Germany’s Allianz announced impressive results for the second quarter of 2005 with gross revenues up 6.6 percent from 22.2 billion euros ($27.4 billion) to 23.7 billion euros ($29.3 billion). Operating profits increased by 18.8 percent from 2.00 billion euros ($2.47 billion) to 2.37 billion euros ($2.93 billion) while net income rose by a remarkable 65 percent from 846 million euros ($1.05 billion) – adjusted for goodwill amortization after tax – to 1.39 billion euros ($1.72 billion), compared to the prior year period.
The results significantly exceeded analysts forecasts, Allianz said they were the result of a combination of “lower capital gains, falling impairments on investments and a lower tax rate,” with all business segments contributing “to this positive performance.”
Allianz’ combined ratio in its P/C business again showed improvement going from 92.1 percent in the first quarter to 89.8 percent in the second quarter of 2005. It was 92.8 percent in the second quarter of 2004.
“Life insurance business and Asset Management continue to show double-digit growth rates for revenues benefiting from the strong demand for products related to retirement provision and wealth accumulation,” said the bulletin. “A temporary weakness in the trading result for Banking business was compensated by cost reduction and a favorable development in loan loss provisions.”
Allianz said it would publish the Interim Report, which will give the complete figures, for the second quarter 2005 on Friday, August 12, 2005.
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