07.08.2015
Allianz SE DE0008404005
DGAP-News: Allianz SE: Allianz achieves good quarterly results - outlook confirmed at upper end of range
DGAP-News: Allianz SE / Key word(s): Half Year Results/Quarter Results
Allianz SE: Allianz achieves good quarterly results - outlook
confirmed at upper end of range
07.08.2015 / 06:59
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* Total revenues rise 2.4 percent to 30.2 billion euros
* Operating profit increases 2.6 percent to 2.84 billion euros
* Net income attributable to shareholders up 15.0 percent to 2.02 billion
euros
* Solvency II capitalization increases to 212 percent
* Allianz confirms operating profit outlook for 2015 at upper end of target
range at 10.8 billion euros
Allianz Group continued its good performance in the second quarter of 2015.
Total quarterly revenues increased 2.4 percent to 30.2 (second quarter of
2014: 29.5) billion euros. Operating profit climbed 2.6 percent to 2.84
(2.77) billion euros. Net income attributable to shareholders amounted to
2.02 (1.76) billion euros, an increase of 263 million euros or 15.0
percent. This increase was mainly driven by non-operating realized
gains/losses (net) that were 181 million euros higher compared to the
second quarter of 2014.
In the first half of the year, total revenues rose 7.1 percent to 67.9
(63.4) billion euros. Operating profit climbed 3.7 percent to 5.70 (5.49)
billion euros, while net income attributable to shareholders advanced 13.1
percent to 3.84 (3.40) billion euros.
In the second quarter, the segment Property and Casualty insurance saw a
strong increase in operating profit supported by a lower impact from
natural catastrophes and the net gain from the sale of the personal
insurance business of Fireman's Fund Insurance Company. In the Life and
Health insurance segment, demand for non-traditional life insurance
products continued to increase amid overall lower sales. Asset Management
performed within expectations.
Solvency II capitalization rose 22 percentage points to 212 percent as of
June 30, 2015, from 191 percent at the end of 2014. Shareholders' equity
remained stable at 60.69 billion euros compared to 60.75 billion euros at
year end.
"Despite negative one-offs, we have achieved an excellent performance in
the first six months," said Oliver Bäte, Chairman of the Board of
Management of Allianz SE. "We confirm our operating profit outlook for 2015
at the upper end of the target range at 10.8 billion euros."
Property and Casualty insurance with strong increase in operating profit
Gross premiums written in Property and Casualty insurance climbed 9.2
percent to 11.84 (10.85) billion euros in the second quarter. Excluding
foreign exchange and consolidation effects, internal growth stood at 1.6
percent. Strong internal growth was recorded by Allianz Worldwide Partners,
Turkey and AGCS in particular.
Operating profit climbed 29.7 percent to 1.75 (1.35) billion euros. The
combined ratio improved by 1.1 percentage points to 93.5 (94.6) percent. In
total, costs from natural catastrophes amounted to 122 (172) million euros
and were mainly caused by storms and hail in Australia.
"All profit components contributed to the strong growth, including
investment and underwriting results as well as the net gain from the sale
of the Fireman's Fund personal insurance business," said Dieter Wemmer,
Chief Financial Officer of Allianz SE.
Life and Health insurance with targeted growth in new products
Statutory premiums in Life and Health insurance decreased by 1.4 percent to
16.72 (16.96) billion euros in the second quarter. Excluding foreign
exchange and consolidation effects, statutory premiums were 6.0 percent
lower.
In Italy and Taiwan, growth in unit-linked products was strong. In Germany
and France, sales of new life insurance products with alternative
guarantees continued to increase. As a result of the change in product
strategy, sales for traditional products declined. In the United States,
sales of fixed-indexed annuities declined but were in line with
expectations following pricing changes in 2015. Demand for life insurance
products increased the most in the Asia-Pacific region. Total internal
growth in statutory premiums in the region was 23.0 percent.
The new business margin was down 1.1 percentage points in the second
quarter of 2015 to 1.5 (2.6) percent due to the low-interest rate
environment. Compared to the first quarter it remained stable. The value of
new business decreased to 210 (385) million euros. Operating profit
declined 13.4 percent to 853 (985) million euros. This decrease was mainly
driven by a lower investment margin in Germany and reserve strengthening in
South Korea.
"In the second quarter, we continued to shift growth toward our new
products that are designed to better address the low-interest rate
environment for customers and shareholders," said Dieter Wemmer. "Operating
profit remained at a solid level."
Asset Management within expectations
In the second quarter of 2015, Asset Management recorded operating revenues
of 1.55 (1.61) billion euros, a decline of 3.6 percent. Operating profit
decreased by 25.2 percent to 505 (676) million euros for the quarter.
Total assets under management remained stable at 1,811 billion euros at the
end of the second quarter of 2015 compared to 1,801 billion euros at the
end of 2014. Over the same period, third-party assets under management
increased by 0.8 percent to 1,323 billion euros from 1,313 billion euros,
due to favorable foreign exchange effects.
Third-party net outflows amounted to 22.5 billion euros in the second
quarter of 2015, compared to 17.2 billion euros in the previous year's
second quarter. Third-party net outflows at PIMCO continued to decrease
compared to the end of 2014 and amounted to 29.3 billion euros in the
second quarter. Allianz Global Investors recorded strong third-party net
inflows in particular in Europe, amounting to 6.7 billion euros over the
same period.
"Asset Management performed within expectations," said Dieter Wemmer.
"Third-party net inflows at Allianz Global Investors reached a new record
high while outflows at PIMCO more than halved compared to the first quarter
of 2015."
Allianz Group - Key figures 2nd quarter and 1st half year of 2015 (1)
2Q 2015 2Q 2014
Total revenues [Euro bn] 30.2 29.5
Operating profit / loss [Euro mn] 2,842 2,770
Property-Casualty [Euro mn] 1,745 1,345
Life/Health [Euro mn] 853 985
Asset Management [Euro mn] 505 676
Corporate and Other[Euro mn] -230 -219
Consolidation [Euro mn] -32 -16
Income before income taxes [Euro mn] 2,979 2,733
Income taxes [Euro mn] -867 -875
Net income / loss [Euro mn] 2,112 1,858
Property-Casualty [Euro mn] 1,344 969
Life/Health [Euro mn] 662 731
Asset Management [Euro mn] 329 419
Corporate and Other[Euro mn] -205 -249
Consolidation [Euro mn] -17 -13
Net income [Euro mn] 2,112 1,858
attributable to non-controlling interests [Euro mn] 94 103
attributable to shareholders [Euro mn] 2,018 1,755
Basic earnings per share [Euro] 4.44 3.87
Diluted earning per share [Euro] 4.38 3.84
Ratios
Property/Casualty: Combined ratio 93.5% 94.6%
Life/Health: Margin on reserves 58 79
Asset Management: Cost-income ratio 67.4% 57.9%
6M 2015 6M 2014
Total revenues [Euro bn] 67.9 63.4
Operating profit / loss [Euro mn] 5,697 5,494
Property-Casualty [Euro mn] 3,030 2,835
Life/Health [Euro mn] 1,957 1,864
Asset Management [Euro mn] 1,060 1,321
Corporate and Other[Euro mn] -331 -442
Consolidation [Euro mn] -19 -85
Income before income taxes [Euro mn] 5,773 5,339
Income taxes [Euro mn] -1,725 -1,741
Net income / loss [Euro mn] 4,048 3,598
Property-Casualty [Euro mn] 2,266 1,614
Life/Health [Euro mn] 1,401 1,360
Asset Management [Euro mn] 658 825
Corporate and Other[Euro mn] -254 -117
Consolidation [Euro mn] -22 -84
Net income [Euro mn] 4,048 3,598
attributable to non-controlling interests [Euro mn] 209 203
attributable to shareholders [Euro mn] 3,839 3,395
Basic earnings per share [Euro] 8.45 7.48
Diluted earning per share [Euro] 8.45 7.41
Ratios
Property/Casualty: Combined ratio 94.1% 93.6%
Life/Health: Margin on reserves 70 76
Asset Management: Cost-income ratio 66.0% 57.7%
06/30/15 12/31/14
Shareholders' equity [Euro bn](2) 60.7 60.7
Conglomerate solvency ratio(3) 192% 181%
Third-party assets under management [Euro bn] 1,323 1,313
(1) In 4Q 2014 the French International Health business was transferred
from L/H France to Allianz Worldwide Partners (P/C) effective 01/01/14
(2) Excluding non-controlling interests
(3) Including off-balance sheet reserves (12/31/14: EUR 2.3bn, 06/30/15:
EUR 2.4bn). The solvency ratio excluding off-balance sheet reserves
would amount to 172% as of 12/31/14 and 184% as of 06/30/15.
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
euro/US-dollar 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.
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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;
Terminbörse EUREX
End of News DGAP News-Service
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