ALLIANZ SE
operating profit quarters in its history," said Giulio Terzariol. "Our focus continues to be on investment
outperformance, net inflows and productivity."
In the first half-year of 2021, operating revenues grew by 9.8 percent to 3.8 billion euros, as a result of higher
AuM-driven revenues and also higher performance fees. Our cost-income ratio improved to 59.0 (62.2) percent. Operating
profit rose by 19.2 percent to 1,572 (1,319) million euros. Adjusted for foreign currency translation effects,
operating profit increased by 27.8 percent. High net inflows, positive foreign currency translation effects as well as
favorable market effects resulted in third-party assets under management of 1,830 billion euros - an increase of 118
billion euros or 6.9 percent, compared to year-end 2020.
^[1] Excluding the application of transitional measures for technical provisions.
^[2] As always, natural catastrophes and adverse developments in the capital markets, as well as factors stated in our
cautionary note regarding forward-looking statements may severely affect the operating profit and/or net income of our
operations and the results of the Allianz Group.
^[3] Including the application of transitional measures for technical provisions, the Solvency II capitalization ratio
amounted to 236
percent at the end of the second quarter of 2021 (241 percent at the end of the first quarter of 2021).
^[4] PVNBP is shown after non-controlling interests, unless otherwise stated.
Allianz Group - key figures 2nd quarter
and first half year 2021
2Q 21 2Q 20 Delta 6M 21 6M 20 Delta
Total revenues EUR bn 34.3 30.9 10.9% 75.7 73.5 3.1%
- Property-Casualty^1 EUR bn 13.9 13.5 3.4% 33.6 33.8 -0.5%
- Life/Health EUR bn 18.5 15.8 16.8% 38.5 36.4 6.0%
- Asset Management EUR bn 2.0 1.7 16.2% 3.8 3.5 9.8%
- Corporate and Other EUR bn 0.1 0.1 27.2% 0.1 0.1 18.0%
- Consolidation EUR bn -0.2 -0.1 50.3% -0.4 -0.3 45.3%
Operating profit / loss EUR mn 3,319 2,565 29.4% 6,655 4,869 36.7%
- Property-Casualty EUR mn 1,358 1,143 18.8% 2,871 2,175 32.0%
- Life/Health EUR mn 1,283 991 29.5% 2,495 1,810 37.9%
- Asset Management EUR mn 825 640 29.0% 1,572 1,319 19.2%
- Corporate and Other EUR mn -143 -204 -29.8% -278 -432 -35.5%
- Consolidation EUR mn -5 -5 -11.0% -6 -3 73.7%
Net income EUR mn 2,355 1,618 45.6% 5,040 3,101 62.5%
- attributable to non-controlling interests EUR mn 129 90 43.3% 249 174 43.0%
- attributable to shareholders EUR mn 2,225 1,528 45.7% 4,791 2,927 63.7%
Basic earnings per share EUR 5.25 3.71 41.5% 11.47 7.07 62.3%
Diluted earnings per share EUR 5.22 3.68 41.8% 11.42 6.94 64.5%
Additional KPIs
- Group Return on % 13.8% 11.4% 2.4%p 15.6% 11.4% 4.2%p
equity^2. 3
- Property-Casualty Combined ratio % 93.9% 95.5% -1.6%p 93.4% 96.7% -3.2%p
- Life/Health New business % 3.2% 3.1% 0.1%p 3.0% 2.9% 0.2%p
margin
- Life/Health Value of new EUR mn 633 357 77.1% 1,190 851 39.9%
business
- Asset Management Cost-income % 58.7% 62.8% -4.1%p 59.0% 62.2% -3.2%p
ratio
06/30/21 12/31/20 Delta
Shareholders' equity^3 EUR bn 77.7 80.8 -3.9%
Solvency II capitalization % 206% 207% -1%
ratio^4
Third-party assets EUR bn 1,830 1,712 6.9%
under management
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 gross premiums written and fee and commission income.
^2 Represents the annualized ratio of net income attributable to shareholders to the average shareholders'
equity at the beginning of the period and at the end of the period. The net income attributable to
shareholders is adjusted for net financial charges and currency translation effects related to undated
subordinated bonds classified as shareholders' equity. From the average shareholders' equity undated
subordinated bonds classified as shareholders' equity and unrealized gains/losses on bonds net of
shadow accounting are excluded. Annualized figures are not a forecast for full year numbers. For 2Q
2020 and 6M 2020, the return on equity for the respective full year is shown.
^3 Excluding non-controlling interests.
^4 Risk capital figures are group diversified at 99.5% confidence level. Including the application of
transitional measures for technical provisions, the Solvency II capitalization ratio is 236% as of 30
June 2021. Munich, August 6, 2021
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's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) 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
Allianz 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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Language: English
Company: Allianz SE
Koeniginstr. 28
80802 Munich
Germany
Phone: +49 (0)89 38 00 - 7555
E-mail: investor.relations@allianz.com
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: 1224470
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August 06, 2021 00:59 ET (04:59 GMT)
