- Oliver Bäte, Chief Executive Officer of Allianz SE
Earnings release: 4Q and 12M 2024
Allianz achieves record operating profit of 16.0 billion euros
“In 2024, Allianz delivered another set of record financial results, which are underpinned by strong performance across all segments, consistently high customer satisfaction, and record employee engagement. Allianz remains the trusted partner of choice for our customers in a global context in which above-average levels of natural catastrophes, armed conflicts, and deepening polarization continue to create considerable volatility.
These conditions elevate the need for what Allianz offers its customers and the world: a more secure future that translates into greater prosperity. Our renewed strategy, recently announced at our Capital Markets Day, underscores our conviction in growth and our confidence in our resilience and our capabilities. As we realize the value of our deepening customer relationships, we lift our ambitions to deliver even higher capital-efficient growth in the quarters and years ahead.”
Financial highlights
Total business volume
12M 2024: Total business volume increased strongly by 11.2 percent to 179.8 billion euros. Adjusted for foreign currency translation and consolidation effects, internal growth was 11.9 percent. Our Life/Health business was the main growth driver, with strong contribution also from our Property-Casualty segment.
4Q 2024: Total business volume growth of 16.0 percent to 45.9 billion euros was excellent. Adjusted for foreign currency translation and consolidation effects, internal growth reached 16.2 percent, further accelerating from an already strong performance in the first nine months (9M 2024: 11.1 percent). The Life/Health segment was the main growth driver, while our Property-Casualty business also contributed strongly.
Earnings
12M 2024: Operating profit was excellent at 16.0 (12M 2023: 14.7) billion euros, an increase of 8.7 percent. All business segments contributed, with our Property-Casualty business being the main driver.
Shareholders’ core net income advanced by 10.1 percent to a very strong level of 10.0 billion euros, driven by operating profit growth and a higher non-operating result.
Net income attributable to shareholders increased by 16.3 percent to 9.9 (8.5) billion euros.
Core earnings per share (EPS)2 rose to 25.42 (22.61) euros.
The core return on equity (RoE)2 improved to 16.9 percent (16.1 percent).
The Board of Management proposes a dividend per share of 15.40 euros for 2024, an increase of 11.6 percent from 2023.
On February 27, 2025, Allianz has announced a new share buy-back program of up to 2 billion euros.
4Q 2024: Operating profit was excellent at 4.2 (4Q 2023: 3.8) billion euros. The strong increase of 10.9 percent was primarily driven by the Property-Casualty business but all segments contributed.
Shareholders’ core net income was 2.4 (2.4) billion euros, an increase of 3.5 percent.
Net income attributable to shareholders rose to 2.5 (2.2) billion euros, driven by a higher operating profit and a better non-operating result.
Solvency II capitalization ratio
The Solvency II capitalization ratio remained at a strong level of 209 percent at the end of 2024 (3Q 2024: 209 percent3).
Segmental highlights
“Allianz’s excellent results for 2024 and the consistency of our delivery once again underline our ability to create sustainable value for all the stakeholders invested in our success.
In an environment of muted economic growth and significant levels of natural catastrophes we have achieved record operating profit and net income. All segments finished the year above their operating profit target mid-points, which demonstrates the resilience of our business model.
Building on our strong foundations, we enter 2025 with confidence. We have lifted our ambitions at our Capital Markets Day in December and are committed to continue generating attractive returns for our shareholders.”
- Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE
Media Conference Call | 11:00am CET
Analyst Conference Call | 2:00pm CET
Property-Casualty insurance: Double-digit operating profit growth
12M 2024: Total business volume increased by 8.3 percent to 82.9 (76.5) billion euros. Adjusted for foreign currency translation and consolidation effects, internal growth was very good at 8.2 percent.
Retail, SME & Fleet achieved strong internal growth of 9 percent, lifting total business volume to 50.2 (45.9) billion euros while Commercial advanced 7 percent, increasing total business volume to 32.7 (30.3) billion euros.
Operating profit rose by 14.3 percent to an excellent level of 7.9 (6.9) billion euros, well exceeding the operating profit outlook mid-point of 7.3 billion euros. A better operating insurance service result and a higher operating investment result were the main drivers.
The combined ratio improved to 93.4 percent (93.8 percent). The loss ratio was 69.3 percent (69.3 percent) as lower natural catastrophe losses and underlying improvements were offset by less run-off. The expense ratio developed favorably by 0.4 percentage points to 24.2 percent and continued its positive trajectory.
In Retail, SME & Fleet, the combined ratio improved by 1.7 percentage points to 94.1 percent. The Commercial combined ratio was at a very good level of 92.2 percent (90.5 percent).
4Q 2024: Total business volume rose by 11.0 percent to 19.5 (17.6) billion euros. Adjusted for foreign currency translation and consolidation effects, internal growth was strong at 10.9 percent.
Retail, SME & Fleet and Commercial achieved excellent internal growth of 11 percent and 14 percent, respectively, generating total business volumes of 12.1 (11.0) billion euros in Retail, SME & Fleet and 7.4 (6.5) billion euros in Commercial.
Operating profit increased by 21.2 percent to 1.9 (1.6) billion euros mainly driven by higher operating investment and insurance service results.
The combined ratio improved to 94.7 percent (94.9 percent). The loss ratio developed favorably and reached 70.7 percent (71.4 percent), supported by a very good attritional loss ratio. The expense ratio was 24.1 percent (23.5 percent).
In Retail, SME & Fleet, the combined ratio developed favorably by 2.4 percentage points to 94.0 percent. In Commercial it reached 96.6 percent (92.9 percent).
Life/Health insurance: Excellent performance
12M 2024: PVNBP, the present value of new business premiums, increased strongly by 21.6 percent to 81.8 (67.3) billion euros, driven by growth in almost all entities.
The new business margin (NBM) was attractive at 5.7 percent (5.9 percent) and the value of new business (VNB) advanced to 4.7 (4.0) billion euros.
Operating profit increased to a strong level of 5.5 (5.2) billion euros, surpassing the operating profit outlook mid-point of 5.2 billion euros. This performance was supported by positive developments in most regions.
Contractual Service Margin (CSM) advanced from 52.6 billion euros at the end of 2023 to 55.6 billion euros4, mainly due to strong normalized CSM growth of 6.1 percent5.
4Q 2024: PVNBP rose significantly by 26.9 percent to 21.2 (16.7) billion euros, driven by higher volumes in most entities.
The new business margin was healthy at 5.5 percent (5.9 percent), and the value of new business grew strongly to 1.2 (1.0) billion euros.
Operating profit was at an excellent level of 1.4 (1.4) billion euros.
Contractual Service Margin rose from 54.2 billion euros4 at the end of the third quarter to 55.6 billion euros4 mainly driven by a good normalized CSM growth of 1.4 percent5.
Asset Management: Strong net inflows and third-party AuM growth
12M 2024: Operating revenues increased to 8.3 (8.1) billion euros, internal growth was at 3.1 percent. This was driven by higher AuM-driven revenues.
Operating profit rose to a good level of 3.2 (3.1) billion euros, up 3.6 percent, and exceeding the full-year outlook mid-point of 3.1 billion euros. Adjusted for foreign currency translation effects, operating profit advanced by 3.7 percent. Excluding the impact from performance fees, the operating profit increases strongly by 11 percent.
The cost-income ratio (CIR) improved to 61.1 percent (61.3 percent).
Third-party assets under management increased by 208 billion euros from the end of 2023 to 1.920 trillion euros as of December 31, 2024. Strong net inflows of 84.8 billion euros, almost four times the prior year level, were the biggest contributor.
4Q 2024: Operating revenues rose to 2.4 (2.3) billion euros, internal growth was at 1.3 percent. The increase was mainly due to higher AuM-driven revenues.
Operating profit amounted to an excellent level of 941 (912) million euros. Adjusted for foreign currency translation effects, operating profit grew by 2.7 percent. Excluding the impact of performance fees, the operating profit rose 21 percent.
The cost-income ratio (CIR) developed favorably to 60.0 percent (60.5 percent).
Third-party assets under management increased to 1.920 trillion euros as of December 31, 2024, up by 80 billion euros from the end of the third quarter 2024. Favorable foreign currency translation effects as well as good net inflows of 16.7 billion euros were the main drivers.
1 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.
2 Core EPS and core RoE calculation based on shareholders‘ core net income.
3 Based on quarterly dividend accrual; additional accrual to reflect FY dividend would impact Solvency II capitalization ratio by -3%-p as of September 30, 2024.
4 Includes gross CSM of 0.8 billion euros (as of September 30, 2024, and as of December 31, 2024), for UniCredit Allianz Vita S.p.A., which was classified as held for sale in the third quarter of 2024.
5 Excluding effects from a fund merger in Italy.
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About Allianz
The Allianz Group is one of the world's leading insurers and asset managers with around 128 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 776 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.9 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2024, over 156,000 employees achieved total business volume of 179.8 billion euros and an operating profit of 16.0 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of December 31, 2024.
** As of December 31, 2024.
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As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:
