Allianz's Capital Cushion and Fund Flows Persuade Brokers to Lift Targets After Upbeat Quarter

Five research houses raised their price targets on Allianz on Friday, keeping their ratings unchanged after the insurer's quarterly figures landed. The wave of revisions came a day after DZ Bank analyst Thorsten Wenzel had already lifted his fair value for the stock from 495 to 508 euros while reaffirming a "Buy" rating.

UBS moved its target from 460 to 470 euros and stuck with "Neutral." Oddo BHF went further, raising its mark from 460 to 490 euros with an "Outperform" rating intact. The remaining three houses also nudged their targets higher, with new levels spanning 440 to 508 euros.

The shares finished Friday's session at 476.20 euros, up 1.3% — above UBS's fresh target but still short of Oddo BHF's.

Capital Strength in Focus

Wenzel's case rests on a thriving asset management operation and a sturdy balance sheet. The Solvency II ratio stood at 219% at the end of the first nine months of 2026, according to company figures.

Operating profit for the third quarter of 2026 climbed 6.2% year on year to 4.7 billion euros, while business volume for the period reached 44.4 billion euros. The adjusted quarterly profit attributable to shareholders came in at 2.9 billion euros. Asset management supplied the strongest momentum, though heavier natural catastrophe losses weighed on the property-casualty arm.

Over the nine-month stretch, operating profit advanced 7.8% to 14.1 billion euros. Business volume for that period totaled 143.0 billion euros, and the adjusted profit attributable to shareholders reached 9.3 billion euros.

Guidance Raised With a Caveat

On Wednesday the board lifted the upper end of its full-year operating profit forecast to roughly 18.6 billion euros, up from a previous range of 17.4 billion euros plus or minus one billion. The upgrade carries a condition: it holds only if major natural catastrophes or capital market shocks fail to materialize.