Allianz Posts 7.8% Profit Growth


News: German insurance firm Allianz's operating profit increased 7.8% year-on-year (y-o-y) to EUR10.1bn (US$13.81bn) in 2013 as its UK business declined marginally to EUR2.27bn (US$3.10bn) from EUR2.32bn (US$3.17bn) in 2012. Revenue rose 4.1% y-o-y to EUR110.8bn (US$151.6bn) and net income attributable to shareholders grew 14.6% y-o-y to EUR6bn (US$8.2bn) in 2013. Operating profit of property and casualty insurance rose 14.2% y-o-y to EUR5.3bn (US$7.25bn) on the back of a strong underwriting result, despite higher compensations for customers and a lower investment result.

This article is tagged to:
Sector: Insurance
Geography: Germany