<p>安聯集團 (ADR)（(ALIZY)）已召開第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級為市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>安聯集團在財報電話會議中表現出色，描繪出儘管宏觀環境波動，仍在大多數領域運轉良好的公司形象。管理層強調了強勁的運營趨勢、創紀錄的資本實力和嚴謹的執行，同時承認在壽險、自然災害和人工智能驅動的變革的運營影響方面存在一些不確定性。</p>
<h2>全年展望重申</h2>
<p>安聯重申其 2026 年運營利潤展望為 174 億歐元，正負 10 億歐元，儘管市場波動和宏觀經濟不確定性，仍顯示出信心。高管們將這一指導框架視為基於多元化的收益來源和持續的效率提升，而非樂觀的市場假設。</p>
<h2>運營利潤和盈利動能</h2>
<p>集團運營利潤同比增長近 7%，核心淨收入也增長 7%，顯示出廣泛的盈利動能。股本回報率達到 18%，在剔除 Bajaj 處置的一次性影響後，核心每股收益增長 9%。</p>
<h2>財產與意外險：創紀錄的利潤和強勁的承保</h2>
<p>財產與意外險部門實現了創紀錄的運營利潤 24 億歐元，同比增長 11%，內部增長為 7%。管理層強調了更健康的業務組合，增長大致在價格和數量之間各佔 50%，綜合比率降至 91%，得益於更好的費用控制和温和的自然災害季度。</p>
<h2>資產管理：資金流入和盈利能力激增</h2>
<p>安聯的資產管理部門在第一季度錄得創紀錄的淨流入 450 億歐元，年化有機增長約為 9%。收入上升至 22 億歐元，按外匯調整後增長 12%，而運營利潤超過 8.5 億歐元，按外匯調整後增長 15%，得益於在一和三年指標上約 90% 的產品超額表現。</p>
<h2>壽險與健康：韌性但信號混雜</h2>
<p>儘管與強勁的去年同期相比，壽險與健康部門表現出韌性，但仍面臨挑戰。調整外匯和處置後，新業務量略有上升，主要受益於亞洲（泰國除外）增長 12% 和德國健康領域新業務價值的強勁雙位數增長，而正常化的在保增長保持在 1.5% 至 1.7% 之間。</p>
<h2>資本實力和償付能力緩衝</h2>
<p>安聯強調其強大的資本狀況，償付能力 II 比率在季度末為 221%，比年末高出約 2 個百分點。管理層指出，市場影響可控和穩定的運營資本生成是關鍵支持，給予集團在衝擊和戰略投資方面充足的靈活性。</p>
<h2>運營生產力和人工智能推廣</h2>
<p>集團正在大力推進生產力和數字化，在財產與意外險價值鏈的營銷、分銷、承保和索賠等環節推廣人工智能。2024-2025 年期間將投資超過 1 億歐元用於培訓和技能提升，安聯直銷指出，約 30% 的非機動車客户現在通過人工智能代理完成購買。</p>
<h2>保護與健康戰略進展</h2>
<p>安聯介紹了其保護與健康業務的新披露，強調其戰略重要性。經過調整 UniCredit 合資企業處置後，該領域的運營利潤同比增長約 10%，管理層重申了到 2027 年將保護與健康運營利潤以約 7% 的年複合增長率增長至 22 億歐元的目標。</p>
<h2>Bajaj 處置收益和中和計劃</h2>
<p>淨收入受益於 11 億歐元的 Bajaj 處置收益，但安聯強調這一會計提升將隨着時間推移而被中和。第一季度僅記錄了約 1.5 億歐元的抵消措施，其餘餘額將在 2026 年前通過戰略和生產力行動及再投資來吸收。</p>
<h2>壽險部門面臨外匯和處置的逆風</h2>
<p>壽險部門報告的運營利潤受到外匯波動和 UniCredit Vita 及 Bajaj 合資企業處置的壓力。新業務比較也受到去年同期基數異常強勁的扭曲，包括大額保單、泰國醫療附加險和 UniCredit 合資企業銷售，使得表面上的業務量和利潤率趨勢看起來比實際需求更弱。</p>
<h2>通貨膨脹、宏觀波動和市場風險</h2>
<p>管理層承認，儘管他們認為定價普遍領先於索賠通脹，但通貨膨脹和宏觀波動仍然是關鍵風險。他們提到了一些局部壓力，例如法國對健康保險費的額外税收和天氣相關的索賠頻率，表明在整體盈利能力仍然強勁的情況下，保持謹慎的警惕。</p>
<h2>法國洪水和自然災害風險</h2>
<p>2 月份法國的嚴重洪水對安聯法國造成了中雙位數百萬歐元的影響，提醒人們即使在相對温和的季度，自然災害風險也可能突然上升。公司認為整體自然災害損失是可控的，但將這一事件視為在脆弱地區優化風險選擇和定價的契機。</p>
<h2>網絡合作夥伴關係增加複雜性</h2>
<p>安聯強調與 Coalition 建立的新長期合作伙伴關係，以增強網絡能力和技術專長，承保在定義條件下委託，但風險仍保留在安聯的資產負債表上。部分承保團隊正在轉移到 Coalition 工作，管理層承認對運營模式如何隨時間演變存在一些不確定性。</p>
<h2>人工智能自動化和勞動力不確定性</h2>
<p>關於人工智能驅動的勞動力變化的問題在安聯合作夥伴宣佈將裁員 1,500 至 1,800 個職位後仍然只有部分得到解答。管理層無法確認確切的數字或時間，承認在自動化和人工智能重塑集團角色和流程時存在執行風險。</p>
<h2>商業險的定價壓力</h2>
<p>在商業保險領域，定價趨勢不一，儘管安聯全球企業與專業保險的費率有所軟化，但安聯商業的整體費率仍上漲約 2%。中型企業的續保顯示出約 4% 的強勁勢頭，突顯出選擇性定價能力，但在商業組合的某些部分也面臨競爭壓力。</p>
<h2>指導和前瞻性展望</h2>
<p>展望未來，安聯重申了其 2026 年運營利潤指導範圍，依靠財產與意外險、資產管理以及保護與健康的穩定增長。管理層預計盈利勢頭將持續，得益於創紀錄的淨流入、嚴格的承保、強勁的壽險業績和穩健的資本基礎，同時在再投資 Bajaj 收益的同時應對通貨膨脹、自然災害和運營風險。</p>
<p>安聯最新的電話會議描繪了一個在強勁基本面與謹慎態度之間取得平衡的集團，結合了創紀錄的財產與意外險和資產管理業績，以及穩固的償付能力緩衝。對於投資者而言，關鍵要點是重申的利潤展望、明確的資本紀律，以及在可控但真實的宏觀和執行風險下，向人工智能和生產力的雄心勃勃但仍在發展的推進。</p>

安聯集團(ADR)

安聯保險集團

<p>安聯保險集團在第一季度的財報電話會議中強調了強勁的運營趨勢，並重申了其 2026 年利潤展望為 174 億歐元。該公司報告稱，運營利潤增長近 7%，財產與意外險部門的利潤創下 24 億歐元的紀錄。資產管理部門錄得創紀錄的 450 億歐元資金流入。儘管人壽保險部門面臨挑戰以及宏觀經濟風險，安聯仍強調其強大的資本狀況和持續的人工智能投資，以提升生產力</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>安聯集團 (ADR)（(ALIZY)）已召開第一季度財報電話會議。請繼續閲讀會議的主要亮點。</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>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級為市場領先者的投資組合，使用智能投資者精選</li>
</ul>
</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>安聯集團在財報電話會議中表現出色，描繪出儘管宏觀環境波動，仍在大多數領域運轉良好的公司形象。管理層強調了強勁的運營趨勢、創紀錄的資本實力和嚴謹的執行，同時承認在壽險、自然災害和人工智能驅動的變革的運營影響方面存在一些不確定性。</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>安聯重申其 2026 年運營利潤展望為 174 億歐元，正負 10 億歐元，儘管市場波動和宏觀經濟不確定性，仍顯示出信心。高管們將這一指導框架視為基於多元化的收益來源和持續的效率提升，而非樂觀的市場假設。</p>
</div><h2>Operating Profit and Earnings Momentum</h2>
<div class="lb-trans"><h2>運營利潤和盈利動能</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>集團運營利潤同比增長近 7%，核心淨收入也增長 7%，顯示出廣泛的盈利動能。股本回報率達到 18%，在剔除 Bajaj 處置的一次性影響後，核心每股收益增長 9%。</p>
</div><h2>P&amp;C: Record Profit and Strong Underwriting</h2>
<div class="lb-trans"><h2>財產與意外險：創紀錄的利潤和強勁的承保</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>財產與意外險部門實現了創紀錄的運營利潤 24 億歐元，同比增長 11%，內部增長為 7%。管理層強調了更健康的業務組合，增長大致在價格和數量之間各佔 50%，綜合比率降至 91%，得益於更好的費用控制和温和的自然災害季度。</p>
</div><h2>Asset Management: Inflows and Profitability Surge</h2>
<div class="lb-trans"><h2>資產管理：資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>安聯的資產管理部門在第一季度錄得創紀錄的淨流入 450 億歐元，年化有機增長約為 9%。收入上升至 22 億歐元，按外匯調整後增長 12%，而運營利潤超過 8.5 億歐元，按外匯調整後增長 15%，得益於在一和三年指標上約 90% 的產品超額表現。</p>
</div><h2>Life &amp; Health: Resilient but Mixed Signals</h2>
<div class="lb-trans"><h2>壽險與健康：韌性但信號混雜</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>儘管與強勁的去年同期相比，壽險與健康部門表現出韌性，但仍面臨挑戰。調整外匯和處置後，新業務量略有上升，主要受益於亞洲（泰國除外）增長 12% 和德國健康領域新業務價值的強勁雙位數增長，而正常化的在保增長保持在 1.5% 至 1.7% 之間。</p>
</div><h2>Capital Strength and Solvency Cushion</h2>
<div class="lb-trans"><h2>資本實力和償付能力緩衝</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>安聯強調其強大的資本狀況，償付能力 II 比率在季度末為 221%，比年末高出約 2 個百分點。管理層指出，市場影響可控和穩定的運營資本生成是關鍵支持，給予集團在衝擊和戰略投資方面充足的靈活性。</p>
</div><h2>Operational Productivity and AI Rollout</h2>
<div class="lb-trans"><h2>運營生產力和人工智能推廣</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>集團正在大力推進生產力和數字化，在財產與意外險價值鏈的營銷、分銷、承保和索賠等環節推廣人工智能。2024-2025 年期間將投資超過 1 億歐元用於培訓和技能提升，安聯直銷指出，約 30% 的非機動車客户現在通過人工智能代理完成購買。</p>
</div><h2>Protection &amp; Health Strategy Advances</h2>
<div class="lb-trans"><h2>保護與健康戰略進展</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>安聯介紹了其保護與健康業務的新披露，強調其戰略重要性。經過調整 UniCredit 合資企業處置後，該領域的運營利潤同比增長約 10%，管理層重申了到 2027 年將保護與健康運營利潤以約 7% 的年複合增長率增長至 22 億歐元的目標。</p>
</div><h2>Bajaj Disposal Gain and Neutralization Plan</h2>
<div class="lb-trans"><h2>Bajaj 處置收益和中和計劃</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>淨收入受益於 11 億歐元的 Bajaj 處置收益，但安聯強調這一會計提升將隨着時間推移而被中和。第一季度僅記錄了約 1.5 億歐元的抵消措施，其餘餘額將在 2026 年前通過戰略和生產力行動及再投資來吸收。</p>
</div><h2>Life Segment Headwinds from FX and Disposals</h2>
<div class="lb-trans"><h2>壽險部門面臨外匯和處置的逆風</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>壽險部門報告的運營利潤受到外匯波動和 UniCredit Vita 及 Bajaj 合資企業處置的壓力。新業務比較也受到去年同期基數異常強勁的扭曲，包括大額保單、泰國醫療附加險和 UniCredit 合資企業銷售，使得表面上的業務量和利潤率趨勢看起來比實際需求更弱。</p>
</div><h2>Inflation, Macro Volatility and Market Risks</h2>
<div class="lb-trans"><h2>通貨膨脹、宏觀波動和市場風險</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>管理層承認，儘管他們認為定價普遍領先於索賠通脹，但通貨膨脹和宏觀波動仍然是關鍵風險。他們提到了一些局部壓力，例如法國對健康保險費的額外税收和天氣相關的索賠頻率，表明在整體盈利能力仍然強勁的情況下，保持謹慎的警惕。</p>
</div><h2>France Floods and Nat-Cat Exposure</h2>
<div class="lb-trans"><h2>法國洪水和自然災害風險</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 月份法國的嚴重洪水對安聯法國造成了中雙位數百萬歐元的影響，提醒人們即使在相對温和的季度，自然災害風險也可能突然上升。公司認為整體自然災害損失是可控的，但將這一事件視為在脆弱地區優化風險選擇和定價的契機。</p>
</div><h2>Cyber Partnership Adds Complexity</h2>
<div class="lb-trans"><h2>網絡合作夥伴關係增加複雜性</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>安聯強調與 Coalition 建立的新長期合作伙伴關係，以增強網絡能力和技術專長，承保在定義條件下委託，但風險仍保留在安聯的資產負債表上。部分承保團隊正在轉移到 Coalition 工作，管理層承認對運營模式如何隨時間演變存在一些不確定性。</p>
</div><h2>AI Automation and Workforce Uncertainty</h2>
<div class="lb-trans"><h2>人工智能自動化和勞動力不確定性</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>關於人工智能驅動的勞動力變化的問題在安聯合作夥伴宣佈將裁員 1,500 至 1,800 個職位後仍然只有部分得到解答。管理層無法確認確切的數字或時間，承認在自動化和人工智能重塑集團角色和流程時存在執行風險。</p>
</div><h2>Pricing Pressure in Commercial Lines</h2>
<div class="lb-trans"><h2>商業險的定價壓力</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>在商業保險領域，定價趨勢不一，儘管安聯全球企業與專業保險的費率有所軟化，但安聯商業的整體費率仍上漲約 2%。中型企業的續保顯示出約 4% 的強勁勢頭，突顯出選擇性定價能力，但在商業組合的某些部分也面臨競爭壓力。</p>
</div><h2>Guidance and Forward-Looking Outlook</h2>
<div class="lb-trans"><h2>指導和前瞻性展望</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>展望未來，安聯重申了其 2026 年運營利潤指導範圍，依靠財產與意外險、資產管理以及保護與健康的穩定增長。管理層預計盈利勢頭將持續，得益於創紀錄的淨流入、嚴格的承保、強勁的壽險業績和穩健的資本基礎，同時在再投資 Bajaj 收益的同時應對通貨膨脹、自然災害和運營風險。</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>安聯最新的電話會議描繪了一個在強勁基本面與謹慎態度之間取得平衡的集團，結合了創紀錄的財產與意外險和資產管理業績，以及穩固的償付能力緩衝。對於投資者而言，關鍵要點是重申的利潤展望、明確的資本紀律，以及在可控但真實的宏觀和執行風險下，向人工智能和生產力的雄心勃勃但仍在發展的推進。</p>
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安聯保險集團的財報電話會議重點介紹了利潤和人工智能的推動