Allianz Backs FY24 View After Higher Q2 Profit; To Buy Back Addl. Shares

RTTNews | 438 dni temu
Allianz Backs FY24 View After Higher Q2 Profit; To Buy Back Addl. Shares

(RTTNews) - Allianz SE on Thursday reported higher profit in its second quarter with increased business volume. The German financial services major also maintained its outlook for fiscal 2024.

Allianz further said its Board of Management has decided to expand the total volume of the share buy-backs in the financial year 2024 to a total of 1.5 billion euros. The company has therefore resolved to repurchase additional shares in a volume of up to 500 million euros.

Oliver Baete, Chief Executive Officer, said, "Allianz delivered strong results in the first six months of the year and we are confident in our ability to achieve our full-year ambitions. Our performance demonstrates the core strengths and resilience of our company, particularly as our results were achieved amid significant natural catastrophe activity in the second quarter - and notably in our home market."

Looking ahead to fiscal 2024, the company continues to expect operating profit at 14.8 billion euros, plus or minus 1 billion euros. In fiscal 2023, operating profit was 14.75 billion euros.

For the second quarter, net income attributable to shareholders grew to 2.51 billion euros from last year's 2.34 billion euros, driven by operating profit growth, and higher non-operating result.

Shareholders' core net income was at 2.536 billion euros, nearly stable with last year's 2.517 billion euros. Core earnings per share were 6.15 euros, compared to 5.97 euros a year ago.

Operating profit increased to 3.9 billion euros from 3.8 billion euros last year. All segments contributed to this result.

Property-Casualty insurance operating profit was 1.9 billion euros, lower than 2.0 billion euros a year ago, amid elevated natural catastrophe and weather losses.

Total business volume rose 7.6 percent to 42.6 billion euros from 39.6 billion euros a year ago.

Adjusted for foreign currency translation and consolidation effects, internal growth was 8.8 percent. The Property-Casualty segment was the main driver, but all business segments contributed positively.

Property-Casualty segment's business volume increased 9.4 percent year-over-year to 19.3 billion euros. The company recorded growth of 12 percent in Retail, SME & Fleet, while Commercial lines advanced by 9 percent.

Life/Health insurance's present value of new business premiums or PVNBP increased to 18.8 billion euros from last year's 17.7 billion euros, driven by higher volume in most entities.

Asset Management's operating revenues increased 4.4 percent on constant currency basis.

Total assets under management was 2.309 trillion euros at the end of the second quarter of 2024, up 12 billion euros from the end of the first quarter 2024.

Third-party assets under management was 1.803 trillion euros as of June 30, 2024, up by 19 billion euros from the end of the first quarter 2024.

On the XETRA, Allianz shares were trading at 251.90 euros, up 1.08 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

read more
Allianz Q3 Profit Down, Backs FY23 View; Stock Up

Allianz Q3 Profit Down, Backs FY23 View; Stock Up

German financial services major Allianz SE reported Friday weak profit in its third quarter, despite higher revenues. The company further confirmed its fiscal 2023 outlook. Shares of Allianz were gaining more than 2 percent in the morning trading in Germany.
RTTNews | 710 dni temu
Allianz Q1 Profit Surges, Backs FY23 View

Allianz Q1 Profit Surges, Backs FY23 View

Allianz SE, a German financial services provider, reported Friday significantly higher profit in its first quarter with increased business volume in Property-Casualty business segment, despite weakness in both Life/Health insurance and Asset Management. Further, the company maintained its outlook for fiscal 2023 operating profit.
RTTNews | 892 dni temu
Allianz Turns To Q4 Profit, But Revenues, AuM Weak; Stock Down

Allianz Turns To Q4 Profit, But Revenues, AuM Weak; Stock Down

German financial services provider Allianz SE reported Friday a profit in its fourth quarter, compared to prior year's loss, reflecting strong operating profit mainly in the Life/Health business segment. Meanwhile, revenues and assets under management declined from last year. Further, the company lifted dividend, and said it looks forward with confidence to a strong 2023.
RTTNews | 976 dni temu
Indian Markets Closed For Diwali

Indian Markets Closed For Diwali

Indian stock markets remain closed today for Diwali but there will be a special trading session from 1:45 p.m. to 2:45 p.m. IST to mark the festival. Generally, the Muhurat trading session is held in the evening every year.
RTTNews | 22 minut temu
Thai Shares Tipped To Open To The Upside

Thai Shares Tipped To Open To The Upside

The Thai stock market moved back to the upside again on Monday, one session after ending the two-day winning streak in which it had jumped more than 25 points or 2 percent. The Stock Exchange of Thailand now sits just under the 1,285-point plateau and it's expected to open higher again on Tuesday.
RTTNews | 52 minut temu
Higher Open Called For Indonesia Stock Market

Higher Open Called For Indonesia Stock Market

The Indonesia stock market bounced higher again on Monday, one session after ending the three-day losing streak in which it had dropped more than 200 points or 2.6 percent. The Jakarta Composite Index now rests just beneath the 8,090-point plateau and it's got a solid lead again for Tuesday's trade.
RTTNews | 1g 22 minut temu
Japanese Market Significantly Higher

Japanese Market Significantly Higher

The Japanese stock market is trading significantly higher on Tuesday, extending the strong gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 49,700 level to all-time highs, with gains in index heavyweights, exporters and financial stocks.
RTTNews | 1g 28 minut temu
Hong Kong Shares Expected To Open In The Green

Hong Kong Shares Expected To Open In The Green

The Hong Kong stock market on Monday snapped the two-day slide in which it had dropped more than 660 points or 2.6 percent. The Hang Seng Index now rests just beneath the 25,860-point plateau and it may see additional support on Tuesday.
RTTNews | 1g 37 minut temu