Allianz 2nd-Quarter Net Profit Drops 46%
August 05 2016 - 2:05AM
Dow Jones News
By Ulrike Dauer
FRANKFURT--Allianz SE (ALV.XE) on Friday reported a 46% decline
in net profit for the second quarter on a substantial one-time hit
from the planned sale of a unit, but also because of a high
disaster bill.
Still, Europe's biggest primary insurer by market value said
first-half results put the company well on track for its full-year
operating profit targets.
Allianz, which owns U.S. bond fund manager Pacific Investment
Management Co., targets operating profit between EUR10.0 billion
($11.1 billion) and EUR11.0 billion for 2016.
Net profit fell to EUR1.09 billion from EUR2.02 billion in the
second quarter of 2015. It was shy of an average forecast of
EUR1.51 billion in a Dow Jones Newswires poll.
Total revenue fell 2.5% to EUR29.4 billion.
Quarterly operating profit, the company's main yardstick, was
also lower at EUR2.35 billion. That marked a 17.2% decline from
EUR2.84 billion in the year-earlier quarter and weaker than the
forecast EUR2.39 billion.
Write to Ulrike Dauer at ulrike.dauer@wsj.com
(END) Dow Jones Newswires
August 05, 2016 01:50 ET (05:50 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Allianz Ag Muenchen Namen (PK) (USOTC:ALIZF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Allianz Ag Muenchen Namen (PK) (USOTC:ALIZF)
Historical Stock Chart
From Jul 2023 to Jul 2024