Allianz SE Revenue & Financials

The firm's €2.4 trillion in assets under management is larger than the GDP of France. That figure — not the insurance premiums, not the net income — is the most arresting number in Allianz's financials because it explains why the company can absorb a €6 billion legal settlement and still report a record operating result in the same period. Revenue reached €164.6 billion in FY2024, up slightly from €159.5 billion in 2023. Net income came in at €11.3 billion. The market capitalization sits at approximately €155 billion, which means the market values the entire firm at roughly 65 times net income — a valuation that reflects the perceived quality and durability of the earnings stream, not just their current size. The underwriting business generated a combined ratio of about 95.5% in FY2024. Below 100% means the company made money purely from collecting and paying claims, before a single euro of investment income. Most insurers target 98-99%. Running at 95.5% at Allianz's scale generates billions in pure underwriting profit that compounds into the asset management operation. Revenue has been essentially flat for three years — €161.3 billion in 2022, €159.5 billion in 2023, €164.6 billion in 2024 — which tells you this is a mature, capital-return business, not a growth story. The firm has committed to phasing out coal underwriting by 2040 and decarbonizing its investment portfolio, regulatory and reputational constraints that will reshape premium exposure in the coming decade.