Allianz 2Q Net Profit Fell as Asset-Management Earnings Slid
05 August 2022 - 4:00PM
Dow Jones News
By Ed Frankl
Allianz SE on Friday said second-quarter net profit tumbled but
operating profit rose, as its asset-management business struggled
amid turbulent markets.
The German insurer said net income in the three months to the
end of June was 1.71 billion euros ($1.75 billion), down from
EUR2.23 billion a year earlier.
Operating profit was up 5.3% to EUR3.50 billion, driven by
improved underwriting and investment results in the
property-and-casualty segment, Allianz said.
That compares with expectations of net profit of EUR1.83 billion
and operating profit at EUR3.29 billion, according to analysts'
consensus provided by the company
Growth was hit by the asset-management division, after "adverse
market movements and cautionary investor sentiment" led to
operating profit there falling 6.6%, the company said.
Third-party assets under management dropped EUR109 billion to
EUR2.319 trillion, Allianz said, blaming unfavorable markets
characterized by inflation-related uncertainties and capital-market
turbulence, with net outflows at the business reaching EUR33.8
billion.
Revenue at the group, however, rose 8.2% to EUR37.1 billion,
driven by the P&C business, which had volume growth and higher
pricing, the company said.
Allianz also confirmed its full-year outlook of operating profit
of EUR13.4 billion, plus or minus EUR1 billion.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
August 05, 2022 01:45 ET (05:45 GMT)
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