Allianz Shuffles Specialty Leadership While Berenberg Keeps 684-Euro Target in Play

Allianz sets a leadership handover at Allianz Direct and Allianz Partners stretching into 2027; Berenberg keeps Buy with a 684-euro target.

Allianz SE moved to redraw the top of two of its operating units on Thursday, setting in motion a leadership handover that will stretch into early 2027. Philipp Kroetz will leave Allianz Direct on 1 November 2026 to take the helm at Allianz Partners, succeeding Tomas Kunzmann, who is slated to join the board of the Munich-based parent on 1 January 2027. Laurent Floquet steps into Kroetz's vacated post at the direct insurance arm. All three appointments remain subject to regulatory approval.

The reshuffle swaps the leadership teams of two businesses that sit at the heart of the group's private-customer strategy — direct insurance and worldwide assistance services. By spacing the changes across the turn of the year, management is aiming for an orderly transition rather than a sudden break at either subsidiary.

Waymo Tie-Up and Scaleup Europe Fund Extend the Mobility Push

The change at Allianz Partners follows a recent expansion of its operating remit around next-generation mobility. In September the unit struck a strategic partnership with technology firm Waymo covering insurance solutions, claims handling and joint safety research for autonomous driving in Europe. Waymo is preparing a phased market entry that will begin in Germany.

The group has been active on other innovation fronts as well. Also in September, Allianz joined forces with the European Commission to back the Scaleup Europe Fund, a vehicle dedicated to financing European growth companies in technology sectors.

AI Exposure Flagged as Hard to Underwrite

Operational questions ran alongside the personnel news. According to a Handelsblatt report, Thomas Lillelund of Allianz Commercial warned about the dangers posed by artificial intelligence. Such risks, he argued, are not currently insurable in full. Lillelund called for substantially greater transparency in underwriting the relevant contracts to avoid incalculable losses across the corporate sector.

Household Wealth Climbs 8.6% Worldwide

A broader picture of private finances came from the 17th edition of the Allianz Global Wealth Report, published on 29 September. The study tracks assets and liabilities across close to 60 countries and shows how shifting interest-rate levels and macroeconomic realignments are reshaping saving and investment habits globally. For 2025 it recorded an 8.6% rise in worldwide financial assets to EUR 268.4 trillion, while gross financial assets in Germany advanced 4.9%.

Berenberg Reiterates Buy With 684-Euro Price Target

On the trading floor, market participants have been weighing the latest view from Berenberg. Roughly a week ago the private bank reaffirmed its "Buy" rating with a price target of 684 euros; the stock has since shed 1.6%. Analyst Michael Huttner justified the call by pointing to expected revenue and earnings growth through the completion of the 2027 strategic plan.

The company's own buyback programme continues to underpin the shares, even though repurchases paused at times during September. Investor attention is now increasingly trained on underlying earnings power against a backdrop of global claims burdens.

Allianz shares finished Friday at 417.60 euros, a gain of 1.4% on the day, leaving the stock 8.1% below its 52-week high. Since the start of the year the equity has added 6.6%.

Concrete insight into how the summer months actually played out will arrive on 12 November 2026, when the insurer publishes its third-quarter report.