Allianz unveils €2bn buyback after record earnings for 2024
Shares in Allianz were trading lower in Frankfurt despite the German financial services giant unveiling record annual earnings and a share buyback programme, as the company guided to no profit growth in 2025.
The insurance and asset management firm reported an operating profit of €16bn for 2024, up 8.7% on the year before, with all sides of the business contributing to growth.
Total business volumes were up 11.2% at €179.8bn, despite FX and consolidation effects having a 0.7 percentage-point negative impact on growth.
The company said its life and health insurance divisions were the main growth drivers, with strong contributions also from the property-casualty segment.
"In an environment of muted economic growth and significant levels of natural catastrophes we have achieved record operating profit and net income. All segments finished the year above their operating profit target mid-points, which demonstrates the resilience of our business model," said chief financial officer Claire-Marie Coste-Lepoutre.
For the fourth quarter specifically, Allianz said volumes were up 16% at €45.9bn, with operating profits rising 10.9% to €4.2bn.
The board proposed a dividend of €15.40 per share, an increase of 11.6% from 2023, and said it would buy back €2bn of shares.
However, looking ahead, the company pointed to an operating profit of €16bn for 2025, give or take €1bn either way.
Shares were down 0.5% at €331.70 by 1459 CET, following a 12% gain so far this year.