Allianz: beats forecasts as asset management, life shine

(CercleFinance.com) - Allianz, Europe's biggest insurer, has beaten forecasts, reporting fourth-quarter operating profit of nearly 3 billion euros, up 8% year-on-year.


This result, which Allianz posted on Friday, was helped by a stronger investment margin in the asset management business, on the back of higher assets under management-driven revenues, the group said.

It beat the consensus of 2.7 billion euros in the last three months of 2020.

Operating profit in its main life and health insurance business rose by 10% over the past quarter, while it was up 2% in the property-casualty insurance, Allianz said.

CFO Giulio Terzariol said the insurer was looking towards 2021 with "confidence," expecting to achieve operating profit of about 12 billion euros this year.

Allianz shares were up 1.2% in a slightly higher German market on Friday morning. Even so, the share price has suffered in recent weeks, having fallen by 1.8% so far this year, while the DAX 30 has risen by 1.7%.

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