Allianz (ALV) Q3 2024 earnings summary

Executive summary

• Achieved strong growth and profitability in 3Q and 9M 2024, with total business volume up 9.6% to €133.9bn and operating profit up 7.9% to €11.8bn, driven by double-digit internal growth across all segments.

• Core ROE reached 17.5% year-to-date, up 1.4 percentage points year-over-year, and core EPS increased 15% to €19.11.

• Demonstrated resilience despite elevated natural catastrophes and large losses, with recognition as a top global insurance brand.

• Solvency II ratio strengthened to 209%, up 3 percentage points from Q2, reflecting robust capital generation and management actions.

• €1.5bn share buy-back completed by October 2024, reducing shares outstanding by 1.4%.

Financial highlights

• 3Q 2024 total business volume up 17.3% to €42.8bn; operating profit up 13.6% to €3.9bn; shareholders' core net income up 23% to €2.5bn; core EPS up 25.4% to €6.54.

• 9M 2024 operating profit at €11.8bn; shareholders' core net income up 12.3% to €7.6bn.

• Combined ratio improved to 93.5% in 3Q 2024; expense ratio down to 23.7%.

• Value of new business in Life/Health up 32.9% to €1.2bn in 3Q 2024; new business margin at 6.1%.

• Asset Management segment saw 3rd party net inflows of €20bn in 3Q 2024, with total AuM at €2.4tn.

Outlook and guidance

• Full-year 2024 operating profit expected in the upper half of the €14.8bn (+/- €1bn) target range, barring unforeseen events.

• Net operating capital generation anticipated to remain within the 6-8 percentage point range for 2024.

• Combined ratio guidance for P&C at the low end of the 93%-94% range for the full year.