Annual Report Allianz Group 2022
ALLIANZ GROUP
Building confidence
in tomorrow
Annual Report 2022
- To go directly to any chapter, simply click on the headline or the page number.
- All references to chapters, notes, internet pages, etc. within this report are also linked.
CONTENT
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Pages 1 - 14 |
4 Supervisory Board Report
- Mandates of the Members of the Supervisory Board
- Mandates of the Members of the
Board of Management
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B _ Corporate Governance |
Pages 15 - 52 |
16Corporate Governance Statement (part of the Group Management Report)
- Takeover-RelatedStatements and Explanations (part of the Group Management Report)
- Remuneration Report
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C _ Group Management Report |
Pages 53 - 122 |
54 Business Operations
- Non-FinancialStatement
- Business Environment
- Executive Summary of 2022 Results
- Property-CasualtyInsurance Operations
- Life/Health Insurance Operations
- Asset Management
- Corporate and Other
- Outlook 2023
- Balance Sheet Review
- Liquidity and Funding Resources
- Reconciliations
101 Risk and Opportunity Report
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D _ Consolidated Financial Statements |
Pages 123 - 204 |
- Consolidated Balance Sheet
- Consolidated Income Statement
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Changes in Equity
- Consolidated Statement of Cash Flows
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
131 General Information
- Notes to the Consolidated Balance Sheet
- Notes to the Consolidated Income Statement
- Other Information
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E _ Further Information |
Pages 205 - 214 |
- Responsibility Statement
- Independent Auditor's Report
- Auditor's Report
TO OUR INVESTORS
A
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Annual Report 2022 − |
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A _ To our Investors
OLIVER BÄTE
Chief Executive Officer
This past year, capital markets were shocked in multiple ways: the war in
Against this backdrop,
This performance is by thoughtful design, not chance. For the past seven years, we have reliably executed a consistent and differentiated strategy of scaling simplicity: relentlessly untangling complexity in our businesses and our customers' experiences. Step by step, we are developing our capabilities to deliver simplicity at scale globally for the benefit of our customers and shareholders alike. This progress touches all aspects of our business, from notable improvements in our product and process design and customer communication to the systematic digitalization of our overall enterprise.
In 2022, our revenues and operating profit reached their highest levels in our 133-year history. Revenues grew by 3 % to
- 153 bn and our operating profit increased by 6% to € 14.2 bn, asserting
Allianz's position as a leading global insurer and one of the largest active investors. -
- OurProperty-Casualty business revenues grew dynamically by 12.4 %, reaching € 70.0 bn. Operating profit increased to € 6.2 bn. The investment result benefited from higher interest rates and our underwriting result improved further, despite sizeable natural catastrophe losses.
- InLife/Health, we grew our operating profit by 5.4% to € 5.3 bn. The value of new business was stable at € 2.5 bn, while the new business margin expanded on the back of higher interest rates and a better business mix. This demonstrates that value creation for our customers and shareholders remains strong.
- Despite adverse conditions in global financial markets, ourAsset Management business generated an operating profit of € 3.2 bn; a decline of 8.3% with a cost-income ratio of 61.2%. Total assets under management stood at € 2.1 tn by the end of 2022, impacted by adverse market movements as well as net outflows as investor sentiment remained cautious.
Robust financial performance, reliable capital distribution to our shareholders, and a swift, decisive resolution of the Structured Alpha proceedings in
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Annual Report 2022 − |
A _ To our Investors
In addition to delivering resilient results, we have invested in further long-term growth. Alongside our capital and risk management capabilities that create valuable stability and optionality, the investments we make in our overall corporate health - those that promote the climate and culture of our company - pay among the highest dividends. In a turbulent year, we remained the most trusted insurance company among our peers, and our performance along the following dimensions reliably translates into competitive and financial advantage over time:
- Customer Loyalty, which is highly correlative to strong employee engagement, is the defining metric of
Allianz's success. Our Net Promoter Score, which measures our customers' likelihood of recommending us to others, showed a strong performance, with 58 % of our businesses achieving loyalty leadership status. Further,Allianz is the world's most valuable international insurance brand, according to both Interbrand's Best Global Brands and BrandFinance. Our brand is one of our most valuable assets as it plays a central role in determining customers' decisions to buy our products and services. - Especially in light of its critical role in shaping customer outcomes, a healthy and engaged workforce is among the most powerful competitive advantages that our company can have. Our 2022 annual
Allianz Engagement Survey showed that our employee engagement reached an all-time high. With feedback from more than 112,000 colleagues across the globe, we achieved our best results to date in IMIX (Inclusive Meritocracy) and WWI+ (Work Well) indices, and we are among the best in class in these categories. This result also reflects our strong progress in Diversity, Equity and Inclusion: in 2022, women made up 52 % of our total workforce. Further, about 30 % of theAllianz Group's operating profit is now contributed by operations under female CEOs and, since 2023, a third of ourBoard of Management members are women. - Because of our rigorous and systematic integration ofsustainability criteria into our business processes and investment decisions, we achieved one of the industry leading scores in the S&P Global Corporate Sustainability Assessment and have been confirmed once again as a member of the Dow Jones Sustainability Index. Our leadership and commitment in the area of Diversity, Equity and Inclusion has been acknowledged with a range of earned recognitions locally and globally, including
Allianz's listing in the Bloomberg Gender-Equality Index 2023 for the eighth year in a row, and our number one ranking in the insurance sector - and inGermany overall - in the Refinitiv Diversity & Inclusion Index for 2022. - We have made significant progress towards achievingnet-zero greenhouse gas emissions in our own operation by 2030, as we have already reduced our emissions per employee by 57 % versus 2019. I encourage you to read our Sustainability Report on our
Allianz company website to leamore about our leadership in this area.
Our work to build a healthy, high-performing organization helps
Despite significant economic shocks and an uncertain geopolitical outlook for our world, your company is in excellent shape
- and prepared to face the future. On behalf of our management team and employees, I thank you for your trust in the
Allianz Group and look forward to earning your continued support in the year ahead.
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Annual Report 2022 − |
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Attachments
Disclaimer


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Annual Report Allianz SE 2022
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