Allianz mandate award marks EY rehabilitation after Wirecard crisis

The insurance giant chooses the Big Four company as successor to PwC - second Dax success since Apas sanctions signals market confidence.

Strategic repositioning after rotation cycle

The Munich-based insurance group Allianz has decided on its auditor successor: EY will take over auditing responsibility from PwC, which had been mandated since 2018, from the 2027 financial year. This decision was made following a regular tendering process that started in January and corresponds to the statutory ten-year rotation. The Supervisory Board made the decision in mid-August after an intensive selection process in which EY prevailed over KPMG. In addition to the audit of the annual financial statements, the mandate also includes solvency overviews and IFRS reporting packages for the consolidated financial statements of the globally operating insurance group.

Complexity as a benchmark for Big Four expertise

Allianz represents one of the most demanding audit mandates in the German market. As the world's largest insurer with numerous international subsidiaries, high regulatory requirements and extensive reporting obligations, the Group places maximum demands on audit capacities. In 2024, PwC received a fee of 26.5 million euros for the audit and additional services - an amount that only the Big Four companies can manage. The early termination after nine instead of ten years shows Allianz's preference for predictable transitions.

EY comeback despite Apas restrictions

For EY, the Allianz mandate marks the second significant DAX success since the Wirecard affair. After Qiagen (from 2025), the insurance group demonstrates confidence in EY's rehabilitated audit quality, although the Apas lockdown for German public interest entities does not end until spring 2026. The Qiagen constellation circumvented this restriction by having its headquarters in the Netherlands and mandating the EY Netherlands division. In the case of Allianz, this complexity does not apply as the mandate only begins after the sanctions period has expired.

Market position under pressure

The mandate win comes at a critical time for EY Germany. With stagnating sales of 2.6 billion euros and minimal growth of 1.1 percent, the company is struggling with declining consulting business and the ongoing Wirecard fallout. EY is currently only auditing six DAX 40 companies and needs prestigious mandates to rehabilitate the market. The Allianz decision signals confidence in EY's professional rehabilitation and could catalyze further mandate wins.

Duty of confidentiality prevents comments

EY refrained from commenting on the mandate win, citing professional confidentiality. This reticence is in line with industry standards, but also underlines the sensitivity following the Wirecard turbulence. The Allianz mandate rehabilitates EY as a trustworthy partner for large corporations and could sustainably strengthen its competitive position vis-à-vis other Big Four firms.