By Joshua Kirby
Europe’s largest insurer Allianz reported earnings results for the second quarter on Thursday. This is what we watched.
NET PROFIT: Allianz made a net profit of 2.34 billion euros ($2.57 billion) in the April-June period, rising from EUR1.98 billion in the same period last year. This beat analysts’ forecasts of EUR2.27 billion, according to consensus estimates provided by the company.
PROPERTY-CASUALTY: The insurer’s property-and-casualty business booked a combined ratio of 92.2%, a little below analysts’ forecasts for the key profitability metric.
WHAT WE WATCHED:
–ASSET MANAGEMENT: As expected, Allianz’s asset-management business put in a subdued performance, with revenue down 2% at EUR1.9 billion despite higher performance fees, and total assets under management slipping EUR11 billion from the first quarter. Third-party assets under management stood at EUR1.66 trillion, as currency effects offset net inflows, Allianz said.
–GUIDANCE: Allianz backed its outlook for the year of netting operating profit of EUR14.2 billion, give or take EUR1 billion. This remains slightly below analysts’ expectations, according to a poll provided by FactSet. The group last year made an operating profit of the same amount.
Write to Joshua Kirby at email@example.com; @joshualeokirby