Insurer reports highest total revenue in company history

Insurer reports highest total revenue in company history | Insurance Business

Insurer reports highest total revenue in company history
Allianz Group has delivered a 7.8% boost in total revenue to AUD$91.7bn (€63.42bn) for the first half of the year, which is said to be the highest total revenues in the company’s history.

Group operating profit for the first half climbed 6.4% to $7.9bn (€5.49bn), while net income attributable to shareholders grew 3% to $4.9bn (€3.40bn). Shareholders’ equity grew by 9.8% to $79.4bn (€54.97bn) from $72.4bn (€50.084bn).

For the second quarter, the group delivered an operating profit of $4bn (€2.77bn), representing an increase of 17.1%, largely due to the property and casualty segment, which reported a 0.9% increase in gross written premiums to $15.7bn (€10.85bn).

P&C operating profit climbed 14.2% to $1.87bn (€1.35bn).  The underwriting result stood at $745.6m (€516m), which was driven by the operating profit and supported by a benign natural catastrophe environment. The impact from natural catastrophes was lower compared to the high level of the second quarter of 2013.

In the life and health insurance segment, statutory premiums in the quarter climbed more than 20% and operating profit of the segment was said to have reached a new historic high. Asset management continued to perform within expectations.

Commenting on the results, Michael Diekmann, chairman of the board of management of Allianz SE, said: “Our well-diversified business model as well as new solutions for customers enabled us to achieve already 55% of the midpoint of the outlook range in the first six months of 2014.

“In view of these good half-year results, we maintain our outlook for the operating profit for 2014 of $14.5bn (€10bn), plus or minus €500m, but expect the upper end of the target range to be in reach. As always, this forecast is under the caveat that natural catastrophes and capital market turbulence do not exceed expected levels.”

The figures were converted from euros to Australian dollars on 11 August 2014 using XE.com.