DGAP-News: Allianz SE / Key word(s): Quarter Results
Allianz SE: Allianz starts 2015 with strong first quarter
12.05.2015 / 06:59
---------------------------------------------------------------------
* Total revenues of 37.8 billion euros
* Operating profit of 2.86 billion euros
* Net income attributable to shareholders of 1.82 billion euros
* Allianz confirms operating profit outlook for 2015 of 10.4 billion euros,
plus/minus 400 million euros
Allianz Group began 2015 with a strong first quarter. Total revenues
increased by 11.2 percent and reached 37.8 (previous year: 34.0) billion
euros. Operating profit grew 4.8 percent to 2.86 (2.72) billion euros. Net
income attributable to shareholders rose 11.0 percent to 1.82 (1.64)
billion euros.
In Property and Casualty insurance, revenues experienced excellent growth.
In the Life and Health insurance segment, operating profit surpassed 1
billion euros for the first time. Third-party assets under management
increased due to market movements and foreign currency exchange effects.
The conglomerate solvency ratio rose by 10 percentage points to 190 percent
as of March 31, 2015. Solvency II capitalization remained stable at 192
percent compared to 191 percent at the end of 2014 due to management
actions. Shareholders' equity grew over the same period by 12.6 percent to
68.4 billion euros compared to 60.7 billion euros.
"Allianz achieved very good results in the first quarter compared to last
year's already strong first quarter. While it is a promising start, the
challenge of the current low-interest rate environment remains. However, we
are well prepared for the rest of 2015," said Dieter Wemmer, Chief
Financial Officer of Allianz SE.
Property and Casualty with continued strong internal growth
Gross premiums written in Property and Casualty insurance reached 17.34
(15.22) billion euros in the first quarter of 2015, an increase of 13.9
percent year-on-year. Excluding foreign currency exchange and consolidation
effects, growth was 3.5 percent. Strong internal premium growth came
especially from Allianz Global Corporate & Specialty, Allianz Worldwide
Partners, Germany and Latin America.
Operating profit declined 13.7 percent to 1.28 (1.49) billion euros in the
first quarter of 2015. The decline in operating profit stemmed mainly from
a higher impact from natural catastrophes as well as restructuring expenses
following the sale of the private lines of Fireman's Fund.
The quarterly combined ratio increased by 2.0 percentage points to 94.6
(92.6) percent. Claims from natural catastrophes amounted to 222 million
euros, or 1.9 percentage points. In particular the storms Elon and Felix in
January as well as Niklas and Mike in March had an impact on results.
"Despite our repositioning in Russia and the United States, internal growth
was strong," said Dieter Wemmer. "Claims from natural catastrophes were
substantially higher than last year, affecting operating profit. Total
natural catastrophe and weather-related losses were roughly in line with
expectations."
Life and Health insurance with record operating profit
In Life and Health insurance, statutory premiums rose to 18.82 (17.16)
billion euros in the first quarter of 2015. This represents an increase of
9.7 percent. Excluding foreign currency exchange and consolidation effects,
internal growth was 5.3 percent.
Premium growth benefitted in particular from strong demand for unit-linked
products in Italy, Asia-Pacific and Turkey. In Italy, premiums were 1.34
billion euros higher than the previous year's first quarter, an increase of
56.4 percent.
The new business margin declined 1.0 percentage points in the first quarter
of 2015 to 1.5 (2.5) percent due to the low yield environment. The value of
new business stood at 269 (362) million euros.
Operating profit rose 25.5 percent to 1,104 (880) million euros in the
first three months of 2015. The increase in operating profit was mainly
driven by the investment result that benefitted from realized gains after a
strong market appreciation.
"The results of the first quarter reflect a continued diversification of
our life products," said Dieter Wemmer. "Strong results in both core
markets and growth markets show that our new products are met with high
demand. The continued challenge of the low-interest rate environment,
however, is affecting the value of our new business. We will continue to
adjust our product strategies."
Asset Management: Total assets under management at 1,933 billion euros
Operating revenues in Asset Management in the first quarter of 2015
increased 3.7 percent to 1.57 (1.52) billion euros. Operating profit
reached 555 (646) million euros for the quarter, a decline of 14.0 percent.
Total assets under management rose 7.3 percent to 1,933 billion euros at
the end of the first quarter of 2015 from 1,801 billion euros at the end of
2014. Over the same period, third-party assets under management grew 7.2
percent to 1,408 billion euros from 1,313 billion euros.
The development in assets under management was driven by market value
increases and beneficial currency effects, which more than outweighed
third-party net outflows of 62.1 billion euros in the first quarter of
2015. Net outflows at PIMCO declined month to month and reached in total
68.3 billion euros in the first quarter. AllianzGI had third-party net
inflows over the same period of 6.2 billion euros, the highest quarterly
level since the implementation of the new structure in 2012.
"With the slowing of outflows from PIMCO along with PIMCO's excellent
three-year investment performance and the ninth consecutive quarter of
third-party net inflows at AllianzGI, we are positive about the further
development of our Asset Management segment," said Dieter Wemmer. "Given
the solid performance of our three business segments, we confirm our
operating profit outlook for the full year of 10.4 billion euros,
plus/minus 0.4 billion euros."
Allianz Group - Key figures 1st quarter 2015 (1)
1Q 2015 1Q 2014
Total revenues [Euro bn] 37.8 34.0
Operating profit / loss [Euro mn] 2,855 2,723
Property-Casualty [Euro mn] 1,285 1,489
Life/Health [Euro mn] 1,104 880
Asset Management [Euro mn] 555 646
Corporate and Other[Euro mn] -101 -222
Consolidation [Euro mn] 13 -69
Income before income taxes [Euro mn] 2,794 2,607
Income taxes [Euro mn] -858 -867
Net income / loss [Euro mn] 1,937 1,740
Property-Casualty [Euro mn] 922 645
Life/Health [Euro mn] 739 629
Asset Management [Euro mn] 329 406
Corporate and Other[Euro mn] -49 131
Consolidation [Euro mn] -4 -71
Net income [Euro mn] 1,937 1,740
attributable to non-controlling interests [Euro mn] 115 100
attributable to shareholders [Euro mn] 1,822 1,640
Basic earnings per share [Euro] 4.01 3.62
Diluted earning per share [Euro] 4.00 3.55
Ratios
Property/Casualty: Combined ratio 94.6% 92.6%
Life/Health: Margin on reserves 77 73
Asset Management: Cost-income ratio 64.7% 57.4%
03/31/15 12/31/14
Shareholders' equity [Euro bn](2) 68.4 60.7
Conglomerate solvency ratio(3)(4) 190% 181%
Third-party assets under management [Euro bn] 1,408 1,313
(1) In 4Q 2014 the French International Health business was transferred
from L/H France to Allianz Worldwide Partners (P/C) effective 01/01/14.
(2) Excluding non-controlling interests
(3) Conglomerate solvency ratios as of 12/31/14 and 03/31/15 were
adjusted for an upcoming redemption of hybrid capital of EUR 0.4bn
in June 2015,for which a call notice was published in April 2015.
Excluding this adjustment, the conglomerate solvency ratio would be
182% for 12/31/14 and 192% for 03/31/15.
(4) Including off-balance sheet reserves (12/31/14: EUR 2.3bn,
03/31/15: EUR 2.4bn). The solvency ratio excluding off-balance sheet
reserves and adjusted for an upcoming redemption of hybrid capital
would amount to 172% as of 12/31/14 and 182% as of 03/31/15.
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
The statements contained herein may include prospects, 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. Actual results, performance or events may differ
materially from those expressed or implied in such forward-looking
statements.
Such deviations may arise due to, without limitation, (i) changes of the
general economic conditions and competitive situation, particularly in the
Allianz Group's core business and core markets, (ii) performance of
financial markets (particularly market volatility, liquidity and credit
events), (iii) frequency and severity of insured loss events, including
from natural catastrophes, and the development of loss expenses, (iv)
mortality and morbidity levels and trends, (v) persistency levels, (vi)
particularly in the banking business, the extent of credit defaults, (vii)
interest rate levels, (viii) currency exchange rates including the
euro/US-dollar exchange rate, (ix) changes in laws and regulations,
including tax regulations, (x) the impact of acquisitions, including
related integration issues, and reorganization measures, and (xi) 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.
No duty to update
The company assumes no obligation to update any information or
forward-looking statement contained herein, save for any information
required to be disclosed by law.
---------------------------------------------------------------------
12.05.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Allianz SE
Königinstr. 28
80802 München
Germany
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: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime
Standard), Hamburg, Hanover, Munich, Stuttgart;
Terminbörse EUREX
End of News DGAP News-Service
---------------------------------------------------------------------
355899 12.05.2015
DGAP-News: Allianz SE: Allianz starts 2015 with strong first quarter
| Source: EQS Group AG