06.11.2015 Allianz SE  DE0008404005

DGAP-News: Allianz SE: Allianz on track for full-year target

DGAP-News: Allianz SE / Key word(s): 9-month figures/Quarter Results Allianz SE: Allianz on track for full-year target 06.11.2015 / 06:59 --------------------------------------------------------------------- * Nine-month operating profit stable at 8.15 billion euros * Nine-month net income attributable to shareholders up 3.9 percent to 5.20 billion euros * Quarterly operating profit down 7.5 percent to 2.45 billion euros * Quarterly net income attributable to shareholders decreases by 15.4 percent to 1.36 billion euros * Targeted shift in Life product mix improves profitability for new business * Strong Solvency II capitalization of 200 percent Over the first nine months of the year, Allianz Group total revenues rose 3.5 percent to 95.5 (92.2) billion euros. Operating profit remained stable at 8.15 (8.14) billion euros. Net income attributable to shareholders increased 3.9 percent to 5.20 (5.00) billion euros. "In a volatile financial market environment, Allianz's fundamentals remained at a solid level in all business segments in the third quarter. We expect the full year operating profit to grow and arrive in the upper end of our target range of 10.0 to 10.8 billion euros," said Dieter Wemmer, CFO of Allianz SE. In the third quarter of 2015, Allianz Group maintained revenues at a high level and achieved a solid operating profit, although both weakened slightly compared to one year ago. Total quarterly revenues were 27.5 (third quarter of 2014: 28.8) billion euros, a decrease of 4.3 percent. Operating profit was 2.45 (2.65) billion euros, down 7.5 percent. Net income attributable to shareholders amounted to 1.36 (1.61) billion euros, a decrease of 15.4 percent, in part due to one-off tax benefits in the year-earlier quarter. In the quarter, the segment Property and Casualty insurance saw revenues increase while the operating profit was affected by lower investment and underwriting results. In the Life and Health insurance segment, sales shifted towards unit-linked and other capital efficient products while statutory premiums for traditional products decreased. In the segment Asset Management, operating profit continued to be impacted by the effects of prior period outflows. Solvency II capitalization was 200 percent as of September 30, 2015. This represented an increase of 9 percentage points compared to December 31, 2014. Shareholders' equity increased by 0.9 percent to 61.3 billion euros from 60.7 billion euros as of December 31, 2014. Property and Casualty insurance with healthy operating profit Gross premiums written in Property and Casualty insurance increased 2.4 percent to 11.52 (11.25) billion euros in the third quarter. Adjusted for foreign exchange and consolidation effects, internal growth was 0.4 percent. Strong premium growth was recorded in particular in Turkey with 37.6 percent internal growth. At the global business line Allianz Worldwide Partners, Allianz Global Assistance was the main driver of the 12.1 percent internal growth, while in Spain premiums increased by 7.3 percent. Australia continued its strong growth at 4.2 percent on an internal basis, in particular in the areas of motor and property insurance. Operating profit in the Property and Casualty segment was down 5.0 percent to 1.35 (1.42) billion euros in the third quarter. This decline was mainly driven by a lower investment result and further impacted by a weaker underwriting result. The impact from natural catastrophes was 137 million euros higher than in the previous year and totaled 144 million euros. The combined ratio deteriorated by 0.6 percentage points to 94.1 (93.5) percent. "Our Property and Casualty business continued with a strong underwriting margin despite an increase in weather related claims compared to the year before, as well as several large claims," said Dieter Wemmer. "The overall development of the segment is on track." Life and Health insurance: shift in product mix improves new business margin Overall, premiums shifted further towards unit-linked and other capital efficient products. This was particularly evident in core markets, including Germany, France and Italy. As a result of this targeted shift, the new business margin improved by 0.3 percentage points to 3.0 percent. Also as a result, statutory premiums in Life and Health insurance were down 9.7 percent compared to elevated sales in the previous-year quarter, amounting to 14.31 (15.85) billion euros. Operating profit decreased by 6.6 percent to 738 (790) million euros, hampered in part by a write-down of deferred acquisition costs in South Korea. The value of new business decreased slightly by 1.6 percent to 325 (330) million euros. Compared to the second quarter, the value of new business increased by 55 percent. This improvement is a further result of the targeted shift away from capital intensive products. "Our product mix in the Life and Health segment continues to move in the right direction -- away from traditional and towards new products," said Dieter Wemmer. "Our improved new business margin is clear evidence that the execution of our strategy is paying off." Asset Management third party net outflows slow further In the third quarter, operating revenues of the segment Asset Management reached 1.64 (1.62) billion euros, an increase of 1.1 percent. This increase was driven by a high level of performance fees and the significantly strengthened US dollar, which more than compensated for the impact of lower average third-party assets under management. Operating profit declined 13.5 percent to 600 (694) million euros. Impacted by current and prior-period net outflows, the cost-income ratio weakened year-on-year to 63.3 (57.1) percent but strengthened when compared to the second quarter level of 67.4 percent. On September 30, 2015, total assets under management were 1,746 billion euros compared to 1,801 billion euros at the end of 2014. Third-party assets under management amounted to 1,259 billion euros, down from 1,313 billion euros at the end of 2014. In addition to the net outflows, volatile capital markets contributed to the decrease. The third quarter saw third-party net outflows in the Asset Management segment slow further and amounted to 14.8 billion euros, compared to net outflows of 47.4 billion euros in the previous year's third quarter. Net outflows at PIMCO amounted to 16.0 billion euros in the third quarter while Allianz Global Investors recorded net inflows of 1.3 billion euros. "Net outflows at PIMCO nearly halved compared to the previous quarter and have reached the lowest quarterly level since the start of net outflows in the third quarter of 2013," said Dieter Wemmer. "At Allianz Global Investors, third party net inflows continued for the eleventh consecutive quarter." Allianz Group - Key figures 3rd quarter and first 9 months of 2015 (1) 3Q 2015 3Q 2014 Total revenues [Euro bn] 27.5 28.8 Operating profit / loss [Euro mn] 2,452 2,650 Property-Casualty [Euro mn] 1,352 1,422 Life/Health [Euro mn] 738 790 Asset Management [Euro mn] 600 694 Corporate and Other[Euro mn] -246 -248 Consolidation [Euro mn] 8 -9 Income before income taxes [Euro mn] 2,159 2,319 Income taxes [Euro mn] -720 -632 Net income / loss [Euro mn] 1,440 1,687 Property-Casualty [Euro mn] 1,019 1,083 Life/Health [Euro mn] 547 530 Asset Management [Euro mn] 374 438 Corporate and Other[Euro mn] -354 -311 Consolidation [Euro mn] -146 -52 Net income [Euro mn] 1,440 1,687 attributable to non-controlling interests [Euro mn] 81 81 attributable to shareholders [Euro mn] 1,359 1,606 Basic earnings per share [Euro] 2.99 3.54 Diluted earning per share [Euro] 2.98 3.52 Ratios Property/Casualty: Combined ratio 94.1% 93.5% Life/Health: Margin on reserves [bps] 52 61 Asset Management: Cost-income ratio 63.3% 57.1% 9M 2015 9M 2014 Total revenues [Euro bn] 95.5 92.2 Operating profit / loss [Euro mn] 8,149 8,144 Property-Casualty [Euro mn] 4,382 4,257 Life/Health [Euro mn] 2,695 2,655 Asset Management [Euro mn] 1,661 2,015 Corporate and Other[Euro mn] -577 -689 Consolidation [Euro mn] -11 -94 Income before income taxes [Euro mn] 7,932 7,658 Income taxes [Euro mn] -2,444 -2,373 Net income / loss [Euro mn] 5,488 5,285 Property-Casualty [Euro mn] 3,285 2,697 Life/Health [Euro mn] 1,948 1,891 Asset Management [Euro mn] 1,033 1,263 Corporate and Other[Euro mn] -609 -429 Consolidation [Euro mn] -168 -137 Net income [Euro mn] 5,488 5,285 attributable to non-controlling interests [Euro mn] 290 283 attributable to shareholders [Euro mn] 5,198 5,002 Basic earnings per share [Euro] 11.44 11.02 Diluted earning per share [Euro] 11.43 10.95 Ratios Property/Casualty: Combined ratio 94.1% 93.6% Life/Health: Margin on reserves [bps] 64 70 Asset Management: Cost-income ratio 65.1% 57.5% 09/30/15 12/31/14 Shareholders' equity [Euro bn](2) 61.3 60.7 Conglomerate solvency ratio(3) 195% 181% Third-party assets under management [Euro bn] 1,259 1,313 1. In 4Q 2014 the French International Health business was reclassified 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, 09/30/15: EUR 2.4bn). The solvency ratio excluding off-balance sheet reserves would amount to 172% as of 12/31/14 and 187% as of 09/30/15. 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. --------------------------------------------------------------------- 06.11.2015 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 --------------------------------------------------------------------- 409505 06.11.2015

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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