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."

• 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.