3Q 2023:
• Total business volume increases 4.5 percent to 36.5 billion euros
• Operating profit softens by 14.6 percent to 3.5 billion euros; driven by the Property-Casualty business segment affected by a 7.3 percentage point impact by natural catastrophes on the combined ratio, the highest in a decade
• Shareholders’ core net income 2.1 billion euros, down by 29.3 percent
9M 2023:
• Total business volume rises 4.7 percent to 122.1 billion euros
• Operating profit increases 3.6 percent to 11.0 billion euros: primarily driven by the Life/Health business segment
• Shareholders’ core net income 6.8 billion euros, up by 25.5 percent
• Further improved Solvency II capitalization ratio of 212 percent, compared with 201 percent at the end of 4Q 20221
Outlook:
• 2023 operating profit target confirmed at 14.2 billion euros, plus or minus 1 billion euros2
Other:
• Share buy-back of up to 1.5 billion euros close to completion
Note: The financial results are based on the new IFRS 9 (Financial Instruments) and IFRS 17 (Insurance Contracts) accounting standards, which have been adopted as of January 1, 2023. Comparative periods have been adjusted to reflect the application of these new accounting standards.
1 Excluding the application of transitional measures for technical provisions.
2 As always, natural catastrophes and adverse developments in the capital markets, as well as factors stated in our cautionary note regarding forward-looking statements may severely affect the operating profit and/or net income of our operations and the results of the Allianz Group.
“In the first nine months of this year, we have seen robust growth in our business volume, operating profit as well as core net income. We have also further strengthened our solvency position at 212%. Our focus on execution and operational efficiency is enabling our profitable growth with healthy margins, and this places Allianz on an excellent trajectory to achieve our targets. We confirm with confidence our operating profit target of 14.2 billion euros, plus or minus 1 billion euros. Our resiliency as a company reflects the distinctive advantages of our global scale, diversified business mix, and the industry-leading levels of trust and engagement that we have earned with our stakeholders.”
Oliver Bäte, Chief Executive Officer of Allianz SE
