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August 8, 2009

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Allianz Q2 profit rises on better business

GERMAN insurer Allianz SE said yesterday its second-quarter net profit rose 21 percent as its life and health insurance business improved and said it was adjusting to the "new normal" of reduced returns.

The Munich-based company said it made 1.9 billion euros (US$2.7 billion) in the April-June period, up from 1.5 billion euros in the second quarter of 2008.

Revenue for the quarter was slightly higher at 22.2 billion euros, compared with last year's 21.5 billion euros.

Operating profit of 1.8 billion euros during the quarter was 33 percent lower than the 2008 figure of 2.7 billion euros. However, operating profit improved compared with this year's first quarter, when the company earned 1.4 billion euros, and was double the figure for last year's fourth quarter.

"Overall, we achieved very good quarterly results," Michael Deikmann, the chief executive of Allianz said in the report.

"Allianz is prepared for what we perceive as 'the new normal,' an ongoing challenging market environment with structurally lower returns."

"We remain strongly capitalized and our low risk profile allows us to withstand potential market shocks," he said. "In addition, we are well diversified from both a regional and business unit point of view, and are thus able to benefit from market upturn."

The firm said its life and health segment saw operating profit improve nearly 41 percent to 990 million euros in the second quarter on revenue that was 10 percent up at 12 billion euros.


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