Allianz SE has announced strong financial results for the third quarter of 2024, with a 13.6% increase in operating profit, reaching €3.9 bn. The impressive performance is largely attributed to the Property-Casualty segment, which benefited from lower natural catastrophe claims compared to the previous year.
Total business volume rose by 17.3%, amounting to €42.8 bn, driven by sustained growth across insurance operations. Shareholders’ core net income also saw a significant boost, increasing 23% to €2.5 bn.
For the 9 months of 2024, total business volume grew by 9.6% to €133.9 bn, while operating profit rose 7.9% to €11.8 bn. The Group’s Property-Casualty business was a key contributor, supported by improved combined ratios and strong internal growth. Shareholders’ core net income for the period advanced 12.3% to €7.6 bn, underscoring Allianz’s consistent financial performance.
CEO Oliver Bäte highlighted Allianz’s financial strength and operational resilience despite natural catastrophes impacting markets.
Allianz has managed to weather these challenges effectively and expects full-year operating profit to land in the upper half of its target range of €14.8 bn, plus or minus €1 bn.
Allianz completed €1.5 bn in share buybacks by October 2024, further reinforcing shareholder value.
The company’s Solvency II capitalization ratio increased to 209% at the end of Q3, up from 206% in the prior quarter.
Allianz Group – Key Figures 3Q and 9M 2024
| Category | 3Q 2024 | Delta | 9M 2024 | Delta (9M) |
| Total business volume | € bn 42.8 | 17.3% | € bn 133.9 | 9.6% |
| – Property-Casualty | € bn 18.6 | 8.0% | € bn 63.3 | 7.5% |
| – Life/Health | € bn 22.4 | 28.0% | € bn 65.0 | 12.3% |
| – Asset Management | € bn 2.0 | 0.3% | € bn 6.0 | 3.3% |
| – Consolidation | € bn -0.2 | -11.3% | € bn -0.5 | -2.4% |
| Operating profit / loss | € mn 3,938 | 13.6% | € mn 11,849 | 7.9% |
| – Property-Casualty | € mn 1,969 | 36.2% | € mn 5,950 | 12.3% |
| – Life/Health | € mn 1,376 | 5.2% | € mn 4,082 | 6.6% |
| – Asset Management | € mn 782 | -0.8% | € mn 2,298 | 3.8% |
| – Corporate and Other | € mn -185 | 158.3% | € mn -475 | 32.7% |
| – Consolidation | € mn -5 | 21.7% | € mn -5 | -13.2% |
| Net income | € mn 2,611 | 22.6% | € mn 7,904 | 16.6% |
| – attributable to non-controlling interests | € mn 141 | 29.7% | € mn 445 | 15.2% |
| – attributable to shareholders | € mn 2,471 | 22.2% | € mn 7,459 | 16.7% |
| Shareholders’ core net income | € mn 2,534 | 23.0% | € mn 7,583 | 12.3% |
| Property-Casualty Combined ratio | 93.5% | -2.7% -p | 93.0% | -0.5% -p |
| Life/Health New business margin | 6.1% | -0.1% -p | 5.8% | -0.1% -p |
| Asset Management Cost-income ratio | 61.0% | 0.5% -p | 61.5% | -0.2% -p |
| Shareholders’ equity | € bn 57.8 | -0.8% | € bn 57.8 | -0.8% |
| Contractual service margin (net) | € bn 34.3 | 4.9% | € bn 34.3 | 4.9% |
| Solvency II capitalization ratio | 209% | 3% -p | 209% | 3% -p |
| Third-party assets under management | € bn 1,840 | 7.5% | € bn 1,840 | 7.5% |
CFO Claire-Marie Coste-Lepoutre pointed out that all business segments contributed to the robust financial results, with the Property-Casualty division demonstrating notable profit growth and favorable combined ratios.
The Life/Health segment continued to deliver solid results, achieving strong new business margins and operational gains. Asset Management experienced steady net inflows and increased third-party assets under management.
Allianz’s commitment to financial stability and growth remains evident, as demonstrated by its recent achievements and strategic positioning. The Group’s outlook for the remainder of 2024 is optimistic, with an expectation of meeting the upper end of its profit targets, despite external market challenges.
