Allianz Net Profit Down On Greek Debt Impairments; Keeps Goal
05 August 2011 - 4:22PM
Dow Jones News
Allianz SE (ALV.XE), Europe's largest primary insurer by market
capitalization, Friday said net profit fell 8.2% in the second
quarter, after the write-down of the value of its entire Greek
sovereign debt portfolio to market value as of June 30 was only
partially offset by moderate costs for severe-weather damage.
Allianz also confirmed it's on track for its full-year target of
an operating profit in a EUR7.5 billion to EUR8.5 billion
range.
Net profit fell to EUR1.00 billion from EUR1.09 billion a year
earlier, below the average estimate of EUR1.23 billion in a Dow
Jones Newswires poll.
Operating profit, which some investors consider better reflects
a company's actual business performance, was unchanged at EUR2.30
billion, beating the forecast for EUR2.14 billion.
Total revenues--which include insurance premiums, operating
revenues in the asset management segment, and revenues from the
corporate and the small banking segment--fell 3.2% to EUR24.6
billion, below the forecast decline to EUR24.9 billion
Allianz shares closed down EUR2.07, or 2.4%, at EUR82.83
Thursday. The company currently has a market value of around EUR38
billion.
By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500;
ulrike.dauer@dowjones.com