German financial services giant Allianz SE (ALIZY) reported a rise in profits for the second quarter, driven by increased business volume, while maintaining its fiscal 2024 outlook.
Additionally, Allianz announced that its Board of Management has decided to expand the total volume of share buy-backs for the financial year 2024 to 1.5 billion euros. This expansion includes a resolution to repurchase additional shares worth up to 500 million euros.
For the second quarter, net income attributable to shareholders rose to 2.51 billion euros, compared to 2.34 billion euros in the same period last year. This growth was fueled by increased operating profit and a higher non-operating result.
Shareholders' core net income was stable at 2.536 billion euros, almost unchanged from last year's 2.517 billion euros. Core earnings per share were recorded at 6.15 euros, up from 5.97 euros a year ago.
Operating profit saw an increase to 3.9 billion euros from 3.8 billion euros in the previous year, with all segments contributing positively.
Total business volume climbed by 7.6 percent to 42.6 billion euros from 39.6 billion euros a year earlier. Adjusted for foreign currency translation and consolidation effects, internal growth stood at 8.8 percent. The Property-Casualty segment emerged as the primary driver, though all business segments made positive contributions.
Looking ahead to fiscal 2024, Allianz continues to anticipate an operating profit of 14.8 billion euros, with a potential variance of plus or minus 1 billion euros.
