmarks, or management fees, and names no investment consultant. Third-party net inflows were $163.5 billion in 2025.
- Commitment pacing: Allianz does not disclose commitment pacing. As an insurance and asset management company (not a pension fund or endowment), it does not manage participant contributions or capital commitments in the traditional sense. The company reports third-party net inflows of $163.5 billion in 2025 and total business volume of $219.3 billion in 2025, but does not publish a pacing schedule or commitment calendar for private-market investments. The Life/Health segment achieved present value of new business premiums (PVNBP) of $99.4 billion in 2025, but this reflects insurance premium flows rather than investment commitments.
- RFP, procurement, and board calendar: Allianz does not publish an RFP calendar or procurement schedule for investment mandates. The Allianz Deutschland AG Procure-to-Pay Supplier Portal (azd.procurement.allianz.com) is a subsidiary portal for Allianz Deutschland AG and Allianz Technology SE, used for operational procurement (goods and services) rather than investment management mandates. No investment consultant is named in public disclosures. The company does not describe a manager-selection process or state a policy on unsolicited proposals. The Supervisory Board held six ordinary meetings and adopted one written resolution in 2025, but the meeting calendar and agendas are not published in advance. No public pathway for external asset managers to engage with Allianz on investment mandates is disclosed.
| Mandate | Benchmark or Strategy | AUM (USD) | Manager | Fee or Expense |
|---|---|---|---|---|
| Third-party assets under management | Not publicly disclosed | $1.85 trillion | PIMCO | Not publicly disclosed |
| Third-party assets under management | Not publicly disclosed | $490.5 billion | Allianz Global Investors | Not publicly disclosed |
| Insurance investment portfolio | Not publicly disclosed | $896.9 billion | Allianz insurance entities (managed internally) | Not publicly disclosed |
Matching profile: these data points feed the cross-fund manager matching profile.
Sources: Allianz Group Annual Report 2025 (released 13 March 2026), Allianz Group Key Indicators page (updated 7 May 2026), Allianz Half-year Report 2026 (released 7 August 2026), Allianz Deutschland AG Procure-to-Pay Supplier Portal (azd.procurement.allianz.com).
Governance and Leadership
Allianz SE is governed by a two-tier board structure: a Board of Management (nine members) and a Supervisory Board (twelve members, equally divided between shareholder and employee representatives). The Board of Management is chaired by Oliver Bäte (CEO). Key investment-related roles include Dr. Günther Thallinger (Board of Management member responsible for Investment Management and Sustainability) and Dr. Andreas Wimmer (Board of Management member responsible for Asset Management and US Life Insurance). Claire-Marie Coste-Lepoutre serves as Chief Financial Officer (CFO) with responsibility for Finance, Risk, Actuarial, Legal, and Compliance.
The Supervisory Board is chaired by Dr. Jörg Schneider, with Prof. Dr. Ralf P. Thomas as Vice Chairman. Gabriele Burkhardt-Berg serves as Vice Chairwoman (employee representative). The Supervisory Board held six ordinary meetings and adopted one written resolution in 2025. Committees include the Standing Committee, Personnel Committee, Audit Committee, and Sustainability Committee. The Audit Committee oversaw auditor rotation planning, financial statement review, and risk management. The Personnel Committee addressed Board of Management remuneration, succession planning, and Fit & Proper assessments. Allianz complies with all recommendations of the German Corporate Governance Code (version of 28 April 2022) and issued a Declaration of Conformity on 11 December 2025.
- Oliver Bäte, Chairman of the Board of Management (CEO)
- Dr. Günther Thallinger, Board of Management member, Investment Management and Sustainability
- Dr. Andreas Wimmer, Board of Management member, Asset Management and US Life Insurance
- Claire-Marie Coste-Lepoutre, Board of Management member, Finance, Risk, Actuarial, Legal, Compliance (CFO)
- Dr. Jörg Schneider, Chairman of the Supervisory Board
- Prof. Dr. Ralf P. Thomas, Vice Chairman of the Supervisory Board
- Gabriele Burkhardt-Berg, Vice Chairwoman of the Supervisory Board (Employee representative)
How to Engage
Allianz operates as an integrated insurance and asset management group, managing both proprietary insurance reserves and third-party assets. Third-party net inflows of $163.5 billion in 2025 reflect the attractiveness of Allianz's investment solutions across a broad spectrum of asset classes. The company emphasizes superior asset management skills as a competitive advantage in a fast-changing investment landscape. The Asset Management segment achieved a 3.3 percent increase in operating profit in 2025, reaching $3.9 billion, supported by strong inflows and investment performance.
Allianz does not publish an RFP process, procurement calendar, or manager selection criteria for investment mandates. No investment consultant is named in public disclosures. The Allianz Deutschland AG Procure-to-Pay Supplier Portal (azd.procurement.allianz.com) is a subsidiary portal for operational procurement (goods and services), not investment management. The company does not describe a manager-sourcing method or state a policy on unsolicited proposals. External asset managers seeking mandates from Allianz should note that no public pathway for engagement on investment mandates is disclosed.
Sources and Documents
- Allianz Group Annual Report 2025 (released 13 March 2026)
- Allianz Group Key Indicators page (updated 7 May 2026)
- Allianz Half-year Report 2026 (released 7 August 2026)
- Allianz Board of Management page
- Allianz Supervisory Board page
- Allianz Equity Story page
- Allianz Deutschland AG Procure-to-Pay Supplier Portal
Data Notes and Methodology
This profile is based on Allianz Group Annual Report 2025 (released 13 March 2026), Half-year Report 2026 (released 7 August 2026), key figures published on the Allianz investor relations website (updated 7 May 2026), and governance pages accessed 1 October 2026. Total assets under management of EUR 2,512 billion as of 31 December 2025 are converted to USD at 1.1736 per EUR as of 31 December 2025, yielding approximately $2.95 trillion. Allianz is an insurance company and asset manager, not a pension fund, endowment, or sovereign wealth fund. Many disclosure items (Investment Policy Statement, target and actual allocation, holdings, manager selection, RFP) are not applicable to its business model. The Allianz Deutschland AG Procure-to-Pay Supplier Portal is a subsidiary portal for operational procurement, not investment management. No group-level investment procurement portal or RFP calendar was found. The company reports core return on equity (18.1 percent for 2025) and Allianz share total return (37.6 percent for 2025) but does not disclose fund-level or segment-level investment returns. Next expected update: Allianz Group Annual Report 2026 (expected March 2027).