…2024 operating profit target maintained at 14.8 billion euros, plus or minus 1 billion euros
Allianz SE, a global leader in insurance and financial services, has announced robust financial results for the first quarter of 2024, with operating profit increasing by 6.8% to 4.0 billion euros. The Group has reaffirmed its full-year outlook amidst positive performance across all business segments.
Financial Highlights:
- Total business volume advanced by 5.3% to 48.4 billion euros, driven by strong growth across all business segments.
- Shareholders’ core net income rose to 2.5 billion euros, marking a notable increase of 15.7%.
- The Solvency II capitalization ratio stood at 203%, reflecting the Group’s robust financial position.
The Chief Executive Officer of Allianz SE, Oliver Bäte, said, “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 represented across our organization. Our solid performance across business segments signals a strong start to the year, reflecting our commitment to profitability, resilience, and consistent capital management.”
Segmental Highlights:
Property-Casualty Insurance:
- Total business volume increased by 5.7% to 25.5 billion euros, with internal growth driven by strong performance in Retail, SME & Fleet.
- Operating profit rose by 10.4% to 2.1 billion euros, supported by growth in both operating insurance service and investment results.
Life/Health Insurance:
- PVNBP increased to 22.3 billion euros, driven by positive sales momentum in key markets.
- Operating profit remained strong at 1.3 billion euros, with a surge in the value of new business to 1.3 billion euros.
Asset Management:
- Operating revenues reached 2.0 billion euros, driven by increased AuM and higher performance fees.
- Operating profit increased by 7.0% to 773 million euros, with strong net inflows contributing to growth.
Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE, stated, “Allianz’s strong performance in the first quarter underscores our commitment to value creation. We remain focused on delivering sustainable growth and creating value for our shareholders. Our robust financial position, demonstrated by a strong Solvency II ratio of 203%, positions us well to navigate the evolving economic landscape.”
