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 13:12 2018 Friday ,12 October
Saudi Arabia opens high-speed railway to public between Makkah and Medina
GMT 13:15 2017 Thursday ,26 January
Wild pandas frequently spotted in China
GMT 07:18 2018 Friday ,05 October
Jordan receives $1 billion from Gulf aid package
GMT 06:31 2017 Thursday ,24 August
Palestinian envoy meets with Swiss Mideast special envoy
GMT 05:38 2017 Tuesday ,02 May
Sheikh Mohammed condoles Ruler of Fujairah on Deputy Ruler's death
GMT 09:51 2017 Friday ,31 March
SpaceX hails 'revolution' after recycled rocket launch, landing
GMT 12:01 2018 Tuesday ,09 January
Bacteria makes blue jeans green
GMT 09:18 2017 Wednesday ,03 May
Celtics win while Warriors rip Jazz in NBA playoffs
GMT 12:12 2017 Monday ,04 December
China and Canada sign trade agreements during Trudeau visit
GMT 11:54 2017 Saturday ,14 October
OPEC expects higher demand for its oil
GMT 14:53 2018 Friday ,30 November
International Day of Solidarity with Palestinian People focus of dailies
GMT 09:36 2018 Thursday ,01 November
Trump says US-Mexico border troops could hit 15,000
GMT 08:35 2018 Wednesday ,24 October
Saudi play gets an Italian twist to round off Italian Language Week
GMT 07:04 2018 Thursday ,11 October
Lifestyle diseases such as cancer reach epidemic levels in Malaysia
GMT 09:04 2018 Wednesday ,26 September
Pakistan will continue to be leading troop contributor to UN peacekeeping
GMT 08:15 2018 Wednesday ,12 September
Us-China Trade Spat Looms Over Regional Wef Meeting
GMT 09:58 2018 Friday ,07 September
Osaka makes history in reaching US Open final
GMT 00:42 2012 Tuesday ,16 October
The Saudi nuclear program
GMT 12:05 2017 Monday ,27 February
Sock takes Delray Beach title as injured Raonic withdraws
GMT 15:14 2017 Thursday ,04 May
EU negotiator denies Brexit bill ‘punishment’
GMT 10:43 2016 Thursday ,17 November
Lionel Messi Voted Best Player of Last 10 Years
GMT 12:33 2017 Tuesday ,03 October
GCC and France discuss cooperation
GMT 08:54 2017 Thursday ,27 July
Russia regrets UNSC refusal to condemn attack
GMT 09:43 2015 Sunday ,12 July
How to decorate a romantic home impressively with candles
GMT 13:52 2016 Monday ,02 May
Rewayat Launches 12 New Novels at Abu Dhabi International Book Fair
GMT 00:38 2017 Monday ,08 May
Israeli forces push deep into Gaza
GMT 11:54 2017 Thursday ,07 September
Gulf Air increases Moscow daily flights
GMT 17:16 2017 Sunday ,19 November
Delhi half-marathon to go ahead
GMT 14:46 2017 Tuesday ,25 April
Zakhamah stresses health sector in Tunisia has a good reputation
GMT 13:27 2017 Thursday ,23 November
Football: FIFA defendants 'blinded by greed,'
GMT 06:12 2017 Monday ,18 December
Uber denied new license in northern
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor