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Allianz signals it will hold commercial growth to 4% in the US
The insurer reported a 91.1% combined ratio for its commercial book and said it remains on track for full-year operating profit of €17.4 billion, plus or minus €1 billion.
Allianz has told US insurance brokers that it is not aiming to grow its commercial business faster than 4%, even as some carriers compete aggressively on price for market share, Insurance Business reports. In its record first-half results, Allianz posted H1 operating profit of €9.4 billion, up 8.6% year on year, with second-quarter operating profit of €4.9 billion. Core earnings per share rose 17.5% to €16.44, and the group said its Solvency II ratio increased by 7 percentage points to 225%.
For underwriting performance, Allianz Commercials business saw a 91.1% P&C combined ratio for the period, with the loss ratio at 67.7% and the expense ratio improving to 23.7%. Allianz said its retail book grew 7% with a 91.7% combined ratio, while its commercial book grew 4%. On the US platform, Allianz Commercial said it expanded its construction team in April 2025 and opened a Miami Latin America Hub in February 2026, supporting facultative reinsurance across property, construction, natural resources, financial lines, cyber, and marine risks for clients operating across the Americas.