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.
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* 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
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