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12th May 2021
Allianz strong first quarter
Management Summary: Significantly higher operating profit and net income attributable to shareholders.
Allianz has had an excellent start into 2021 and continued to successfully navigate the impact of the ongoing pandemic. The group saw a strong performance across all its business segments, with a marked rebound in profitability in its Property-Casualty, as well as in its Life/Health business segment.
Total revenues declined 2.6% to E41.4bn and were flat compared to the prior-year level, adjusted for currency and consolidation effects(internal revenue growth in 1Q 2021: -0.4%). Operating profit increased 44.8% to E3.3bn, with all business segments contributing. In the Property-Casualty business segment, operating profit grew strongly due to a higher underwriting result driven by a normalisation of claims from natural catastrophes and lower attritional losses–the latter suffered high COVID-19-related losses in the first quarter of 2020. In our Life/Health business segment, operating profit increased significantly as a result of a recovery of the investment margin. Our Asset Management business segment operating profit growth benefited from higher average third-party assets under management, increased performance fees as well as strong cost discipline. Net income attributable to shareholders increased 83.4% to E2.6bn driven predominantly by operating profit growth and to a smaller extent by a better non-operating result following lower impairments. Higher income taxes had a slightly offsetting effect.
Basic Earnings per Share (EPS) increased 85.2% to E6.23. Annualized Return on Equity(RoE) amounted to 16.7%(full year 2020: 11.4%). The Solvency II capitalisation ratio stood at 210% at the end of the first quarter of 2021, compared to 207% at the end of 2020.2.
"Allianz started the year with excellent results across all business segments. This is an encouraging kick-off for 2021 and makes us confident to reach our 2021 targets," said Oliver Bäte, ceo of Allianz SE.
"We saw a strong set of results in all business segments. As our well-diversified business has managed the challenges of the pandemic very well, I clearly see a return to our normal earnings power," said Giulio Terzariol, cfo. "With improving operating conditions and a healthy capital position, Allianz is well equipped to grow profitably."
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