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 13:29 2018 Friday ,14 December
Turkey targets military over alleged Gulen links
GMT 12:30 2018 Friday ,14 December
Noriaki Kasai: 30 years of World Cup ski-jumping
GMT 12:27 2018 Thursday ,13 December
Russia points to efforts to undermine agreements on Idlib zone
GMT 10:21 2016 Monday ,20 June
Rome set to elect 1st female mayor
GMT 06:16 2016 Sunday ,16 October
Emirates Skywards partners with Dubai Duty FreeGMT 18:17 2012 Thursday ,19 April
Ox
GMT 11:07 2017 Monday ,30 January
Results of Spanish first-division soccer leagueGMT 05:50 2012 Sunday ,14 October
British TV hero abuse scandal puts BBC under pressure
GMT 11:48 2018 Sunday ,16 September
UAE leaders congratulate Mexican President on Independence Day
GMT 12:11 2016 Thursday ,02 June
FedEx close to wrapping up TNT buyout
GMT 13:18 2013 Tuesday ,11 June
Mido retires from footballGMT 16:28 2011 Tuesday ,02 August
Philippines will seek oil in South China Sea
GMT 05:05 2017 Monday ,03 April
Good news for Aramco IPO as tax rate is cutGMT 16:57 2013 Monday ,27 May
Khune wins South African award
GMT 15:04 2017 Sunday ,08 January
Cairo orphanage to be closed, supervisor referred to prosecution over child assault
GMT 15:48 2015 Tuesday ,15 September
Khalifa University appoints Emiratis to several senior positions
GMT 14:56 2016 Thursday ,15 December
Felicity Jones joins ranks of classic Star Wars heroines
GMT 14:01 2011 Saturday ,18 June
Adnoc to act on diesel smuggling and resale
GMT 05:56 2017 Monday ,30 January
Students win 7 ‘Top in the World’ exam awards
GMT 12:38 2017 Friday ,14 July
president-sisi-has-busy-schedule-last-week-2-cairoGMT 14:22 2011 Thursday ,28 July
Microsoft gives manufacturers a taste of Mango
GMT 15:50 2017 Thursday ,27 July
Egypt's bourse loses EGP 5.6 bln
GMT 15:41 2016 Saturday ,22 October
Lahiri takes 54-hole lead in Malaysia as Thomas stumbles
GMT 05:56 2017 Monday ,10 April
Linde Group celebrates compelling operating concept
GMT 14:35 2014 Saturday ,05 July
'Mall of the World' gets green light
GMT 03:29 2017 Sunday ,22 January
Dubai's utility provider invites bidders for 200MW solar power plantGMT 06:32 2012 Sunday ,29 April
\'Referring Iran case to IAEA boosts trust\'
GMT 10:37 2016 Wednesday ,21 December
Bulgarian, Hungarian foie gras makers feed new markets
GMT 18:06 2016 Friday ,07 October
Anti-EU politician hospitalized after ‘altercation’
GMT 15:28 2016 Wednesday ,25 May
GCC Electricity and Water Cooperation Committee to Meet Tomorrow
GMT 19:37 2016 Tuesday ,24 May
IOF raze Palestinian-owned structures in Al-Issawiya, East Jerusalem
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