Allianz SE’s chief economist Ludovic Subran indicated that oil price volatility from the US-Iran conflict may prompt the IMF to downgrade its global growth projections from January’s 3.3% forecast. He noted regional breakdowns of 2.1% in the US, 1.4% in the euro zone and 5.4% in emerging Asia.

Lower global growth forecasts and elevated inflation pressures could weigh on Allianz’s fixed-income and equity portfolios by reducing returns and increasing market volatility. Subran emphasized that the next two quarters will be critical for assessing resilience in unit-linked investments and bond holdings.

The spring meetings will explore how limited fiscal space and geopolitical tensions affect central bank policies, which could influence interest rate trajectories vital for Allianz’s liabilities management and long-term guarantees. Allianz economists will monitor IMF guidance to adjust capital allocations and underwriting strategies.