April 23, 2024
Munich Re said it might beat its profit target for the year after first-quarter profit jumped amid benign expenditures to cover major losses and a strong investment result. Net income rose to about €2.1 billion ($2.2 billion) in the three …
February 23, 2024
Allianz SE is making a strategic investment in money manager AlTi Global Inc. in an expansion of the insurance giant’s global holdings in wealth management. The German insurer’s venture arm, together with alternative asset management platform Constellation Wealth Capital, will …
February 23, 2024
Allianz SE shares fell as the German insurance giant reported earnings in its property-casualty business that missed expectations. Fourth-quarter operating profit in the segment came in at €1.6 billion ($1.7 billion), Allianz said Friday. That was below the €1.8 billion …
October 24, 2023
Munich Re raised its profit target for the year as lower-than-expected claims helped push earnings in the third quarter past analysts’ estimates. The reinsurer said it expects a profit of €4.5 billion ($4.8 billion) for this year, up from an …
October 21, 2022
Munich Re said it will probably take a hit of about 1.6 billion euros ($1.6 billion) after hurricane Ian led to massive damages in Florida, and warned reaching its full-year profit goal has become “significantly more challenging.” The estimate of …
August 9, 2022
Munich Re’s profit slumped as the reinsurer took a hit of almost $1 billion to its investment portfolio in a volatile quarter for financial markets. The Munich-based company wrote down the value of its holdings by 908 million euros ($926 …
September 28, 2021
Allianz SE is in advanced talks to transfer a block of Swiss life insurance assets to Resolution Life, people with knowledge of the matter said, a move that could free up regulatory capital as Europe’s largest insurer prepares for the …
August 2, 2021
Allianz SE warned of a potentially material hit to its earnings after the U.S. Justice Department opened a probe into its Structured Alpha Funds, which are at the center of lawsuits in the wake of steep losses during the pandemic. …
October 6, 2020
Allianz SE, Europe’s largest insurer, is bracing for a flood of claims after movie and television studios were forced to curtail production during lockdown. A unit of Allianz, which says it’s the largest insurer of Hollywood studios, has set aside …
September 11, 2020
Munich Re has stopped selling coverage to protect against business losses in future pandemics after the German reinsurer took a 1.5 billion-euro ($1.8 billion) virus-related hit in the first half. “We are currently examining whether we will offer new contracts …