Allianz unveils quarterly earnings report
Allianz unveils quarterly earnings report | Insurance Business Canada
Insurance News
Allianz unveils quarterly earnings report
Company sees surge in net income
Insurance News
By
Terry Gangcuangco
Insurance group Allianz has reported growth for the first quarter of 2023.
According to Allianz, here’s how it fared in the first three months:
Metric
Q1 2023
Q1 2022
Total business volume
€46 billion
€44.3 billion
Operating profit
€3.7 billion
€3 billion
Net income
€2.2 billion
€585 million
Net income attributable to shareholders
€2 billion
€474 million
Of the total business volume, €24.1 billion came from property-casualty insurance while €20.1 billion was contributed by life/health. In terms of operating profit, both segments enjoyed an increase from last year; the same can’t be said for asset management, however.
Lifting the lid on the financial results, Allianz said: “Operating profit jumped 24.2% to €3.7 billion. This is due to a higher result of our US operations in the life/health business segment, and a stronger insurance service result in the property-casualty business segment. This was partly offset by the asset management business segment due to reduced AuM-driven (assets under management) revenues and a higher cost-income ratio.
“Shareholders’ core net income was strong at €2.2 billion due to both a higher operating profit and an improved non-operating result. Non-operating result in the prior year was impacted by a provision related to the AllianzGI US Structured Alpha matter. Net income attributable to shareholders was €2 billion, up substantially in part due to the aforementioned provision.”
The Q1 earnings report marks the first time Allianz applied IFRS (International Financial Reporting Standards) 9 and 17.
Allianz SE chief executive Oliver Bäte commented: “We can be proud of our operating profit and bottom line, a reflection of our strength, our skills, and consistent execution of our strategy.
“We once again benefitted from our diversified business mix and delivered particularly strong performance in the property-casualty segment, driven by robust pricing, continued underwriting discipline, and focus on further productivity gains. Our strong profitability and capitalization underscore our aspiration to remain the trusted partner for our clients to secure their futures as they continue to navigate a time of hesitation and uncertainty.”
What do you think of Allianz’s Q1 results? Share your thoughts in the comments below.
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