Q3 2024 Allianz SE Earnings Call Transcript
Key Points
- Allianz SE (ALIZF) reported strong growth and profitability across all segments, with a core ROE of 17.5%, up 15% from last year.
- The company achieved a record value of new business at EUR 3.5 billion in the first nine months, indicating robust performance in life and health segments.
- Assets under management increased by 7% year-to-date, with net flows of almost EUR 70 billion, significantly higher than the previous year.
- The P&C segment showed a combined ratio of 93%, at the low end of the outlook range, reflecting effective management of natural catastrophe impacts.
- Allianz SE (ALIZF) expects its year-end operating profit to be in the upper half of the outlook range, demonstrating confidence in continued financial strength.
- The asset management segment experienced a setback with EUR 20 billion in net outflows for the quarter, primarily due to lower performance fees.
- Natural catastrophes and weather-related events continue to pose challenges, with a NatCat impact of 3.4% this quarter, above the expected 3% load.
- The commercial segment faced a deterioration in the attritional loss ratio, influenced by large losses and the Arch transaction.
- The life segment's CSM was negatively impacted by lapse assumptions, particularly in the US market, affecting the overall CSM growth.
- The company noted a softening rate environment in the large commercial and specialty business, which could pressure future margins.
Ladies and gentlemen, welcome to the Allianz conference call on the Allianz Group financial results for the third quarter. For your information, this conference call is being streamed live on allianz.com and YouTube. A recording will be made available shortly after the call. At this time, I would like to turn the call over to your host today, Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE. Please go ahead, Claire-Marie.
Thank you very much, Andrew, and good afternoon, everybody. I'm happy to share with you today our third quarter results. If you look at our 9M numbers on page 3, which clearly are a very nice set of numbers, you can see our strong momentum of both growth and profitability.
This momentum is well spread across our segments. What the numbers show as well is our resilience as we have seen both in the second quarter and the third quarter, an elevated level of natural
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