06:16 AM EDT, 05/13/2026 (MT Newswires) -- Allianz's (ALV.F) buy rating was reiterated with a price objective of 420 euros as BofA Global Research considered the German insurer's first-quarter earnings.

"Allianz reported operating profit of EUR4.5bn, up 7% y/y and beating expectations by 4%. This was driven by better weather in [property &casualty] and a better investment income in the Holding,"analysts said Wednesday. "As expected, the mechanical guidance for the year is unchanged; we are above the top-end of the range with EUR18.6bn. Net profit is in line with consensus which might be due to Allianz having realized more bond losses than expected to reinvest in higher yielding instruments (as communicated at time of the Bajaj [joint venture] sale). Solvency at 221% in Q1 is a small beat."

The German insurer's net income attributable to shareholders for the three months ended March 31 climbed to 3.69 billion euros from 2.42 billion euros year over year, while total business volume slipped to 53.02 billion euros from 54.01 billion euros.