Allianz SE Reports a 6.8% Increase in Operating Profit for Q1 2024

Allianz SE has announced a 6.8% rise in its operating profit, reaching 4.0 billion euros for the first quarter of 2024. This improvement is attributed to the strong performance of its Property-Casualty business and supported by its Asset Management and Life/Health segments. The total business volume grew by 5.3%, amounting to 48.4 billion euros.

The company also reported a 15.7% increase in shareholders' core net income, which rose to 2.5 billion euros. This financial bolstering is underpinned by a robust Solvency II capitalization ratio of 203%, affirming the company's solid financial health and operational resilience.

Additionally, Allianz SE has maintained its operating profit outlook for 2024 at 14.8 billion euros, with a possible variance of plus or minus 1 billion euros. This outlook takes into account potential impacts from natural catastrophes and shifts in capital markets.

The quarter also saw the initiation of a 1 billion euro share buy-back program, with half of that amount already completed, underscoring the firm's commitment to delivering value to its shareholders.