3Q 2022: Total revenues increased 1.3 percent to 34.8 (3Q 2021: 34.4) billion euros, driven by the Property-Casualty business segment, with positive price effect and volume growth. This was partially offset by the Life/Health business segment, primarily due to softer sales in Italy and Germany. The Asset Management business segment was slightly down as a result of lower assets under management (AuM)-driven revenues and performance fees.
Internal revenue growth, which adjusts for foreign currency translation and consolidation effects, was minus 3.7 percent.
9M 2022: Total revenues increased 5.3 percent to 116.0 (9M 2021: 110.1) billion euros, largely driven by the Property-Casualty business segment due to positive price and volume effects. This was supported further by the Asset Management business segment as a result of higher AuM-driven revenues, while the Life/Health business segment remained stable.
Internal revenue growth was 1.6 percent, driven by the Property-Casualty business segment.
3Q 2022: Operating profit increased 7.4 percent to 3.5 (3.2) billion euros, driven by improved investment and underwriting results in the Property-Casualty segment. This was partially offset by the Life/Health business segment, impacted by variable-annuity products in the United States as well as a softer net harvesting result in Germany. Operating profit from the Asset Management business segment was also impacted by market developments.
Net income attributable to shareholders grew to a notable 2.5 (2.1) billion euros, as a result of operating profit growth and higher realized gains, primarily driven by the Voya transaction.
Annualized Return on Equity (RoE) was 9.4 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 12.0 percent (full year 2021: 14.9 percent). Basic Earnings per Share (EPS) was 11.37 (9M 2021: 16.64) euros.
On November 9, 2022, Allianz has announced a new share buy-back program of up to 1 billion euros. The program shall start mid-November 2022 and be finalized by December 31, 2023, at the latest.
9M 2022: Operating profit increased 3.2 percent to 10.2 (9.9) billion euros, driven by higher operating profit in the Property-Casualty business segment. Operating profit growth was driven by a strong rise in the investment result and further improvement in the underwriting result. Growth was partially offset by the impact of unfavorable market developments on the Life/Health and Asset Management business segments.
Net income attributable to shareholders was 4.7 (6.9) billion euros, reflecting the provision booked in the first quarter in relation to the AllianzGI U.S. Structured Alpha proceedings and a lower non-operating investment result.
Solvency II Capitalization Ratio
The Solvency II capitalization ratio was 199 percent at the end of the third quarter of 2022 compared with 200 percent at the end of the second 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 third quarter compared with 227 percent at the end of the second quarter.