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:
Metric | 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.
similar posts
Stay up to date with the latest news and events
Join our mailing list, it’s free!
