14.05.2019 Allianz SE  DE0008404005

DGAP-News: Allianz SE: Allianz reports operating profit of 3.0 billion euros in 1Q 2019


 

DGAP-News: Allianz SE / Key word(s): Quarter Results
Allianz SE: Allianz reports operating profit of 3.0 billion euros in 1Q 2019

14.05.2019 / 06:59
The issuer is solely responsible for the content of this announcement.


- Internal revenue growth of 7.5 percent in 1Q 2019

- 1Q 2019 operating profit increases 7.5 percent to 3.0 billion euros

- 1Q 2019 net income attributable to shareholders reaches 2.0 billion euros

- Solvency II capitalization ratio at a comfortable level of 218 percent

- 1Q 2019 results put Allianz Group on track to meet its 2019 full-year targets

- Operating profit outlook for 2019 confirmed at 11.5 billion euros, plus or minus 500 million euros

 

Management Summary: Good start into 2019

Allianz Group continued its successful course from 2018 with a strong first quarter 2019. The results demonstrate the resilience of our business segments and continued progress in executing our Renewal Agenda. Internal revenue growth, which adjusts for currency and consolidation effects, was 7.5 percent. Total revenues grew 9.1 percent to 40.3 (2018: 36.9) billion euros. Operating profit increased by 7.5 percent to 3.0 (2.8) billion euros, mostly due to our Property-Casualty business segment as a result of strong premium growth, lower claims from natural catastrophes and an improved expense ratio. Our Life/Health business segment operating profit grew slightly as higher loadings and fees and favorable true-ups more than offset a lower investment margin. Higher expenses due to investments in business growth led to a small decline in the Asset Management business segment's operating profit.

Net income attributable to shareholders grew 1.6 percent to 2.0 (1.9) billion euros. Higher operating profit was largely offset by lower non-operating investment income and, to a lesser extent, higher taxes.

Basic Earnings per Share (EPS) increased 4.5 percent to 4.65 (4.46) euros. Annualized Return on Equity (RoE) amounted to 13.7 percent (full year 2018: 13.2 percent). The Solvency II capitalization ratio stood at a comfortable level of 218 percent at the end of the first quarter 2019, compared to 229 percent at year-end 2018, driven primarily by the effects of the current share buy-back program (minus 4 percentage points) and following previously announced regulatory and model changes (minus 4 percentage points).

On February 14, 2019, Allianz announced a new share buy-back program of up to 1.5 billion euros. 2.8 million shares have been acquired by March 31, 2019, representing 0.7 percent of outstanding capital.

"Allianz achieved strong results in the first quarter putting the group on track to meet its 2019 full-year targets," said Oliver Bäte, Chief Executive Officer of Allianz SE. "Our customers continue to seek quality and service, both of which we are consistently focusing on. Despite economic and political volatility, we are very well positioned to further develop our franchise."

 

Property-Casualty insurance: Continued strong revenue growth and productivity improvements

- Total revenues increased by 6.3 percent to 19.5 billion euros in the first quarter of 2019. Adjusted for foreign currency translation and consolidation effects, internal growth totaled 4.6 percent, with volume and price effects contributing 2.8 percent and 1.8 percent respectively. Internal growth was observed in many countries with main drivers being AGCS, Germany, and Allianz Partners.

- Operating profit increased by 14.2 percent to 1.455 billion euros compared to the first quarter of 2018. This increase was primarily due to a higher underwriting result driven by strong premium growth in combination with fewer losses from natural catastrophes and improvements in our expense ratio. The operating investment result also had a positive impact.

- The combined ratio improved by 1.1 percentage points to 93.7 percent.

"I am pleased by the healthy revenue growth of the Property-Casualty business segment in the quarter, which reflects the good positioning of our global franchise," said Giulio Terzariol, Chief Financial Officer of Allianz SE. "The strong combined ratio is well supported by our ongoing efforts to improve productivity."

 

Life/Health insurance: Value of new business up 25 percent

- PVNBP[1], the present value of new business premiums, increased to 17.6 (15.0) billion euros in the first quarter of 2019, mainly driven by higher sales in the German and U.S. life insurance business. Together with a higher new-business margin (NBM) of 3.5 (3.3) percent, the value of new business (VNB) increased by 25 percent to 609 (489) million euros.

- Operating profit grew slightly to 1.096 (1.069) billion euros as higher loadings and fees and favorable true-ups more than offset a lower investment margin.

"Growth in our Life and Health business was excellent and with continued strong new business margins," said Giulio Terzariol. "Increasing value of new business and operating profit show that we are on track to meet our full-year targets."

 

Asset Management: 18 billion euros of third-party net inflows

- Third-party assets under management (AuM) increased by 112 billion euros to 1,548 billion euros in the first quarter of 2019, compared to December 31, 2018 and reached an all-time high. The drivers were positive market effects of 60.9 billion euros and solid net inflows of 17.8 billion euros. Favorable foreign currency translation effects and completion of Gurtin Municipal Bond Management acquisition further contributed to the increase. Total assets under management rose to 2,101 billion euros, also reaching an all-time high.

- The cost-income ratio (CIR) went up by 1.8 percentage points to 63.7 percent driven by investments in business growth which led to a decline of the operating profit by 3.7 percent to 573 (595) million euros in the first quarter of 2019.

"Our Asset Management business segment has shown good resilience also underpinned by our positive net inflow development," said Giulio Terzariol. "I am pleased that total assets under management reached the highest level ever at the end of the quarter since this bodes well for a strong revenue development."

[1] PVNBP is shown after non-controlling interests, unless otherwise stated.
 

Allianz Group - key figures 1st quarter 2019      
        1Q 2019 1Q 2018 Delta
Total revenues1   EUR bn 40,3 36,9 9,1%
- Property-Casualty1     EUR bn 19,5 18,3 6,3%
- Life/Health     EUR bn 19,3 17,1 12,9%
- Asset Management     EUR bn 1,6 1,6 1,0%
- Corporate and Other     EUR bn 0,1 0,1 -31,9%
- Consolidation   EUR bn -0,1 -0,2 -14,0%
Operating profit / loss     EUR mn 2.962 2.756 7,5%
- Property-Casualty     EUR mn 1.455 1.274 14,2%
- Life/Health     EUR mn 1.096 1.069 2,5%
- Asset Management     EUR mn 573 595 -3,7%
- Corporate and Other     EUR mn -164 -182 -9,7%
- Consolidation     EUR mn 4 1 304,1%
Net income     EUR mn 2.051 2.030 1,0%
- attributable to non-controlling interests EUR mn 82 91 -10,5%
- attributable to shareholders   EUR mn 1.969 1.939 1,6%
Basic earnings per share     EUR 4,65 4,46 4,5%
Diluted earnings per share EUR 4,65 4,40 5,5%
Additional KPIs          
- Group   Return on equity2,3 % 13,7% 13,2% 0,5%p
- Property-Casualty   Combined ratio % 93,7% 94,8% -1,1%p
- Life/Health   New business margin % 3,5% 3,3% 0,2%p
- Life/Health   Value of new business EUR mn 609 489 24,5%
- Asset Management   Cost-income ratio % 63,7% 61,9% 1,8%p
        03/31/2019 12/31/2018 Delta
Shareholders' equity2     EUR bn 67,2 61,2 9,7%
Solvency II capitalization ratio     % 218% 229% -11%p
Third-party assets under management     EUR bn 1.548 1.436 7,8%
 
  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 Total revenues comprise P/C GWP & fee and commission income. Prior year figures have been adjusted accordingly.
2 Excluding non-controlling interests.
3 Excluding unrealized gains/losses on bonds, net of shadow accounting. RoE for 1Q 2019 is annualized. For 1Q 2018, the return on equity for the respective full year is shown. Annualized figures are not a forecast for full year numbers.
 

These assessments are, as always, subject to the disclaimer provided below.


Cautionary note regarding forward-looking statements

This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting 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, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.


No duty to update

The Allianz Group assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose 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 Earnings Release is not an Interim Financial Report within the meaning of International Accounting Standard (IAS) 34.

This is a translation of the German Quarterly Earnings Release of the Allianz Group. In case of any divergences, the German original is binding.


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14.05.2019 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.

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Language: English
Company: Allianz SE
Königinstr. 28
80802 München
Germany
Phone: +49 (0)89 38 00 - 7555
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
EQS News ID: 810605

 
End of News DGAP News Service

810605  14.05.2019 

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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

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INVESTOR-INFORMATIONEN
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Allianz
WKN Kurs in € Einschätzung Börsenwert in Mio. €
840400 192,340 Kaufen 79.300,46
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
9,34 10,73 0,87 12,55
KBV KCV KUV EV/EBITDA
1,03 2,47 0,56 7,38
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
Hauptversammlung
9,60 9,60 4,99 04.05.2022
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12.05.2021 06.08.2021 10.11.2021 05.03.2021
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