Allianz SE (ALV.XE) Thursday said its German operations' target
2013 operating profit is below the 2012 figure of 2.1 billion euros
($2.75 billion), due to a lower expected contribution from capital
investments and restructuring costs for the small German Allianz
Bank banking operations that will be closed by the end of June.
The unit's operating profit target is substantially higher than
the EUR1.43 billion it reached in 2011, it said.
Allianz's German operations are the largest within the group.
Allianz reported 2012 group earnings last week, with an operating
profit of EUR9.5 billion and total revenues of about EUR106.4
billion. It set a group-wide operating profit target of EUR9.2
billion for 2013, which includes about EUR250 million in
restructuring expenses.
The German unit's 2013 revenues are expected to reach
approximately the 2012 level of EUR27.94 billion, Allianz said.
Allianz said in January it will close the German Allianz Bank
unit--which was left after the insurer sold Dresdner Bank in early
2009--as the bank unit's revenues weren't able to outgrow costs.
The unit booked an operating loss of EUR22 million for 2012,
following an operating loss of EUR76 million in 2011.
The bank had 45 branches within German Allianz insurance
agencies. As a result of the closure, 450 jobs will be lost,
Allianz has said.
Write to Ulrike Dauer at ulrike.dauer@dowjones.com
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