12M 2022: 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. This was 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.

Internal revenue growth, which adjusts for foreign currency translation and consolidation effects, was minus 0.2 percent.

4Q 2022: Total revenues were 36.7 (4Q 2021: 38.4) billion euros, down by 4.5 percent from the prior year. Statutory premiums declined in the Life/Health business segment, mainly due to softer single-premium sales in Germany and unit-linked products in Italy. Revenues from the Asset Management business segment declined as a result of lower AuM-driven revenues and performance fees. These results were partially offset by the Property-Casualty business segment, with positive price effect and volume growth. 

Internal revenue growth was minus 6.3 percent.

12M 2022: Operating profit jumped 5.7 percent to 14.2 (13.4) billion euros, driven by the Property-Casualty and Life/Health business segments. Our Property-Casualty business segment reported higher underwriting and investment results. In addition, the increase in operating profit in our 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.  

Net income attributable to shareholders was slightly higher at 6.7 (6.6) billion euros. 

Return on Equity (RoE) was stable at 10.3 percent (10.6 percent). Basic Earnings per Share (EPS) was 16.35 (15.96) euros.

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

4Q 2022: Operating profit jumped by 12.7 percent to 4.0 (3.5) billion euros, driven by the Life/Health business segment due to a higher investment margin in Germany Life and positive impacts from annuity products in the United States. This was partially offset by lower operating profit in the Property-Casualty business segment due to normalization of claims frequency and higher attritional losses related to claims inflation. In addition, operating profit from the Asset Management business segment declined due to lower AuM-driven revenue and performance fees.

Net income attributable to shareholders was 2.0 billion euros compared with minus 0.3 billion euros in the prior period. 

"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. 

• Our 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, our 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.”

12M 2022: Total revenues jumped 12.4 percent to 70.0 (62.3) billion euros. Adjusted for foreign currency translation and consolidation effects, internal growth was excellent at 9.5 percent, supported by a price effect of 5.7 percent, a volume effect of 3.4 percent and a service fee effect of 0.3 percent. The primary contributors to growth were Allianz Partners, Türkiye and AGCS.

Operating profit rose by a strong 8.4 percent to 6.2 (5.7) billion euros, driven by a significantly higher operating investment result. It was further supported by the underwriting result.

The combined ratio was 94.2 percent (93.8 percent) primarily due to the impact of higher attritional losses related to normalization of claims frequency as well as higher claims inflation. This was partially offset by a favorable run-off result. The expense ratio remained stable at 26.8 percent (26.7 percent). 

4Q 2022: Total revenues surged 11.7 percent to 16.2 (14.5) billion euros. Adjusted for foreign currency translation and consolidation effects, the internal growth was very strong at 9.9 percent due to a price effect of 7.5 percent, a volume effect of 3.3 percent and a service fee effect of minus 0.8 percent.

Operating profit was 1.5 (1.6) billion euros, down 5.4 percent, mainly because of a lower underwriting result due to higher attritional losses largely related to higher claims inflation and normalization of claims frequency. 

In line with these developments, the combined ratio increased by 1.3 percentage points to 94.7 percent (93.5 percent). This was partly compensated by a favorable run-off ratio and an improved expense ratio of 26.6 percent (26.9 percent) due to both a lower administrative expense ratio and acquisition cost ratio. 

12M 2022: PVNBP³, the present value of new business premiums, was 65.6 (78.7) billion euros, reflecting the impact of lower single-premium business in Germany, a group contract renegotiation in Italy in 2021 and a one-off reinsurance treaty at Allianz Reinsurance in the prior year. 

Operating profit rose by 5.4 percent to 5.3 (5.0) billion euros, mainly due to the positive contribution from the acquired Aviva operations in Poland and business growth in Asia. This was partly offset by lower results in the United States. 

The new business margin expanded to 3.8 percent (3.2 percent), driven by a better business mix and higher interest rates. The value of new business was stable at 2.5 (2.5) billion euros, as the positive effect of a better business mix was offset by lower volumes.

4Q 2022: PVNBP was 16.0 (19.8) billion euros, mainly due to softer sales in the single-premium business in Germany and in the unit-linked products business in Italy. 

Operating profit surged by 50.5 percent to 1.9 (1.3) billion euros, driven by a higher investment margin in Germany and positive results in the traditional and non-traditional variable-annuity products in the United States. A further positive contribution came from the acquired Aviva operations in Poland.

The new business margin (NBM) jumped to 4.0 percent (3.4 percent), driven by an improved business mix, mainly in Germany and the United States. Higher interest rates also contributed to the margin expansion. The value of new business (VNB) was 633 (672) million euros as higher profitability was offset by lower volumes.

12M 2022: Operating revenues were 8.2 billion euros, down by 1.9 percent due to lower performance fees as well as softer AuM-driven revenues. 

Operating profit was 3.2 (3.5) billion euros, down 8.3 percent from the prior-year period. The cost-income ratio (CIR) rose to 61.2 percent (58.4 percent).

Third-party assets under management⁴ were 1.635 trillion euros as of December 31, 2022, down by 331 billion euros from the end of 2021. A positive impact of 81.6 billion euros foreign currency translation effects was more than offset by unfavorable market impacts of 301.1 billion euros, net outflows of 81.4 billion euros and a negative impact of 30.3 billion euros, mainly resulting from the Voya transaction.

4Q 2022: Operating revenues were 2.1 billion euros, down 15.3 percent, reflecting the impact of lower AuM-driven revenues and performance fees.

Operating profit was 806 (1,035) million euros, down 22.2 percent from the prior-year period 

Third-party assets under management⁴ were 1.635 trillion euros as of December 31, 2022, a decrease of 91 billion euros from the end of the third quarter of 2022. A positive impact of 68.2 billion euros from favorable market conditions was more than offset by unfavorable foreign currency translation effects of 139.6 billion euros and net outflows of 18.6 billion euros.

Total assets under management⁴ were 2.141 trillion euros at the end of the fourth quarter of 2022, reflecting the trend in the third-party assets under management.