Allianz posts profit increase in Q1 2024 results

Firm highlights robust performance across various segments

Allianz posts profit increase in Q1 2024 results

Insurance News

By Kenneth Araullo

To kick off 2024, Allianz SE has announced an increase in its operating profit by 6.8%, reaching €4.0 billion, compared to €3.7 billion in the same period the previous year.

This growth, as the insurer highlighted, was supported evenly across various business segments, with significant contributions from both insurance service and investment results.

The company’s total business volume expanded by 5.3% to €48.4 billion, with positive inputs from all divisions. Notably, the property-casualty segment experienced substantial growth due to effective pricing strategies, while the life/health segment saw gains mainly from strong sales in the US and Italy.

The asset management division, meanwhile, benefited from increased assets under management (AuM) and higher performance fees, recording an internal growth rate of 7.5%.

Net income attributable to shareholders also saw a rise, moving from €2.0 billion in the previous year to €2.5 billion. Additionally, core earnings per share (EPS) increased from €5.43 to €6.42, and the annualised core return on equity (RoE) was reported at 17.4%, up from 16.1% at the end of 2023.

Claire-Marie Coste-Lepoutre, CFO of Allianz SE, commented on the quarter's outcomes, highlighting the firm's strategic successes.

“Allianz’s strong performance in the first quarter demonstrates our unwavering commitment to value creation,” she said.

Coste-Lepoutre pointed out key achievements across business lines: strong internal growth and discipline in property-casualty, widespread growth and an attractive margin in life/health, and significant third-party net inflows and performance fees in asset management.

“We had a very good start into the year and our ability to create value for our shareholders is supported by a strong Solvency II ratio of 203 percent. We confirm our full-year outlook of an operating profit of €14.8 billion, plus or minus €1 billion,” she said.

Oliver Bäte, CEO of Allianz SE, also reflected on the company’s performance in the first quarter of the year.

“Allianz’s strong results demonstrate the quality of our fundamentals, the value of consistency in the execution of our strategy, and the advantage of the broad talents and skillsets that are represented across our organisation,” he said.

Bäte further highlighted the importance of their approach during uncertain times, emphasizing Allianz’s position as a preferred partner in the insurance sector.

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