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  • Allianz Posts 14.1% Jump in 2013 Net Income

    February 28, 2014 by Marie Suszynski, Best's News Service correspondent

    MUNICH – One of the world’s largest insurers, Allianz SE, reported a 14.1% increase in net income during 2013 as the company said it benefited from efforts to turn around its business in the United States.

    Net income for Allianz Group rose in 2013 to 6.3 billion euros (US$8.61 billion) from 5.56 billion euros the previous year. Revenues increased 4.1% to a high of 110.8 billion euros, compared with 106.4 billion euros in 2012.

    Forty percent of the net income growth was in dividends with the rest split between internal growth, external growth, and a shift of investments to real assets, Michael Diekmann, the company’s chief executive officer, said during a conference call.

    Allianz also grew its customer based by 5 million to 83 million in 2013, he said.

    During the fourth quarter of 2013, net income rose 1.6% to 1.34 million euros, compared with 1.32 million euros during the same quarter of 2012.

    Revenues increased 3.4% to 26.8 billion euros from 25.9 billion euros during the fourth quarter of the prior year.

    In its property/casualty segment, gross written premiums fell slightly to 46.6 billion euros in 2013, but the company saw strong premium growth in Australia, France, Germany, Latin America and Turkey and in Allianz Worldwide Partners. The company also saw growth in the modular household cover in Germany and motor insurance in Italy, where the company used telematics to measure driving behavior.

    The company saw an improvement in combined ratio in 2013, seeing it fall to 94.3 from 96.2, which it said was in part due to changes to its U.S. business and favorable pricing and claims in Italy.

    The company restructured its U.S. crop business last year after watching the business’ revenues decline. During the third quarter, the company saw a 6.5% drop in gross premiums largely because of a fall in its U.S. crop insurance revenues (Best’s News Service, Nov. 8, 2013).

    Last May, Diekmann called its U.S. property/casualty company Fireman’s Fund an “operating problem child” due to losses from Hurricane Sandy in 2012 and drought that affected crop insurance (Best’s News Service, May 7, 2013).

    In its life and health segment, statutory premiums grew 8.5% to 56.8 billion euros, with a new unit-linked product in Italy generating 1.3 billion euros in premium.

    While interest rate swings in 2013 had an impact on asset management business, the company had a strong first six months of the year and saw revenues grow 5.9% to 7.1 billion euros.

    “In a politically and economically challenging environment, Allianz produced very good results for 2013, and we want to maintain that level this year as well,” Diekmann said.

    Although he said he expected the environment to remain challenging in 2014, the company expects an operating profit of about 10 billion euros.

    Earlier this month, Allianz said it would pay 110 million euros for an 8.33% stake in German soccer powerhouse Bayern Munich, saying the arena the team plays in has been its most successful marketing measure. The company will have naming rights until 2041 and the team has played home games in Allianz arena since 2005 (Best’s News Service, Feb. 12, 2014).

    Allianz SE has a current Best’s Financial Strength Rating of A+ (Superior).

    (By Marie Suszynski, Best’s News Service correspondent)

    Originally Posted at A.M. Best on February 27, 2014 by Marie Suszynski, Best's News Service correspondent.

    Categories: Industry Articles
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