Tough market squeezes Allianz profit
German insurer Allianz has taken a hammering in the second quarter amid difficult market conditions, with net profit declining 28%.
Net profit has fallen to €1.5 billion ($2.54 billion) from €2.1 billion ($3.55 billion) for the same period last year.
Revenues are down 10% to €22 billion ($37.2 billion) from the same quarter last year, while operating profit has decreased 36% to €2.1 billion ($3.55 billion).
Allianz CEO Michael Diekmann claims the insurer delivered a solid performance despite the trying market conditions.
“The tough market environment has exerted pressure on our second-quarter results,” he said. “But given our solvency ratio we feel very comfortable with our capital position.”
Net profit has fallen to €1.5 billion ($2.54 billion) from €2.1 billion ($3.55 billion) for the same period last year.
Revenues are down 10% to €22 billion ($37.2 billion) from the same quarter last year, while operating profit has decreased 36% to €2.1 billion ($3.55 billion).
Allianz CEO Michael Diekmann claims the insurer delivered a solid performance despite the trying market conditions.
“The tough market environment has exerted pressure on our second-quarter results,” he said. “But given our solvency ratio we feel very comfortable with our capital position.”