Thursday, October 6, 2016

Allianz Q1 2014 profit Falls 2.nine%, but Beats Estimates



Allianz SE, Europe’s biggest insurer, reported first-region running profit that fell 2.9 percent, less than analysts envisioned, and said it become maintaining its income goal for the 12 months.
working income changed into €2.seventy two billion euros ($three.8 billion) compared with €2.eight billion [$3.9 billion] suggested a 12 months in advance, beating the €2.6 billion [$3.623 billion] average estimate of six analysts surveyed through Bloomberg. internet income declined to €1.64 billion [$2.285 billion] from €1.seventy one billion [$2.383 billion], the Munich-primarily based insurer said in a statement.
“the first region got here in sturdy like remaining yr,” leader executive Officer Michael Diekmann said. “each assets and casualty coverage and life and medical health insurance exceeded their quarterly percentage of our complete-year outlook, and asset control became in step with target.”
Allianz objectives running earnings of €9.five billion [$13.24 billion] to €10.5 billion [$14.63 billion] this year as compared with €10.1 billion [$14.07 billion] pronounced for 2013.
The insurer’s stocks declined zero.three percent to €123.sixty five [$172.33] in Frankfurt trading, extending losses this yr to 5.1 percent and valuing the employer at €fifty six.five billion [$78.75 billion]. The Bloomberg Europe 500 coverage Index gained 1.2 percentage for the reason that Dec. 31.
The agreement of Diekmann, 59, ends this year along side the ones of five different control board participants. Allianz stated in February it expects the supervisory board to come to a decision on management in October.
Asset management
Allianz’s assets and casualty coverage unit mixed ratio, normally the most important in terms of profits, stepped forward to ninety two.6 percentage from ninety four.three percentage a yr in advance.
Allianz’s asset management unit, which incorporates Newport seashore, California-based totally Pacific investment management Co., increased third-birthday celebration assets underneath management to €1.34 billion [$1.867 billion] from €1.33 billion [$1.853 billion] at the start of the yr. The upward thrust become helped by “marketplace cost will increase,” it said.
As decrease interest rates retain to weigh on insurers’ investment returns, shareholders are focusing at the performance of asset control after the surprise resignation of Pimco chief executive Officer Mohamed El-Erian in January. El-Erian, who had shared the position of co-leader investment officer with bill Gross, has endured to paintings for Allianz as leader economic adviser.

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