Allianz’s operating profit jumped 9% last year to a record €16 billion ($26.8 billion).

Total business volume was up 11% to €179.8 billion ($300.6 billion).

Property and casualty business volume rose 8% to €82.9 billion ($138.7 billion) and the combined operating ratio improved to 93.4% from 93.8% in 2023.  

In Australia, Allianz enjoyed “good growth in retail and commercial, supported by price effect” as business volume rose 11% to €5.04 billion ($8.43 billion).  

Rate change on renewal in Australia was up 11.3%, compared with 9.3% in 2023 and 6.9% for Allianz worldwide. 

“Building on our strong foundations, we enter 2025 with confidence,” CFO Claire-Marie Coste-Lepoutre said. “In an environment of muted economic growth and significant levels of natural catastrophes, we have achieved record operating profit and net income. All segments finished the year above their operating profit target midpoints.” 

This year, Allianz expects to match its 2024 operating profit “plus or minus €1 billion ($1.67 billion). It expects P&C business volume growth of 6%-7% and a combined operating ratio of about 93%, assuming a natural catastrophe impact of about 3%, compared with 2.4% last year. 

CEO Oliver Bate says last year’s results came “in a global context in which above-average levels of natural catastrophes, armed conflicts, and deepening polarisation continue to create considerable volatility”. 

The insurer has announced a share buyback program of up to €2 billion ($3.3 billion). 

Its fourth-quarter operating profit increased 11% to €4.2 billion ($7 billion), mainly due to “very good results” in the P&C segment.

From the latest Insurance News magazine: We run the numbers on another record-breaking year for global natural disasters