Allianz (PINK: AZSEY)

QUOTE AND NEWS
Wall Street Journal  Aug 10  Comment 
Germany's Allianz says second-quarter net profit rose 11%, thanks to its insurance operations, low costs for weather-related claims and a higher contribution from investment income.
SeekingAlpha  Aug 9  Comment 
Allianz SE (OTCQX:AZSEY) Q2 2014 Earnings Conference Call August 8, 2014 8:00 a.m. ET Executives Oliver Schmidt – Head of Investor Relations Michael Diekmann – CEO Dieter Wemmer – CFO Analysts Paul De'Ath – RBC ...
Wall Street Journal  Aug 8  Comment 
Bond fund Pimco has been weighing on the German insurer. But while that storm may be passing, significant uncertainties remain.
Wall Street Journal  Aug 8  Comment 
Germany's Allianz says second-quarter net profit rose 11%, thanks to its insurance operations, low costs for weather-related claims and a higher contribution from investment income.
Wall Street Journal  Aug 8  Comment 
Insurance Journal  Aug 6  Comment 
The Panama Canal is preparing to celebrate its 100th anniversary, accompanied by warnings from insurers are warning of the increased risks that will arise from its plan to double the cargo-carrying capacity of ships transiting one of the world’s...
Insurance Journal  Aug 1  Comment 
Allianz is poised to reappoint Michael Diekmann as chief executive in October, investors believe, possibly delaying tough choices on whether Europe’s largest insurer expands its global presence or returns more cash to shareholders. The German...
Insurance Journal  Jul 21  Comment 
A.M. Best has affirmed the financial strength rating of ‘A+’ (Superior) and the issuer credit ratings of “aa-” of Allianz Global Risk US Insurance Company, Allianz Underwriters Insurance Company and AGCS Marine Insurance Company...
Insurance Journal  Jul 21  Comment 
Allianz SE, Europe’s biggest insurer and owner of Pacific Investment Management Co., is standing by Chief Investment Officer Bill Gross as his main fund trails peers and struggles with a record streak of investor redemptions, calling him an...




 

Allianz (PINK: AZSEY) is an integrated financial services provider with over 75 million customers and a presence in more than 70 countries. It is the largest insurer in Germany with a market share of 18% of the property and casualty insurance in that country and is a leader in Europe. It is also one of the top insurers worldwide. Its clientele includes nearly half of the Fortune 500 companies. Allianz is also the largest foreign insurance company in the emerging markets of Central and Eastern Europe. In the life and health insurance businesses, it is the market leader in many Western European countries.

Allianz also acts as a global provider of institutional and retail asset management products and services to third-party investors. On January 12, 2009, the Company sold Dresdner Bank AG to Commerzbank. In May 2010, the Company acquired six solar parks, each with up to one megawatt peak capacity, from BP Solar Italy, a unit of BP Alternative Energy.[1]

In fiscal 2009 the Allianz Group achieved total revenues of over 97.4 billion euros. Allianz is also one of the world's largest asset managers, with third-party assets of 926 billion euros under management at year end 2009.[2]

Company Overview

Business and Financial Metrics

First Quarter 2010 Results[3]

During the first quarter of 2010 Allianz increased operating profit 20.4 percent to 1.7 billion euros. Quarterly revenue increased 10.3 percent to 30.6 billion euros. Net income increased to 1.6 billion euros. Operating profit growth in both Life/Health and Asset Management overcompensated for a decline in the Property-Casualty result. This segment was especially impacted by claims from natural catastrophes.

Business Segments

Insurance

Allianz is one of the leading insurance groups in the world and ranks number one in the German property-casualty and life insurance markets based on gross premiums written and statutory premiums, respectively. The company's product portfolio includes a wide array of property-casualty and life/health insurance products for both private and corporate customers.

Allianz conducts business in almost every European country, with Germany, Italy and France being its most important markets. The company also runs operations in the United States, Central and Eastern Europe and the Asia-Pacific region.

Property-Casualty During the first quarter of 2010, a combination of tariff increases, portfolio cleaning and selective underwriting in the Property and Casualty business resulted in gross premiums written of 14.0 billion euros.[3] Compared to 13.9 billion euros in the first quarter of 2009, premiums increased by 0.8 percent.[3] Operating profit decreased by 26.5 percent to 712 million euros, following 969 million euros in the same period of last year.[3] This decline was largely attributable to major losses from natural catastrophes amounting to 555 million euros during the first quarter of 2010.[3]

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Life/Health The Life/Health segment delivered its highest quarterly revenue ever in the first quarter of 2010, with 15.4 billion euros.[3] Statutory premiums grew from both traditional and investment-oriented products. Compared to 13.0 billion euros in the previous year's first quarter, revenues in first quarter 2010 grew by 18 percent.[3]

Operating profit more than doubled to 812 million euros, from 402 million euros in first quarter 2009.[3] This was mainly due to a higher investment result based on lower impairments and higher realized gains in favorable equity markets.[3]

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Asset Management

Allianz is one of the five largest asset managers in the world. Business activities in this segment consist of asset management products and services both for third-party investors and for the Allianz Group's insurance operations. Allianz serves a comprehensive range of retail and institutional asset management clients. Its institutional customers include corporate and public pension funds, insurance and other financial services companies, governments and charities, and financial advisors. The United States, Germany, France, Italy and the Asia-Pacific region represent Allianz's primary asset management markets.

The Allianz Group managed 926 billion euros of third-party assets as of December 31, 2009.[4]

The Asset Management segment recorded strong quarterly revenue growth in the first quarter of 2010. Net fee and commission income in the first quarter rose by 54.7 percent to 1.1 billion euros, from 709 million euros in first quarter 2009.[3] Operating profit grew by 120.9 percent to 466 million euros, compared to 211 million euros in the previous year's first quarter.[3] Third-party assets under management amounted to a historic high of 1.023 trillion euros as of March 31, 2010, following 926 billion euros at the end of 2009.[3]

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Competition

Allianz's main competitors are Aegon (AMS:AGN), AXA (AXA), Generali, ING Groep N.V. (ING), Munich Re and Zurich Financial Services. Besides these international competitors, there are other local and regional companies competing for business in the various countries and markets.

  • Aegon (AMS:AGN) is one of the world’s largest providers of life insurance, pensions and long-term savings and investment products, with over 40 million customers across the globe. The Company is a provider of life insurance, pensions and asset management. AEGON is also engaged in accident, supplemental health, general insurance, and some limited banking activities. The Company operates in four segments: the Americas, which include the United States, Canada, Mexico and Brazil; the Netherlands; the United Kingdom, and Other Countries, which includes Hungary, Spain, China, Poland, India and a number of other countries.
  • AXA (AXA) provides life insurance, financial protection, investment, superannuation, wealth management and financial advice, products and services. AXA APH is the holding company for AXA APH Group’s life insurance, wealth management and advice businesses in Australia, New Zealand, Hong Kong, China, Singapore, Thailand, the Philippines, Indonesia, India and Malaysia. AXA APH is organized geographically into three operating divisions. The Australia and New Zealand segment is engaged in the life insurance and wealth management. The Hong Kong segment includes life insurance and wealth management. The Asia ex Hong Kong segment includes life insurance and wealth management in China, Singapore and other countries across the Asian regions.
  • Generali is one of the most significant participants in the global insurance and financial products market. Having strengthened its position in Western Europe, Generali has consolidated its position among the world’s leading insurance operators, with significant market shares in Asia, the Americas, Africa and the Middle East. Generali has over 60 millions clients worldwide.
  • ING Groep N.V. (ING) is a global financial institution offering banking, investments, life insurance and retirement services to meet the needs of the customers. It operates in six business segments: Retail Banking, ING Direct, Commercial banking, Insurance Europe, Insurance Americas and Insurance Asia/Pacific.
  • Munich Re is one of the world's leading players in the reinsurance industry. Munich Re's business fields include primary insurance, reinsurance and Munich Health as the third pillar for the challenges of the global healthcare market.
  • Zurich Financial Services is an insurance-based financial services provider with a worldwide network of subsidiaries and offices in North America and Europe, as well as in Asia-Pacific, Latin America and other markets. The Company operates in three segments: General Insurance, Global Life and Farmers.

References

  1. Reuters: ALLIANZ SE (ALIZF.PK)
  2. Allianz Profile
  3. 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 3.11 Allianz: "Allianz Group in the first quarter of 2010 increases operating profit 20.4 percent to 1.7 billion euros"
  4. About Allianz: Lines of Business
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