Allianz Q1’24 profit sees 6.8% YoY jump

The growth was driven by its P&C segment.

In the first quarter of 2024, Allianz’s total business volume increased by 5.3% year-on-year (YoY) to $52.7b (EUR48.4b) across all business segments. 

The Property-Casualty segment saw robust growth driven by pricing, while the Life/Health segment benefited from strong sales in the United States and Italy. 

Asset Management saw growth from higher Assets under Management (AuM) and performance fees. Internal growth stood at 7.5% YoY, with contributions from all segments.

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Operating profit reached $4.4b (EUR4.0b), up 6.8% YoY. This growth was driven by the Property-Casualty segment, with increases in both operating insurance service and investment results.

 Asset Management also contributed to higher net fee and commission income. Shareholders’ core net income rose to $2.7b (EUR2.5b), supported by increased operating profit and nonoperating results. 

Net income attributable to shareholders increased to $2.7b (EUR2.5b).

($1.00 = EUR0.92)