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

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

News

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

Insurance

DSG Marine Asks Shipowners to Consider Fixed Premium P&I Cover

P&I Insurance Seminar for Owners and Charterers held in Mumbai DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility,

US Obamacare Impacts the Global Marine Industry

The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry,

Even 'Small' Vessels are Getting Bigger

The Shipowners’ Club is a mutual provider of P&I insurance that has throughout its 160 year history been dedicated to serving owners of small and specialist ships.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.2023 sec (5 req/sec)