DGAP-News: Allianz SE: Allianz in 2010 delivers strong results in tough markets
(firmenpresse) - DGAP-News: Allianz SE / Key word(s): Final Results
Allianz SE: Allianz in 2010 delivers strong results in tough markets
24.02.2011 / 06:59
---------------------------------------------------------------------
*Revenues up 9.3 percent to new high of 106.5 billion euros
*Operating profit grows 17.0 percent to 8.2 billion euros,
combined ratio improves to 97.2 percent
*Net income up 12.0 percent to 5.2 billion euros
*Solvency ratio increases 9 percentage points to 173 percent
*Proposed dividend of 4.50 euros per share, up 9.8 percent
Allianz Group today reported strong results for fiscal year 2010. Based on
preliminary figures, total revenues reached a new high of 106.5 billion
euros, with Life and Health insurance statutory premiums growing to 57.1
billion euros. Compared to 2009, Allianz Group revenues grew 9.3 percent.
Operating profit increased 17.0 percent to 8.2 billion euros, and exceeded
the upper target range for 2010 of 7.7 billion euros. This development
includes an accounting change (We changed our accounting policy for
fixed-indexed annuities as of July 1, 2010, which impacted the result of
our U.S. business.) and positive foreign currency effects amounting to 0.5
billion euros.
Increased operating profitability in all segments and higher investment
results contributed to net income from continuing operations of 5.2 billion
euros. This is 12.0 percent above the 2009 figure of 4.65 billion euros.
Allianz Group reported a further improved solvency ratio of 173 percent at
year-end 2010 including dividend accrual, which represents an increase of 9
percentage points compared to year-end 2009.
Shareholders' equity grew 10.9 percent to 44.5 billion euros as per
December 31, 2010. The Board of Management will propose a dividend of 4.50
euros per share to the Supervisory Board of Allianz SE. This is 9.8 percent
higher than last year's dividend of 4.10 euros.
Michael Diekmann, CEO of Allianz SE: 'We are proud of having achieved
substantial growth in 2010. Revenues were above our historical best and our
operating profit exceeded our own expectations. Allianz has managed its
risks well and emerged highly profitable and financially stronger from the
financial crisis years 2008 and 2009. This is the foundation for the
resilience and stability our customers, investors and employees expect from
us.'
Property and Casualty insurance improves operating profit by 6 percent
In Property and Casualty insurance, a positive price trend in several core
markets and disciplined underwriting continued in 2010. Total gross
premiums written increased 3.2 percent to 43.9 billion euros.
Operating profit grew 5.9 percent to 4.3 billion euros, compared to 4.1
billion euros in 2009. Growth was driven by improvements in both operating
investment income and the underwriting result despite a significantly
higher volume of natural catastrophe losses. Impact from natural
catastrophes almost tripled in 2010 to 1.3 billion euros, compared to 447
million euros in 2009.
The combined ratio improved to 97.2 percent, from 97.4 percent in 2009.
This was based on a strong recovery of the combined ratio in the credit
insurance business, as well as improved combined ratios in France, Italy
and other markets. Positive reserve developments also contributed to this
trend.
'Overall, we demonstrated a robust performance in a difficult market
environment. In terms of operating profit, the fourth quarter was our
strongest quarter in two years,' said Oliver Bäte, Member of the Board of
Management of Allianz SE. 'In 2010, we compensated our customers for more
than one billion euros in NatCat claims costs. Yet, our accident year loss
ratio excluding NatCat improved. I would also like to highlight
double-digit revenue growth in our direct business and positive price
effects on both new business and renewed contracts in the UK, Australia,
Italy, France and credit insurance.'
Life and Health insurance performs strongly in low interest rate
environment
In Life and Health insurance, statutory premiums reached a record level of
57.1 billion euros. Growth amounted to 12.5 percent compared to 50.8
billion euros in 2009, and was driven by strong demand for both
investment-oriented and traditional life insurance products.
Operating profit grew 7.4 percent to 2.9 billion euros, compared to 2.7
billion euros in 2009. This was largely driven by a better expense result,
as well as an increase in operating investment income which benefitted from
significantly lower impairments compared to 2009.
'Our strong performance in Life/Health exceeded our expectations.
Increasing customer demand for Allianz products and solutions fueled
double-digit growth in revenues. This shows that our customers want the
attractive returns and stability Allianz can offer. Operating profit beat
our annual target. Our new business value and margins also improved,
despite the tough low interest rate environment,' said Oliver Bäte.
Success story in Asset Management continues
In 2010, the total assets under management grew 26.2 percent to a record
high of 1,518 billion euros. Third-party assets under management amounted
to 1,164 billion euros. This is 25.7 percent higher than 926 billion euros
at year-end 2009. Third-party net inflows reached a record level of 113
billion euros.
Net fee and commission income rose 37.2 percent to 4.9 billion euros,
compared to 3.6 billion euros in 2009. This was driven by higher assets
under management and a shift to higher margin products. Performance fees,
at 514 million euros, were well above the 2009 level of 421 million euros.
Operating profit increased 47.0 percent to 2.1 billion euros from 1.4
billion euros in the previous year.
Fixed income assets under management for third parties grew by 27.6 percent
to 1,002 billion euros. Equities ended the year with a 15.1 percent
increase to 161 billion euros, which was supported by the improvement in
market value of the assets under management.
The cost-income ratio, a key indicator of business efficiency, improved
further to 58.7 percent in 2010, compared to 62.0 percent in the previous
year.
'Our success story in Asset Management continued in 2010, which marked a
record year in terms of assets under management, inflows and profitability.
Third-party net inflows came from both retail and institutional clients and
grew at a double-digit rate for the second year in a row. There is simply
no better vote of confidence from our customers. We recorded an outstanding
operating profit which exceeded two billion euros for the first time,' said
Oliver Bäte.
Allianz Group - Preliminary key figures 4th quarter and fiscal year 2010
4Q 2010 4Q 2009(1)
Total revenues [Euro bn] 26.0 25.5
Operating profit / loss [Euro mn] 2,154 1,960
Property/Casualty [Euro mn] 1,323 1,169
Life/Health [Euro mn] 554 469
Asset Management [Euro mn] 557 576
Corporate and Other[Euro mn] -266 -236
Consolidation [Euro mn] -14 -18
Income from continuing operations
before income taxes [Euro mn] 1,545 624
Income taxes [Euro mn] -364 409
Net income / loss from continuing operations [Euro mn] 1,181 1,033
Property/Casualty [Euro mn] 804 797
Life/Health [Euro mn] 268 375
Asset Management [Euro mn] 292 194
Corporate and Other[Euro mn] -184 -360
Consolidation [Euro mn] 1 27
Net loss from discontinued operations,
net of income taxes [Euro mn] - -
Net income [Euro mn] 1,181 1,033
attributable to non-controlling interests [Euro mn] 46 14
attributable to shareholders [Euro mn] 1,135 1,019
Basic earnings per share [Euro] 2.52 2.26
from continuing operations [Euro] 2.52 2.26
from discontinued operations [Euro] 0.00 0.00
Diluted earning per share [Euro] 2.49 2.25
from continuing operations [Euro] 2.49 2.25
from discontinued operations [Euro] 0.00 0.00
Ratios
Property/Casualty: Combined ratio 94.9% 95.3%
Life/Health: Cost-income ratio 97.1% 97.5%
Asset Management: Cost-income ratio 60.9% 55.5%
12M 2010 12M 2009(1)
Total revenues [Euro bn] 106.5 97.4
Operating profit /loss [Euro mn] 8,243 7,044
Property/Casualty [Euro mn] 4,304 4,064
Life/Health [Euro mn] 2,868 2,670
Asset Management [Euro mn] 2,060 1,401
Corporate and Other [Euro mn] -942 -1,028
Consolidation [Euro mn] -47 -63
Income from continuing operations before
income taxes [Euro mn] 7,173 5,190
Income taxes [Euro mn] -1,964 -540
Net income / loss from continuing operations [Euro mn] 5,209 4,650
Property/Casualty [Euro mn] 3,104 2,779
Life/Health [Euro mn] 1,849 1,957
Asset Management [Euro mn] 946 543
Corporate and Other [Euro mn] -885 -640
Consolidation [Euro mn] 195 11
Net loss from discontinued operations,
net of income taxes [Euro mn] 0 -395
Net income [Euro mn] 5,209 4,255
attributable to non-controlling interests 156 48
attributable to shareholders 5,053 4,207
Basic earnings per share [Euro] 11.20 9.33
from continuing operations [Euro] 11.20 10.21
from discontinued operations [Euro] 0.00 -0.88
Diluted earnings per share [Euro] 11.12 9.30
from continuing operations [Euro] 11.12 10.17
from discontinued operations [Euro] 0.00 -0.87
Dividend per share [Euro] 4.50(2) 4.10
Ratios
Property/Casualty: Combined ratio 97.2% 97.4%
Life/Health: Cost-income ratio 96.1% 95.8%
Asset Management: Cost-income Ratio 58.7% 62.0%
12/31/10 12/31/09
Shareholders' equity [Euro bn](3) 44.5 40.1
Conglomerate solvency ratio (4) 173% 164%
Third-party assets under management [Euro bn] 1,164926
(1) 2009 figures have been restated to reflect a change in Allianz Group's
accounting policy
(2) Proposal
(3) Excluding non-controlling interests
(4) Including off-balance sheet reserves (12/31/10: EUR 2,101mn, 12/31/09:
EUR 1,993mn) pro forma. The solvency ratio excluding off-balance sheet
reserves would amount to 164% as of 12/31/10 and 155% as of 12/31/09
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.
End of Corporate News
---------------------------------------------------------------------
24.02.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's 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
Deutschland
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
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München, Stuttgart;
Terminbörse EUREX
End of News DGAP News-Service
---------------------------------------------------------------------
113254 24.02.2011
Datum: 24.02.2011 - 06:59 Uhr
Sprache: Deutsch
News-ID 33288
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 188 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Allianz SE: Allianz in 2010 delivers strong results in tough markets"
steht unter der journalistisch-redaktionellen Verantwortung von
Allianz SE (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
