Allianz Lifts Guidance After Record Nine-Month Haul, With Berenberg and DZ Bank Raising Their Sights
Published on 11/15/2026 at 17:21 | Editorial boerse-global.de
Two of Europe's best-known brokerage houses have thrown their weight behind Allianz following a strong third-quarter report, with Berenberg holding firm on a €684 price target and DZ Bank nudging its fair value up to €508. The stock responded by adding 1.3% on Friday to close at €476.20.
Berenberg analyst Michael Huttner pointed to higher profits, cash generation and share buybacks as the pillars of his buy recommendation, which he reaffirmed on Friday. DZ Bank's Thorsten Wenzel, writing a day earlier, highlighted a well-performing asset management business and a sturdy capital base — the Solvency II ratio stood at 219% at the end of September — while keeping his "Buy" rating intact.
Profit Record and a Brighter Year-End Target
The Munich insurer reported an operating profit of €14.1 billion for the first nine months of 2026, up 7.8% from €13.1 billion a year earlier and a record for the period. Business volume over those nine months reached €143.0 billion, with adjusted shareholder earnings of €9.3 billion.
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For the third quarter alone, operating profit came in at €4.7 billion, a gain of 6.2%, on business volume of €44.4 billion and an adjusted quarterly profit attributable to shareholders of €2.9 billion. Internal growth for the quarter was 3.0%.
On Wednesday the group raised the upper end of its full-year operating profit guidance to around €18.6 billion, up from a previous target of €18.4 billion. The prior range had stood at €17.4 billion, plus or minus €1 billion. Management attached a caveat to the upgrade: it holds only barring major natural catastrophes or capital market upheaval.
Buyback Wrapped Up, Valuation Marked Higher
Allianz confirmed on 22 September that it had completed the share repurchase programme announced on 25 February, with the full €2.5 billion envelope deployed.
DZ Bank's move lifted its fair value estimate from €495 to €508, while Berenberg's €684 target remains well above the current share price. Both houses reiterated their buy calls, leaving the stock with a pair of supportive broker notes as it trades in the mid-€470s.
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