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E-Financial

Allianz Achieves 3.2BnEuros Operating Profit

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Allianz has said that it saw an operating profit of 3.2 billion euros with total revenues which rise by 6.2 percent to 44 billion euros in Q1 2022

Allianz Achieves 3.2BnEuros Operating Profit

The group also said that it on track to meet full-year targets.

It however reported slight decline of 2.9 percent  which reflected impact of higher claims from natural catastrophes

In a statement, the group said that net income attributable to shareholders 0.6 billion euros, down 78.1 percent following an additional after-tax provision of 1.6 billion euros related to the AllianzGI U.S.

Structured Alpha proceedings. Excluding the provision, net income was 2.2 billion euros, down 16.0 percent mainly due to a lower non-operating result

Robust Solvency II capitalization ratio of 199 percent1

Outlook:

2022 operating profit target confirmed at 13.4 billion euros, plus or minus 1 billion euros2

Other: 

Share buy-back program of 1 billion euros on track: 2.4 million shares acquired for 500 million euros until the end of April 2022

“The results of this quarter demonstrate that our business can withstand significant geopolitical and economic pressures. This is matched by the strength of our people. Allianz has taken clear business decisions in response to the Russian invasion of Ukraine. Also, we worked hard to achieve fair settlements with investors in the Structured Alpha funds in the U.S. and move toward a final resolution.” – Oliver Bäte, Chief Executive Officer of Allianz SE.

Financial highlights

Revenues

1Q 2022: Total revenues rose by 6.2 percent to 44.0 billion euros.

The Property-Casualty business segment benefited from higher prices and volumes while the Asset Management business recorded higher assets under management-driven revenues. Increased sales in the United States and Germany contributed to revenue growth in the Life/Health business segment.

Internal revenue growth, which adjusts for foreign currency translation and consolidation effects, increased to a strong 3.8 percent, driven by all business segments.

Earnings

1Q 2022: Operating profit 3.2 (1Q 2021: 3.3) billion euros, down 2.9 percent as claims from natural catastrophes nearly quadrupled, leading to a decline in the underwriting result in the Property-Casualty business segment.

This was partly offset by a strong operating result in the Asset Management business segment due to higher average third-party assets under management (AuM). In the Life/Health business segment, operating profit remained stable.

Net income attributable to shareholders was 0.6 billion euros, down 78.1 percent.

The decline reflects the impact of an additional pre-tax provision of 1.9 billion euros related to the AllianzGI U.S. Structured Alpha proceedings, which reduced the group’s first-quarter net income by 1.6 billion euros.

Annualized Return on Equity (RoE) was 3.5 percent (full year 2021: 10.6 percent).

Basic Earnings per Share (EPS) was 1.38 (6.23) euros, down 77.9 percent.

Solvency II Capitalization Ratio

 

The Solvency II capitalization ratio was 199 percent at the end of 1Q 2022 compared with 209 percent at the end of 4Q 2021. Including the application of transitional measures for technical provisions, the Solvency II capitalization ratio was 226 percent at the end of the first quarter of 2022 compared with 239 percent at the end of 2021.

Segmental highlights

“Even in a quarter marked by severe economic and geopolitical challenges, we maintained our first-quarter operating profit close to the strong level of the prior year. We have achieved nearly a fourth of our full-year target, which shows our operating performance remains on track.

In our Property-Casualty business, we witnessed strong internal growth, driven by healthy pricing and robust volume growth as our business benefits from its solid position in a recovering economy. Our operating profit was affected by the highest level of claims from natural catastrophes for a first-quarter in a decade.

In Life/Health, the strong improvement in our new business margin and value reflects an improved business mix and increase in volumes across most entities. This bodes very well for our future profitability.


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E-Financial

Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

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Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.

The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.

According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.

Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.

Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”

One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.

Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.

The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.


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E-Financial

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

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Securities and Exchange Commission  (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.

SEC Alerts Public on Silverkuun, Trending Dubious Investment Schemes

In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.

“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.

“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”

SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.

“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.

“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.

Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.

Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.

“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”

Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.

 

 

 


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E-Financial

Africa Cross-border Payments Set to Hit $1 trillion by 2035

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Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate  of 12%.

It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.

Despite the impressive growth, the report highlights systemic inefficiencies.

“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.

However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.

In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.

Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.

The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.

According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.

“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.

Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.

The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.

“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.


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