Allianz has logged net income of €2.66bn for Q2 2024, a 7% increase from €2.48bn in the same quarter of the previous year.
The company’s total business volume also grew, driven by performance across all business segments.
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In Q2 2024, Allianz’s total business volume climbed to €42.6bn, a 7.6% increase from €39.6bn in the corresponding period of 2023.
This growth trajectory was evident for the first half of the year, with total business volume escalating to €91bn, up 6.4% from €85.6bn in the first half of 2023.
Net income for the first six months of 2024 was €5.29bn, a 13.9% rise compared with €4.65bn in the prior year.
The property-casualty business line registered 9.4% growth in Q2 2024, with total business volume hitting €19.3bn.
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By GlobalDataIn the life and health segment, business increased by 6.2% to €21.5bn.
Asset Management also reported positive results, with a 5.2% rise in total business volume in Q2, amounting to €2bn.
Allianz’s Solvency II capitalisation ratio stood at 206% at the end of Q2 2024, a slight improvement from 203% at the end of Q1 2024.
The company’s share buyback programme, which was announced on 22 February 2024 and valued at up to €1bn, was fully executed by the end of July 2024.
Following this, the board of management has decided to increase the total volume of share buybacks for the financial year 2024 to €1.5bn, resolving to repurchase additional shares worth up to €500m.
Allianz CEO Oliver Bäte said: “Allianz delivered strong results in the first six months of the year and we are confident in our ability to achieve our full-year ambitions. Our performance demonstrates the core strengths and resilience of our company, particularly as our results were achieved amid significant natural catastrophe activity in the second quarter – and notably in our home market.
“These excellent property and casualty outcomes were complemented by strong delivery in our life/health and asset management segments, demonstrating how we translate our customer-centric strategy into resilient earnings growth.”
