Allianz SE (ALIZY) Stock Price & How to Invest
Last updated October 2026
Short answer
ALIZY is the US over-the-counter ADR for Allianz SE, the Munich-based insurer and asset manager behind PIMCO, and it reads as a large, cash-generative compounder: record operating profit, a dividend that has grown for years, steady buybacks and a valuation of roughly 13 to 15 times core earnings. The trade-offs are catastrophe losses, sensitivity to bond markets and interest rates, and the euro exposure that comes with owning a German company through a US dollar receipt.
ALIZY stock price
As of 2026-10-16, Allianz SE (ALIZY) last closed at $48.54, up 19.3% over the past year. Over the past 52 weeks it has traded between $39.93 and $52.76.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Allianz SE's investor relations page. Walnut is informational, not investment advice.
What does Allianz SE (ALIZY) do?
Allianz SE is one of the largest insurance and asset-management groups in the world, headquartered in Munich and listed on the Frankfurt (Xetra) exchange under the symbol ALV. It runs three businesses. Property-Casualty sells motor, home, commercial and specialty cover across Europe, Australia, Latin America and Asia, plus global corporate risk through Allianz Commercial and travel and assistance through Allianz Partners. Life/Health sells savings, protection, annuity and health products, with Germany, the US (Allianz Life) and Italy among the biggest markets. Asset Management is PIMCO, the fixed-income specialist, and Allianz Global Investors, which together oversee roughly EUR 2.16 trillion of third-party money. ALIZY is the US dollar American depositary receipt that trades over the counter, with each ADR representing one tenth of an ordinary share.
The investment picture is about consistency rather than speed. Allianz posted a record EUR 17.4 billion operating profit for 2025 (up ~8%), followed by EUR 9.4 billion in the first half of 2026 (up ~9%) and reaffirmed a 2026 target of EUR 17.4 billion, plus or minus EUR 1 billion. Core earnings per share grew faster than profit because the share count keeps shrinking through buybacks, and the 2025 dividend rose 11% to EUR 17.10 a share. Capital is strong, with a Solvency II ratio of ~225% at mid-2026, the highest since 2018. The debate is whether that pace holds as property and casualty pricing softens, life new-business value cools and bond markets swing, and whether a valuation of roughly 13 to 15 times core earnings already reflects the steadiness. Walnut is not an investment adviser; this is a description of the business and its numbers, not a recommendation.
What's driving Allianz SE (ALIZY)?
1. Property-Casualty pricing and underwriting discipline
P&C is the largest profit engine, delivering ~EUR 4.9 billion of operating profit in the first half of 2026 (up ~9%) with a combined ratio of ~91.4%, meaning roughly 8.6 cents of underwriting margin per euro of premium before investment income. The second quarter was a record for the segment. Management has pushed price increases through retail motor and home lines for several years and is now leaning on productivity and claims efficiency as commercial pricing softens. How well the combined ratio holds near the low 90s as the rate cycle turns is the single biggest swing factor for group earnings.
2. PIMCO and the asset-management flow cycle
Asset Management earned ~EUR 1.8 billion in the first half of 2026 (up ~13%), helped by record third-party net inflows of ~EUR 84 billion and assets climbing to ~EUR 2.16 trillion. PIMCO benefits when investors move back into bonds at higher yields, and AllianzGI is adding scale in Asia through the agreed purchase of UOB Asset Management. Fees are tied to average assets, so a strong market and continued inflows lift profit with relatively little added cost, and the cost-income ratio sits near 60%. The flip side is that this segment is the most market-sensitive part of the group: a bond sell-off or a turn in flows feeds straight into revenue.
3. Life/Health repricing and capital-light growth
Life/Health generated ~EUR 2.9 billion of operating profit in the first half of 2026, with a new business margin around 5.4%. Allianz has steered this book toward capital-light protection, health and unit-linked products and away from guaranteed-return savings, which ties up less capital and is less exposed to rates. Value of new business fell ~8% in the half, partly because of the sale of the UniCredit Allianz Vita stake, so volume comparisons are noisy. Deals such as the agreed purchase of HSBC Life Singapore show where management wants to grow: Asian protection and wealth.
4. Capital return through dividends and buybacks
Allianz pays out a large share of core earnings as a dividend and tops it up with buybacks, including a programme of up to EUR 2.5 billion launched in February 2026, of which ~EUR 1.4 billion was complete by the end of June. That combination is why core EPS (+~12.5% in 2025) grows faster than operating profit. With Solvency II at ~225%, well above the company's comfort range, there is room for this to continue barring a large shock. Disposals such as the Indian joint-venture stakes also release capital that can be recycled into buybacks or acquisitions.
What are the risks to Allianz SE (ALIZY)?
Natural catastrophes are the most visible risk: a severe European storm or flood season, wildfire or hurricane losses can push the P&C combined ratio up several points in a single quarter. The P&C pricing cycle is softening in commercial and specialty lines, which could squeeze margins after several years of rate increases. Asset Management earnings depend on bond and equity markets and on PIMCO's flows, which can reverse quickly if performance lags or rates move sharply. Allianz also carries legal and reputational history, most notably the 2022 guilty plea and roughly USD 6 billion in penalties and restitution tied to the AllianzGI Structured Alpha funds, and a related ADR-holder suit was dismissed with prejudice, a dismissal upheld on appeal in 2025. For ALIZY holders specifically, a stronger US dollar reduces the dollar value of both the share price and the euro dividend.
Is ALIZY a buy or a sell?
We give no verdict on Allianz SE. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Property-Casualty pricing and underwriting discipline. P&C is the largest profit engine, delivering ~EUR 4.9 billion of operating profit in the first half of 2026 (up ~9%) with a combined ratio of ~91.4%, meaning roughly 8.6 cents of underwriting margin per euro of premium before investment income.
The case against. Natural catastrophes are the most visible risk: a severe European storm or flood season, wildfire or hurricane losses can push the P&C combined ratio up several points in a single quarter.
Read the full bull and bear case on ALIZY, including what would have to change to break either one. Walnut is not an investment adviser.
How is Allianz SE (ALIZY) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Allianz SE's investor relations page or your broker.
- Total business volume (2025): ~EUR 185bn (~USD 205bn)
- Operating profit (2025): ~EUR 17.4bn, up ~8%
- Operating profit (1H 2026): ~EUR 9.4bn, up ~9%
- Core EPS (2025): ~EUR 28.61, up ~12.5%
- Dividend per share (2025): EUR 17.10 (~USD 1.91 per ADR before withholding)
- Valuation: ~EUR 420 per share (~USD 46.70 per ADR), ~14-15x trailing core EPS, ~4% yield
At roughly EUR 420 per Frankfurt share, Allianz is valued at around EUR 160 billion and trades near 14 to 15 times 2025 core earnings and closer to 13 times what the first-half run rate implies, with a dividend yield around 4%. Those multiples sit at the upper end of where European composite insurers have traded historically, reflecting record profit, a ~20% core return on equity and strong capital, but they are below many US insurers and asset managers. Allianz does not report a conventional revenue line; total business volume (premiums plus asset-management fees) is the closest equivalent, so price-to-sales comparisons with non-insurers are not meaningful.
Who competes with Allianz SE (ALIZY)?
European composite insurers
AXA (France), Generali (Italy) and Zurich Insurance (Switzerland) are the closest peers, each combining property and casualty, life and health, and in AXA's and Generali's case meaningful asset-management arms. They compete with Allianz for retail and commercial customers across Europe and in growth markets in Asia and Latin America, and investors usually compare them on combined ratio, Solvency II coverage, dividend yield and price to earnings. Allianz is the largest of the group by market value and operating profit.
Reinsurers and specialty carriers
Munich Re, Swiss Re and Hannover Re overlap with Allianz in large corporate, specialty and catastrophe-exposed risk, and US carriers such as Chubb and AIG compete with Allianz Commercial for multinational corporate business. These names are often used to judge where the commercial pricing cycle is heading, since reinsurance rate moves feed through to primary insurers like Allianz.
Global asset managers
PIMCO and AllianzGI compete with BlackRock, Vanguard, Amundi, Fidelity and the big bond houses for institutional and retail money, especially in fixed income. Unlike Allianz, most of these are pure-play managers, so their valuations move more directly with flows and markets, which makes them a useful reference point for the asset-management slice of Allianz's earnings.
What stocks are similar to Allianz SE (ALIZY)?
Other names that sit close to ALIZY: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Allianz SE (ALIZY)
There are three common ways to get ALIZY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so ALIZY sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where ALIZY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Allianz SE (ALIZY)
Allianz offers a diversified mix of insurance and asset-management earnings with a heavy cash return to shareholders, priced as a mature compounder rather than a growth story, and ALIZY holders also carry euro currency and German withholding tax.
More on Allianz SE (ALIZY)
Whether ALIZY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is ALIZY a buy or a sell?, and where the stock could go from here in the ALIZY stock forecast.
For income investors, whether ALIZY pays a dividend and how the payout looks is covered in does ALIZY pay a dividend? And to weigh ALIZY against a peer, read the full side-by-side comparisons: ALIZY vs CB and ALIZY vs AIG.
Wondering how ALIZY fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Allianz SE with AI
Connect the broker you already use and ask Walnut's AI how ALIZY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is ALIZY?
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ALIZY is the ticker for American depositary receipts of Allianz SE that trade over the counter in the United States, priced in US dollars. Allianz itself is listed on the Frankfurt Stock Exchange (Xetra) under the symbol ALV and is part of Germany's DAX index. The ADR lets US investors hold an economic interest in Allianz through an ordinary US brokerage account without buying shares in Frankfurt or holding euros. Allianz delisted its shares from the New York Stock Exchange in 2009, so the OTC ADR is now the main US dollar route, alongside the much less liquid ordinary-share line ALIZF.
How does the ALIZY ADR work, and what is the ratio?
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Each ALIZY ADR represents one tenth of an Allianz ordinary share, so ten ADRs equal one share. You can check this yourself: at ~EUR 420 per Frankfurt share and a EUR/USD rate of ~1.115, one share is worth ~USD 469, and ALIZY trades near USD 46.70. The ADR trades OTC rather than on a national exchange, so volumes and quotes are thinner than on Xetra, and spreads can widen outside European hours. Its price is set by the Frankfurt share price converted into dollars, which means ALIZY can move even on a day when Allianz shares are flat in Germany if the euro rises or falls against the dollar. Depositary banks may also charge small per-ADR custody fees, typically netted from dividends.
How are ALIZY dividends paid and taxed?
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Allianz pays one dividend a year, usually in May after the annual general meeting. For 2025 the board proposed EUR 17.10 per share, which works out to EUR 1.71 per ADR, or roughly USD 1.90 depending on the exchange rate on the payment date. Germany withholds tax on dividends at an effective rate of about 26.4% (capital gains tax plus solidarity surcharge). Under the US-Germany tax treaty, US residents are entitled to a 15% rate, and the difference can be reclaimed from German tax authorities, though the process is slow. The tax withheld can generally be claimed as a foreign tax credit on a US return. Holders in IRAs often cannot use that credit.
How does Allianz make money?
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Allianz earns money in three ways. Property-Casualty collects premiums on motor, home, commercial and travel insurance and makes a profit when claims and costs come in below premiums (its combined ratio was ~91% in early 2026), plus investment income on the reserves it holds. Life/Health earns a margin on savings, protection, annuity and health policies, largely through the spread between what its investments earn and what it credits policyholders. Asset Management, which is PIMCO and Allianz Global Investors, charges fees on roughly EUR 2.16 trillion of third-party assets. In the first half of 2026, P&C contributed about half of group operating profit, Life/Health about 30% and Asset Management about 19%.
How did Allianz do in its latest results?
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In the first half of 2026, reported in August, Allianz posted record operating profit of ~EUR 9.4 billion, up ~9% from a year earlier, with the second quarter at ~EUR 4.9 billion, up ~11%. Shareholders' core net income rose ~15.5% to ~EUR 6.4 billion, helped by a one-off gain of ~EUR 1.1 billion from selling stakes in its Indian joint ventures, and core EPS rose ~17.5%. Asset Management recorded record net inflows of ~EUR 84 billion. Management reaffirmed its full-year operating profit target of EUR 17.4 billion, plus or minus EUR 1 billion, and the Solvency II capital ratio reached ~225%.
Is Allianz stock expensive?
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On the usual insurance yardsticks, Allianz trades at a modest but not cheap valuation. At ~EUR 420 per share it sits near 14 to 15 times 2025 core EPS of EUR 28.61 and roughly 13 times the earnings run rate implied by the first half of 2026, with a dividend yield around 4%. That is toward the upper end of where European insurers have traded over the past decade, which reflects record profits, a core return on equity near 20% and very strong capital. Compared with US insurers and pure asset managers it still looks cheaper. Whether that is fair value depends on how durable the current profit level proves when the pricing cycle softens.
What are the main risks of owning Allianz?
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The biggest operating risk is natural catastrophe losses, which can lift claims sharply in a bad quarter for storms, floods or wildfires. Softening commercial insurance prices could compress P&C margins after years of rate increases. PIMCO's earnings depend on bond markets and investor flows, both of which can turn quickly. Life/Health is exposed to interest rates and credit markets through its large investment portfolio. Allianz also has a legal history to weigh, chiefly the 2022 Structured Alpha guilty plea and roughly USD 6 billion paid in penalties and restitution. ALIZY holders additionally take on euro-dollar currency moves and German dividend withholding tax.
How does ALIZY compare with owning Allianz in Frankfurt?
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Economically they track the same company: ALIZY's price is the Frankfurt share price divided by ten and converted into dollars, so returns in dollar terms should be close. The differences are practical. Frankfurt trading is far more liquid, with tighter spreads and an official exchange listing, while ALIZY trades OTC with thinner volume, and some US brokers restrict or charge more for OTC securities. ALIZY settles in dollars with dividends converted for you, often after a small depositary fee. Buying ALV directly requires a broker with access to German markets and usually involves holding euros. In both cases the German withholding tax on dividends applies.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Allianz SE's investor relations page or your broker before making investment decisions.