DGAP-News: Allianz SE: Allianz achieves strong results in 2012
(firmenpresse) - DGAP-News: Allianz SE / Key word(s): Final Results
Allianz SE: Allianz achieves strong results in 2012
21.02.2013 / 06:59
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* Revenues rise 2.7 percent to 106.4 billion euros
* Operating profit increases to 9.5 billion euros, achieving raised outlook
for 2012
* Net income attributable to shareholders doubles to 5.2 billion euros
* Solvency ratio improves to 197 percent
* Proposed dividend of 4.50 euros per share at previous year's level
Allianz Group reported strong results for the financial year 2012. Revenues
reached 106.4 billion euros for the year, an increase of 2.7 percent
compared to 103.6 billion euros in the previous year. Operating profit rose
20.8 percent in 2012 to 9.5 billion euros from 7.9 billion euros in 2011.
Allianz achieved its operating profit target that had been raised in
October 2012 to over 9 billion euros. Until then, Allianz had expected to
earn an operating profit of 8.2 billion euros, plus/minus 500 million
euros.
All business segments delivered double-digit growth in operating profit in
2012. Property and Casualty insurance benefited from an improved
underwriting result including lower losses from natural catastrophes. The
Life and Health insurance business stayed the course and successfully
withstood a very competitive and challenging low-interest rate environment.
Asset Management delivered another excellent year.
Net income attributable to shareholders more than doubled in 2012. It
reached 5.2 billion euros after 2.5 billion euros in 2011, an increase of
103.1 percent. The 2011 result had been impacted by impairments from Greek
sovereign debt and investments, particularly in financials.
Shareholders' equity increased to 53.553 billion euros from 44.915 billion
euros in 2011. At the end of 2012, the conglomerate solvency ratio was 197
percent, up 18 percentage points from 179 percent the year before.
The Board of Management will propose to the Supervisory Board of Allianz SE
a dividend of 4.50 euros per share.
'Our business had developed so well for the first three quarters that we
raised our operating profit outlook. Despite the impact from the storm
Sandy, we exceeded our forecast,' said Michael Diekmann, CEO of Allianz SE.
'Our results show how well our business model can handle the various
turbulences from the financial crisis. The sustainability and continuity of
our business are also reflected in our dividend policy. That is why we are
again recommending a dividend of 4.50 euros per share, a payout ratio of 40
percent.'
Property and Casualty insurance grows premiums and profitability
Gross written premiums in Property and Casualty insurance increased 4.7
percent in 2012 to 46.9 billion euros from 44.8 billion euros the previous
year. Adjusted for foreign currency and consolidation effects, internal
revenue growth of 2.5 percent stemmed almost equally from price and volume
effects. Premiums rose in nearly all markets with significant growth in
Australia, the global unit Allianz Global Corporate&Specialty and the
Latin America region. Germany also increased revenues for the first time
after several years.
Annual operating profit for Property and Casualty insurance rose 12.5
percent in 2012 to 4.7 billion euros from 4.2 billion euros in 2011. The
main reason for this was a strong increase of 701 million euros in the
underwriting result supported by a positive loss ratio development.
In nearly all markets the combined ratio was well below 100 percent in
2012. The Group combined ratio improved by 1.5 percentage points to 96.3
percent from 97.8 percent in 2011. Despite the effects of the storm Sandy,
natural catastrophes contributed only 1.7 percentage points to the loss
ratio in 2012, compared to 4.4 percentage points the year before. The
accident year loss ratio for 2012 fell to 71.2 percent from 74.1 percent
for the previous year. The expense ratio of 28.0 percent remained at last
year's level of 27.9 percent.
'I am encouraged by our healthy growth in premiums, especially by
recoveries in key European markets. This development shows that we are an
attractive risk partner,' said Dieter Wemmer, Chief Financial Officer of
Allianz SE. 'We can't influence risks like natural catastrophes, but we can
influence the protection of our customers.'
Life and Health insurance stays strong in difficult environment
The Life and Health insurance business showed stable development in
statutory premiums, generating 52.3 billion euros in 2012, compared to 52.9
billion euros the previous year. The market remained difficult for the
entire industry in 2012, in particular in the area of investment-oriented
products.
Operating profit increased 22.1 percent in 2012 to 3.0 billion euros from
2.4 billion euros, in particular due to a better operating investment
result from higher realized gains and lower impairments compared to the
previous year.
Interest and similar income also rose as the growth in the asset base
offset the effect of slightly lower yields. The operating asset base
increased to 475.9 billion euros from 431.1 billion euros in 2011.
The new business margin was 1.8 percent in 2012, compared to 2.3 percent
the previous year. This reflects the persistent low-interest rate
environment. As a result, the value of new business was 790 million euros,
compared to 940 million euros in 2011.
'The results in our Life and Health insurance business exceed our
expectations from a year ago. We can be very satisfied with that,
especially in the face of persistent low interest rates, flat economic
growth and the effects of financial repression,' said Dieter Wemmer. 'We
were able to pay out more than 20 billion euros to our customers in this
segment last year. Our performance figures confirm not only the short-term
value for customers and shareholders but also the sustainability of our
business model.'
Asset Management finishes another excellent year
The Asset Management business at Allianz produced one of the strongest
performances in the market in 2012. Net fees and commission income grew
23.1 percent to 6.7 billion euros from 5.5 billion euros for 2011. Internal
growth was 15.0 percent.
At 3.0 billion euros, operating profit in 2012 was 33.6 percent above 2.3
billion euros for 2011. Internal growth amounted to 24.9 percent. The
cost-income ratio for 2012 continued to improve to 55.6 percent down from
59.0 percent the year before and well below last year's target level of 65
percent.
Total assets under management reached 1,852 billion euros at the end of
2012, an increase of 11.8 percent from 1,657 billion euros at the end of
the previous year. Third-party assets under management rose to 1,438
billion euros from 1,281 billion euros at the end of 2011.
Third-party net inflows for 2012 increased strongly to 113.6 billion euros
from 38.3 billion euros in the previous year. The regional split for these
net inflows became more balanced, with Europe's contribution more than
tripling to comprise around one third of the total for 2012.
'Allianz Asset Management has further strengthened its position among the
leading asset managers in the world and now contributes nearly a third to
our group operating profit - this is an excellent achievement,' said Dieter
Wemmer. 'The new structure of the business has been a complete success. It
has enabled Allianz Global Investors and PIMCO to sharpen their profiles,
serving individual client needs even better all over the world.'
Outlook 2013
'There seem to be first signs of stability in the euro zone, and some
observers expect the world economy to regain a bit of momentum towards the
end of the year. However, interest rates are expected to remain low, and
there are still many uncertainties - primarily around sovereign debt levels
and the lack of strong growth in developed markets,' said Michael Diekmann.
'Nonetheless, I am confident that again in 2013 Allianz will maintain its
profitability and continue to provide a safe haven to our customers and
shareholders. With cautious optimism and assuming that natural catastrophes
and capital market turbulence do not exceed expected levels, our operating
profit outlook for 2013 is 9.2 billion euros, plus/minus 500 million
euros,' he added. 'This is consistent with our strong operating profit for
2012, adjusted according to our new presentation for restructuring charges
implemented at the beginning of 2013.'
Allianz Group - Preliminary key figures 4th quarter and fiscal year 2012
4Q 2012 4Q 2011
Total revenues [Euro bn] 25.9 25.0
Operating profit / loss [Euro mn] 2,275 2,000
Property-Casualty [Euro mn] 1,259 1,093
Life/Health [Euro mn] 486 519
Asset Management [Euro mn] 917 663
Corporate and Other [Euro mn] -381 -236
Consolidation [Euro mn] -6 -39
Income before income taxes [Euro mn] 2,141 1,102
Income taxes [Euro mn] -852 -542
Net income / loss [Euro mn] 1,289 560
Property-Casualty [Euro mn] 1,014 790
Life/Health [Euro mn] 363 267
Asset Management [Euro mn] 564 381
Corporate and Other [Euro mn] -786 -854
Consolidation [Euro mn] 134 -24
Net income [Euro mn] 1,289 560
attributable to non-controlling interests [Euro mn] 69 68
attributable to shareholders [Euro mn] 1,220 492
Basic earnings per share [Euro] 2.69 1.09
Diluted earning per share [Euro] 2.66 1.06
Ratios
Property/Casualty: Combined ratio 95.4% 97.6%
Life/Health: Margin on reserves (2) [bps] 43 50
Asset Management: Cost-income ratio 54.3% 58.6%
12M 2012 12M 2011
Total revenues [Euro bn] 106.4 103.6
Operating profit /loss [Euro mn] 9,501 7,866
Property-Casualty [Euro mn] 4,719 4,196
Life/Health [Euro mn] 2,955 2,420
Asset Management [Euro mn] 3,014 2,256
Corporate and Other [Euro mn] -1,128 -897
Consolidation [Euro mn] -59 -109
Income from income taxes [Euro mn] 8,631 4,846
Income taxes [Euro mn] -3,140 -2,042
Net income / loss [Euro mn] 5,491 2,804
Property/Casualty [Euro mn] 3,471 2,812
Life/Health [Euro mn] 2,035 1,198
Asset Management [Euro mn] 1,809 1,312
Corporate and Other [Euro mn] -1,887 -2,501
Consolidation [Euro mn] 63 -17
Net income [Euro mn] 5,491 2,804
attributable to non-controlling interests 322 259
attributable to shareholders 5,169 2,545
Basic earnings per share [Euro] 11.42 5.63
Diluted earnings per share [Euro] 11.34 5.48
Dividend per share [Euro] 4.50(1) 4.50
Ratios
Property-Casualty: Combined ratio 96.3% 97.8%
Life/Health: Margin on reserves (2) 67 58
Asset Management: Cost-income Ratio 55.6% 59.0%
12/31/12 12/31/11
Shareholders' equity [Euro bn](3) 53.6 44.9
Conglomerate solvency ratio (4) 197% 179%
Third-party assets under management [Euro bn] 1,438 1,281
(1) Proposal
(2) Operating profit (annualized) divided by average net reserves
(3) Excluding non-controlling interests
(4) Including off-balance sheet reserves (12/31/12: EUR 2.2bn, 12/31/11:
EUR 2.2bn). The solvency ratio excluding off-balance sheet reserves amounts
to 188% as of 12/31/12 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 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/U.S. 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.
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.comISIN: DE0008404005
WKN: 840400
Indices: DAX-30, EURO STOXX 50
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München, Stuttgart;
Terminbörse EUREX
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201936 21.02.2013
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