Allianz Group achieved very good results in the second quarter of 2017. Total revenues grew by 2.0 percent to 30 billion EUR. Operating profit amounted to 2.9 billion EUR, an increase of 22.9 percent, Net income attributable to shareholders increased by 83.4 percent from 1.1 billion in 2016Q2 to 2 billion EUR, driven by both the higher operating profit and improved non-operating result. Basic Earnings per Share (EPS) amounted to 4.45 EUR, compared to 2.39 EUR during the same period of last year.

‘We had a very good half-year’

High performance during the first half of the year, resulted in the company to expect operating result for 2017 near the upper end of the target range of 10.8 billion EUR. "We’re half way through our three-year Renewal Agenda plan, and at this stage it is clear that those efforts are bearing fruit for all our stakeholders,” said Oliver Bäte, Chief Executive Officer of Allianz SE. “We had a very good half-year with double-digit growth in operating profit and net income. Our diversified portfolio across business segments and regions can clearly deliver outstanding results. The strong capitalization reinforces the resilience and flexibility of Allianz. We can now say that we expect operating result for 2017 near the upper end of the target range of 10.8 billion euros, plus or minus 500 million euros,” he added.

11.7 billion EUR premiums from property and casualty line

The insurance giant Allianz has reported a robust profitability in property and casualty line in the second quarter of 2017. Gross premiums written amounted to 11.7 billion EUR in the second quarter of 2017. Allianz Worldwide Partners, Spain and Germany were the main growth drivers. Operating profit increased by 28 percent to 1.4 billion EUR in the second quarter of 2017 compared to the prior-year quarter. This increase was due to a higher underwriting result driven by lower losses from natural catastrophes and lower attritional losses. Operating profit improved 5.2 percent to 2.7 billion euros compared to the same period of the prior year due to a higher underwriting result.

Abundant growth in life and health

There was abundant growth in life and health segments due to rising customer demand. Statutory premiums increased by 2.6 percent to 16.7 billion EUR in the second quarter of 2017 due to higher sales of capital-efficient products in Germany and growth in unit-linked premiums in Taiwan and Italy. Operating profit grew by 12.0 percent to 1.1 billion EUR in the second quarter of 2017, mainly because of a higher technical margin largely in France and an increased investment margin in line with growing reserves. The value of new business went up by 37.6 percent to 469 million EUR in the second quarter of 2017 as a result of the continued shift to capital-efficient products. In the first half year of 2017, operating profit increased to 2.3 billion EUR in life and health segment; while the value of new business increased to 922 million euros compared to the first half year of 2016.