Allianz Posts Record Operating Profit in 2024
Allianz SE has announced exceptional financial results for 2024, showcasing robust performance across all its business segments. The German financial services giant reported a record operating profit of €16.0 billion, an 8.7% increase compared to the previous year. Bolstered by these positive results, Allianz has also unveiled a new share buyback program, valued at up to €2 billion, and is increasing its dividend.
Allianz’s total business volume for the year rose significantly to €179.8 billion, marking an 11.2% increase. This growth was primarily driven by the life/health and property-casualty segments. Shareholders also saw their core net income increase by 10.1% to €10.0 billion, while net income attributable to shareholders jumped 16.3% to €9.9 billion. The company’s Solvency II capitalization ratio remained strong, standing at 209% by the end of 2024.
Allianz’s board of management has proposed a dividend per share of €15.40, reflecting a notable 11.6% increase from the 2023 dividend.
The company’s financial strength was also evident in the fourth quarter of 2024, with operating profit rising 10.9% to €4.2 billion. Total business volume for the quarter saw significant growth, expanding by 16% to €45.9 billion.
Segment Performance Highlights
Property-Casualty Insurance
The property-casualty insurance segment was a major contributor to the overall positive results. Operating profit for this segment reached €7.9 billion for 2024, demonstrating a 14.3% increase. Total business volume in property-casualty rose by 8.3% to €82.9 billion, with growth observed across both retail and commercial sectors. Furthermore, the combined ratio improved to 93.4%.
Life/Health Insurance
The life/health insurance segment experienced substantial premium growth. The present value of new business premiums increased by 21.6% to €81.8 billion. Operating profit also exceeded projections, increasing to €5.5 billion.
Asset Management
Allianz’s asset management arm also performed well. Operating revenues grew to €8.3 billion, while operating profit rose 3.6% to €3.2 billion. Third-party assets under management increased considerably, reaching €1.92 trillion, representing a gain of €208 billion.
2025 Outlook
Looking ahead to 2025, Allianz has set an operating profit target of €16.0 billion, allowing for a variance of plus or minus €1 billion to account for potential impacts from natural catastrophes and market fluctuations. CEO Oliver Bäte emphasized the company’s resilience amid global uncertainties.
“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,” Bäte stated. “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 new share buyback program is scheduled to begin in March 2025 and is expected to be finalized by December 31, 2025. Allianz SE will cancel all repurchased shares.
