Allianz Achieves Record Operating Profit of 16.0 Billion Euros
New Share Buy-Back of up to
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12M 2024:
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Total business volume rises 11.2 percent to
179.8 billion euros -
Operating profit increases by 8.7 percent to
16.0 billion euros supported by all business segments -
Shareholders’ core net income advances 10.1 percent to
10.0 billion euros - Strong Solvency II capitalization ratio of 209 percent
4Q 2024:
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Total business volume advances 16.0 percent to
45.9 billion euros -
Operating profit increases 10.9 percent and reaches
4.2 billion euros , mainly attributable to very good results in the Property-Casualty segment -
Shareholders’ core net income rises 3.5 percent to
2.4 billion euros
Outlook:
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For 2025, Allianz targets an operating profit of
16.0 billion euros , plus or minus1 billion euros 1
Other:
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Management to propose a dividend per share of
15.40 euros , an increase of 11.6 percent from 2023 -
A new share buy-back program of up to
2 billion euros has been announced
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1 As 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 |
“In 2024, Allianz delivered another set of record financial results, which are underpinned by strong performance across all segments, consistently high customer satisfaction, and record employee engagement. Allianz remains the trusted partner of choice for our customers in a global context in which above-average levels of natural catastrophes, armed conflicts, and deepening polarization continue to create considerable volatility.
These conditions elevate the need for what Allianz offers its customers and the world: a more secure future that translates into greater prosperity. Our renewed strategy, recently announced at our Capital Markets Day, underscores our conviction in growth and our confidence in our resilience and our capabilities. As we realize the value of our deepening customer relationships, we lift our ambitions to deliver even higher capital-efficient growth in the quarters and years ahead.”
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FINANCIAL HIGHLIGHTS |
Total business volume
12M 2024: Total business volume increased strongly by 11.2 percent to
4Q 2024: Total business volume growth of 16.0 percent to
Earnings
12M 2024: Operating profit was excellent at 16.0 (12M 2023: 14.7) billion euros, an increase of 8.7 percent. All business segments contributed, with our Property-Casualty business being the main driver.
Shareholders’ core net income advanced by 10.1 percent to a very strong level of
Net income attributable to shareholders increased by 16.3 percent to 9.9
Core earnings per share (EPS)2 rose to 25.42
The core return on equity (RoE)2 improved to 16.9 percent (16.1 percent).
On
4Q 2024: Operating profit was excellent at 4.2 (4Q 2023: 3.8) billion euros. The strong increase of 10.9 percent was primarily driven by the Property-Casualty business but all segments contributed.
Shareholders’ core net income was 2.4
Net income attributable to shareholders rose to 2.5
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2 Core EPS and core RoE calculation based on shareholders‘ core net income. |
Solvency II capitalization ratio
The Solvency II capitalization ratio remained at a strong level of 209 percentat the end of 2024 (3Q 2024: 209 percent3).
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3 Based on quarterly dividend accrual; additional accrual to reflect FY dividend would impact Solvency II capitalization ratio by -3%-p as of |
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SEGMENTAL HIGHLIGHTS |
“Allianz’s excellent results for 2024 and the consistency of our delivery once again underline our ability to create sustainable value for all the stakeholders invested in our success.
In an environment of muted economic growth and significant levels of natural catastrophes we have achieved record operating profit and net income. All segments finished the year above their operating profit target mid-points, which demonstrates the resilience of our business model.
Building on our strong foundations, we enter 2025 with confidence. We have lifted our ambitions at our Capital Markets Day in December and are committed to continue generating attractive returns for our shareholders.”
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Property-Casualty insurance: Double-digit operating profit growth
12M 2024: Total business volume increased by 8.3 percent to 82.9
Retail, SME & Fleet achieved strong internal growth of 9 percent, lifting total business volume to 50.2
Operating profit rose by 14.3 percent to an excellent level of 7.9
The combined ratio improved to 93.4 percent (93.8 percent). The loss ratio was 69.3 percent (69.3 percent) as lower natural catastrophe losses and underlying improvements were offset by less run-off. The expense ratio developed favorably by 0.4 percentage points to 24.2 percent and continued its positive trajectory.
In Retail, SME & Fleet, the combined ratio improved by 1.7 percentage points to 94.1 percent. The Commercial combined ratio was at a very good level of 92.2 percent (90.5 percent).
4Q 2024: Total business volume rose by 11.0 percent to 19.5
Retail, SME & Fleet and Commercial achieved excellent internal growth of 11 percent and 14 percent, respectively, generating total business volumes of 12.1
Operating profit increased by 21.2 percent to 1.9
The combined ratio improved to 94.7 percent (94.9 percent). The loss ratio developed favorably and reached 70.7 percent (71.4 percent), supported by a very good attritional loss ratio. The expense ratio was 24.1 percent (23.5 percent).
In Retail, SME & Fleet, the combined ratio developed favorably by 2.4 percentage points to 94.0 percent. In Commercial it reached 96.6 percent (92.9 percent).
Life/Health insurance: Excellent performance
12M 2024: PVNBP, the present value of new business premiums, increased strongly by 21.6 percent to 81.8
The new business margin (NBM) was attractive at 5.7 percent (5.9 percent) and the value of new business (VNB) advanced to 4.7
Operating profit increased to a strong level of 5.5
Contractual Service Margin (CSM) advanced from
4Q 2024: PVNBP rose significantly by 26.9 percent to 21.2
The new business margin was healthy at 5.5 percent (5.9 percent), and the value of new business grew strongly to 1.2
Operating profit was at an excellent level of 1.4
Contractual Service Margin rose from
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4 Includes gross CSM of |
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5 Excluding effects from a fund merger in |
Asset Management: Strong net inflows and third-party AuM growth
12M 2024: Operating revenues increased to 8.3
Operating profit rose to a good level of 3.2
The cost-income ratio (CIR) improved to 61.1 percent (61.3 percent).
Third-party assets under managementincreased by
4Q 2024: Operating revenues rose to 2.4
Operating profit amounted to an excellent level of 941
The cost-income ratio (CIR) developed favorably to 60.0 percent (60.5 percent).
Third-party assets under management increased to
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4Q & FY 2024 RESULTS TABLE |
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4Q
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4Q
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Delta |
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12M 2024 |
12M 2023 |
Delta |
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Total business volume |
€ bn |
45.9 |
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39.6 |
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16.0% |
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179.8 |
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161.7 |
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11.2% |
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- Property-Casualty |
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€ bn |
19.5 |
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17.6 |
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11.0% |
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82.9 |
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76.5 |
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8.3% |
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- Life/Health |
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€ bn |
24.3 |
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20.0 |
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21.5% |
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89.3 |
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77.9 |
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14.7% |
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- Asset Management |
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€ bn |
2.4 |
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2.3 |
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2.0% |
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8.3 |
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8.1 |
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3.0% |
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- Consolidation |
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€ bn |
-0.3 |
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-0.3 |
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-12.7% |
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-0.7 |
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-0.8 |
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-6.1% |
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Operating profit / loss |
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€ mn |
4,174 |
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3,765 |
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10.9% |
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16,023 |
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14,746 |
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8.7% |
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- Property-Casualty |
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€ mn |
1,948 |
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1,608 |
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21.2% |
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7,898 |
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6,909 |
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14.3% |
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- Life/Health |
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€ mn |
1,424 |
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1,362 |
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4.5% |
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5,505 |
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5,191 |
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6.0% |
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- Asset Management |
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€ mn |
941 |
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912 |
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3.2% |
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3,239 |
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3,126 |
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3.6% |
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- Corporate and Other |
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€ mn |
-140 |
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-115 |
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21.1% |
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-615 |
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-474 |
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29.9% |
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- Consolidation |
€ mn |
1 |
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-1 |
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n.m. |
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-4 |
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-7 |
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-35.5% |
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Net income |
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€ mn |
2,636 |
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2,255 |
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16.9% |
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10,540 |
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9,032 |
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16.7% |
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- attributable to non-controlling interests |
€ mn |
163 |
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104 |
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56.9% |
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609 |
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491 |
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24.0% |
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- attributable to shareholders |
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€ mn |
2,472 |
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2,151 |
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14.9% |
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9,931 |
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8,541 |
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16.3% |
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Shareholders’ core net income1 |
€ mn |
2,434 |
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2,351 |
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3.5% |
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10,017 |
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9,101 |
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10.1% |
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Core earnings per share2 |
€ |
6.31 |
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6.00 |
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5.1% |
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25.42 |
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22.61 |
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12.4% |
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Dividend per share |
€ |
– |
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– |
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– |
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15.40 |
3 |
13.80 |
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11.6% |
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Additional KPIs |
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- Group |
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Core return on equity4 |
% |
– |
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– |
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– |
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16.9% |
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16.1% |
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0.8% |
-p |
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- Property-Casualty |
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Combined ratio |
% |
94.7% |
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94.9% |
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-0.2% |
-p |
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93.4% |
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93.8% |
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-0.4% |
-p |
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- Life/Health |
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New business margin |
% |
5.5% |
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5.9% |
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-0.5% |
-p |
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5.7% |
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5.9% |
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-0.2% |
-p |
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- Asset Management |
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Cost-income ratio |
% |
60.0% |
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60.5% |
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-0.5% |
-p |
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61.1% |
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61.3% |
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-0.2% |
-p |
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Delta |
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Shareholders' equity5 |
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€ bn |
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60.3 |
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58.2 |
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3.5% |
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Contractual service margin (net)6 |
€ bn |
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34.5 |
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32.7 |
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5.6% |
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Solvency II capitalization ratio7 |
% |
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209% |
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206% |
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3% |
-p |
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Third-party assets under management |
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€ bn |
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1,920 |
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1,712 |
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12.1% |
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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. |
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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). |
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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). |
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3_ |
Proposal. |
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4_ |
Represents the ratio of shareholders’ core net income to the average shareholders’ equity at the beginning and at the end of the year. 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. 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 |
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5_ |
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 |
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6_ |
Includes net CSM of |
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7_ |
Risk capital figures are group diversified at 99.5% confidence level. Including the application of transitional measures for technical provisions, the Solvency II capitalization ratio amounted to 229% as of |
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RELATED LINKS |
Annual
Results
The results and related documents can be found in the download center.
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UPCOMING EVENTS |
Annual Report
Annual General Meeting
Financial Results 1Q 2025
More information can be found in the financial calendar.
About Allianz
* Including non-consolidated entities with Allianz customers.
**As of
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
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. Information is based on preliminary figures. Final results for fiscal year 2024 will be released on
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