Allianz shares slipped as Q2 was affected by market volatility, restructuring fees (OTCMKTS: ALIZF)
Cineberg / iStock Editorial via Getty Images
Allianz (OTCPK: ALIZF) stock falls 2.2% on Friday afternoon trading in Frankfurt after the German insurer’s profit tumbled worse than expected amid Market volatility.
Q2 net profit attributable to shareholders of EUR 1.71 billion ($1.74 billion) was down from The median analyst estimate was EUR 1.85 billion and down from EUR 2.23 billion in the year-ago period.
Revenue of EUR 37.1 billion also fell short of consensus of EUR 37.3 billion but was up from 34.3 billion a year ago.
The company attributed a sharp 52.7% drop in net income year-over-year, mainly due to a provision made in Q1 related to its Allianz Global Investors unit. Turn off in May after pleading guilty to securities fraud.
However, “our operating profit and group solvency ratios have demonstrated resilience to strong volatility and a fundamentally weaker economic environment,” said CEO Oliver. Bäte said.
Property and casualty operating profit was EUR 1.6 billion in Q2, up from EUR 1.3 billion in Q2 2021. However, Q2 operating profit for the Life and Living business Health fell 12.5% year-on-year to EUR 1.1 billion.
Before that, Allianz SE GAAP EPS was 3.85 €, revenue 37.1 billion euros.
