First-quarter profits rise at Allianz
Allianz said first-quarter profit surged 21pc, beating analysts' estimates, and the company reiterated its 2016 targets.
Net income at Europe's biggest insurer rose to €2.2bn from €1.8bn a year earlier, the Munich-based company said yesterday. The average estimate of six analysts was for earnings of about €1.55bn, according to data compiled by Bloomberg.
"We had a strong start to 2016, reinforcing our confidence that we will be able to reach our outlook for 2016 despite the fact that this is a challenging year for the financial services industry," Allianz chief executive Oliver Baete said.
Allianz is seeking to achieve annual earnings per share growth of 5pc on average from 2016 to 2018 even as the insurance industry grapples with stricter regulatory capital requirements, low interest rates that hurt their investment income and subdued prices in some markets. Operating profit slid 3.5pc as sales dropped 6.4pc. Allianz closed up 3.3pc in Frankfurt yesterday. (Bloomberg)