Allianz has announced a €2bn share repurchasing programme after reporting a record operating profit of €16bn for 2024.
The operating profit represented an annual increase of 8.7% following improved performance by all Allianz's business segments.
In the fourth quarter, business volumes increased 16% to €45.9bn, with operating profit up 10.9% to €4.2bn following "very good results" in the 'property-casualty- segment.
In 2025, Allianz hopes to maintain its current level of profitability and is targeting an operating profit of €15bn to €17bn.
"In 2024, Allianz delivered another set of record financial results, which are underpinned by strong performance across all segments, consistently high customer satisfaction, and record employee engagement," said Oliver Bäte, CEO of Allianz.
"Allianz remains the trusted partner of choice for our customers in a global context in which above-average levels of natural catastrophes, armed conflicts, and deepening [polarisation] continue to create considerable volatility.
"These conditions elevate the need for what Allianz offers its customers and the world: a more secure future that translates into greater prosperity. Our renewed strategy, recently announced at our Capital Markets Day, underscores our conviction in growth and our confidence in our resilience and our capabilities.
"As we [realise] the value of our deepening customer relationships, we lift our ambitions to deliver even higher capital-efficient growth in the quarters and years ahead."
During the past financial year, business volumes at Allianz increased 11.2% to €179.8bn, and 'life/health' was the main growth driver followed by 'property-casualty'. In Q4, revenues rose 16% to €45.9bn.
Shareholders’ core net income advanced by 10.1% to a very strong level of €10bn, driven by operating profit growth and a higher non-operating result. Net income attributable to shareholders increased by 16.3% to €9.9bn.
Core earnings per share rose from €22.61 to €25.42 while core return on equity improved from 16.1% to 16.9%.
The Allianz board has proposed a dividend of €15.40 per share as it embarks on the share buyback plan.
Business volumes in property-casualty insurance increased 8.3% year-on-year to €82.9bn. Within the wider segment, retail, SME & fleet rose 9% to €50.2bn and commercial increased 7% to €32.7bn.
Life/health insurance underwrote premiums of €81.8bn, up 21.6% year-on-year while asset management operating revenues rose to €8.3bn.
(Pic: Cristina Arias/Cover/Getty Images)
