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8/3/2018, 7:05 AM (Source: TeleTrader)
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Allianz-0.37%

218.05
Chart for: ALLIANZ SE NA O.N.

Allianz reports EPS of €4.38 in Q2, down 1.5% annually

German financial services giant Allianz announced on Friday its diluted earnings per share (EPS) for the second quarter of the year stood at €4.38, marking a 1.5% decrease compared to the same three month period a year ago. Net income attributable to shareholders was down 5.2% for the same period to arrive at €1.9 billion, due to to the previously announced negative impact from the sale of a life portfolio in Taiwan, the company said. Meanwhile, total revenues rose 2.9% to €30.9 billion, while internal revenue growth, which adjusts for currency and consolidation effects, stood at 6.5%, with all business segments recording strong growth.

At the same time, operating profit grew 2.3% annually to €3 billion, with the asset management business providing the largest contribution thanks to higher asset-under-management-drive revenues, while the Property-Casualty operating profit increased only slightly in annual terms.

"We remain on track to meet our 2018 operating profit target. I am thankful for everyone on the Allianz team for making this happen across countries and companies. This makes me confident that we will achieve our three-year Renewal Agenda targets," said Oliver Bäte, Chief Executive Officer of Allianz SE.

Breaking the News / FH