Allianz SE / Quarter Results/Quarter Results
12.05.2010 07:01
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- Quarterly revenues up 10.3 percent to 30.6 billion euros
- Strong growth continues in Life/Health and Asset Management
- Natural catastrophe claims of 555 million euros impact
Property-Casualty
- Net income increases strongly to 1.6 billion euros
Allianz Group today reported its results for the first quarter of 2010.
Total quarterly revenues grew strongly by 10.3 percent to 30.6 billion
euros, from 27.7 billion euros in the first quarter of 2009.
Operating profit also increased significantly by 20.4 percent to 1.7
billion euros, compared to 1.4 billion euros in the same period of last
year. Operating profit growth in both Life/Health and Asset Management
overcompensated for a decline in the Property-Casualty result. This segment
was especially impacted by claims from natural catastrophes.
All three business segments contributed to quarterly net income of 1.6
billion euros. Net income from continuing operations in the same period of
2009 amounted to 424 million euros. This translates to a year-on-year
increase of 274.5 percent.
Allianz Group's capital position remains strong with a solvency ratio of
168 percent at March 31, 2010, or 4 percentage points higher than at
year-end 2009. Shareholders' equity amounted to 43.5 billion euros as of
March 31, 2010, which is 8.2 percent higher than the year-end 2009 figure
of 40.2 billion euros.
Property-Casualty segment affected by natural catastrophes
A combination of tariff increases, portfolio cleaning and selective
underwriting in the Property and Casualty business resulted in gross
premiums written of 14.0 billion euros. Compared to 13.9 billion euros in
the first quarter of 2009, premiums increased by 0.8 percent.
Operating profit decreased by 26.5 percent to 712 million euros, following
969 million euros in the same period of last year. This decline was largely
attributable to major losses from natural catastrophes amounting to 555
million euros during the first quarter of 2010.
These events increased the combined ratio to 100.4 percent, compared to
98.7 percent in the first quarter of 2009. Claims from natural catastrophes
made up 5.9 percentage points of the combined ratio compared to 2.1
percentage points in the first quarter of last year.
'The Property-Casualty segment was hit harder than usual by natural
catastrophes during the first quarter. It is too early to say whether
NatCat claims will revert to a normal level for the year as a whole, but we
will be watching this closely,' said Oliver Bäte, Chief Financial Officer
of Allianz SE.
Life/Health segment again performed strongly
The Life/Health segment delivered its highest quarterly revenue ever, with
15.4 billion euros. Statutory premiums grew from both traditional and
investment-oriented products. Compared to 13.0 billion euros in the
previous year's first quarter, revenues in first quarter 2010 grew by 18
percent.
Operating profit more than doubled to 812 million euros, from 402 million
euros in first quarter 2009. This was mainly due to a higher investment
result based on lower impairments and higher realized gains in favorable
equity markets.
'Our Life/Health segment is developing very well. Unit-linked products are
back after a period of caution during the crisis. On the other hand, there
is still a high demand for guaranteed products from customers with a clear
preference for downside protection,' said Oliver Bäte.
Asset Management posts third-party AuM above one trillion euros
The Asset Management segment recorded very strong quarterly revenue growth.
Net fee and commission income in the first quarter rose by 54.7 percent to
1.1 billion euros, from 709 million euros in first quarter 2009. Operating
profit grew by 120.9 percent to 466 million euros, compared to 211 million
euros in the previous year's first quarter.
Supported by strong growth in performance fees, the cost-income ratio
improved to 58.2 percent compared to 70.5 percent in first quarter 2009 and
last year's average of 62 percent.
Third-party assets under management amounted to a historic high of 1.023
trillion euros as of March 31, 2010, following 926 billion euros at the end
of 2009.
Oliver Bäte: 'Outstanding third-party net inflows of 37 billion euros and
more than one trillion euros in third-party assets under management clearly
indicate that investors are looking to quality asset managers like
Allianz.'
Allianz Group - Key figures 1st quarter 2010
1Q 2010 1Q 2009
Total revenues [Euro bn] 30.6 27.7
Operating Result [Euro mn] 1,709 1,419
Property/Casualty [Euro mn] 712 969
Life/Health [Euro mn] 812 402
Asset Management [Euro mn] 466 211
Corporate and Other[Euro mn] -251 -184
Consolidation [Euro mn] -30 21
Income from continuing operations before income taxes
[Euro mn] 1,968 445
Income taxes [Euro mn] -380 -21
Net income / loss from continuing operations [Euro mn] 1,588 424
Property/Casualty [Euro mn] 591 443
Life/Health [Euro mn] 561 326
Asset Management [Euro mn] 143 92
Corporate and Other [Euro mn] 224 -471
Consolidation [Euro mn] 69 34
Net loss from discontinued operations, net of
income taxes [Euro mn] 0 -395
Net income [Euro mn] 1,588 29
attributable to non-controlling interests 38 0
attributable to shareholders 1,550 29
Basic earnings per share [Euro] 3.44 0.06
from continuing operations [Euro] 3.44 0.94
from discontinued operations [Euro] 0.00 -0.88
Diluted earnings per share [Euro] 3.43 0.04
from continuing operations [Euro] 3.43 0.91
from discontinued operations [Euro] 0.00 -0,87
Ratios
Property/Casualty: Combined Ratio 100.4% 98.7%
Life/Health: Cost-income ratio 95.8% 97.3%
Asset Management: Cost-income ratio 58.2% 70.5%
03/31/2010 12/31/2009
Shareholders' equity* [Euro bn] 43.5 40.2
Conglomerate solvency ratio ** 168% 164%
Third-party assets under management [Euro bn] 1,023 926
* Excluding non-controlling interests
** Including off-balance sheet reserves (12/31/2009: EUR 1,993mn,
03/31/2010: EUR 1,986mn). Off-balance sheet reserves are
accepted by the authorities as available funds only upon request; Allianz
SE has not submitted an application so far. The solvency ratio excluding
off-balance sheet reserves would amount to 159% as of 03/31/2010 and 155%
as of 12/31/2009.
These assessments are, as always, subject to the disclaimer provided below.
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 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.
12.05.2010 07:01 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: 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, DE0008404054
WKN: 840400
Indices: DAX-30, EURO STOXX 50
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
Düsseldorf, München, Hannover, Stuttgart, Hamburg;
Terminbörse EUREX; Foreign Exchange(s) London, Mailand, SIX
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DGAP-News: Allianz SE: Allianz Group increases operating profit in 1Q 2010 to 1.7bn euros
| Source: EQS Group AG