Allianz reported strong second quarter 2022, revenues rose 8.2% to 37.1 billion euros
Second quartet total revenues surged 8.2 percent to 37.1 (2Q 2021: 34.3) billion euros, driven by the property casualty business segment with broad volume growth and positive price effects.
Growth was supported further by the Life/Health business, which benefited from positive foreign currency translation effects and the acquisition of Aviva operations in Poland. The Asset Management business segment was stable, benefiting from higher assets under management (AuM)-driven revenues.
Operating profit increased 5.3% to 3.5 (3.3) billion euros, driven by improved underwriting and investment results in the Property-Casualty segment. Growth was partially offset by the Life/Health business segment, reflecting the impact of volatile market conditions and a lower investment margin in Germany and the United States.
Lower operating profit from the Asset Management business segment following adverse market movements and cautionary investor sentiment also had an offsetting effect.
Net income attributable to shareholders was 1.7 (2.2) billion euros, as a lower non-operating investment result more than offset the decrease in income taxes and higher operating profit.
Annualized Return on Equity (RoE) was 6.7 percent (full year 2021: 10.6 percent). Excluding the impact of the provision related to the AllianzGI U.S. Structured Alpha proceedings, the annualized RoE was 11.1 percent (full year 2021: 14.9 percent). Basic Earnings per Share (EPS) was 5.28 (6M 2021: 11.47) euros, down by 54.0 percent.
Moreover, for the six months ending 30th of June, operating profit increased 1.2 percent to 6.7 (6.7) billion euros, driven by higher operating profit in the Property-Casualty and Asset Management business segments.
Operating profit growth was driven by positive developments in operating investment income and a modest rise in underwriting results in the Property-Casualty business as well as higher AuM-driven revenues in the Asset Management business.
Growth in overall operating profit was largely offset by a decline in operating profit in the Life/Health business segment mainly due to unfavorable market developments.
Net income attributable to shareholders was 2.3 (4.8) billion euros, down from the prior-year period mostly due to a provision booked in the first quarter in relation to the AllianzGI U.S. Structured Alpha proceedings.
“Allianz delivered another quarter of robust financial performance, driven by strong growth in our PropertyCasualty business. Our operating profit and group solvency ratio proved resilient against heightened volatility and a fundamentally weaker economic environment.
″We are well-positioned to manage the impact of high inflation and the economic pressures that are particularly evident in Europe. Allianz will continue to deploy our advantages of stability and scale for the benefit of our customers and shareholders,” said Oliver Bäte, Chief Executive Officer of Allianz SE