Allianz 2Q Net Pft EUR1.81B

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By Ed Frankl
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Allianz SE on Friday said second-quarter net profit tumbled but operating profit rose, as its asset-management business struggled amid turbulent markets.

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The German insurer said net income in the three months to the end of June was 1.71 billion euros ($1.75 billion), down from EUR2.23 billion a year earlier.

Operating profit was up 5.3% to EUR3.50 billion, driven by improved underwriting and investment results in the property-and-casualty segment, Allianz said.

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That compares with expectations of net profit of EUR1.83 billion and operating profit at EUR3.29 billion, according to analysts’ consensus provided by the company

Growth was hit by the asset-management division, after “adverse market movements and cautionary investor sentiment” led to operating profit there falling 6.6%, the company said.

Third-party assets under management dropped EUR109 billion to EUR2.319 trillion, Allianz said, blaming unfavorable markets characterized by inflation-related uncertainties and capital-market turbulence, with net outflows at the business reaching EUR33.8 billion.

Revenue at the group, however, rose 8.2% to EUR37.1 billion, driven by the P&C business, which had volume growth and higher pricing, the company said.

Allianz also confirmed its full-year outlook of operating profit of EUR13.4 billion, plus or minus EUR1 billion.

Write to Ed Frankl at [email protected]

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Credit: www.marketwatch.com /

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