Allianz says the setting was one of many worst possible till 2022

Oliver Bäte, managing director of the German insurance coverage group Allianz.

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The overall supervisor of Allianz mentioned on Tuesday that the German insurer had been “very resilient” in what he described as one of many worst market environments possible in 2022.

“We’re doing very properly in a really troublesome setting, in order that’s excellent, however I do not measure that on the financials,” Oliver Bäte, CEO of Allianz, instructed CNBC’s “Squawk Field Europe” throughout from the World Financial Discussion board in Davos, Switzerland.

Bäte mentioned that in 2022, Allianz had recorded report ranges of buyer satisfaction and claimed that its worker satisfaction “beats virtually each firm on this planet”.

When requested how troublesome it was for the corporate to speculate, Bäte replied: “2022 was one of many worst, by way of the setting, that you can think of. Shares and bonds taking place, and you understand all of the basic theories have not actually labored – and that was extraordinarily troublesome for our colleagues at Pimco.”

Allianz is among the largest traders on this planet, managing round 706 billion euros ($763.8 billion) on behalf of its insurer purchasers since September of final 12 months. Bond large Pimco is a unit of Allianz.

“We at the moment are benefiting enormously from larger charges within the insurance coverage trade…however the worth hasn’t been set but. It’s solely not too long ago that individuals have realized that larger charges are actually, actually good for us as a life insurer,” Bäte mentioned. .

“As rates of interest stabilize, bond flows will return and in that setting you actually need to be with somebody who is aware of what they’re doing, so I am very bullish on our asset administration enterprise. “, he added.

Allianz is because of publish its quarterly outcomes on February 17. Shares of the corporate are up 9% year-to-date.