Giant Allianz’s operating profits fall

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    Allianz Group’s operating profit fall to €3.2bn (-34%) for the first half f 2009, compared to €4.9bn in the same period last year.

    Property and casualty’s operating profits fall to €1.8bn (-41%), followed by financial services, which dropped by over 36% to €344m.

    However revenues rise to €49.9bn (+2.9%) from €48.5bn the previous year.

    Allianz said: “Allianz Group’s overall performance gained momentum during the second quarter of 2009. Total quarterly revenues grew to €22.2bn, compared to €21.5bn in the second quarter of 2008.

    “Operating profit exceeded the results of the previous three quarters and reached €1.8bn. This represents an increase of 25.9% compared to the first quarter 2009 figure of €1.4bn, and a decrease of 33% compared to €2.7bn in the second quarter of 2008.

    “Quarterly net income grew by 21% to €1.9bn, compared to €1.5bn in the second quarter of 2008.

    “Allianz Group’s capital position continues to be strong with a solvency ratio of 159% at 30 June, 2009. Shareholders’ equity increased by 4.5% to €34.5bn as of 30 June, 2009, compared to €33bn at the end of the first quarter of 2009.”

    Michael Diekmann, chief executive officer of Allianz SE, said: “Overall, we achieved very good quarterly results. Allianz is prepared for what we perceive as ‘the new normal’, an ongoing challenging market environment with structurally lower returns. We remain strongly capitalized and our low risk profile allows us to withstand potential market shocks. In addition, we are well diversified from both a regional and business unit point of view, and are thus able to benefit from market upturn.”