5/14/2019, 7:19 AM (Source: TeleTrader)
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Chart for: ALLIANZ SE NA O.N.

Allianz reports €40.3B in revenue, up 9.2% YoY

Insurance giant Allianz SE announced on Tuesday that its total revenue in the first quarter of 2019 jumped 9.2%, up to €40.3 billion year-over-year. At the same time, its net income amounted to €2.05 billion, which represents a 1% increase compared to the first three months of 2018. The company's diluted earnings per share also jumped 5.5% to €4.65.

Property-Casualty business segment led the growth on the basis of lower claims from natural catastrophes and an improved expense ratio. Net income attributable to shareholders grew 1.6% to €1.9 billion and was offset by lower non-operating investment income and higher tax rate. The press release also noted that Allianz previously announced share buyback program, through which it acquired 2.8 million outstanding shares at the end of March.

“Allianz achieved strong results in the first quarter putting the group on track to meet its 2019 full-year targets. Our customers continue to seek quality and service, both of which we are consistently focusing on. Despite economic and political volatility, we are very well positioned to further develop our franchise,” Allianz CEO Oliver Bate concluded.

Breaking the News / MA