Facts and Figures 2010
Allianz Group is one of the leading global financial services providers and offers insurance and asset management solutions worldwide. With over 150,000 employees, Allianz Group serves approximately 75 million customers in about 70 countries and regions. In its core businesses Property/Casualty insurance, Life/Health insurance and Asset Management, Allianz ranks among the top five players in 32 markets around the globe.
Allianz achieved strong results in fiscal year 2010 despite a challenging global economy. Total revenues grew 5.2% to a new high of 106.5 billion euros, with Life and Health insurance statutory premiums growing to 57.1 billion euros, and total gross premiums written of Property and Casualty insurance business reaching 43.9 billion euros. Increased operating profitability in all segments and higher investment results contributed to net income from continuing operations of 5.2 billion euros. The total assets under management grew 26.2% to a record high of 1,518 billion euros, third-party assets under management amounted to 1,164 billion euros as at the end of 2010. Solvency ratio increased 9 percentage points to 173%.
Michael Diekmann, CEO of Allianz SE: "We are proud of having achieved substantial growth in 2010. Revenues were above our historical best and our operating profit exceeded our own expectations. Allianz has managed its risks well and emerged highly profitable and financially stronger from the financial crisis years 2008 and 2009. This is the foundation for the resilience and stability our customers, investors and employees expect from us."
Owing to its strong global business position in the insurance and financial services industry and its solid capitalization, Allianz is rated financially strong by the global rating agencies Standard & Poor’s and the US insurance rating body, A.M. Best. It ranked 20th in the 2010 Fortune 500, and 20th in the 2010 Forbes Global 2000. Allianz SE is one of the leading primary insurers in the Dow Jones Sustainability Index.
Allianz – History and Development
Allianz was founded in 1890 in Berlin, Germany. Today, its headquarters are located in Munich, the capital of Bavaria in southern Germany.
Since the early years of the 20th century, Allianz has been active in the international insurance market. It covered and compensated for high profile claims such as the devastating earthquake in San Francisco in 1906 and the sinking of the "Titanic" ocean liner. During the "German economic recovery" period of the 1950s, Allianz powered ahead to become the largest insurer in Germany. It resumed its international activities at the end of the ’60s.
During the ’80s and ‘90s, Allianz conducted numerous strategic acquisitions in Europe and North America with well-known insurance companies such as RAS, Cornhill, AGF, Fireman's Fund and Life USA Insurance, and further strengthened its position as international insurer. Today, more than 70 percent of Allianz’s gross written premiums are generated from businesses outside Germany, a clear indication of Allianz’s successful efforts to be a leading international player.
In 1998, Allianz took the strategic decision to combine its asset management activities into a separate core business. With the subsequent acquisition of US-based asset managers PIMCO Advisors, Nicholas Applegate, and Dresdner Bank, Allianz further reinforced its reputation as a leading institutional investor. In October 2004, Allianz was named the Global Market Leader in asset management. As a major investor, Allianz holds stakes in numerous domestically and internationally renowned companies.
Allianz transformed its legal status from a German stock corporation (Aktiengesellschaft, or AG) into a European company (Societas Europaea, or SE) on 13 October 2006 and became the first listed German company to convert itself into a European Company listed as a stock corporation based on European Union law.
