Allianz’s life and health business segment posted a 22.5% increase in operating profit year-on-year in the second quarter of 2023.
The Q2 2023 results show lower asset under management-driven revenues from the group’s asset management business segment partly offset an increase in operating profit and total business volumes driven by a strong performance in the group’s life/health and property-casualty business segments.
However, operating profit from the group’s life/health segment rose to €1.2bn from €981m in Q2 2022, with overall operating profit up 7.1% over the same period.
Total business volume also rose 5.9% year-on-year to €39.6bn in Q2 2023, with life/health business segment total business volume increasing from €19.3m to €20.3m over the corresponding period of last year.
Oliver Bäte, chief executive officer of Allianz, said: “Allianz’s excellent results in the first half of 2023 demonstrate the strength of our fundamentals as we capitalise on our global scale and diversified business mix for the benefit of our customers and our shareholders. With our double-digit growth in profits we are well on track to achieving our group targets for the year.
“I am particularly pleased by the strong performance in the property and casualty business where we have achieved a strong 92% combined ratio, by the continued volume and profit growth of our life and health business, as well as by the resilience of our asset management segment, which recorded positive third-party net inflows for the second quarter in a row despite cautious investor sentiment.
“Our solid growth is a clear reflection of our customers’ continued trust in us to support them through this agonising period of inflation and polarisation.
“These trends not only challenge our global economy, but also affect people deeply at an individual financial level.
“With our results and capital position, we demonstrate that Allianz is a company that unfailingly delivers relevant solutions that people need, especially in our turbulent age.”