Allianz starts 2021 with strong first-quarter results

Management Summary: Significantly higher operating profit and net income attributable to shareholders

Allianz has had an excellent start into 2021 and continued to successfully navigate the impact of the ongoing pandemic. The group saw a strong performance across all its business segments, with a marked rebound in profitability in its Property-Casualty, as well as in its Life/Health business segment.

Total revenues declined 2.6 percent to 41.4 (1Q 2020: 42.6) billion euros and were flat compared to the prior-year level, adjusted for currency and consolidation effects (internal revenue growth in 1Q 2021: -0.4 percent). Operating profit increased 44.8 percent to 3.3 (2.3) billion euros, with all business segments contributing. In our Property-Casualty business segment, operating profit grew strongly due to a higher underwriting result driven by a normalization of claims from natural catastrophes and lower attritional losses – the latter suffered high COVID-19-related losses in the first quarter of 2020. In our Life/Health business segment, operating profit increased significantly as a result of a recovery of the investment margin. Our Asset Management business segment operating profit growth benefited from higher average third-party assets under management, increased performance fees as well as strong cost discipline. Net income attributable to shareholders increased 83.4 percent to 2.6 (1.4) billion euros driven predominantly by operating profit growth and to a smaller extent by a better non-operating result following lower impairments. Higher income taxes had a slightly offsetting effect. 

Basic Earnings per Share (EPS) increased 85.2 percent to 6.23 (3.36) euros. Annualized Return on Equity (RoE) amounted to 16.7 percent (full year 2020: 11.4 percent). The Solvency II capitalization ratio stood at 210 percent at the end of the first quarter of 2021, compared to 207 percent at the end of 2020.2

"Allianz started the year with excellent results across all business segments. This is an encouraging kick-off for 2021 and makes us confident to reach our 2021 targets," said Oliver Bäte, Chief Executive Officer of Allianz SE.

"We saw a strong set of results in all business segments. As our well-diversified business has managed the challenges of the pandemic very well, I clearly see a return to our normal earnings power," said Giulio Terzariol, Chief Financial Officer of Allianz SE. "With improving operating conditions and a healthy capital position, Allianz is well equipped to grow profitably."

Excluding the application of transitional measures for technical provisions.

2 Including the application of transitional measures for technical provisions, the Solvency II capitalization ratio amounted to 241 percent at the end of the first quarter of 2021 (240 percent at the end of 2020).

First-quarter 2021 results analyst conference call

Property-Casualty insurance: Strong profitability with combined ratio at target of 93 percent

  • Total revenues reached 19.7 (20.3) billion euros in the first quarter of 2021. Adjusted for foreign currency translation and consolidation effects, internal growth totaled -1.6 percent, mainly driven by a negative volume effect of 4.8 percent and a positive price effect of 3.5 percent. The main contributors to this decline were Allianz Partners, United Kingdom, and Germany; in contrast, particularly AGCS, Euler Hermes, and Turkey recorded positive internal growth.
  • Operating profit rose strongly by 46.6 percent to 1.5 billion euros in the first quarter of 2021 compared to the prior year period. A significantly higher underwriting result benefited from a decrease in losses from natural catastrophes and from negligible COVID-19 effects. The expense ratio also improved slightly.
  • The combined ratio improved by 4.7 percentage points to 93.0 (97.8) percent in the first quarter of 2021.

"Our Property-Casualty franchise is in good shape as shown by our healthy combined ratio. I see clear progress towards our full-year ambition of 93 percent supported by strong underwriting performance," said Giulio Terzariol. "We stay disciplined in our underwriting and continue to focus on productivity gains."
allianz CFO giulio terzariol

Life/Health insurance: Strong growth in new business value and operating profit

  • PVNBP3, the present value of new business premiums, increased to 19.5 (18.0) billion euros in the first quarter of 2021. This was largely attributable to higher sales of unit-linked products in Italy, as well as in the Asia-Pacific region.
  • The new business margin (NBM) increased to 2.9 (2.7) percent as the negative effects from the declining interest rates were more than offset by product repricing and an improved business mix, with a continued shift to preferred lines of business. The value of new business (VNB) increased to 558 (494) million euros in the first quarter of 2021.
  • Operating profit increased to 1.2 (0.8) billion euros in the first quarter of 2021, driven predominantly by a recovery of the investment margin. In the United States, positive market developments led mainly to a higher investment income stemming from our fixed index annuity business. In addition, in Germany and in France we saw lower impairments – compared to the high level recorded in the first quarter of 2020. Further contributing factors were the higher unit-linked management fees in Italy.
"The strong new business value and the growth in operating profit clearly show that our Life and Health business segment is in good shape," said Giulio Terzariol. "Our business mix has further improved and contributes positively to our healthy margins. I expect continuing solid operating performance in this business segment." 
PVNBP is shown after non-controlling interests, unless otherwise stated.

Asset Management: Third-party assets under management at record level 

  • Third-party assets under management (AuM) increased by 63 billion euros to 1,775 billion euros in the first quarter of 2021, compared to the end of 2020. The development was driven by positive foreign currency translation effects of 49.6 billion euros and net inflows of 37.8 billion euros – the highest quarterly inflows since 4Q 2017. These positive developments were partly offset by opposite market effects of 20.7 billion euros.
  • Total assets under management increased to 2,432 billion euros in the first quarter of 2021, a development in line with the third-party assets under management.
  • Compared to the first quarter of 2020, operating profit increased by 10.0 percent to 747 (679) million euros in the first quarter of 2021 as revenues grew – mainly driven by higher average third-party AuM, increased performance fees and the integration of Allianz Real Estate. Adjusted for foreign currency translation effects, operating profit increased by 17.9 percent. The cost-income ratio (CIR) improved 2.4 percentage points to 59.3 percent at the end of the first quarter 2021 compared to the first quarter of 2020. 
"Our Asset Management business continues to grow and to perform very well." said Giulio Terzariol. "Record assets under management and our proven ability to manage our cost base effectively bode very well for a healthy development of our operating profitability throughout the year." 

First-quarter 2021 highlights

The Allianz Group is one of the world's leading insurers and asset managers with around 125 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 746 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.8 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 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of March 31, 2024.

Press contacts

Holger Klotz
Allianz SE
Daniela Markovic
Allianz SE
Aurika von Nauman
Allianz SE
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:


The figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards. This Quarterly Earnings Release is not an Interim Financial Report within the meaning of International Accounting Standard (IAS) 34.

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

Further information

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