Allianz: Insurer sees itself on track and exceeds expectations
The Munich insurer confirms its full-year targets - thanks to strong operating business. However, the quarterly profit fell short.
Frankfurt. Germany's largest insurance company, Allianz, has once again achieved a record profit in the second quarter. Operating profit increased by 10.6 percent to 4.9 billion euros, the Munich-based company announced on Wednesday. Analysts had on average expected 4.6 billion euros. Increases in asset management and life and health insurance had significantly contributed to the increase, Allianz said.
The total business volume improved by 5.7 percent to 45.6 billion euros. In the first half of the year, operating profit was 9.4 billion euros. Therefore, Chief Financial Officer Claire-Marie Coste-Lepoutre confirmed the targets for the full year - and indicated that the upper end of the forecast could be achievable: "The operating results of all business segments are above the mean values of their respective full-year targets."
Allianz has set a target for 2026 of an operating profit of 17.4 billion euros - with a range of plus or minus one billion euros. However, net profit in the second quarter fell by 12.7 percent to 2.6 billion euros - and thus fell short of analysts' expectations. Adjusted for special effects, including a disposal gain in the previous year and measures related to the sale of the stakes in the Indian joint ventures, the result would have increased by 10 percent, Allianz emphasized.
Translated by urgent.news. Machine-written — may contain errors; check the original before relying on it.
