Allianz Stock Extends Advance as Berenberg and DZ Bank Both Back Buy Calls

Allianz shares climbed 1.3% on Friday to close at €476.20, capping a week in which two brokerage houses reaffirmed their bullish stance on the Munich insurer following its quarterly update. The advance came as insurance stocks across Europe continued their upward march, according to a dpa-AFX report.

Berenberg was first out of the gate, restating its buy recommendation and a €684 price target on Friday. Analyst Michael Huttner pointed to the group's earnings, cash position and share buyback activity to justify the call.

DZ Bank followed on Thursday with a buy rating of its own, lifting its fair value estimate to €508 from €495. Analyst Thorsten Wenzel flagged the strength of the asset management business as the driver behind the improved profit guidance, and argued that a solid solvency ratio leaves room for generous shareholder payouts.

Record Nine-Month Profit

The insurer reported a record operating profit of €14.1 billion for the first nine months of 2026, an increase of 7.8% on the same period a year earlier. In the third quarter alone, operating profit reached €4.7 billion, up 6.2% year on year, while adjusted profit attributable to shareholders came in at €2.9 billion.

On the back of those figures, Allianz raised the upper end of its full-year operating profit guidance to approximately €18.6 billion. The outlook carries the customary caveat for major natural catastrophes or capital market disruptions.

Capital Buffer and a Completed Buyback

The group's Solvency II ratio stood at 219% as of Thursday's disclosure. Its share buyback programme of up to €2.5 billion, announced on 25 February, was fully executed by September.

With the capital return wrapped up and the solvency position intact, the two brokers see little standing in the way of further distributions — and both have now staked out price levels well above where the stock currently trades.