Allianz has reported a robust operating profit of €3.9 bn for Q2 2024, a slight increase from €3.8 bn in Q2 2023.
All segments of the company contributed to this result, with the Property & Casualty insurance segment demonstrating a particularly strong performance despite the challenges posed by elevated natural catastrophes.
Allianz delivered strong results in the first six months of the year and we are confident in our ability to achieve our full-year ambitions
Oliver Bäte, Chief Executive Officer of Allianz SE
Allianz performance demonstrates the core strengths and resilience of company, particularly as results were achieved amid significant natural catastrophe activity in the second quarter – and notably in our home market.
“The way that Allianz responded to our customers affected by the floods in Germany reflected the best possible blend of compassion, speed, and expertise. Teams enabled by digital claims processing tools visited nearly all affected properties within two weeks of the event, which reassured our customers and limited damages”, Oliver Bäte says.
These property and casualty outcomes were complemented by strong delivery in life/health, and asset management segments, demonstrating how insurer translate customer-centric strategy into resilient earnings growth.
Total Business Volume
- Q2 2024: Allianz’s total business volume increased by 7.6% to €42.6 bn, driven by strong momentum across all business segments. When adjusted for foreign currency translation and consolidation effects, internal growth was 8.8%, with the Property-Casualty segment being the main driver.
- First Half of 2024 (6M 2024): The total business volume saw a 6.4% rise to €91.0 bn, with all segments contributing to this growth. Adjusted for foreign currency translation and consolidation effects, internal growth stood at 7.5%.
The share buy-back program announced on February 22, 2024, for up to €1 bn, was completed by the end of July 2024. The Board of Management has decided to expand the program to a total of €1.5 bn for the financial year 2024, resolving to repurchase additional shares worth up to €500 mn.
The Solvency II capitalization ratio stood at 206% at the end of Q2 2024, an improvement from 203% at the end of Q1 2024.
Allianz has demonstrated solid financial health and resilience, with all segments showing strong performance and contributing to the overall growth. The expansion of the share buy-back program further underscores the company’s commitment to returning value to shareholders.
Allianz’s results for the second quarter and the consistency of our performance confirm our sustained momentum and the resilience of our business model
Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE
- In Property-Casualty segment, we achieved a very good operating profit. This shows our ability to deliver strong results even as we were impacted by severe natural catastrophes in particular in Germany.
- We have reached an excellent operating profit in our Life/Health operations. Our strong new business generation and a healthy new business margin speak for the attractiveness of our products.
- In Asset Management, continued net inflows of 14.1 bn euros in the second quarter bring our net inflows for the first half to 48.4 bn euros. Our third-party assets under management exceeded 1.8 trillion euros for the first time since 1Q 2022. This is a good basis for future profit growth.
“We look with confidence to the second half of 2024 and affirm our outlook for an operating profit of 14.8 bn euros plus or minus 1 bn euros for the full year,” Claire-Marie Coste-Lepoutre said.
