Allianz Q3 Profit Rises; To Buy-back Up To EUR 1 Bln Of Shares

Allianz SE (ALIZY), a German financial services provider, reported that its third quarter net income attributable to shareholders rose to 2.5 billion euros from the prior year’s 2.1 billion euros, as a result of operating profit growth and higher realized gains, primarily driven by the Voya transaction. Earnings per share were 6.02 euros up from 5.01 euros in the previous year.

Allianz also announced a new share buy-back program of up to 1 billion euros. The program shall start mid-November 2022 and be finalized by December 31, 2023, at the latest.

The company expects 2022 operating profit to be in the upper half of the target range of 13.4 billion euros, plus or minus 1 billion euros.

Operating profit for the third quarter increased 7.4 percent year-over-year to 3.5 billion euros, driven by improved investment and underwriting results in the Property-Casualty segment. This was partially offset by the Life/Health business segment, impacted by variable-annuity products in the United States as well as a softer net harvesting result in Germany. Operating profit from the Asset Management business segment was also impacted by market developments.

Total revenues for the quarter increased 1.3 percent to 34.8 billion euros from last year, driven by the Property-Casualty business segment, with positive price effect and volume growth. This was partially offset by the Life/Health business segment, primarily due to softer sales in Italy and Germany. The Asset Management business segment was slightly down as a result of lower assets under management (AuM)-driven revenues and performance fees.

Internal revenue growth, which adjusts for foreign currency translation and consolidation effects, was minus 3.7 percent.

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