By Friedrich Geiger

FRANKFURT--German insurer Allianz SE (ALV.XE) Tuesday confirmed its operating profit outlook and said it expects Hurricane Sandy to cost the company $590 million.

That preliminary figure for the storm that hit the U.S. in October includes payments to customers and related items like reinsurance reinstatement fees.

"Despite the impact of Hurricane Sandy, we continue to expect our operating profit for 2012 to exceed 9 billion euros" ($12 billon), said Chief Financial Officer Dieter Wemmer.

Allianz will publish its full-year figures, including those for 2012 natural disasters, on Feb. 21.

Write to Friedrich Geiger at friedrich.geiger@dowjones.com

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