Allianz has released its financial results for the first quarter of 2022. The year started out strong with solid results across all Allianz business segments.
In a quarter marked by severe economic and geopolitical challenges, our Group maintained its operating profit close to the strong level of the prior year. Allianz has achieved nearly a fourth of its full-year target, which shows our operating performance remains on track.
Here are the main indicators:
- Total revenues rise 6.2 percent to 44.0 billion euros
- Operating profit remains strong at 3.2 billion euros. Slight decline of 2.9 percent reflects impact of higher claims from natural catastrophes
- Net income attributable to shareholders 0.6 billion euros, down 78.1 percent following an additional after-tax provision of 1.6 billion euros related to the AllianzGI U.S. Structured Alpha proceedings. Excluding the provision, net income was 2.2 billion euros, down 16.0 percent mainly due to a lower non-operating result
- Robust Solvency II capitalization ratio of 199 percent
2022 operating profit target confirmed at 13.4 billion euros, plus or minus 1 billion euros
”The results of this quarter demonstrate that our business can withstand significant geopolitical and economic pressures. This is matched by the strength of our people. Allianz has taken clear business decisions in response to the Russian invasion of Ukraine. Also, we worked hard to achieve fair settlements with investors in the Structured Alpha funds in the U.S. and move toward a final resolution.”, stated Oliver Bäte, Chief Executive Officer of Allianz SE.
Dive in more into the numbers HERE