5/12/2022, 7:01 AM (Source: TeleTrader)
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Chart for: ALLIANZ SE NA O.N.

Allianz net income plunges 78% to €561M in Q1

Allianz SE revealed on Thursday that its total revenues for the first quarter of fiscal 2022 came in at €44 billion, rising 6% compared to the same quarter in 2021.

Operating profit declined 3% on an annual basis to €3.2 billion. Meanwhile, net income attributable to shareholders plummeted 78% on the year to hit €561 million. Diluted earnings per share plunged 78% to €1.36.

"The results of this quarter demonstrate that our business can withstand significant geopolitical and economic pressures," company CEO Oliver Baete asserted. "Allianz has taken clear business decisions in response to the Russian invasion of Ukraine. Also, we worked hard to achieve fair settlements with investors in the Structured Alpha funds in the U.S. and move toward a final resolution," he added.

Baha Breaking News (BBN) / NP