Allianz: shares slightly down after results
(CercleFinance.com) - Shares in Germany's Allianz were down slightly on Friday after the insurer announced earnings for the past quarter that were pretty much flat.
The Munich-based group's fourth-quarter operating profit amounted to 2.8 billion euros, in line with the 2.8 billion euros in the same period a year ago.
Allianz said that higher operating profit from its property-casualty business, mainly thanks to a higher investment result, was offset by a decline in its life/health and asset management unit, mainly on the back of a lower technical margin in France.
In the quarter, gross premiums written increased to 11.7 billion euros, from 11.3 billion euros a year ago.
Analysts said the results were "solid, but not stellar."
Operating trends are solid, "albeit somewhat mixed compared to a stellar third quarter," the broker wrote in a note.
Allianz also announced yesterday that it would start a new share buy-back program of up to 1.5 billion euros, to be finalised by the end of the year. All the repurchased shares will be cancelled, it said.
The Allianz shares are currently down 0.9% at 184.9 euros in Frankfurt.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Munich-based group's fourth-quarter operating profit amounted to 2.8 billion euros, in line with the 2.8 billion euros in the same period a year ago.
Allianz said that higher operating profit from its property-casualty business, mainly thanks to a higher investment result, was offset by a decline in its life/health and asset management unit, mainly on the back of a lower technical margin in France.
In the quarter, gross premiums written increased to 11.7 billion euros, from 11.3 billion euros a year ago.
Analysts said the results were "solid, but not stellar."
Operating trends are solid, "albeit somewhat mixed compared to a stellar third quarter," the broker wrote in a note.
Allianz also announced yesterday that it would start a new share buy-back program of up to 1.5 billion euros, to be finalised by the end of the year. All the repurchased shares will be cancelled, it said.
The Allianz shares are currently down 0.9% at 184.9 euros in Frankfurt.
Copyright (c) 2019 CercleFinance.com. All rights reserved.