Allianz (ALV) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 results with revenue/business volume at EUR 180 billion (+12%), operating profit up 8.7% to EUR 16 billion, and core net income up 10% to EUR 10 billion, with all segments contributing.

• Core return on equity reached 16.9%, and dividend per share increased 12% to EUR 15.40.

• Announced EUR 2 billion share buyback for 2025, following EUR 1.5 billion completed in 2024.

• Solvency II ratio strengthened to 209%, reflecting robust capital generation and disciplined management.

• All segments demonstrated resilience and value creation in a volatile environment.

Financial highlights

• Revenue/business volume up 12% to EUR 180 billion, with P/C up 8.2%, L/H up 16.3%, and AM up 3.1%.

• Operating profit reached EUR 16 billion (+8.7%); P/C EUR 7.9 billion (+14.3%), L/H EUR 5.5 billion (+6.0%), AM EUR 3.2 billion (+3.6%).

• Core EPS up 12.4% to EUR 25.42; fourth quarter operating profit at EUR 4.2 billion, the highest ever.

• Value of new business in L/H up 18% to EUR 4.7 billion; new business margin at 5.7%.

• Asset management saw EUR 85 billion third-party net inflows; third-party AuM up 12% to EUR 1.92 trillion.

Outlook and guidance

• 2025 operating profit guidance set at EUR 16 billion ± 1 billion, with ambitions for 7–9% EPS CAGR and payout ratio minimum 60% or prior year’s DPS.

• Solvency II operating capital generation expected at 20%+ p.a.; SII ratio to remain above 150%.

• Expecting continued growth in P/C and L/H, with some moderation in life new business growth.

• Share buyback and strong remittance policy support EPS trajectory.