The facts about Allianz and the Middle East Conflict

A number of false and misleading claims concerning Allianz and the conflict in the Middle East continue to circulate, particularly on social media and in activist campaign material. These claims are being used as part of politically motivated campaigns seeking divestment from, and the severing of commercial relationships with, Allianz. These are campaign claims, not independent findings.

What is Allianz’s position on the Middle East conflict?

Allianz has been clear that the scale of civilian suffering in this conflict is anguishing, unacceptable and must end. Civilians in the region should be able to live free from violence, displacement and fear. Allianz Ireland has supported the Irish Red Cross in providing humanitarian assistance to civilians affected by this conflict.

We also remember the atrocities committed by Hamas on 7 October 2023 and the enduring trauma they caused for Jewish communities around the world, including in Ireland. Allianz denounced those attacks at the time and will stand against antisemitism and all forms of hatred and discrimination.

A lasting political settlement in the region is a matter for elected governments and international institutions. Allianz will continue to operate within the legal and regulatory frameworks they establish.

What is Allianz Ireland’s business and investment exposure to Israel and the Middle East?

Allianz p.l.c. is an Irish insurance company regulated by the Central Bank of Ireland.

Allianz Ireland:

does not hold Israeli government bonds; does not underwrite business in Israel or elsewhere in the Middle East; has no commercial relationship with, and does not insure, Elbit Systems; and does not direct Irish customer premiums towards military activity.

Why is Allianz Ireland being targeted by activists?

The campaign in Ireland is focused on Allianz Ireland because of its high-profile partnerships, particularly with the GAA. Public campaign material explicitly seeks to pressure the GAA to end its longstanding sponsorship and insurance relationships with Allianz Ireland.

Allianz Ireland does not hold Israeli government bonds, does not invest Irish customer premiums in them and does not underwrite business in Israel or the Middle East.

A high-profile Irish sponsorship is a convenient campaigning target. Becoming a target of activists is not evidence of wrongdoing by Allianz Ireland or the wider Allianz Group.

What is the position of the wider Allianz Group?

Allianz wholly rejects allegations that it finances, enables or facilitates genocide or violence. These allegations are wrong and not supported by fact.

Neither Allianz Ireland nor Allianz Group is directly or indirectly involved in military operations anywhere.

What is Allianz's position on the July 2025 Special Rapporteur's report?

Allianz wholly rejects the allegations made against it in the July 2025 Special Rapporteur report. As they relate to Allianz, they fundamentally misrepresent our company’s activities and responsibilities.

The report reflects the views of a mandate holder appointed by the UN Human Rights Council. Special Rapporteurs serve in their personal capacity, are not UN staff members, and their views do not necessarily represent the institutional position of the United Nations. The report is not an institutional finding by the United Nations against Allianz, the companies named in the report or the approximately 1,000 entities included in the underlying database.

Why is the July 2025 Special Rapporteur's report mistaken in its conclusions?

Allianz wholly rejects the report’s conclusion because it treats lawful, indirect participation in global financial markets as evidence of complicity without establishing the necessary causal or legal link.

The report also applies a very broad concept of economic connection, bringing together very different activities — from direct commercial operations to participation in ordinary global investment markets.

Allianz does not accept that an indirect, lawful economic connection is evidence of complicity or common responsibility. Taken seriously, that approach has no coherent limiting principle: it risks treating ordinary participation in the global financial system as evidence of responsibility for the conduct of governments or third parties.

Does Allianz reject the United Nations or international human-rights standards?

No. Allianz has a longstanding relationship with the United Nations system and has been a leading partner in UN-backed initiatives on climate, responsible investment and sustainable insurance for decades. It supports internationally recognised human-rights principles. Allianz:

joined the United Nations Environment Programme Finance Initiative in 1992;

became a signatory to the United Nations Global Compact in 2002;

signed the UN-supported Principles for Responsible Investment in 2011; and

signed the Principles for Sustainable Insurance in 2014.

Allianz’s strong objection is to the accuracy, methodology and conclusions of the July 2025 Special Rapporteur report as they relate to our company. That should not be confused with any rejection of the United Nations, international law or international human-rights standards.

Are Israeli government bonds sanctioned?

No. There is no EU or Irish sanctions regime prohibiting the purchase or holding of Israeli government bonds.

Is Allianz the “largest foreign financier of the war in Gaza”?

No. That claim is false and unfounded.

The July 2025 Special Rapporteur’s report does not make that finding. The claim comes from a dataset snapshot produced by a private organisation, whose own authors acknowledge the dataset as incomplete.

A snapshot of what is visible cannot credibly establish who is largest across an entire market and it is ludicrous to suggest so.

Sovereign borrowing supports a State’s overall financing needs including healthcare, education, roads and infrastructure, social services, debt repayment and defence. A sovereign bond is not a receipt for a military operation.

The Special Rapporteur’s report cites $7.3 billion in Allianz holdings. What does that mean?

According to the report, that alleged figure refers to holdings in companies the author considers linked to Israel or the Occupied Palestinian Territory.

That includes global, household-name companies with ordinary commercial operations there, often with respect to the sale of household items, alongside companies in sectors such as technology and defence.

It is a figure for holdings in companies selected by the report’s author. It is not $7.3 billion invested in Israel, Israeli government bonds or the Israeli military.

How should claims by activists about Allianz be assessed?

On the evidence. Claims should be tested against the original source, the completeness of the data and whether different companies, activities and client-managed assets are being accurately distinguished.

Political campaign material is advocacy, not independent verification. A claim does not become a fact because it is repeated often, shared widely or stated with certainty.

Allianz will continue to correct false and misleading claims and challenge allegations that are not supported by the facts. We take extremely seriously allegations that falsely associate our company, our employees, our customers or our partners with atrocities or criminal conduct.

Have protest or activist groups engaged with Allianz on this issue?

No. To date, no campaign group has approached Allianz Ireland to test its claims, seek clarification, put its evidence to us directly, or peacefully state its concerns.

Allianz has a longstanding record of engaging with NGOs and civil-society organisations and remains open to evidence-based dialogue. Instead, campaign activity has focused on applying pressure to our customers, partners, employees and community relationships.

If campaigners believe their allegations withstand examination, they should put them to Allianz directly. We will always answer legitimate questions, correct false claims and engage with evidence.

We will not tolerate their using our customers, employees and partners as leverage.

What guides Allianz’s approach in times of conflict?

Allianz has been protecting people and businesses for more than 135 years and has been part of Irish life since 1902. We have operated through generations of social, economic and political change, in Ireland and around the world.

Institutions that endure across generations have a stake in peaceful, stable and cohesive societies. Insurance itself depends on people, communities and businesses having the confidence to plan for the future.

That long-term perspective shapes our approach. We support constructive dialogue, mutual understanding, and the pursuit of just and lasting peace in which people can live in dignity, security and freedom.

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