Group Confirms Full-Year Outlook

MUNICH--(BUSINESS WIRE)--EARNINGS RELEASE: 1Q 2023

1Q 2023:

• Total business volume rises 3.9 percent to 46.0 billion euros
• Operating profit increases 24.2 percent to 3.7 billion euros; strong performance particularly in Life/Health and Property-Casualty business segments
• Shareholders’ core net income strong at 2.2 billion euros
• Strong Solvency II capitalization ratio of 206 percent, compared with 201 percent at the end of 4Q 20221

Outlook:

• 2023 operating profit target confirmed at 14.2 billion euros, plus or minus 1 billion euros2

Other:

• New share buy-back program of up to 1.5 billion euros announced

Note: The financial results are based on the new IFRS 9 (Financial Instruments) and IFRS 17 (Insurance Contracts) accounting standards, which have been adopted as of 1 January 2023. Comparative periods have been adjusted to reflect the application of these new accounting standards.

1 Excluding the application of transitional measures for technical provisions.

2 As always, natural catastrophes and adverse developments in the capital markets, as well as factors stated in our cautionary note regarding forward-looking statements may severely affect the operating profit and/or net income of our operations and the results of the Allianz Group.

“We can be proud of our operating profit and bottom line, a reflection of our strength, our skills, and consistent execution of our strategy. We once again benefited from our diversified business mix and delivered particularly strong performance in the Property-Casualty segment, driven by robust pricing, continued underwriting discipline and focus on further productivity gains. Our strong profitability and capitalization underscore our aspiration to remain the trusted partner for our clients to secure their futures as they continue to navigate a time of hesitation and uncertainty.”

- Oliver Bäte, Chief Executive Officer of Allianz SE