Allianz Nears Record High as Diesel Accord Clears the Way for Accelerated Share Repurchases
24.06.2026 - 07:43:26 | boerse-global.de
Allianz shares are trading within a whisker of a 52-week peak, propelled by a €277.7m diesel litigation settlement that removes a lingering overhang and a €2.5bn buyback programme that continues to gather momentum. The Munich-based insurer closed at €405.20 on Tuesday, with another reading placing the stock at €405.40 – both just half a percent below the year’s high of €407 set last Monday.
On the legal front, shareholders of Porsche AG have greenlit a D&O insurance settlement with Volkswagen Group’s insurers, a deal that directly involves Allianz through its industrial insurance arm, Allianz Global Corporate & Specialty SE. The agreement, which covers claims related to the diesel-emissions scandal and possible further engine-manipulation issues, totals €277.715m. Around €270m comes from a first-layer coverage pact, while an additional €7.7m stems from a separate Berkshire comparison. The original 2021 resolution was overturned by the Federal Court of Justice on procedural grounds, prompting the parties to redraw the contract. Volkswagen’s own annual general meeting cleared the way last week.
Meanwhile, the buyback machine is running at full throttle. During the third week of June, Allianz snapped up nearly 120,000 of its own shares at an average price of €399, spending roughly €47m. Since mid-March, the insurer has repurchased close to 3.4m shares, returning a total of €1.27bn to shareholders. Management remains committed to deploying the full €2.5bn programme by year-end, undeterred by the stock’s elevated price.
Should investors sell immediately? Or is it worth buying Allianz?
Underpinning this capital-return firepower is robust operating performance. First-quarter operating profit came in at €4.52bn, a year-on-year increase of almost 7%. The combined ratio – a key measure of underwriting profitability – stood at 91%, while the Solvency II ratio remained comfortable at 221%. The board has reaffirmed its full-year target of around €17.4bn in operating earnings.
From a technical perspective, the rally shows signs of overheating. The relative strength index (RSI) touched 69.9, flirting with overbought territory, while a separate readout placed it at 71. On a 12-month view, the stock has gained roughly 18%, and any sustained push above the €407 mark could trigger a breakout.
Allianz is scheduled to report second-quarter results on 7 August. Until then, the twin engines of legal closure and steady buyback activity are likely to keep the stock near its highs, even as cautionary signals from the RSI suggest the pace may need to moderate.
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