Allianz announsed results for 3Q and 9M2023. Total business volume in 3Q 2023 rose by 4.5% to 36.5 billion euros, driven by the Property-Casualty insurance business segment which benefitted from higher prices and volumes while the growth of the Life/Health business segment was primarily linked to strong single-premium volumes in the United States. This growth was partially offset by softer AuM-driven revenues in our Asset Management business segment.
Internal growth, which adjusts for foreign currency translation and consolidation effects, was 9.3 percent, driven by the Property-Casualty and Life/Health business segments.
Total business volume in 9M 2023 rose by 4.7% to 122.1 billion euros, driven by the Property-Casualty business segment, supported by the Life/Health business segment, and partially offset by the development in our Asset Management business segment.
Internal growth was at 7%, driven by the Property-Casualty business segment.
Operating profit increased 3.6% to 11 (9M 2022: 10.6) billion euros. This was mainly due to a higher operating investment result in our Life/Health business segment, supported by our Property-Casualty business segment.
In the 9 months of this year, we have seen robust growth in our business volume, operating profit as well as core net income. We have also further strengthened our solvency position at 212%. We confirm with confidence our operating profit target of 14.2 bn euros, plus or minus 1 bn euros
Oliver Bäte, Chief Executive Officer of Allianz SE
Operating profit from our Asset Management business segment developed in line with lower AuM-driven revenues, partially compensated by higher performance fees and lower expenses.
3Q 2023:
- Total business volume increases 4.5% to 36.5 billion euros
- Operating profit softens by 14.6% to 3.5 billion euros; driven by the Property-Casualty business segment affected by a 7.3 percentage point impact by natural catastrophes on the combined ratio, the highest in a decade
- Shareholders’ core net income 2.1 billion euros, down by 29.3%
9M 2023:
- Total business volume rises 4.7% to 122.1 billion euros
- Operating profit increases 3.6% to 11 billion euros: primarily driven by the Life/Health business segment Shareholders’ core net income 6.8 billion euros, up by 25.5%
- Further improved Solvency II capitalization ratio of 212 percent, compared with 201% at the end of 4Q 20221
Shareholders’ core net income was 6.8 (9M 2022: 5.4) billion euros due to a lower non-operating profit in the prior period related to the AllianzGI US Structured Alpha provision, and an improved operating profit in the current period. Net income attributable to shareholders was 6.4 (9M 2022: 5.3) billion euros.
The Solvency II capitalization ratio was 212 percent at the end of 3Q 2023 compared with 208 percent at the end of 2Q 2023.
Including the application of transitional measures for technical provisions, the Solvency II capitalization ratio was 238% at the end of the third quarter of 2023 compared with 235% at the end of the second quarter of 2023.
