Allianz reports operating profit of 3.3 billion Euro, up by 29 percent in Q2

Allianz Group has announced its financial results for the second quarter of the year. Total revenues increased 10.9 percent to 34.3 (2Q 2020: 30.9) billion Euro. Operating profit increased 29.4 percent to 3.3 (2.6) billion Euro due to operating profit growth from all business segments.

The Property-Casualty business segment operating profit grew due to an increased underwriting result, which benefited from a higher contribution from run-off, partly offset by higher claims from natural catastrophes. In addition, the prior year was negatively impacted by COVID-19. All regions contributed to the increase in operating profit in the Life/Health business segment with the United States being the main driver. In the Asset Management business segment, operating profit increased mostly due to higher assets under management driven revenues and an improved cost-income ratio. Net income attributable to shareholders increased 45.7 percent to 2.2 (1.5) billion Euro in the second quarter of 2021 due to the increase in operating profit, an improved non-operating result, and a lower effective tax rate.

In the first half-year of 2021, operating profit grew by 36.7 percent to 6.7 (4.9) billion Euro, driven by all business segments. Property-Casualty recorded a higher underwriting result while an improved investment margin led to an increase in our Life/Health business operating profit.

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

“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,” said Giulio Terzariol, Chief Financial Officer of Allianz SE. “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.”