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Business

Allianz recovers from Greek bond losses, logs huge profit

German insurance company Allianz has confirmed a positive business outlook for 2012 on the back of rising net profit in the second quarter. Earnings also soared in the insurer's asset management division.

allianz logo on headquarter building

Europe's biggest insurance group Allianz logged a net profit of 1.32 billion euros ($1.61 billion) between April and June - up 23 percent from the same period a year ago when net profit came in a 1.0 billion euros.

Revenue rose 2.5 percent to 25.2 billion euros from 24.6 billion euros in the second quarter of 2011, the German insurer, which is based in Munich, said.

Allianz earnings bounced back as the insurance company has overcome losses to the tune of 326 million euros caused by writedowns on Greek government bonds last year.

The second quarter result was boosted by strong earnings in the firm's life and health insurance business, which jumped to 506 million euros from 214 million a year ago.

In addition, Allianz asset managers contributed an operating profit of 600 million euros - a rise by 20 percent and earned from a record sum of managed assets of 1.7 trillion euros.

However, earnings were burdened by damage claims of 174 million euros resulting from natural catastrophes, which would even rise by about 100 million euros during the third quarter in view of recent storms and flooding.

Allianz Chief Executive Michael Diekmann described the current situation in the insurance business as "challenging" because of ongoing economic uncertainty caused by the eurozone debt crisis.

Nevertheless, he maintained the company's outlook for the whole year, saying Allianz would aim for "an operating profit of 8.2 billion euros, plus or minus 0.5 billion euros."

Allianz operating profit for the first half of 2012 has already reached 4.7 billion euros.

uhe (dpa, AP)