Allianz Q3 2024 $ALV (-0,88 %)

Financial performance:

• Total business volume: Increased by 17.3% to EUR 42.8 billion in Q3 2024 (3Q 2024) and by 9.6% to EUR 133.9 billion in the first nine months of 2024 (9M 2024).
• Operating profit: Increased by 13.6% to EUR 3.9 billion in 3Q 2024 and by 7.9% to EUR 11.8 billion in 9M 2024.
• Core net income attributable to shareholders: Increased by 23.0% to EUR 2.5 billion in 3Q 2024 and by 12.3% to EUR 7.6 billion in 9M 2024.

Balance sheet overview:

• Shareholders' equity: Was EUR 58.2 billion as at September 30, 2024.
• Solvency II capitalization ratio: Improved to 209% at the end of 3Q 2024.

Income statement details:

• Net result for shareholders: Increased by 16.7% to EUR 7.5 billion in 9M 2024.
• Core earnings per share (EPS): Increased from 16.62 euros in 9M 2023 to 19.11 euros in 9M 2024.

Cash flow overview:

• Operating cash flow: Not explicitly stated in the document provided.

Key figures and profitability metrics:

• Core Return on Equity (ROE): Increased to 17.5% for 9M 2024.
• Combined ratio (property insurance): Improved to 93.0% for 9M 2024.

Segment information:

• Property insurance: Operating profit increased by 36.2% to EUR 2.0 billion in 3Q 2024.
• Life/health insurance: Operating profit increased to 1.4 billion euros in 3Q 2024.
• Asset Management: Operating profit was 782 million euros in 3Q 2024.

Competitive position: Allianz is recognized worldwide as a leading insurance brand and has achieved entry into the top 30 global brands in the current Interbrand ranking.

Outlook and management commentary: Allianz expects operating profit for 2024 to be at the upper end of the target range of 14.8 billion euros, plus/minus 1 billion euros.

Risks and opportunities:

• Risks: Natural disasters and negative developments on the capital markets represent potential risks.
• Opportunities: High brand awareness and strategic positioning in the insurance market offer significant growth opportunities.

Summary of results:

Positive aspects:

• Growth in operating profit: Increased by 13.6% in 3Q 2024.
• Strong Solvency II ratio: Improved to 209%.
• Brand awareness: Allianz entered the top 30 global brands.
• Property insurance performance: Operating profit increased by 36.2%.
• Improvement in core ROE: Increased to 17.5%.

Negative aspects:

• Exchange rate effects: Negative impact on financial results.
• Losses from natural catastrophes: Remained at a high level.
• Operating profit in asset management: Slight decrease of 0.8% in 3Q 2024.
• Cost ratio in property insurance: Although improved, this remains an area of focus.
• Challenges in credit insurance: Lower insured volumes in connection with economic developments.