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15.05.2024 06:59:30 - dpa-AFX: EQS-News: Allianz SE: Allianz increases operating profit by 6.8% to 4.0 billion euros (english)
Allianz SE: Allianz increases operating profit by 6.8% to 4.0 billion euros
EQS-News: Allianz SE / Key word(s): Quarter Results
Allianz SE: Allianz increases operating profit by 6.8% to 4.0 billion euros
15.05.2024 / 06:59 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Group affirms full-year outlook
1Q 2024:
* Total business volume advances 5.3 percent to 48.4 billion euros
* Strong Solvency II capitalization ratio of 203 percent1
Outlook:
Other:
* 1 billion euros share buy-back started, 0.5 billion euros completed
---------------------------------
1 Excluding the application of transitional measures for technical
provisions and with quarterly dividend accrual.
2As always, natural catastrophes and adverse developments in the capital
markets, as well as factors stated in our cautionary note regarding
forward-looking statements may severely affect the operating profit and/or
net income of our operations and the results of the Allianz Group.
-------------------------------
'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
organization.
Our 5 percent business volume growth and double-digit increase in
shareholders' net income signal a strong start to the year. In our
Property-Casualty business, solid top-line growth and bottom-line increase
reflect the balance of growth and underwriting discipline. The Life/Health
new business development confirmed the attractiveness of our broad product
portfolio. In our Asset Management operations, net flows in the first
quarter already exceeded last year's full-year levels, underscoring the
quality of our business and its value to clients.
Our proven track record of profitability, resilience, and consistent capital
management make us the trusted partner of choice, especially in times of
heightened uncertainty and accelerated change.'
- Oliver Bäte, Chief Executive Officer of Allianz SE
FINANCIAL HIGHLIGHTS
Total business volume
1Q 2024: Total business volume rose by 5.3 percent to 48.4 billion euros,
driven by all business segments. The Property-Casualty business segment
recorded good price-driven growth, while the increase in the Life/Health
business segment was primarily due to favorable sales momentum in the United
States and Italy. Growth in the Asset Management business segment benefited
from higher Assets under Management (AuM) and higher performance fees.
Internal growth was 7.5 percent, with contribution from all business
segments.
Earnings
1Q 2024: Operating profit was strong at 4.0 (1Q 2023: 3.7) billion euros, up
by 6.8 percent, driven by the Property-Casualty business segment and was
broadly equally split between an increased operating insurance service
result and a higher operating investment result. The operating profit was
also supported by the Asset Management business segment due to higher net
fee and commission income, while the Life/Health business segment achieved a
good operating profit on last year's level.
Shareholders' core net income increased to 2.5 (2.2) billion euros due to a
higher operating profit and non-operating result.
Net income attributable to shareholders rose to 2.5 (2.0) billion euros.
Core earnings per share (EPS)3 were 6.42 (5.43) euros.
The annualized core return on equity (RoE)3 was 17.4 percent (full year
2023: 16.1 percent).
------------------------
3 Core EPS and core RoE calculation based on shareholders' core net income.
------------------------
Solvency II capitalization ratio
The Solvency II capitalization ratio was 203 percent at the end of 1Q 2024
compared with 206 percent at the end of 2023.
SEGMENTAL HIGHLIGHTS
'Allianz's strong performance in the first quarter demonstrates our
unwavering commitment to value creation:
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
euros, plus or minus 1 billion euros.'
- Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE
Property-Casualty insurance: Very good operating profit
1Q 2024: Total business volume increased by 5.7 percent to 25.5 (24.1)
billion euros. Adjusted for foreign currency translation and consolidation
effects, internal growth was 7.5 percent. The main driver was very good
growth of 9 percent in Retail, SME & Fleet. Commercial lines advanced by 4
percent.
Operating profit rose strongly by 10.4 percent to 2.1 (1.9) billion euros.
Growth was equally split between an increased operating insurance service
result and a higher operating investment result.
The combined ratio remained at an excellent level of 91.9 percent (91.9
percent). The loss ratio was 67.3 percent (67.0 percent) as lower run-off
was partly offset by benign claims from natural catastrophes and a better
attritional loss ratio. The expense ratio improved by 0.3 percentage points
to 24.6 percent.
Life/Health insurance: Strong new business growth
1Q 2024: PVNBP, the present value of new business premiums, increased to
22.3 (18.5) billion euros, driven by higher volume in most entities. Allianz
Re as well as positive sales momentum in Italy and the United States were
the main contributors.
Operating profit remained strong at 1.3 (1.3) billion euros.
Contractual Service Margin (CSM) rose from 52.6 billion euros at the end of
2023, to 53.2 billion euros as of March 31, 2024, with strong normalized CSM
growth of 1.7 percent. Performance was good across our entities while
Allianz Re also benefited from a large contract.
The new business margin (NBM) increased to 5.7 percent (5.5 percent). The
value of new business (VNB) surged to 1.3 (1.0) billion euros due to volume
growth throughout most entities as well as an improved business mix.
Asset Management: Strong net inflows
1Q 2024: Operating revenues reached 2.0 billion euros, up 4.7 percent,
driven by increased AuM and higher performance fees. Adjusted for foreign
currency translation effects, operating revenues grew by 5.7 percent.
Operating profit increased to 773 (723) million euros, up by 7.0 percent.
Adjusted for foreign currency translation effects, operating profit rose by
8.1 percent. The cost-income ratio (CIR) improved to 61.1 percent (62.0
percent).
Third-party assets under management amounted to 1.784 trillion euros as of
March 31, 2024, up by 71 billion euros from the end of 2023. The main
contributor was strong net inflows of 34.2 billion euros, with further
positive contributions from currency translation and market effects.
Total assets under management were 2.297 trillion euros at the end of the
first quarter 2024, up 73 billion euros from the end of 2023, in line with
the results for the third-party assets under management.
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or
expectations, that are based on management's current views and assumptions
and subject to known and unknown risks and uncertainties. Actual results,
performance figures, or events may differ significantly from those expressed
or implied in such forward-looking statements.
Deviations may arise due to changes in factors including, but not limited
to, the following: (i) the general economic and competitive situation in the
Allianz's core business and core markets, (ii) the performance of financial
markets (in particular market volatility, liquidity, and credit events),
(iii) adverse publicity, regulatory actions or litigation with respect to
the Allianz Group, other well-known companies and the financial services
industry generally, (iv) the frequency and severity of insured loss events,
including those resulting from natural catastrophes, and the development of
loss expenses, (v) mortality and morbidity levels and trends, (vi)
persistency levels, (vii) the extent of credit defaults, (viii) interest
rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange
rate, (x) changes in laws and regulations, including tax regulations, (xi)
the impact of acquisitions including and related integration issues and
reorganization measures, and (xii) the general competitive conditions that,
in each individual case, apply at a local, regional, national, and/or global
level. Many of these changes can be exacerbated by terrorist activities.
No duty to update
Allianz assumes no obligation to update any information or forward-looking
statement contained herein, save for any information we are required to
disclose by law.
Other
The figures regarding the net assets, financial position and results of
operations have been prepared in conformity with International Financial
Reporting Standards. This Quarterly Earnings Release is not an Interim
Financial Report within the meaning of International Accounting Standard
(IAS) 34. This is a translation of the German Quarterly Earnings Release of
the Allianz Group. In case of any divergences, the German original is
binding.
Privacy Note
Allianz SE is committed to protecting your personal data. Find out more in
our privacy statement.
---------------------------------------------------------------------------
15.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1902987 15.05.2024 CET/CEST
EQS-News: Allianz SE / Key word(s): Quarter Results
Allianz SE: Allianz increases operating profit by 6.8% to 4.0 billion euros
15.05.2024 / 06:59 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Group affirms full-year outlook
1Q 2024:
* Total business volume advances 5.3 percent to 48.4 billion euros
* Operating profit increases 6.8 percent to 4.0 billion euros driven by
the Property-Casualty business segment, supported by good results in the
Asset Management and the Life/Health business segments
* Shareholders' core net income rises to 2.5 billion euros, up by 15.7
percent
* Strong Solvency II capitalization ratio of 203 percent1
Outlook:
* 2024 operating profit target maintained at 14.8 billion euros, plus or
minus 1 billion euros2
Other:
* 1 billion euros share buy-back started, 0.5 billion euros completed
---------------------------------
1 Excluding the application of transitional measures for technical
provisions and with quarterly dividend accrual.
2As always, natural catastrophes and adverse developments in the capital
markets, as well as factors stated in our cautionary note regarding
forward-looking statements may severely affect the operating profit and/or
net income of our operations and the results of the Allianz Group.
-------------------------------
'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
organization.
Our 5 percent business volume growth and double-digit increase in
shareholders' net income signal a strong start to the year. In our
Property-Casualty business, solid top-line growth and bottom-line increase
reflect the balance of growth and underwriting discipline. The Life/Health
new business development confirmed the attractiveness of our broad product
portfolio. In our Asset Management operations, net flows in the first
quarter already exceeded last year's full-year levels, underscoring the
quality of our business and its value to clients.
Our proven track record of profitability, resilience, and consistent capital
management make us the trusted partner of choice, especially in times of
heightened uncertainty and accelerated change.'
- Oliver Bäte, Chief Executive Officer of Allianz SE
FINANCIAL HIGHLIGHTS
Total business volume
1Q 2024: Total business volume rose by 5.3 percent to 48.4 billion euros,
driven by all business segments. The Property-Casualty business segment
recorded good price-driven growth, while the increase in the Life/Health
business segment was primarily due to favorable sales momentum in the United
States and Italy. Growth in the Asset Management business segment benefited
from higher Assets under Management (AuM) and higher performance fees.
Internal growth was 7.5 percent, with contribution from all business
segments.
Earnings
1Q 2024: Operating profit was strong at 4.0 (1Q 2023: 3.7) billion euros, up
by 6.8 percent, driven by the Property-Casualty business segment and was
broadly equally split between an increased operating insurance service
result and a higher operating investment result. The operating profit was
also supported by the Asset Management business segment due to higher net
fee and commission income, while the Life/Health business segment achieved a
good operating profit on last year's level.
Shareholders' core net income increased to 2.5 (2.2) billion euros due to a
higher operating profit and non-operating result.
Net income attributable to shareholders rose to 2.5 (2.0) billion euros.
Core earnings per share (EPS)3 were 6.42 (5.43) euros.
The annualized core return on equity (RoE)3 was 17.4 percent (full year
2023: 16.1 percent).
------------------------
3 Core EPS and core RoE calculation based on shareholders' core net income.
------------------------
Solvency II capitalization ratio
The Solvency II capitalization ratio was 203 percent at the end of 1Q 2024
compared with 206 percent at the end of 2023.
SEGMENTAL HIGHLIGHTS
'Allianz's strong performance in the first quarter demonstrates our
unwavering commitment to value creation:
* In our Property-Casualty operations strong price-driven internal growth
and strict underwriting discipline contributed to a very good increase
in our operating profit. Benign natural catastrophes and higher
investment income also supported the result.
* The widespread new business growth across our Life/Health segment
underlined the quality of our global franchise in a competitive
environment. Together with an attractive new business margin, this puts
us in a very good position for continued value creation.
* In our Asset Management operations, strong third-party net inflows and
exceptional performance fees demonstrated that we successfully managed a
volatile capital markets environment. An increase in our third-party AuM
and our competitive cost-income ratio position us well for profitable
growth.
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
euros, plus or minus 1 billion euros.'
- Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE
Property-Casualty insurance: Very good operating profit
1Q 2024: Total business volume increased by 5.7 percent to 25.5 (24.1)
billion euros. Adjusted for foreign currency translation and consolidation
effects, internal growth was 7.5 percent. The main driver was very good
growth of 9 percent in Retail, SME & Fleet. Commercial lines advanced by 4
percent.
Operating profit rose strongly by 10.4 percent to 2.1 (1.9) billion euros.
Growth was equally split between an increased operating insurance service
result and a higher operating investment result.
The combined ratio remained at an excellent level of 91.9 percent (91.9
percent). The loss ratio was 67.3 percent (67.0 percent) as lower run-off
was partly offset by benign claims from natural catastrophes and a better
attritional loss ratio. The expense ratio improved by 0.3 percentage points
to 24.6 percent.
Life/Health insurance: Strong new business growth
1Q 2024: PVNBP, the present value of new business premiums, increased to
22.3 (18.5) billion euros, driven by higher volume in most entities. Allianz
Re as well as positive sales momentum in Italy and the United States were
the main contributors.
Operating profit remained strong at 1.3 (1.3) billion euros.
Contractual Service Margin (CSM) rose from 52.6 billion euros at the end of
2023, to 53.2 billion euros as of March 31, 2024, with strong normalized CSM
growth of 1.7 percent. Performance was good across our entities while
Allianz Re also benefited from a large contract.
The new business margin (NBM) increased to 5.7 percent (5.5 percent). The
value of new business (VNB) surged to 1.3 (1.0) billion euros due to volume
growth throughout most entities as well as an improved business mix.
Asset Management: Strong net inflows
1Q 2024: Operating revenues reached 2.0 billion euros, up 4.7 percent,
driven by increased AuM and higher performance fees. Adjusted for foreign
currency translation effects, operating revenues grew by 5.7 percent.
Operating profit increased to 773 (723) million euros, up by 7.0 percent.
Adjusted for foreign currency translation effects, operating profit rose by
8.1 percent. The cost-income ratio (CIR) improved to 61.1 percent (62.0
percent).
Third-party assets under management amounted to 1.784 trillion euros as of
March 31, 2024, up by 71 billion euros from the end of 2023. The main
contributor was strong net inflows of 34.2 billion euros, with further
positive contributions from currency translation and market effects.
Total assets under management were 2.297 trillion euros at the end of the
first quarter 2024, up 73 billion euros from the end of 2023, in line with
the results for the third-party assets under management.
1Q 2024 RESULTS TABLE
Allia-
nz
Group
- key
figur-
es
1st
quart-
er
2024
1Q 1Q D-
2024 2023 e-
l-
t-
a
Total EUR 48.4 46.0 5-
busin- b- .-
ess n 3-
volum- %
e
- EUR 25.5 24.1 5-
Prope- b- .-
rty-C- n 7-
asual- %
ty
- EUR 21.1 20.1 4-
Life/- b- .-
Healt- n 9-
h %
- EUR 2.0 1.9 4-
Asset b- .-
Manag- n 7-
ement %
- EUR -0.2 -0.2 1-
Conso- b- 0-
lidat- n .-
ion 0-
%
Opera- EUR 3,986 3,731 6-
ting m- .-
profi- n 8-
t / %
loss
- EUR 2,066 1,872 1-
Prope- m- 0-
rty-C- n .-
asual- 4-
ty %
- EUR 1,327 1,320 0-
Life/- m- .-
Healt- n 5-
h %
- EUR 773 723 7-
Asset m- .-
Manag- n 0-
ement %
- EUR -179 -176 1-
Corpo- m- .-
rate n 6-
and %
Other
- EUR -2 -7 --
Conso- m- 7-
lidat- n 2-
ion .-
8-
%
Net EUR 2,631 2,160 2-
incom- m- 1-
e n .-
8-
%
- EUR 156 128 2-
attri- m- 1-
butab- n .-
le to 7-
non-c- %
ontro-
lling
inter-
ests
- EUR 2,475 2,032 2-
attri- m- 1-
butab- n .-
le to 8-
share- %
holde-
rs
Share- EUR 2,513 2,173 1-
holde- m- 5-
rs' n .-
core 7-
net %
incom-
e1
Core EUR 6.42 5.43 1-
earni- 8-
ngs .-
per 2-
share- %
2
Addit-
ional
KPIs
- C- % 17.4% 16.1% 1-
Group o- .-
r- 3-
e %-
r- --
e- p
t-
u-
r-
n
o-
n
e-
q-
u-
i-
t-
y-
3
- C- % 91.9% 91.9% 0-
Prope- o- .-
rty-C- m- 0-
asual- b- %-
ty i- --
n- p
e-
d
r-
a-
t-
i-
o
- N- % 5.7% 5.5% 0-
Life/- e- .-
Healt- w 2-
h b- %-
u- p
s-
i-
n-
e-
s-
s
m-
a-
r-
g-
i-
n
-C- % 61.1% 62.0% --
Asset o- 0-
Manag- s- .-
ement t- 8-
-- %-
i- --
n- p
c-
o-
m-
e
r-
a-
t-
i-
o
03/31- 12/31- D-
/2024 /2023 e-
l-
t-
a
Share- EUR 60.0 58.2 3-
holde- b- .-
rs' n 0-
equit- %
y4
Contr- EUR 33.2 32.7 1-
actua- b- .-
l n 4-
servi- %
ce
margi-
n
(net)
Solve- % 203 206% --
ncy 3-
II %-
capit- --
aliza- p
tion
ratio-
5
Third- EUR 1,784 1,712 4-
-part- b- .-
y n 2-
asset- %
s
under
manag-
ement
Please note: The figures are presented in
millions of Euros, unless otherwise stated.
Due to rounding, numbers presented may not add
up precisely to the totals provided and
percentages may not precisely reflect the
absolute figures.
1 Presents the portion of shareholders' net
income before non-operating market movements
and before amortization of intangible assets
from business combinations (including any
related income tax effects).
2 Calculated by dividing the respective period's
shareholders' core net income, adjusted for
net financial charges related to undated
subordinated bonds classified as shareholders'
equity, by the weighted average number of
shares outstanding (basic core EPS).
3 Represents the annualized ratio of
shareholders' core net income to the average
shareholders' equity at the beginning and at
the end of the period. Shareholders' core net
income is adjusted for net financial charges
related to undated subordinated bonds
classified as shareholders' equity. From the
average shareholders' equity, undated
subordinated bonds classified as shareholders'
equity, unrealized gains and losses from
insurance contracts and other unrealized gains
and losses are excluded. Annualized figures
are not a forecast for full year numbers. For
1Q 2023, the core return on equity for the
respective full year is shown. Due to an
adjustment of prior periods comparative
figures for the balance sheet, the core RoE
changed by +0.1%-p compared to the published
figure as of 31 December 2023.
4 Excluding non-controlling interests. In 1Q
2024 Allianz reclassified certain minority
interests between equity and liabilities.
Prior periods comparative figures for the
balance sheet have been adjusted with a minor
impact on shareholders' equity only (reduced
by EUR 0.2bn as of 31 December 2023).
5 Risk capital figures are group diversified at
99.5% confidence level. Solvency II
capitalization ratio reflects a quarterly
dividend accrual and does not include the
application of transitional measures for
technical provisions (the impact of which, as
of 1Q 2024, amounted to +20%-p).
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or
expectations, that are based on management's current views and assumptions
and subject to known and unknown risks and uncertainties. Actual results,
performance figures, or events may differ significantly from those expressed
or implied in such forward-looking statements.
Deviations may arise due to changes in factors including, but not limited
to, the following: (i) the general economic and competitive situation in the
Allianz's core business and core markets, (ii) the performance of financial
markets (in particular market volatility, liquidity, and credit events),
(iii) adverse publicity, regulatory actions or litigation with respect to
the Allianz Group, other well-known companies and the financial services
industry generally, (iv) the frequency and severity of insured loss events,
including those resulting from natural catastrophes, and the development of
loss expenses, (v) mortality and morbidity levels and trends, (vi)
persistency levels, (vii) the extent of credit defaults, (viii) interest
rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange
rate, (x) changes in laws and regulations, including tax regulations, (xi)
the impact of acquisitions including and related integration issues and
reorganization measures, and (xii) the general competitive conditions that,
in each individual case, apply at a local, regional, national, and/or global
level. Many of these changes can be exacerbated by terrorist activities.
No duty to update
Allianz assumes no obligation to update any information or forward-looking
statement contained herein, save for any information we are required to
disclose by law.
Other
The figures regarding the net assets, financial position and results of
operations have been prepared in conformity with International Financial
Reporting Standards. This Quarterly Earnings Release is not an Interim
Financial Report within the meaning of International Accounting Standard
(IAS) 34. This is a translation of the German Quarterly Earnings Release of
the Allianz Group. In case of any divergences, the German original is
binding.
Privacy Note
Allianz SE is committed to protecting your personal data. Find out more in
our privacy statement.
---------------------------------------------------------------------------
15.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: Allianz SE
Koeniginstr. 28
80802 Munich
Germany
Phone: +49 (0)89 38 00 - 7555
E-mail: investor.relations@allianz.com
Internet: www.allianz.com
ISIN: DE0008404005
WKN: 840400
Indices: DAX, EURO STOXX 50
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt
(Prime Standard), Hamburg, Hanover, Munich, Stuttgart;
Regulated Unofficial Market in Tradegate Exchange
EQS News ID: 1902987
End of News EQS News Service
---------------------------------------------------------------------------
1902987 15.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
ALLIANZ SE NA O.N. | 840400 | Frankfurt | 268,600 | 04.06.24 08:37:29 | -0,900 | -0,33% | 268,100 | 268,600 | 268,200 | 269,500 |
