Allianz second quarter net profits up by over 10%

Friday 08 August 2014 07.30
Second quarter revenues up 10% at Europe's biggest insurer
Second quarter revenues up 10% at Europe's biggest insurer

Allianz, Europe's biggest insurer, said it was sticking to its full-year targets after a strong performance in the second quarter.

Allianz said that its net profit rose by 10.5% to €1.76 billion euros in the three months from April to June, beating analysts' expectations. 

Underlying or operating profit was up 17% at €2.77 billion while revenues climbed 10% to €29.46 billion, the statement said.

Taking the six months to June, Allianz said that revenues reached a new record for a first-half, rising by 7.8% to €63.42 billion. Bottom-line net profit was up 3% at €3.4 billion in the first six months, the company added.

"In view of these good half-year results, we're maintaining our outlook" for the full year, said chief executive Michael Diekmann. 

Operating profit for the year was projected to come out at €10 billion, plus or minus €500m.

"But we expect the upper end of the target range to be in reach," Diekmann said, adding that "as always, this forecast is under the caveat that natural catastrophes and capital market turbulence do not exceed expected levels." 

Keywords: allianz, profits