Allianz ups 2024 outlook as life and health arm impresses

Allianz raised its annual forecast on Wednesday after reporting third-quarter profit growth, citing its "successful" handling of recent natural catastrophes.

Allianz ups 2024 outlook as life and health arm impresses

The Munich-based insurer reported a 23% year-on-year increase in net income for the third quarter of 2024, rising to €2.61 billion from €2.13 billion. Total business volume grew 17%, reaching €42.8 billion, up from €36.5 billion, with the Life/Health division leading the way, posting a 28% increase to €22.4 billion. The Property/Casualty segment saw an 8% rise, reaching €18.6 billion. Operating profit also increased by 14% year-on-year, rising to €3.94 billion from €3.47 billion.

CEO hails good results

"Allianz has continued its strong performance in the third quarter, achieving significant growth in business volume, operating profit, and net income, while strengthening our financial position," said CEO Oliver Bate. "Natural catastrophes have once again tested Allianz's financial and operational resilience, challenges we have successfully overcome, which gives us the confidence to now expect operating profit at the upper end of our target range. These events deeply impacted many of our customers but also gave us the chance to showcase our purpose and the security of being insured by Allianz."

Life and Health arms boost performance

The Life/Health division's performance was described as "excellent" by Allianz CFO Claire-Marie Coste-Lepoutre. While Property/Casualty benefited from fewer natural catastrophes this year, she noted that they remained "at an elevated level." Allianz now expects its 2024 operating profit to fall at the top end of its target range of €13.8 billion to €15.8 billion, compared to €14.75 billion in 2023.