Allianz has released its latest results

Insurance giant Allianz has released its latest results – and, while some key numbers are down compared to 2021, group boss Oliver Bäte sees a profitable second quarter as a sign of financial success.

Here’s how the world’s insurance industry fared in the three and six months ended June 30:

Results

Q2 2022

Q2 2021

H1 2022

H1 2021

Profitability – property & casualty

€1.6 billion

€1.4 billion

€3 billion

€2.9 billion

The benefits of working – life and health

€1.1 billion

€1.3 billion

€2.3 billion

€2.5 billion

Profitability – asset management

€771 million

€825 million

€1.6 billion

€1.57 billion

The benefit of the job

€3.5 billion

€3.3 billion

€6.7 billion

€6.66 billion

All expenses paid by the owners

€1.7 billion

€2.2 billion

€2.3 billion

€4.8 billion

Calling the cover on the numbers, Allianz said: “Operating profit rose 5.3% to €3.5 billion, driven by better underwriting and investment in the casualty division. Growth was slightly moderated by the life/health business segment, reflecting market volatility and declines for purchases in Germany and the United States.

“Lower profits from the wealth management business segment following poor stock market performance and investor caution were also a challenge.”

Meanwhile, according to Allianz, the economic downturn led to lower taxes and an increase in operating profit, which led to a decrease in the group’s net income due to shareholders.

Bäte said: “Allianz delivered another solid financial year, driven by the strong growth in our freight forwarding business. Our operating income and liquidity ratios have been resilient against strong volatility and an unfavorable economic environment.

“We are ready to face the challenges of inflation and the economic problems that are evident especially in Europe. Allianz will continue to focus our best on sustainability and growth for the benefit of our customers and shareholders.”