Berenberg Expects Allianz's Growing Capital Generation to Boost Cash Remittances, Share Buybacks

06:57 AM EST, 11/13/2026 (MT Newswires) -- Berenberg believes Allianz (ALV.F) is positioned to deliver higher cash remittances and larger-than-expected share buybacks amid rising operating capital generation and after the recent third-quarter beat. "Allianz reported operating profit of EUR4.7bn in Q3 2026, well above consensus at EUR4.3bn, and raised FY 2026 guidance to up to EUR18.6bn. If achieved, this will also be the new base for its annual target of 6% growth in operating profit in FY 2027E, implying at least EUR19.7bn, which is above consensus at EUR19.5bn. While these are small likely changes in consensus expectations, we believe that the more significant increase relative to consensus will be in cash remittances and buybacks," according to a Friday note. The research firm increased its net cash remittances for the company to 10 billion euros in 2026 and 11 billion euros in 2027. This, analysts said, also prompted an increase in their share buyback expectations for the same two years to 3 billion euros and 3.5 billion euros, respectively, compared with market forecasts of 2.5 billion euros for both periods. Berenberg maintained a buy rating and price target of 684 euros on the stock.