Global insurance giant Allianz has unveiled its financial performance for the second quarter and first half of 2023, demonstrating solid growth and resilience in a challenging economic landscape.
Allianz’s interim results for the first half of 2023 were highlighted by a surge in total business volumes and operating profits across its various segments:
| Q2 2023 Metrics | H1 2023 Metrics |
|---|---|
| Total Business Volume: €39.6 billion | Total Business Volume: €85.6 billion |
| Operating Profit: €3.8 billion | Operating Profit: €7.5 billion |
The strong performance was primarily driven by notable growth in its property-casualty (P&C) and life/health segments, partially offset by a decline in asset management revenues due to lower AuM-driven revenues.
In the P&C business segment, Allianz witnessed a significant rise in total business volume, with a growth of 8% in Q2 2023 amounting to €17.6 billion. The segment’s operating profit also increased by 10.8% to €2 billion, driven by improved insurance service and investment results. The combined ratio for this segment improved to 92.2%.
Similarly, the life/health business segment displayed strong performance in Q2 2023, with a present value of new business premiums (PVNBP) of €17.7 billion and an operating profit of €1.2 billion.
Commenting on the results, CEO of Allianz SE Oliver Bäte said, “With our double-digit growth in profits we are well on track to achieving our group targets for the year. I am particularly pleased by the strong performance in the property & casualty business where we have achieved a strong 92% combined ratio, by the continued volume and profit growth of our life & health business, as well as by the resilience of our asset management segment, which recorded positive third-party net inflows for the second quarter in a row despite cautious investor sentiment.”
Bäte went on to say that Allianz’s “solid growth” reflects customers’ continued trust in the business to support them through an “agonising period of inflation and polarisation”.
He added: “These trends not only challenge our global economy, but also affect people deeply at an individual financial level. With our results and capital position, we demonstrate that Allianz is a company that unfailingly delivers relevant solutions that people need, especially in our turbulent age.”
Source: Allianz
