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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allianz AG | TG:ALV | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.10 | 0.80% | 265.40 | 265.40 | 265.60 | 267.30 | 263.80 | 264.00 | 57,945 | 12:37:34 |
By Adria Calatayud
Allianz said Friday that first-quarter net profit rose sharply after its year-earlier result was hit by a provision, and confirmed its guidance for 2023.
Europe's largest insurer said it made a net profit of 2.03 billion euros ($2.22 billion) compared with EUR417 million in the year-earlier period, when it booked a provision after reaching settlements related to its Structured Alpha funds in the U.S.
Analysts expected a net profit of EUR2.33 billion, according to consensus estimates provided by the company.
Operating profit increased 24% to EUR3.73 billion, driven by the company's U.S. operations in the life-health segment and a stronger result in its property-casualty segment.
Total business volume rose 3.9% to EUR46.0 billion, as higher volumes and prices at the property-casualty segment offset lower volumes in the life-health segment and a decline in asset management.
Allianz's asset-management division--which houses Pimco--posted a 13% fall in operating profit, but recorded net inflows of EUR14.9 billion in the quarter and its third-party assets under management rose by EUR33 billion during the quarter to reach EUR1.668 trillion at March 31, which Allianz said bodes well for profitability.
The company confirmed its operating-profit target of EUR14.2 billion for 2023, plus or minus EUR1 billion.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
May 12, 2023 01:40 ET (05:40 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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