Allianz: confirms 2019 target after 'very strong' quarter
(CercleFinance.com) - German insurance giant Allianz maintained its full-year target on Friday after it posted a "very strong" operating performance for the second quarter.
Europe's second biggest insurer in terms of revenues confirmed its target for operating profit of about 11.5 billion euros for 2019 (plus or minus 500 million euros).
In the second quarter, operating profit rose by 5.4% to 3.2 billion euros, largely driven by its life/health business segment, with sound performance and a one-off profit in the United States, the group said.
Second-quarter revenues increased by 6.1% to 33.2 billion euros. Organic growth - which adjusts for currency and consolidation effects - was 4.1%.
Allianz shares dropped 2.5% at 204.5 euros in early morning trading on Friday, underperforming both the European blue-chip Euro Stoxx 50 index (-0.5%) and the STOXX Europe 600 insurance index (-0.9%).
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