Record 14.1 billion euros at Allianz: Profit target raised despite disaster losses

Allianz reported record operating profit of €14.1 billion for the first nine months of the year, up 7.8% year-on-year, even as third-quarter natural disaster claims weighed on its insurance earnings. The German insurer raised the upper end of its 2026 operating profit target range to €18.6 billion, signaling confidence in its ability to absorb catastrophe losses. The results matter because they show Europe's largest insurer sustaining earnings growth despite a heavy claims environment, a key test for the sector as climate-related losses mount. Investors will watch whether Allianz can hold its underwriting margins through the remainder of the year and how the upgraded 2026 guidance shapes expectations for capital returns.