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Based on preliminary figures, Allianz Group achieved total revenues for the first quarter of 2017 of 36.2 (first quarter of 2016: 35.4) billion euros. This represents an increase of 2.5 percent compared to the prior-year quarter.Allianz SE
Based on preliminary figures, Allianz Group achieved total revenues for the first quarter of 2017 of 36.2 (first quarter of 2016: 35.4) billion euros. This represents an increase of 2.5 percent compared to the prior-year quarter.
Operating profit reached 2.9 (2.7) billion euros, an increase of 9.4 percent.
Net income attributable to shareholders was 1.8 (2.1) billion euros, which is 15.3 percent below the year-earlier figure, largely due to one-off gains one year ago from the sale of financial stakes.
In Property and Casualty insurance, the combined ratio rose to 95.6 (93.3) percent, largely due to claims stemming from large losses and natural catastrophes. In Life and Health insurance, the new business margin strengthened to 3.1 (2.6) percent for the first quarter of 2017, reflecting the successful change of the product mix. In Asset Management, third-party assets under management rose to 1,403 billion euros at the end of the first quarter, compared to 1,361 billion euros at the end of 2016.
“Our first quarter results were a good start into 2017 and our balance sheet remained strong. Despite market volatility and low interest rates, we confirm our outlook and continue to expect an operating profit for the full year of 10.8 billion euros, plus or minus 500 million euros, barring unforeseen events, crises or natural catastrophes,” said Oliver Bäte, Chief Executive Officer of Allianz SE.
Prior-year figures have been restated due to accounting changes. As announced, Allianz will publish further details on business developments in the first quarter on May 12, 2017.
Together with its customers and sales partners, Allianz is one of the strongest financial communities. More than 86 million private and corporate customers insured by Allianz rely on its knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2016, around 140,000 employees in over 70 countries achieved total revenues of 122 billion euros and an operating profit of 11 billion euros. This business success with insurance, asset management and assistance services is based increasingly on customer demand for crisis-proof financial solutions for an aging society and the challenges of climate change. Transparency and integrity are key components of sustainable corporate governance at Allianz SE.
These assessments are, as always, subject to the disclaimer provided below.
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.
Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
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