Consistent with
Allianz’s second quarter results we reported last week, the insurer has posted growth during the first half of 2017 – with operating profit up 15.7% to €5.9 billion (approximately US$7 billion).
Calling the period a success, Allianz said all business segments saw increased total revenues in the first six months of the year. Net income attributable to shareholders rose 17.9% to €3.8 billion, with a huge portion coming from its life and health business.
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Here’s how Allianz performed in the first half:
Net income attributable to shareholders
- Life and health - €1.5 billion, up 78%
- Asset management - €700 million, up 19.5%
- Property & casualty (P&C) - €1.98 billion, up 7.7%
Operating profit for the P&C segment improved 5.2% to €2.7 billion compared to the first half of 2016 due to a higher underwriting result. For life and health, operating profit went up from €1.9 billion last year to €2.3 billion in the first six months of 2017.
As for asset management, a large increase in average third-party assets under management drove operating revenues to rise 10.1% percent to €3.1 billion. Operating expenses only went up 4.9%.
“We had a very good half-year with double-digit growth in operating profit and net income. Our diversified portfolio across business segments and regions can clearly deliver outstanding results,” commented Allianz SE chief executive Oliver Bäte.
He added: “We’re halfway through our three-year renewal agenda plan, and at this stage it is clear that those efforts are bearing fruit for all our stakeholders.”
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