Allianz SE Announces Record Financial Results for 2024
In a recent announcement, Allianz SE revealed a record operating profit of €16.0 billion for 2024. This represents an 8.7% increase from the prior year, showcasing robust performance across all its business segments. The financial services giant also unveiled a new share buyback initiative, valued at up to €2 billion.
Allianz’s total business volume surged by 11.2% in 2024, reaching €179.8 billion. This growth was primarily fueled by its life/health and property-casualty divisions. Shareholders experienced a core net income increase of 10.1% to €10.0 billion, while net income attributable to shareholders climbed 16.3% to €9.9 billion. The company’s Solvency II capitalization ratio remained strong, standing at 209% at the end of 2024.
Dividend and Shareholder Returns
Adding to its positive financial outlook, Allianz’s board of management proposed a dividend per share of €15.40, an 11.6% rise compared to 2023. The new share buyback program is scheduled to commence in March 2025 and is expected to conclude no later than December 31, 2025. Allianz SE will cancel all repurchased shares.
Q4 2024 Performance Highlights
The fourth quarter of 2024 saw Allianz achieve a 10.9% increase in operating profit, totaling €4.2 billion. The total business volume for the quarter grew by 16% to €45.9 billion. A key driver of this growth was the property-casualty segment.
Business Segment Performance Breakdown
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Property-Casualty Insurance: Operating profit increased by 14.3% to €7.9 billion for 2024. Total business volume rose 8.3% to €82.9 billion, with growth across retail and commercial sectors. The combined ratio improved to 93.4%.
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Life/Health Insurance: This segment demonstrated robust premium growth, with the present value of new business premiums increasing 21.6% to €81.8 billion. Operating profit increased to €5.5 billion, surpassing projections.
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Asset Management: Operating revenues grew to €8.3 billion, while operating profit rose 3.6% to €3.2 billion. Third-party assets under management increased by €208 billion, reaching €1.92 trillion.
2025 Outlook
Looking ahead to 2025, Allianz has set an operating profit target of €16.0 billion, with a variance of plus or minus €1 billion, acknowledging potential impacts from natural catastrophes and market fluctuations. CEO Oliver Bäte (pictured below) highlighted the company’s resilience in a volatile 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.”
This content is for informational purposes only, and does not constitute financial advice.
