DGAP-News

Allianz SE: Allianz continues to grow in revenues and profits - Seite 2

record operating profit and experienced positive net inflows over the
course of 2014.

The conglomerate solvency ratio stood at 181 (182) percent at the end of
2014. Shareholders' equity reached a new high of 60.7 (50.1) billion euros
at year end.


Property and Casualty with strong internal growth

In the Property and Casualty insurance segment, gross written premiums
increased 3.7 percent to 48.32 (46.58) billion euros in 2014. Internal
growth reached 3.0 percent. The main internal growth drivers in 2014 were
the global lines as well as high growth in Allianz UK's retail business.

Strong demand for new products continued in 2014, including the modular
household cover products "PrivatSchutz" in Germany and "Allianz1" in Italy.
The acquisition of a part of the insurance business of the Italian
insurance company UnipolSai and the takeover of the general insurance
business of the Australian Territory Insurance Office expanded the Property
and Casualty business in key markets.

Operating profit and the combined ratio both benefitted in 2014 from a
benign natural catastrophe environment, but were impacted by certain
effects, including reserve strengthening in Brazil, at Fireman's Fund and
in Russia. In the United States, Allianz will realign the set-up of
Fireman's Fund by consolidating the corporate insurance activities and
divesting the retail insurance line. Retail insurance business in Russia
and Ukraine was readjusted in reaction to difficult economic conditions in
those markets.

Operating profit in the Property and Casualty segment rose 2.2 percent to
5.38 (5.27) billion euros, driven mainly by a better underwriting result
while the investment result remained stable. The combined ratio remained
unchanged at 94.3 percent.

"Strong volume-driven internal growth in the Property and Casualty segment
is supported by the continued high demand for our new modular products in
the core markets," said Dieter Wemmer, Chief Financial Officer of Allianz
SE. "Our acquisitions as well as the readjustments in the United States,
Russia and Brazil are important portfolio measures to continue the positive
development of our property and casualty business."


Life and Health insurance: operating profit at upper end of target range

Statutory premiums in the Life and Health insurance business grew in 2014