Allianz announces profit increase in first quarter 2024 results

To start 2024, Allianz SE announced a 6.8% increase in operating profit to EUR 4 billion, up from EUR 3.7 billion in the same period last year.

As the insurer highlighted, this growth was supported evenly across the various business segments, with both insurance services and investment results contributing significantly.

Thanks to positive inputs from all divisions, the company’s total business volume grew by 5.3% to 48.4 billion euros. In particular, the property and casualty division achieved strong growth due to an effective pricing strategy, while the life and health division benefited mainly from strong sales in the United States and Italy.

Meanwhile, the asset management division recorded an organic growth rate of 7.5%, benefiting from higher assets under management (AuM) and higher performance fees.

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

Commenting on the quarter’s results, Claire Marie Coste Leputre, CFO of Allianz SE, highlighted the company’s strategic successes.

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

Coste Leputre said key achievements across business lines include strong organic growth and discipline in Property Casualty, broad growth and attractive margins in Life and Health, and third-tier growth in Asset Management. He pointed out the large net inflow from investors and success fees.

“We have made a very good start this year and our ability to create value for our shareholders is underpinned by a strong Solvency II ratio of 203%. We confirm our full-year forecast of

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

“Allianz’s strong performance demonstrates the quality of our fundamentals, the value of consistency in our strategy execution, and the strength of the breadth of talent and skill sets represented across our organization,” he said.

Mr. Bethe further emphasized the importance of his company’s approach in uncertain times and emphasized Allianz’s position as a preferred partner in the insurance sector.

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