Allianz SE sees income decline in full-year outcomes
After a difficult year, the global insurer Allianz SE reported a decline in its key figures for the full year and the fourth quarter.
The company announced that total sales in 2020 decreased 1.3% to EUR 140 billion (approximately $ 170 million), while operating profit was EUR 10.8 billion (approximately $ 13.1 billion), including a negative COVID-19 effect of EUR 1.3 billion, a decrease of 9.3% compared to the previous year. After all, the net income attributable to the shareholders fell by 14% compared to 2019 to € 6.8 billion.
Even so, fourth quarter revenue remained stable year over year, while fourth quarter operating income rose 8.2% year over year. Still, it wasn’t all good news. Net income attributable to shareholders in the fourth quarter of 2020 decreased by 2.2%.
In terms of business units, Allianz’s P&C unit saw a decline in operating profit due to COVID-19-related losses, lower outflow and lower operating investment income, according to earnings release.
Allianz’s operating profit target for 2021 is EUR 12.0 billion plus or minus EUR 1 billion. This shows that the insurer plans to be back on track after this year.
“I am grateful for the trust that our stakeholders have placed in Allianz in the challenging year 2020,” said Oliver Bäte, CEO of Allianz. “Our robust results show that we continue to provide value and security to our customers thanks to our dedicated workforce and state-of-the-art business. We are therefore in a good position to realize our ambitions for 2021. “