Allianz SE's (ALV.XE) German unit Monday reiterated that its
2012 operating profit should be "significantly above" the 2011
figure, provided there aren't any exceptional hits from natural
disasters or other major claims and from capital market
developments.
In its six-month earnings report, Allianz Germany said 2012
revenue will, however, likely be below the 2011 figure, due to
lower revenue in the life insurance business and in the unit's
small banking business, which won't be compensated by improvements
in the property & casualty business and health insurance.
The German unit's report is usually released about a week after
group earnings. The company gave a similar outlook on expected
German business developments in March.
The German operations are the largest within the Allianz group.
In 2011, they contributed total revenue of 28.19 billion euros
($34.6 billion) and an operating profit of EUR1.43 billion to group
earnings.
Write to Ulrike Dauer at ulrike.dauer@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires