Allianz posts P&C combined ratio of 94.7% as loss ratio improves
By Rebecca Delaney
Feb 28 - (The Insurer) - Allianz reported a P&C combined ratio of 94.7% for the fourth quarter of 2024 on Friday, driven by favourable development in the loss ratio.
The Q4 combined ratio improved by 0.2 percentage points year on year.
Total group business volume during the quarter increased by 16.0% to 45.9 billion euros ($47.7 billion). Operating profit increased by 10.9% to 4.2 billion euros, which Allianz predominantly attributed to "very good" results in the P&C segment.
In P&C insurance, total business volume rose by 11.0% to 19.5 billion euros from 17.6 billion euros in the prior-year quarter.
The retail, SME and fleet segment and the commercial segment posted internal growth of 11.0% and 14.0%, respectively, with total business volumes of 12.1 billion euros and 7.4 billion euros, respectively.
Operating profit increased by 21.2% during the quarter to 1.9 billion euros, mainly driven by higher operating investment and insurance service results.
For the full year, Allianz reported total business volume of 179.8 billion euros, up 11.2% from 2023. The life and health business was the main growth driver, with a "strong contribution" from the P&C segment.
The P&C insurance segment posted total business volume of 82.9 billion euros for the 12-month period. Adjusted for foreign currency translation and consolidation effects, internal growth was 8.2% year on year.
The P&C combined ratio stood at 93.4% for the year, a slight improvement from 93.8% in 2023. The loss ratio was 69.3%, with lower natural catastrophe losses and underlying improvements offset by less run-off.
Shareholders’ core net income increased by 10.1% to 10.0 billion euros, driven by operating profit growth and a higher non-operating result.
For 2025, Allianz is targeting an operating profit of 16.0 billion euros, within a range of plus or minus 1.0 billion euros.
Management is set to propose a dividend per share of 15.40 euros, an increase of 11.6% from 2023. It also announced a new share buyback of up to 2.0 billion euros.
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