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 April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Committee to Consider Coast Guard Authorization Bill

The U.S. Committee on Transportation and Infrastructure, chaired by U.S. Rep. Bill Shuster (R-Pa.), will mark up legislation this week that authorizes United States

Med Crude-Urals Stronger in Baltic as Surgut Sells Cargoes

Russian Urals crude price differentials strengthened in the Baltic in a spot tender on Tuesday after loading schedules confirmed scarce export volumes for May.   There

Canada Invests In Port Lambton Rescue Station

Inshore Rescue Boat Station upgraded as part of federal infrastructure commitment   On behalf of the Honorable Gail Shea, Minister of Fisheries and Oceans, Pat Davidson,

News

Navy Awards Contract for Passenger Terminal Renovation in Hawaii

Naval Facilities Engineering Command (NAVFAC) Hawaii awarded a $20.5 million firm-fixed-price task order under a multiple award construction contract April 27 to Insight Pacific LLC,

Committee to Consider Coast Guard Authorization Bill

The U.S. Committee on Transportation and Infrastructure, chaired by U.S. Rep. Bill Shuster (R-Pa.), will mark up legislation this week that authorizes United States

Groups Seek US SEC Probe of Shell Arctic Drilling Risk Disclosures

An environmental group and a law clinic petitioned the U.S. Securities and Exchange Commission to investigate whether Royal Dutch Shell has adequately disclosed

Insurance

London P&I Club Issues Recommendations on Bauxite Cargoes

The London P&I Club has issued a list of recommendations to owners contemplating the carriage of bauxite cargoes in the wake of renewed concerns about the dangers

Shipoweners Warned to be Prepared for Migrant Rescues

The North P&I club has warned its shipowner members of the need to be properly prepared to meet their moral and legal obligations to rescue migrants at sea. In

Lagos Port Drags on Africa's Top Economy

Ruling party reforms improved Apapa port; shippers still face delays and corruption. The road leading to the Lagos port, which handles nearly everything that Africa's biggest economy imports,

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.2671 sec (4 req/sec)