Allianz has reported net income attributable to shareholders of €2.4bn in the fourth quarter of 2024 (Q4 2024), a 14.9% increase from €2.1bn in the same quarter the previous year.
The company's operating profit also rose 10.9% to €4.1bn in Q4 2024 from €3.7bn in Q4 2023.
Its property-casualty segment was a significant contributor to this growth, reporting a 21.2% surge in operating profit to €1.9bn, while the life/health segment logged a 4.5% increase to €1.4bn.
Total business volume for the quarter reached €45.9bn, a 16% rise from €39.6bn in Q4 2023.
The life/health segment was the "main growth driver," registering a 21.5% increase in total business volume to €24.3bn.
The property-casualty division reported an 11% increase in this metric to €19.5bn.
Core earnings per share during the quarter rose to €6.31 in the quarter from €6 the prior year.
For the full year, Allianz reported net income attributable to shareholders of €9.9bn, a 16.3% increase from €8.5bn in 2023.
Operating profit for the year reached €16bn, an 8.7% rise from €14.7bn.
Total business volume for the year stood at €179.8bn, an 11.2% increase from €161.7bn in 2023. Core earnings per share for 2024 increased to €25.42 from €22.61 in 2023.
The board of management has proposed a dividend per share of €15.40 for 2024, up by 11.6% from 2023.
Looking ahead to 2025, Allianz is aiming for operating profit of €16bn, plus or minus €1bn.
Additionally, the company announced a new share buyback programme of up to €2bn.
Allianz CEO Oliver Bäte said: “In 2024, Allianz delivered another set of record financial results, which are underpinned by strong performance across all segments, consistently high customer satisfaction and record employee engagement.
“Our renewed strategy, recently announced at our Capital Markets Day, underscores our conviction in growth and our confidence in our resilience and our capabilities. As we realise the value of our deepening customer relationships, we lift our ambitions to deliver even higher capital-efficient growth in the quarters and years ahead.”
In December 2024, Allianz Australia partnered with the Royal Automobile Association of South Australia to acquire its general insurance business.
"Allianz profit rises to $2.5bn in Q4 2024 " was originally created and published by Life Insurance International, a GlobalData owned brand.
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