Allianz Group achieved its operating profit target for the 2011 business year, despite volatile financial markets and an unusually high level of natural catastrophes. Revenues reached 103.6 billion euros, within 2.7 percent of the record year 2010 which achieved 106.5 billion euros. The 2011 operating profit of 7.9 billion euros was within the target range of 8.0 billion euros, plus/minus 0.5 billion euros. Compared to the 2010 operating profit of 8.2 billion euros, this is a decrease of 4.6 percent.
The Property and Casualty insurance business increased its revenues while also maintaining its profitability amid record claims from earthquakes, floods and storms. Life and Health insurance earned an operating profit on target despite adverse financial market conditions. Asset Management, in turn, booked another successful year, continuing its strong performance.
Net income for 2011 was 2.8 billion euros, compared to 5.2 billion euros the year before. The decline of 46.2 percent was mainly due to very conservative non-operating impairments of 1.9 billion euros from Greek sovereign debt and investments, particularly in financials.
Allianz Group further improved its strong capital position in 2011: Shareholders' equity rose to 44.915 billion euros from 44.491 billion euros. The solvency ratio increased to 179 percent at the end of 2011, compared to 173 percent the year before.
The Board of Management will propose to the Supervisory Board of Allianz SE a dividend of 4.50 euros per share, unchanged from the year before. This proposal reflects the fundamental operating earnings power and capital strength of Allianz Group.
"2011 was a tough year. But we maintained our stability throughout. That's an extraordinary achievement," said Michael Diekmann, CEO of Allianz SE. "These results show the true strength of the Allianz business model."