Allianz Shareholders Delighted with Profitable Business Year, AGI's Future Up in the Air
mic Munich
Shareholders commend "accelerated earnings" at Allianz
Allianz's shareholders are thrilled with the insurer's impressive business performance. During the virtual annual general meeting of six-and-a-half hours, professional proxyholders commended the managers. Investors approved all agenda items with a 70.9% approval rating, with a turnout of 43.8%. The continued existence of the in-house asset manager AGI and the revised remuneration system for the board were critically scrutinized. At midday, 2,250 shareholders participated, including 125 international shareholders.
According to Hendrik Schmidt from DWS, speaking on behalf of the fund company, "Allianz looks back on an extremely successful business year." Andreas Thomae from Deka added, "The profit machine at Allianz is running." As a satisfied shareholder, we can affirm their sentiment.
"Thrilled shareholders"
Shareholder representatives echoed this sentiment. Daniel Bauer from the Schutzgemeinschaft der Kapitalanleger (SdK) said, "We've had an excellent result." DSW Vice President Daniela Bergdolt agreed, "Shareholders can be thrilled."
The future of Allianz Global Investors (AGI) piqued curiosity. Schmidt found it intriguing to see what goals Allianz is pursuing there. Last fall, the insurer put AGI up for sale, and a European partner seemed to be found quickly with Amundi. However, negotiations have been on ice since December of last year. Bergdolt also expressed a desire to know if the company is still looking for partners.
Open to AGI collaborations
Asset Management Board member Andreas Wimmer stated, "We are always open to collaborations." Allianz examines these on a case-by-case basis. He added, "Please understand that we do not want to comment on individual talks, even in the past."
Wimmer emphasized the importance of AGI. In 2024, the company generated 733 million euros from the 3.2 billion euro asset management profit, "A really strong result." Pimco and AGI play complementary roles, both in terms of products and regions. There is also close cooperation with the insurance side: "We could very well seek and address synergies here."
No definitive answers regarding AGI's future with Amundi were provided at the meeting.
Shareholders were divided in their assessment of the partly amended remuneration system for the board, which was voted on as part of the regular agenda. DSW, SdK, Deka, and DWS publicly declared their support. However, the Institutional Shareholder Services (ISS) proxy advisor recommended rejection, citing excessive pension contributions and inadequate long-term variable remuneration hurdles. Ultimately, the revised system was approved with a 70.9% approval rating.
CEO Oliver Bäte announced that Allianz plans to hold an in-person annual general meeting next year. On that day, the succession of Supervisory Board Chairman Michael Diekmann will be decided.
The newly elected Supervisory Board member Ralf Thomas, who is full-time Siemens' Chief Financial Officer, will take over the chairmanship of the Audit Committee from Jörg Schneider at a later date, said Diekmann. Schneider will now first take over the chairmanship of the Audit Committee from the outgoing Supervisory Board member Friedrich Eichiner.
Allianz's Q1 2025 operating profit reached a record €4.2 billion, marking a 6.3% increase from the same period in 2024[1][3]. The company's total business volume grew significantly, driven by strong performance across all segments, particularly in the Life/Health division[1][3]. Despite geopolitical and economic uncertainties, Allianz reaffirmed its full-year operating profit guidance of €16.0 billion, plus or minus €1 billion, citing a robust balance sheet and resilient business model[3]. Allianz continues to focus on maintaining financial strength and exploiting new opportunities for growth, leveraging its position in the insurance market. The company views current uncertainties as catalysts for innovation and expansion of offerings[3].
Shareholders are delighted with Allianz's successful business year in finance, backed by an impressive performance across all segments. However, questions loom over the future of Allianz Global Investors (AGI), with the insurer still exploring potential collaborations.
Allianz remains open to possible collaborations for AGI, evaluating each case individually while remaining vague about ongoing talks. The future of AGI's partnership with Amundi remains uncertain, with no definitive answers provided at the annual general meeting.
