Insurer Allianz Posts 7.4% Profit Drop
Allianz earned €1.07 billion ($1.51 billion) in the quarter, down from €1.16 billion a year earlier. Analysts were expecting a profit of €1.29 billion.
The insurer recorded a loss of €326 million from its holdings of Greek sovereign bonds.
Revenue in the quarter fell 3.2% to €24.6 billion."These are very satisfying results," said Michael Diekmann, CEO of Allianz, in a statement Friday. "Our geographic and business segment diversification is keeping us at stable profitability levels. I think that the results -- be it in the second quarter or for the half-year -- are remarkably solid considering the high level of natural catastrophe events, the uncertainty of the capital markets, currency fluctuations and, last but not least, the current impairment of our Greek sovereign bond portfolio." The CEO reaffirmed Allianz expects full-year operating profit of €7.5 billion to €8.5 billion. -- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV