# Allianz SE VNA O.N. (ALV.XETRA)

Canonical: https://gigainvestors.com/s/ALV.XETRA

Analysis as of: 2026-10-16T07:33:34.223Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 429.80 per share; close as of 2026-10-15.

Estimated value: low EUR 198.39 per share, central EUR 247.99 per share, high EUR 330.65 per share. Buy at or below the central value EUR 247.99 per share. Valuation as of 2026-10-16T07:33:34.223Z; scenarios are not confidence intervals.

Expected annual return: 8.3% at the stated quote. About 8.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.24×

Chart: Net income; fiscal year observations.

- FY2016: EUR 6.9B

- FY2017: EUR 6.8B

- FY2018: EUR 7.5B

- FY2019: EUR 7.9B

- FY2020: EUR 6.8B

- FY2021: EUR 6.6B

- FY2022: EUR 6.4B

- FY2023: EUR 8.5B

- FY2024: EUR 9.8B

- FY2025: EUR 11B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 11.2%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 8.4%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 10.2%

- FY2017: 10.4%

- FY2018: 12.2%

- FY2019: 10.7%

- FY2020: 8.4%

- FY2021: 8.2%

- FY2022: 11.8%

- FY2023: 14.6%

- FY2024: 16.2%

- FY2025: 16.9%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 8.7%

- Book return interval: 10 years

- Starting book value per share: EUR 138.99

- Ending book value per share: EUR 163.78

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 12.2%

- FY2017: 5.4%

- FY2018: 3.2%

- FY2019: 29.9%

- FY2020: 15.6%

- FY2021: 3.9%

- FY2022: -24.8%

- FY2023: 19.5%

- FY2024: 15.2%

- FY2025: 16.3%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -1.7%

- Diluted shares, 5-year annual growth: -1.5%

- Share growth excluding flagged crisis recapitalisations: -1.7%

- Five-year share growth excluding flagged crisis recapitalisations: -1.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.38×

- Book value created per share: EUR 24.79

- Earnings retained per share after dividends and buybacks: EUR 65.08

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 98

- FY2018: 94

- FY2019: 92

- FY2020: 91

- FY2021: 91

- FY2022: 89

- FY2023: 87

- FY2024: 86

- FY2025: 84

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.7% a year forever · "Is Allianz’s Upgraded 2025 Profit Outlook Reshaping the Investment Case for (XTRA:ALV)?" (finance.yahoo.com, Nov 2025) · net income +8.3%

Story as of 2026-10-16T09:59:56.723Z; price observation 2026-10-15.

The price assumes profits grow 7.7% a year forever

- 2025-11-14: Is Allianz’s Upgraded 2025 Profit Outlook Reshaping the Investment Case for (XTRA:ALV)? ([finance.yahoo.com](https://finance.yahoo.com/news/allianz-upgraded-2025-profit-outlook-151453042.html))

- 2026-02-26: Allianz Pairs Record Profit With Bigger Dividend And €2.5b Buy-Back ([finance.yahoo.com](https://finance.yahoo.com/news/allianz-pairs-record-profit-bigger-141255654.html))

- 2026-07-08: Allianz to cut up to 1,800 jobs due to increasing AI use ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/allianz-cut-1-800-jobs-110244849.html))

### Net income · FY2025

net income +8.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 6.9B 

- FY2017: EUR 6.8B 

- FY2018: EUR 7.5B 

- FY2019: EUR 7.9B 

- FY2020: EUR 6.8B 

- FY2021: EUR 6.6B 

- FY2022: EUR 6.4B 

- FY2023: EUR 8.5B 

- FY2024: EUR 9.8B 

- FY2025: EUR 11B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance diversified; annual sales are EUR 137.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:34.223Z); FY2025: revenue 137808000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALV.XETRA: Allianz 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, accident, fire and property, general liability, credit, and travel, and assistance services 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, cash, and multi-assets; and alternative investment products that include real estate, infrastructure debt/equity, real assets, liquid alternatives, and solutions business. In addition, it provides banking services for retail clients; and digital investment services. Allianz SE was founded in 1890 and is headquartered in Munich, Germany.

### Why customers stay

It earns 11.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:34.223Z); 10-year return on tangible equity observations [[2016,0.1022111343757889],[2017,0.10377862187848001],[2018,0.12186438463548471],[2019,0.10694305559309208],[2020,0.08422315982232341],[2021,0.08204922953772263],[2022,0.11800055131857025],[2023,0.14605742428647162],[2024,0.16235672698923484],[2025,0.16904754312681355]]; median 0.11247180345583116. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:34.223Z); Dividend observations: [[2016,3646000000],[2017,3661000000],[2018,3673000000],[2019,3767000000],[2020,3952000000],[2021,3956000000],[2022,4870000000],[2023,4931000000],[2024,5751000000],[2025,6387000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:34.223Z); FY2025: cash repurchases 1994000000 EUR.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALV.XETRA SharesStats.PercentInsiders = 0.009000000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:34.223Z); Price 429.8; FX 1; original perpetual distributable cash 9.919555089466394; discount 0.1; growth 0.07692053259779806. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 142.00 per share

- 2016-11: EUR 149.80 per share

- 2016-12: EUR 157.00 per share

- 2017-01: EUR 156.80 per share

- 2017-02: EUR 164.20 per share

- 2017-03: EUR 173.65 per share

- 2017-04: EUR 174.80 per share

- 2017-05: EUR 170.90 per share

- 2017-06: EUR 172.40 per share

- 2017-07: EUR 180.00 per share

- 2017-08: EUR 179.75 per share

- 2017-09: EUR 189.95 per share

- 2017-10: EUR 199.35 per share

- 2017-11: EUR 198.15 per share

- 2017-12: EUR 191.50 per share

- 2018-01: EUR 203.50 per share

- 2018-02: EUR 192.02 per share

- 2018-03: EUR 183.40 per share

- 2018-04: EUR 196.46 per share

- 2018-05: EUR 176.38 per share

- 2018-06: EUR 177.02 per share

- 2018-07: EUR 189.14 per share

- 2018-08: EUR 183.64 per share

- 2018-09: EUR 192.00 per share

- 2018-10: EUR 184.44 per share

- 2018-11: EUR 186.50 per share

- 2018-12: EUR 175.14 per share

- 2019-01: EUR 184.92 per share

- 2019-02: EUR 195.60 per share

- 2019-03: EUR 198.28 per share

- 2019-04: EUR 214.80 per share

- 2019-05: EUR 198.86 per share

- 2019-06: EUR 212.00 per share

- 2019-07: EUR 210.40 per share

- 2019-08: EUR 200.50 per share

- 2019-09: EUR 213.85 per share

- 2019-10: EUR 219.00 per share

- 2019-11: EUR 217.35 per share

- 2019-12: EUR 218.40 per share

- 2020-01: EUR 215.85 per share

- 2020-02: EUR 194.80 per share

- 2020-03: EUR 156.88 per share

- 2020-04: EUR 168.88 per share

- 2020-05: EUR 162.82 per share

- 2020-06: EUR 181.76 per share

- 2020-07: EUR 176.22 per share

- 2020-08: EUR 181.52 per share

- 2020-09: EUR 163.62 per share

- 2020-10: EUR 151.06 per share

- 2020-11: EUR 197.66 per share

- 2020-12: EUR 200.70 per share

- 2021-01: EUR 186.52 per share

- 2021-02: EUR 199.80 per share

- 2021-03: EUR 217.05 per share

- 2021-04: EUR 216.40 per share

- 2021-05: EUR 215.45 per share

- 2021-06: EUR 210.30 per share

- 2021-07: EUR 210.00 per share

- 2021-08: EUR 198.98 per share

- 2021-09: EUR 194.84 per share

- 2021-10: EUR 201.15 per share

- 2021-11: EUR 192.44 per share

- 2021-12: EUR 207.65 per share

- 2022-01: EUR 227.35 per share

- 2022-02: EUR 203.30 per share

- 2022-03: EUR 216.55 per share

- 2022-04: EUR 216.20 per share

- 2022-05: EUR 195.02 per share

- 2022-06: EUR 182.12 per share

- 2022-07: EUR 177.32 per share

- 2022-08: EUR 168.58 per share

- 2022-09: EUR 161.80 per share

- 2022-10: EUR 182.20 per share

- 2022-11: EUR 204.35 per share

- 2022-12: EUR 200.90 per share

- 2023-01: EUR 219.20 per share

- 2023-02: EUR 222.15 per share

- 2023-03: EUR 212.80 per share

- 2023-04: EUR 227.45 per share

- 2023-05: EUR 199.98 per share

- 2023-06: EUR 213.20 per share

- 2023-07: EUR 217.40 per share

- 2023-08: EUR 224.35 per share

- 2023-09: EUR 225.70 per share

- 2023-10: EUR 220.90 per share

- 2023-11: EUR 230.60 per share

- 2023-12: EUR 241.95 per share

- 2024-01: EUR 247.80 per share

- 2024-02: EUR 253.85 per share

- 2024-03: EUR 277.80 per share

- 2024-04: EUR 266.60 per share

- 2024-05: EUR 268.30 per share

- 2024-06: EUR 259.50 per share

- 2024-07: EUR 260.80 per share

- 2024-08: EUR 280.90 per share

- 2024-09: EUR 295.00 per share

- 2024-10: EUR 289.40 per share

- 2024-11: EUR 292.20 per share

- 2024-12: EUR 295.90 per share

- 2025-01: EUR 314.40 per share

- 2025-02: EUR 330.30 per share

- 2025-03: EUR 352.10 per share

- 2025-04: EUR 364.10 per share

- 2025-05: EUR 348.70 per share

- 2025-06: EUR 344.10 per share

- 2025-07: EUR 347.20 per share

- 2025-08: EUR 361.20 per share

- 2025-09: EUR 357.40 per share

- 2025-10: EUR 348.20 per share

- 2025-11: EUR 372.30 per share

- 2025-12: EUR 390.50 per share

- 2026-01: EUR 371.80 per share

- 2026-02: EUR 382.20 per share

- 2026-03: EUR 359.30 per share

- 2026-04: EUR 389.00 per share

- 2026-05: EUR 381.60 per share

- 2026-06: EUR 414.10 per share

- 2026-07: EUR 432.50 per share

- 2026-08: EUR 450.80 per share

- 2026-09: EUR 416.30 per share

- 2026-10: EUR 423.50 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 171.34 per share, central EUR 214.17 per share, high EUR 285.56 per share

- FY2017: low EUR 167.95 per share, central EUR 209.93 per share, high EUR 279.91 per share

- FY2018: low EUR 134.63 per share, central EUR 148.09 per share, high EUR 164.54 per share

- FY2019: low EUR 207.07 per share, central EUR 258.83 per share, high EUR 345.11 per share

- FY2020: low EUR 225.38 per share, central EUR 281.73 per share, high EUR 375.64 per share

- FY2021: low EUR 211.70 per share, central EUR 264.62 per share, high EUR 352.83 per share

- FY2022: low EUR 128.84 per share, central EUR 161.05 per share, high EUR 214.73 per share

- FY2023: low EUR 146.22 per share, central EUR 182.78 per share, high EUR 243.70 per share

- FY2024: low EUR 140.56 per share, central EUR 174.84 per share, high EUR 231.23 per share

- FY2025: low EUR 196.77 per share, central EUR 245.96 per share, high EUR 327.95 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:20.070Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations