ALIZY - Allianz SE (ALIZF) Q1 2024 Earnings Call Transcript
2024-05-15 18:18:03 ET
Allianz SE (ALIZF)
Q1 2024 Earnings Conference Call
May 15, 2024, 08:30 AM ET
Company Participants
Andrew Ritchie - Head of IR
Claire-Marie Coste-Lepoutre - CFO
Conference Call Participants
Andrew Sinclair - Bank of America
Peter Eliot - Kepler Cheuvreux
Will Hardcastle - UBS
Michael Huttner - Berenberg
Will Hawkins - KBW
James Shuck - Citi
Vinit Malhotra - Mediobanca
Andrew Crean - Autonomous
Iain Pearce - BNP Exane
Presentation
Andrew Ritchie
Ladies and gentlemen, welcome to the Allianz Conference Call on the Allianz Group Financial Results for the First Quarter of 2024. For your information, this conference call is being streamed live on allianz.com and YouTube. A recording will be made available shortly after the call.
At this time, I would like to turn the call over to your host today, Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE. Please go ahead, Claire-Marie.
Claire-Marie Coste-Lepoutre
Thank you very much, Andrew. Good afternoon, everyone. I'm very happy to report our very good results for the first quarter of 2024.
If we look at Page 3, and we start with the Group, overall, we see here a good growth this quarter with our total business volume up 7.5% at €48 billion. Our operating profit is at €4 billion, which is 27% of our midpoint outlook, and our shareholder core net income is up 16% compared to last year, also supported by improvements on the non-operating profit side.
All segments have contributed to these results, which is really providing a good balance, and in particular the P&C segment. So let me go in a bit more details into P&C. Here you see as well a good growth level at 7.5% internal growth with a very good pricing momentum. And our combined ratio is at 91.9.
Here you can see which is in line with last year. You can see here that we have benefited from a lower level of nat cat with less reserve release as an offset. And what is really super important in the combined ratio is that in the underlying our attritional loss ratio is developing in line with expectations as we earn the price increase. We emerged with an excellent operating profit at €2.1 billion, which is up by more than 10% compared to last year.
On the Life and Health side as well really good level of growth. Growth at an excellent new business margin, which basically means we are emerging at the value of new business of €1.3 billion, which actually is the highest level of value of new business we have registered in a single quarter. And when it comes to our CSM release and our operating profit, we are exactly in line with our expectations and we have €1.3 billion of operating profit for the quarter....
Allianz SE (ALIZF) Q1 2024 Earnings Call Transcript