Allianz Insurance Plc (Allianz) announced strong financial results for the first half of 2024 (H1 2024), confirming its confidence in achieving full-year targets.

Allianz CEO Oliver Petit said the insurance giant showed resilience and fundamental strength, despite significant natural disaster activity in the second quarter (Q2 2024), including severe flooding in Germany.

“Our performance demonstrates the core strengths and resilience of our company, especially as our results were achieved amidst significant natural disaster activity in the second quarter – particularly in our home market. The way Allianz responded to our customers affected by the floods in Germany reflects the best possible combination of compassion, speed and expertise.

“Our digital claims processing tools enabled teams visited almost all affected properties within two weeks of the event, reassuring our customers and capping the damage,” he said. “These excellent results in property and casualty were complemented by strong performance in the life and health insurance and asset management segments, demonstrating how we are translating our customer-centric strategy into resilient earnings growth.”

Allianz Financial Results for the Second Quarter and First Half of 2024

Total business volume

Q2 2024: Total turnover increased by 7.6% to EUR 42.6 billion, driven by strong momentum in all business segments. Adjusted for foreign currency and consolidation effects, internal growth was 8.8%.

H1 2024: Total turnover increased by 6.4% to €91.0 billion, with all sectors contributing. Internal growth was 7.5%.

Profits

Q2 2024: Net operating profit amounted to €3.9 billion, with all segments contributing positively. The strong performance of the Property & Casualty segment offset the effects of natural disasters. Underlying net income attributable to shareholders remained stable at €2.5 billion. Net income attributable to shareholders increased to €2.5 billion.

First half of 2024: Net operating profit increased by 5.3% to €7.9 billion, with all segments showing growth. Underlying net income attributable to shareholders increased by 7.7% to €5.0 billion. Net income attributable to shareholders increased by 14.2% to €5.0 billion. Underlying net earnings per share amounted to €12.57. Annual underlying return on equity was 17.5%. The €1 billion share buyback programme, announced in February, was completed by July, with an additional €500 million planned for purchases.

Capital to solvency ratio II

Allianz’s capital adequacy ratio stood at 206% at the end of the second quarter, up from 203% at the end of the first quarter.

Allianz Q2 and H1 2024 Highlights

Property and Casualty Insurance

Q2 2024: Turnover increased by 9.4% to €19.3 billion, with internal growth of 10.5%. Operating profit reached €1.9 billion despite significant losses due to natural disasters. The combined ratio was 93.5%, with a loss ratio of 69.2% and an expense ratio of 24.2%.

First half of 2024: Turnover increased by 7.3% to €44.8 billion, with internal growth of 8.1%. Operating profit increased by 3.3% to €4.0 billion. Consolidated ratio was 92.7%, with loss ratio of 68.3% and expense ratio of 24.4%.

Life and health insurance

Q2 2024: PVNBP increased to €18.8 billion. Operating profit increased to €1.4 billion. Contractual service margin (CSM) grew to €53.6 billion, with NBM of 5.8%.

First half of 2024: Net profit increased to EUR 41.1 billion. Operating profit increased to EUR 2.7 billion. Revenue grew to EUR 53.6 billion, with net profit up 5.7%.

asset management

Q1 2024: Operating revenues increased to €2.0 billion, with operating profit increasing to €742 million. Assets under management by third parties amounted to €1.803 trillion.

H1 2024: Operating revenues increased to €4.0 billion, with operating profit increasing to €1.5 billion. Assets under management by third parties grew by €91 billion to €1.803 trillion.

Claire Marie Coste-Lepotre, Allianz’s chief financial officer, said the second-quarter results reflect the resilience of the company’s business model.

“Allianz’s second-quarter results and our consistent performance confirm our sustained momentum and the resilience of our business model. We look with confidence to the second half of 2024 and confirm our forecast of an operating profit of €14.8 billion plus or minus €1 billion for the full year,” she added.