Allianz says surroundings was one of many worst conceivable by 2022
Oliver Bäte, chief government of German insurance coverage group Allianz.
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The chief government of Allianz on Tuesday stated that the German insurer proved to be “very resilient” by what he described as one of many worst market environments conceivable in 2022.
“We’re doing very nicely in a really troublesome surroundings, in order that’s excellent, however I do not measure that on financials,” Oliver Bäte, CEO of Allianz, instructed CNBC’s “Squawk Field Europe” on the World Financial Discussion board in Davos, Switzerland.
Bäte stated that 2022 noticed Allianz put up file buyer satisfaction ranges and claimed its worker satisfaction was “beating nearly each firm on this planet.”
Requested how troublesome it’s for the corporate to speculate, Bäte replied, “2022 was one of many worst, by way of surroundings, imaginable. Equities and bonds happening, and you already know that the entire classical theories have not actually labored — and it was enormously difficult for our colleagues at Pimco.”
Allianz is among the world’s largest buyers, managing round 706 billion euros ($763.8 billion) on behalf of its insurance coverage clients as of September final 12 months. Bond big Pimco is a unit of Allianz.
“We are actually benefitting tremendously from charges rising within the insurance coverage enterprise … nevertheless it has not been priced but. It’s not too long ago that individuals have come to know that the upper charges are actually, actually good for us as a life insurer,” Bäte stated.
“As rates of interest degree out, bond flows will come again and, on this surroundings, you actually wish to be with anyone who is aware of what they’re doing, so I’m very optimistic for our asset administration enterprise,” he added.
Allianz is scheduled to report quarterly earnings on Feb. 17. Firm shares are up 9% year-to-date.