Allianz Tightens Supply with €2.5bn Buyback, Q1 Record Profit and Analyst Upgrade Add Fuel

Allianz share buyback reduces float, stock nears all-time high amid record profit. Berenberg raises target to €684, RSI at 67.4 shows bullish momentum.

The insurance giant's share buyback program is reshaping the equity story. Since launching the €2.5bn repurchase scheme in March 2026, Allianz has retired roughly 3.27 million of its own shares, steadily reducing the float and boosting earnings per share. The effect on the stock price is hard to miss: at €400.20, the shares sit just 0.60% below their all-time high of €402.60, reached on June 19.

The latest batch of repurchases, executed between June 8 and 12, saw the company acquire 165,241 shares at prices ranging from €373.57 to €385.77. All purchases were conducted via Xetra and similar trading platforms. With the buyback authorised to run at least until the end of 2026, the supply of shares in the market will keep shrinking.

Solid operating performance underpins that capital return. Allianz posted a record first-quarter profit of €4.52bn, and management has reaffirmed its full-year operating earnings target of roughly €17.4bn. Some analysts believe even that guidance could be raised as the year progresses.

Berenberg certainly sees room for further appreciation. The bank recently lifted its price target on Allianz from €504 to €684, maintaining a buy recommendation. Its rationale centres on the attractive valuation of European composite insurers and the tailwind from higher interest rates, which bolster investment income across the sector.

Technically, the stock shows strength without overheating. The relative strength index stands at 67.4, indicating bullish momentum but not yet overbought territory. The shares trade about 4% above their 50-day moving average and roughly 7% above the 200-day line. On a twelve-month view, Allianz has gained a solid 20%.

With the buyback still in full swing and record profitability as a backdrop, the path toward a new all-time high looks short. If the current pace of repurchases continues, that milestone could be reached in the very near term.