Allianz issues full-year financial results

Metric

4Q 2021

Change from 2020

12M 2021

Change from 2020

Revenues

€38.4 billion

Up 7.9%

€148.5 billion

Up 5.7%

Operating profit

€3.5 billion

Up 18%

€13.4 billion

Up 24.6%

Net income/(loss) attributable to shareholders

€(292 million)

Not meaningful

€6.6 billion

Down 2.9%

Of the fourth quarter operating profit, €1.6 billion came from the property & casualty segment while life/health insurance contributed €1.3 billion. The latter represents an 11.6% decline from the same period in 2020; that for P&C, a 76.1% surge. For the full year, P&C operating profit jumped 30.6% to €5.7 billion; life/health, 14.9% to €5 billion.  

Lifting the lid on the figures, Allianz noted: “Net income attributable to shareholders was €6.6 billion as the provision for the AllianzGI US Structured Alpha matter reduced the group’s 2021 net income by €2.8 billion, offsetting the higher operating profit.”

Similarly, for the quarterly result, the German group explained: “Net loss attributable to shareholders was €292 million, compared with a net income of €1.8 billion in the prior-year period, as a higher operating profit was offset by the impact of a pre-tax provision of €3.7 billion for the AllianzGI US Structured Alpha matter.”   

In a separate release, Allianz said it anticipates settlements with major investors with respect to the pending court and governmental proceedings in the US in relation to the Structured Alpha Funds – thus the decision to book a provision of €3.7 billion in the 2021 financial statements.

Meanwhile, commenting on the financial results, Allianz SE chief executive Oliver Bäte stated: “In spite of challenges in 2021, Allianz proved its resilience and adaptability. With record-high operating profit, strong value growth in life, health, and asset management businesses and strongly improved P&C margins and productivity, we are scaling the power of our global franchise.”