Allianz continued strong performance through the third quarter, achieving strong growth in business volume, operating profit, and net income, while reinforcing its financial strength, according to Oliver Bäte, Chief Executive Officer of Allianz SE. The group’s total business volume advances 17.3% to EUR 42.8 billion in 3Q2024 and rises 9.6% to EUR 133.9 billion in 9M2024, the group’s press release says.

The key takeaways are:

3Q 2024:

• Operating profit increases 13.6 percent and reaches 3.9 billion euros, attributable to very good results in the Property-Casualty segment 
• Shareholders’ core net income reaches 2.5 billion euros, an increase of 23.0 percent

9M 2024:

• Operating profit increases by 7.9 percent to 11.8 billion euros driven by all business segments
• Shareholders’ core net income advances 12.3 percent to 7.6 billion euros
• Strong Solvency II capitalization ratio of 209 percent¹

Outlook:

• Following the strong performance in the first nine months of the year, Allianz expects the 2024 operating profit to be in the upper half of the target range of 14.8 billion euros, plus or minus 1 billion euros²
• The previously announced share buy-backs in the total volume of 1.5 billion euros have been fully executed by October 2024.
  

“Natural catastrophes have again tested Allianz’s financial and operational resilience, tests which we have successfully passed, giving us the confidence to now expect an operating profit in the upper half of our target range. These events profoundly affected many of our customers, but they also presented us with another opportunity to demonstrate our purpose and deliver the security of being insured by Allianz. Moreover, in a world where brand strength is increasingly important, Allianz has again been recognized as the world’s leading insurance brand and has entered the Top 30 Global Brands in the latest Interbrand Ranking. Our fast-growing brand value underscores our ability to translate customer-centricity into profitable growth for our shareholders”, Oliver Bäte commented.