5/12, 7:02 AM (Source: TeleTrader)
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Chart for: ALLIANZ SE NA O.N.

Allianz's net income jumps 269% to €2.2B in Q1

Allianz SE revealed on Friday that its net income in the first quarter of fiscal 2023 skyrocketed 269% year over year to reach €2.2 billion.

Total business volume stood at €46 billion in the reported period, up 3.9% compared to the same timeframe in 2022. Core earnings per share amounted to €5.43 in the first quarter, soaring 431% on an annual level. Operating profit in the first three-month period grew 24.2% year over year, coming in at €3.7 billion.

"We can be proud of our operating profit and bottom line, a reflection of our strength, our skills, and consistent execution of our strategy. We once again benefited from our diversified business mix and delivered particularly strong performance in the Property-Casualty segment," CEO Oliver Bate said. The company announced a new share buyback program of up to €1.5 billion.

Baha Breaking News (BBN) / AY