Allianz (ALV) Q2 2024 earnings summary

Executive summary

• Achieved record operating profit of €7.9bn for H1 2024, up 5.3% year-over-year, with all business segments contributing to growth despite significant natural catastrophe activity.

• Total business volume for H1 2024 reached €91.0bn, up 6.4%, with strong internal growth across all segments.

• Shareholders' core net income rose to €5.0bn, up 7.7%, and core return on equity improved to 17.5%.

• Solvency II capitalization ratio improved to 206%, well above the target of ≥180%.

• Share buy-back program expanded by €0.5bn to €1.5bn for 2024, reflecting confidence in capital position.

Financial highlights

• Q2 2024 total business volume grew 7.6% year-over-year to €42.6bn, with internal growth of 8.8%.

• Operating profit for H1 2024 was €7.9bn (up from €7.5bn); net income: €5.3bn (up from €4.6bn); EPS: €12.57 (up 10.2%).

• Core RoE (annualized) improved to 17.5% for H1 2024.

• Asset Management segment reported €50bn net inflows in H1, with third-party assets under management at €1.8tn.

• Dividend of €5.4bn paid in May 2024; share buy-back program expanded to €1.5bn.

Outlook and guidance

• 2024 operating profit outlook confirmed at €14.8bn (+/- €1bn), with confidence in meeting full-year targets.

• Guidance for full-year CSM release in Life & Health is €5bn, with normalized CSM growth expected to accelerate in H2.

• Economic growth expected at 2.3% in the US, 0.7% in the eurozone, and 5% in China for 2024.