Allianz SE / Quarter Results
13.05.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Allianz Group in the first quarter of 2009:
Operating profit of 1.4 billion euros achieved
* Quarterly revenues increased to 27.7 billion euros
* First signs of recovery in Life business
* Net income from continued operations of 0.4 billion euros
* Strong solvency ratio of 159 percent
Allianz Group showed a robust performance in a continuing challenging
market environment during the first quarter of 2009. Total quarterly
revenues increased to 27.7 billion euros, from 27.0 billion euros in the
first quarter of 2008. Operating profit of 1.4 billion euros was down by
0.8 billion euros compared to the first quarter of 2008, but up by 0.5
billion euros compared to fourth quarter 2008. All three business segments
contributed positive operating results.
Following the sale of Dresdner Bank, Allianz's Asset Management,
Alternative Investment Management, and continued Banking operations are now
reported in the new Financial Services segment.
Total net income for the first quarter of 2009 was 29 million euros,
compared to 1.15 billion euros in the first quarter of 2008. Net income
from continued operations stood at 0.4 billion euros, including
non-operating items of minus 1.0 billion euros. The net loss from
discontinued operations amounted to 0.4 billion euros, reflecting the
previously announced final impact from the sale of Dresdner Bank.
Allianz Group's capital position remains strong, with a solvency ratio of
159 percent at March 31, 2009. Shareholders' equity was at 33.0 billion
euros as of March 31, 2009, and came in only slightly below the year-end
2008 figure of 33.7 billion euros.
'Allianz continues to cope successfully with the impact of the ongoing
financial markets crisis on our business. We are strongly capitalized, our
investment portfolio is of high quality and liquid, and our operating
profitability proves resilient,' said Helmut Perlet, CFO of Allianz SE.
Property and Casualty insurance
In the Property and Casualty insurance business, gross premiums written
increased to 13.9 billion euros in the first quarter of 2009, compared to
13.7 billion euros in the same quarter of last year. Operating profit
amounted to 1.0 billion euros, compared to 1.5 billion euros in the first
quarter of 2008. The decline was largely attributable to a lower
underwriting result. In addition, in the first quarter of 2008, Allianz
benefitted from a one-off effect of 238 million euros from the sale of
own-use real estate in Germany. The combined ratio increased to 98.5
percent, compared to 94.8 percent in first quarter 2008.
'Our accident year loss ratio has been rising, but the trend continues to
stay below claims inflation. Underwriting discipline remains important, as
well as our efficiency programs which continue to focus on consistent
claims management. We also see renewal prices starting to rise after almost
three years of soft markets,' said Helmut Perlet.
Life and Health insurance
The Life and Health insurance business saw first signs of recovery during
the first quarter. Revenues improved strongly, based on greater demand for
more traditional-style products and recovering sales through bancassurance
partners. Statutory premium income grew to 13.0 billion euros in first
quarter 2009, from 12.3 billion euros in first quarter 2008. Operating
profit amounted to 0.4 billion euros, compared to 0.6 billion euros in the
first quarter of 2008 and to an operating loss of 0.3 billion euros in
fourth quarter 2008.
'In Life insurance, demand continued to shift to participating products
with minimum guarantees. Operating profit of 400 million euros and top-line
growth indicate first signs of recovery in the Life business,' said Helmut
Perlet.
Financial Services
In Financial Services, revenues for the first quarter amounted to 860
million euros, compared to 916 million in the first quarter of 2008.
Operating profit stood at 198 million euros, compared to 255 million euros
in the previous year's first quarter.
In Asset Management, net inflows and operating profit from the fixed income
business were strong, while the remaining business was negatively impacted
by the market development. Third-party assets under management amounted to
766 billion euros as of March 31, 2009, after 703 billion euros at the end
of 2008.
Helmut Perlet: 'Our Asset Management business continues to cope with
challenging market conditions and performed quite well in the first
quarter.'
Munich, May 13, 2009
Allianz offers journalists the opportunity to participate in a telephone
conference to further explain the first quarter 2009 figures on May 13,
2009 at 09:30 am (CET) with Helmut Perlet, board member of Allianz SE.
Dial-in number for the German line: +49 (0) 69-2222 2244, password Allianz.
Dial-in number for simultaneous English translation: +44 (0)20 7138 0841,
password Allianz. The telephone conference will be recorded and can be
accessed on www.allianz.com. The full interim report for the first quarter
of 2009 and the presentation by Helmut Perlet will be published on May 13,
2009 at 07:30 am (CET) on www.allianz.com.
For further information please contact:
Christian Kroos Tel. +49.89.3800-5043
Michael Matern Tel. +49.89.3800-2960
Petra Krüll Tel. +49.89.3800-2628
Eduard Stipic Tel. +49.89.3800-5665
These assessments are, as always, subject to the disclaimer provided below.
About Allianz
Allianz SE is member of Transparency International and supports the
Principles of the United Nations Global Compact and the OECD Guidelines for
Multinationals through its Code of Conduct.
Allianz SE is one of the leaders of the insurance sector in the Dow Jones
Sustainability Index, listed in FTSE4GOOD and in the Carbon Disclosure
Leadership Index (Carbon Disclosure Project, CDP6).
1Q 2009 1Q 2008
Total revenues [Euro bn] 27.7 27.0
Operating Result [Euro mn] 1,424 2,208
Property/Casualty [Euro mn] 970 1,479
Life/Health [Euro mn] 402 589
Financial Services [Euro mn] 198 255
Corporate [Euro mn] -172 -118
Consolidation [Euro mn] 26 3
Income / loss before income taxes & minority interests
[Euro mn] 445 2,018
Income taxes [Euro mn] -21 -572
Minority interests in earnings [Euro mn] 0 -66
Net income / loss from continuing operations [Euro mn] 424 1,380
Property/Casualty [Euro mn] 431 1,057
Life/Health [Euro mn] 321 452
Financial Services [Euro mn] 72 66
Corporate [Euro mn] -435 -111
Consolidation [Euro mn] 35 -84
Net income / loss from discontinued operations
[Euro mn] -395 -232
Net income / loss [Euro mn] 29 1,148
Basic earnings per share [Euro] 0.06 2.55
from continuing operations [Euro] 0.94 3.07
from discontinued operations [Euro] -0.88 -0.52
Diluted earnings per share [Euro]0.04 2.48
from continuing operations [Euro] 0.91 2.99
from discontinued operations [Euro] -0.87 -0.51
Ratios
Property/Casualty: Combined Ratio 98.5% 94.8%
Life/Health: Cost-income Ratio 97.3% 96.1%
Financial Services: Cost-Income Ratio 76.2% 71.4%
03/31/2009 12/31/2008
Shareholders' equity* [Euro bn] 33.0 33.7
Conglomerate solvency ratio 159% 161%**
Third-party assets under management [Euro bn] 766.0 703.5
* Excluding minority interests
** Pro forma after sale of Dresdner Bank
Cautionary Note Regarding Forward-Looking Statements
The statements contained herein may include 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 that could cause actual results, performance or
events to differ materially from those expressed or implied in such
statements. In addition to statements which are forward-looking by reason
of context, the words 'may', 'will', 'should', 'expects', 'plans',
'intends', 'anticipates', 'believes', 'estimates', 'predicts', 'potential',
or 'continue' and similar expressions identify forward-looking statements.
Actual results, performance or events may differ materially from those in
such statements due to, without limitation, (i) general economic
conditions, including in particular economic conditions in the Allianz
Group's core business and core markets, (ii) performance of financial
markets, including emerging markets, and including market volatility,
liquidity and credit events (iii) the frequency and severity of insured
loss events, including from natural catastrophes and including the
development of loss expenses, (iv) mortality and morbidity levels and
trends, (v) persistency levels, (vi) the extent of credit defaults, (vii)
interest rate levels, (viii) currency exchange rates including the
Euro/U.S. Dollar exchange rate, (ix) changing levels of competition, (x)
changes in laws and regulations, including monetary convergence and the
European Monetary Union, (xi) changes in the policies of central banks
and/or foreign governments, (xii) the impact of acquisitions, including
related integration issues, (xiii) reorganization measures, and (xiv)
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. The matters discussed herein may also be affected by risks
and uncertainties described from time to time in Allianz SE's filings with
the U.S. Securities and Exchange Commission. The company assumes no
obligation to update any forward-looking statement.
No duty to update
The company assumes no obligation to update any information contained
herein.
DGAP 13.05.2009
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Language: English
Issuer: Allianz SE
Königinstr. 28
80802 München
Deutschland
Phone: +49 (0)89 38 00 - 41 24
Fax: +49 (0)89 38 00 - 38 99
E-mail: investor.relations@allianz.com
Internet: www.allianz.com
ISIN: DE0008404005
WKN: 840400
Indices: DAX-30, EURO STOXX 50
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
Hannover, Düsseldorf, Stuttgart, München, Hamburg;
Terminbörse EUREX; Foreign Exchange(s) London, NYSE, SWX
End of News DGAP News-Service
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DGAP-News: Allianz SE: Allianz Group in the first quarter of 2009:
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