Allianz SE sees profits decline in full-year results
After a tough year, global insurer Allianz SE has reported drops in key figures, according to its full-year and Q4 results.
The company revealed that its total revenues decreased by 1.3% to €140 billion (around US$170 million) in 2020, while its operating profit came in at €10.8 billion (around US$13.1 billion), including a negative COVID-19 impact of €1.3 billion, which is a fall of 9.3% from the previous year. Finally, net income attributable to shareholders was down 14% to €6.8 billion from 2019.
Nonetheless, fourth quarter revenues were stable year-over-year, while Q4 operating profit was up 8.2% from the same period in 2019. Still, it wasn’t all good news, with Q4 2020 net income attributable to shareholders down 2.2%.
In terms of its business segments, Allianz’s P&C unit saw operating profit fall due to COVID-19-related losses, lower run-off, and a lower operating investment result, according to the earnings release.
For 2021, Allianz’s operating profit target is €12.0 billion, plus or minus €1 billion, showing that the insurer plans to be back on track after this year.
“I am grateful for the trust and confidence that our stakeholders placed in Allianz during the challenging year 2020,” said Oliver Bäte, CEO of Allianz. “Our resilient results prove that we continued to deliver value and security to our customers, thanks to our highly-engaged workforce and state-of-the-art operations. We are hence in a good position to deliver on our 2021 ambition.”