Allianz SE / Quarter Results
07.08.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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*Operating profit of 1.8 billion euros achieved
*Quarterly revenues increased to 22.2 billion euros
*Particularly strong results in Life insurance
*Solvency ratio remains strong at 159 percent
Allianz Group's overall performance gained momentum during the second
quarter of 2009. Total quarterly revenues grew to 22.2 billion euros,
compared to 21.5 billion euros in the second quarter of 2008. Operating
profit exceeded the results of the previous three quarters and reached 1.8
billion euros. This represents an increase of 25.9 percent compared to the
first quarter 2009 figure of 1.4 billion euros, and a decrease of 33
percent compared to 2.7 billion euros in the second quarter of 2008.
Quarterly net income grew by 21 percent to 1.9 billion euros, compared to
1.5 billion euros in the second quarter of 2008.
Allianz Group's capital position continues to be strong with a solvency
ratio of 159 percent at June 30, 2009. Shareholders' equity increased by
4.5 percent to 34.5 billion euros as of June 30, 2009, compared to 33.0
billion euros at the end of the first quarter of 2009.
'Overall, we achieved very good quarterly results. Allianz is prepared for
what we perceive as 'the new normal', an ongoing challenging market
environment with structurally lower returns. We remain strongly capitalized
and our low risk profile allows us to withstand potential market shocks. In
addition, we are well diversified from both a regional and business unit
point of view, and are thus able to benefit from market upturn,' said
Michael Diekmann, CEO of Allianz SE.
Property and Casualty insurance
In the Property and Casualty insurance business, gross premiums written
stood at 9.5 billion euros in the second quarter of 2009, compared to 9.8
billion euros in the same quarter of last year. A lower investment income
and underwriting result affected operating profit which decreased by 47
percent to 0.9 billion euros, compared to 1.7 billion euros in the second
quarter of 2008.
The combined ratio remained almost stable at 98.9 percent, compared to 98.7
percent in the first quarter of 2009. In the second quarter of last year,
the combined ratio was 93.5 percent. The second quarter of 2009 was
impacted by recession, a high number of small weather related claims, an
number of large claims in France, and singular events such as the Abruzzo
earthquake in Italy.
'We anticipate an improvement of our combined ratio in the second half of
the year. We are still seeing new business and renewal rates rising since
last quarter. Also, we expect to benefit from further underwriting actions
initiated in selected markets,' said Helmut Perlet, CFO of Allianz SE.
Life and Health insurance
The Life and Health insurance business continued to rebound strongly during
the second quarter. Statutory premium income grew by 10 percent to 11.8
billion euros in the second quarter of 2009, from 10.7 billion euros in the
previous year's second quarter. Top-line growth continues to stem from
greater demand for investment products with guarantees and/ or investment
participation. Operating profit rose by 41 percent to 990 million euros,
compared to 703 million euros in the second quarter of 2008. A very strong
investment result was the main contributor to this increase.
'It was an outstanding quarter for our Life and Health segment. Italy,
Switzerland and Germany recorded double-digit revenue growth compared to
the same period of last year. With a quarterly operating profit of 990
million euros, this was our strongest performance ever. And in this
quarter, we benefitted from the underlying profitability of our Life and
Health business, and also from stabilizing markets,' said Helmut Perlet.
Financial Services
In Financial Services, quarterly revenues of 0.9 billion euros remained at
the same level of the second quarter of 2008. Operating profit decreased by
49 percent to 146 million euros, compared to 285 million euros in the
previous year's second quarter. The decrease is largely attributable to
set-up costs of 84 million euros for Allianz Bank in Germany.
In Asset Management, net inflows and operating profit from the fixed income
business continued to be strong during the second quarter of 2009, while
the equities business reflects investors' preference for more conservative
investments. Third-party assets under management reached a new high,
amounting to 813 billion euros on June 30, 2009 after 766 billion euros at
the end of first quarter 2009.
Helmut Perlet: 'Our fixed income business is remarkable. The three-year
compound annual growth rate (CAGR) for operating profit is 13.8 percent.
Strong net inflows, operational discipline, and the upward trend of our
investment performance also underpin our consistently performing fixed
income business.'
Note:
The above text contains rounded figures. Percentage changes refer to actual
figures (table). According to IFRS 5 all P&L line items are restated as of
January 2008, due to the sale of Dresdner Bank in August 2008.
Allianz Group - Key figures 2nd quarter of 2009
2Q 2009 2Q 2008
Total revenues [Euro bn] 22.2 21.5
Operating Result [Euro mn] 1,786 2,659
-Property-Casualty [Euro mn] 895 1,681
-Life/Health [Euro mn] 990 703
-Financial Services [Euro mn] 146 285
-Corporate [Euro mn] -212 -16
-Consolidation [Euro mn] -33 6
Income / loss before income taxes & minority interests
[Euro mn] 2,334 2,815
Income taxes [Euro mn] -447 -509
Minority interests in earnings [Euro mn] -18 -81
Net income / loss from continuing operations [Euro mn] 1,869 2,225
-Property/Casualty [Euro mn] 749 1,822
-Life/Health [Euro mn] 661 425
-Financial Services [Euro mn] 40 173
-Corporate [Euro mn] 242 -97
-Consolidation [Euro mn] 177 -98
Net income / loss from discontinued operations
[Euro mn] 0 -683
Net income / loss [Euro mn] 1,869 1,542
Basic earnings per share [Euro] 4.14 3.44
-from continuing operations [Euro] 4.14 4.96
-from discontinued operations [Euro] 0.00 -1.52
Diluted earnings per share [Euro] 4.13 3.39
-from continuing operations [Euro] 4.13 4.90
-from discontinued operations [Euro] 0.00 -1.51
Ratios
-Property-Casualty: Combined Ratio 98.9% 93.5%
-Life/Health: Cost-income Ratio 93.8% 94.7%
-Financial Services: Cost-Income Ratio 83.2% 68.8%
06/30/2009 12/31/2008
Shareholders' equity* [Euro bn] 34.5 33.7
Conglomerate solvency ratio 159% 161%**
Third-party assets under management [Euro bn] 813.3 703.5
* Excluding minority interests
** Pro forma after sale of Dresdner Bank
These assessments are, as always, subject to the disclaimer provided below.
End of message.
Cautionary Note Regarding Forward-Looking Statements:
Certain of the statements contained herein may be 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, (iii) the frequency and severity of insured loss events, (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 matters discussed herein may also involve risks
and uncertainties described from time to time in Allianz SE's filings with
the U.S. Securities and Exchange Commission. The company assumes no
obligation to update any forward-looking information contained herein.
No duty to update
The company assumes no obligation to update any information contained
herein.
This is not an offer (or the solicitation of an offer) to acquire or sell
any securities in any jurisdiction.
DGAP 07.08.2009
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Language: English
Issuer: 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@allianz.com
Internet: www.allianz.com
ISIN: DE0008404005, DE0008404054
WKN: 840400
Indices: DAX-30, EURO STOXX 50
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
Düsseldorf, München, Hannover, Stuttgart, Hamburg;
Terminbörse EUREX; Foreign Exchange(s) London, NYSE, SWX
End of News DGAP News-Service
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DGAP-News: Allianz Group: Net income of 1.9 billion euros up 21 percent
| Source: EQS Group AG