Allianz Q2 Profit Climbs, Backs FY24 Outlook; Expands Share Buyback

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

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 and has therefore resolved to repurchase additional shares in a volume of up to 500 million 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.

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.

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

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