DPA / Marijan Murat
Severe as in Braunsbach in Baden-Würrttemberg a slump in profits of Allianz
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Alliance has show stock market chart posted a profit decline in the second quarter , The surplus shrank by 46 percent to 1.1 billion euros, told Europe’s top insurer on Friday. Operating profit decreased by 17.2 percent to 2.4 billion. Both were below market expectations.
On the one hand had the group in the spring as many competitors take more money in hand to regulate storm damage. “The second quarter was particularly marked by extremely high damage from severe flooding and storms in Europe”, explained CEO Oliver Bate. Especially the severe weather in Germany and France were the insurer to pay dearly.
AP
Allianz Chief Bäte: confidence despite weak numbers
On the other hand, the weakness of the asset management is continuing. The major US fund Pimco daughter has not yet achieved the hoped-for turnaround: Here draw the customer’s bottom line further billions from. On annual target alliance will not shake yet: Operating profit should be at 10 to 11 billion euros, the Group reiterated. 2015 it stood at 10.7 billion euros.
Industry experts had already expected beforehand with a reduction in operating profit. From Bloomberg poll of analysts expected a decline by 13 percent to nearly 2.47 billion euros. When winning the Experts had expected a decline of about 23 percent to 1.56 billion euros – also with the indication that a year ago the sale of shares, debt securities, and the separation of its US subsidiary Fireman’s Fund the result in the amount had driven. In terms of sales, the analysts predicted a decline by about 7 percent to about 28.2 billion euros.
Also competing suffers storms
In fact, had the high loads in the core business with insurance already signed. The French rival Axa and Hannover Re had declared this week, the cost of damage caused by natural forces were recently increased. In Germany there had been severe storms, floods in France and Belgium, in Canada raging wildfires. At Allianz, therefore, operating income declined in the property and casualty insurance in the second quarter by 37 percent to 1.1 billion euros.
In the life and health insurance, the result moved against it by 18 percent to 1 billion euros at. The deep end plug in the red life insurance subsidiary in South Korea is one no longer cause – it is sold to the Chinese insurer Anbang how the alliance had announced in April. The Munich company for separation a loss in purchasing: The load is 352 million euros
hope for a turnaround in Pimco
Problem Child remains asset management.. Here shrank the operating result in the second quarter by 1.4 percent to 498 million euros. While costs decreased significantly. But there are still net outflows, a total of 19 billion euros. This was due mainly to the bond house Pimco, said the alliance. The deduction of customer deposits slowing Although. “However, we are there not there yet,” warned Bäte.
For the second half year, the Group expects that Pimco would bottom line no longer lose customer funds. Of the cash outflow of € 18 billion, which had to get over Pimco in the second quarter, accounting for 17 billion to a single customer, explained Chief Financial Officer Dieter Wemmer in a conference call. Nor was there again net inflows. Therefore, the chances stood well to catch up at the end. The tarnished staff reduction is the cost went down. Bäte stressed with the new boss, who take over the helm in November, paving the way for future growth at Pimco are provided. “Now we have to stop working Here we go..”
Reuters, dpa-AFX, kna
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