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Allianz profit rises 21.8% to €2.475bn in first quarter
German insurer Allianz revealed today that it had a profit of 2.475 billion euros until March, 21.8% more than in the same period of the previous year, supported by the increase in turnover in all its business areas.
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Economia Seguradora
Revenues, in turn, increased by 5.3% to 48.4 billion euros, mainly due to an increase in business volume in the property and casualty insurance segment, which grew by 5.7% to 25.5 billion euros, driven by prices and strong underwriting.
The Life and Health insurance portfolio earned the company 21.1 billion euros, up 4.9%, thanks mainly to sales growth in the United States and Italy, while the asset management business volume grew by 4.7% to 2 billion euros.
Operating profit, in turn, showed a growth of 6.8%, to 3.986 billion euros, supported by the property and casualty insurance segment, as well as by the asset management area, the insurer said in a statement.
The solvency ratio of own funds according to the Solvency II supervisory standard stood at 203% at the end of March this year, compared to 206% in the same period last year, while the annualized return on equity (RoE) increased from 16.1% in 2023 to 17.4% this year.
In a statement, the insurer's CEO, Oliver Bäte, said that the strong results demonstrate "consistency in strategy execution", as well as "the quality of its fundamentals" and its "advantage in terms of talent and skills".
Looking ahead to 2024, Allianz confirmed its outlook and expects to achieve an operating profit of 14.8 billion euros, a calculation that has an associated margin of error of 1 billion euros.
Read Also: Emirates announces profits of 4.3 billion euros in 2023 (Portuguese version)
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