Good afternoon, everyone. I’m here to provide you with some insights into the recent developments in Allianz SE’s financial performance, particularly in the second quarter of 2024. One key point of interest is the strong growth seen in the second quarter, especially in the life insurance segment. This growth has been attributed to a combination of factors, including the rising interest rates and attractive margins in the market. As a result, we have observed very strong flows and impressive margins in the life insurance business.
However, there are concerns about the risks associated with this growth, particularly as interest rates are expected to decline in the future. The risks to the life insurance business include lapses in policies and the impact on new business value. It’s important to note that lapsation rates have been monitored closely, and any changes in interest rates will be carefully managed to mitigate the risks to the business.
Additionally, in terms of capital generation, there has been a notable improvement in the second quarter compared to the first quarter. This improvement can be attributed to various factors, including seasonality effects in certain lines of business, as well as strong growth in specific markets like Germany and the UK. The growth in the life insurance segment, particularly in the corporate pension business, has also contributed to the overall capital generation.
Moving forward, we are focused on maintaining a balanced approach to managing our capital and growth strategies. We aim to continue growing our business organically while also optimizing our capital deployment to enhance shareholder value. Our strategic objective is to achieve growth and returns without significantly increasing the size of our balance sheet.
Overall, we are confident in our ability to navigate the changing market conditions and continue delivering strong financial performance. Thank you for your attention and have a great day.
