Allianz increases revenues by 4.5% to 36.5 billion euros in the third quarter and reaffirms full-year outlook
In the first nine months of this year, Allianz has experienced robust growth in its business volume, operating profit, and core net income. The company has also further strengthened its solvency position, reaching 212 percent.
Allianz’s focus on execution and operational efficiency is enabling its profitable growth with healthy margins, placing the company on an excellent trajectory to achieve its targets.
Third quarter total business volume rose by 4.5 percent to 36.5 billion euros, driven by the Property-Casualty business segment which benefitted from higher prices and volumes while the growth of the Life/Health business segment was primarily linked to strong single-premium volumes in the United States.
This growth was partially offset by softer AuM-driven revenues in our Asset Management business segment. Internal growth, which adjusts for foreign currency translation and consolidation effects, was 9.3 percent, driven by the Property-Casualty and Life/Health business segments.
Operating profit was 3.5 (3Q 2022: 4.1) billion euros, down by 14.6 percent. This was mainly due to a lower operating insurance service result in the Property-Casualty business segment driven by an exceptional high level of claims from natural catastrophes.
Shareholders’ core net income declined to 2.1 (3Q 2022: 2.9) billion euros due to a lower operating profit and non-operating result. The prior year non-operating result benefitted from the Voya transaction.
Net income attributable to shareholders was 2.0 (3Q 2022: 2.9) billion euros. Core earnings per share (core EPS)3 was 16.62 (9M 2022: 12.97) euros. The annualized core return on equity (RoE)3 was 15.8 percent (full year 2022: 12.7 percent).
In the first nine months, operating profit increased 3.6 percent to 11.0 (9M 2022: 10.6) billion euros. This was mainly due to a higher operating investment result in our Life/Health business segment, supported by our PropertyCasualty business segment.
Operating profit from Asset Management business segment developed in line with lower AuM-driven revenues, partially compensated by higher performance fees and lower expenses.
Shareholders’ core net income was 6.8 (9M 2022: 5.4) billion euros due to a lower non-operating profit in the prior period related to the AllianzGI US Structured Alpha provision, and an improved operating profit in the current period.
Net income attributable to shareholders was 6.4 (9M 2022: 5.3) billion euros.