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Share Name Share Symbol Market Type
Allianz AG XE:ALV XETRA Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.30 -1.27% 178.78 178.78 178.50 181.92 177.58 181.46 838,328 16:45:00

Allianz Backs Operating Profit Target for 2022

12/05/2022 6:59am

Dow Jones News


Allianz (XE:ALV)
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By Kim Richters

 

Allianz SE on Thursday confirmed its operating profit outlook for the full year.

For 2022, the German insurer continues to target operating profit of 13.4 billion euros ($14.09 billion), plus or minus EUR1 billion.

The guidance confirmation comes after Allianz said Wednesday that it has set aside an additional $2 billion for legal expenses related to continuing settlements with investors in connection with the Structured Alpha funds in the U.S.

As outlined, the latest provision hit Allianz's first-quarter net profit, which declined to EUR561 million compared with EUR2.57 billion a year earlier. Its Solvency II ratio at the end of the first quarter was 199%.

Group operating profit for the three months fell to EUR3.24 billion from EUR3.34 billion as the company had higher claims from natural catastrophes. Quarterly revenue rose to EUR44.0 billion from EUR41.4 billion, with its Property-Casualty business benefiting from higher prices and volumes.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

May 12, 2022 01:44 ET (05:44 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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