Allianz Upgrades 2012 Operating Profit Guidance After Strong 3Q
October 29 2012 - 5:30PM
Dow Jones News
Germany's Allianz SE (ALV.XE), Europe's biggest insurer by
market capitalization, late Monday upped its operating profit
guidance for the full year, due to a strong third quarter, which
was especially helped by a better-than-expected contribution from
the asset management business.
Allianz, which has insurance, asset management and a small
banking operation, said it now expects a 2012 operating profit
above 9 billion euros ($11.65 billion), ahead of its previous
target range of EUR7.7 billion to EUR8.7 billion. In 2011, the
company booked operating profit of around EUR7.9 billion.
In the third quarter, operating profit was around EUR2.5
billion, Allianz said, up 32% from EUR1.9 billion in the same
period a year ago, according to the preliminary figures. Operating
profit for the first six months had been EUR4.7 billion.
While all business segments contributed to the good quarterly
performance, the improvement was primarily due to the asset
management segment, Allianz said, without elaborating.
The net income figure, which includes minorities, was EUR1.4
billion in the quarter, up more than four times from EUR258 million
in the same quarter a year earlier. For the first six months,
Allianz booked net income, including minorities, of EUR2.77
billion. It cautioned that full-year net income growth "will be
comparatively lower because of further balance sheet strengthening
including investment de-risking and restructuring activities, as
already seen in the first nine months of 2012."
The full-year operating profit guidance assumes "a normal
business development during the remainder of the year."
Allianz Monday only released a small set of preliminary figures.
The full set of third-quarter earnings, including the net profit
figure, will be released Nov. 8, as scheduled.
Write to Ulrike Dauer at ulrike.dauer@wsj.com
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