Allianz reports Q1 2022 financials

Allianz lifted the lid on the figures and noted: “Operating profit [was] EUR 3.2 billion, a decrease of 2.9% as a result of almost fourfold damage claims from natural disasters, leading to a reduction in the issue result in the property damage (P&C) business segment. This was partially offset by a strong operating profit in the asset management business segment due to higher average third-party assets under management. In the life / health business segment, operating profit remained stable.

“The net profit attributable to shareholders was EUR 0.6 billion, a decrease of 78.1%. The decrease reflects the effect of an additional provision before tax of EUR 1.9 billion related to Allianz [Global Investors] US Structured Alpha processes, which reduced the Group’s net profit for the first quarter by EUR 1.6 billion. ”

In terms of operating profit, the Group’s P&C segment saw a decrease of 9% to EUR 1.4 billion; life / health, no change of 1.2 billion euros; and asset management, an increase of 11.2% to EUR 831 million.

“The results from this quarter show that our business can withstand significant geopolitical and economic strains,” says Bäte. “This is matched by the strength of our people. Allianz has made clear business decisions in response to the Russian invasion of Ukraine. We have also worked hard to reach a fair settlement with investors in the Structured Alpha Funds in the United States and move towards a final solution.”

At the end of the first three months, Allianz Solvency II’s capitalization ratio was 199%. At the same time, based on the financial results for the first quarter, the company believes that it is still on the right track to reach its full-year goals.