Allianz doubles net profit to 5.49bn euros
Giant German insurer Allianz said annual net profit doubled in 2012.
The Munich-based company said fewer natural catastrophe claims and less financial strain in the eurozone pushed net profit up to 5.49 billion euros ($A7.20 billion) from 2.80 billion euros in 2011.
In addition, earnings improved on the back of lower damage claims and higher premium revenue in countries such as Germany and Australia as well as some in Latin America.
Underlying operating profit rose by 21 per cent to 9.5 billion euros.
In 2011, Allianz had to write off losses on Greek bonds which fell sharply in value due to the country's debt crisis.
Greece eventually negotiated a deal with creditors under which it paid them less than they were owed.
Fourth quarter earnings rose to 1.29 billion euros from 560 million euros.
The company proposed an unchanged dividend of 4.50 euros per share.
Allianz chief executive, Michael Diekmann, said he was confident about 2013 earnings and profitability, despite an adverse environment marked by historically low interest rates and global economic uncertainty.
"Assuming that natural catastrophes and capital market turbulence do not exceed expected levels, our operating profit outlook for 2013 is 9.2 billion euros, plus or minus 500 million euros," Diekmann said.
Allianz Australia grew its gross written premiums $3.74 billion in 2012 by a solid 10.7 per cent compared to 2011.
Profit for the year improved to $490 million, up from $420 million in 2011.
Commenting on the results, Allianz Australia's managing director, Niran Peiris, said “Allianz Australia continues to record strong year-on-year organic growth.
"Premium growth was seen across all of our distribution channels and came from a combination of growth in policy numbers and premium rates.”
Piran said the 2012 results were helped by more benign weather than 2011, which was one of the worst years on record for natural catastrophes in Australia.
Allianz’s performance was underpinned by a lower combined operating ratio, which fell to 95.1 per cent in 2012 from 97.6 per cent the year before.
- Allianz, Allianz Australia, Michael Diekmann, Niran Peiris
- Elizabeth Fry, email@example.com
- Article Posted:
- February 25, 2013
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