In its Q3 2024 results, Allianz has revealed that net income attributable to shareholders was €2.5 billion, up from €2 billion in the same period of last year, driven by a higher operating profit.
Allianz also disclosed that total business volume rose 17.3% to €42.8 billion in Q3 2024, driven by sustained momentum across our insurance segments.
The firm’s operating profit in Q3 2024 was €3.9 billion, up 13.6% from Q3 2023.
According to Allianz, the strong increase was primarily driven by the Property-Casualty business with good growth also in the Life/Health segment.
Looking more closely at the segments, the total business volume in the Property-Casualty business increased by 8% to €18.6 billion in Q3 2024. Meanwhile, operating profit in this segment surged by 36.2% to €2 billion. Natural catastrophe losses were reportedly reduced compared to the prior year’s quarter but remained at an elevated level.
Still, the combined ratio in the Property-Casualty segment in Q3 2024 improved to 93.5% from 96.2% in the same period last year.
Turning to the Life/Health insurance line, the present value of new business premiums increased strongly by 35.4% to €19.5 billion in Q3 2024, with double-digit growth across most regions. Operating profit in this segment advanced to €1.4 billion, with growth widely spread across Allianz’ businesses.
Finally, operating revenues in the Asset Management segment reached €2 billion in Q3 2024, up 1.1% adjusted for foreign currency translation effects. Operating profit in the Asset Management segment amounted to €782 million in Q3 2024, down slightly from €788 million in the same period last year.
Oliver Bäte, Chief Executive Officer of Allianz SE, commented on the results, ”Allianz continued our strong performance through the third quarter, achieving strong growth in business volume, operating profit, and net income, while reinforcing our financial strength.
“Natural catastrophes have again tested Allianz’s financial and operational resilience, tests which we have successfully passed, giving us the confidence to now expect an operating profit in the upper half of our target range.
“These events profoundly affected many of our customers, but they also presented us with another opportunity to demonstrate our purpose and deliver the security of being insured by Allianz.
“Moreover, in a world where brand strength is increasingly important, Allianz has again been recognized as the world’s leading insurance brand and has entered the Top 30 Global Brands in the latest Interbrand Ranking. Our fast-growing brand value underscores our ability to translate customer-centricity into profitable growth for our shareholders.”
Considering these Q3 2024 factors, total business volume grew by 9.6% to €133.9 billion in the first nine months of 2024, while operating profit increased by 7.9% to €11.8 billion, driven by gains across all business segments. At the same time, shareholders’ core net income rose by 12.3% to €7.6 billion during the same period.
