Business

Allianz welcomes ‘strong’ Q2 as revenues rise 10.9%

The group said it benefited from the global economic recovery with strong growth in total revenues, as operating profit rose by 29.4% to €3.3bn (£2.8bn)

Allianz Group has welcomed “another strong performance” in the second quarter of the 2021, with revenue up by 10.9% to 34.4bn (£29bn) over the period. 

The group said it benefited from the global economic recovery with strong growth in total revenues, as operating profit rose by 29.4% to 3.3bn (£2.8bn). 

Net income attributable to shareholders also improved compared to the prior year, rising 45.7% to 2.2bn (£1.9bn), while all three business segments showed “healthy growth”. 

Over the period, its Property-Casualty insurance proved its resilience while coping with substantial natural catastrophes. The Property-Casualty business segment operating profit rose by 18.8% due to an increased underwriting result, which benefited from a higher contribution from run-off, partly offset by higher claims from natural catastrophes. 

The group also reported a high demand for its Life/Health insurance products, which resulted in “dynamic” revenue growth. All regions contributed to the increase in operating profit in the Life/Health business segment with the United States being the main driver.

In addition, its Asset Management business continued to grow and reached a new “historic high” in assets under management, as operating profit in the business rose by 29% to 825m (£700m). 

Oliver Bäte, CEO of Allianz SE, said: “Allianz had a very good half-year and achieved double-digit growth in operating profit. Our products and solutions have seen healthy demand.

“During these past weeks, which have been marked by heavy natural catastrophes in Europe, I have been proud to witness the solidarity and outstanding engagement of so many Allianz representatives.”

Giulio Terzariol, CFO of Allianz SE, said: “The second quarter once again underscores Allianz’ strong underlying performance, which was reflected in all key financial figures. I’m pleased that all our businesses are delivering very good results and that we’re growing profitably. 

“On this basis, we are confident about the second half of 2021 and expect now an operating profit in the upper half of our target range.”

Show More
Back to top button