The Allianz EBIT above expectations, the net worst
Allianz, the leading European insurers, has announced a net quarterly profit below expectations, within the scope of lower asset sales, but operating profit came out better than expected.
Net income rose to one billion euros in the second quarter, against 1.16 billion expected on average by 14 analysts polled by Reuters.This figure is down 46% compared to second quarter 2009, which was boosted by asset sales, including the securities of the Chinese bank ICBC.
Operating results in the segments damage and life and asset management have been established at a level exceeding expectations.
These results come after those of Axa Wednesday, which emerged in better than expected first half, which shows some improvement in insurance sector.
The Allianz shares gained 0.67% to 90.76 euros in mid-day.She recorded a gain of 3.5% since the beginning of the year, according to the progress of the sector index.
"Based on this excellent result, we are confident in our ability to achieve our operating income target for the whole year of about 7.2 billion euros, with a fluctuation of more approximately 500 million euros, "said in a statement Michael Diekmann, chief executive of Allianz.
The total turnover increased by 15% in the second quarter and 20% in the life and health through strong demand.
NOT FOR ACQUISITIONS
The underwriting of insurance and risk insurance, the main recipe of the group, has increased over the previous year, despite 255 million disbursed for disaster-related benefits.
Michael Diekmann said that compensation for victims of the explosion of the oil rig Deepwater Horizon, in the Gulf of Mexico, and the consequences of the spill should not exceed 10 million euros for Allianz.
"The growth in quarterly operating profit showed an improvement in terms of sales, management compensation claims and productivity," said Olivier Bate, chief financial officer.
Michael Diekmann said the group focused on organic growth in asset management and acquisitions were not necessary. He has said that the acquisition of the Asian operations of AIG was not news