Allianz SE

Using four data snapshots compiled by the Amsterdam research firm Profundo between late 2024 and early 2026, the report finds that Allianz group holdings of Israeli government bonds rose from about USD 32 million in November 2024 to about USD 2.67 billion by September 2025, which was 51.8% of all non-Israeli holdings captured in the dataset at that point. Total non-Israeli holdings reached USD 4.91 billion by March 2026, of which Germany accounted for USD 2.43 billion, approximately 94% of it managed by PIMCO from the United States. The next largest national holdings at March 2026 were the UK at USD 149 million, Canada USD 101 million, Italy USD 53 million, Switzerland USD 46 million and France USD 22 million. Wartime Israeli bonds averaged 5.56% interest against 1.4% before the war. Profundo's Ward Warmerdam is quoted: 'Allianz, through PIMCO, is by far the largest non-Israeli investor in Israeli sovereign bonds and has been so since October 7th attacks.' The report notes its dataset is not fully comprehensive. Allianz and PIMCO did not respond to detailed questions before publication.

The source for the civil claim. Allianz is suing six pro-Palestine activists in the Central London County Court over protests at UK offices during 2024 and 2025, seeking £289,604 plus legal costs. The company alleges more than £79,000 of damage (water-soluble red paint sprayed on walls, broken windows and occupied premises) and additionally claims reputational damage and office closures; the sum includes £200,000 in symbolic damages added to an initially lower figure. Judge Alan Johns ruled that the civil case may proceed, rejecting the defendants' application to stay it until their criminal trials, listed for October 2026 and January 2028. The defendants, who contest the claim, called the move to bring it in the civil courts "as appalling as it is unprecedented" and described the symbolic damages as a "protest licence fee". None of the allegations has been tried. Reported by Mark Rosanes.

Primary source for the current governance position. The meeting was held in person at the Olympic Hall, Munich. A dividend of EUR 17.10 per share was proposed. The Board of Management members whose actions were put to individual discharge resolutions for fiscal year 2025 were Oliver Bäte, Sirma Boshnakova, Claire-Marie Coste-Lepoutre, Barbara Karuth-Zelle, Klaus-Peter Röhler, Günther Thallinger, Christopher Townsend, Renate Wagner and Andreas Wimmer. Michael Diekmann chaired the Supervisory Board through fiscal year 2025.

Establishes that pressure has not touched the financials. Allianz reported a record 2025 operating profit of EUR 17.4 billion and adjusted net income of EUR 11.1 billion, up 10.9%, and proposed a record dividend of EUR 17.10, up from EUR 15.40. About 30% of shareholders had voted against the remuneration system in 2025, which the Supervisory Board then adjusted. Michael Diekmann stepped down as Supervisory Board chairman after nine years and was succeeded by Jörg Schneider, formerly of Munich Re, whose stated task includes choosing a successor to Oliver Bäte when his contract expires in 2028.

German daily reporting the claims put to the meeting of 7 May 2026 by the 'Keine Allianz mit Völkermord' campaign working with the Dachverband der Kritischen Aktionärinnen und Aktionäre, which filed a counter-motion against discharge of the Management Board. The campaign figures, which are campaigners' own and not Allianz's, are EUR 426 million in fifteen weapons manufacturers supplying Israel, EUR 1.23 billion in companies it describes as genocide-linked as of February 2026, EUR 528 million in F-35 suppliers, and PIMCO's purchase of nearly USD 1 billion in Israeli war bonds. The article carries no response from Allianz.

Records stakes in fifteen weapons manufacturers on the BDS divestment list - BAE Systems, Boeing, Caterpillar, Elbit Systems, General Dynamics, Honeywell International, L3Harris, Leonardo, Lockheed Martin, Northrop Grumman, Oshkosh, Rheinmetall, Rolls-Royce, Textron and ThyssenKrupp - totalling more than USD 450 million as of February 2025, and records that PIMCO invests in Israeli treasury bonds. Notes that Elbit Systems UK switched employers' liability cover to Aspen Insurance in December 2025 and that it is unclear whether Allianz retains other insurance arrangements with the group. Page valid as of 7 April 2026. Supersedes the older summary entry on AFSC's divestment index.

Explains why the EU due diligence route has weakened rather than strengthened. The CSDDD entered into force on 25 July 2024 and has since been amended twice by the Omnibus I simplification package: Directive (EU) 2025/794 postponed application dates, and Directive (EU) 2026/470 was published in the Official Journal on 26 February 2026 and entered into force on 18 March 2026. Scope is now confined to companies with at least 5,000 employees and EUR 1.5 billion net worldwide turnover, or EUR 1.5 billion of EU turnover for non-EU companies. Member states must transpose by 26 July 2028, most provisions apply from 26 July 2029, and the Article 16 reporting duty from financial years beginning on or after 1 January 2030.

The dating source for the insurance change. Allianz's cover for Elbit Systems ended on 1 November 2025; Aviva's employers' liability cover for UAV Engines Ltd, Elbit's Shenstone subsidiary, ended on 7 September 2025. Elbit Systems UK now receives employers' liability cover from Aspen Insurance and UAV Engines from Chubb. The cover was replaced, not lost. Allianz did not respond to requests for comment; Aviva declined to comment.

The only known instance of an institution formally examining whether to end a commercial relationship with Allianz over this question, and it decided not to. On 5 September 2025 the GAA's management committee referred the sponsorship to the Ethics and Integrity Commission following a member petition to terminate it, prompted by A/HRC/59/23. The Commission's report records that Allianz plc, of Allianz House, Elmpark, Merrion Road, Dublin 4, is 'the sole and exclusive sponsor of the National Football and Hurling Leagues under an agreement which expires in 2030' and a Football Championship sponsor to 2028; that Allianz plc employs about 800 people in Ireland, insures the GAA and assists its Player Injury Fund; and that 'While it is part of the Allianz SE Group, Allianz plc is not active in Israel.' It also records that Allianz SE 'owns an implicated company (PIMCO) and is a shareholder in another implicated company (Elbit Systems)'. The Commission recommended that the GAA should not end the sponsorship, should encourage Allianz plc 'to use its influence to encourage other companies within the Allianz group to act in accordance with Irish, European and International Law', and should test all its contractual arrangements. Its stated reasons included the absence of any Irish government or binding UN position, the risk of legal consequences from unilateral termination, and the difficulty of finding an insurer with no connection of any kind to Israel's economy.

The register that maps European financial institutions against the businesses sustaining the occupation, and the dataset behind the USD 7.3 billion figure the UN Special Rapporteur attributes to Allianz. The fifth edition, researched by Profundo and published on 25 November 2025, screens 104 businesses and identifies 1,115 European financial institutions with relationships to them, USD 310.65 billion in loans and underwriting between January 2023 and August 2025, and USD 1,503 billion in shares and bonds held as at 31 August 2025. Allianz appears among the investors identified, though not among the ten largest by value, which are led by Norway's Government Pension Fund Global at USD 195.3 billion. Summary and download hosted by Al-Haq.

Trade press record of coordinated actions on 1 November 2025, the day Allianz's Elbit cover ended. Offices were targeted in six countries - the UK, France, Germany, Austria, Spain and Taiwan - including Birmingham, Berlin, Frankfurt, Paris, Malaga, Vienna and Taipei, with windows broken and buildings painted. The article contains no Allianz statement on this incident.

The UN Independent International Commission of Inquiry on the OPT concludes that Israeli authorities and security forces 'have committed and are continuing to commit' acts of genocide against Palestinians in Gaza, and that Israel 'bears responsibility for the failure to prevent genocide, the commission of genocide and the failure to punish genocide' (A/HRC/60/CRP.3, paras. 252 and 255).

The central document for this profile. Allianz is named twice. Paragraph 74 records that 'Asset management firms - including Blackrock ($68 million), Vanguard ($546 million) and Allianz's asset management subsidiary PIMCO ($960 million) - were among at least 400 investors from 36 countries who purchased' Israeli treasury bonds, the instrument the report calls 'the main source of finance for the Israeli State budget', issued as the military budget rose from 4.2% to 8.3% of GDP between 2022 and 2024. Paragraph 76 records that 'Global insurance companies, including Allianz and AXA, also invest large sums in shares and bonds implicated in the occupation and genocide', that 'Allianz holds at least $7.3 billion' in the companies the report tracks, and that 'Their insurance policies also underwrite the risks other companies necessarily take when operating in Israel and the occupied Palestinian territory, thus enabling the commission of human rights abuses and "de-risking" the operational environment.' The $7.3 billion figure is footnoted to holdings comparisons and to the Don't Buy Into Occupation dataset.

AllianzGI wrote to clients in late March 2025 removing two exclusions from its Article 8 sustainable funds under the EU Sustainable Finance Disclosure Regulation: the bar on companies earning more than 10% of revenue from military equipment and services, and the bar on nuclear weapons activity compliant with the Non-Proliferation Treaty. AllianzGI described the restrictions as 'onerous'. Its global head of sustainable and impact investing, Matt Christensen, said nuclear weapons are 'a critical and credible deterrent to large-scale conflict' and that in Western countries their production is 'fully integrated into the industry and cannot be separated'. AllianzGI managed around EUR 570 billion at the time.

Allianz's own account, stated here in its own words. The current exclusion policy bars anti-personnel mines, biological, chemical, cluster, depleted uranium and white phosphorus weapons and nuclear weapons outside the Non-Proliferation Treaty, and bars direct investment in sovereign issuers rated 'not free' by the Freedom House Index. AllianzGI argues that 'a well-governed, well-functioning and resilient European defence and security system is integral to the continent's socioeconomic development and growth', while accepting that defence holdings receive no 'Sustainable Investment' classification under EU rules. Neither document contains any country or conflict-specific restriction.

Establishes the market that Allianz bought into. Between 7 October 2023 and January 2025 some USD 19.4 billion of Israeli sovereign bonds were underwritten, with Goldman Sachs, Bank of America, Deutsche Bank, BNP Paribas, Citi, Barclays and JPMorgan Chase named as underwriters. The twenty largest institutional investors supplied more than USD 2.7 billion through bond purchases, and PIMCO, identified as the US subsidiary of Allianz, is named as the largest single investor, having purchased almost USD 1 billion of the bonds. Research by Profundo.

Report finds Allianz holds over $452 million in BAE, Boeing, Caterpillar, General Dynamics, and Lockheed Martin. Allianz is the only major insurer investing in Israeli arms manufacturer Elbit Systems.

Documents Allianz as one of the largest insurers investing in 14 arms companies, with total exposure of 3.8-4.3 billion euros in weapons manufacturers supplying Israel.

Coordinated action against 10 Allianz UK offices. Demonstrators described Allianz as 'investors and insurers of Israel's biggest weapons firm' Elbit Systems.

DBIO coalition ranks Allianz #7 among top European investors in companies involved in Israeli settlements, with $4 billion in shareholdings and bonds in settlement-connected companies.

American Friends Service Committee database documenting Allianz investments in companies profiting from the Israeli military occupation.

Research documents Allianz investing 4.3 billion euros across arms companies supplying weapons to nations with high risk of human rights abuses.