By Kim Richters
Allianz SE on Thursday confirmed its operating profit outlook for the full year.
For 2022, the German insurer continues to target operating profit of 13.4 billion euros ($14.09 billion), plus or minus EUR1 billion.
The guidance confirmation comes after Allianz said Wednesday that it has set aside an additional $2 billion for legal expenses related to continuing settlements with investors in connection with the Structured Alpha funds in the US
As outlined, the latest provision hit Allianz’s first-quarter net profit, which declined to EUR561 million compared with EUR2.57 billion a year earlier. Its Solvency II ratio at the end of the first quarter was 199%.
Group operating profit for the three months fell to EUR3.24 billion from EUR3.34 billion as the company had higher claims from natural catastrophes. Quarterly revenue rose to EUR44.0 billion from EUR41.4 billion, with its Property-Casualty business benefiting from higher prices and volumes.
Write to Kim Richters at [email protected]
Credit: www.marketwatch.com /