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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allianz Ag Muenchen Namen (PK) | USOTC:ALIZF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 328.8611 | 327.15 | 331.85 | 0.00 | 13:07:25 |
FRANKFURT -- Germany's Allianz SE (ALV.XE), Europe's biggest insurer by market capitalization, late Monday upped its operating profit guidance for the full year, due to a strong third quarter, which was especially helped by a better-than-expected contribution from the asset management business.
Allianz, which has insurance, asset management and a small banking operation, said it now expects a 2012 operating profit above 9 billion euros ($11.65 billion), ahead of its previous target range of EUR7.7 billion to EUR8.7 billion. In 2011, the company booked operating profit of around EUR7.9 billion.
In the third quarter, operating profit was around EUR2.5 billion, Allianz said, up 32% from EUR1.9 billion in the same period a year ago, according to the preliminary figures. Operating profit for the first six months had been EUR4.7 billion.
While all business segments contributed to the good quarterly performance, the improvement was primarily due to the asset management segment, Allianz said, without elaborating.
The net income figure, which includes minorities, was EUR1.4 billion in the quarter, up more than four times from EUR258 million in the same quarter a year earlier. For the first six months, Allianz booked net income, including minorities, of EUR2.77 billion. It cautioned that full-year net income growth "will be comparatively lower because of further balance sheet strengthening including investment de-risking and restructuring activities, as already seen in the first nine months of 2012."
The full-year operating profit guidance assumes "a normal business development during the remainder of the year."
Allianz Monday only released a small set of preliminary figures. The full set of third-quarter earnings, including the net profit figure, will be released Nov. 9, as scheduled.
Write to Ulrike Dauer at ulrike.dauer@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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