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8/4/2017, 8:17 AM (Source: TeleTrader)
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Allianz reports 2% rise in revenues to €30 bn for Q2

German financial giant Allianz SE reported on Friday its net revenues for the second quarter of the fiscal year 2017 stood at €30 billion, increasing by 2% year on year. The company stated its basic earnings per share amounted to €4.45 in the second three months of this year, jumping 86.4% from the same period a year ago. 

Allianz said its net income was €2 billion for this quarter, improving by 83.4% from the same three months in 2016. Meanwhile, operating profit was up by 22.9% year on year and amounted €2.9 billion. The company reported all business segments showed a strong performance for the first half of the year and this quarter. Solvency capitalization ratio rose 291% in the second quarter of 2017, up from 212% quarter on quarter.  Financial firm's operating profit for the year 2017 is expected at around €10.8 billion, varying €500 million.

“We’re half way through our three-year Renewal Agenda plan, and at this stage it is clear that those efforts are bearing fruit for all our stakeholders. We had a very good half-year with double-digit growth in operating profit and net income. Our diversified portfolio across business segments and regions can clearly deliver outstanding results. The strong capitalization reinforces the resilience and flexibility of Allianz," said the company's CEO Oliver Bate. 

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