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Group Affirms Full-year Outlook
MUNICH — November 10, 2023
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3Q 2023:
- Complete enterprise quantity will increase 4.5 p.c to 36.5 billion euros
- Working revenue softens by 14.6 p.c to three.5 billion euros; pushed by the Property-Casualty enterprise phase affected by a 7.3 share level influence by pure catastrophes on the mixed ratio, the very best in a decade
- Shareholders’ core web earnings 2.1 billion euros, down by 29.3 p.c
Commercial 2
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9M 2023:
- Complete enterprise quantity rises 4.7 p.c to 122.1 billion euros
- Working revenue will increase 3.6 p.c to 11.0 billion euros: primarily pushed by the Life/Well being enterprise phase
- Shareholders’ core web earnings 6.8 billion euros, up by 25.5 p.c
- Additional improved Solvency II capitalization ratio of 212 p.c, in contrast with 201 p.c on the finish of 4Q 20221
Outlook:
- 2023 working revenue goal confirmed at 14.2 billion euros, plus or minus 1 billion euros2
Different:
- Share buy-back of as much as 1.5 billion euros near completion
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Observe: The monetary outcomes are primarily based on the brand new IFRS 9 (Monetary Devices) and IFRS 17 (Insurance coverage Contracts) accounting requirements, which have been adopted as of January 1, 2023. Comparative durations have been adjusted to replicate the appliance of those new accounting requirements. |
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1 |
Excluding the appliance of transitional measures for technical provisions. |
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2 |
As all the time, pure catastrophes and opposed developments within the capital markets, in addition to elements acknowledged in our cautionary observe relating to forward-looking statements might severely have an effect on the working revenue and/or web earnings of our operations and the outcomes of the Allianz Group. |
“Within the first 9 months of this 12 months, we now have seen strong development in our enterprise quantity, working revenue in addition to core web earnings. We’ve additionally additional strengthened our solvency place at 212%. Our deal with execution and operational effectivity is enabling our worthwhile development with wholesome margins, and this locations Allianz on a wonderful trajectory to attain our targets. We verify with confidence our working revenue goal of 14.2 billion euros, plus or minus 1 billion euros.
Our resiliency as an organization displays the distinctive benefits of our international scale, diversified enterprise combine, and the industry-leading ranges of belief and engagement that we now have earned with our stakeholders.”
– Oliver Bäte, Chief Government Officer of Allianz SE
Complete enterprise quantity
3Q 2023: Complete enterprise quantity rose by 4.5 p.c to 36.5 billion euros, pushed by the Property-Casualty enterprise phase which benefitted from greater costs and volumes whereas the expansion of the Life/Well being enterprise phase was primarily linked to sturdy single-premium volumes in the USA. This development was partially offset by softer AuM-driven revenues in our Asset Administration enterprise phase.
Commercial 3
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Inner development, which adjusts for overseas foreign money translation and consolidation results, was 9.3 p.c, pushed by the Property-Casualty and Life/Well being enterprise segments.
9M 2023: Complete enterprise quantity rose by 4.7 p.c to 122.1 billion euros, pushed by the Property-Casualty enterprise phase, supported by the Life/Well being enterprise phase, and partially offset by the event in our Asset Administration enterprise phase.
Inner development was at 7.0 p.c, pushed by the Property-Casualty enterprise phase.
Earnings
3Q 2023: Working revenue was 3.5 (3Q 2022: 4.1) billion euros, down by 14.6 p.c. This was primarily on account of a decrease working insurance coverage service end result within the Property-Casualty enterprise phase pushed by an distinctive excessive degree of claims from pure catastrophes.
Shareholders’ core web earnings declined to 2.1 (3Q 2022: 2.9) billion euros on account of a decrease working revenue and non-operating end result. The prior 12 months non-operating end result benefitted from the Voya transaction.
Web earnings attributable to shareholders was 2.0 (3Q 2022: 2.9) billion euros.
Core earnings per share (core EPS)3 was 16.62 (9M 2022: 12.97) euros.
The annualized core return on fairness (RoE)3 was 15.8 p.c (full 12 months 2022: 12.7 p.c).
9M 2023: Working revenue elevated 3.6 p.c to 11.0 (9M 2022: 10.6) billion euros. This was primarily on account of a better working funding end in our Life/Well being enterprise phase, supported by our Property-Casualty enterprise phase. Working revenue from our Asset Administration enterprise phase developed according to decrease AuM-driven revenues, partially compensated by greater efficiency charges and decrease bills.
Shareholders’ core web earnings was 6.8 (9M 2022: 5.4) billion euros on account of a decrease non-operating revenue within the prior interval associated to the AllianzGI US Structured Alpha provision, and an improved working revenue within the present interval.
Web earnings attributable to shareholders was 6.4 (9M 2022: 5.3) billion euros.
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3 |
Core EPS and core RoE calculation primarily based on shareholders‘ core web earnings. |
Solvency II capitalization ratio
The Solvency II capitalization ratio was 212 p.c on the finish of 3Q 2023 in contrast with 208 p.c on the finish of 2Q 2023. Together with the appliance of transitional measures for technical provisions, the Solvency II capitalization ratio was 238 p.c on the finish of the third quarter of 2023 in contrast with 235 p.c on the finish of the second quarter of 2023.
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Commercial 4
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“The outcomes of this quarter, characterised by excessive inflation and geopolitical tensions, exhibit once more the energy and the resilience of our diversified enterprise mannequin.
- Our Property-Casualty enterprise confirmed wholesome inner development which was properly balanced between price will increase and better volumes. We supported our prospects impacted by an unusually excessive degree of pure catastrophes which additionally affected our outcomes.
- Robust development within the PVNBP in our Life/Well being phase is proof of the enticing worth proposition for our shoppers in a aggressive atmosphere. Along with wholesome new enterprise margins, this bodes properly for future working profitability.
- In an atmosphere characterised by inflation and capital market volatility our Asset Administration had one other quarter with constructive web inflows. The working end result was properly supported by our resilient asset base.
Our capability to develop and generate enticing returns for our stakeholders is properly supported by a wonderful capital place with a solvency ratio of 212 p.c.”
– Giulio Terzariol, Chief Monetary Officer of Allianz SE
Property-Casualty insurance coverage: Robust enterprise development
3Q 2023: Complete enterprise quantity elevated by 6.1 p.c to 17.2 (16.2) billion euros. Adjusted for overseas foreign money translation and consolidation results, inner development was sturdy at 10.8 p.c on account of a value impact of 5.3 p.c, a quantity impact of 4.9 p.c in addition to a service impact of 0.6 p.c. The first contributors have been Türkiye and Allianz Companions, amongst many entities.
Working revenue softened 25.0 p.c to 1.4 (1.9) billion euros, on account of a decrease working insurance coverage service end result pushed by an exceptionally excessive degree of pure catastrophes, that was partly offset by a better working funding end result.
The mixed ratio rose by 3.7 share factors to 96.2 p.c (92.5 p.c). The loss ratio went up 3.0 share factors to 71.0 p.c, reflecting exceptionally greater claims from pure catastrophes. The expense ratio elevated by 0.7 share factors to 25.1 p.c (24.4 p.c) primarily due to a better administrative expense ratio.
9M 2023: Complete enterprise quantity elevated by 8.7 p.c to 58.9 (54.2) billion euros. Adjusted for overseas foreign money translation and consolidation results, inner development was very sturdy at 11.2 p.c, supported by a value impact of 6.1 p.c, a quantity impact of 4.9 p.c and a service impact of 0.2 p.c. Allianz Companions and Türkiye have been the principle contributors amongst many entities.
Commercial 5
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Working revenue rose by 1.1 p.c to five.3 (5.2) billion euros, pushed by a better working funding end result.
The mixed ratio elevated by 0.5 share factors to 93.5 p.c (92.9 p.c). The loss ratio went up 0.4 share factors to 68.5 p.c primarily on account of a much less favorable run-off end result. That was partially offset by decrease giant losses and a good influence from discounting. The expense ratio was secure at 24.9 p.c (24.8 p.c).
Life/Medical insurance: Wholesome earnings energy
3Q 2023: PVNBP, the current worth of latest enterprise premiums, elevated to 14.4 (13.5) billion euros, pushed by greater volumes in Italy and the USA, partially offset by overseas foreign money translation results in the USA, Asia Pacific, and Türkiye, in addition to unfavorable financial impacts primarily from discounting in Germany, France, and Italy.
Working revenue softened barely to 1.3 (1.4) billion euros primarily pushed by overseas foreign money translation results and transitional impacts linked to the adoption of IFRS 17 in the USA within the prior 12 months. The discharge of the Contractual Service Margin (CSM) remained secure at 1.3 (1.3) billion euros.
Contractual service margin (CSM) decreased to 52.1 (52.9) billion euros on account of unfavorable financial developments with greater rates of interest and decrease fairness markets, and from a price correction at Germany. New enterprise and anticipated in-force return have been decrease than earlier quarter, which led to normalized development of 0.7 p.c within the third quarter.
The brand new enterprise margin (NBM) was 6.2 p.c (6.5 p.c). The worth of latest enterprise (VNB) remained secure at 0.9 (0.9) billion euros, with elevated quantity in Italy, and an improved enterprise combine in Asia Pacific.
9M 2023: PVNBP decreased to 50.6 (51.1) billion euros, together with unfavorable financial impacts primarily from discounting in Germany, France, and Italy, offset by will increase in quantity in the USA.
Working revenue elevated to three.8 (3.2) billion euros as final 12 months was affected primarily by transitional impacts linked to adoption of IFRS 17 in the USA. The discharge of the Contractual Service Margin (CSM) was secure at 3.7 (3.7) billion euros.
Contractual service margin (CSM) was secure at 52.1 (52.2) billion euros, with a slight lower triggered by the third quarter. The normalized development was 3.3 p.c.
The brand new enterprise margin elevated to five.9 p.c (5.7 p.c), pushed by general favorable economics throughout entities. The worth of latest enterprise remained secure at 3.0 (2.9) billion euros, with slight improve on account of greater volumes and favorable financial impacts.
Commercial 6
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Asset Administration: Optimistic web inflows
3Q 2023: Working revenues have been 2.0 billion euros, down 2.7 p.c, as greater efficiency charges have been greater than offset by decrease AuM-driven revenues. Adjusted for overseas foreign money translation results working revenues have been up 3.3 p.c.
Working revenue was secure in comparison with the prior-year interval with 788 (787) million euros. Adjusted for overseas foreign money translation results, working revenue elevated by 6.5 p.c. The fee-income ratio (CIR) improved to 60.5 p.c (61.6 p.c).
Third-party property underneath administration have been 1.670 trillion euros as of September 30, 2023, up by 8 billion euros from the top of the second quarter 2023. Favorable overseas foreign money translation results of 34.4 billion euros and web inflows of 10.5 billion euros have been largely offset by market results of 37.1 billion euros.
Complete property underneath administration have been 2.162 trillion euros on the finish of the third quarter of 2023, down 1 billion euros from the top of the second quarter 2023, and according to secure outcomes for the third-party property underneath administration, together with web inflows of 9.9 billion euros.
9M 2023: Working revenues decreased by 5.9 p.c to five.8 billion euros primarily on account of decrease AuM-driven revenues. Working revenue was 2.2 (2.4) billion euros, down 7.4 p.c from the prior-year interval. Adjusted for overseas foreign money translation results, working revenue was down 5.8 p.c. The fee-income ratio (CIR) rose to 61.7 p.c (61.0 p.c). Third-party property underneath administration have been 1.670 trillion euros as of September 30, 2023, up by 35 billion euros from the top of 2022.
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3Q & 9M 2023 RESULTS TABLE |
Allianz Group – key figures third quarter and first 9 months 2023
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3Q 2023 |
3Q 2022 |
Delta |
9M 2023 |
9M 2022 |
Delta |
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Complete enterprise quantity |
€ bn |
36.5 |
34.9 |
4.5% |
122.1 |
116.6 |
4.7% |
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– Property-Casualty |
€ bn |
17.2 |
16.2 |
6.1% |
58.9 |
54.2 |
8.7% |
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– Life/Well being |
€ bn |
17.5 |
16.9 |
3.7% |
57.9 |
56.8 |
2.0% |
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– Asset Administration |
€ bn |
2.0 |
2.1 |
-2.7% |
5.8 |
6.1 |
-5.9% |
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– Consolidation |
€ bn |
-0.2 |
-0.2 |
-13.0% |
-0.5 |
-0.5 |
-7.0% |
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Working revenue / loss |
€ mn |
3,468 |
4,062 |
-14.6% |
10,981 |
10,598 |
3.6% |
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– Property-Casualty |
€ mn |
1,446 |
1,928 |
-25.0% |
5,301 |
5,243 |
1.1% |
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– Life/Well being |
€ mn |
1,308 |
1,375 |
-4.9% |
3,830 |
3,162 |
21.1% |
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– Asset Administration |
€ mn |
788 |
787 |
0.1% |
2,214 |
2,392 |
-7.4% |
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– Company and Different |
€ mn |
-71 |
-59 |
21.8% |
-358 |
-324 |
10.6% |
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– Consolidation |
€ mn |
-4 |
30 |
n.m. |
-6 |
124 |
n.m. |
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Web earnings |
€ mn |
2,130 |
3,001 |
-29.0% |
6,776 |
5,676 |
19.4% |
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– attributable to non-controlling pursuits |
€ mn |
108 |
136 |
-20.1% |
386 |
359 |
7.7% |
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– attributable to shareholders |
€ mn |
2,021 |
2,866 |
-29.5% |
6,390 |
5,317 |
20.2% |
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Shareholders’ core web earnings1 |
€ mn |
2,060 |
2,912 |
-29.3% |
6,750 |
5,378 |
25.5% |
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Core earnings per share2 |
€ |
5.22 |
7.23 |
-27.8% |
16.62 |
12.97 |
28.2% |
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Further KPIs |
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– Group |
Core return on fairness3 |
% |
– |
– |
– |
15.8% |
12.7% |
3.1% |
-p |
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– Property-Casualty |
Mixed ratio |
% |
96.2% |
92.5% |
3.7% |
-p |
93.5% |
92.9% |
0.5% |
-p |
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– Life/Well being |
New enterprise margin |
% |
6.2% |
6.5% |
-0.3% |
-p |
5.9% |
5.7% |
0.2% |
-p |
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– Asset Administration |
Value-income ratio |
% |
60.5% |
61.6% |
-1.1% |
-p |
61.7% |
61.0% |
0.6% |
-p |
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09/30/2023 |
12/31/2022 |
Delta |
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Shareholders’ fairness4 |
€ bn |
56.1 |
54.4 |
3.1% |
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Contractual service margin (web) |
€ bn |
32.6 |
31.7 |
2.9% |
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Solvency II capitalization ratio5 |
% |
212% |
201% |
11% |
-p |
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Third-party property underneath administration |
€ bn |
1,670 |
1,635 |
2.2% |
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Please observe: The figures are introduced in thousands and thousands of Euros, except in any other case acknowledged. Because of rounding, numbers introduced might not add up exactly to the totals supplied and percentages might not exactly replicate absolutely the figures. |
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1_ |
Presents the portion of shareholders’ web earnings earlier than non-operating market actions and earlier than amortization of intangible property from enterprise combos (together with any associated earnings tax results). |
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2_ |
Calculated by dividing the respective interval’s shareholders’ core web earnings, adjusted for web monetary fees associated to undated subordinated bonds labeled as shareholders’ fairness, by the weighted common variety of shares excellent (fundamental core EPS). |
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3_ |
Represents the annualized ratio of shareholders’ core web earnings to the typical shareholders’ fairness in the beginning and on the finish of the interval. Shareholders’ core web earnings is adjusted for web monetary fees associated to undated subordinated bonds labeled as shareholders’ fairness. From the typical shareholders’ fairness undated subordinated bonds labeled as shareholders’ fairness and web OCI are excluded. Annualized figures will not be a forecast for full 12 months numbers. For 9M 2022, the core return on fairness for the respective full 12 months is proven. |
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4_ |
Excluding non-controlling pursuits. |
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5_ |
Danger capital figures are group diversified at 99.5% confidence degree. Together with the appliance of transitional measures for technical provisions, the Solvency II capitalization ratio is 238% as of 30 September 2023. |
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Commercial 7
Article content material
Media Convention
November 10, 2023, 11:00 AM CET: YouTube English line
Analyst Convention
November 10, 2023, 2:30 PM CET: YouTube English line
Outcomes
The outcomes and associated paperwork will be discovered within the obtain middle.
IFRS 9/17
Extra particulars in regards to the new accounting requirements IFRS 9 and 17 will be discovered right here.
Monetary Outcomes 4Q & FY 2023
February 23, 2024
Extra data will be discovered within the monetary calendar.
About Allianz
The Allianz Group is among the world’s main insurers and asset managers with greater than 122 million* non-public and company prospects in additional than 70 international locations. Allianz prospects profit from a broad vary of private and company insurance coverage providers, starting from property, life and medical health insurance to help providers to credit score insurance coverage and international enterprise insurance coverage. Allianz is among the world’s largest buyers, managing round 706 billion euros** on behalf of its insurance coverage prospects. Moreover, our asset managers PIMCO and Allianz International Buyers handle about 1.7 trillion euros** of third-party property. Because of our systematic integration of ecological and social standards in our enterprise processes and funding choices, we’re among the many leaders within the insurance coverage {industry} within the Dow Jones Sustainability Index. In 2022, over 159,000 staff achieved complete revenues of 152.7 billion euros and an working revenue of 14.2 billion euros for the group***.
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* Together with non-consolidated entities with Allianz prospects. |
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** As of September 30, 2023. |
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*** As reported – not adjusted to replicate the appliance of IFRS 9 and IFRS 17. |
These assessments are, as all the time, topic to the disclaimer supplied beneath.
Cautionary observe relating to forward-looking statements
This doc consists of forward-looking statements, akin to prospects or expectations, which might be primarily based on administration’s present views and assumptions and topic to identified and unknown dangers and uncertainties. Precise outcomes, efficiency figures, or occasions might differ considerably from these expressed or implied in such forward-looking statements.
Deviations might come up on account of modifications in elements together with, however not restricted to, the next: (i) the final financial and aggressive state of affairs within the Allianz’s core enterprise and core markets, (ii) the efficiency of monetary markets (particularly market volatility, liquidity, and credit score occasions), (iii) opposed publicity, regulatory actions or litigation with respect to the Allianz Group, different well-known firms and the monetary providers {industry} usually, (iv) the frequency and severity of insured loss occasions, together with these ensuing from pure catastrophes, and the event of loss bills, (v) mortality and morbidity ranges and developments, (vi) persistency ranges, (vii) the extent of credit score defaults, (viii) rate of interest ranges, (ix) foreign money trade charges, most notably the EUR/USD trade price, (x) modifications in legal guidelines and rules, together with tax rules, (xi) the influence of acquisitions together with and associated integration points and reorganization measures, and (xii) the final aggressive circumstances that, in every particular person case, apply at an area, regional, nationwide, and/or international degree. Many of those modifications will be exacerbated by terrorist actions.
Commercial 8
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No responsibility to replace
Allianz assumes no obligation to replace any data or forward-looking assertion contained herein, save for any data we’re required to reveal by legislation.
Different
The figures relating to the online property, monetary place and outcomes of operations have been ready in conformity with Worldwide Monetary Reporting Requirements. This Quarterly Earnings Launch shouldn’t be an Interim Monetary Report throughout the that means of Worldwide Accounting Normal (IAS) 34.
It is a translation of the German Quarterly Earnings Launch of the Allianz Group. In case of any divergences, the German unique is binding.
Privateness Observe
Allianz SE is dedicated to defending your private knowledge. Discover out extra in our privateness assertion.
View supply model on businesswire.com: https://www.businesswire.com/news/home/20231109488225/en/
Contacts
Holger Klotz Tel. +49 89 3800 90921 e-mail: holger.klotz@allianz.com
Fabrizio Tolotti Tel. +49 151 59956396 e-mail: fabrizio.tolotti@allianz.com
Johanna Oltmann Tel. +49 89 3800 13346 e-mail: johanna.oltmann@allianz.com
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