Allianz Reports Unprecedented Operating Profit and Net Income for 2024
Allianz has announced a record-breaking operating profit of €16 billion for the year 2024, marking an impressive 8.7% increase from 2023. This achievement is attributed to strong performance across all business segments, with the Property-Casualty sector serving as the principal catalyst.
In the same year, the corporation’s net income attributable to shareholders reached €9.9 billion, a noteworthy 16.3% rise from the previous year. Additionally, Allianz witnessed a substantial 11.2% growth in total business volume, which amounted to €179.8 billion.
Property-Casualty Segment Leads the Way
The Property-Casualty insurance segment alone saw a 8.3% boost in total business volume, reaching €82.9 billion. Operating profit in this sector climbed by 14.3% to €7.9 billion, driven by improved operating insurance service results and a stronger operating investment outcome.
Allianz’s combined ratio in the Property-Casualty segment improved to 93.4%, with a loss ratio of 69.3%. These figures were influenced by reduced natural catastrophe losses and underlying enhancements, although slightly offset by reduced run-off.
Growth in Life/Health and Asset Management Segments
In the Life/Health insurance domain, the present value of new business premiums surged by 21.6% to €81.8 billion in 2024, fueled by growth across almost all entities. The operating profit in this segment reached €5.5 billion, bolstered by positive trends in most regions.
Allianz’s Asset Management division also demonstrated robust growth, with operating revenues climbing to €8.3 billion and operating profit increasing to €3.2 billion.
Statements from Allianz Leadership
Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz, commented, “The excellent results for 2024 and our consistent performance underscore our ability to generate sustainable value for all stakeholders. Despite the challenges of muted economic growth and significant natural catastrophes, we have achieved record operating profit and net income.”
She added, “All business segments exceeded their operating profit target mid-points, showcasing the resilience of our business model. As we move into 2025, we do so with confidence. Our ambitions, highlighted at our Capital Markets Day in December, are focused on delivering attractive returns for our shareholders.”
Oliver Bäte, Chief Executive Officer of Allianz, remarked, “In 2024, Allianz achieved another set of record financial results, supported by strong performance across all segments, high customer satisfaction, and record employee engagement.”
He continued, “Allianz remains a trusted partner for customers amid global challenges such as natural catastrophes, armed conflicts, and increased polarization, which lead to significant volatility. Our offerings provide a more secure future and greater prosperity.”
“Our updated strategy, revealed at our Capital Markets Day, reflects our confidence in growth and our resilience. As we strengthen customer relationships, we aim to deliver even higher capital-efficient growth in future quarters and years,” Bäte concluded.
