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Group Affirms Full-year Outlook
MUNICH--(BUSINESS WIRE)--August 10, 2023
2Q 2023:
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Total business volume surges 5.9 percent to 39.6 billion euros
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Operating profit increases 7.1 percent to 3.8 billion euros; strong performance particularly in Life/Health and Property-Casualty business segments
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Shareholders’ core net income jumps by 22.9 percent to 2.5 billion euros
6M 2023:
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Total business volume rises 4.8 percent to 85.6 billion euros
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Operating profit increases 14.9 percent to 7.5 billion euros: primarily driven by Life/Health and Property-Casualty business segments
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Shareholders’ core net income up 90.2 percent to 4.7 billion euros
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Excellent Solvency II capitalization ratio of 208 percent, compared with 201 percent at the end of 4Q 20221
Outlook:
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2023 operating profit target confirmed at 14.2 billion euros, plus or minus 1 billion euros2
Other:
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Share buy-back of up to 1.5 billion euros on track: 2.9 million shares acquired for 0.6 billion euros until the end of July 2023.
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Note: The financial results are based on the new IFRS 9 (Financial Instruments) and IFRS 17 (Insurance Contracts) accounting standards, which have been adopted as of January 1,2023. Comparative periods have been adjusted to reflect the application of these new accounting standards.
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1
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Excluding the application of transitional measures for technical provisions.
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2
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As always, natural catastrophes and adverse developments in the capital markets, as well as factors stated in our cautionary note regarding forward-looking statements may severely affect the operating profit and/or net income of our operations and the results of the Allianz Group.
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