Allianz posts 5% fall in net income, but confirms outlook for the year

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The logo of German insurer Allianz stands on the company’s office buildings at Treptowers in Berlin, Germany.

Insurer Allianz reported a 5.2 percent fall in second-quarter net income Friday, highlighting a negative impact from the sale of its traditional life insurance portfolio in Taiwan.

Net profit came in at 1.89 billion euros ($2.19 billion) from 1.99 billion euros a year ago. The company said the negativity surrounding the sale was partially offset by lower income taxes.

“We remain on track to meet our 2018 operating profit target …This makes me confident that we will achieve our three-year renewal agenda targets,” said Oliver Bate, the chief executive officer of Allianz, in a statement.

Here are the key highlights for the second quarter:

  • Total revenues up by 2.9 percent at 30.9 billion euros ($35.2 billion)
  • Operating profit up by 2.3 percent at 2.99 billion euros ($3.36 billion)
  • Diluted earnings per share down by 1.5 percent at 4.38 euros ($5.08)

Overall, the business achieved “good” numbers in the second quarter, “despite burdens from geopolitical instabilities and currency fluctuations,” Allianz said in a statement.

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