(wire)
Allianz profit rises on life and health earnings
Allianz S.E. saw a spike in life and health insurance income last year, a boost that helped counter a drop in property and casualty earnings to give the insurer a 13.2 percent gain in net income from operations.
Overall net income for the multiline insurer was 4.35 billion euros, compared with a net loss of 2.19 billion euros the previous year. Meanwhile, net income from continuing operations also increased, climbing 13.2 percent to 4.74 billion euros.
Net income stemming from life and health operations nearly quadrupled to 2.05 billion euros, while property and casualty net income plummeted 37.5 percent to 2.8 billion euros.
According to Chief Executive Michael Diekmann, looking forward to 2010, "we believe that our operating profit will be the same level as 2009. However, given the still volatile market environment, it is impossible to give a precise forecast. Already, a change in our combined ratio of one percentage point impacts our operating profit by around 400 million euros. Management focus in 2010 will be again on investment performance as well as combined ratio."
Overall net income for the multiline insurer was 4.35 billion euros, compared with a net loss of 2.19 billion euros the previous year. Meanwhile, net income from continuing operations also increased, climbing 13.2 percent to 4.74 billion euros.
Net income stemming from life and health operations nearly quadrupled to 2.05 billion euros, while property and casualty net income plummeted 37.5 percent to 2.8 billion euros.
According to Chief Executive Michael Diekmann, looking forward to 2010, "we believe that our operating profit will be the same level as 2009. However, given the still volatile market environment, it is impossible to give a precise forecast. Already, a change in our combined ratio of one percentage point impacts our operating profit by around 400 million euros. Management focus in 2010 will be again on investment performance as well as combined ratio."
