Insurance coverage main Allianz has reported an working revenue of €3.78bn within the second quarter (Q2) of 2023, a 7.1% enhance from €3.53bn within the year-ago quarter.
Web revenue in the course of the interval underneath evaluate was €2.48bn, a 19% enhance, with core earnings per share surging 25.6% to €5.97 from final yr’s €4.75.
Whole enterprise quantity in the course of the April-June quarter elevated by 5.9% to €39.6bn in opposition to €37.4bn year-on-year (YoY).
Affirming its full-year outlook, Allianz attributed the rise within the whole enterprise quantity to the life and well being and property and casualty (P&C) enterprise segments.
Whereas the rise of the life and well being enterprise was primarily attributed to sturdy single-premium volumes within the US, P&C benefited from greater pricing and volumes.
A decline in AuM-driven revenues within the firm’s asset administration enterprise phase considerably offset this development.
The entire enterprise quantity from P&C enterprise rose 8% to €17.6bn. The phase’s working revenue was €1.98bn, a ten.8% enhance YoY and its mixed ratio was 92.2% in the course of the three months that ended 30 June 2023.
Working revenue from the life and well being enterprise throughout Q2 was €1.2bn and the phase’s contribution to whole enterprise quantity was €20.3bn.
On the finish of Q2 2023, Allianz’s Solvency II capitalisation ratio was 208%, up from 206% on the finish of the primary quarter.
In H1 2023, the whole enterprise quantity and working revenue have been €85.6bn and €7.51bn, respectively.
Allianz CEO Oliver Bäte mentioned: “Allianz’s glorious ends in the primary half of 2023 show the power of our fundamentals as we capitalise on our international scale and diversified enterprise combine for the good thing about our clients and our shareholders.
“I’m significantly happy by the sturdy efficiency within the property and casualty enterprise the place we’ve got achieved a powerful 92% mixed ratio, by the continued quantity and revenue development of our life and well being enterprise, in addition to by the resilience of our asset administration phase, which recorded constructive third-party web inflows for the second quarter in a row regardless of cautious investor sentiment.”
