Allianz Partners 2024 results

Allianz Partners delivers strong profitability while surpassing the 10 billion euros revenue mark

12M 2024:
• Total business volume rises 8.7 percent to 10.1 billion euros
• Operating profit increases by 10.7 percent to 333.5 million euros driven by all business segments
• Total Combined Ratio for Insurance and Service business is 97.1 percent

“2024 has been another great year for Allianz Partners with strongest ever performance both in the operating profit and revenues, surpassing 10 billion euros in total revenues. These results reflect the momentum we've generated across all areas of our business and our steadfast commitment to delivering innovative solutions to our partners and peace of mind to their customers.

Our growth is built on solid foundations, in particular our continued investment in technology to digitalize our services while improving operational efficiency and boosting sales excellence. These investments are critical to meeting customer demand, improving customer satisfaction and ensuring we remain a trusted partner for the diverse businesses we serve. 

This success is thanks to the dedication of our 22,600 employees, whose passion and commitment drive our exceptional service and innovation in delivering embedded insurance solutions. While we take pride in what we achieved in 2024, we are focused on our future ambition, to double our revenues by 2030.”

- Tomas Kunzmann, CEO of Allianz Partners 

Financial highlights

Allianz Partners, a world leader in insurance and assistance services, today announced its full year 2024 results with 10.1 billion euros in total revenue and an operating profit of 333.5 million euros. All lines of business contributed to Allianz Partners’ sustained growth and strong results in the financial year, which saw a 14.7 percent surge in Allianz Partners’ Health business and double-digit growth of 13.6 percent in Assistance & Mobility. 

Segmental highlights

Allianz Partners’ performance in 2024 was driven by all lines of business. The company provided support to over 100 million customers worldwide, handling more than 260,000 cases daily and totaling 95 million cases over the past year, with a dedication to enhancing customer experience and continued investment in operational efficiencies.

• The Health business delivered another strong result across multiple business segments, in particular, international health insurance, wider global employee benefits and digital health services.
• The Travel insurance business showed a solid performance in APAC, North America, and Europe.
• The strong development of the Assistance & Mobility line was driven by all business lines in this segment.

 

Health business: Strong growth of 14.7 percent 

The Health business delivered another year of double-digit growth, up almost 15 percent, with revenues of 3.39 billion euros last year. The increase in revenue was a combination of new business and organic growth in the traditional International Private Medical Insurance (IPMI) business segment and the International Student business. Growth was also driven by an expanded health and benefits value proposition for global and local solutions, a strengthened operational footprint in Asia and a growing focus on retail segments. 

Expansion continued in digital access to care services, including the launch of Vital Signs, an AI powered health metrics technology available through the Allyz Health app which now serves over 1.3 million active users.

Travel Insurance business: Growth in Europe and B2C 

Allianz Partners continued to be the number one global insurer in the Travel Business. The total 2024 Travel business volume increased slightly to 3.2 billion euros, driven mainly by Europe. The profitable B2C segment in North America continued to grow, whilst the travel market in North America and APAC normalized to pre-COVID levels, with reduced take rates and trip prices compared to 2023. 
The Travel business continued driving revenue for partners and further enhanced the value proposition through the Allianz Fusion platform. This platform helped global business partners to personalize travel protection offers for customers within the booking path, optimizing the offering for customers.  The Allianz Fusion platform was expanded to many new markets through partnerships with multiple airlines, with continued expansion planned in 2025.
From an operational perspective, 23,500 medical repatriations were successfully completed in 2024, benefiting from Allianz Partners’ vast network of over one million global medical providers. The high focus on operational excellence and customer satisfaction delivered a very strong Voice of the Customer (satisfaction) rating of 4.56 stars for the Travel business overall.

 

Assistance & Mobility business: Another strong year of growth 

In 2024, revenues for the Assistance and Mobility business grew by 13.6 percent and reached 3.3 billion euros, reflecting strong performance across all areas.
Handling 36.9 million cases last year, the Roadside Assistance business thrived, particularly in Southern Europe, France, Benelux, and the Nordics, fuelled by both new clients and deeper relationships with existing partners. The Home business also saw significant expansion across Europe, with standout growth in Germany, Spain, and France.
Our Easy Living business, delivering daily life support services, made notable strides, especially in France, Eastern Europe, and APAC, while Mobility, offering automotive, new mobility, fleet, and warranty solutions, enjoyed positive development, driven by new clients in key European and Asian markets.
This overall growth highlights the strength of Allianz Partner’s diverse portfolio and ability to deliver valuable services to millions of customers across the globe.

“While our financial results speak for themselves, it is our operational performance that truly underscores the strength and scale of our business, reflecting our ongoing dedication to supporting our customers and demonstrating the need to continue to invest in driving operational efficiencies. 

Our investment in IT transformation will pave the way for further margin improvements and we have the opportunity to scale our business model by rethinking our end-to-end processes by further leveraging data and AI.”

- Michael Buttstedt, Chief Financial Officer of Allianz Partners

Allianz Group results

In 2024, Allianz has again achieved record financial results, continuing its track record of consistent earnings delivery. Allianz's total business volume increased by 11.2 percent to 179.8 billion euros, operating profit grew by 8.7 percent to 16.0 billion euros, while shareholders’ core net income advanced by 10.1 percent to 10.0 billion euros. 
The Solvency II capitalization ratio was at a strong level of 209 percent at the end of 2024. Allianz enters 2025 with confidence and targets a full-year operating profit of 16.0 billion euros, plus or minus 1 billion euros. Allianz's excellent performance in 2024 underlines the resilience of Allianz's business model and positions us well for continued sustainable value generation.

 

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