Allianz Reports Strong 2Q 2014 Results

By Joseph R. Fonseca
Friday, August 08, 2014
Michael Diekmann “In view of these good half-year results, we maintain our outlook for the operating profit for 2014 of 10 billion euros, plus or minus 500 million euros, but expect the upper end of the target range to be i

 

Allianz Group achieved strong results in the second quarter of 2014. Total quarterly revenues increased 10.0 percent to 29.46 (second quarter of 2013: 26.78) billion euros. Operating profit climbed 17.1 percent to 2.77 (2.37) billion euros. Net income attributable to shareholders amounted to 1.76 (1.59) billion euros, an increase of 10.5 percent.
 

In the first half of the year, Allianz Group reported the highest total revenues in the company’s history. Total revenues rose 7.8 percent to 63.42 (58.82) billion euros. Operating profit climbed 6.4 percent to 5.49 (5.16) billion euros, while net income attributable to shareholders advanced 3.0 percent to 3.40 (3.30) billion euros in the first six months of the year.
 
In the second quarter, the segment Property and Casualty insurance again contributed roughly half to Allianz Group’s operating profit. The impact from natural catastrophes was lower compared to the high level of the second quarter of 2013 and the underwriting result improved. In the Life and Health insurance segment, new life insurance sales continued their momentum and statutory premiums in the quarter climbed more than 20 percent. Operating profit of the segment reached a new historic high. Asset Management continued to perform within expectations.
 
The conglomerate solvency ratio rose 3 percentage points to 185 percent as of June 30, 2014, from 182 percent at the end of 2013. Shareholders’ equity grew over the same period by 9.8 percent to 54.979 billion euros from 50.084 billion euros.
 
“The market environment continues to present challenges for customers and financial service providers. Our well-diversified business model as well as new solutions for customers enabled us to achieve already 55 percent of the midpoint of the outlook range in the first six months of 2014”, said Michael Diekmann, Chairman of the Board of Management of Allianz SE. “In view of these good half-year results, we maintain our outlook for the operating profit for 2014 of 10 billion euros, plus or minus 500 million euros, but expect the upper end of the target range to be in reach. As always, this forecast is under the caveat that natural catastrophes and capital market turbulence do not exceed expected levels.”

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

News

Wärtsilä, Diesel United Renew Pact

Wärtsilä and Diesel United Ltd in Japan have signed a ten-year renewal of their co-operation agreement for the sale, manufacturing and servicing of Wärtsilä low-speed marine engines.

MARAD Tests Alternative Power for Ships

The Maritime Administration (MARAD) is testing state-of-the-art, environmentally efficient technology onboard the Training Ship (TS) Kennedy.   The National

Delta "T" Hooks for Offshore Customer

Gaining further ground into the offshore crane market, Delta "T" Systems supplied Cranston Eagle hooks to crane manufacturer Appleton Marine, Inc.   These cranes

Insurance

Braemar Hosts Insurance Experts

Braemar (incorporating The Salvage Association) welcomed an invited group of marine insurance professionals onto its specialist port and shipyard familiarization

Monitoring U.S. Troops Returning from Ebola Mission

Secretary Hagel has signed an order that validated a recommendation from the Joint Chiefs of Staff to place all U.S. military service members returning from

UK P&I Club: 6.5% General Increase for 2015

The UK P&I Club board has agreed at its meeting on October 27, 2014 that the general increase for the 2015 renewal will be 6.5%. The premium rating increase

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2224 sec (4 req/sec)