Allianz has reported a 5.7% increase in operating profit for 2022, ending the year at €14.2 billion as improved performance in both its property and casualty (P&C) and life and health (L&H) segments boosted results.
Operating profit for the P&C segment rose by a 8.4% to €6.2 billion over the year, driven by a significantly higher operating investment result, and further supported by the underwriting result.
For L&H, meanwhile, operating profit rose by 5.4% to €5.3 billion euros, mainly due to the positive contribution from the acquired Aviva operations in Poland and business growth in Asia, partly offset by lower results in the United States.
Total revenues for the year similarly increased 2.8% to €152.7 billion, largely driven by strong price and volume effects in P&C, but offset somewhat by lower performance fees and lower AuM-driven revenues in the Asset Management business segment.
Revenues also softened in the Life/Health business segment due to a decrease in statutory premiums, mainly related to lower sales of unit-linked products in Italy and single-premium business in Germany.
For the fourth quarter of the year, operating profit jumped by 12.7% to €4.0 billion, driven by the L&H business segment due to a higher investment margin in Germany Life and positive impacts from annuity products in the United States.
This was partially offset by lower operating profit in the P&C segment due to normalization of claims frequency and higher attritional losses related to claims inflation. Revenues for Q4 were €36.7 billion, down by 4.5% from the prior year.
“With our record results for both revenue and operating profit in 2022, Allianz has consolidated its position as one of the world’s largest, most resilient, and trusted global financial institutions,” said Allianz CEO Oliver Bäte.
“Our performance is the product of thoughtful design, reliable execution, relentless simplification, and disciplined capital management. Also, customer and employee satisfaction as well as brand strength reached new all-time high scores,” he continued.
“In an unpredictable world with growing risks and societal imbalances, we are proudly demonstrating our ability to leverage the benefits of Allianz’s scale for our customers, our employees, and our shareholders.”