Allianz publishes quarterly earnings report

Insurance coverage group Allianz has reported development for the primary quarter of 2023.

In keeping with Allianz, right here’s the way it fared within the first three months:

Of the entire enterprise quantity, €24.1 billion got here from property-casualty insurance coverage whereas €20.1 billion was contributed by life/well being. By way of working revenue, each segments loved a rise from final 12 months; the identical can’t be mentioned for asset administration, nonetheless.

Lifting the lid on the monetary outcomes, Allianz mentioned: “Working revenue jumped 24.2% to €3.7 billion. This is because of a better results of our US operations within the life/well being enterprise phase, and a stronger insurance coverage service consequence within the property-casualty enterprise phase. This was partly offset by the asset administration enterprise phase attributable to diminished AuM-driven (belongings underneath administration) revenues and a better cost-income ratio.

“Shareholders’ core internet earnings was sturdy at €2.2 billion attributable to each a better working revenue and an improved non-operating consequence. Non-operating consequence within the prior 12 months was impacted by a provision associated to the AllianzGI US Structured Alpha matter. Web earnings attributable to shareholders was €2 billion, up considerably partially because of the aforementioned provision.”

The Q1 earnings report marks the primary time Allianz utilized IFRS (Worldwide Monetary Reporting Requirements) 9 and 17.

Allianz SE chief govt Oliver Bäte commented: “We might be pleased with our working revenue and backside line, a mirrored image of our energy, our expertise, and constant execution of our technique.

“We as soon as once more benefited from our diversified enterprise combine and delivered notably sturdy efficiency within the property-casualty phase, pushed by sturdy pricing, continued underwriting self-discipline, and give attention to additional productiveness positive factors. Our sturdy profitability and capitalization underscore our aspiration to stay the trusted accomplice for our shoppers to safe their futures as they proceed to navigate a time of hesitation and uncertainty.”

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