Allianz: first quarter marked by low impact of disasters

Allianz: first quarter marked by low impact of disasters
Allianz: first quarter marked by low impact of disasters

Operating profit exceeded analysts’ expectations, at 3.99 billion euros, an annual increase of 6.8% thanks to the property and asset management branches.

Allianz announced on Wednesday a net profit group share of 2.48 billion euros (2.43 billion francs) in the first quarter, little affected by natural disasters, up 21.8% over one year, and confirmed its annual objectives.

Operating profit exceeded analysts’ expectations, at 3.99 billion euros, an annual increase of 6.8% thanks to the property and asset management branches.

This key indicator must still reach 14.8 billion euros over the year, give or take a billion euros, he specified.

The turnover of the European leader ahead of the French Axa totaled 48.4 billion euros at the end of March, an annual increase of 5.3%.

Sales in the property and casualty branch (+5.7%) were driven by prices, those in life and health insurance (+4.9%) by market dynamics in the United States and Italy.

In asset management (+4.7%), commissions were higher and assets under management mandate increased by 71 billion compared to the end of 2023, to 1,784 billion euros.

Reimbursements linked to natural disasters, at 65 million euros, were “benign” over the past quarter, according to Allianz, mainly based on the floods in Australia and the February winter storms in Europe.

The combined ratio in the property sector therefore stands at 91.9%, comparable to last year. This key indicator relates the amount of premiums collected to reimbursements made.

The insurer launched a share buyback program in February with a volume of 1.0 billion euros, half of which has been completed to date, he explains.

The repurchased shares will be deleted, which will benefit the stock price.

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