Allianz SE Stock in December 2025: Record Profits, AI Job Cuts and What’s Next for ALV.DE

As of the close on 1 December 2025, Allianz SE (XETRA: ALV, commonly shown as ALV.DE) is trading just below its record highs, around €370 per share on Xetra. The stock has benefited from record 2025 earnings, a higher profit outlook, rising dividends and a €2 billion share buyback, while new headlines about AI‑driven job cuts at Allianz Partners are testing investor sentiment. ^[1]

Below is a structured overview of the latest news, forecasts and analyses relevant to Allianz SE stock as of 1 December 2025.

Key takeaways for Allianz SE (ALV.DE) right now

Share price & performance
- Closed on 1 December 2025 at about €369.90 on Xetra, having opened the day around €370.20 after a prior close of €372.30. ^[2]
- 52‑week range: roughly €286.60–€380.30, with the stock trading less than 3% below its high and up around 25–30% over the last year. ^[3]
- Year‑to‑date, Allianz has outperformed many European peers; one comparison shows YTD return ~31% vs. ~20% for AXA. ^[4]
Earnings & outlook
- Record 9M 2025 operating profit of €13.1 billion, up 10.4% year on year. ^[5]
- Q3 2025 operating profit €4.4 billion (+12.6% YoY) and net profit up about 15% to ~€2.85 billion, beating analyst expectations. ^[6]
- Management has raised full‑year 2025 operating profit guidance to €17–17.5 billion (from €16bn ± €1bn). ^[7]
Dividends & buybacks
- Dividend for fiscal 2024 was lifted to €15.40 per share (+11.6% vs. €13.80), paid in May 2025. ^[8]
- At current prices around €370–€372, that equates to a yield of roughly 4.1–4.2%. ^[9]
- A €2 billion share buyback program, launched in March 2025, has been fully executed and repurchased shares will be cancelled. ^[10]
- Capital‑markets guidance is to return at least 75% of net profit to shareholders (dividends + buybacks) over 2025–2027. ^[11]
AI‑driven restructuring
- Allianz Partners, the travel insurance and assistance unit, is in talks over cutting 1,500–1,800 jobs (around 7–8% of its workforce) over the next 12–18 months as routine call‑centre tasks are automated with AI. ^[12]
- Management stresses that talks with works councils are ongoing and AI will also create new roles, but the plan raises ESG and reputational questions.
Valuation & analyst sentiment
- P/E ratio: around 13–14x trailing earnings; price‑to‑book ~2.3–2.4x, near the upper end of Allianz’s 10‑year range and above the insurance sector median. ^[13]
- Dividend yield: about 4–4.5%, with a long track record of annual increases. ^[14]
- Analyst 12‑month price targets cluster roughly around €370–€380, with lows near €320 and highs around €431. ^[15]
- Many services describe the stock as “Neutral” or “Hold” after a strong rerating, while some brokers (e.g. Berenberg, BofA) remain clearly bullish with upside targets above €400. ^[16]

Where Allianz SE stock stands on 1 December 2025

On 1 December 2025, Allianz SE shares:

Opened around €370.20 and
Closed at roughly €369.90 on Xetra, a touch below Friday’s €372.30 close and about 2–3% below the 52‑week high of €380.30. ^[17]

According to data aggregators, the current price is: ^[18]

Up around 25–30% over the past 12 months.
Up more than 80% over three years and almost 90% over five years.
In the top tier of the DAX index, with a free‑float market cap of roughly €140–142 billion and a weight of around 6.7%, behind only SAP, Siemens and Airbus.

In other words, Allianz is no longer the “cheap giant” it was a few years ago; the stock now prices in a good amount of good news, while still offering income and balance‑sheet strength.

2025 so far: record results and an upgraded outlook

Strong Q1 and Q2 set the tone

Q1 2025
- Total business volume: up 11.7% to €54.0 billion.
- Operating profit: up 6.3% to €4.2 billion.
- Core EPS: €6.61, +2.9%.
- Core RoE: robust at 16.6%; Solvency II ratio 208%. ^[19]
- Net profit declined slightly due to a one‑off tax provision related to the sale of Indian joint ventures, but Allianz reaffirmed its 2025 operating‑profit target of €16bn ± €1bn at that time. ^[20]
Q2 2025
- Net profit: up about 13% to €2.84 billion, beating consensus. ^[21]
- Reuters and earnings‑call summaries highlight strong property‑casualty performance and a €300 million gain from the sale of a UniCredit joint venture. ^[22]
- Allianz reiterated that it was “fully on track” to achieve the €15–17 billion operating‑profit range for 2025. ^[23]

Q3 and nine‑month 2025: record territory

The big inflection came with the Q3 and 9M 2025 results released on 14 November 2025:

Q3 2025 ^[24]
- Operating profit: €4.4 billion, up 12.6% year on year.
- Shareholders’ core net income: €2.9 billion, up 12.7%.
- Reuters reports net profit of €2.847 billion, beating forecasts and helped by strong P&C underwriting and relatively benign catastrophe losses.
- Growth was broad‑based, but Property & Casualty was again the main engine.
9M 2025 ^[25]
- Total business volume:€141.2 billion, up 8.5%.
- Operating profit:€13.1 billion, up 10.4%, the highest nine‑month operating profit in Allianz history.
- Shareholders’ core net income:€8.4 billion, up 10.5%.
- Core EPS:€21.43, up 12.2%.
- Annualised core RoE:18.5%, well above the company’s mid‑teens target.
- Solvency II ratio: a very strong 209%, underscoring capital strength.

On the back of these results, Allianz raised its full‑year 2025 guidance: management now expects operating profit of at least €17 billion, and says the outcome will “most likely” fall between €17 and €17.5 billion—essentially the top end of the new range. ^[26]

For investors, this means:

Double‑digit earnings and EPS growth in 2025.
High‑teens returns on equity.
A capital position that still materially exceeds regulatory requirements even after buybacks and dividend increases.

Dividends and capital returns: a core part of the Allianz story

A fast‑growing dividend

Allianz has become one of the highest‑dividend payers in the DAX:

For fiscal 2024, the dividend was raised to €15.40 per share, +11.6% vs. €13.80 for 2023. ^[27]
Over the past decade, the dividend has grown at roughly 8% per year on average, according to the company’s own investor‑relations material. ^[28]

At a share price around €370–€372, that dividend equates to a yield of about 4.1–4.2%, depending on the exact quote and data source. ^[29]

Payout ratios are also generous:

External data show an annualised dividend payout of €15.40 with a payout ratio of around 57% of earnings, consistent with Allianz’s policy of paying 60% of net income as dividends. ^[30]

Share buybacks and a 75% profit‑return policy

At its capital markets day in late 2024, Allianz unveiled a new capital‑management framework:

From 2025–2027, the group aims to return at least 75% of net income to shareholders via a combination of dividends and share buybacks.
- The regular dividend policy is to distribute 60% of net income.
- The remaining ~15% or more is targeted for buybacks. ^[31]

In February 2025, Allianz backed that up with action:

The board approved a new €2 billion share buyback, starting March and set to finish by year‑end 2025. ^[32]
The program has now been fully executed, and all repurchased shares will be cancelled, permanently lifting EPS. ^[33]

Taken together, the dividend yield (c. 4%+) plus buyback yield gives investors a mid‑single‑digit cash return each year, before any share‑price movement.

AI‑driven job cuts: cost savings vs. ESG risk

The most controversial recent Allianz headline is not about profits, but about people.

According to multiple media reports:

Allianz Partners, the group’s assistance and travel‑insurance arm, is preparing to cut between 1,500 and 1,800 jobs over the next 12–18 months, mainly in call‑centre roles across Germany, France, Spain, the UK and other European countries. ^[34]
The unit employs about 22,600 people globally, with roughly 14,000 currently handling customer inquiries and claims by phone. ^[35]
Allianz has not formally confirmed exact numbers, saying instead that it is evaluating how AI will impact roles that rely heavily on manual processes and that confidential talks with works councils are ongoing. ^[36]

From an equity‑story perspective:

Positives:
- Automation could reduce cost ratios, especially in labour‑intensive assistance businesses.
- It supports management’s broader narrative of “Smart Growth and Resilience” and productivity gains, which underpin high‑teens RoE. ^[37]
Risks:
- AI‑related layoffs can trigger public and political backlash, especially in Europe where unions and works councils hold substantial power. ^[38]
- ESG‑focused investors may question the “social” pillar of Allianz’s sustainability credentials if the transition is mishandled.

For now, the market reaction has been muted: the stock has drifted slightly lower from its late‑November highs but remains near record levels, suggesting investors see the restructuring more as a margin and efficiency story than a thesis‑changing risk. TechStock²+2Simply Wall St+2

How analysts and data providers see Allianz SE

Price targets and ratings

Different sources paint a broadly consistent picture:

TradingView / consensus:
- Analysts’ 12‑month target range for ALV runs from €320 to €431. ^[39]
Investing.com (ALVG/ALV.DE):
- Reports an average 12‑month target around €372, almost exactly in line with the current price, with high estimates near €431 and lows around €320. The average rating is described as “Neutral”, with a mix of buy and sell recommendations. ^[40]
Berenberg (MarketScreener)
- As of late November/early December 2025, Berenberg reiterated its “Buy” rating on Allianz with a target price of €431, implying mid‑teens percentage upside from current levels. ^[41]
Citi (GuruFocus alert)
- In May 2025, Citi raised its target on the US OTC listing (ALIZY) from €341 to €349 while maintaining a Neutral stance, pointing to solid fundamentals but limited valuation upside at that time. ^[42]
US ADR consensus (MarketBeat)
- Coverage of ALIZY indicates a consensus “Hold” rating, with a mix of one “sell”, several “hold” and at least one “strong buy” recommendation—mirroring the split between cautious and bullish camps. ^[43]

In short, fundamentals look excellent, but the recent rally means many mainstream analysts now see Allianz as fairly valued to modestly undervalued, rather than a clear bargain.

Independent valuation and forecast services

Simply Wall St
- Forecasts revenue growth of around 13–14% per year and earnings growth of ~6% per year over the next few years, with ROE remaining close to 19%. ^[44]
- Their DCF‑style models suggest Allianz shares are undervalued vs. intrinsic value, although on simpler metrics (like P/E) the stock looks closer to fairly valued. TechStock²+1
ChartMill
- Shows a trailing P/E around 13.6x and dividend yield about 4.1%, with a technical rating of 10/10 (strong uptrend) and a more moderate fundamental rating. ^[45]
TIKR analysis blog
- In an October 2025 article, TIKR argued Allianz could reasonably reach €402 per share by December 2027, implying roughly 15% total return (about 7% annualised) from then‑current levels, driven by earnings growth, dividends and modest multiple expansion. ^[46]
TS2 / Simply Wall St synthesis
- A late‑November 2025 summary notes:
  - Book value per share around €158, projected to rise towards €179.
  - P/E around 13.5–13.8x, roughly in line with peers.
  - Dividend yield ~4.1–4.3%.
  - An upgrade from BofA Securities to “Buy” with a €410 target, citing a projected ~10.5% EPS CAGR 2024–2027, strong dividend growth and sizeable M&A capacity. TechStock²

These services generally agree that Allianz combines:

High profitability,
Strong capital,
Attractive, growing dividends, and
Reasonable—not rock‑bottom—valuation.

Valuation snapshot: not cheap, not crazy

Using current data:

P/E multiple: mid‑teens (around 13–14x trailing earnings). ^[47]
Price‑to‑book: roughly 2.3–2.4x, based on a book value per share near €158 and prices in the low €370s; this is near Allianz’s 10‑year high and above the insurance industry median (~1.3x). ^[48]
Price‑to‑sales: about 1.1x, according to Yahoo Finance statistics. ^[49]
Dividend yield: about 4–4.5%, backed by a long history of increases. ^[50]

Compared with global multiline insurers, Allianz is now trading at:

A slightly richer P/B multiple than most peers,
A roughly in‑line P/E, and
A top‑tier dividend yield for a company with this scale and credit quality.

The bull argument is that high‑teens RoE, growing earnings and rising dividends justify a premium to book. The bear (or cautious) argument is that with P/B close to cycle highs and P/E near the sector average, upside relies more on continued earnings growth than on further multiple expansion.

Macro backdrop: asset management as a second engine

Allianz is not just a classic insurer; through PIMCO and Allianz Global Investors, it is also a major global asset manager.

In its public macro outlooks, Allianz’s asset‑management arm expects: ^[51]

Gradual interest‑rate cuts from major central banks rather than a return to ultra‑low rates.
Sticky inflation somewhat above pre‑pandemic norms.
Ongoing market volatility and greater dispersion between sectors and regions.

For Allianz’s business mix, this environment tends to:

Support attractive investment income on insurance float (thanks to higher bond yields).
Create demand for active fixed‑income and multi‑asset strategies at PIMCO and AllianzGI.
But also keep catastrophe and credit risks in focus, particularly for P&C and life‑savings products.

So far, the 2025 numbers suggest Allianz is navigating this backdrop well, with all three segments—Property & Casualty, Life/Health, and Asset Management—contributing to record operating profit. ^[52]

What could move Allianz SE stock next?

Looking beyond 1 December 2025, investors in ALV.DE will be watching several catalysts:

Full‑year 2025 results (expected February 2026)
- Confirmation of whether operating profit lands at the upper end of the €17–17.5 billion range.
- Updated capital‑return plans, including any new buyback for 2026. ^[53]
Dividend announcement for fiscal 2025
- Markets will look for another step up from the €15.40 per share paid in 2025, consistent with Allianz’s historic ~8% annual dividend growth. ^[54]
Progress and backlash around AI‑driven restructuring
- Details from negotiations with works councils at Allianz Partners.
- Any evidence of service‑quality issues, customer pushback or regulatory scrutiny as AI tools replace human call‑centre roles. ^[55]
Macro events and catastrophe losses
- As always with insurers, large natural catastrophe events or sharp movements in financial markets could swing quarterly results and sentiment. ^[56]
Further M&A and portfolio optimisation
- Allianz has demonstrated willingness to buy growth and exit non‑core businesses, as seen with various joint‑venture deals in recent years. Analysts estimate the group has significant balance‑sheet capacity for bolt‑on deals, which could add incremental upside if deployed well. TechStock²+2The Wall Street Journal+2

Bottom line: how Allianz SE looks to investors on 1 December 2025

As of early December 2025, the investment case for Allianz SE stock can be summarised like this:

Strengths
- Record earnings and upgraded 2025 guidance. ^[57]
- High‑quality balance sheet, with a Solvency II ratio around 209%. ^[58]
- A fast‑growing dividend and explicit commitment to return at least 75% of profits to shareholders via dividends and buybacks. ^[59]
- Diversified earnings from P&C, Life/Health and asset management, reducing reliance on any single line of business. ^[60]
Risks and watchpoints
- Valuation is no longer cheap: price‑to‑book around 2.3–2.4x and P/E in the mid‑teens leave less margin for error. ^[61]
- AI‑related job cuts at Allianz Partners could create reputational and political friction even if they improve margins over time. ^[62]
- As a large global insurer, Allianz remains exposed to catastrophe risk, regulatory changes and macro‑market shocks. ^[63]
Market consensus
- Many brokers and data services currently lean toward “Hold/Neutral”, arguing that the shares are fairly valued to modestly undervalued after a powerful rerating.
- Bullish houses like Berenberg and BofA still see scope for further upside toward or above €400 per share, supported by high‑teens RoE, dividend growth and potential M&A. ^[64]

For investors, Allianz SE in December 2025 looks less like a contrarian bargain and more like a quality, income‑oriented compounder: a global financial heavyweight delivering robust growth, rich shareholder returns and rising efficiency, offset by valuation that demands continued flawless execution—and a careful balancing act as AI reshapes its workforce.

Disclaimer: This article is for informational and journalistic purposes only and is not investment advice. Investing in equities, including Allianz SE, involves risk, including the possible loss of capital.