• Germany edition
 
Allianz more than doubles net profit in 2012
Photo: DPA

Allianz more than doubles net profit in 2012

Published: 21 Feb 2013 12:09 GMT+01:00
Updated: 21 Feb 2013 12:09 GMT+01:00

Allianz said in a statement that its net profit amounted to €5.169 billion last year, up from €2.545 billion a year earlier. The 2011 figure had been impacted by write downs on Allianz's holdings in Greek sovereign debt and investments, the insurer explained. But underlying or operating profit also increased, rising by 20.8 percent to €9.5 billion on a 2.7 percent rise in revenues to €106.4 billion.

All divisions achieved double-digit percentage growth in operating profit, Allianz said. In the fourth quarter alone, net profit soared 148 percent to €1.22 billion, operating profit rose by 13.8 percent to €2.275 billion and revenues grew by 3.6 percent to €25.9 billion.

Chief executive Michael Diekmann noted that the numbers exceeded the group's forecast, which Allianz had already raised last year after a better than expected performance in the first three quarters. "Despite the impact from the storm Sandy, we exceeded our forecast," Diekmann said.

In January, Allianz had said it took a hit of €455 million from Hurricane Sandy. But overall, insured losses for the industry were significantly lower in 2012 than in the previous year, when record figures were posted due to the earthquakes in Japan and New Zealand and severe floods in Thailand.

"Our results show how well our business model can handle the various turbulences from the financial crisis," Diekmann said. Allianz would therefore pay an unchanged dividend of €4.50 per share for 2012, he added.

Looking ahead to the current year, Diekmann said that despite the low interest rate environment and overall global economic uncertainty, "I am confident that again in 2013 Allianz will maintain its profitability."

"With cautious optimism and assuming that natural catastrophes and capital market turbulence do not exceed expected levels, our operating profit outlook for 2013 is €9.2 billion, plus or minus € 500 million," Diekmann said.

On the Frankfurt stock exchange, Allianz shares were performing slightly better than the overall market, showing a loss of just 0.77 percent while the blue-chip DAX 30 index was down 1.05 percent.

AFP/mb

The Local (news@thelocal.de)

Your comments about this article

Today's headlines
Nazi-stolen painting put on display, sort of
The Wiesbaden Museum in Hessen. Photo: DPA

Nazi-stolen painting put on display, sort of

The Wiesbaden Museum was once a collection house for art stolen from Jewish owners by the Nazi. With one painting, they hope to right at least one wrong while bringing awareness to its ongoing restitution work. READ  

JobTalk Germany
When should interns demand to get paid?

When should interns demand to get paid?

After a woman was denied pay for working at a supermarket as an 'intern' for eight months with no wages, The Local looks at the warning signs for abusive internships. READ  

Single parents, common law families on rise
Photo: DPA

Single parents, common law families on rise

The German family structure is changing, with nearly a third of every family no longer living in the "classic model" and big differences in what family looks like in the former East and West, statistics agency Destatis announced on Monday. READ  

Four arrested in raids against Isis
Photo: DPA

Four arrested in raids against Isis

Police raided 15 homes across Germany over the weekend and arrested four suspected supporters of the Islamic State (Isis). They are alleged to have smuggled a teenager and thousands of winter military clothes to the terrorist group's frontlines. READ  

Munich Refugee Crisis
'There's no room but we have nowhere else to go'
Hassan, pictured outside the Bayernkaserne with two of his children, arrived in Munich from Syria. Photo: Mariane Schroeder

'There's no room but we have nowhere else to go'

Around 300 refugees are arriving in Munich each day, but accommodation centres are full. With authorities struggling for answers, The Local meets those at the sharp end of the crisis. READ  

Train Strike
Buses up prices, football fans brawl, trains return
Photo: DPA

Buses up prices, football fans brawl, trains return

UPDATE: Deutsche Bahn trains are chugging along again after a 50-hour train strike cost the service "tens of millions" and brought travel headaches across the country, leaving millions of passengers struggling for transportation over the weekend as well as at least one mass brawl in its tracks. READ  

Foreigner toll to hit motorways only
Transport Minister Alexander Dobrindt. Photo: DPA

Foreigner toll to hit motorways only

Transport Minister Alexander Dobrindt plans to limit his road toll for foreigners initially to motorways only, Spiegel reported on Sunday. READ  

Criminals blow Berlin Sparkasse wide open
The damaged bank branch. Photo: DPA

Criminals blow Berlin Sparkasse wide open

Criminals robbed a Berliner Sparkasse bank branch early on Sunday morning - using a bomb. READ  

French retread path to Berlin finance ministry
French Economy and Finance Ministers Emmanuel Macron (l) and Michel Sapin. Photo: DPA

French retread path to Berlin finance ministry

French and German ministers are due to meet on Monday to discuss ways of boosting growth in Europe's two biggest economies, as Paris called on Berlin to step up investment. READ  

Lufthansa pilots to strike for 35 hours
Grounded. Photo: DPA

Lufthansa pilots to strike for 35 hours

UPDATE: Pilots' union Cockpit has called a new 35-hour walkout at Lufthansa starting Monday, hours after a weekend-long rail strike finished. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Culture
Can you top our history quiz leaderboard?
Photo: Facebook
Society
German motorcycle gang joins Isis fight
Photo: DPA
Politics
UKIP ‘seeks EU pact’ with German satirical party
Photo: DPA
Travel
This is the man who has stopped Germany's trains
Photo: Shutterstock
Business & Money
Expats: Should I stay or should I go?
Photo: DPA
Gallery
PHOTOS: World's biggest erotic fair opens in Berlin
Photo: DPA/Shutterstock
Gallery
11 things Germans are afraid of...
Photo: Shutterstock
Business & Money
Which expat foods do you miss the most?
Sponsored Article
International School on the Rhine: a legacy
Photo: Shutterstock
Business & Money
How to get hired at a Berlin startup
Photo: DPA
Gallery
The ten richest people in Germany
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Sponsored Article
Bilingual education from nursery to graduation at Phorms
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,443
jobs available
Toytown Germany
Germany's English-speaking crowd