Reviews its shareholder remuneration policy and increases the dividend by 21%
MADRID, 23 Feb. (EUROPA PRESS) –
The German insurer Allianz obtained an attributable net profit of 8,541 million euros in 2023, which represents an advance of 33% compared to its result from the previous year, as reported by the entity, which will launch a share repurchase plan of up to 1,000 million euros.
Allianz’s operating profit reached a record of 14,746 million euros, up 6.7%, mainly due to the life/health business, while the result of the non-life segment (property and casualty) increased slightly amid higher claims due to natural catastrophes and the operating result of the asset management area fell slightly due to the effects of the exchange rate.
For its part, Allianz’s business volume for the entire year stood at 161.7 billion euros, 5.5% above the figure for 2022, driven by the non-life segment, due to positive price and volume, also supported by the life segment as a result of strong growth in the United States, while the asset management area posted lower revenues.
Between October and December, Allianz obtained an attributable net profit of 2,151 million euros, 95% more than in the fourth quarter of 2022, while business volume grew by 7.8% year-on-year, up to 39,595 million.
“Our results demonstrate the trust our clients place in Allianz and in the resilience and potential of our business model,” said Oliver Bäte, CEO of Allianz, who highlighted the strong growth of the property and casualty insurance business, while that the Life/Health segment generated profitable growth.
“In our asset management business we achieved strong net inflows in a volatile capital market environment,” the executive stressed, adding that the firm will focus next year on unlocking the benefits of its scale to increase productivity.
On the other hand, Allianz has announced a new share buyback program of up to €1 billion that will begin at the beginning of March and end no later than December 31, 2024.
Likewise, the insurer has modified the dividend policy, increasing the regular payment from 50% to 60% of attributable net income, adjusted for extraordinary and volatile items.
“In the interest of an attractive dividend policy, the additional objective is to pay a dividend per share of at least the amount of the previous year,” the insurer said, noting that the dividend policy is subject to a sustainable Solvency capitalization ratio. II greater than 150%, excluding transitional measures.
Thus, by applying the modified dividend policy to fiscal year 2023, the board of directors of Allianz has proposed increasing the dividend from 11.40 euros last year to 13.80 euros for fiscal year 2023.
