Allianz has reported that its Q1 2023 operating profit increased 24.2% to €3.7 billion, which the firm attributes to strong performance in Life/Health and Property-Casualty business segments.
Meanwhile, total business volume in Q1 2023 increased by 3.9% to €46 billion.
Allianz states this growth was spearheaded by the Property-Casualty segment, which benefited from higher prices and volumes.
The firm also reported Q1 2023 shareholders’ core net income of €2.2 billion, a substantial increase from the $400 million recorded in Q1 of 2022.
Allianz suggests that this YoY improvement was due to a higher operating profit and a better non-operating result.
The firm’s Solvency II capitalization ratio for Q1 of 2023 stood at 206%, compared with 201% at the end of Q4 2022.
Giulio Terzariol, Chief Financial Officer of Allianz SE, commented, “Allianz’s first quarter results demonstrated strong performance and proven resilience across all segments.
“With the first-time application of IFRS 9 and 17, we delivered our results with even more clarity and transparency and proved our ability to create value.”
Terzariol continued, “Our Property-Casualty business showed excellent internal growth, driven by healthy pricing that contributed to offset the impact of inflation. The significant increase in operating profit is due to our strict underwriting discipline and focus on productivity gains.
“Value creation in our Life/Health business is strong. Our profitability is well supported by the solidity of our in-force business as well as the robustness of new business value.
“Our active Asset Management recorded €14.9 billion net inflows and our third-party assets under management reached €1.7 trillion. This bodes well for a solid profitability development. We confirm our full-year outlook of operating profit of €14.2 billion, plus or minus 1 billion euros.”
Oliver Bäte, Chief Executive Officer of Allianz SE, concluded, “We can be proud of our operating profit and bottom line, a reflection of our strength, our skills, and consistent execution of our strategy.
“We once again benefited from our diversified business mix and delivered particularly strong performance in the Property-Casualty segment, driven by robust pricing, continued underwriting discipline and focus on further productivity gains.
“Our strong profitability and capitalization underscore our aspiration to remain the trusted partner for our clients to secure their futures as they continue to navigate a time of hesitation and uncertainty.”
