German insurance company Allianz defied ‘challenging’ business conditions in 2013, gaining in profits, sales and customers. Shareholders can enjoy a higher dividend, which will be harder to achieve next year, it says.
Allianz Group had logged an operating profit of 10.1 billion euros ($13.7 billion) in 2013 from which it had earned a net income of 6 billion euros, Europe's biggest insurance company said in its 2013 earnings report released Thursday.
Compared with 2012, the two results were 7.8 percent and 14.6 percent higher respectively, Allianz said in the report.
Full-year revenues also grew, the Munich-based insurance group added, rising 4.1 percent to 110.8 billion euros in 2013. Moreover, the company was able to win about 5 million more customers, totaling 83 million now.
“In a politically and economically challenging environment, Allianz produced very good results,” company Chief Executive Michael Diekmann said in a statement. He also announced an increase in dividend for shareholders from 4.50 euros per share in 2012 to 5.30 euros for 2013.
In its guidance for 2014, Allianz Group said it would strive to achieve an operating profit of 10 billion euros, plus or minus 500 million euros, which was more or less the same as in 2013. In current difficult market conditions, the insurer said it was well-positioned with its three-segment strategy consisting of Property and Casualty insurance, Life and Health insurance as well as Asset Management.
Performance of the latter division, however, was expected to experience adverse effects from capital market volatility and likely swings in interest rates, the company concluded.
uhe/hc (Reuters, dpa, AFP)