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June 27, 2017

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Allianz says profits up in second quarter, sticking to year's target

FRANKFURT-AM-MAIN, Germany--Allianz, Europe's biggest insurer, said Friday that it is sticking to its full-year targets after a strong performance in the second quarter.

Allianz said in a statement that its net profit rose by 10.5 percent to 1.76 billion euros (US$2.4 billion) in the period from April to June, beating analysts' expectations.

Underlying or operating profit was up 17.1 percent at 2.77 billion euros while revenues climbed 10 percent to 29.46 billion euros, the statement said.

Taking the six months to June, Allianz said that revenues reached a new record for a first-half, rising by 7.8 percent to 63.42 billion euros.

And bottom-line net profit was up 3 percent at 3.4 billion euros in the first six months.

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