Allianz MILITARY

Target: Allianz SE Research date: 27 October 2026 Domain: Military, defence and military-adjacent supply chains

Direct Defence Contracting & Procurement

Insurance relationship with an Israeli defence manufacturer

American Friends Service Committee’s AFSC Investigate identifies Allianz SE as a former provider of employers’ liability insurance to Elbit Systems UK, a subsidiary of Israeli defence manufacturer Elbit Systems Ltd.; it reports that Elbit changed this coverage to Aspen Insurance in December 2025.¹

Boycott Bloody Insurance’s March 2025 investigation identified Allianz among insurers providing employers’ liability coverage to companies supplying military equipment to Israel, specifically linking Allianz to Elbit Systems.²

Al-Haq published the same insurance-sector investigation on 11 March 2025, identifying Allianz among insurers investing in or underwriting companies connected to Israeli military equipment supply.³

Reporting on 8 October 2024 documented coordinated demonstrations at ten Allianz UK offices, where Palestine Action demanded that the insurer end its commercial relationship with Elbit Systems.⁴

A report published on 10 November 2024 described Palestine Action’s demand that Allianz decline to renew Elbit Systems UK’s employers’ liability insurance, with a renewal date identified as 7 November 2024.⁵

Insurance Post reported on 24 December 2025 that Allianz and Aviva had dropped insurance coverage for Elbit Systems, corroborating the subsequent AFSC account of the change.⁶

The documented acting entities are Allianz’s UK insurance operations, providing insurance benefiting Elbit Systems UK; the commercial channel was an insurance policy rather than military procurement, the publicly observed relationship dates from at least 2024 to December 2025, and the precise original policy commencement date, premium, policy number and underwriting entity remain unestablished.^{1, 5, 6}

The cited evidence supports the reported end of the identified employers’ liability relationship by December 2025, while AFSC expressly leaves other possible insurance arrangements unresolved.¹

Direct Ministry of Defence contracts

No public evidence identified of a direct procurement award, framework agreement or memorandum of understanding between Allianz SE or its identified insurance subsidiaries and the Israeli Ministry of Defence, IDF, Israel Prison Service or Israel Border Police in the examined company, defence-sector and insurance records.^{1, 2, 7}

Defence trade directories

No public evidence identified of Allianz acting as a defence equipment manufacturer or exporter within the examined specialist company records; Elbit Systems, the insured counterparty, is independently documented as a major defence manufacturer.^{7, 8}

Named entity and contract distinction

Elbit Systems Ltd.’s 2024 SEC annual filing describes increased supply to the Israeli Ministry of Defence and reports substantial defence procurement activity, but the document does not identify Allianz as a party to those government supply contracts.⁹

The Israeli Ministry of Defence announced an approximately USD 340 million ammunition agreement with Elbit Systems on 1 August 2024, identifying Elbit as the supplier and the ministry as purchaser; Allianz is not identified as a contracting party.¹⁰

The acting parties in that procurement were Elbit Systems Ltd. and the Israeli Ministry of Defence, with the transaction announced in August 2024 and the duration of the broader ammunition manufacturing commitment extending beyond the announcement; any Allianz participation in the specific agreement remains unestablished.¹⁰

Dual-Use Products & Tactical Variants

Company products and services

Allianz’s documented group operations include insurance, commercial risk services, assistance and asset management, with PIMCO identified as part of Allianz Group.¹¹

No public evidence identified that Allianz designs or markets tactical military hardware, ruggedised military equipment, targeting devices or military-specified product variants in the examined corporate and defence-sector sources.^{11, 12}

Defence customer coverage

The historical Elbit Systems UK employers’ liability policy establishes insurance provision to a defence-sector company, but the retrieved evidence does not identify a particular Elbit weapons system as an individually insured asset.^{1, 2}

Military versus civilian use

Elbit Systems is documented as producing military drones, targeting systems, ammunition and other defence equipment, whereas Allianz’s identified commercial role was insurance and securities exposure.^{7, 8, 13}

No public evidence identified of Allianz supplying purpose-built targeting software, military AI, guidance systems or kinetic-effect automation to Israeli security forces.^{1, 9, 12}

End-user certification

No public evidence identified of an Allianz export end-user certificate or licence application for a defence-grade product supplied to Israel.^{7, 12}

Heavy Machinery, Construction & Infrastructure

Occupied-territory equipment

Who Profits documents Elbit Systems’ involvement with surveillance infrastructure, military technologies and checkpoints in the occupied Palestinian territory, including equipment deployed in the West Bank.⁷

The evidence identifies Elbit as a technology supplier; it does not establish that Allianz supplied construction machinery or directly performed the documented infrastructure works.⁷

Direct and indirect supply

No public evidence identified of Allianz-owned construction equipment being supplied to Israeli settlements, military bases, the separation barrier or demolition operations.^{7, 11}

No public evidence identified of an Allianz-authorised heavy-machinery distributor supplying military or settlement construction projects.^{7, 11}

Construction contracts

No public evidence identified of Allianz SE or the examined group companies holding construction, engineering, maintenance or demolition contracts for checkpoints, detention centres, settlements or military infrastructure.^{1, 7, 11}

Financial relationship distinguished

Boycott Bloody Insurance’s August 2026 table attributes a USD 744,359,241 Caterpillar investment position to Allianz, but this reported securities exposure does not independently establish that Allianz supplied Caterpillar equipment to Israeli military or settlement end-users.¹⁴

For that reported investment, the acting investment entity’s precise fund-level identity and beneficial ownership remain unverified, the observation date is August 2026, and continuation through 27 October 2026 is unknown.¹⁴

Supply Chain Integration with Defence Primes

Elbit Systems - underwriting

Allianz’s established historical defence-sector commercial relationship was the provision of employers’ liability insurance benefiting Elbit Systems UK, with replacement coverage reported in December 2025.^{1, 6}

The relationship involved Allianz insurance operations as provider, Elbit Systems UK as policy beneficiary, and insurance underwriting as the commercial channel; its exact inception date is unavailable, coverage was publicly documented in 2024–2025, and the specified policy was reported replaced by December 2025.^{1, 5, 6}

Elbit Systems - investment

Boycott Bloody Insurance’s March 2025 report attributed approximately USD 452 million in investments across 15 defence-related companies to Allianz as of February 2025 and specifically identified Elbit Systems among the companies.²

The campaign’s August 2026 investment table attributes USD 1,721,308 in Elbit Systems equity exposure to Allianz.¹⁴

These are reported investment positions rather than purchases of military equipment or contracts to manufacture weapons, and the precise beneficial owner, investment vehicle, transaction dates and duration of each holding remain unverified.¹⁴

Other named defence-related investments

The same August 2026 table attributes Allianz positions of USD 309,075,487 in Lockheed Martin, USD 77,621,798 in Boeing, USD 48,736,739 in BAE Systems and USD 173,108,050 in General Dynamics.¹⁴

It also attributes USD 49,571,257 in Leonardo, USD 79,494,975 in Rheinmetall, USD 332,716,376 in Rolls-Royce and USD 9,465,805 in L3Harris to Allianz.¹⁴

The acting investor is identified at the Allianz reporting-group level by the research publisher, the beneficiaries are the named investee companies, the financial channel is securities investment, and the latest documented observation is August 2026; individual investment-manager identities and continuation beyond that date are unverified.¹⁴

Ethical Consumer separately reported the approximately USD 452 million February 2025 Allianz defence-investment figure, citing insurance-sector campaign research.¹⁵

Elbit’s defence-sector role

The Campaign Against Arms Trade identifies Elbit Systems UK, UAV Engines, Instro Precision and UAV Tactical Systems among entities involved in Israeli-linked defence manufacturing or military export licensing.⁸

Elbit’s SEC-filed announcement dated 21 May 2024 reported approximately USD 760 million of ammunition contracts with Israel’s Ministry of Defence, establishing a direct defence procurement relationship for Elbit itself.¹⁶

The contracting parties for those ammunition agreements were Elbit Systems Ltd. and the Israeli Ministry of Defence, the public announcement was dated May 2024, and the stated performance period was two years; Allianz is not identified in the filed announcement as a supplier or contracting participant.¹⁶

Component supply

No public evidence identified that Allianz supplied components, optical assemblies, electronics, propulsion technology or specialist materials to Elbit Systems, Israel Aerospace Industries, Rafael Advanced Defense Systems or Israeli Military Industries.^{1, 7, 9}

Joint development

No public evidence identified of Allianz participating in military co-development, licensed weapons manufacturing or defence technology-transfer programmes with Israeli defence primes.^{7, 9, 12}

Logistical Sustainment & Base Services

Military installations

No public evidence identified of an Allianz contract to provide catering, transport, maintenance, telecommunications, waste management or facilities services to Israeli military installations.^{1, 7, 11}

Insurance as a commercial enabling service

Allianz’s historically documented insurance service benefited Elbit Systems UK as a corporate employer, but the retrieved evidence does not identify direct insurance coverage of an Israeli military base, military transport convoy or named operational installation.^{1, 2}

Geographic specificity

Elbit Systems is documented as providing equipment and services used in Gaza, the occupied West Bank and other locations, including checkpoint-related technologies.⁷

The retrieved evidence does not establish the geographic scope of Allianz’s historical employers’ liability coverage beyond its identified UK corporate customer.^{1, 5}

Shipping, freight and ports

No public evidence identified of Allianz providing freight forwarding, port handling, arms transport or defence logistics services to Israeli military end-users.^{1, 8, 11}

Group-company screening

Allianz UK identifies Allianz Trade, Allianz Partners and PIMCO within its broader group organisation.¹¹

No public evidence identified in the examined records that Allianz Trade or Allianz Partners directly operated an Israeli military logistics contract.^{1, 11}

AFSC separately reports that Allianz’s asset-management subsidiary PIMCO holds Israeli treasury bonds, without establishing a transaction-level allocation of those proceeds to a particular military procurement programme.¹

The reported acting investment entity is PIMCO, the securities issuer is the State of Israel, and the channel is government-debt investment; AFSC’s observation was current to its April 2026 profile, while the original acquisition dates, individual holdings and subsequent disposition dates remain unestablished.¹

Munitions, Weapons Systems & Strategic Platforms

Lethal weapons manufacturing

Elbit Systems manufactures weapons and defence platforms supplied to Israeli forces, including drones, ammunition, combat systems and specialised vehicle technologies.^{7, 8}

No public evidence identified that Allianz SE or its examined subsidiaries manufactured, assembled or licensed such weapons.^{1, 9, 11}

Munitions and precursor materials

Elbit’s SEC filing confirms ammunition contracts awarded in May 2024, while an Israeli government announcement documents a separate ammunition manufacturing agreement announced in August 2024.^{10, 16}

No public evidence identified that Allianz itself supplied explosives, shells, ammunition components, propellants or munitions precursor materials for those agreements.^{9, 10, 16}

Strategic defence systems

Who Profits documents Elbit’s work on systems associated with Israeli military aircraft, armoured vehicles, drones and missile-defence technology, including Iron Beam.⁷

The available Allianz-specific documentation identifies insurance and investment relationships, without establishing participation in the engineering or manufacture of those systems.^{1, 14}

Purpose-built military AI

No public evidence identified of Allianz designing or supplying targeting AI, fire-control algorithms, autonomous kill-chain software or weapons-guidance systems used by Israeli forces.^{7, 11, 12}

Specific end-use attribution

The precise allocation of Allianz’s historical Elbit insurance coverage to individual weapons programmes cannot be determined from the reviewed insurance-sector evidence.^{1, 2}

Export Licensing, Regulatory & Legal History

Export licences

The Campaign Against Arms Trade documents UK military export licences associated with Elbit Systems companies, including licences involving Israel.⁸

Those records concern Elbit and its subsidiaries; no publicly verified Allianz export licence for Israeli military equipment was identified in the examined sources.^{8, 11}

Arms embargo and sanctions

Allianz’s 2025 Group annual report describes exclusions from proprietary investment and commercial insurance for companies involved in specified categories of controversial weapons, including anti-personnel mines, cluster munitions, biological weapons and chemical weapons.¹²

The stated corporate restrictions address defined weapons categories and do not, on their own, establish a universal exclusion covering every conventional weapons manufacturer.¹²

No public evidence identified of an arms-export enforcement penalty against Allianz specifically concerning Israeli military supply in the examined regulatory, corporate and specialist sources.^{1, 8, 12}

Legal proceedings and corporate response

Insurance-sector reporting from March 2025 documents Allianz’s intention to pursue legal action following repeated Palestine Action protests against its Elbit relationship.¹⁷

Allianz stated in March 2025 that its business decisions underwent legal and environmental, social and governance due diligence and that its operations were continuing despite the demonstrations.¹⁸

The reported communication was issued by an Allianz spokesperson through third-party news coverage, addressed a public and media audience, and was observed in March 2025; its duration as a standing company policy statement is not established.¹⁸

No public evidence identified of a judicial decision finding Allianz liable for supplying prohibited weapons to Israel.^{1, 12, 17}

Constructive-notice timeline

The documented protest campaign began in October 2024, after the International Court of Justice’s July 2024 advisory opinion, and continued during 2025.^{4, 19}

The continued campaign was also documented after November 2024, including January and March 2025 demonstrations.^{20, 21}

The identified employers’ liability relationship was reported to have ended in December 2025, while the August 2026 investment data continued to attribute defence-related securities positions to Allianz.^{1, 14}

The available evidence does not establish Allianz’s internal decision-making rationale or prove that specific international legal developments independently caused or prevented any underwriting decision.^{1, 6}

Civil Society Scrutiny & Documented Investigations

AFSC Investigate

AFSC Investigate’s Allianz company profile, updated in April 2026, documents defence-related investment exposure, PIMCO Israeli government-bond investments, historical Elbit employers’ liability insurance and the reported December 2025 change in insurer.¹

Boycott Bloody Insurance

Boycott Bloody Insurance’s 2025 investigation identified Allianz as an insurer and investor connected to defence manufacturers supplying Israel.²

Its August 2026 investment table continues to attribute holdings in Elbit Systems and multiple other defence-related companies to Allianz.¹⁴

Its later Stop Insuring Elbit campaign page identifies Allianz and Aviva as former insurers and describes subsequent efforts directed at replacement insurers.²²

The organisation’s insurer profiles identify Aspen as having taken over insurance coverage after Allianz’s departure.²³

Al-Haq

Al-Haq published the Ensuring Genocide investigation on 11 March 2025, including its findings concerning Allianz and other international insurers.³

Who Profits

Who Profits documents Elbit Systems’ military supply, checkpoint technologies, occupation-related infrastructure and defence manufacturing activities.⁷

The cited Elbit profile supplies information about Allianz’s counterparty and does not independently establish that Allianz directly manufactured or supplied the technologies described.⁷

Campaign Against Arms Trade

The Campaign Against Arms Trade identifies Elbit Systems and its UK subsidiaries as suppliers of military technologies and records their export-licensing activity.⁸

Palestine Action campaign

Freedom News reported coordinated Palestine Action demonstrations at ten Allianz locations on 8 October 2024, including the company’s Guildford headquarters.⁴

Insurance Post reported demonstrations targeting 15 Allianz offices across Europe on 28 January 2025.²⁰

Further insurance-sector reporting documented protests at Allianz’s Manchester operations on 17 March 2025.¹⁷

Mancunian Matters reported another Manchester demonstration on 25 March 2025 and reproduced Allianz’s response concerning its corporate due-diligence standards.¹⁸

Reuters independently reported an October 2024 protest targeting Allianz’s London offices and described the coordinated campaign against ten UK locations.²⁴

A separate research chronology records Allianz-related campaign activity on 8 October 2024, 28 January 2025, 10 March 2025 and 14 April 2025.²⁵

The campaign communications originated from Palestine Action and associated civil-society organisations, were addressed to Allianz and the wider public through demonstrations and press coverage, and were documented repeatedly from October 2024 into 2025.^{4, 20, 25}

Reported underwriting cessation

Insurance Post’s December 2025 coverage reported that Allianz and Aviva had stopped covering Elbit, while AFSC’s April 2026 profile identified Aspen as the replacement provider for Elbit Systems UK’s employers’ liability policy.^{1, 6}

This supports cessation of the specifically identified employers’ liability insurance relationship; the public evidence does not establish termination of every possible insurance or investment relationship with Elbit Systems.^{1, 14}

Named controlling principals and relevant group entities

Allianz SE is the listed target company, with its insurance operations, Allianz Trade, Allianz Partners and PIMCO identified as relevant group entities in corporate and specialist records.^{1, 11, 12}

Oliver Bäte is identified in Allianz’s 2025 annual-report material as its chief executive; no personally attributable Israeli military contract or weapons-supply act was identified in the reviewed corporate disclosures.¹²

Jörg Schneider is associated with Allianz SE’s supervisory governance, but no independent military-channel transaction attributable to him personally was established by the examined company and insurance-sector evidence.¹²

Rashmy Chatterjee is identified by Israeli cybersecurity company Sygnia as its chair and as an Allianz SE board member.²⁶

Sygnia’s biography records that Chatterjee previously served as Deputy Director of Naval Design in the Indian Navy, a historical military appointment predating 2020.²⁶

The acting individual in that historical appointment was Rashmy Chatterjee, the institutional recipient was the Indian Navy, and the channel was military professional service; the precise appointment dates and independently verified cessation date are not stated in Sygnia’s published biography.²⁶

Sygnia identifies Chatterjee as its chair and describes her association with ISTARI, but the retrieved biography does not document an Israeli military procurement contract or weapons-development arrangement attributable to Allianz through those roles.²⁶

Sygnia’s corporate leadership page separately identifies other members of the company’s board, while the available evidence does not establish that Sygnia is an Allianz subsidiary or that Allianz holds a controlling stake in it.²⁷

No individually identified holder of at least 10% of Allianz SE equity, and no separately attributable Israeli military act by such a holder, was established from the reviewed annual-report and corporate material.¹²

Settlement nexus

Who Profits documents Elbit Systems’ involvement with Israeli military infrastructure and technologies used in the occupied Palestinian territory, including the occupied West Bank.⁷

Allianz’s historical insurance and reported investment relationships establish commercial connections with Elbit, but the retrieved evidence does not identify a specific Allianz policy covering an individual settlement facility or an Allianz contract directly financing settlement construction.^{1, 7, 14}

Civilian and military distinctions

The documented Allianz activities comprise insurance underwriting and financial investments; the identified manufacture and supply of military systems were activities of Elbit Systems and other portfolio companies.^{1, 7, 14}