The insurer's revenue jumped by 6.1% to £30.52bn from £28.77bn reported in Q2 2018
German insurance giant Allianz Group reported a 13.5% increase in net income to €2.265bn (£2.08bn) for the second quarter 2019 compared to €1.995bn (£1.83bn) made in the same quarter last year.
The net income attributable to shareholders moved up 13.1% in Q2 2019 to €2.14bn (£1.97bn), compared to €1.89bn (£1.74bn) reported in Q2 2018. It attributed this to growth in operating profit and an improved non-operating result, with the latter improved due to a negative impact in Q2 2018 caused by the sale of the company’s traditional life insurance portfolio in Taiwan.
Allianz’s basic earnings per share moved up by 15.9% to €5.11 (£4.7) from €4.41 (£4.05) made in the same quarter in 2018.
The group’s revenue increased by 6.1% to €33.2bn (£30.52bn) from €31.3bn (£28.77bn) reported in Q2 2018.
The operating profit for Allianz moved up by 5.4% to €3.2bn (£2.94bn) in Q2 2019 from €3.0bn (£2.76bn) in Q2 2018, which the company says was driven by its life and health business segment owing to a good underlying performance and a one-off profit in the US.
Its property-casualty insurance unit reported 7.3% growth in total revenues at €13.4bn (£12.32bn) in the second quarter of 2019 compared to €12.5bn (£11.49bn) in the same period last year. Allianz said that Allianz Global Corporate & Specialty (AGCS), its credit insurance subsidiary Euler Hermes, and Germany were the main growth drivers for the increase of revenues.
Allianz chief financial officer Giulio Terzariol said: “We are seeing a solid performance in our property-casualty segment despite a lower investment result.
“Internal growth, supported by healthy rate changes, shows the strength of our business. Our underwriting remains disciplined while we keep on making progress with our productivity as shown by the improved expense ratio.”
The life and health business of the German insurance group achieved 5.7% growth in total revenues at €18.1bn (£16.64bn) against €17.1bn (£15.72bn) reported in Q2 2018.
Terzariol said: “Our life/health segment continued holding up very well in the low-interest rate environment, as shown by our dynamic sales.
“We kept on growing across geographies and in our preferred lines of business. Healthy new business margins will support our future operating profitability.”
Allianz first half results 2019
Allianz also said that its operating profit for the first half-year of 2019 increased by 6.4% to €6.1bn (£5.61bn) compared to €5.8bn (£5.33bn) in the same period last year. The company’s total revenues for 1H19 moved up to €32.9bn (£30.24bn) compared to €30.9bn (£28.41bn) reported in 1H18.