Allianz announces eye catching rise in profits

Operating results are in for one of the industry’s biggest names – and the results are impressive

Allianz announces eye catching rise in profits

Insurance News

By Terry Gangcuangco

Thanks to improved performance in all business segments in the second quarter of 2017, Allianz saw a 23% rise in operating profit – from €2.4 billion in the same period last year to €2.9 billion (approximately SGD$4.6 billion).

Net income attributable to shareholders soared 83.4% to €2 billion, with total revenues up 2% to nearly €30 billion (approximately SGD$47.7 billion).

Barring unforeseen events, crises, or natural catastrophes, Allianz is positive it will arrive near the upper end of its full-year operating profit target range of €10.8 billion, plus or minus €500 million.

Here’s how Allianz performed in the second quarter:

Property and Casualty (P&C) insurance segment
  • Operating profit - €1.4 billion, up 28%
  • Total revenues - €11.7 billion, up 0.6%

Life and Health insurance segment
  • Operating profit - €1.1 billion, up 12%
  • Present value of new business premiums - €13.6 billion, up 2.8%

Asset Management
  • Operating profit - €584 million, up 16.8%
  • Third-party assets under management - €1.4 trillion, up 7.6%
With over 86 million retail and corporate customers, the Allianz Group posted an operating profit of €11 billion in 2016. It employs more than 140,000 people in over 70 countries.

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