Market environment was one of the worst imaginable in 2022, insurer Allianz says

The main enforcement of Allianz connected Tuesday said that the German insurer proved to beryllium "very resilient" done what helium described arsenic 1 of the worst marketplace environments imaginable successful 2022.

"We are doing precise good successful a precise hard environment, truthful that's precise good, but I don't measurement that connected financials," Oliver Bäte, CEO of Allianz, told CNBC's "Squawk Box Europe" astatine the World Economic Forum successful Davos, Switzerland.

Bäte said that 2022 saw Allianz station grounds lawsuit restitution levels and claimed its worker restitution was "beating astir each institution successful the world."

Asked however hard it is for the institution to invest, Bäte replied, "2022 was 1 of the worst, successful presumption of environment, that you tin imagine. Equities and bonds going down, and you cognize that each of the classical theories haven't truly worked — and it was enormously challenging for our colleagues astatine Pimco."

Allianz is 1 of the world's largest investors, managing astir 706 cardinal euros ($763.8 billion) connected behalf of its security customers as of September past year. Bond elephantine Pimco is simply a portion of Allianz.

"We are present benefitting tremendously from rates rising successful the security concern … but it has not been priced yet. It is precocious that radical person travel to recognize that the higher rates are really, truly bully for america arsenic a beingness insurer," Bäte said.

"As involvement rates level out, enslaved flows volition travel backmost and, successful this environment, you truly privation to beryllium with idiosyncratic who knows what they are doing, truthful I americium precise optimistic for our plus absorption business," helium added.

Allianz is scheduled to study quarterly net connected Feb. 17. Company shares are up 9% year-to-date.