Allianz stock forecast 2027–2029
MyStockButler's October 2026 analysis: Allianz's weighted forecast reaches approximately €440 in October 2027 and approximately €517 in October 2029. It hinges on durable cash generation reaching shareholders.
Where could Allianz's shares be by 2027 and 2029?
The weighted forecast reaches approximately €440 in October 2027. That represents approximately a 6% return, including dividends. It reaches approximately €517 in October 2029. That represents approximately a 32% return, including dividends. The bear case has 22% probability. The base case has 58%; the bull case, 20%. Underwriting, PIMCO flows, buybacks, Asian acquisition integration and the P/E multiple drive the range. The bull case requires a valuation above Allianz’s recent range.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 22 % | ≈322 (-22 %) | ≈301 (-23 %) | ≈294 (-21 %) |
| Base | 58 % | ≈446 (+7 %) | ≈480 (+19 %) | ≈516 (+32 %) |
| Bull | 20 % | ≈549 (+31 %) | ≈650 (+59 %) | ≈767 (+92 %) |
| Weighted | 100 % | ≈440 (+6 %) | ≈474 (+18 %) | ≈517 (+32 %) |
What has to go right, and what could go wrong for Allianz?
The bear case starts at €11,400 million and ends at €12,032 million, as claims inflation, catastrophe losses and acquisition spending offset recovery. The bull case starts at €13,490 million and reaches €16,168 million, requiring favorable claims, durable PIMCO flows, cost savings and successful Asian integration. Allianz’s net income rose each year from 2022 through 2025, while the combined ratio was 92.2% in 2025 and 91.9% in June 2026. Management also targets €17.4 billion of 2026 operating profit and 7%–9% core EPS growth, but the forecast does not treat either measure as net income.
The bull case becomes more credible through 2027–2029 if underwriting remains resilient, the Asian distribution channels produce profitable growth, PIMCO flows persist and capital generation funds repeated buybacks. The key valuation test is whether investors begin to reward Allianz above its recent P/E range.
How much cash does Allianz really make and give back?
Book value, ROE and the contractual service margin describe accounting and future-profit positions, not the same capital. Operating cash flow also includes large movements in insurance and investment-contract liabilities. Cash remitted to the parent is therefore the cleaner shareholder test.
Cash remittances test whether accounting profits can support distributions. Local insurers must retain enough cash and regulatory capital to pay customers, absorb losses and continue operating. Like water tanks in a chain, they send only surplus cash to Allianz SE. Allianz targets more than €27 billion of cumulative net remittances over 2025–27 and delivered €8.6 billion in 2025.
What does an investor pay for Allianz today?
| Today (Oct 22, 2026) | |
|---|---|
| Share price | 432.60 |
| Market value (calculated) | 162,859 |
| P/E, last 12 months (calculated) | 14.2x |
| P/E on core earnings, last 12 months (calculated) | 14.0x |
| P/E, next 12 months (calculated) | 13.1x |
| Dividend yield (calculated) | 4.0% |
What this means. The insurer’s own count of ongoing profit is slightly higher than its regular profit, so the share price looks a little cheaper by that measure.