Allianz posts strong results: Strong operating results in all business segments underpin confidence for 2022

“In spite of challenges in 2021, Allianz proved its resilience and adaptability. With record-high operating profit, strong value growth in life, health and asset management businesses and strongly improved P/C margins and productivity, we are scaling the power of our global franchise.” 

- Oliver Bäte, Chief Executive Officer of Allianz SE


12M 2021: Total revenues increased 5.7 percent to 148.5 billion euros. Adjusted for foreign exchange and consolidation effects, the increase was 6.1 percent. Strong sales in the United States and Italy contributed to revenue growth in the Life/Health business segment. The Property-Casualty business segment benefited from price and volume increases while the Asset Management business segment recorded higher assets under management-driven revenues and an increase in performance fees. 

4Q 2021: Total revenues increased 7.9 percent to 38.4 (4Q 2020: 35.6) billion euros. 

Internal revenue growth, which adjusts for currency and consolidation effects, was 5.9 percent, driven by all business segments.


12M 2021: Operating profit jumped by 24.6 percent to 13.4 (full year 2020: 10.8) billion euros, driven by higher profitability in all business segments. In addition, this increase reflects the negative impact of COVID-19 on the prior-year operating profit. Higher average assets under management (AuM) and continued cost control led to a strong increase in operating profit from the Asset Management business segment. The Property-Casualty business segment recorded a higher underwriting result, even in the face of high claims from natural catastrophes. In the Life/Health business segment, operating profit grew due to higher reserve loadings, and improved investment and technical margins. 

Net income attributable to shareholders was 6.6 (6.8) billion euros as the provision for the AllianzGI U.S. Structured Alpha matter reduced the group’s 2021 net income by 2.8 billion euros, offsetting the higher operating profit. 

Return on Equity (RoE) was 10.6 percent (11.4 percent).

Basic Earnings per Share (EPS) declined 3.2 percent to 15.96 (16.48) euros. 

The Board of Management will propose an increase in dividend to 10.80 euros per share for 2021. 

On February 17, 2022, Allianz announced a new share buy-back program of up to 1 billion euros for 2022.

4Q 2021: Operating profit grew 18.0 percent to 3.5 (3.0) billion euros, largely driven by a higher underwriting result in the Property-Casualty business segment. In the Asset Management business segment, operating profit increased due to higher average third-party AuM and continued improvements in productivity. Operating profit in our Life/Health business segment decreased slightly, mainly due to a lower investment margin.

Net loss attributable to shareholders was 292 million euros, compared with a net income of 1.8 billion euros in the prior-year period, as a higher operating profit was offset by the impact of a pre-tax provision of 3.7 billion euros for the AllianzGI U.S. Structured Alpha matter.

Solvency II Capitalization Ratio

The Solvency II capitalization ratio rose by 1 percentage point to 209 percent at the end of 20213 from 207 percent at the end of 2020.

“Our underlying performance was very strong in 2021, as evidenced by the operating profit of 13.4 billion euros. 

In our Property-Casualty business, the rebound in the commercial and global lines clearly shows that we are well-positioned to benefit from further improvements in the underwriting environment. Even in the face of severe weather-related events, our combined ratio has improved due to our continuous focus on underwriting discipline and productivity improvements. 

In Life/Health, the solid level of new business with strong margins underscores the healthy demand for our products. We are very pleased with the success of our new business management initiatives and we have taken significant actions on in-force management. This proves our commitment to active capital management, which allows us to maximize the potential of our franchise. 

Our Asset Management business delivered a solid performance with a high level of inflows from clients in all regions and across all asset classes. Assets under management reached another record high at the end of 2021. The net income of the segment was impacted by a provision taken in anticipation of settlements with major investors in the AllianzGI U.S. Structured Alpha funds and in light of current discussions with U.S. governmental authorities, an important first step towards the resolution of the various related proceedings.

Our strong business performance, driven by the strong underlying fundamentals of our franchise, strengthens our confidence in our outlook for 2022.”

- Giulio Terzariol, Chief Financial Officer of Allianz SE

Property-Casualty insurance: Solid operating profit

12M 2021: Total revenues increased by 4.8 percent to 62.3 (59.4) billion euros. 

Adjusted for foreign currency translation and consolidation effects, internal growth was 4.1 percent, supported by a price effect of 2.2 percent as well as a volume effect of 1.4 percent and a service effect of 0.6 percent. The primary contributors to the increase were Allianz Partners, AGCS and Australia. 

The operating profit rose 30.6 percent to 5.7 (4.4) billion euros. Our underwriting result reflected a recovery from the impact of COVID-19 in 2020. Lower attritional losses and a better run-off result offset higher claims from natural catastrophes. The expense ratio improved further to 26.7 percent (26.8 percent). 

Overall, the combined ratio improved by 2.5 percentage points to 93.8 percent (96.3 percent).

4Q 2021: Total revenues grew by 14.7 percent to 14.5 (12.7) billion euros. 

Adjusted for foreign currency translation and consolidation effects, internal growth was 10.7 percent, due to a 7.4 percent rise in volumes and support from a 2.0 percent service effect as well as a 1.4 percent price effect. The main contributors to the increase were Allianz Partners, AGCS and Germany.

Operating profit surged 76.1 percent to 1.6 (0.9) billion euros, due to a noticeably higher underwriting result , including a much better run-off result. The increase also partly reflected the negative impact from COVID-19 in the prior year. Furthermore, the expense ratio improved to 26.9 percent (27.5 percent).

The combined ratio improved by 3.9 percentage points to 93.5 percent (97.4 percent).

Life/Health insurance: Successful new business management

12M 2021: PVNBP4 jumped to 78.7 (61.5) billion euros, driven by higher sales volumes for fixed index annuities in the United States and improvements in Italy and France through back-book management. Other contributing factors were higher volumes from unit-linked products in Italy and a large reinsurance treaty at Allianz Reinsurance.

Operating profit rose to 5.0 (4.4) billion euros, due to higher reserve loadings, an improved investment margin, and  the previous year’s loss recognition in the United States. Higher unit-linked management fees in Italy, a higher investment margin in France, and an improved technical margin in both German life and health businesses supported this development. 

The new business margin increased to 3.2 percent (2.8 percent), driven by a better business mix. The value of new business grew to 2.5 (1.7) billion euros, due to higher volumes and increased margins.

4Q 2021: PVNBP, the present value of new business premiums, grew to 19.8 (19.0) billion euros, predominantly due to higher sales volumes of fixed index annuities in the United States.

The new business margin (NBM) increased to 3.4 percent (2.7 percent), driven by an improved business mix in the United States, France and Italy. Favorable market developments supported this growth. 

The value of new business (VNB) grew to 0.7 (0.5) billion euros, due to higher volumes and margins.

Operating profit decreased to 1.3 (1.4) billion euros. The impact of a lower investment margin in the German life business, a write-off for an administrative system in Benelux and higher claims in Indonesia was partly offset by an increase in management fees for unit-linked products in Italy. 

Asset Management: Record AuM, operating profit up 22 percent

12M 2021: Operating revenues grew by 14.3 percent to 8.4 billion euros as a result of higher AuM-driven revenues as well as higher performance fees. The cost-income ratio improved to 58.4 percent (61.2 percent).

Operating profit rose by 22.3 percent to 3.5 (2.9) billion euros. Adjusted for foreign currency translation effects, operating profit increased by 25.3 percent. Third-party assets under management rose by 14.9 percent, or 255 billion euros, from the end of 2020 to 1.966 trillion euros, driven mainly by high net inflows of 110.1 billion euros as well as favorable foreign currency translation effects. 

4Q 2021: Total assets under management rose to 2.609 trillion euros at the end of 2021, driven by third-party assets under management. Growth was driven by all regions and all asset classes.

Third-party assets under management was 1.966 trillion euros as of December 31, 2021, an increase of 86 billion euros from the end of the third quarter of 2021, including 20.6 billion euros from net inflows and market effects of 11.5 billion euros. There was a positive impact of 28.3 billion euros from consolidation, mainly related to the Allianz Life reinsurance transaction (30.0 billion euros). Another contributing factor was favorable foreign currency translation effect of 25.2 billion euros.

Operating profit surged by 20.8 percent from the prior-year period to 1.0 (0.9) billion euros. Revenue growth was mainly due to higher average third-party AuM. Adjusted for foreign currency translation effects, operating profit increased by 17.0 percent. The cost-income ratio (CIR) improved by 0.5 percentage points to 58.2 percent.

1 Excluding the application of transitional measures for technical provisions. 

2 As always, natural catastrophes and adverse developments in the capital markets, as well as factors stated in our cautionary note regarding forward-looking statements may severely affect the operating profit and/or net income of our operations and the results of the Allianz Group.

3 Including the application of transitional measures for technical provisions, the Solvency II capitalization ratio was 239 percent at the end of 2021 (236 percent at the end of the third quarter of 2021). 

PVNBP is shown after non-controlling interests, unless otherwise stated. 

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:


The figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards.

Final results for fiscal year 2021 were released on March 4, 2022 (publication of the Annual Report). There have been no changes compared to the preliminary figures published on February 17 and 18, 2022.

This is a translation of the German Quarterly an Full Year Earnings Release of the Allianz Group. In case of any divergences, the German original is binding.