Germany’s Allianz Group has released some preliminary indications of its first quarter 2006 results, which indicate that overall revenues will grow by 4.9 percent to around €30 billion ($38 billion). Allianz will publish its full quarterly report on May 12.
“Operating profit is expected to increase to approximately €2.7 billion [$3.41 billion] from €1.9 billion [$2.4 billion] and quarterly net income to approximately €1.8 billion [$2.27 billion] from €1.3 billion [$1.64 billion] [in Q1 2005],” said the announcement.
Shareholders’ equity at the end of the first quarter 2006 will therefore increase to over €41 billion ($51.8 billion) from €39.5 billion ($49.9 billion) as of December 31, 2005. “All segments have contributed to this positive trend.”
Allianz noted: “Due to benign capital markets, Allianz has already realized in the first quarter of 2006 a disproportionate part of its capital gains target for the year 2006. Dresdner Bank and parts of the life insurance business have benefited from this positive environment. There has also been an absence of significant claims from natural catastrophes.
“As in previous years, the first quarter is expected to make a disproportionate contribution to the targeted full year result. Allianz further expects to reach net income of €4.9 billion [$6.19 billion] for the business year 2006 (calculation based on a shareholding of 76.3 percent in RAS).”
Topics Profit Loss Allianz
Was this article valuable?
Here are more articles you may enjoy.
Biden Vetoes Bid to Repeal US Labor Board Rule on Contract, Franchise Workers 
Cracks in O’Hare Columns Aren’t Insured Property Damage, Just Bad Product – Court 
Viewpoint: The 10 Major Risks Shaping Insurance Today 
Berkshire’s Jain on Cyber: ‘The Mindset Should Be You’re Not Making Money’ 
