Allianz Insurance, the German-based financial services company, reported a rise in net profit of 13.5 percent to €2.14 billion in the second quarter of the year. The profit helps the company maintain its annual profit target.
The profit achieved by Allianz is better than what was estimated by analysts. Analysts had forecasted the net profit to be €2.03 billion . The profit announced is an increase of 13.5 percent over the €1.995 billion in the previous year-ago period. Allianz Insurance is targeting an operating profit of between €11 billion and €12 billion in 2019.
Allianz’s revenues grew 6.1 percent, to €33.2 billion. Oliver Baete, the chief executive officer of Allianz Insurance said, “Our half-year results testify that Allianz is on track to achieve its full-year targets.”
He added that the reason for its sustainable performance is the rigorous strategy that it has adopted keeping in mind the fulfillment of their customers’ aspirations.
The selling off of the life insurance portfolio had a negative impact on the firm. However, a positive accounting change in the same business in the United States led to a higher than expected profit.
There was sales growth in the flagship property and casualty insurance unit of 7.3 percent. The health business also showed an increase in revenue.