Allianz Group again delivered very good results in 2014. For the first time, revenues surpassed the 120 billion-euro mark. Based on preliminary figures, Group total revenues rose 10.4 percent to 122.25 (previous year: 110.77) billion euros. Over the same period, the total number of customers insured by Allianz increased by 2 million to 85 million.
Operating profit increased 3.3 percent to 10.40 (10.07) billion euros. The result is in the upper end of the target range as forecast in November 2014. The projected range for the 2014 operating profit was 10.0 billion euros, plus/minus 500 million euros. Net income attributable to shareholders increased by 3.8 percent to 6.22 (6.00) billion euros.
“Geopolitical tensions, continued market volatility and a further decline in interest rates in 2014 led to lower global economic growth than expected,” said Michael Diekmann, CEO of Allianz SE. “Despite these challenges, Allianz achieved very good results in revenues, operating profit and net income.”
Operating profit in the Property and Casualty insurance segment increased in 2014 compared to the previous year and delivered more than half of the total Group operating profit. Strong internal growth, in particular in the global insurance lines and the UK, drove premiums in this segment. Major natural catastrophes were much lower than in the prior year.
In the Life and Health insurance segment, both statutory premiums and operating profit grew at double-digit rates, reflecting a high demand for Allianz products in the low-interest rate environment. Operating profit was at the upper end of the forecast range following a better investment result.
Asset Management generated lower operating profit in line with expectations amid the change in management at PIMCO. Allianz Global Investors achieved a record operating profit and experienced positive net inflows over the course of 2014.
The conglomerate solvency ratio stood at 181 (182) percent at the end of 2014. Shareholders’ equity reached a new high of 60.7 (50.1) billion euros at year end.