Allianz reports strong financial results for both revenue and operating profit in 2022

Autor: Financial Market
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Allianz, one of the largest insurance companies in Europe, reported its annual financial results for 2022 with growing revenues and record operating profit.

On an annual basis, total revenues increased 2.8 percent to 152.7 (12M 2021: 148.5) billion euros, largely driven by the Property-Casualty business segment due to strong price and volume effects, partially offset by lower performance fees and lower AuM-driven revenues in the Asset Management business segment.

The lower AuM was mainly due to market effects and the Voya transaction. Revenues also softened in the Life/Health business segment due to a decrease in statutory premiums, mainly related to lower sales of unit-linked products in Italy and single-premium business in Germany.

Operating profit jumped 5.7 percent to 14.2 (13.4) billion euros, driven by the Property-Casualty and Life/Health business segments. Property-Casualty business segment reported higher underwriting and investment results. In addition, the increase in operating profit in Life/Health business segment was mainly due to the positive contribution from the acquired Aviva operations in Poland and business growth in Asia.

The operating profit in Asset Management declined, mainly due to lower performance fees and AuM-driven revenues, which were impacted by a challenging market environment.

Thus, net income attributable to shareholders was slightly higher at 6.7 (6.6) billion euros while return on Equity (RoE) was stable at 10.3 percent (10.6 percent) and basic Earnings per Share (EPS) was 16.35 (15.96) euros.

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The Board of Management will propose a dividend of 11.40 euros per share for 2022, an increase of 5.6 percent from 2021.

Segmental highlights

Allianz’s record operating results, especially against the backdrop of heightened political and macroeconomic uncertainties, show that we excel in identifying and capitalizing on opportunities in fast-changing environments.

Our focus on long-term value creation through the right balance of risks and returns prepares us well for the future, while our ability to withstand near-term challenges enables us to deliver strong results.

Property-Casualty business had strong revenue growth, driven by healthy pricing and good volumes. In this business segment, we achieved excellent results by successfully managing the impact of inflation, leveraging on higher interest rates and using the scale of our franchise to our advantage.
• In the Life/Health segment, new business margin has expanded further due to a favorable trend in our business mix. Moreover, our focus on growing Allianz’s preferred lines of business is showing tangible results.
• In Asset Management, the efficiency steps we have undertaken have helped us protect our revenue margin and cushion the impact of market challenges.

„We look forward with confidence to a strong 2023 and target a full-year operating profit of 14.2 billion euros, plus or minus 1 billion euros,” said Giulio Terzariol, Chief Financial Officer of Allianz SE.