MUNICH (dpa-AFX) - Allianz SE (ALIZY), a German financial services company, on Friday registered a rise in net profit for the fourth quarter, supported by strong performance across all segments.
For the fourth quarter, the company posted a net income of 2.472 billion euros, higher than 2.151 billion euros recorded for the same period last year. Shareholders' core net income stood at 2.434 billion euros, or 6.31 euros per share, as against 2.351 billion euros, or 6 euros per share, in 2023.
Operating profit improved to 4.174 billion euros from 3.765 billion euros a year ago, primarily driven by the Property-Casualty business with an operating profit of 1.948 billion euros, higher than 1.608 billion euros last year.
Total business volume was 45.9 billion euros, higher than 39.6 billion euros in the previous year. The Life/Health segment was the main growth driver with a business volume of 24.3 billion euros, compared with the prior year's 20 billion euros.
On February 27, Allianz announced a new share repurchase drive to buy back up to 2 billion euros of shares.
For the full-year 2024, the Board will pay a dividend of 15.40 euros per share, up 11.6 percent from last year.
Looking ahead, for the full-year 2025, the company expects an operating profit of 16 billion euros, plus or minus 1 billion euros. For the full-year 2024, Allianz has registered an operating profit of 16.023 billion euros.
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