Allianz Backs Operating Profit Target for 2022
May 12 2022 - 12:59AM
Dow Jones News
By Kim Richters
Allianz SE on Thursday confirmed its operating profit outlook
for the full year.
For 2022, the German insurer continues to target operating
profit of 13.4 billion euros ($14.09 billion), plus or minus EUR1
billion.
The guidance confirmation comes after Allianz said Wednesday
that it has set aside an additional $2 billion for legal expenses
related to continuing settlements with investors in connection with
the Structured Alpha funds in the U.S.
As outlined, the latest provision hit Allianz's first-quarter
net profit, which declined to EUR561 million compared with EUR2.57
billion a year earlier. Its Solvency II ratio at the end of the
first quarter was 199%.
Group operating profit for the three months fell to EUR3.24
billion from EUR3.34 billion as the company had higher claims from
natural catastrophes. Quarterly revenue rose to EUR44.0 billion
from EUR41.4 billion, with its Property-Casualty business
benefiting from higher prices and volumes.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
May 12, 2022 01:44 ET (05:44 GMT)
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