Allianz

Allianz is one of the world's largest insurers and asset managers, with around $1.05 trillion in investments under management through subsidiaries including PIMCO and Allianz Global Investors. The UN Special Rapporteur on the occupied Palestinian territory, named Allianz directly and PIMCO as one of the largest non-Israeli purchaser of the bonds funding Israel's war on Gaza. Allianz also underwrites and invests in arms manufacturers, the F-35 supply chain, fossil fuel infrastructure, and migrant detention contractors.

Named in the 2025 UN report on Israel's economy of genocide

The report "From economy of occupation to economy of genocide" (A/HRC/59/23), presented to the Human Rights Council on 3 July 2025 by Special Rapporteur Francesca Albanese, names Allianz among the financial enablers of Israel's occupation and assault on Gaza. The report states that Allianz holds at least $7.3 billion in companies it tracks as connected to the occupation and genocide, and that the insurance policies of firms like Allianz underwrite the risks other companies take when operating in Israel and the occupied territory, enabling human rights abuses while "de-risking" their operations.

The report also identifies Allianz's subsidiary PIMCO as a buyer of Israeli treasury bonds, holding $960 million, more than the asset managers BlackRock ($68 million) and Vanguard ($546 million) named alongside it. Israel used these bond issuances, including $8 billion in March 2024 and $5 billion in February 2025, to fund a military budget that grew from 4.2% to 8.3% of GDP between 2022 and 2024.

PIMCO and Israeli war bonds

PIMCO, the California-based asset manager owned by Allianz, is the largest foreign buyer of Israeli sovereign bonds issued since October 2023. Research by the Amsterdam-based firm Profundo, found that the Allianz group held about $32 million in Israeli bonds in November 2024, rising to roughly $2.6 billion by September 2025. A Profundo researcher stated that Allianz, through PIMCO, has been the largest non-Israeli holder of these bonds since the October 2023 and has not divested even after genocide allegations were brought against Israel at the International Court of Justice.

Israel Bonds are marketed by a government-affiliated body with slogans to support the Israeli war efforts. The proceeds finance Israeli's budgets including the occupational forces.

Insurance and investment in Elbit Systems

Allianz insures and invests in Elbit Systems, Israel's largest weapons manufacturer and a supplier of drones and munitions used in attacks on Gaza.

On 10 March 2025, Palestine Action activists occupied Allianz's offices in the City of London, scaling the main entrance and covering it in red paint over the firm's ties to Elbit Systems. A Palestine Action spokesperson said that by providing insurance, Allianz was "directly enabling the production of Israeli weapons in Britain."

F-35 supply chain

Allianz provides Employers' and Combined Liability insurance to three UK suppliers in the F-35 fighter jet supply chain: Buoyancy Aerospace V1 Ltd, ITP Aero UK Limited, and Strain Measurement Devices Limited. ITP Aero UK supplies components for the F-35's Pratt & Whitney F135 engine programme.

Israel is the only operator of the F-35I Adir, a modified version of the jet. According to a September 2024 Danwatch investigation, an F-35I dropped several multi-ton bombs on the al-Mawasi camp, a designated "safe zone" where displaced Palestinians were sheltering in tents. The Boycott Bloody Insurance campaign recorded around $661 million held by Allianz in the parent companies of UK F-35 suppliers as of February 2026.

Investments tied to Israel's military

Boycott Bloody Insurance’s February 2026 figures put Allianz’s holdings in companies it categorised as complicit in the Israeli genocide in Gaza at about $1.45 billion, up 554% from August 2025, and its holdings in weapons and war companies at about $852 million, up 374%.

Among those holdings, Allianz had around $114 million in Chevron, which operates Israel’s Tamar and Leviathan fields which are crucial providers of gas for Israel’s electricity generation.

The campaign’s report, “Ensuring Genocide: The Insurance Industry and Israel’s War Machine,” found that insurers including Allianz, AXA, Aviva, Zurich, and RSA had collectively invested over $1.7 billion in companies supplying military equipment used by Israel since 7 October 2023.

Fossil fuel and migrant detention ties

Allianz had around $620 million in fossil-fuel gross direct premiums written in 2024 and roughly $10.1 billion in fossil-fuel investments as of February 2026. Allianz also held about $47 million in Serco, the contractor running UK immigration removal centres and the GPS-tagging programme for asylum seekers, and about $54 million in Leidos, which co-manages the Y-12 nuclear weapons complex and supplies surveillance systems used in UK border enforcement.

Sources:

• Boycott Bloody Insurance Insurers Complicity in F-35
• Boycott Bloody Insurance Allianz Briefing
• Boycott Bloody Insurance Open Letter to Glastonbury Festival: Boycott Allianz
• Boycott Bloody Insurance Insurer Grading
• Boycott Bloody Insurance Ensuring Genocide: The Insurance Industry and Israel’s War Machine
• Danwatch Major civilian casualties: Danish-equipped fighter jets behind bloody attack in Gaza
• Middle East Eye How a German-US corporate giant became the world's largest foreign financier of Israel's wars
• OHCHR A/HRC/59/23: From economy of occupation to economy of genocide
• Morning Star Palestine Action activists occupy Allianz's offices in the City of London
• Rainforest Action Network Insurers Revealed Behind Venture Global's Risky Business
• Reuters Chevron resumes natural gas supply from Israel's Tamar offshore field