Allianz SE has reported record-breaking financial results for 2024, marked by robust performance across all its business segments. The German financial services giant announced an impressive operating profit of €16.0 billion, an 8.7% increase compared to the previous year. In addition to these strong results, the company also unveiled a new share buyback program valued at up to €2 billion and increased its dividend.
Allianz experienced a significant rise in its total business volume, which grew by 11.2% in 2024, reaching €179.8 billion. This growth was primarily fueled by the company’s life/health and property-casualty insurance segments. Shareholder’s core net income also saw a substantial increase of 10.1%, reaching €10.0 billion. Moreover, net income attributable to shareholders climbed 16.3% to €9.9 billion. The company’s Solvency II capitalization ratio remained strong at 209% by the end of 2024.
The company’s board of management proposed a dividend per share of €15.40, reflecting an 11.6% increase from the 2023 dividend. In the fourth quarter of 2024 alone, Allianz posted a 10.9% rise in operating profit, reaching €4.2 billion, with total business volume growing 16% to €45.9 billion. The property-casualty segment played a key role in boosting this growth.
Business Segment Performance
Property-Casualty Insurance
This segment exhibited strong growth, with an increase of 14.3% in operating profit, reaching €7.9 billion for 2024. Total business volume saw an 8.3% rise to €82.9 billion, driven by expansion in both retail and commercial sectors. Furthermore, the combined ratio improved to 93.4%.
Life/Health Insurance
The life/health insurance segment experienced robust premium growth. The present value of new business premiums surged by 21.6% to €81.8 billion. Operating profit in this segment also increased, exceeding projections and reaching €5.5 billion.
Asset Management
Operating revenues for the asset management division grew to €8.3 billion, accompanied by a 3.6% increase in operating profit, which reached €3.2 billion. Third-party assets under management also increased by €208 billion, reaching a total of €1.92 trillion.
Outlook for 2025
For the year 2025, Allianz has established an operating profit target of €16.0 billion, with a variance of plus or minus €1 billion, anticipating potential impacts from natural disasters and market fluctuations.
CEO Oliver Bäte highlighted the company’s resilience in a challenging and uncertain global environment. “In 2024, Allianz delivered another set of record financial results, which are underpinned by strong performance across all segments, consistently high customer satisfaction, and record employee engagement,” said Bäte. “Our renewed strategy, recently announced at our Capital Markets Day, underscores our conviction in growth and our confidence in our resilience and our capabilities.”
The share buyback program is set to commence in March 2025 and is expected to be finalized by December 31, 2025, at the latest. Allianz SE will cancel all repurchased shares.
