19.02.2016 Allianz SE  DE0008404005

DGAP-News: Allianz SE: 2015 operating profit near the upper end of target range

DGAP-News: Allianz SE / Key word(s): Preliminary Results/Final Results Allianz SE: 2015 operating profit near the upper end of target range 19.02.2016 / 06:59 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- * Total revenues reach new high of 125.2 billion euros, up 2.4 percent * 2015 operating profit up 3.2 percent to 10.7 billion euros * 4Q operating profit up 14.5 percent to 2.6 billion euros * Solvency II capitalization strong at 200 percent * Board of Management to propose dividend of 7.30 euros per share * Board of Management confident for 2016 - outlook operating profit: 10.5 billion euros, plus/minus 500 million euros Allianz delivers as promised Allianz Group achieved strong results in 2015 with operating profit rising to 10.7 billion euros, driven by a very good fourth quarter. In the Property and Casualty insurance segment, both gross premiums written and operating profit increased, the latter despite a higher impact from natural catastrophes compared to the previous year. In the Life and Health insurance segment, the strategic shift in product mix accelerated, leading to a slight reduction in revenues, while operating profit increased. In Asset Management, third-party net outflows continued to decrease over the year. Lower average third-party assets under management are mirrored in the segment's operating profit. "Allianz steadily delivers strong results in increasingly challenging operating conditions. Our business is healthy and well-diversified. This makes us confident that we will continue to deliver strong earnings. We look to generate 10.5 billion euros in operating profit in 2016, plus or minus 500 million euros," said Oliver Bäte, CEO of Allianz SE. "For 2015, the Board of Management will propose a dividend of 7.30 euros per share, an increase of 6.6 percent over 2014." "Strong performance in our insurance operations plus performance fees in asset management in the fourth quarter drove full-year operating profit close to the top of the target earnings range," said Dieter Wemmer, CFO of Allianz SE. "Active risk management led to a strong capital ratio of 200 percent under Solvency II rules, leaving us well prepared for today's volatile markets." Group: strong operating profit growth Full year 2015: Operating profit for the year rose by 3.2 percent to 10.7 billion euros, arriving near the upper end of the 2015 target range. Growth was driven by the insurance segments, while operating profit in Asset Management declined as expected. An improved non-operating result supported the 6.3 percent increase in net income attributable to shareholders. Total revenues for the year increased by 2.4 percent. Basic Earnings per Share (EPS) rose 6.2 percent to 14.56 euros. Return on equity was at 12.5 percent in 2015 (2014: 13.0 percent). Solvency II ratio 200 percent at year-end The Solvency II ratio rose to 200 percent compared to 191 percent at the end of 2014 due to active risk management. In November 2015, the internal model was approved by the German supervisory authority. Revenues down 1.1 percent in the fourth quarter Total revenues in the fourth quarter decreased 1.1 percent, largely due to the targeted shift toward unit-linked and capital-efficient products in Life and Health. Operating profit up 14.5 percent in the fourth quarter Operating profit growth in the quarter was strong in the Life and Health segment, driven by higher net realized gains, mainly in Germany, and a rising asset base in the United States. In the Property and Casualty segment, better underwriting and investment results supported operating profit growth. In Asset Management, favorable foreign currency effects and higher performance fees mitigated the effect of lower assets under management. Property and Casualty insurance: strong internal growth Full year 2015: In the Property and Casualty segment, gross premiums written increased by 6.8 percent to 51.6 billion euros in the full year. Adjusted for foreign exchange and consolidation effects, internal growth was 2.9 percent, with Allianz Worldwide Partners, Turkey and industrial insurer Allianz Global Corporate & Specialty (AGCS) as the main drivers. Operating profit for the year increased by 4.1 percent to 5.6 billion euros. The combined ratio for the full year was 0.3 percentage points higher than in the previous year and stood at 94.6 percent. The impact of natural catastrophes rose to 1.6 percentage points, up from 0.9 percentage points the year before. Gross premiums written down 1.0 percent in the fourth quarter Gross premiums written amounted to 10.9 billion euros in the fourth quarter of 2015, 1.0 percent lower than in the year-earlier quarter. Adjusted for foreign exchange and consolidation effects, internal growth was 2.6 percent and driven in particular by Turkey and AGCS. Both price and volume effects were positive. Combined ratio 96.2 percent in the fourth quarter Operating profit in the fourth quarter increased 8.6 percent to 1.2 billion euros compared to the prior-year quarter. Claims from natural catastrophes increased, primarily due to storms and flooding in the UK, as well as floods in France, the United States and India. This was offset by a larger run-off contribution. The combined ratio improved by 0.2 percentage points to 96.2 percent in the fourth quarter compared to the year-earlier period. Management assessment Growth continued in both core markets as well as emerging markets, even leading to the highest annual premium growth in the last ten years. We continue to support our growth agenda with targeted acquisitions, including the recent acquisition of a commercial P&C portfolio in the Netherlands. Life and Health insurance: accelerating the strategic shift in product mix Full year 2015: In Life and Health insurance, operating profit for the year jumped 14.1 percent to 3.8 billion euros, mainly driven by a higher investment margin. Statutory premiums for the full year were 66.9 billion euros, a decrease of 0.6 percent. The development of the new business margin (NBM) throughout the year reflects the targeted shift toward unit-linked and capital-efficient products. In the first half, continued low interest rates and market volatilities led to a comparatively low NBM of 1.5 percent. The targeted change in product mix positively affected the second half of the year, when the NBM nearly doubled to 2.9 percent, bringing the average NBM for the year to 2.1 percent. Correspondingly, the value of new business (VNB) was higher in the second half of the year versus the first half of the year. In total, VNB decreased by 18.5 percent to 1.2 billion euros compared to 2014 due to interest rate effects in the first half of the year. Statutory premiums in the fourth quarter down 1.8 percent Statutory premiums in the fourth quarter were 17.0 billion euros, a decrease of 1.8 percent. This was mainly due to reduced sales of traditional products in Italy and the non-recurrence of the elevated premiums from the fixed-indexed annuity business in the United States in the fourth quarter of 2014. Operating profit 1.1 billion euros in the fourth quarter Operating profit increased by 63.7 percent to 1.1 billion euros in the quarter. This increase was mainly driven by a higher investment margin on an increased asset base in the United States and higher net realized gains in the German life business. New business margin 2.8 percent and value of new business 392 million The value of new business (VNB) rose slightly to 392 million euros in the quarter. As a result of changes in product strategy, premiums shifted to unit-linked and capital-efficient products and the new business margin increased by 0.3 percentage points to 2.8 percent compared to one year ago. Management assessment Allianz succeeded in two very important areas in 2015 in the Life and Health segment: the continued shift toward new products that are specifically designed for the low interest rate environment and the significant improvement of the new business margin in the second half of 2015. Asset Management: third-party net outflows significantly reduced Full year 2015: In Asset Management, operating profit declined 11.8 percent for the year. This mainly reflects an impact from an overall lower asset base that resulted from continued - albeit declining - third-party net outflows at PIMCO and, to a lesser extent, a decrease in margin on third-party assets under management. At PIMCO, third-party net outflows nearly halved compared to 2014, while Allianz Global Investors achieved record third-party net inflows. Allianz Global Investors recorded their highest operating profit since the implementation of the new structure at Asset Management in 2012. The cost-income ratio (CIR) went up 5.3 percentage points to 64.5 percent for the entire segment. Operating profit 637 million euros in the fourth quarter Operating profit in the fourth quarter increased by 8.2 percent to 637 million euros. On an internal basis, excluding positive foreign currency effects, mainly from the appreciation of the U.S. dollar against the euro, operating profit decreased by 2.7 percent. Following the drop in average third-party assets under management, related revenues decreased. This was partly offset by higher performance fees and lower operating expenses. Cost-income ratio 63.0 percent in the fourth quarter The CIR improved to 63.0 percent from 64.3 percent in the year-earlier quarter, mainly reflecting higher performance fees in the quarter. Third-party net outflows in the fourth quarter at 8 billion euros Compared to September 30, 2015, third-party assets under management increased by 17 billion euros to 1,276 billion euros, driven by positive foreign currency translation effects. The fourth quarter saw third-party net outflows recede to 8 billion euros, compared to net outflows of 141 billion euros in the previous year's fourth quarter. Outflows were driven by third-party net outflows at PIMCO, while Allianz Global Investors recorded third-party net inflows for the twelfth consecutive quarter. Management assessment Asset Management performed within expectations in 2015. The continued slowdown of net outflows at PIMCO and the strong development at Allianz Global Investors are pleasing. However, Asset Management will remain in focus in 2016. Allianz Group - preliminary key figure quarter and fiscal year 2015 4Q 2015 4Q 2014 Total revenues [Euro bn] 29.7 30.1 Property-Casualty [Euro bn] 10.9 11.0 Life/Health [Euro bn] 17.0 17.4 Asset Management [Euro bn] 1.7 1.6 Corporate and Other [Euro bn] 0.2 0.2 Consolidation [Euro bn] -0.1 -0.1 Operating profit / loss [Euro mn] 2,586 2,258 Property-Casualty [Euro mn] 1,221 1,125 Life/Health [Euro mn] 1,101 673 Asset Management [Euro mn] 637 588 Corporate and Other [Euro mn] -368 -131 Consolidation [Euro mn] -5 3 Net income [Euro mn] 1,499 1,318 attributable to non-controlling interests [Euro mn] 81 98 attributable to shareholders [Euro mn] 1,418 1,220 Basic earnings per share [Euro] 3.12 2.69 Diluted earning per share [Euro] 3.12 2.67 Additional KPIs Property/Casualty: Combined ratio 96.2% 96.5% Life/Health. New Business Margin (4) 2.8% 2.5% Life/Health: Value of new business (4)[Euro mn] 392 390 Asset Management: Cost-income ratio 63.0% 64.3% 12M 2015 12M 2014 Total revenues [Euro bn] 125.2 122.3 Property-Casualty [Euro bn] 51.6 48.3 Life/Health [Euro bn] 66.9 67.3 Asset Management [Euro bn] 6.5 6.4 Corporate and Other [Euro bn] 0.6 0.6 Consolidation [Euro bn] -0.4 -0.3 Operating profit /loss [Euro mn] 10,735 10,402 Property/Casualty [Euro mn] 5,603 5,382 Life/Health [Euro mn] 3,796 3,327 Asset Management [Euro mn] 2,297 2,603 Corporate and Other [Euro mn] -945 -820 Consolidation [Euro mn] -16 -91 Net income [Euro mn] 6,987 6,603 attributable to non-controlling interests [Euro mn] 371 381 attributable to shareholders [Euro mn] 6,616 6,221 Basic earnings per share [Euro] 14.56 13.71 Diluted earnings per share [Euro] 14.55 13.64 Dividend per share [Euro] 7.30(1) 6.85 Additional KPIs Group: Return on equity (2)(3) 12,5% 13.0% Property/Casualty: Combined ratio 94.6% 94.3% Life/ Health. New Business Margin (4) 2.1% 2.6% Life/Health: Value of new business (4)[Euro mn] 1,196 1,468 Asset Management: Cost-income ratio 64.5% 59.2% 12/31/15 12/31/14 Shareholders' equity [Euro bn](2) 63.1 60.7 Solvency II capitalization (5) 200% 191% Third-party assets under management [Euro bn] 1,276 1,313
Please note: The consolidated financial statements 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) Proposal (2) Excluding non-controlling interests. (3) Excluding unrealized gains/losses on bonds net of shadow DAC (4) New business figures were restated by the impact of contract boundaries, removal of holding expenses and the replacement of CNHR and CReC by RM after tax to be aligned with Solvency II balance sheet. (5) Risk capital figures are group diversified at 99.5% c.l.. AZ Life included based on third country equivalence with 100% of RBC CAL as of 12/31/14 and with 150% of RBC CAL as of 12/31/15. 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. --------------------------------------------------------------------------- 19.02.2016 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. Media archive at www.dgap-medientreff.de and 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; Terminbörse EUREX End of News DGAP News Service --------------------------------------------------------------------------- 438441 19.02.2016

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 195,660 Kaufen 80.669,27
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
9,50 10,75 0,87 12,76
1,05 2,52 0,57 7,50
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
9,60 9,60 4,91 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
-2,39% -5,14% -2,51% 17,27%
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Versicherungen , 840400 , ALV , XETR:ALV