Executives eye sturdy end for 2024
Allianz SE CEO Oliver Bäte stated the insurance coverage big demonstrated resilience and core strengths, regardless of important pure disaster exercise within the second quarter (Q2 2024), together with extreme flooding in Germany.
“Our efficiency demonstrates the core strengths and resilience of our firm, notably as our outcomes have been achieved amid important pure disaster exercise within the second quarter – and notably in our dwelling market. The best way that Allianz responded to our clients affected by the floods in Germany mirrored the very best mix of compassion, pace, and experience.
“Groups enabled by digital claims processing instruments visited almost all affected properties inside two weeks of the occasion, which reassured our clients and restricted damages,” he stated. “These wonderful property and casualty outcomes have been complemented by sturdy supply in our life/well being, and asset administration segments, demonstrating how we translate our customer-centric technique into resilient earnings development.”
Allianz’s Q2 and H1 2024 monetary outcomes
Complete enterprise quantity
Q2 2024: Complete enterprise quantity rose 7.6% to 42.6 billion euros, pushed by sturdy momentum throughout all enterprise segments. Adjusted for international forex and consolidation results, inside development was 8.8%.
H1 2024: Complete enterprise quantity elevated by 6.4% to 91.0 billion euros, with all segments contributing. Inside development was 7.5%.
Earnings
Q2 2024: Working revenue reached 3.9 billion euros, with all segments contributing positively. The property and casualty (P&C) phase’s sturdy efficiency offset pure disaster impacts. Shareholders’ core web earnings remained secure at 2.5 billion euros. Web earnings attributable to shareholders elevated to 2.5 billion euros.
H1 2024: Working revenue grew by 5.3% to 7.9 billion euros, with all segments exhibiting development. Shareholders’ core web earnings rose by 7.7% to five.0 billion euros. Web earnings attributable to shareholders elevated by 14.2% to five.0 billion euros. Core earnings per share have been 12.57 euros. The annualized core return on fairness was 17.5%. The share buy-back program of 1 billion euros, introduced in February, was accomplished by July, with a further 500 million euros deliberate.
Solvency II capitalization ratio
Allianz’s solvency II capitalization ratio stood at 206% on the finish of the second quarter, up from 203% on the finish of the primary quarter.
Allianz Q2 and H1 2024 segmental highlights
Property and casualty insurance coverage
Q2 2024: Enterprise quantity elevated by 9.4% to 19.3 billion euros, with inside development at 10.5%. Working revenue was 1.9 billion euros regardless of excessive pure disaster losses. The mixed ratio was 93.5%, with a loss ratio of 69.2% and an expense ratio of 24.2%.
H1 2024: Enterprise quantity rose by 7.3% to 44.8 billion euros, with inside development at 8.1%. Working revenue elevated by 3.3% to 4.0 billion euros. The mixed ratio was 92.7%, with a loss ratio of 68.3% and an expense ratio of 24.4%.
Life and medical health insurance
Q2 2024: The current worth of latest enterprise premiums (PVNBP) rose to 18.8 billion euros. Working revenue elevated to 1.4 billion euros. The contractual service margin (CSM) grew to 53.6 billion euros, with a brand new enterprise margin (NBM) of 5.8%.
H1 2024: PVNBP elevated to 41.1 billion euros. Working revenue rose to 2.7 billion euros. The CSM grew to 53.6 billion euros, with an NBM of 5.7%.
Asset administration
Q1 2024: Working revenues elevated to 2.0 billion euros, with working revenue rising to 742 million euros. Third-party belongings below administration reached 1.803 trillion euros.
H1 2024: Working revenues rose to 4.0 billion euros, with working revenue rising to 1.5 billion euros. Third-party belongings below administration grew by 91 billion euros to 1.803 trillion euros.
Allianz SE CFO Claire-Marie Coste-Lepoutre stated the outcomes for the second quarter of the 12 months mirror the resiliency of the corporate’s enterprise mannequin.
“Allianz’s outcomes for the second quarter and the consistency of our efficiency verify our sustained momentum and the resilience of our enterprise mannequin,” she stated. “We glance with confidence to the second half of 2024 and affirm our outlook for an working revenue of 14.8 billion euros plus or minus 1 billion euros for the complete 12 months.”
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