03.08.2018 Allianz SE  DE0008404005

DGAP-News: Allianz SE: Allianz reports strong results for the second quarter of 2018 and confirms full-year outlook

DGAP-News: Allianz SE / Key word(s): Quarter Results/Half Year Results Allianz SE: Allianz reports strong results for the second quarter of 2018 and confirms full-year outlook 03.08.2018 / 06:59 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- * Internal revenue growth of 6.5 percent in 2Q 2018 * 2Q 2018 operating profit grew 2.3 percent to 3.0 billion euros * 2Q 2018 net income attributable to shareholders down 5.2 percent to 1.9 billion euros due to the previously announced negative impact from the sale of a life portfolio in Taiwan * Solvency II ratio increased to 230 percent * Allianz Group is on track to meet its 2018 operating profit target --------------------------------------------------------------------------- Management Summary: All segments record strong internal revenue growth After a successful start into 2018, Allianz Group continued to achieve good performance in the second quarter. Indicators remained close to or exceeded the second-quarter 2017 levels, despite burdens from geopolitical instabilities and currency fluctuations. Internal revenue growth, which adjusts for currency and consolidation effects, was 6.5 percent with all business segments recording strong growth. Total revenues grew 2.9 percent to 30.9 (second quarter of 2017: 30.0) billion euros. Operating profit increased 2.3 percent to 3.0 (2.9) billion euros. In the Asset Management business segment the operating profit grew due to higher revenues, which were driven by higher assets under management (AuM) and improved margins. This more than compensated for the decline in operating profit from our Life/Health business segment. Our Property-Casualty business operating profit was stable. Net income attributable to shareholders decreased slightly to 1.9 (2.0) billion euros: a negative impact from the sale of our traditional life insurance portfolio in Taiwan was only partially offset by lower income taxes. Basic Earnings per Share (EPS) increased by 5 percent to 8.86 (8.45) euros in the first half-year of 2018. Annualized Return on Equity (RoE) increased to 13.8 percent (full year 2017: 11.8 percent). Allianz maintained its strong capitalization, with the Solvency II capitalization ratio of 230 percent at the end of the quarter compared to 225 percent recorded at the end of the first quarter of 2018. In the first half-year of 2018 operating profit decreased 1.8 percent to 5.8 (5.9) billion euros, mostly driven by our Life/Health business segment due to a normalization of the investment margin and due to unfavorable foreign exchange. Operating profit in the Asset Management business grew thanks to higher AuM-driven revenues. The Property-Casualty operating profit increased slightly compared to prior year results. Overall, the operating profit for the first six months is slightly above the mid-point of our full-year target range. Lower income taxes compensated for the lower operating profit and non-operating result: net income attributable to shareholders was therefore stable at 3.8 (3.8) billion euros. On 2 July 2018, Allianz Group announced a new share buy-back program, with a volume of up to 1.0 billion euros. The program shall be finalized by 30 September 2018 and all repurchased shares will be cancelled. "We remain on track to meet our 2018 operating profit target. I am thankful for everyone on the Allianz team for making this happen across countries and companies. This makes me confident that we will achieve our three-year Renewal Agenda targets," said Oliver Bäte, Chief Executive Officer of Allianz SE. --------------------------------------------------------------------------- Property-Casualty insurance: Strong internal growth and good operating performance * Gross premiums written amounted to 12.1 (11.7) billion euros in the second quarter of 2018. Adjusted for foreign exchange and consolidation effects, internal growth totaled 7.3 percent, with price and volume effects contributing 2.2 percent and 5.1 percent respectively. AGCS, Allianz Partners, and Germany were the main growth drivers. * The combined ratio rose to 94.1 (93.7) percent in the second quarter of 2018 reflecting a higher claims ratio from higher large losses and higher weather-related events, partly offset by an improved expense ratio. * Operating profit was stable at 1,455 (1,446) million euros. "The good results in property and casualty show the underlying strength of our business. We have made progress with our productivity initiative as shown by the expense ratio. We remain on track to meet our target of 94 percent in the combined ratio," said Giulio Terzariol, Chief Financial Officer of Allianz SE. In the first half-year of 2018, gross premiums written increased slightly to 30.0 (29.4) billion euros. Adjusted for foreign exchange and consolidation effects, internal growth amounted to 5.9 percent, mostly driven by positive developments at AGCS, in Germany, and at Allianz Partners. Operating profit improved slightly by 0.9 percent to 2,729 million euros compared to the same period of the prior year due to a higher underwriting result. The combined ratio for the first half-year improved by 0.2 percentage points to 94.4 percent. --------------------------------------------------------------------------- Life and Health insurance: New business further improved * PVNBP, the present value of new business premiums, increased to 14.0 (13.6) billion euros in the second quarter of 2018, mainly due to higher sales of capital-efficient products in the German life insurance business. * The new business margin (NBM) strengthened slightly to 3.5 (3.4) percent due to a favorable business mix and a slightly higher interest rate level. The value of new business (VNB) increased to 491 (469) million euros in the quarter driven by the continued shift to capital-efficient products. * Operating profit decreased by 4.6 percent to 1,075 (1,128) million euros due to a lower investment margin in Spain and in our German life business. Negative foreign currency translation effects mainly from the United States due to the weakening US Dollar also contributed to the decrease. "The positive results of our ongoing product mix shifting to capital-efficient products demonstrate our ability to adapt to a highly challenging interest rate environment. Our new business margin of 3.5 percent is well ahead of target and the value of new business increased to 491 million euro in the quarter, showing a good quarterly growth of five percent," said Giulio Terzariol. In the first half-year of 2018 PVNBP increased to 29.0 (28.4) billion euros largely because of the higher sales of our capital-efficient products in the German life business and of our unit-linked insurance products without guarantees in Taiwan. Operating profit dropped to 2,144 (2,282) million euros as a result of less favorable market conditions and unfavorable foreign currency translation effects in the United States. The NBM increased to 3.4 (3.3) percent bringing the VNB to 980 (922) million euros. --------------------------------------------------------------------------- Asset Management: Continued growth in revenues and operating profit - Total assets under management at highest level ever * Third-party assets under management (AuM) grew by 35 billion euros (2.5 percent) to 1,464 billion euros compared to the end of the first quarter of 2018. This increase was driven by favorable foreign currency translation effects. Third-party net outflows amounted to 9.2 billion euros. Total AuM reached a record 1,993 billion euros. * The cost-income ratio (CIR) improved by 0.9 percentage points to 61.6 percent in the second quarter of 2018, as the increase in revenues outpaced an increase in expenses. * Operating profit increased by 11.6 percent to 652 (584) million euros in the second quarter of 2018. This was driven by an increase in operating revenues, supported by both higher average AuM and an improved margin. Adjusted for foreign currency translation effects, operating profit was 18.8 percent higher. "The combination of higher assets under management, higher margins and a lower cost-income ratio lead to a double-digit profit growth. While we had net outflows for the quarter, we recorded inflows for the months of June and July. We are very pleased with the performance of our Asset Management business," said Giulio Terzariol. In the first half-year of 2018, operating revenues grew by 4.6 percent to 3.3 billion euros, mainly due to increased average third-party AuM at PIMCO and an increase in third-party AuM-driven margins at both PIMCO and AllianzGI. As operating expenses only went up 2.7 percent, the CIR decreased by 1.2 percentage points to 61.7 percent. Operating profit rose 7.9 percent to 1,247 (1,156) million euros. Furthermore, favorable foreign currency effects and third-party inflows, outweighed negative market effects resulting in third-party AuM of 1,464 billion euros - an increase of 17 billion euros compared to year-end 2017. Allianz Group - key figures 2nd quarter and first half year of 2018 2Q 2Q 6M 6M 2018 2017 2018 2017 Total revenues EUR 30.9 30.0 67.3 66.2 bn - Property-Casualty EUR 12.1 11.7 30.0 29.4 bn - Life/Health EUR 17.1 16.7 34.2 33.6 bn - Asset Management EUR 1.7 1.6 3.3 3.1 bn - Corporate and Other EUR 0.1 0.1 0.1 0.3 bn - Consolidation EUR -0.1 -0.1 -0.3 -0.2 bn Operating profit / loss EUR 2,997 2,928 5,753 5,860 mn - Property-Casualty EUR 1,455 1,446 2,729 2,705 mn - Life/Health EUR 1,075 1,128 2,144 2,282 mn - Asset Management EUR 652 584 1,247 1,156 mn - Corporate and Other EUR -196 -224 -378 -265 mn - Consolidation EUR 11 -5 12 -18 mn Net income EUR 1,995 2,093 4,025 4,013 mn - attributable to non-controlling EUR 104 99 196 203 interests mn - attributable to shareholders EUR 1,891 1,994 3,830 3,810 mn Basic earnings per share EUR 4.41 4.45 8.86 8.45 Diluted earnings per share EUR 4.38 4.45 8.78 8.44 Additional KPIs - Group Return on equity1,2 % 13.7% 11.8% 13.8% 11.8% - PropertyCasualty/ Combined ratio % 94.1% 93.7% 94.4% 94.6% - Life/Health / New buisness margin % 3.5% 3.4% 3.4% 3.3% - Life/Health/ Value of new Business EUR 491 469 980 922 mn - Asset Management/ Cost-income ratio % 61.6% 62.5% 61.7% 62.9% 06/30- 12/31- /2018 /2017 Shareholders' equity1 EUR - - 60.3 65.6 bn Solvency II capitalization ratio3 % - - 230% 229% Third-party assets under management EUR - - 1,464 1,448 bn Please note: The figures are presented in millions of Euros, unless otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 1 Excluding non-controlling interests. 2 Excluding unrealized gains/losses on bonds, net of shadow accounting. RoE for 2Q 2018 and 6M 2018 is annualized. For 2Q 2017 and 6M 2017, the return on equity for the full year 2017 is shown. Annualized figures are not a forecast for full year numbers. 3 Risk capital figures are group diversified at 99.5% confidence level. Munich, August 3, 2018 These assessments are, as always, subject to the disclaimer provided below. Cautionary note regarding forward-looking statements The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. No duty to update The company assumes no obligation to update any information or forward-looking statement contained herein, save for any information required to be disclosed by law. Other The figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards. This Quarterly and Half-Year Earnings Release is not an Interim Financial Report within the meaning of International Accounting Standard (IAS) 34. PVNBP is shown after minorities unless otherwise stated This is a translation of the German Quarterly and Half-Year Earnings Release of the Allianz Group. In case of any divergences, the German original is binding. . --------------------------------------------------------------------------- 03.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: Allianz SE Königinstr. 28 80802 München Germany Phone: +49 (0)89 38 00 - 41 24 Fax: +49 (0)89 38 00 - 38 99 E-mail: [email protected] Internet: www.allianz.com ISIN: DE0008404005 WKN: 840400 Indices: DAX-30, EURO STOXX 50 Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 710015 03.08.2018

Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 125.190,00 122.416,00 126.149,00 130.557,00 142.369,00 140.455,00 0,00
EBITDA1,2 10.735,00 10.833,00 11.097,00 11.512,00 11.855,00 10.751,00 0,00
EBITDA-Marge3 8,57 8,85 8,80 8,82 8,33 7,65 0,00
EBIT1,4 10.735,00 10.833,00 11.097,00 11.512,00 11.855,00 10.751,00 0,00
EBIT-Marge5 8,57 8,85 8,80 8,82 8,33 7,65 0,00
Jahresüberschuss1 6.987,00 7.250,00 7.207,00 7.703,00 8.302,00 7.133,00 0,00
Netto-Marge6 5,58 5,92 5,71 5,90 5,83 5,08 0,00
Cashflow1,7 23.663,00 24.461,00 33.188,00 25.672,00 36.448,00 32.049,00 0,00
Ergebnis je Aktie8 14,55 15,18 15,23 17,30 18,83 16,32 19,30
Dividende8 7,30 7,60 8,00 9,00 9,60 9,60 10,50
Quelle: boersengefluester.de und Firmenangaben

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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

WKN Kurs in € Einschätzung Börsenwert in Mio. €
840400 190,780 Kaufen 78.657,28
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
9,26 10,72 0,86 12,45
1,02 2,45 0,56 7,32
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
9,60 9,60 5,03 04.05.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
12.05.2021 06.08.2021 10.11.2021 05.03.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-5,87% -7,60% -4,94% 6,90%
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