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2/16/2018, 7:07 AM (Source: TeleTrader)
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Allianz reports revenues rise of 3% to €126.1B

German financial giant Allianz SE reported on Friday its total revenues for the entire fiscal year 2017 stood at €126.1 billion, increasing by 3% year on year due largely to higher performance in Asset Management and Life and Health. The company stated its basic earnings per share amounted to €15.24 tor the year.

Allianz said its 2017 net income was down 2.3% to €6.8 billion while the 2017 operating profit was up by 0.4% and amounted to €11.1 billion. Solvency capitalization ratio rose 229% at the end of 2017 compared to 218% at end-2016. Total revenues for the 2017 fourth quarter rose 5.6% to €31.7 billion, while the operating profit for the same period was down 8% to €2.8 billion.

“The Group met its performance targets, maintained an extraordinary level of capital strength and returned three billion euros to shareholders through share buybacks in 2017,” Oliver Bate, Chief Executive Officer of Allianz SE said. “Allianz also made important strategic strides, including an insurance joint venture in the United Kingdom with LV=, and continued expansion into fast-growing markets like Africa. We also increased our stake in Euler Hermes to over 90 percent, fortifying our engagement in property and casualty insurance,” he added.

Breaking the News / KP