Corporate | 3 May 2017 08:41
Allianz SE: Allianz reports rise in 1Q 2017 total revenues and operating profit
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DGAP-News: Allianz SE / Key word(s): Quarter Results
Based on preliminary figures, Allianz Group achieved total revenues for the first quarter of 2017 of 36.2 (first quarter of 2016: 35.4) billion euros. This represents an increase of 2.5 percent compared to the prior-year quarter. Operating profit reached 2.9 (2.7) billion euros, an increase of 9.4 percent. Net income attributable to shareholders was 1.8 (2.1) billion euros, which is 15.3 percent below the year-earlier figure, largely due to one-off gains one year ago from the sale of financial stakes. In Property and Casualty insurance, the combined ratio rose to 95.6 (93.3) percent, largely due to claims stemming from large losses and natural catastrophes. In Life and Health insurance, the new business margin strengthened to 3.1 (2.6) percent for the first quarter of 2017, reflecting the successful change of the product mix. In Asset Management, third-party assets under management rose to 1,403 billion euros at the end of the first quarter, compared to 1,361 billion euros at the end of 2016. “Our first quarter results were a good start into 2017 and our balance sheet remained strong. Despite market volatility and low interest rates, we confirm our outlook and continue to expect an operating profit for the full year of 10.8 billion euros, plus or minus 500 million euros, barring unforeseen events, crises or natural catastrophes,” said Oliver Bäte, Chief Executive Officer of Allianz SE. Prior-year figures have been restated due to accounting changes. As announced, Allianz will publish further details on business developments in the first quarter on May 12, 2017. These assessments are, as always, subject to the disclaimer provided below. Cautionary note regarding forward-looking statements The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group’s core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. No duty to update The company assumes no obligation to update any information or forward-looking statement contained herein, save for any information required to be disclosed by law.
03.05.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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| Language: | English |
| Company: | Allianz SE |
| Königinstr. 28 | |
| 80802 München | |
| Germany | |
| Phone: | +49 (0)89 38 00 – 41 24 |
| Fax: | +49 (0)89 38 00 – 38 99 |
| E-mail: | investor.relations@allianz.com |
| Internet: | www.allianz.com |
| ISIN: | DE0008404005 |
| WKN: | 840400 |
| Indices: | DAX-30, EURO STOXX 50 |
| Listed: | Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange |
| End of News | DGAP News Service |