Allianz Group has posted a net income of €1.95bn for the fourth quarter of 2019, a rise of 11.2% versus €1.76bn in the year-ago quarter.

The German insurer’s total revenues for the quarter stood at €35.5bn, an increase of 7% from €33.2bn reported a year ago.

The life/health business of the company contributed €20.5bn to the overall revenues, which is an increase of 5.9% compared to €19.4bn in the fourth quarter of 2018.

The property/casualty business posted total revenues of €13.1bn, an improvement of 7.5% compared to €12.1bn in the year-ago period.

Allianz reported a net income of €8.3bn for the full year 2019. This is an increase of 7.8% compared to 2018 figures.

The groups’ total revenues for the full year 2019 rose by 7.6% to €142.4bn from €132.3bn a year before.

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The life/health unit recorded an 8.5% surge in its total revenues at €76.4bn, while the property/casualty unit’s revenue rose by 6.8% to €59.2bn.

Commenting on the performance, Allianz CEO Oliver Bäte said: “2019 was another successful year with record results for the Allianz Group. This reflects the trust of customers and shareholders and the engagement of our excellent people.

“Allianz continued to make important strategic strides in 2019 like our acquisitions in the UK and Brazil and being awarded the first fully foreign-owned insurance holding in China. We also contribute to society: As one of the initiators of the newly launched UN-convened Asset Owner Alliance we committed to transitioning our own investment portfolios to net-zero by 2050.”

Recently, Italian football club Juventus extended its stadium partnership with Allianz to 2030 in a deal valuing €103.1m.

IN the first week of this month, Aeon Financial agreed to purchase a 60% stake in Allianz’s Japanese business in a deal valued at JPY3.6bn ($32.87m).