ALIZF Allianz Ag Muenchen Namen (PK)

   By Pietro Lombardi 
 

Allianz SE (ALV.XE) said on Friday that its fourth-quarter net profit recorded a double-digit fall, hit by one-off costs.

The German insurer said net profit fell 22% to 1.43 billion euros ($1.78 billion) compared with the same period last year. Operating profit was EUR2.76 billion compared with about EUR3 billion a year earlier. Revenue increased 5.6% to EUR31.7 billion.

The company said the decline in profit was mainly due to one of charges such as a EUR135 million charge related to U.S. tax reforms and EUR210 million from the sale of Oldenburgische Landesbank.

Allianz's U.S. fund manager Pacific Investment Management Co. posted third-party net inflows of about EUR43 billion in the fourth quarter. This is the sixth consecutive quarter with inflows. Pimco went through a difficult period in 2014 after the departure of co-founder Bill Gross, which sparked an outflow of money.

Allianz's board proposed a dividend of EUR8 per share, a 5.3% increase from the EUR7.60 a share in 2016.

"The group aims to achieve an operating profit of 11.1 billion euros in 2018, plus or minus 500 million euros, barring unforeseen events," Chief Financial Officer Giulio Terzariol said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

February 16, 2018 01:40 ET (06:40 GMT)

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