In its Q3 2024 results, Allianz reported a net income of €2.5 billion attributable to shareholders, an increase from €2 billion during the same period last year, fueled by a rise in operating profit.
Allianz also noted that total Business volume grew by 17.3% to €42.8 billion in Q3 2024, reflecting strong performance across its insurance segments.
The company’s operating profit for Q3 2024 reached €3.9 billion, marking a 13.6% increase compared to Q3 2023. According to Allianz, this significant growth was mainly driven by the Property-Casualty sector, with the Life/Health segment also showing positive results.
Examining the segments more closely, the Property-Casualty business saw its total volume rise by 8% to €18.6 billion in Q3 2024. Operating profit in this area jumped by 36.2% to €2 billion.
While natural catastrophe losses were lower than in the same quarter last year, they still remained at a high level. The combined ratio for the Property-Casualty segment improved to 93.5% in Q3 2024, down from 96.2% in the previous year.
In the Life/Health insurance sector, the present value of new business premiums surged by 35.4% to €19.5 billion in Q3 2024, with double-digit growth seen in most regions.
Operating profit in this segment rose to €1.4 billion, with growth occurring across Allianz’s various businesses. Lastly, operating revenues in the Asset Management segment reached €2 billion in Q3 2024, reflecting a 1.1% increase when adjusted for foreign currency translation effects.
Operating profit in this segment was €782 million in Q3 2024, a slight decrease from €788 million in the same quarter last year.
Oliver Bäte, Chief Executive Officer of Allianz SE, shared insights on the results, stating, “Allianz has maintained our strong performance through the third quarter, achieving notable growth in business volume, operating profit, and net income, while also strengthening our financial position.
“Natural catastrophes have once again tested Allianz’s financial and operational resilience, challenges we have successfully navigated, allowing us to confidently anticipate an operating profit in the upper half of our target range.
“These events have had a significant impact on many of our customers, but they also provided us with an opportunity to showcase our commitment and deliver the assurance of being insured by Allianz.
“Furthermore, in a world where brand strength is becoming increasingly vital, Allianz has once again been recognized as the world’s leading insurance brand and has made it into the Top 30 Global Brands in the latest Interbrand Ranking.
Our rapidly growing brand value highlights our ability to turn customer focus into profitable growth for our shareholders.”
Reflecting on these Q3 2024 factors, total business volume increased by 9.6% to €133.9 billion in the first nine months of 2024, while operating profit rose by 7.9% to €11.8 billion, driven by gains across all business segments.
At the same time, shareholders’ core net income grew by 12.3% to €7.6 billion during the same period.
