Allianz Earnings: Beats Our Estimates Due to Better Life and Health Insurance

Allianz has reported results for 2023 with a net profit of EUR 9.1 billion for shareholders or EUR 22.61 in core EPS. Both are above the EUR 8.15 billion and EUR 20.42 that we forecast, though the actual EPS delivery is 2% below company-compiled consensus. After these results, the Allianz board is proposing a EUR 13.8 per-share dividend. This is quite a bit above the EUR 12.79 per share that we estimated. Further, the business has announced another buyback program of up to EUR 1 billion. This will start in March and is set to be completed by the end of December. This is on top of the EUR 1.5 billion buyback program initiated last year, which has been completed. The 2023 results deliver a 15.6% return on equity for shareholders. This is above the 11% cost of equity that we apply to the business.