15th May 2022

Allianz on track to meet full-year targets

First quarter highlights are:
-Total revenues rise 6.2% to 44bn
-Operating profit remains strong at E3.2bn-slight decline of 2.9% reflects impact of higher claims from natural catastrophes
Net income attributable to shareholders E0.6bn, down 78.1% following an additional after-tax provision of E1.6bn related to the AllianzGI US Structured Alpha proceedings. Excluding the provision, net income was E2.2bn, down 16% mainly due to a lower non-operating result
-Robust Solvency II capitalisation ratio of 199 percent1
2022 operating profit target confirmed at E13.4bn, plus or minus E1bn
-Share buy-back program of E1bn on track: 2.4 million shares acquired for E500m until the end of April 2022
"The results of this quarter demonstrate that our business can withstand significant geopolitical and economic pressures. This is matched by the strength of our people. Allianz has taken clear business decisions in response to the Russian invasion of Ukraine. Also, we worked hard to achieve fair settlements with investors in the Structured Alpha funds in the US and move toward a final resolution, comments ceo Oliver Bäte,

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