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AllianzDeliversRecordOperatingProfitinStrongStartto2026
===2026/5/13 19:13:57===
8 percent), ahead of our full-year outlook of 92 to 93 percent. This development was supported by the loss ratio and expense ratio.

The loss ratio was at a strong level of 67.3 percent (67.7 percent), an improvement of 0.4 percentage points. The expense ratio developed favorably by 0.5 percentage points to 23.7 percent, reflecting top-line growth and productivity gains.

The retail8 business sustained its momentum and delivered strong internal growth of 8 percent. The segment’s combined ratio further improved to 91.4 percent (91.8 percent).

In the commercial9 business, internal growth of 6 percent was good. The segment achieved an excellent combined ratio of 90.3 percent (91.7 percent).

Life/Health insurance: Resilient performance






Key performance indicator





1Q 2026





Change vs

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