Allianz confident despite profit slide in Q1
German insurance giant Allianz shrugs off market volatility and low interest rates to confirm its full-year forecasts
Frankfurt am Main - AFP
German insurer Allianz said Wednesday that it took a hit on its bottom line in the first quarter but said it was still confident of achieving its target of stable underlying profits for the whole year.
Allianz said in a statement that its net profit fell by 15 percent to 1.8 billion euros ($2.0 billion) in the period from January to March.
But that was largely attributable to the fact that the year-earlier figure had been inflated by one-off gains from the sale of financial stakes, the insurer explained.
Underlying or operating profit in the three-month period rose by 9.4 percent to 2.9 billion euros on the back of a 2.5-percent increase in revenues to 36.2 billion euros.
Allianz also pointed to "claims stemming from large losses and natural catastrophes" in the first quarter that had weighed on its property and casualty insurance division.
"Despite market volatility and low interest rates, we confirm our outlook and continue to expect an operating profit for the full year of 10.8 billion euros, plus or minus 500 million euros" said chief executive Oliver Baete.
source: AFP
GMT 10:23 2018 Sunday ,04 November
German companies see opportunities in China's first import expoGMT 09:00 2017 Saturday ,25 November
Germany's BASF in talks with Russian tycoon over oil mergerGMT 09:15 2017 Thursday ,27 April
Airbus profits take off on sale of defence electronics firmGMT 20:46 2017 Tuesday ,25 April
Staff pay eats up profits from SAP's cloud expansionGMT 10:41 2017 Thursday ,16 March
Lufthansa cautious for year ahead after boost in 2016Russia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launch
Moscow - TASS
The Astra-06 apparatus developed by specialists of Russian Space Systems (RSS) was used for the first time as additional telemetric equipment aboard the manned Soyuz MS-11 spacecraft launc...Read More
GMT 10:24 2016 Wednesday ,23 March
cartoon fifteen
GMT 11:24 2018 Friday ,14 December
Turkey will enter Syria’s Manbij if US doesn’t remove YPG fighters
GMT 14:00 2018 Tuesday ,11 December
Russia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launchGMT 08:20 2012 Monday ,02 April
S Korea to strike Pyongyang if N Korea attacks Seoul
GMT 14:59 2017 Tuesday ,14 March
US to keep AAA-rating after debt ceilingGMT 11:28 2011 Thursday ,14 July
Green energy bullishGMT 17:07 2012 Friday ,23 November
Police accused in protest deaths acquitted in Egypt
GMT 00:21 2017 Wednesday ,11 January
Iran to start gas exports to Iraq once payments made
GMT 13:50 2017 Wednesday ,11 January
‘Queen’ of fashion, Rania, Amal bag top mag
GMT 13:07 2014 Wednesday ,12 November
Chris Brown and Trey Songz announce concert tour
GMT 10:00 2017 Sunday ,26 February
Study tries brain scans to better predict adolescents' problem drug use
GMT 00:53 2014 Sunday ,19 October
EU, Russia, Ukraine to hold trilateral gas meeting next Tuesday
GMT 08:18 2017 Friday ,07 April
Khartoum and Addis Ababa Call for Cessation of Hostilities
GMT 15:00 2017 Tuesday ,12 December
'New sense of optimism' in Brexit talks
GMT 09:37 2017 Tuesday ,12 December
Saudi Zein Initiates 3 New Broadband Projects for Remote AreasGMT 14:21 2011 Wednesday ,03 August
Al-Jazeera rolls into USGMT 13:14 2011 Wednesday ,14 December
Fitness boost for RichardsGMT 18:43 2012 Wednesday ,30 May
Ideas to shame a rapist
GMT 01:11 2017 Wednesday ,22 February
Aircraft with 10 people onboard fighting forest fires 'missing' in Russia
GMT 09:03 2017 Thursday ,29 June
Man gets jail for paid sex with other men in Dubai
GMT 05:27 2017 Saturday ,11 March
EU, ASEAN to put free-trade pact back on agenda
GMT 07:25 2017 Thursday ,07 December
Bitcoin charges through $14,000
GMT 07:15 2017 Wednesday ,29 November
Brazil's economy,shifting political landscape
GMT 09:24 2018 Wednesday ,12 December
LuLu supports KFUPM Rectors Cup marathon
GMT 10:11 2018 Thursday ,15 November
Big Little Lies author Liane Moriarty: Sibling rivalry made me write books
GMT 15:40 2018 Wednesday ,14 November
Army thwarts infiltration attempt by terrorists in Hama countryside
GMT 15:40 2018 Tuesday ,06 November
Putin, Russian Security Council members discuss US sanctions on Iran
GMT 10:43 2018 Sunday ,04 November
Taliban key commander among 21 killed in N. AfghanistanGMT 15:46 2012 Tuesday ,20 November
UK will support Syrian rebel group against Assad
GMT 08:05 2014 Wednesday ,20 August
'Zoo Jeans' offers denim custom ripped by lions and tigers and bearsGMT 07:22 2011 Sunday ,07 August
Somali Shebaab rebels abandon Mogadishu positions
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor