Allianz reports record operating profit. Total revenues increased 2.8 percent to 152.7 (12M 2021: 148.5) billion euros, largely driven by the Property-Casualty business segment due to strong price and volume effects.
This was partially offset by lower performance fees and lower AuM-driven revenues in the Asset Management business segment.
The lower AuM was mainly due to market effects and the Voya transaction. Revenues also softened in the Life/Health business segment due to a decrease in statutory premiums, mainly related to lower sales of unit-linked products in Italy and single-premium business in Germany.
Internal revenue growth, which adjusts for foreign currency translation and consolidation effects, was minus 0.2 percent.
4Q 2022: Total revenues were 36.7 (4Q 2021: 38.4) billion euros, down by 4.5 percent from the prior year.
Statutory premiums declined in the Life/Health business segment, mainly due to softer single-premium sales in Germany and unit-linked products in Italy. Revenues from the Asset Management business segment declined as a result of lower AuM-driven revenues and performance fees. These results were partially offset by the Property-Casualty business segment, with positive price effect and volume growth.
Operating profit jumped 5.7 percent to 14.2 (13.4) billion euros, driven by the Property-Casualty and Life/Health business segments. Our Property-Casualty business segment reported higher underwriting and investment results. In addition, the increase in operating profit in our Life/Health business segment was mainly due to the positive contribution from the acquired Aviva operations in Poland and business growth in Asia. The operating profit in Asset Management declined, mainly due to lower performance fees and AuM-driven revenues, which were impacted by a challenging market environment.
Net income attributable to shareholders was slightly higher at 6.7 (6.6) billion euros.
Return on Equity (RoE) was stable at 10.3 percent (10.6 percent). Basic Earnings per Share (EPS) was 16.35 (15.96) euros.
The Board of Management will propose a dividend of 11.40 euros per share for 2022, an increase of 5.6 percent from 2021.
4Q 2022: Operating profit jumped by 12.7 percent to 4.0 (3.5) billion euros, driven by the Life/Health business segment due to a higher investment margin in Germany Life and positive impacts from annuity products in the United States.
This was partially offset by lower operating profit in the Property-Casualty business segment due to normalization of claims frequency and higher attritional losses related to claims inflation. In addition, operating profit from the Asset Management business segment declined due to lower AuM-driven revenue and performance fees.
Net income attributable to shareholders was 2.0 billion euros compared with minus 0.3 billion euros in the prior period.
The Solvency II capitalization ratio was 201 percent at the end of the fourth quarter of 2022 compared with 199 percent at the end of the third quarter of 2022. Including the application of transitional measures for technical provisions, the Solvency II capitalization ratio was 230 percent at the end of the fourth quarter compared with 227 percent at the end of the third quarter.
