2Q 2022: Total revenues surged 8.2 percent to 37.1 (2Q 2021: 34.3) billion euros, driven by the Property-Casualty business segment with broad volume growth and positive price effects. Growth was supported further by the Life/Health business, which benefited from positive foreign currency translation effects and the acquisition of Aviva operations in Poland. The Asset Management business segment was stable, benefiting from higher assets under management (AuM)-driven revenues.
Internal revenue growth, which adjusts for foreign currency translation and consolidation effects, stood at 3.6 percent.
6M 2022: Total revenues jumped 7.2 percent to 81.2 (6M 2021: 75.7) billion euros, largely driven by the Property-Casualty business segment due to positive price and volume effects, and supported further by the Asset Management and Life/Health business segments.
Internal revenue growth increased to 3.7 percent.
2Q 2022: Operating profit increased 5.3 percent to 3.5 (3.3) billion euros, driven by improved underwriting and investment results in the Property-Casualty segment. Growth was partially offset by the Life/Health business segment, reflecting the impact of volatile market conditions and a lower investment margin in Germany and the United States. Lower operating profit from the Asset Management business segment following adverse market movements and cautionary investor sentiment also had an offsetting effect.
Net income attributable to shareholders was 1.7 (2.2) billion euros, as a lower non-operating investment result more than offset the decrease in income taxes and higher operating profit.
Annualized Return on Equity (RoE) was 6.7 percent (full year 2021: 10.6 percent). Excluding the impact of the provision related to the AllianzGI U.S. Structured Alpha proceedings, the annualized RoE was 11.1 percent (full year 2021: 14.9 percent).
Basic Earnings per Share (EPS) was 5.28 (6M 2021: 11.47) euros, down by 54.0 percent.
6M 2022: Operating profit increased 1.2 percent to 6.7 (6.7) billion euros, driven by higher operating profit in the Property-Casualty and Asset Management business segments. Operating profit growth was driven by positive developments in operating investment income and a modest rise in underwriting results in the Property-Casualty business as well as higher AuM-driven revenues in the Asset Management business. Growth in overall operating profit was largely offset by a decline in operating profit in the Life/Health business segment mainly due to unfavorable market developments.
Net income attributable to shareholders was 2.3 (4.8) billion euros, down from the prior-year period mostly due to a provision booked in the first quarter in relation to the AllianzGI U.S. Structured Alpha proceedings.
Solvency II Capital Ratio
The Solvency II capitalization ratio was 200 percent at the end of the second quarter of 2022 compared with 199 percent at the end of the first quarter of 2022. Including the application of transitional measures for technical provisions, the Solvency II capitalization ratio was 227 percent at the end of the second quarter of 2022 compared with 226 percent at the end of the first quarter of 2022.