Michael Diekmann: "Despite the challenging environment, we confirm our outlook of an operating profit for 2012 of 8.2 billion euros, plus or minus 0.5 billion euros."
Allianz has followed up its strong start into 2012 with another solid performance in the second quarter.Revenues and operating profit grew due to the Group's diversified business portfolio; net income also improved compared to the second quarter of 2011.
Allianz Group recorded revenues of 25.2 billion euros in the second quarter of 2012. This was an increase of 2.5 percent from 24.6 billion euros in the same period the year before.
Quarterly operating profit rose 2.8 percent to 2.4 billion euros from 2.3 billion euros in the second quarter of 2011. Growth in operating profit in both Life and Health insurance and in Asset Management offset a lower operating profit in Property and Casualty insurance.
At 1.3 billion euros, net income in the second quarter of 2012 was 23.2 percent higher than 1.1 billion euros in the same period the year before which had been impacted by write-downs of Greek sovereign debt.
The conglomerate solvency ratio further improved over the quarter to 186 percent, compared to 183 percent as ofMarch 31, 2012. Shareholders' equity over the same period was stable at 48.013 billion euros, compared to 48.245 billion euros at the end of the first quarter of 2012 – despite dividend payments of 2.037 billion euros to Allianz shareholders in May 2012.
"Our consistently good results show that we weather the difficult market conditions very well. Our operative business is stable and remains on course," said Michael Diekmann, CEO of Allianz SE. "Despite the challenging environment, we confirm our outlook of an operating profit for 2012 of 8.2 billion euros, plus or minus 0.5 billion euros."