Allianz’s Strong Q3 2024 Performance Highlights Resilience and Growth Across Segments

Allianz’s Q3 2024 financial results demonstrate robust growth, with a 25% increase in net income to €2.5 billion, bolstered by rising operating profits across all segments. The company saw its total business volume grow by 17.3% to €42.8 billion, attributed to gains in its core Property-Casualty and Life/Health sectors.

The Property-Casualty segment led the charge, with operating profit soaring by 36.2% to €2 billion as total volume reached €18.6 billion. Despite ongoing natural catastrophe impacts, the segment’s combined ratio improved to 93.5%, down from 96.2% the previous year, reflecting effective risk management.

In Life/Health, Allianz reported a remarkable 35.4% increase in new business premiums, totaling €19.5 billion. Operating profit in this sector rose to €1.4 billion, driven by strong performance in multiple regions.

The Asset Management division maintained stability with €2 billion in operating revenues, adjusted slightly for currency effects, while operating profit was €782 million, a minor decrease from the previous year.

CEO Oliver Bäte remarked on Allianz's resilience, noting the brand’s achievement of being ranked as the world’s leading insurance brand and one of the Top 30 Global Brands in Interbrand's latest rankings. He expressed confidence in the company's future, citing Allianz’s strategic growth and commitment to customer assurance amid challenges.

Reflecting on the first nine months of 2024, Allianz reported a total business volume of €133.9 billion, up by 9.6%, and operating profit rose by 7.9% to €11.8 billion, demonstrating Allianz’s strong financial health and growth trajectory.