Allianz Earnings: Operating Profit Ahead of Consensus, Which Is Low Versus Our Forecast

Allianz has reported results for the first quarter of 2024 that are ahead of company-compiled consensus and ahead of our full-year estimates in property and casualty and life and health. However, in asset management, our forecasts currently look a little strong. Group operating profit of EUR 3.986 billion is ahead of the EUR 3.890 billion consensus forecast. However, that means that our full-year estimate of EUR 16.374 billion currently looks a bit strong. Allianz’s operating profit guidance remains at EUR 14.8 billion, with an EUR 1 billion window. The Solvency II ratio of 203% is broadly in line with the 203.7% for the full year we have forecast. We maintain our EUR 310 per-share fair value estimate and no moat rating. Our Exemplary Morningstar Capital Allocation Rating, predicated on investments, is unchanged.