Allianz Estimates Sandy Impact at $670 Million; Won’t Affect Profit Forecast

January 18, 2013

Germany’s Allianz SE has announced that its losses from Hurricane Sandy are estimated to total €455 million [approximately $607 million at current rates]. Allianz’ bulletin used a lower exchange rate to put the estimate at $590 million. The figure is preliminary, and includes payments to customers and related items such as reinsurance reinstatement fees.

Allianz SE’s CFO Dieter Wemmer, Chief Financial Officer commented: “Despite the impact of Hurricane Sandy, we continue to expect our operating profit for 2012 to exceed €9 billion [app. $12 billion].”

Allianz will publish its year-end figures, including those for 2012 natural catastrophe impact, on February 21, 2013.

Source: Allianz SE

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