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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% | 290.128 | 175.76 | 397.82 | 0.00 | 12:00:32 |
Allianz SE's (ALV.XE) Euler Hermes SA (ELE.FR), one of the biggest credit insurers worldwide, Thursday said net profit fell 16.2% in the first six months, on lower operating profit, higher claims and a lower contribution from investments.
MAIN FACTS:
-In the second quarter alone, net profit was down 19% to 95.0 million euros ($115 million) from EUR117.2 million, as lower operating profit and higher claims weren't offset by higher revenues, improvements in net investment income and a lower net expense ratio.
-Net income for the first six months fell to EUR161.4 million from EUR192.5 million, as a result of lower operating profit and a one-time tax rate impact in the first quarter.
-Turnover for the first half was EUR1.19 billion, up 5.6% year-on-year from EUR1.09 billion
-Net combined ratio 73.1%, compared with 65.8% in the first half of 2011
-Operating profit fell 11.3% to EUR237.1 million from EUR267.2 million
-Demand for credit insurance was solid in the first half of 2012 amid continuing economic slow-down.
-Net claims ratio increased 9.1 percentage points to 51.3%, of which 5 percentage points are linked to three claims, including the collapse of Germany's ailing drugstore chain Schlecker. The remaining increase is due to higher claims frequency compared to the still very low levels observed in 2011.
-In 2012 and 2013, businesses will face increased pressure on trade receivables management. Contributing factors include lower economic, credit and trade growth prospects, private deleveraging, and mounting business insolvencies worldwide.
-Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.com
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