Allianz reports Q1 2022 results
Metric
Q1 2022
Q1 2021
Total revenues
€44 billion
€41.4 billion
Operating profit
€3.2 billion
€3.3 billion
Net income attributable to shareholders
€561 million
€2.6 billion
Lifting the lid on the figures, Allianz noted: “Operating profit [was] €3.2 billion, down 2.9% as claims from natural catastrophes nearly quadrupled, leading to a decline in the underwriting result in the property-casualty (P&C) business segment. This was partly offset by a strong operating result in the asset management business segment due to higher average third-party assets under management. In the life/health business segment, operating profit remained stable.
“Net income attributable to shareholders was €0.6 billion, down 78.1%. The decline reflects the impact of an additional pre-tax provision of €1.9 billion related to the Allianz [Global Investors] U.S. Structured Alpha proceedings, which reduced the group’s first-quarter net income by €1.6 billion.”
In terms of operating profit, the group’s P&C segment saw a 9% decline to €1.4 billion; life/health, no change at €1.2 billion; and asset management, up 11.2% to €831 million.
“The results of this quarter demonstrate that our business can withstand significant geopolitical and economic pressures,” said Bäte. “This is matched by the strength of our people. Allianz has taken clear business decisions in response to the Russian invasion of Ukraine. Also, we worked hard to achieve fair settlements with investors in the Structured Alpha funds in the US and move toward a final resolution.”
At the end of the first three months, Allianz’s Solvency II capitalization ratio stood at 199%. Meanwhile, based on the Q1 financial results, the business believes it remains on track to meet its full-year targets.
