Allianz (ALV) Q4 2024 (Media) earnings summary

Executive summary

• Achieved record results in 2024, with all-time highs in revenue, operating profit of €16.0bn (up 8.7%), and net income, reflecting strong performance across all business segments and high customer satisfaction and employee engagement.

• Total business volume rose 11.2% to €179.8bn, with Life/Health as the main growth driver and Property-Casualty also contributing.

• Double-digit growth in revenue and net income, with a proposed 12% increase in dividend per share to €15.40, and a €2 billion share buyback announced.

• Maintained a robust solvency ratio with reduced sensitivity to shocks, and a core return on equity at 16.9%, an all-time high.

• Net Promoter Score saw a slight dip due to necessary premium increases.

Financial highlights

• Total business volume reached €180 billion, up 12% year-over-year, with all segments contributing.

• Operating profit rose 9% to €16 billion, and core net income hit €10 billion, up 12% from 2023.

• Core EPS increased 12.4% to €25.42; core ROE improved to 16.9% from 16.1%.

• Fourth quarter operating profit was €4.2 billion, the highest ever for a single quarter, with total business volume up 16% year-over-year.

• Solvency II capitalization ratio remained strong at 209% at year-end, with strong capital generation and disciplined remittances.

Outlook and guidance

• Maintains a conservative outlook, using 2024’s €16 billion operating profit as the base for 2025 guidance, targeting €16.0bn plus or minus €1bn.

• Expects continued growth in P&C and Life/Health, with some moderation in investment results due to lower rates and deconsolidation effects.

• Asset Management outlook based on higher starting AUM, with no market or performance fee assumptions.

• Capital Market Day commitments and share buyback to support EPS trajectory and ambitions for higher capital-efficient growth.