Allianz: on track to meet 2018 targets; shares flat

(CercleFinance.com) - German insurer Allianz said most business indicators rose in the second quarter, despite burdens from geopolitical instability and currency fluctuations, and said it remained "on track" to meet its 2018 targets.


Europe's second biggest insurer said on Friday that quarterly operating profit increased 2.3% to 3 billion euros in the past quarter, on total revenues that are up 2.9% at 30.9 billion euros.

Allianz also posted a net attributable income that is down at 1.9 billion euros over the quarter, compared to 2 billion euros a year earlier, due to the negative impact of the sale of a life insurance portfolio in Taiwan.

In this unsurprising report, Allianz said that it is on track to meet its 2018 operating profit target, with operating profit for the first six months slightly above the mid-point of the full-year target range.

At 186 euros, the shares were broadly flat (+0.2%) after these results were published.

Allianz's shares have lost 2.7% of their value since the start of the year, more or less in line with the STOXX Europe 600 Insurance index, which has fallen by 2.4%.

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