<p>安联集团 (ADR)（(ALIZY)）已召开第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>安联集团在财报电话会议中表现出色，描绘出尽管宏观环境波动，仍在大多数领域运转良好的公司形象。管理层强调了强劲的运营趋势、创纪录的资本实力和严谨的执行，同时承认在寿险、自然灾害和人工智能驱动的变革的运营影响方面存在一些不确定性。</p>
<h2>全年展望重申</h2>
<p>安联重申其 2026 年运营利润展望为 174 亿欧元，正负 10 亿欧元，尽管市场波动和宏观经济不确定性，仍显示出信心。高管们将这一指导框架视为基于多元化的收益来源和持续的效率提升，而非乐观的市场假设。</p>
<h2>运营利润和盈利动能</h2>
<p>集团运营利润同比增长近 7%，核心净收入也增长 7%，显示出广泛的盈利动能。股本回报率达到 18%，在剔除 Bajaj 处置的一次性影响后，核心每股收益增长 9%。</p>
<h2>财产与意外险：创纪录的利润和强劲的承保</h2>
<p>财产与意外险部门实现了创纪录的运营利润 24 亿欧元，同比增长 11%，内部增长为 7%。管理层强调了更健康的业务组合，增长大致在价格和数量之间各占 50%，综合比率降至 91%，得益于更好的费用控制和温和的自然灾害季度。</p>
<h2>资产管理：资金流入和盈利能力激增</h2>
<p>安联的资产管理部门在第一季度录得创纪录的净流入 450 亿欧元，年化有机增长约为 9%。收入上升至 22 亿欧元，按外汇调整后增长 12%，而运营利润超过 8.5 亿欧元，按外汇调整后增长 15%，得益于在一和三年指标上约 90% 的产品超额表现。</p>
<h2>寿险与健康：韧性但信号混杂</h2>
<p>尽管与强劲的去年同期相比，寿险与健康部门表现出韧性，但仍面临挑战。调整外汇和处置后，新业务量略有上升，主要受益于亚洲（泰国除外）增长 12% 和德国健康领域新业务价值的强劲双位数增长，而正常化的在保增长保持在 1.5% 至 1.7% 之间。</p>
<h2>资本实力和偿付能力缓冲</h2>
<p>安联强调其强大的资本状况，偿付能力 II 比率在季度末为 221%，比年末高出约 2 个百分点。管理层指出，市场影响可控和稳定的运营资本生成是关键支持，给予集团在冲击和战略投资方面充足的灵活性。</p>
<h2>运营生产力和人工智能推广</h2>
<p>集团正在大力推进生产力和数字化，在财产与意外险价值链的营销、分销、承保和索赔等环节推广人工智能。2024-2025 年期间将投资超过 1 亿欧元用于培训和技能提升，安联直销指出，约 30% 的非机动车客户现在通过人工智能代理完成购买。</p>
<h2>保护与健康战略进展</h2>
<p>安联介绍了其保护与健康业务的新披露，强调其战略重要性。经过调整 UniCredit 合资企业处置后，该领域的运营利润同比增长约 10%，管理层重申了到 2027 年将保护与健康运营利润以约 7% 的年复合增长率增长至 22 亿欧元的目标。</p>
<h2>Bajaj 处置收益和中和计划</h2>
<p>净收入受益于 11 亿欧元的 Bajaj 处置收益，但安联强调这一会计提升将随着时间推移而被中和。第一季度仅记录了约 1.5 亿欧元的抵消措施，其余余额将在 2026 年前通过战略和生产力行动及再投资来吸收。</p>
<h2>寿险部门面临外汇和处置的逆风</h2>
<p>寿险部门报告的运营利润受到外汇波动和 UniCredit Vita 及 Bajaj 合资企业处置的压力。新业务比较也受到去年同期基数异常强劲的扭曲，包括大额保单、泰国医疗附加险和 UniCredit 合资企业销售，使得表面上的业务量和利润率趋势看起来比实际需求更弱。</p>
<h2>通货膨胀、宏观波动和市场风险</h2>
<p>管理层承认，尽管他们认为定价普遍领先于索赔通胀，但通货膨胀和宏观波动仍然是关键风险。他们提到了一些局部压力，例如法国对健康保险费的额外税收和天气相关的索赔频率，表明在整体盈利能力仍然强劲的情况下，保持谨慎的警惕。</p>
<h2>法国洪水和自然灾害风险</h2>
<p>2 月份法国的严重洪水对安联法国造成了中双位数百万欧元的影响，提醒人们即使在相对温和的季度，自然灾害风险也可能突然上升。公司认为整体自然灾害损失是可控的，但将这一事件视为在脆弱地区优化风险选择和定价的契机。</p>
<h2>网络合作伙伴关系增加复杂性</h2>
<p>安联强调与 Coalition 建立的新长期合作伙伴关系，以增强网络能力和技术专长，承保在定义条件下委托，但风险仍保留在安联的资产负债表上。部分承保团队正在转移到 Coalition 工作，管理层承认对运营模式如何随时间演变存在一些不确定性。</p>
<h2>人工智能自动化和劳动力不确定性</h2>
<p>关于人工智能驱动的劳动力变化的问题在安联合作伙伴宣布将裁员 1,500 至 1,800 个职位后仍然只有部分得到解答。管理层无法确认确切的数字或时间，承认在自动化和人工智能重塑集团角色和流程时存在执行风险。</p>
<h2>商业险的定价压力</h2>
<p>在商业保险领域，定价趋势不一，尽管安联全球企业与专业保险的费率有所软化，但安联商业的整体费率仍上涨约 2%。中型企业的续保显示出约 4% 的强劲势头，突显出选择性定价能力，但在商业组合的某些部分也面临竞争压力。</p>
<h2>指导和前瞻性展望</h2>
<p>展望未来，安联重申了其 2026 年运营利润指导范围，依靠财产与意外险、资产管理以及保护与健康的稳定增长。管理层预计盈利势头将持续，得益于创纪录的净流入、严格的承保、强劲的寿险业绩和稳健的资本基础，同时在再投资 Bajaj 收益的同时应对通货膨胀、自然灾害和运营风险。</p>
<p>安联最新的电话会议描绘了一个在强劲基本面与谨慎态度之间取得平衡的集团，结合了创纪录的财产与意外险和资产管理业绩，以及稳固的偿付能力缓冲。对于投资者而言，关键要点是重申的利润展望、明确的资本纪律，以及在可控但真实的宏观和执行风险下，向人工智能和生产力的雄心勃勃但仍在发展的推进。</p>

安联集团(ADR)

安联保险集团

<p>安联保险集团在第一季度的财报电话会议中强调了强劲的运营趋势，并重申了其 2026 年利润展望为 174 亿欧元。该公司报告称，运营利润增长近 7%，财产与意外险部门的利润创下 24 亿欧元的纪录。资产管理部门录得创纪录的 450 亿欧元资金流入。尽管人寿保险部门面临挑战以及宏观经济风险，安联仍强调其强大的资本状况和持续的人工智能投资，以提升生产力</p>

<p>Allianz SE Unsponsored ADR ((ALIZY)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>安联集团 (ADR)（(ALIZY)）已召开第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>Allianz SE delivered a broadly upbeat earnings call, portraying a company firing on most cylinders despite a choppy macro backdrop. Management highlighted strong operating trends, record capital strength, and disciplined execution, while acknowledging pockets of uncertainty in Life, natural catastrophes, and the operational impact of AI-driven change.</p>
<div class="lb-trans"><p>安联集团在财报电话会议中表现出色，描绘出尽管宏观环境波动，仍在大多数领域运转良好的公司形象。管理层强调了强劲的运营趋势、创纪录的资本实力和严谨的执行，同时承认在寿险、自然灾害和人工智能驱动的变革的运营影响方面存在一些不确定性。</p>
</div><h2>Full-Year Outlook Reaffirmed</h2>
<div class="lb-trans"><h2>全年展望重申</h2>
</div><p>Allianz reaffirmed its 2026 operating profit outlook of EUR 17.4 billion plus or minus EUR 1 billion, signaling confidence despite market volatility and macroeconomic uncertainty. Executives framed the guidance as grounded in diversified earnings streams and ongoing efficiency gains rather than optimistic market assumptions.</p>
<div class="lb-trans"><p>安联重申其 2026 年运营利润展望为 174 亿欧元，正负 10 亿欧元，尽管市场波动和宏观经济不确定性，仍显示出信心。高管们将这一指导框架视为基于多元化的收益来源和持续的效率提升，而非乐观的市场假设。</p>
</div><h2>Operating Profit and Earnings Momentum</h2>
<div class="lb-trans"><h2>运营利润和盈利动能</h2>
</div><p>Group operating profit rose nearly 7% year on year, with underlying core net income also up 7%, underscoring broad-based earnings momentum. Return on equity reached 18%, while core earnings per share grew 9% after normalizing for the one-off impact of the Bajaj disposal.</p>
<div class="lb-trans"><p>集团运营利润同比增长近 7%，核心净收入也增长 7%，显示出广泛的盈利动能。股本回报率达到 18%，在剔除 Bajaj 处置的一次性影响后，核心每股收益增长 9%。</p>
</div><h2>P&amp;C: Record Profit and Strong Underwriting</h2>
<div class="lb-trans"><h2>财产与意外险：创纪录的利润和强劲的承保</h2>
</div><p>The Property and Casualty division delivered a record operating profit of EUR 2.4 billion, up 11% versus last year on internal growth of 7%. Management stressed a healthier business mix, with growth split roughly 50/50 between price and volume and a combined ratio down to 91% thanks to better expenses and a benign nat-cat quarter.</p>
<div class="lb-trans"><p>财产与意外险部门实现了创纪录的运营利润 24 亿欧元，同比增长 11%，内部增长为 7%。管理层强调了更健康的业务组合，增长大致在价格和数量之间各占 50%，综合比率降至 91%，得益于更好的费用控制和温和的自然灾害季度。</p>
</div><h2>Asset Management: Inflows and Profitability Surge</h2>
<div class="lb-trans"><h2>资产管理：资金流入和盈利能力激增</h2>
</div><p>Allianz’s asset managers booked record first-quarter net inflows of EUR 45 billion, translating into around 9% annualized organic growth. Revenues rose to EUR 2.2 billion, up 12% on an FX-adjusted basis, while operating profit exceeded EUR 850 million, 15% higher in FX-adjusted terms, helped by about 90% product outperformance on one- and three-year metrics.</p>
<div class="lb-trans"><p>安联的资产管理部门在第一季度录得创纪录的净流入 450 亿欧元，年化有机增长约为 9%。收入上升至 22 亿欧元，按外汇调整后增长 12%，而运营利润超过 8.5 亿欧元，按外汇调整后增长 15%，得益于在一和三年指标上约 90% 的产品超额表现。</p>
</div><h2>Life &amp; Health: Resilient but Mixed Signals</h2>
<div class="lb-trans"><h2>寿险与健康：韧性但信号混杂</h2>
</div><p>The Life and Health segment showed resilient underlying performance despite a difficult comparison with a strong prior-year quarter. Adjusted for foreign exchange and disposals, new business volumes were slightly higher, driven by a 12% rise in Asia ex-Thailand and strong double-digit new business value growth in German Health, while normalized in-force growth remained around 1.5% to 1.7%.</p>
<div class="lb-trans"><p>尽管与强劲的去年同期相比，寿险与健康部门表现出韧性，但仍面临挑战。调整外汇和处置后，新业务量略有上升，主要受益于亚洲（泰国除外）增长 12% 和德国健康领域新业务价值的强劲双位数增长，而正常化的在保增长保持在 1.5% 至 1.7% 之间。</p>
</div><h2>Capital Strength and Solvency Cushion</h2>
<div class="lb-trans"><h2>资本实力和偿付能力缓冲</h2>
</div><p>Allianz emphasized its robust capital position, with the Solvency II ratio ending the quarter at 221%, about 2 percentage points above year end. Management pointed to contained market impacts and steady operating capital generation as key supports, giving the group ample flexibility for shocks and strategic investments.</p>
<div class="lb-trans"><p>安联强调其强大的资本状况，偿付能力 II 比率在季度末为 221%，比年末高出约 2 个百分点。管理层指出，市场影响可控和稳定的运营资本生成是关键支持，给予集团在冲击和战略投资方面充足的灵活性。</p>
</div><h2>Operational Productivity and AI Rollout</h2>
<div class="lb-trans"><h2>运营生产力和人工智能推广</h2>
</div><p>The group is leaning heavily into productivity and digitalization, rolling out AI across the P&amp;C value chain from marketing and distribution to underwriting and claims. Investments of more than EUR 100 million in training and skills during 2024–2025 are under way, with Allianz Direct noting that about 30% of non-motor customers now complete purchases fully via an AI agent.</p>
<div class="lb-trans"><p>集团正在大力推进生产力和数字化，在财产与意外险价值链的营销、分销、承保和索赔等环节推广人工智能。2024-2025 年期间将投资超过 1 亿欧元用于培训和技能提升，安联直销指出，约 30% 的非机动车客户现在通过人工智能代理完成购买。</p>
</div><h2>Protection &amp; Health Strategy Advances</h2>
<div class="lb-trans"><h2>保护与健康战略进展</h2>
</div><p>Allianz introduced new disclosure around its Protection and Health franchise, underscoring its strategic importance. Operating profit in this area grew roughly 10% year on year after adjusting for the UniCredit joint-venture disposal, and management reiterated a goal of growing Protection and Health operating profit at around a 7% CAGR to EUR 2.2 billion by 2027.</p>
<div class="lb-trans"><p>安联介绍了其保护与健康业务的新披露，强调其战略重要性。经过调整 UniCredit 合资企业处置后，该领域的运营利润同比增长约 10%，管理层重申了到 2027 年将保护与健康运营利润以约 7% 的年复合增长率增长至 22 亿欧元的目标。</p>
</div><h2>Bajaj Disposal Gain and Neutralization Plan</h2>
<div class="lb-trans"><h2>Bajaj 处置收益和中和计划</h2>
</div><p>Net income benefited from a EUR 1.1 billion gain on the Bajaj disposal, but Allianz stressed that this accounting boost will be neutralized over time. Only about EUR 150 million of offsetting measures were booked in the first quarter, with the remaining balance to be absorbed through strategic and productivity actions and reinvestment by 2026.</p>
<div class="lb-trans"><p>净收入受益于 11 亿欧元的 Bajaj 处置收益，但安联强调这一会计提升将随着时间推移而被中和。第一季度仅记录了约 1.5 亿欧元的抵消措施，其余余额将在 2026 年前通过战略和生产力行动及再投资来吸收。</p>
</div><h2>Life Segment Headwinds from FX and Disposals</h2>
<div class="lb-trans"><h2>寿险部门面临外汇和处置的逆风</h2>
</div><p>The Life segment’s reported operating profit was pressured by foreign exchange movements and the disposals of the UniCredit Vita and Bajaj joint ventures. New business comparisons were also distorted by an unusually strong prior-year base that included large tickets, Thailand medical riders, and UniCredit JV sales, making headline volume and margin trends look weaker than underlying demand.</p>
<div class="lb-trans"><p>寿险部门报告的运营利润受到外汇波动和 UniCredit Vita 及 Bajaj 合资企业处置的压力。新业务比较也受到去年同期基数异常强劲的扭曲，包括大额保单、泰国医疗附加险和 UniCredit 合资企业销售，使得表面上的业务量和利润率趋势看起来比实际需求更弱。</p>
</div><h2>Inflation, Macro Volatility and Market Risks</h2>
<div class="lb-trans"><h2>通货膨胀、宏观波动和市场风险</h2>
</div><p>Management acknowledged that inflation and macro volatility remain key risks, even as they argued that pricing is generally ahead of claims inflation. They cited localized pressures such as an additional tax on health premiums in France and weather-related claim frequency, signaling cautious vigilance even as overall profitability remains strong.</p>
<div class="lb-trans"><p>管理层承认，尽管他们认为定价普遍领先于索赔通胀，但通货膨胀和宏观波动仍然是关键风险。他们提到了一些局部压力，例如法国对健康保险费的额外税收和天气相关的索赔频率，表明在整体盈利能力仍然强劲的情况下，保持谨慎的警惕。</p>
</div><h2>France Floods and Nat-Cat Exposure</h2>
<div class="lb-trans"><h2>法国洪水和自然灾害风险</h2>
</div><p>Severe floods in France in February had a mid-double-digit million euro impact on Allianz France, a reminder that nat-cat exposure can flare up even in a relatively benign quarter. The company maintained that overall nat-cat losses were manageable but framed the event as a prompt to refine risk selection and pricing in vulnerable regions.</p>
<div class="lb-trans"><p>2 月份法国的严重洪水对安联法国造成了中双位数百万欧元的影响，提醒人们即使在相对温和的季度，自然灾害风险也可能突然上升。公司认为整体自然灾害损失是可控的，但将这一事件视为在脆弱地区优化风险选择和定价的契机。</p>
</div><h2>Cyber Partnership Adds Complexity</h2>
<div class="lb-trans"><h2>网络合作伙伴关系增加复杂性</h2>
</div><p>Allianz highlighted a new long-term partnership with Coalition to bolster cyber capacity and technical expertise, with underwriting delegated under defined conditions but risks remaining on Allianz’s balance sheet. Parts of the underwriting team are being transferred to work alongside Coalition, and management acknowledged some uncertainty about how the operating model will evolve over time.</p>
<div class="lb-trans"><p>安联强调与 Coalition 建立的新长期合作伙伴关系，以增强网络能力和技术专长，承保在定义条件下委托，但风险仍保留在安联的资产负债表上。部分承保团队正在转移到 Coalition 工作，管理层承认对运营模式如何随时间演变存在一些不确定性。</p>
</div><h2>AI Automation and Workforce Uncertainty</h2>
<div class="lb-trans"><h2>人工智能自动化和劳动力不确定性</h2>
</div><p>Questions around AI-driven workforce changes remained only partly answered after earlier announcements that Allianz Partners would shed 1,500 to 1,800 jobs. Management could not confirm exact numbers or timing, admitting execution risk as automation and AI reshape roles and processes across the group.</p>
<div class="lb-trans"><p>关于人工智能驱动的劳动力变化的问题在安联合作伙伴宣布将裁员 1,500 至 1,800 个职位后仍然只有部分得到解答。管理层无法确认确切的数字或时间，承认在自动化和人工智能重塑集团角色和流程时存在执行风险。</p>
</div><h2>Pricing Pressure in Commercial Lines</h2>
<div class="lb-trans"><h2>商业险的定价压力</h2>
</div><p>In commercial insurance, pricing trends were mixed, with Allianz Global Corporate &amp; Specialty seeing rate softening even as overall rates for Allianz Commercial rose about 2%. MidCorp renewals showed stronger momentum at around 4%, highlighting selective pricing power but also competitive pressure in parts of the commercial portfolio.</p>
<div class="lb-trans"><p>在商业保险领域，定价趋势不一，尽管安联全球企业与专业保险的费率有所软化，但安联商业的整体费率仍上涨约 2%。中型企业的续保显示出约 4% 的强劲势头，突显出选择性定价能力，但在商业组合的某些部分也面临竞争压力。</p>
</div><h2>Guidance and Forward-Looking Outlook</h2>
<div class="lb-trans"><h2>指导和前瞻性展望</h2>
</div><p>Looking ahead, Allianz reiterated its 2026 operating profit guidance range, leaning on steady growth in P&amp;C, asset management, and Protection and Health. Management expects continued earnings momentum, supported by record net inflows, disciplined underwriting, resilient Life results, and a strong capital base, while reinvesting the Bajaj gain and navigating inflation, nat-cat, and operational risks.</p>
<div class="lb-trans"><p>展望未来，安联重申了其 2026 年运营利润指导范围，依靠财产与意外险、资产管理以及保护与健康的稳定增长。管理层预计盈利势头将持续，得益于创纪录的净流入、严格的承保、强劲的寿险业绩和稳健的资本基础，同时在再投资 Bajaj 收益的同时应对通货膨胀、自然灾害和运营风险。</p>
</div><p>Allianz’s latest call painted a picture of a group balancing strong fundamentals with measured caution, combining record P&amp;C and asset-management performance with a solid solvency buffer. For investors, the key takeaways were the reaffirmed profit outlook, clear capital discipline, and an ambitious but still evolving push into AI and productivity, set against manageable but real macro and execution risks.</p>
<div class="lb-trans"><p>安联最新的电话会议描绘了一个在强劲基本面与谨慎态度之间取得平衡的集团，结合了创纪录的财产与意外险和资产管理业绩，以及稳固的偿付能力缓冲。对于投资者而言，关键要点是重申的利润展望、明确的资本纪律，以及在可控但真实的宏观和执行风险下，向人工智能和生产力的雄心勃勃但仍在发展的推进。</p>
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安联保险集团的财报电话会议重点介绍了利润和人工智能的推动