allianz se reported operating profit that came in above expectations but cautioned on a less impressive performance at its nonlife segment heres what we watched net income europes largest insurer reported net profit of 201 billion euros 214 billion in the three months to the end of december a touch down on expectations of eur203 billion according to analysts consensus provided by the company that compares with a net loss of eur292 million in the same period of 2021 which was hampered by provisions for losses at its structured alpha fund operating profit operating profit rose 13 on year to eur396 billion in the quarter beating expectations of eur352 billion according to the consensus the result was driven by a strong performance at its lifehealth business where operating profit rose 51 lifehealth vs pc allianzs fourth quarter was characterized by beats at its lifeandhealth business but underperformance at its propertyandcasualty segment the german insurer said its life success was driven by a higher investment margin in germany and positive impacts from annuity products in the us for the full year of 2022 it also benefited from its acquisition of avivas operations in poland at pc where operating profit lagged consensus by 11 it was based on higher attritional lossesthose losses that arent large naturalcatastrophe losseswhich came due to higher inflation it said there is further evidence of strain on retail lines after a year typified by pressure at motor lines and hyperinflation in some markets analysts at citi said in a note outflows at allianzs assetmanagement segment the company had outflows of eur186 billion in 4q and for the group as a whole thirdparty assets under management fell 17 in 2022 however management said that it experienced inflows in january at pimco its usbased fund and that indications were that it continued into february it marks a helpful data point after a sustained period of outflows although not a sufficient period to gain confidence this will be sustained ubs analysts said in a note