Allianz: Asset-Management Profit Outweighed Insurance Decline in 2Q
03 August 2018 - 3:57PM
Dow Jones News
By Adam Clark
Allianz SE (ALV.XE) said Friday that it remains on track to meet
its full-year profit target, as asset management growth more than
offset a decline in its life-and-health insurance business in the
second quarter.
The German insurer said its quarterly operating profit rose 2.3%
to 3.0 billion euros ($3.48 billion) from the year-earlier quarter,
leaving its interim profit slightly above the midpoint of its
full-year target.
Net profit fell 5.2% to EUR1.9 billion, hit by the previously
announced sale of a life portfolio in Taiwan.
In the asset-management division, which includes U.S. fund
manager Pacific Investment Management Co., operating profit rose
12% to EUR652 million.
Allianz said Pimco increased its average third-party assets
under management and margins. Across the unit, third-party AuM rose
2.5% to EUR1.46 trillion from the prior quarter, boosted by foreign
exchange effects despite net outflows.
In life-and-health insurance, operating profit fell 4.6% to
EUR1.08 billion due to a lower investment margin in Spain and
Germany. Property-and-casualty insurance profit was stable at
EUR1.46 billion.
Total revenue rose 2.9% to EUR30.9 billion, and Allianz said
internal revenue growth, which adjusts for currency and
consolidation effects, amounted to 6.5%.
Allianz's Solvency II ratio, a key measure of balance sheet
strength, stood at 230% at the end of the quarter.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
August 03, 2018 01:42 ET (05:42 GMT)
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