Allianz dividend: payout and cash coverage
MyStockButler's October 2026 analysis: Allianz pays €17.10 per share in the forecast starting point, with the 2026 dividend stated to be at least the previous year's level. Allianz's cash coverage rests on recurring remittances: it delivered €8.6 billion in 2025 and targets more than €27 billion over 2025–27.
How much does Allianz pay per share over the years shown?
Dividends start at €17.10 per share in every case because management has stated that the 2026 dividend will be at least the previous year’s level. The base case reaches €19.95 by October 2029 through 8% annual growth, the midpoint of the core EPS target. The bear case falls to €16.00 after a temporary cut to €15.00, while the bull reaches €22.76 through 10% annual growth. Recurring remittances support the base, but acquisitions and capital needs compete with distributions.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 27.67 | 25.18 | 21.18 | 15.48 | |
| − Dividends, per share | 15.47 | 13.83 | 11.46 | 10.79 | 9.61 |
| − Share buybacks, per share | 5.22 | 3.86 | 5.55 | 3.20 | 1.82 |
| = Kept, per share | 7.00 | 7.49 | 4.18 | 1.52 |
Does Allianz's dividend have cash support?
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.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| = Earnings for common shareholders | 10,603 | 9,788 | 8,399 | 6,302 | |
| − Dividends paid on ordinary shares | 5,924 | 5,376 | 4,541 | 4,383 | 3,956 |
| − Share buybacks | 2,000 | 1,500 | 2,200 | 1,300 | 750 |
| = Kept to grow and build capital | 2,679 | 2,912 | 1,658 | 619 | |
| Acquisitions | 140 | 280 | 106 | 199 | 3,172 |
What could change Allianz's dividend?
The forecast moves toward the bear case if 2027 results show a rising combined ratio, adverse reserve development or catastrophe losses that outpace pricing. Integration costs or weaker remittances in 2027–2028 would further slow buybacks and pressure the multiple.
The base case gains support if 2026 guidance is met, core EPS follows its 7%–9% ambition, and the 2027 acquisitions integrate without a material earnings setback.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 12,692 (11,400 / 13,490) | 13,495 (11,718 / 14,742) | 14,363 (12,032 / 16,168) |
| Shares (millions) | 370 (372 / 368) | 366 (370 / 363) | 362 (368 / 358) |
| Dividends per share | 17.10 (17.10 / 18.81) | 18.47 (15.00 / 20.69) | 19.95 (16.00 / 22.76) |
| Price to earnings | 13.00 (10.50 / 15.00) | 13.00 (9.50 / 16.00) | 13.00 (9.00 / 17.00) |
What is Allianz's dividend yield against its share price?
The forward valuation represents what investors expect Allianz to earn over the next twelve months, while the dividend yield represents the cash return implied by the current dividend. Together they make the price more than a claim on present profits: they make it a bet on future profits and future payouts.