DGAP-News: Allianz SE / Key word(s): Half Year Results/Quarter Results 
Allianz SE: Allianz stays well on course in second quarter 2021 
2021-08-06 / 06:59 
The issuer is solely responsible for the content of this announcement. 
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- Total revenue growth of 10.9 percent in 2Q 2021 
- 2Q 2021 operating profit of 3.3 billion euros 
- 2Q 2021 net income attributable to shareholders up 45.7 percent to 2.2 billion euros 
- 6M 2021 operating profit of 6.7 billion euros reaches 55 percent of full-year outlook midpoint 
- 6M 2021 net income attributable to shareholders increased 63.7 percent to 4.8 billion euros 
- Solvency II capitalization ratio of 206 percent^[1] 
- 2021 operating profit outlook now expected to be in the upper half of the target range of 12?billion euros, plus or 
minus 1?billion euros^[2] 
 
Management Summary: A strong quarter for all business segments 
Allianz Group has followed up its excellent start into 2021 with another strong performance in the second quarter of 
the year. With its diversified business portfolio, the Group benefited from the global economic recovery with strong 
growth in total revenues and operating profit; net income attributable to shareholders also improved compared to the 
second quarter of the previous year. All three business segments showed healthy growth. Our Property-Casualty insurance 
proved its resilience while coping with substantial natural catastrophes. High demand for our Life/Health insurance 
products resulted in dynamic revenue growth, and our Asset Management business continued to grow and reached a new 
historic high in assets under management. 
Internal revenue growth, which adjusts for currency and consolidation effects, amounted to 12.6 percent in the second 
quarter of 2021, mostly driven by our Life/Health business segment. Total revenues increased 10.9 percent to 34.3 (2Q 
2020: 30.9) billion euros. Operating profit increased 29.4 percent to 3.3 (2.6) billion euros due to strong operating 
profit growth from all our business segments. The Property-Casualty business segment operating profit grew due to an 
increased underwriting result, which benefited from a higher contribution from run-off, partly offset by higher claims 
from natural catastrophes. In addition, the prior year was negatively impacted by COVID-19. All regions contributed to 
the increase in operating profit in the Life/Health business segment with the United States being the main driver. In 
the Asset Management business segment, operating profit increased mostly due to higher assets under management driven 
revenues and an improved cost-income ratio. Net income attributable to shareholders increased 45.7 percent to 2.2 (1.5) 
billion euros in the second quarter of 2021 due to the increase in operating profit, an improved non-operating result, 
and a lower effective tax rate. 
Basic Earnings per Share (EPS) increased 62.3 percent to 11.47 (7.07) euros in the first half-year of 2021. Annualized 
Return on Equity (RoE) amounted to 15.6 percent (full year 2020: 11.4 percent). The Solvency II capitalization ratio 
was at 206 percent at the end of the second quarter of 2021^[3], compared to 210 percent at the end of the first 
quarter 2021. 
In the first half-year of 2021, operating profit grew by 36.7 percent to 6.7 (4.9) billion euros, driven by all 
business segments. Property-Casualty recorded a higher underwriting result while an improved investment margin led to 
an increase in our Life/Health business operating profit. Operating profit from our Asset Management business grew due 
to higher operating revenues and was supported by cost discipline. The increase in net income attributable to 
shareholders was driven by the operating profit growth as well as a higher non-operating investment result. 
"Allianz had a very good half-year and achieved double-digit growth in operating profit. Our products and solutions 
have seen healthy demand," said Oliver Bäte, Chief Executive Officer of Allianz SE. "During these past weeks, which 
have been marked by heavy natural catastrophes in Europe, I have been proud to witness the solidarity and outstanding 
engagement of so many Allianz representatives." 
"The second quarter once again underscores Allianz' strong underlying performance, which was reflected in all key 
financial figures. I'm pleased that all our businesses are delivering very good results and that we're growing 
profitably," said Giulio Terzariol, Chief Financial Officer of Allianz SE. "On this basis, we are confident about the 
second half of 2021 and expect now an operating profit in the upper half of our target range." 
 
Property-Casualty insurance: Strong operating profit 
- Total revenues increased by 3.4 percent to 13.9 (13.5) billion euros in the second quarter of 2021. Adjusted for 
foreign currency translation and consolidation effects, internal growth totaled 3.6 percent, mainly driven by a 
positive price effect of 1.6 percent and a positive volume effect of 1.5 percent. The highest price increase was 
recorded by AGCS while Allianz Partners, Italy, and Central & Eastern Europe were the main volume growth drivers. 
- Operating profit rose strongly by 18.8 percent to 1.4 (1.1) billion euros in the second quarter of 2021 compared to 
the prior-year period. Higher claims from natural catastrophes were largely compensated by a better run-off result. The 
underwriting result increased significantly also due to the absence of COVID-19 related losses compared to the 
prior-year period. In addition, the operating investment income grew slightly. 
- The combined ratio improved by 1.6 percentage points to 93.9 (95.5) percent in the second quarter of 2021. 
"I am pleased by the continuous focus on underwriting discipline and productivity in our Property-Casualty business 
segment. Our balance sheet is strong and we are a reliable partner for our customers," said Giulio Terzariol. "While we 
witnessed in the second quarter a high level of natural catastrophes which continues in the third quarter, I am 
confident in a healthy operating profit contribution of the Property-Casualty business segment to the Group results." 
In the first half-year of 2021, total revenues reached 33.6 (33.8) billion euros. Adjusted for foreign currency 
translation and consolidation effects, internal growth totaled 0.5 percent, mostly driven by Asia-Pacific, Turkey, and 
Australia. Despite a rise in losses from natural catastrophes, the operating profit increased considerably by 32.0 
percent to 2.9 (2.2) billion euros compared to the same period of the prior year. This was caused by a significantly 
higher underwriting result, which was mostly due to the absence of COVID-19 related losses. Overall, the combined ratio 
for the first half-year improved by 3.2 percentage points to 93.4 (96.7) percent. 
 
Life/Health insurance: Healthy sales and strong value creation 
- PVNBP^[4], the present value of new business premiums, increased to 19.7 (11.5) billion euros in the second quarter 
of 2021. This was largely attributable to higher sales of unit-linked products and a back-book renegotiation impact in 
Italy, and to an ongoing product transfer in France. We saw an overall recovery compared to the second quarter of 2020 
which was burdened by COVID-19 impacts. 
- The new business margin (NBM) increased to 3.2 (3.1) percent in the second quarter of 2021 due to an improved 
business mix mainly driven by the United States and the Asia-Pacific region. The value of new business (VNB) grew 
significantly to 633 (357) million euros in the second quarter of 2021. 
- Operating profit increased to 1.3 (1.0) billion euros in the second quarter of 2021, predominantly driven by our 
business in the United States which led to an improved investment margin. Loadings and fees also increased as we 
recorded higher unit-linked management fees in Italy and benefited from an increased reserve base in Germany. 
"Our Life/Health insurance business is performing very well. Sales have been dynamic and I see a strong recovery across 
all our major markets," said Giulio Terzariol. "The value of new business is outstanding and we continue to manage 
actively our in-force business which is the basis for the sustainable operating profitability of the Life/Health 
insurance segment." 
In the first half-year of 2021, the PVNBP increased to 39.2 (29.6) billion euros driven by a recovery in sales. 
Operating profit grew to 2.5 (1.8) billion euros largely due to an improved investment margin. The new business margin 
increased to 3.0 (2.9) percent, driving the value of new business to 1.2 (0.9) billion euros. 
 
Asset Management: Operating profit up 29 percent 
- Third-party assets under management (AuM) increased by 56 billion euros to 1,830 billion euros in the second quarter 
of 2021, compared to the end of the first quarter of 2021. This development was driven by positive market effects of 
41.8 billion euros and net inflows of 25.9 billion euros. Unfavorable foreign currency translation effects of 12.7 
billion euros had an offsetting impact. 
- Total assets under management increased to 2,488 billion euros in the second quarter of 2021, a development in line 
with the third-party assets under management. Growth has been driven by all regions and by all asset classes. 
- Operating profit increased by 29 percent to 825 (640) million euros in the second quarter of 2021 compared to the 
prior-year period as revenues grew. Key drivers for this growth were higher average third-party AuM and increased 
performance fees, further supported by the integration of Allianz Real Estate. Adjusted for foreign currency 
translation effects, operating profit increased by 38.3 percent. The cost-income ratio (CIR) improved by 4.1 percentage 
points to 58.7 percent in the second quarter of 2021 compared to the second quarter of 2020. 
"I am pleased that our Asset Management business segment continues to deliver very strong results with one of the best

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August 06, 2021 00:59 ET (04:59 GMT)