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Allianz Q2 profit takes a dive

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Allianz Q2 profit takes a dive
Photo: DPA
09:27 CEST+02:00
The German insurance giant Allianz said on Friday that its second-quarter net profit plunged by 45.6 percent from the same period a year earlier to €1.02 billion.

The quarter rounded out a first half that was "marked by exceptionally high natural catastrophe losses," a statement quoted chief executive Michael Diekmann as saying.

The group said the fall also stemmed from "a low level of harvesting" compared with the same period a year earlier, when Allianz booked a high level of gains on investments in stocks, debt securities and real estate.

It reported a gain of €181 million for that line this year, against €959 million in the second quarter of 2009.

Allianz's operating profit this year gained 22.7 percent, however, to €2.19 billion, while sales were 14.5 percent higher at €25.4 billion, it said.

For the first six months of 2010, the insurer made an operating profit of €3.9 billion, allowing Diekmann to confirm its full-year forecast.

"We are confident that we can achieve our outlook for operating profit for the entire year of around €7.2 billion, with a fluctuation range of plus or minus €500 million," he said.

Breaking down the data, Allianz said second-quarter gross premiums, the industry's term for sales, in its property and casualty division had gained 4.5 percent on the year to €10 billion.

Claims from natural disasters in the quarter amounted to €255 million meanwhile.

Sales in the life and health insurance division gained 20 percent to €14.1 billion.

The group's asset management unit more than doubled its operating profit to €516 million from €246 million a year earlier.

Division chief Oliver Bäte said: "With positive net inflows for six consecutive quarters, we are succeeding in growing our asset management business into a real performance engine.

"The contribution of this business to Allianz Group net income has grown significantly over time and accounted for 21.2 percent in the second quarter."

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