Allianz reports net income of $2.74 billion in Q2

 

BERLIN – German insurance giant Allianz on Thursday reported strong second-quarter results, driven by increased business volume and operating profits.

For the second quarter, net income attributable to shareholders grew to €2.51 billion ($2.74 billion) from last year’s €2.34 billion.

Shareholders’ core net income was at €2.536 billion, nearly stable with last year’s €2.517 billion. Core earnings per share were €6.15, compared to €5.97 a year ago.

The company’s operating profit increased to €3.9 billion from €3.8 billion last year. All segments contributed to this result.

The company said that its total business volume rose 7.6% to €42.6 billion from €39.6 billion a year ago. Adjusted for foreign currency translation and consolidation effects, internal growth was 8.8%.

Allianz said the property-casualty segment was the main driver, but all business segments contributed positively.

Looking ahead to fiscal 2024, the company continues to expect operating profit at €14.8 billion, plus or minus €1 billion.

Allianz further said its board of management has decided to expand the total volume of the share buy-backs in the financial year 2024 to a total of €1.5 billion and has therefore resolved to repurchase additional shares in a volume of up to €500 million.