Allianz sees record operating profit in 2024 as all segments grow

Allianz has reported a record operating profit of €16 billion for 2024, up 8.7% from 2023, supported by all business segments, with the Property-Casualty business being the main driver.

Meanwhile, the firm’s net income attributable to shareholders in 2024 was €9.9 billion, up 16.3% from 2023, while total business volume grew by 11.2% to €179.8 billion.

Total business volume in Allianz’s Property-Casualty insurance segment alone in 2024 increased by 8.3% to €82.9 billion, while operating profit in this segment rose by 14.3% to €7.9 billion.

The firm explained that the main drivers were a better operating insurance service result and a higher operating investment result.

Allianz’s Property-Casualty combined ratio improved to 93.4%, and the loss ratio was 69.3%, as lower natural catastrophe losses and underlying improvements were offset by less run-off.

Turning to Allianz’s Life/Health insurance segment, the present value of new business premiums increased strongly in 2024 to €81.8 billion, up 21.6% from 2023, driven by growth in almost all entities.

The 2024 operating profit in this segment reached €5.5 billion, supported by positive developments in most regions.

As for Allianz’s Asset Management segment, operating revenues increased to €8.3 billion in 2024, while operating profit rose to €3.2 billion.

Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz, said, “Allianz’s excellent results for 2024 and the consistency of our delivery once again underline our ability to create sustainable value for all the stakeholders invested in our success. In an environment of muted economic growth and significant levels of natural catastrophes, we have achieved record operating profit and net income.

“All segments finished the year above their operating profit target mid-points, which demonstrates the resilience of our business model. Building on our strong foundations, we enter 2025 with confidence. We have lifted our ambitions at our Capital Markets Day in December and are committed to continuing to generate attractive returns for our shareholders.”

Oliver Bäte, Chief Executive Officer of Allianz, added, “In 2024, Allianz delivered another set of record financial results, which are underpinned by strong performance across all segments, consistently high customer satisfaction, and record employee engagement.

“Allianz remains the trusted partner of choice for our customers in a global context in which above-average levels of natural catastrophes, armed conflicts, and deepening polarization continue to create considerable volatility.

“These conditions elevate the need for what Allianz offers its customers and the world: a more secure future that translates into greater prosperity.

“Our renewed strategy, recently announced at our Capital Markets Day, underscores our conviction in growth and our confidence in our resilience and our capabilities. As we realize the value of our deepening customer relationships, we lift our ambitions to deliver even higher capital-efficient growth in the quarters and years ahead.”

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