Admin l Thursday, November 10, 2022
MUNICH, Germany – The Allianz Global has posted total revenue rise of 1.3 percent to 34.8 billion Euros in the third quarter of 2022.
In the same quarter, operating profit increased by 7.4 percent to 3.5 billion Euros. The result according to the group is driven by excellent performance in the property-casualty business segment.
During the period, Net income attributable to shareholders rose by 16.7 percent to 2.5 billion Euros, with solvency II capitalization ration comfortable at 199 percent.
However, in the last three months, total revenues increased by 5.3 percent to 116.0 billion euros, while operating profit rose by 3.2 percent to 10.2 billion euros.
Net income attributable to shareholders for the three quarters was 4.7 billion euros, a decrease of 31.5 percent, mainly due to a provision booked in the first quarter in relation to the AllianzGI U.S. Structured Alpha proceedings
However, operating profit outlook is expected in the upper half of the target range of 13.4 billion euros, plus or minus 1 billion euros. The group also announced new share buy-back program of up to 1 billion euros.
Speaking on the results, Oliver Bate, Chief Executive Officer of Allianz SE said the result proves how resilient the group actually is.
“Our excellent results this quarter again prove the resilience and strength of Allianz amid a dramatic geopolitical and market environment. Buoyed by outperformance in our Property-Casualty business, our operating profit and net income demonstrate to our stakeholders the benefits of our global scale and diversification, as well as our customer-centric strategy. Further, our capital management capabilities and balance sheet create valuable optionality for Allianz, allowing us to confidently confront a changing economic landscape”, he said.
Reacting to the development, – Giulio Terzariol, Chief Financial Officer of Allianz SE said the strong results highlight the underlying operational strength of Allianz business model.
“Our strong set of results highlight the underlying operational strength of Allianz’s business model, which has the ability to deliver sustainable value even in a rapidly evolving economic and geopolitical environment.
“Our Property-Casualty business had a record third-quarter operating profit, marked by an increase in premium and in underwriting and investment results. Also, thanks to our focus on productivity, we have reduced the expense ratio once again.
“In Life/Health segment, the expansion in new business margin shows our future profitability remains strong. Although customers are cautious in these economic conditions, their interest in Allianz’s preferred lines of business is robust.
“In Asset Management we have again achieved a solid operating result in a very challenging environment. Allianz’s resilient earnings power bodes well for our long-term growth trajectory. We expect our full-year operating profit to reach the upper half of the target range of 13.4 billion euros, plus or minus 1 billion euros”, he said.
