Allianz enjoys strong 2015 boosted by P/C unit
Allianz Group achieved strong results in 2015 with its operating profit rising to €10.7 billion largely driven by a good fourth quarter. Its net income also increased to €6.6 billion compared with €6.2 billion a year earlier.
In its property/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.
The company also enjoyed solid growth in its property/casualty unit last year which increased its gross written premiums by 6.8 percent to €51.6 billion. It said that Allianz Worldwide Partners, Turkey and industrial insurer Allianz Global Corporate & Specialty were the main drivers of this.
In its life and health insurance segment, the strategic shift in product mix accelerated, leading to a slight reduction in revenues, while operating profit increased.
“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 ,” said Oliver Bäte, CEO of Allianz SE. “For 2015, the Board of Management will propose a dividend of €7.30 per share, an increase of 6.6 percent over 2014.”
Dieter Wemmer, CFO of Allianz SE, added: “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. 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.”
