Allianz stays well on course in second quarter 2021

Management Summary: A strong quarter for all business segments

Allianz Group has followed up its excellent start into 2021 with another strong performance in the second quarter of the year. With its diversified business portfolio, the Group benefited from the global economic recovery with strong growth in total revenues and operating profit; net income attributable to shareholders also improved compared to the second quarter of the previous year. All three business segments showed healthy growth. Our Property-Casualty insurance proved its resilience while coping with substantial natural catastrophes. High demand for our Life/Health insurance products resulted in dynamic revenue growth, and our Asset Management business continued to grow and reached a new historic high in assets under management.

Internal revenue growth, which adjusts for currency and consolidation effects, amounted to 12.6 percent in the second quarter of 2021, mostly driven by our Life/Health business segment. Total revenues increased 10.9 percent to 34.3 (2Q 2020: 30.9) billion euros. Operating profit increased 29.4 percent to 3.3 (2.6) billion euros due to strong operating profit growth from all our business segments. The Property-Casualty business segment operating profit grew due to an increased underwriting result, which benefited from a higher contribution from run-off, partly offset by higher claims from natural catastrophes. In addition, the prior year was negatively impacted by COVID-19. All regions contributed to the increase in operating profit in the Life/Health business segment with the United States being the main driver. In the Asset Management business segment, operating profit increased mostly due to higher assets under management driven revenues and an improved cost-income ratio. Net income attributable to shareholders increased 45.7 percent to 2.2 (1.5) billion euros in the second quarter of 2021 due to the increase in operating profit, an improved non-operating result, and a lower effective tax rate.

Basic Earnings per Share (EPS) increased 62.3 percent to 11.47 (7.07) euros in the first half-year of 2021. Annualized Return on Equity (RoE) amounted to 15.6 percent (full year 2020: 11.4 percent). The Solvency II capitalization ratio was at 206 percent at the end of the second quarter of 20213, compared to 210 percent at the end of the first quarter 2021.

In the first half-year of 2021, operating profit grew by 36.7 percent to 6.7 (4.9) billion euros, driven by all business segments. Property-Casualty recorded a higher underwriting result while an improved investment margin led to an increase in our Life/Health business operating profit. Operating profit from our Asset Management business grew due to higher operating revenues and was supported by cost discipline. The increase in net income attributable to shareholders was driven by the operating profit growth as well as a higher non-operating investment result.

“Allianz had a very good half-year and achieved double-digit growth in operating profit. Our products and solutions have seen healthy demand,” said Oliver Bäte, Chief Executive Officer of Allianz SE. “During these past weeks, which have been marked by heavy natural catastrophes in Europe, I have been proud to witness the solidarity and outstanding engagement of so many Allianz representatives.”

“The second quarter once again underscores Allianz’ strong underlying performance, which was reflected in all key financial figures. I’m pleased that all our businesses are delivering very good results and that we’re growing profitably,” said Giulio Terzariol, Chief Financial Officer of Allianz SE. “On this basis, we are confident about the second half of 2021 and expect now an operating profit in the upper half of our target range.”

Second-quarter 2021 analyst call

Property-Casualty insurance: Strong operating profit

  • Total revenues increased by 3.4 percent to 13.9 (13.5) billion euros in the second quarter of 2021. Adjusted for foreign currency translation and consolidation effects, internal growth totaled 3.6 percent, mainly driven by a positive price effect of 1.6 percent and a positive volume effect of 1.5 percent. The highest price increase was recorded by AGCS while Allianz Partners, Italy, and Central & Eastern Europe were the main volume growth drivers.
  • Operating profit rose strongly by 18.8 percent to 1.4 (1.1) billion euros in the second quarter of 2021 compared to the prior-year period. Higher claims from natural catastrophes were largely compensated by a better run-off result. The underwriting result increased significantly also due to the absence of COVID-19 related losses compared to the prior-year period. In addition, the operating investment income grew slightly.
  • The combined ratio improved by 1.6 percentage points to 93.9 (95.5) percent in the second quarter of 2021.
allianz CFO giulio terzariol
Allianz CFO Giulio Terzariol

“I am pleased by the continuous focus on underwriting discipline and productivity in our Property-Casualty business segment. Our balance sheet is strong and we are a reliable partner for our customers,” said Giulio Terzariol. “While we witnessed in the second quarter a high level of natural catastrophes which continues in the third quarter, I am confident in a healthy operating profit contribution of the Property-Casualty business segment to the Group results.”

In the first half-year of 2021, total revenues reached 33.6 (33.8) billion euros. Adjusted for foreign currency translation and consolidation effects, internal growth totaled 0.5 percent, mostly driven by Asia-Pacific, Turkey, and Australia. Despite a rise in losses from natural catastrophes, the operating profit increased considerably by 32.0 percent to 2.9 (2.2) billion euros compared to the same period of the prior year. This was caused by a significantly higher underwriting result, which was mostly due to the absence of COVID-19 related losses. Overall, the combined ratio for the first half-year improved by 3.2 percentage points to 93.4 (96.7) percent.

Life/Health insurance: Healthy sales and strong value creation

  • PVNBP4, the present value of new business premiums, increased to 19.7 (11.5) billion euros in the second quarter of 2021. This was largely attributable to higher sales of unit-linked products and a back-book renegotiation impact in Italy, and to an ongoing product transfer in France. We saw an overall recovery compared to the second quarter of 2020 which was burdened by COVID-19 impacts.
  • The new business margin (NBM) increased to 3.2 (3.1) percent in the second quarter of 2021 due to an improved business mix mainly driven by the United States and the Asia-Pacific region. The value of new business (VNB) grew significantly to 633 (357) million euros in the second quarter of 2021.
  • Operating profit increased to 1.3 (1.0) billion euros in the second quarter of 2021, predominantly driven by our business in the United States which led to an improved investment margin. Loadings and fees also increased as we recorded higher unit-linked management fees in Italy and benefited from an increased reserve base in Germany.

“Our Life/Health insurance business is performing very well. Sales have been dynamic and I see a strong recovery across all our major markets,” said Giulio Terzariol. “The value of new business is outstanding and we continue to manage actively our in-force business which is the basis for the sustainable operating profitability of the Life/Health insurance segment.”

In the first half-year of 2021, the PVNBP increased to 39.2 (29.6) billion euros driven by a recovery in sales. Operating profit grew to 2.5 (1.8) billion euros largely due to an improved investment margin. The new business margin increased to 3.0 (2.9) percent, driving the value of new business to 1.2 (0.9) billion euros.


Asset Management: Operating profit up 29 percent

  • Third-party assets under management (AuM) increased by 56 billion euros to 1,830 billion euros in the second quarter of 2021, compared to the end of the first quarter of 2021. This development was driven by positive market effects of 41.8 billion euros and net inflows of 25.9 billion euros. Unfavorable foreign currency translation effects of 12.7 billion euros had an offsetting impact.
  • Total assets under management increased to 2,488 billion euros in the second quarter of 2021, a development in line with the third-party assets under management. Growth has been driven by all regions and by all asset classes.
  • Operating profit increased by 29 percent to 825 (640) million euros in the second quarter of 2021 compared to the prior-year period as revenues grew. Key drivers for this growth were higher average third-party AuM and increased performance fees, further supported by the integration of Allianz Real Estate. Adjusted for foreign currency translation effects, operating profit increased by 38.3 percent. The cost-income ratio (CIR) improved by 4.1 percentage points to 58.7 percent in the second quarter of 2021 compared to the second quarter of 2020.

“I am pleased that our Asset Management business segment continues to deliver very strong results with one of the best operating profit quarters in its history,” said Giulio Terzariol. “Our focus continues to be on investment outperformance, net inflows and productivity.”

In the first half-year of 2021, operating revenues grew by 9.8 percent to 3.8 billion euros, as a result of higher AuM-driven revenues and also higher performance fees. Our cost-income ratio improved to 59.0 (62.2) percent. Operating profit rose by 19.2 percent to 1,572 (1,319) million euros. Adjusted for foreign currency translation effects, operating profit increased by 27.8 percent. High net inflows, positive foreign currency translation effects as well as favorable market effects resulted in third-party assets under management of 1,830 billion euros – an increase of 118 billion euros or 6.9 percent, compared to year-end 2020.

    Excluding the application of transitional measures for technical provisions.

    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

    Including the application of transitional measures for technical provisions, the Solvency II capitalization ratio amounted to 236 percent at the end of the second quarter of 2021 (241 percent at the end of the first quarter of 2021)

    PVNBP is shown after non-controlling interests, unless otherwise stated. 

Second-quarter 2021 results highlights

The Allianz Group is one of the world's leading insurers and asset managers with more than 122 million* private and corporate customers in more than 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 717 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 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 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group***.
*Including non-consolidated entities with Allianz customers.
**As of March 31, 2023
***As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.

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.

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