Allianz publishes quarterly earnings report

Allianz publishes quarterly earnings report

Allianz Releases Quarterly Earnings Report | Insurance Business America

The company reports an increase in net profit

insurance news

By Terry Gangcuangco

The insurance group Allianz has reported growth for the first quarter of 2023.

According to Allianz, it has developed as follows in the first three months:


1st quarter 2023

Q1 2022

Total Business Volume

46 billion euros

44.3 billion euros

operating result

3.7 billion euros

3 billion euros

net result

2.2 billion euros

585 million euros

Net income attributable to shareholders

2 billion euros

474 million euros

Property and casualty insurance accounted for EUR 24.1 billion of the total business volume and life and health insurance for EUR 20.1 billion. In terms of the operating result, both segments recorded an increase compared to the previous year; However, the same does not apply to wealth management.

Speaking of financial results, Allianz said: “Operating profit increased by 24.2% to 3.7 billion euros.” This was due to higher results from our US life/health operations and stronger insurance services results in property-casualty. This was partially offset by the asset management business segment due to lower AuM (assets under management) driven revenues and a higher cost/income ratio.

“Core net income attributable to shareholders was strong at 2.2 billion euros, driven by both higher operating income and improved non-operating income. Last year’s non-operating result was impacted by a provision related to the AllianzGI US Structured Alpha matter. Net income attributable to shareholders was EUR 2 billion, up significantly in part due to the provision mentioned above.”

The first quarter earnings report marks the first time that Allianz has adopted IFRS (International Financial Reporting Standards) 9 and 17.

Oliver Bäte, CEO of Allianz SE, commented: “We can be proud of our operating profit and bottom line, which reflects our strength, our capabilities and the consistent execution of our strategy.”

“We continued to benefit from our diversified business mix, with a particularly strong performance in property-casualty insurance, driven by resilient pricing, continued underwriting discipline and focus on continued productivity gains.” Our strong profitability and capitalization underscores our commitment to to remain the trusted partner for our customers to secure their future as they continue to navigate a period of hesitation and uncertainty.”

What do you think of Allianz’s Q1 results? Share your thoughts in the comments below.

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