EFCC recovers N156bn, secures 3,175 convictions in a year

By Favour Nnabugwu

 

 

The executive chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has secured 3,175 convictions and recovered N156, 276,691,242.30 between May 29, 2023 when President Bola Tinubu assumed office and May 29, 2024.

He made this known in Abuja on Wednesday at the launch of Zero Tolerance Club at the University Abuja (UniAbuja), Gwagwalada campus, Abuja.

EFCC spokesperson, Dele Oyewale, in a statement on Wednesday night, said Olukoyede, who spoke through the secretary to the commission, Mohammed Hammajoda, said the EFCC also recovered $43,835,214.24, £25,365.00, €186,947.10, ₹51,360.00, C$3,750.00, A$740.00, ¥74,754.00, R35,000.00, 42,390.00 UAE Dirhams, 247.00 Riyals and 21,580, 867631 Crypto Currency.

Speaking further, the chairman stated that, though the EFCC put up impressive performance within the year, involvement of youths in internet fraud continued to pose serious concerns to every stakeholder in the anti-graft war.

“In spite of this commendable performance, the commission is deeply worried about the increasing involvement of young people, including students, in cybercrime, popularly called yahoo yahoo. Hundreds of suspects are arrested monthly, with many of them ending up in jail,” he said.

He called on students of the university to stay away from internet fraud, stressing that conviction for fraud “is a burden that will leave a life-long scar on the fortunes of these youths.”

He further stated that there was no justification for cybercrime anywhere.

“There is no justification that will make yahoo yahoo acceptable. Contrary to the impression in some quarters, being a fraudster is not synonymous with creativity or being smart. As students, you are expected to channel your creative energies into useful engagements and not get entangled in cheating others of their resources,” he stated.

Nigerians living in Nigeria and diaspora can now earn US Dollars legitimately, you can earn as much as $17,000(25millon naira)

WIGOS, NMHSs to build observing capabilities…NiMet DG/CEO Prof. Anosike

CAPTION

L- Abubakr Salih Babiker, Technical Coordinator for Infrastructure, WMO Regional Office for Africa, Addis Ababa, Mr Bernard Gomez, WMO Representative for North Central and West Africa, Professor Charles Anosike, Director General and Chief Executive Officer of the Nigerian Meteorological Agency (NiMet)/Nigeria’s Permanent Representative with the World Meteorological Organization (WMO), Luis Nunes, WIGOS Scientific Officer (WMO),and Tchinda Tazo Simplice,

 

 

By Favour Nnabugwu

 

 

The Director General and Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), and Nigeria’s Permanent Representative with the World Meteorological Organization (WMO), Professor Charles Anosike has
said that through the WMO Integrated Global Observing System (WIGOS), National Meteorological and Hydrological Services (NMHSs) such as NiMet will be able to build observing capabilities.

This he said will enable the duo to achieve better data coverage at national, regional, and global level, improve economic efficiency and close existing data gaps.

Professor Anosike was speaking in Abuja on Tuesday, 28th May, 2024, while welcoming participants to the four-day training workshop for Regional WIGOS Centres in WMO Regional Association ( RA 1 – West Central Africa).

The workshop which aims at equipping participants with sufficient skills to use the WIGOS tools particularly for Regional Wigos Centres (RWC) functions, make them be aware and better understand their responsibilities related to RWIC functions.

Professor Anosike noted that the North, Central and West Africa region is facing challenges associated with diverse climatic conditions and the socio-economic impacts of weather extremes. “We are vulnerable to droughts, floods and other weather and climate-related natural disasters that can have devastating effects on our economies. Therefore, strengthening meteorological infrastructure and human capacity has become a top priority”, he said.

Professor Anosike commended the WMO Regional Office for North, Central and West Africa for its continued support for capacity development in Africa, and the opportunities available to NMHSs in the region.

The workshop which drew participants from across Africa including Mr Bernard Gomez, the WMO Representative for North Central and West Africa, ends on Friday, 31st May, 2024.

Prudential Zenith Life Insurance supports brokers professional growth, personal health

By Favour Nnabugwu
 Prudential Zenith Life Insurance, a leading life insurance company organized a training and health talk thereby helping to brokers boost brokers’ professional growth and personal health.
The training, which featured a robust agenda, blending technical training with insightful health discussions held at Ikoyi, sought to enhance brokers’ expertise in insurance products, compliance and regulatory frameworks, and promoting overall well-being.
It covered various aspects of Prudential Zenith Life’s insurance product offerings, customer service excellence, and the brokers’ incentive scheme to equip brokers with advanced knowledge and skills to serve clients better and provide optimal solutions tailored to individual needs.
The health talk underscored Prudential Zenith Life’s commitment to holistic well-being, which reflects the company’s understanding that a healthy lifestyle is integral to personal and professional success.
Renowned health expert Dr Lucia Okogwu spoke on the Human Papilloma Virus (HPV), while Head of Corporate Sales – Ifeoma Oragwu stated, emphasized that Prudential Zenith Life believes in empowering brokers with the necessary tools and knowledge to excel in their roles.
“This training and health talk is part of our ongoing efforts to support their professional growth and personal health. A well-informed and healthy broker is better positioned to provide exceptional service to our clients,” she said.
Brokers expressed enthusiasm and appreciated the valuable insights and practical tips shared and gained during the training.
About Prudential Zenith
Prudential Zenith Life Insurance Ltd (PZL) is a subsidiary of Prudential Plc., established in 2017 when Prudential Plc acquired a 51% holding in Zenith Life Insurance.  Prudential plc provides life and health insurance and asset management in 23 markets across Asia and Africa (at 31 December 2022). The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion.
Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme.
Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom. https://www.prudentialplc.com/
PZL is one of the most capitalized companies in the Nigerian insurance industry with a wide range of individual products including savings & investments-linked products, endowment, and protection products designed to meet the needs of individuals and their families. For corporate clients, the company’s product offerings include Group Life, Key-Man Assurance, Credit Life, School Fees Protection, and Mortgage Protection, ensuring that the welfare of clients’ staff and families are met.
Eddie Efekoha grabs Insurance CEO of the Year @ Champion N/Papers

CAPTION
L- Deputy Governor of Borno state, Umar Usman Kadafur, presenting the Insurance CEO of the Year 2023 Award to Eddie A. Efekoha, Group CEO Consolidated Hallmark Holdings Plc at the Champion Newspapers Award Event held over the weekend at Eko Hotels in Lagos
By Favour Nnabugwu
Mr Eddie Efekoha, the Group Managing Director Consolidated Hallmark Holdings takes the shine at Champion Newspapers 2023Insurance Chief Executive Officer of the Year award
Efekoha, a prolific insurer, energized the audience about the essence of insurance
According to him, “It would take the transfer of insurable risks to competent insurance companies for businesses and individual to be free to embark on their normal activities considering that insurance companies will always come to their aids in the event of any unforeseen occurrences.
Besides, he said, that it is the power and cover of protection offered by insurance companies that encourages other sectors of the economy to be adventurous since they know that there is something like insurance to provide some form of compensation should anything go wrong.
It will be recalled that Consolidated Hallmark Insurance Limited won the 2023 Insurance Company of the Year Award at the event which also saw Eddie Efekoha emerging top among insurance chief executive officers. Efekoha was the Group Managing Director of Consolidated Hallmark Insurance Company as at 2023 which was the year of the award ranking.
He is the immediate past Group Managing Director & Chief Executive Officer of the then Consolidated Hallmark Insurance Plc, now Limited, a position he occupied between 2007 to 2023.
He provided the requisite leadership which culminated in the emergence of Consolidated Hallmark Holdings Plc, a non-operating Holdco with focus on holding portfolios of strategic investments and currently have the following member companies as subsidiaries; Consolidated Hallmark Insurance Limited, a General Business Insurance Company, CHI Microinsurance Limited, a Life Microinsurance Company, Hallmark Finance Company Limited, a Finance Company providing loans and finance to individuals, retails, SMEs and Corporates and Hallmark Health Services Limited, a Health Maintenance Organization (HMO). He is the Chairman of the Board of these thriving subsidiaries.
Efekoha was the 49th President & Chairman of the Governing Council of the Chartered Insurance Institute of Nigeria (2018-2020) and the 22nd Chairman of the Nigerian Insurers’ Association (2016-2018), the umbrella body of all licensed and operating insurance companies in Nigeria. In recognition of his industry leadership and skills, the National Insurance Commission made him the Chairman of the Technical Sub -Committee of the Insurers’ Committee.
He is the current President of the West African Insurance Companies Association (WAICA), while at the continental level, he is the Chairman of the Book Review Committee of the African Insurance Organization
At the early stage of his career, Eddie worked with leading insurance brokerage and underwriting firms including but not limited to Hogg Robinson Nigeria, Glanvill Enthoven Nigeria Limited, Fountain Insurance Brokers Limited and Consolidated Risk Insurers Plc from 1985 to 2007 during which he held senior executive positions.
Also, Consolidated Hallmark Insurance won Insurance Company of the year award
On its part, Consolidated Hallmark Insurance (CHI) Limited is a leading General Business and Special Risks Insurance company in Nigeria. The company’s shares were earlier listed on the trading floor of the then Nigerian Stock Exchange NSE, now Nigerian Exchange Group Limited (NGX) on 22nd February, 2008. Following the emergence of a Holding Company structure, the shares were delisted in November, 2023 and replaced with those of Consolidated Hallmark Holdings Plc. Consequently, the company is now one of the subsidiaries of Consolidated Hallmark Holding Plc.
Consolidated Hallmark Insurance has been in operation for over 20 years, having been incorporated on 2nd August, 1991 as a private limited liability company and commenced operations in 1992. It was converted to a public limited company in July, 2005 and in 2007 changed its name from Consolidated Risks Insurers Plc to Consolidated Hallmark Insurance Plc.
The company has become one of the top General Business and Special Risks Insurance underwriters in Nigeria today, earning a reputation over the years through effective leadership in the underwriting of Aviation, Oils and Gas, Marine Cargo and Hull Business and other non-life insurance underwriting including Motor Vehicles, Fire and Special Perils, Goods-In-Transit, Engineering Insurance, amongst others.
With a formidable team of highly experienced and committed professionals, the company has provided industry leadership at the top echelon of the Nigerian Insurers Association (NIA), the Chartered Insurance Institute of Nigeria (CIIN) and the West African Insurance Companies Association (WAICA).
The processes at Consolidated Hallmark Insurance are in line with international best practice, as certified by the International Standard Organisation with the ISO 9001:2015 Quality Management Systems, the second insurance company in Nigeria to be so certified. We have a Stable Outlook Rating (ANG) in 2023 from GCR Ratings, an affiliate of Moody’s Investors Service and are reknowed for being consistent with our financial obligations including prompt claims and dividends payments.
AM Best sponsors 50th AIO in Namibia

By Favour Nnabugwu

 

 

AM Best will sponsor and attend the 50th African Insurance Organisation (AIO) Conference and Annual General Assembly, to be held 1-5 June 2024 in Windhoek, Namibia.

Nick Charteris-Black, managing director, market development, Europe, Middle East and Africa, AM Best, along with Dr Edem Kuenyehia, director, market development and communications, and in his capacity as AM Best’s director for market development in Africa, will be in attendance and will be conducting scheduled bilateral meetings with industry stakeholders during the conference to discuss Best’s Credit Ratings and Best’s Performance Assessments for Delegated Underwriting Authority Enterprises (DUAE), along with other insurance sector reports, data and analytic resources available to insurance professionals. To schedule a meeting with the AM Best delegation, please email charlotte.shoesmith@ambest.com.

AM Best is a sponsor of the event, which is themed as “Coping With Rising Natural Catastrophes Across Africa.” Topics during the programme center on the implications of increased catastrophic events across the continent and insurance’s role in building resilience and mitigating related losses. Discussions will include how natural catastrophes compound Africa’s insurance penetration dilemma, a rethink on catastrophe modeling and integrating technologies, as well as life insurance in the face of climate risks and others.

The AIO, established in 1972, is a non-governmental organisation recognised by many African governments. It was established to help develop a healthy insurance industry and to foster insurance co-operation in Africa. For more information about the AIO conference, which will be held at Mercure Hotel, please visit the event overview.

NiMet partners TVC on weather, climate information dissemination

CAPTION

L – Professor Charles Anosike, the Director-General and Chief Executive Officer of NiMet, and Victoria Ajayi, the Chief Executive Officer (CEO) of TVC, at the signing of MOU between NiMet and TVC on weather and climate information dissemination, at NiMet headquarters, Abuja, on Friday, 17th May, 2024.

 

 

By Favour Nnabugwu

 

 

 

The Nigerian Meteorological Agency (NiMet), is partnering leading broadcast media organization – TV Continental (TVC), in the dissemination of weather and climate information.

Speaking at the signing of a memorandum of understanding (MOU) between NiMet and TVC at NiMet’s headquarters in Abuja on Friday, 17th May, 2024, the Director-General and Chief Executive Officer of NiMet, Professor Charles Anosike, described the MOU signing between the two organizations as one that is worth celebrating because of the potential benefits to the public and the Nigerian economy.

“Accurate weather and climate information shared with members of the public, and operators in sectors such as aviation, agriculture, marine, oil and gas, construction etc, using various media channels such as TVC helps the public and critical stakeholders in making climate -resilient decisions”.

Continuing, Professor Anosike said that some people misunderstand the mandate of NiMet hence the need to partner with TVC and other media organizations to communicate climate and weather information timely.

According to Prof Anosike; “NiMet does not only do weather forecasting. We also communicate the impact of the forecasts to farmers and other stakeholders. The MOU with TVC will help us to reach wider audiences through our daily weather forecasts and other climate and weather -related content”.

Concluding, Professor Anosike said; “The partnership with TVC is coming at the right time as we are about to launch our new generation TV weather broadcast graphics alongside other content. Presently, NiMet is disseminating the report of the 2024 seasonal climate prediction (SCP) to farmers and other stakeholders nationwide. We need TVC and other media organizations to help broadcast these to the public”.

On her part, Victoria Ajayi, the Chief Executive Officer (CEO) of TVC thanked the DG/CEO of NiMet for the warm reception accorded her team. “It is an honour to be partnering NiMet in providing broadcast services that will impact positively on the lives of Nigerians and sectoral players including farmers. A lot is happening at NiMet under the leadership of Prof. Charles Anosike and we are happy to be part of that change. TVC will support NiMet to communicate widely its activities. We assure NiMet of our support and want people to always see TVC as that media organization where they can get first-hand information on weather and climate information”.

Present at the MOU signing were NiMet’s Directors; Prof. Vincent Weli (Weather Forecast Services), Barr. Shola Gabriel (Legal Services), Dr. Nasiru Sani (Human Resources and Administration), Mrs Glory Onyegbule (Applied Meteorological Services), Technical Assistants, Haruna Zakari, and Oluwaseun Idowu. Also, TVC staff members; Babajide Kolade-Otitoju (Group Controller, Current and Public Affairs), Stella Din (Director News), and Emeka Chukwuma (Head Commercial).

Association of Cooperate Online Editors extend Excos tenure, make some appointments 

By Favour Nnabugwu 
Association of Cooperate Online Editors (ACOE) at its maiden post incorporation Congress has approved the extension of the tenure of its acting executives for another fifteen months with effect from May 16, 2024 with a mandate to midwife the election of a substantive executive within the window.
The Congress which held in Abuja yesterday May 16, 2024 also approved the appointment of both ‘Seun Ibukun-Oni (Daily Courier News) and Alabidun Abdulrahman (Intercontinental News 247), as Publicity Secretary and Assistant Secretary respectively, expanding the executive members of the Association. While Ibeneme Ebelechukwu (Chronicles Online ) was appointed to replace the Treasurer. In addition, the Congress constituted two ad-hoc committees to lay an enduring foundation for the Association.
Hence, the updated roll call of ACOE acting executives include: Chairman, Martins Odiete; Vice-Chairman, Ignatius Ushie; Secretary, Shola Akingboye; Financial Secretary, Khadijat ; Treasurer, Ibeneme Ebelechukwu; Publicity Secretary, ‘Seun Ibukun-Oni and Assistant Secretary, Alabidun Abdulrahman.
The extension of the Martins Odiete led executive’s  tenure is in recognition and appreciation of the impact their leadership has had since conception of the Association to its current incorporation status. During the incubation phase , the executives focused on steadying the Association which was reeling from the effects of minimal trust in online platforms and repeated registration denials.
These efforts metamorphosed into this nascent but burgeoning media Association with the primary aim of promoting ethical journalism across the various online genres.
Within the period, the executive have been saddle with the task of conducting the inaugural investiture of the pioneer members of the Association in February 2025.
As part of its commitment to ethical journalism, the Association has set up an Accreditation Committee chaired by Onyebuchi Nze (Investigators News), with the task of setting admission criteria, vetting and screening potential members. The Association is convinced that the experienced committee members will add the bakers dozen to help position the Association as a professional, ethical and pragmatic media Associate.
Other members of the Accreditation Committee include:  Fred Idehai, (CNA); Joy Odor, (Report Circle Online);  ‘Seun Ibukun Oni, (Daily Courier); and
Queen Kunde, (Ziti Online News).
The near completion of the Association’s website was greeted with oviations by the Congress. The website, when activated will serve as the repository of all ACOE’s engagements and initiatives. It will serve as an authenticator for all members to separate the wheat from the chaff in the largely uncensored online journalism space.
In our bid to factually interrogate and demand accountability in the public sector, the Association has set in motion plans to host Quarterly physical/online High-level Policy Dialogue (For head of MDAs at the state and federal level, which will include the legislature, judiciary and the highest level of executive).
To educate the citizenry and to sustain public enlightenment, ACOE by the leave of Congress will facilitate a Monthly Twitter/Facebook live engagement for members and public enlightenment.
A media committee chaired by the Publicity Secretary, ‘Seun Ibukun-Oni was immediately set up for the tasks. The other members are: Moses Okorie,  (Nations Pride); Nnamdi Okosieme, (News Allround); Ameh Gabriel, (The Sightnews); Queen Kunde, (Ziti Online News); Samuel Ahmadu (Savid News) and Raymond Nyatit Enoch,  (Paradigm  Online News) to develop and implement comprehensive media strategies for the Association. The committee will be required to coordinate media coverage for events, programs, and organizational milestones.
The Congress stressed the need to collaborate and identify opportunities for partnerships, exposures and professional development for all members.
ACOE, a  professional body of news editors who publish online newspapers in Nigeria since inception has operated with its high ideals to promote ethical journalism as a prerequisite tool for online media practitioners; to uphold tenets of the profession, promote corporate values and the welfare of its members, and to maintain associations’ set standard in line with global best practices.
NiMet, FUPRE partner on eeather observation, research & E-Learning

CAPTION:

L- Professor Charles Anosike, Director-General and Chief Executive Officer of NiMet, and Professor Akpofure Rim-Rukeh, Vice Chancellor, Federal University of Petroleum Resources Effurun (FUPRE), Delta state, at the signing of a Memorandum of Understanding (MoU), between NiMet and the university on Thursday, 16th May 2024.

 

By Favour Nnabugwu 

 

The Nigerian Meteorological Agency (NiMet), is to collaborate with the Federal University of Petroleum Resources Effurun (FUPRE),Delta state, on weather observation, research and e-learning.

This was disclosed by the Director-General and Chief Executive Officer of NiMet, Professor Charles Anosike, on Thursday, 16th May 2024, at the signing of a Memorandum of Understanding (MoU), between NiMet and the university.

Professor Anosike observed that oil companies have weather stations spread across the shores of Nigeria, which are illegal according to the new NiMet Act. He said that these weather stations need to be registered with NiMet in compliance with NiMet Act and solicited the collaboration of the University to achieve this.

Speaking further, Professor Anosike noted that the partnership with the petroleum institution will not only help improve data gathering on climate risk in the area, but also strategically make NiMet become the centre of excellence in disseminating the risk to the oil and gas sector.

“I will like the Federal University of Petroleum Resources Effurun (FUPRE), to take advantage of NiMet’s e-learning services that will soon be unveiled. It would actually fast-track introduction of joint courses between FUPRE and NiMet”, Professor Anosike concluded.

On his part, the Vice Chancellor of FUPRE, Professor Akpofure Rim-Rukeh disclosed that the institution expects support from NiMet in the installation of observatory stations, training personnel on generation of weather data that can support research, journals and academic publications and other good interventions that will impact on the university and its environment.

Amongst other things, the MoU aims to establish a collaborative framework between NiMet and FUPRE for joint efforts in research, training and promotion of activities relating to meteorology/climatology and climate change in Nigeria. Specifically the MoU will have NiMet Install its observatory station known as Resident Observatory Station (ROS) in suitable locations within FUPRE for the purpose of carrying out meteorological activities.

The MoU signing was witnessed by the Director, Legal Services of NiMet, Barr. Shola Gabriel and other staff of the Agency. The Vice Chancellor of FUPRE, Professor Akpofure Rim-Rukeh signed on behalf of the Federal University of Petroleum Resources Effurun (FUPRE) , Delta state, while Professor Anosike signed on behalf of NiMet.

 

NAICOM, RMAFC strengthen ties on diversification of nation’s economy

CAPTION:
L- Engr. Mohammed Sani Baba (RMAFC Commissioner Rep Bauchi State); Commissioner for Insurance/CEO Mr. Olusegun Ayo Omosehin and Alh. Abubakar Sadiq A. Gusau (RMAFC Commissioner Rep Zamfara State)
By Favour Nnabugwu
The National Insurance Commission, Naicom and the Revenue Mobilisation Allocation and Fiscal Commission, RMFC, have began moves to explore collaborative opportunities to advance the diversification of the Nigerian economy.
The Commissioner for Insurance and CEO of the National Insurance Commission, Naicom, Mr. Olusegun Ayo Omosehin, and his management team welcomed the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission, led by Engr. Sani Mohammed Baba, during their working visit to the Commission on Tuesday, 14th May, 2024.
Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders. He highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.
The CFI also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.
The Commissioner for Insurance also acknowledged President Bola Ahmed Tinubu GCFR’s ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026.
He expressed the insurance sector’s intent to significantly contribute to this objective. Additionally, he mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.
In closing, Mr. Omosehin highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.
On his part, Engr. Sani Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.
Allianz Group records profit of €4bn in Q1 2024

By Favour Nnabugwu 

 

 

Allianz Group, a global insurer and asset manager, has reported an increase in operating profit of almost 7% to €4 billion for the first quarter of 2024, up from last year’s €3.7 billion, driven by the firm’s property and casualty business, supported by good results in the asset management and life and health segments.

Total business volume advanced by 5.3% to €48.4 billion driven by all business segments, as shareholders’ core net income rose to €2.5 billion, a 15.7% increase from 2023’s €2.2 billion.

The insurer’s P&C business segment recorded good price-driven growth, while the increase in the Life/Health business segment was primarily due to favourable sales momentum in the United States and Italy. The growth in the Asset Management business segment benefited from higher assets under management and higher performance fees.

In P&C, total business volume increased by 5.7% to €25.5 billion, compared to €24.1 billion in the prior year. The insurer stated that the main driver for the solid results was “very good” growth of 9% in Retail, SME & Fleet. Commercial lines grew by 4%, meanwhile, the total operating profit for the segment grew strongly by 10.4% to €2.1 billion compared to €1.9 billion in the year prior.

The combined ratio remained flat at 91.9%, with a loss ratio of 67.3% as lower run-off was partly offset by benign claims from natural catastrophes and a better attritional loss ratio.

In its life and health insurance segment, the present value of new business premiums increased to €22.3 billion from €18.5 billion, driven by higher volume in most entities. The main contributors were Allianz Re and positive sales momentum in Italy and the United States. The operating profit remained flat at €1.3 billion and the contractual service margin rose from €52.6 billion at the end of 2023, to €53.2 billion in Q1 2024, with strong normalized CSM growth of 1.7%.

In the asset management segment, for Q1 2024, operating revenues reached €2 billion, an increase of 4.7%, driven by increased AuM and higher performance fees, the operating revenues grew by 5.7%. Operating profit increased to €773 million from €723 million, up by 7%, and the total assets under management were €2.297 trillion at the end of Q1 2024, compared to €73 billion at the end of 2023, in line with the results for the third-party assets under management.

Claire-Marie Coste-Lepoutre, Chief Financial Officer, Allianz, commented, “Allianz’s strong performance in the first quarter demonstrates our unwavering commitment to value creation: In our Property-Casualty operations strong price-driven internal growth and strict underwriting discipline contributed to a very good increase in our operating profit. Benign natural catastrophes and higher investment income also supported the result.

“The widespread new business growth across our Life/Health segment underlined the quality of our global franchise in a competitive environment. Together with an attractive new business margin, this puts us in a very good position for continued value creation. In our Asset Management operations, strong third-party net inflows and exceptional performance fees demonstrated that we successfully managed a volatile capital markets environment. An increase in our third-party AuM and our competitive cost-income ratio position us well for profitable growth.

“We had a very good start into the year and our ability to create value for our shareholders is supported by a strong Solvency II ratio of 203 percent. We confirm our full-year outlook of an operating profit of 14.8 billion euros, plus or minus 1 billion euros.”

Oliver Bäte, Chief Executive Officer, Allianz, said: “Allianz’s strong results demonstrate the quality of our fundamentals, the value of consistency in the execution of our strategy, and the advantage of the broad talents and skillsets that are represented across our organization.

“Our 5 percent business volume growth and double-digit increase in shareholders’ net income signal a strong start to the year. In our Property-Casualty business, solid top-line growth and bottom-line increase reflect the balance of growth and underwriting discipline. The Life/Health new business development confirmed the attractiveness of our broad product portfolio. In our Asset Management operations, net flows in the first quarter already exceeded last year’s full-year levels, underscoring the quality of our business and its value to clients.

“Our proven track record of profitability, resilience, and consistent capital management make us the trusted partner of choice, especially in times of heightened uncertainty and accelerated change.”