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Insurer Allianz says 1Q profit nearly doubles to euro3.2B

Insurer Allianz says 1Q profit nearly doubles to euro3.2B

Allianz SE said Wednesday its first-quarter profit rose 78 percent on sales of stakes in BMW AG and retailer KarstadtQuelle AG, which helped offset insurance claims from a big storm that walloped parts of Europe in January.
The Munich-based insurer, Europe's biggest in terms of gross premiums, said preliminary first-quarter profit rose to euro3.2 billion (US$4.35 billion) from euro1.8 billion a year earlier, beating the euro2.39 billion (US$3.25 billion) analysts polled by Dow Jones Newswires had predicted.
The results were also helped by gains in investments.
Revenue, however, dipped 1 percent to euro29.3 billion (US$39.86 billion), less than the euro29.45 billion (US$40.07 billion) analysts had predicted.
The company released preliminary figures ahead of its annual shareholder meeting. A complete report is due May 8.
The company's operating profit gained 7 percent to euro2.9 billion (US$3.95 billion), beating estimates of euro2.66 billion (US$3.62 billion).
That figure included the euro340 million (US$462.6 million) in claims that were the result of the storm, dubbed Kyrill, that savaged Germany, Switzerland and other parts of Europe.
Shares of Allianz advanced more than 1.6 percent to euro168.35 (US$229.04) in Frankfurt.
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On the Net:
http://www.allianz.com


Updated : 2021-07-26 06:53 GMT+08:00