Allianz has reported net income attributable to shareholders of €2.47bn in the first quarter (Q1) of 2024, a 21.8% surge from €2.03bn during the same period last year. 

During the quarter, Allianz’s total business volume grew by 5.3% to €48.4bn due to growth across all business segments. 

The property and casualty segment reported a 5.7% increase in total business volume, amounting to €25.5bn.  

This was primarily due to a 9% growth in retail, small and medium enterprise and fleet, while commercial lines saw a 4% advancement. 

Allinaz’s life and health insurance division’s present value of new business premiums climbed to €22.3bn from the previous year’s €18.5bn.  

This was driven by higher volumes across most entities, with Allianz Re and robust sales in Italy and the US contributing to the results. 

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The company’s asset management unit reported operating revenues of €2bn for the quarter, marking a 4.7% increase.  

This was fuelled by an expansion in assets under management (AUM) and a surge in performance fees. 

The company’s total AUM stood at €2.3trn at the end of Q1 2024, an increase of €73bn from the end of 2023.  

As of 31 March 2024, the Solvency II capitalisation ratio was reported at 203%, compared with 206% last year. 

For the full year 2024, Allianz maintains its operating profit projection at €14.8bn, with a possible variance of plus or minus €1bn. 

Allianz CEO Oliver Bäte said: “Allianz’s strong results demonstrate the quality of our fundamentals, the value of consistency in the execution of our strategy, and the advantage of the broad talents and skillsets that are represented across our organization. 

“In our property-casualty business, solid top-line growth and bottom-line increase reflect the balance of growth and underwriting discipline. The life/health new business development confirmed the attractiveness of our broad product portfolio. In our asset management operations, net flows in the first quarter already exceeded last year’s full-year levels, underscoring the quality of our business and its value to clients.”