The Solvency II capitalization ratio was at 209% at the end of 2021, compared to 207% at end of 2020. Net income attributable to shareholders declined 2.9% to EUR 6.6 billion as a result of a one-time pretax provision of EUR 3.7 billion in anticipation of settlements with major investors in the Allianz GI U.S. Structured Alpha funds.
"With record-high operating profit, strong value growth in life, health and asset management businesses and strongly improved P/C margins and productivity, we are scaling the power of our global franchise", said Allianz CEO Oliver BAETE.
In the Property-Casualty segment, total revenues increased to EUR 62.3 billion (12M 2020: EUR 59.4 billion). Internal growth was at 4.1%, mostly driven by Allianz Partners, AGCS and Australia. Operating profit rose 30.6% to EUR 5.7 billion (12M 2020: EUR 4.4 billion). Combined ratio improved by 2.5% to 93.8% (12M 2020: 96.3%) despite high claims from weather events "due to our continuous focus on underwriting discipline and productivity improvements", said Allianz Chief Financial Officer Giulio TERZARIOL.
In the Life/Health insurance segment, the present value of net business premiums increased to EUR 78.7 billion (12M 2020: EUR 61.5 billion). Operating profit rose to EUR 5.0 billion (12M 2020: EUR 4.4 billion).
In Asset Management, operating profit grew by 22.3% to EUR 3.5 billion (12M 2020: EUR 2.9 billion). Third-party assets under management rose to EUR 1.966 trillion - an increase of EUR 255 billion or 14.9%, compared to year-end 2020.
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