Munich-based Allianz is the largest insurer in Europe and one of the largest asset managers in the world. Thus, its results were expected by a large number of investors.
How did the company perform?
The company’s CEO Oliver Bäte commented on the overall results.
“Allianz delivered another quarter of robust financial performance, driven by strong growth in our Property-Casualty business. Our operating profit and group solvency ratio proved resilient against heightened volatility and a fundamentally weaker economic environment.”
Net profit at German insurer Allianz fell 23% year-on-year to €1.7 billion in the second quarter, partly due to costs of restructuring the business. This was linked to the closure of the Allianz Global Investors unit in the US. This is because there was a problem relating to securities fraud.
However, operating profit increased by 5% to €3.5 billion. In today’s earnings report, Allianz also confirmed that it expects an operating profit of €12.4 billion to €14.4 billion for the full year.
The insurer increased quarterly sales by 8% to more than €37 billion.
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The life and health insurance division suffered, posting a 12% drop in operating profit. Here, the problem of a volatile market was evident, which negatively affected this division.
Oliver Bäte then went on to say that Allianz had demonstrated its resilience to the worsening economic conditions with its quarterly results.
“We are well positioned to manage the impact of high inflation and economic pressures, which are particularly evident in Europe.”