Allianz pays 6.5 billion euros in dividends and is the largest payer in the DAX

Allianz is paying out 6.5 billion euros to its shareholders this year and remains the largest dividend payer in the German benchmark index. That is nine percent more than the year before. No other DAX group comes close to that sum.

Per share the dividend is 17.10 euros, up eleven percent. At the time of the survey that gave a yield of 4.45 percent.

Since 2015 the payout has more than doubled, with average annual growth of around six percent.

For comparison, all 40 index members together pay out around 55.3 billion euros according to an analysis by the audit firm EY, a record figure. Allianz alone accounts for just under twelve percent of that.

The short version

• Allianz pays out 6.5 billion euros, nine percent more than the year before, and remains the largest dividend payer in the DAX.
• Per share the dividend is 17.10 euros at a yield of 4.45 percent.
• Behind the payment stands an operating profit of 17.4 billion euros in 2025, a rise of 8.4 percent.

A record result of 17.4 billion euros

Behind the payout stands a record result. The group generated an operating profit of 17.4 billion euros in 2025, a rise of 8.4 percent.

For 2026 management again signals an operating profit of that order, with a range of plus or minus one billion euros. The first quarter of 2026 already brought a record result.

Alongside the dividend the group relies on share buybacks. By the end of 2026 own shares worth up to 2.5 billion euros are to be acquired. For the years 2025 to 2027 Allianz has announced that it will return on average at least 15 percent of net profit to shareholders in addition.

The largest sum but not the highest yield

In placing this it is worth drawing a distinction that is often blurred.

The absolute payout sum measures how much money a company pays in total. It depends heavily on the size of the company. The dividend yield sets the amount per share against the share price.

On yield Munich Re leads. The reinsurer pays a dividend of 24 euros per share for 2025, after 20 euros before, which at a price of 458.40 euros corresponds to more than five percent.

A study of expected dividend yields for the years 2026 to 2030 puts Allianz in fourth place among European insurers with a combined 26.1 percent. AXA leads with 33.1 percent, followed by Munich Re with 31.4 percent and Hannover Rück with 29.6 percent. At Allianz the expected yield rises from 4.6 percent in 2026 to 5.9 percent in 2030.

More than a million private shareholders

In April the group reported that more than one million private investors now hold Allianz shares.

The background is the debate about retirement provision in Germany. The state generational capital is not expected to deliver returns before the middle of the thirties. Until then the pension gap remains a private matter.

The valuation, at a price to earnings ratio of just under nine, is clearly below what American consumer goods groups cost. Coca Cola for instance trades at around 25 times expected earnings.

Tailwind from the whole sector

Insurers are shaping this reporting season. Talanx reported record results in all business lines for the first half and raised its outlook. The share gained 3.5 percent and pulled Allianz up 1.1 percent, Munich Re 1.5 percent and Hannover Rück 1.7 percent with it.

An important reason for that is lower losses from large claims. Munich Re earned a good 1.7 billion euros in the first quarter of 2026, around 57 percent more than the year before, explicitly because of lower natural catastrophe losses. Worldwide, large claims had caused costs beyond 100 billion dollars in 2025.

Large loss events, falling premiums at contract renewals and geopolitical dislocations count as structural risks of the business.

Frequently asked questions

Why is the largest sum not the highest yield

The absolute payout sum measures how much money a company pays in total and depends heavily on the size of the company. The dividend yield sets the amount per share against the share price. On yield Munich Re leads with 24 euros per share and more than five percent.

What does Allianz plan alongside the dividend

By the end of 2026 own shares worth up to 2.5 billion euros are to be acquired. For the years 2025 to 2027 the group has announced that it will return on average at least 15 percent of net profit to shareholders in addition.

Why are insurers earning so well at the moment

An important reason is lower losses from large claims. Munich Re earned a good 1.7 billion euros in the first quarter of 2026, around 57 percent more than the year before, explicitly because of lower natural catastrophe losses. Worldwide, large claims had caused costs beyond 100 billion dollars in 2025.

This analysis is for information only and is not investment advice.