DGAP-News: Allianz SE: Allianz with third consecutive strong quarter
(firmenpresse) - DGAP-News: Allianz SE / Key word(s): Quarter Results
Allianz SE: Allianz with third consecutive strong quarter
09.11.2012 / 06:59
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*Revenues increase in the third quarter by 4.7 percent to 25.2 billion
euros
*Operating profit grows by one third to 2.5 billion euros
*Quarterly net income of 1.4 billion euros at high level
*Solvency ratio further improves to 190 percent
*Allianz expects 2012 operating profit to exceed 9 billion euros
In the third quarter of 2012, Allianz continued its momentum from the first
half of the year. As in the first two quarters, revenues, operating profit
and net income increased compared to the respective quarter in 2011.
Total revenues for the third quarter of 2012 grew to 25.2 billion euros
from 24.1 billion euros in 2011, an increase of 4.7 percent. Quarterly
operating profit rose 32.8 percent to 2.5 billion euros from 1.9 billion
euros in the third quarter of 2011. All three business segments saw
improvements.
Net income reached 1.4 billion euros for the third quarter of 2012,
compared to 258 million euros in the third quarter of 2011. In the previous
year, impairments on financial sector investments and Greek sovereign bonds
had heavily impacted net income.
The conglomerate solvency ratio as of September 30, 2012 was 190 percent,
an increase of 4 percentage points from 186 percent as of June 30, 2012.
Shareholders' equity over the same period grew 8.1 percent to 51.915
billion euros from 48.013 billion euros.
Following the strong operating performance, Allianz expects the 2012 full
year operating profit to exceed 9 billion euros, assuming no adverse
developments during the remainder of the year (1). Net income development
will continue to be influenced by balance sheet strengthening including
investment de-risking and restructuring activities.
'The third quarter contributed significantly to our very strong nine-month
results,' said Michael Diekmann, CEO of Allianz SE. 'Especially in
challenging times, customers are looking for reliability in insurance and
investments.'
Revenues in Property and Casualty insurance continue to grow
The Property and Casualty insurance business maintained its solid operating
performance. In the third quarter of 2012, gross written premiums grew by
5.2 percent to 11.4 billion euros from 10.8 billion euros for the same
period in 2011.
Operating profit in the third quarter of 2012 increased 4.3 percent to 1.2
billion euros from 1.1 billion euros the previous year. The combined ratio
for the third quarter of this year improved 1.3 percentage points to 96.3
percent from 97.6 percent in the third quarter of 2011. Lower claims from
natural catastrophes contributed to this development, impacting the loss
ratio by 0.8 percentage points in the third quarter of this year compared
to 4.0 percentage points for the same period in 2011. The run-off ratio for
the third quarter of 2012 was 1.5 percent.
'Our Property and Casualty insurance business has benefited from positive
pricing effects and lower claims from natural catastrophes, so our focus
will remain on securing profitable growth,' said Oliver Bäte, Chief
Financial Officer of Allianz SE.
Life and Health insurance remains on track
Statutory premiums in Life and Health insurance for the third quarter of
2012 were 11.9 billion euros, 0.9 percent higher than the previous year's
figure of 11.8 billion euros. In particular, markets such as the
Asia-Pacific region, France, Spain and Switzerland recorded strong revenue
growth.
In the third quarter of 2012 statutory premiums for traditional life
insurance products increased to 5.9 billion euros from 5.6 billion euros in
the third quarter the year before. Revenues in investment-oriented products
followed the current trend in major markets, declining to 6.0 billion
euros. For the same period in 2011, the figure was 6.2 billion euros.
Operating profit in the third quarter of 2012 was 822 million euros,
compared to 520 million euros in the previous year. This increase of 58.1
percent stems mainly from an improved investment result after high
impairments in 2011.
The average asset base for the segment increased by 9.0 percent in the
third quarter of 2012 to 386.8 billion euros from 354.9 billion euros in
the third quarter the year before. The value of new business was 149
million euros, compared to 235 million euros for the third quarter of 2011,
reflecting the impact of the low interest rate environment.
'In today's ongoing challenging environment for the Life and Health
insurance segment, we are focused on the quality of our portfolio,' said
Oliver Bäte. 'Customers are looking for a strong partner like Allianz. Our
asset base continues to grow, and our operating profit is also on a very
good track.'
Asset Management continues to achieve excellent results
In the Asset Management business, net fee and commission income reached 1.8
billion euros in the third quarter of 2012, 36.4 percent above the previous
year's value of 1.3 billion euros. This increase reflects higher assets
under management, higher performance fees and positive foreign currency
exchange effects.
Total assets under management grew 14.8 percent to a record 1.8 trillion
euros at the end of the third quarter of 2012 from 1.6 trillion euros as of
the end of September 2011. Third-party assets rose over the same period to
1.4 trillion euros from 1.2 trillion euros.
Operating profit for Asset Management grew by 58.1 percent in the third
quarter of 2012 to 849 million euros, compared to 537 million euros for the
third quarter of the previous year. The increase was 40.9 percent adjusted
for foreign currency and consolidation effects. The cost-income ratio
improved by 5.5 percentage points to 54.0 percent from 59.5 percent in the
third quarter of 2011.
Oliver Bäte: 'This positive result reflects PIMCO's continued success. In
addition to strong results in the US business, PIMCO is growing strongly
globally. With another outstanding quarter, the Asset Management business
has again made an important contribution to the stability and profitability
of Allianz.'
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(1) This outlook considers preliminary estimates regarding the impacts of
hurricane 'Sandy' as per November 8, 2012. As common with such large
catastrophes, comprehensive and reliable loss estimates from all affected
clients across various business segments and operating entities can only be
made weeks or even months after the event. Furthermore, as always, other
natural catastrophes, adverse developments in the capital markets as well
as subsequent events and factors stated in the 'Cautionary Note Regarding
Forward-Looking Statements', may also affect the results of operations.
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Allianz Group - Key figures 3rd quarter and first 9 months of 2012
3Q 2012 3Q 2011
Total revenues [Euro bn] 25.2 24.1
Operating profit / loss [Euro mn] 2,532 1,906
Property-Casualty [Euro mn] 1,159 1,111
Life/Health [Euro mn] 822 520
Asset Management [Euro mn] 849 537
Corporate and Other[Euro mn] -272 -233
Consolidation [Euro mn] -26 -29
Income before income taxes [Euro mn] 2,181 644Income taxes [Euro mn] -744 -386
Net income / loss [Euro mn] 1,437 258
Property-Casualty [Euro mn] 814 513
Life/Health [Euro mn] 540 235
Asset Management [Euro mn] 521 333
Corporate and Other[Euro mn] -445 -832
Consolidation [Euro mn] 7 9
Net income [Euro mn] 1,437 258
attributable to non-controlling interests [Euro mn] 93 62
attributable to shareholders [Euro mn] 1,344 196
Basic earnings per share [Euro] 2.97 0.43
Diluted earning per share [Euro] 2.94 0.34
Ratios
Property/Casualty: Combined ratio 96.3% 97.6%
Life/Health: Margin on reserves [bps](1) 74 50
Asset Management: Cost-income ratio 54.0% 59.5%
9M 2012 9M 2011
Total revenues [Euro bn] 80.5 78.5
Operating profit / loss [Euro mn] 7,226 5,866
Property-Casualty [Euro mn] 3,460 3,103
Life/Health [Euro mn] 2,469 1,901
Asset Management [Euro mn] 2,097 1,593
Corporate and Other[Euro mn] -747 -661
Consolidation [Euro mn] -53 -70
Income before income taxes [Euro mn] 6,490 3,744
Income taxes [Euro mn] -2,288 -1,500
Net income / loss [Euro mn] 4,202 2,244
Property-Casualty [Euro mn] 2,457 2,022
Life/Health [Euro mn] 1,672 931
Asset Management [Euro mn] 1,245 931
Corporate and Other[Euro mn] -1,101 -1,647
Consolidation [Euro mn] -71 7
Net income [Euro mn] 4,202 2,244
attributable to non-controlling interests [Euro mn] 253 191
attributable to shareholders [Euro mn] 3,949 2,053
Basic earnings per share [Euro] 8.73 4.55
Diluted earning per share [Euro] 8.68 4.42
Ratios
Property/Casualty: Combined ratio 96.6% 97.9%
Life/Health: Margin on reserves [bps](1) 76 62
Asset Management: Cost-income ratio 56.1% 59.2%
09/30/12 12/31/11
Shareholders' equity [Euro bn](2) 51.9 44.9
Conglomerate solvency ratio(3) 190% 179%
Third-party assets under management [Euro bn] 1,419 1,281
(1) Operating profit(annualized)divided by average net reserves
(2) Excluding non-controlling interests
(3) Including off-balance sheet reserves (09/30/12: EUR 2.2bn,
12/31/11: EUR 2.2bn). The solvency ratio excluding off-balance sheet
reserves would amount to 181% as of 09/30/12 and 170% as of 12/31/11
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 tostatements 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.
End of Corporate News
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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(at)allianz.com
Internet: www.allianz.com
ISIN: DE0008404005
WKN: 840400
Indices: DAX-30, EURO STOXX 50
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München, Stuttgart;
Terminbörse EUREX
End of News DGAP News-Service
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