German insurer Allianz announced 1H 2022 revenue worth EUR 81.2 billion (+7.2%), operating profit worth EUR 6.7 billion (+1.2%) and net income attributable to shareholders of EUR 2.3 billion, a decrease of 52.7%, mostly due to a provision booked in 1Q in relation to the Allianz U.S. Structured Alpha proceedings.
For Q2 2022 (April-June), the German insurer mentioned its total revenues surged 8.2% to EUR 37.1 billion, driven by the Property-Casualty business segment with broad volume growth and positive price effects. Growth was supported further by the Life/Health business, which benefited from positive foreign currency translation effects and the acquisition of Aviva operations in Poland. The Asset Management business segment was stable, benefiting from higher assets under management (AuM)-driven revenues.
Having reached the halfway mark of our full-year outlook, we remain confident about our long-term growth trajectory. We confirm our full-year outlook of operating profit of 13.4 billion euros, plus or minus 1 billion euros
Giulio Terzariol, Chief Financial Officer, Allianz SE
At the same time, operating profit increased 5.3% to EUR 3.5 billion, driven by improved underwriting and investment results in the Property-Casualty segment.
Growth was partially offset by the Life/Health business segment, reflecting the impact of volatile market conditions and a lower investment margin in Germany and the United States. Lower operating profit from the Asset Management business segment following adverse market movements and cautionary investor sentiment also had an offsetting effect.
Net income attributable to shareholders was EUR 1.7 billion (vs EUR 2.2 billion), as a lower non-operating investment result more than offset the decrease in income taxes and higher operating profit.
Allianz delivered another quarter of robust financial performance, driven by strong growth in our Property-Casualty business. Our operating profit and group solvency ratio proved resilient against heightened volatility and a fundamentally weaker economic environment. We are well-positioned to manage the impact of high inflation and the economic pressures that are particularly evident in Europe. Allianz will continue to deploy our advantages of stability and scale for the benefit of our customers and shareholders, said Oliver Bate, Chief Executive Officer, Allianz SE.
