The 2023 business growth was driven by the Property-Casualty business segment due to positive price and volume effects, supported by the Life/Health business segment mainly as a result of strong growth in the United States. This was partially offset by lower revenues in the Asset Management business segment. Internal growth, which adjusts for foreign currency translation and consolidation effects, was at 8.0%, primarily driven by the Property-Casualty and Life/Health business segments.
The increasing operating profit was mainly due to the Group’s Life/Health business segment while the result of the Property-Casualty business segment increased slightly amid higher claims from natural catastrophes. Operating profit from Allianz’s Asset Management business segment softened slightly as a result of foreign currency translation effects.
Shareholders’ core net income grew to EUR 9.1 billion. This was driven by an improved operating profit in the current period, as well as by an improved non-operating result due to the one-time AllianzGI US Structured Alpha provision captured in the prior-year period. Net income attributable to shareholders advanced to EUR 8.5 billion, up by 33.0%. Core earnings per share (core EPS) increased to 22.61 (16.96) euros. Core return on equity (RoE) grew to 16.0%. The Board of Management has decided to increase the payout ratio to 60% from 50% and proposes a dividend per share of EUR 13.80 for 2023, an increase of 21.1% from 2022. On February 22, 2024, Allianz announced a new share buy-back program of up to EUR 1 billion.
“Allianz extended our track record of delivering a record operating profit and core net income, consolidating our leading position as one of the world’s most resilient global insurers and active asset managers,” Oliver Baete, Chief Executive Officer of Allianz SE, stated.
He also added: “Our results demonstrate the trust that our customers place in Allianz, and in the resilience and potential of our business model and our people. Our Property-Casualty business saw strong growth while we supported our customers affected by elevated levels of natural catastrophes. Our Life/Health segment delivered profitable growth as we developed attractive solutions to protect our customers from the effects of inflation on their savings, and in our Asset Management business we achieved robust net inflows in a volatile capital market environment. The discipline of our strategy, execution, and capital management bolsters our operating profit outlook for 2024, our new dividend policy, and our renewed share buy-back program. In the coming year, we will continue to focus on unlocking the benefits of our scale to further increase our productivity, and on converting our excellent customer experience into profitable customer growth.”
The group targets for 2024 an operating profit of EUR 14.8 billion, plus or minus 1 billion euros depending on the natural catastrophes and adverse developments in the capital markets, as well as other factors stated in the Groups’s cautionary note regarding forward-looking statements.
Read the full press release containing detailed information on the results achieved on every segment of activity.
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