DZ Bank Raises Allianz Fair Value to €508, Backing Buy Rating After Record Nine-Month Profit

DZ Bank lifted its fair value estimate for Allianz from €495 to €508 on Thursday, restating its "Buy" rating on the Munich-based insurer. The revision landed a day after the group's quarterly figures and its upgrade to full-year guidance, and analyst Thorsten Wenzel tied the move to a buoyant asset management business and a sturdy solvency ratio.

The stock finished Wednesday's session at €476.20, up 1.3% — still trading below the fresh target. Wenzel's bullish case leans on the fund management arm and the strength of the company's capital base.

Record Nine-Month Operating Result

Allianz reported an operating profit of €14.1 billion for the first nine months of 2026, a record for the period and a 7.8% advance on the prior-year comparison. The third quarter alone contributed €4.7 billion in operating profit, up 6.2%, on total business volume of €44.4 billion.

Shareholders' net income, adjusted, came in at €2.9 billion for the quarter. Across the nine months, the adjusted figure reached €9.3 billion, with business volume for the period at €143.0 billion.

Guidance Ceiling Lifted to €18.6 Billion

Buoyed by that momentum, Allianz raised the upper end of its full-year 2026 operating profit target to roughly €18.6 billion. The upgrade carries a caveat: it assumes no major natural catastrophes or capital market shocks that could derail the outlook.

Wenzel's assessment credits the asset management division with making the higher guidance possible in the first place — a view that underpins both the raised valuation and the continued Buy recommendation.