Allianz has reported net income of €2.25bn in the fourth quarter (Q4) of 2023, a 91.1% rise compared with €1.18bn in the same period in 2022.

The total business volume for the insurer during the three months increased by 7.8% to €39.6bn across all business segments.

The property and casualty (P&C) sector saw its total business volume climb by 7.3% to €17.6bn, with Germany, AGCS (Allianz Global Corporate & Specialty), central and eastern Europe, and Italy being the primary growth drivers.

Operating profit for P&C experienced a 1.6% to €1.6bn, attributed to a higher operating investment result, which was partially offset by lower other operating and insurance service results.

In the life and health segment, the present value of new business premiums surged to €16.7bn, supported by increased volumes in the US and Italy, despite some offsets due to foreign currency translation effects and economic impacts.

The operating profit in this segment rose to €1.36bn from €1.05bn in Q4 2022, with the US, Asia-Pacific and France contributing notably to this growth.

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Allianz’s full-year net income increased  by 31.7% to €9.03bn.

The company’s total assets under management reached €2.22trn at the end of 2023, marking an increase of €82bn from the previous year.

The board of management at Allianz will raise the payout ratio to 60% from the previous 50% and is proposing a dividend per share of €13.80 for 2023, up 21.1% from 2022.

Additionally, Allianz has unveiled a new share buyback programme worth up to €1bn.

Looking ahead to 2024, Allianz is targeting an operating profit of €14.8bn, with a possible variation of plus or minus €1bn.

Allianz CEO Oliver Bäte said: “Allianz extended our track record of delivering a record operating profit and core net income, consolidating our leading position as one of the world’s most resilient global insurers and active asset managers.

“The discipline of our strategy, execution and capital management bolsters our operating profit outlook for 2024, our new dividend policy and our renewed share buyback programme. In the coming year, we will continue to focus on unlocking the benefits of our scale to further increase our productivity, and on converting our excellent customer experience into profitable customer growth.”