Allianz announces latest earnings results

Insurance giant Allianz has published its latest set of earnings results – and, while some key numbers are lower compared to 2021, group boss Oliver Bäte sees the profitable second quarter as a sign of “robust” financial performance.

Here’s how the global insurer fared in the three- and six-month periods ended June 30:

Lifting the lid on the numbers, Allianz noted: “Operating profit increased 5.3% to €3.5 billion, driven by improved underwriting and investment results in the property-casualty segment. Growth was partially offset by the life/health business segment, reflecting the impact of volatile market conditions and a lower investment margin in Germany and the United States.

“Lower operating profit from the asset management business segment following adverse market movements and cautionary investor sentiment also had an offsetting effect.”

Meanwhile, according to Allianz, a lower non-operating investment result more than offset the decrease in income taxes and increase in operating profit, resulting in the decline in the group’s net income attributable to shareholders.

Bäte stated: “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.

“We are well-positioned to manage the impact of high inflation and the economic pressures that are particularly evident in Europe. Allianz will continue to deploy our advantages of stability and scale for the benefit of our customers and shareholders.”