Allianz Shatters 26-Year Ceiling at €400 as Buyback Engine Loses Steam
23.06.2026 - 08:05:38 | boerse-global.de
For more than a quarter of a century, the €400 mark stood as an immovable barrier for Allianz shares. That wall finally collapsed on Monday, with the stock surging to an intraday all-time high of €407.00 — eclipsing the previous record of €402.66 set all the way back in 2000. The close at €406.20 confirmed the breakout, handing technicians a powerful buy signal from a resistance zone that had held for two decades.
Yet even as the stock celebrates its newfound altitude, the very program that helped fuel the rally is visibly throttling back. Allianz’s €2.5 billion share buyback, launched on 13 March, has been losing momentum as the share price climbs. In the week from 15 to 19 June, the insurer repurchased just 119,075 shares at an average price of €399.24, spending €47.54 million. That compares with 165,241 shares for €62.52 million in the prior week, and a hefty 448,414 shares for €167.27 million two weeks earlier. The pattern is clear: higher prices are prompting the company to buy fewer shares.
Since the programme started, Allianz has acquired roughly 3.39 million shares for a total of €1.27 billion, at an average cost of €374.64 — well below current levels. With about €1.23 billion of the buyback authority still available and the deadline set for 31 December 2026, the question now is whether Allianz will accelerate purchases again or let the rising price dictate a slower pace.
Should investors sell immediately? Or is it worth buying Allianz?
The breakout is underpinned by formidable fundamentals. Allianz posted an operating profit of €4.5 billion in the first quarter of 2026, a 6.6% year-on-year increase driven by property-casualty insurance and asset management. The Solvency II ratio stands at a robust 221%, giving the group ample headroom for capital returns. The full-year target of €17.4 billion (plus or minus €1 billion) remains in place.
Analyst Michael Huttner of Berenberg, who reiterated his buy call in mid-June, sees the stock at €684.00 — implying roughly 70% upside from current levels. He argues that European insurers deserve significantly higher earnings multiples. The broader market consensus is far more cautious, however, with an average price target of around €423, only a whisper above Monday’s close.
The rally has not come without technical warning signs. The 14-day relative strength index sits at 71.5, pushing into overbought territory where profit-taking often follows. That may give short-term traders pause, but the longer-term trend remains intact: the stock is trading about 9% above its 200-day moving average, and over the past twelve months it has gained more than 20%.
All eyes now turn to 7 August, when Allianz reports second-quarter earnings. That data will reveal whether the operating momentum can sustain the breakout and justify a valuation that still has a long way to go to meet Berenberg’s ambitious target. Until then, the pace of the buyback — and the market’s appetite for insurance shares at these levels — will be the key forces shaping the stock’s next move.
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