Allianz (ALV) Q3 2024 (Media) earnings summary

Executive summary

• Achieved strong double-digit growth in business volume, operating profit, and net income in 3Q and 9M 2024, with all segments contributing positively and resilience amid natural catastrophes.

• Solvency II capitalization ratio increased to 209% as of 3Q 2024, up from 206% in Q2.

• Year-end operating profit now expected in the upper half of the outlook range.

• Recognized as the world's leading insurance brand and entered Top 30 Global Brands in Interbrand Ranking.

Financial highlights

• 9M 2024 operating profit reached EUR 11.8 billion; Q3 operating profit in P&C at EUR 2 billion, up 36% year-over-year.

• 3Q 2024 total business volume rose 17.3% to EUR 42.8 billion; 9M 2024 total business volume up 9.6% to EUR 133.9 billion.

• Shareholders' net income for Q3 at EUR 2.5 billion, up 23% year-over-year; 9M 2024 net income up 12.3% to EUR 7.6 billion.

• Core EPS for 9M 2024 was EUR 19.11, up from EUR 16.62; annualized core ROE at 17.5%.

• Asset Management net flows at EUR 68 billion YTD, with third-party AuM at EUR 1.84 trillion (+7% YTD).

Outlook and guidance

• Full-year operating profit now expected in the upper half of the EUR 14.8 billion (+/- EUR 1 billion) target range.

• CSM growth at 4.6% YTD, ahead of 5% full-year guidance.

• Organic capital generation at 7 percentage points for the quarter, in line with full-year target of 6–8%.