German insurer Allianz SE on Wednesday said earnings surged in the second quarter due to an improved performance across all business segments.
Net profit was 2.0 billion euros ($2.35 billion) in the second quarter compared with EUR1.1 billion in the year ago period. Profit in the important Property and Casualty segment rose to EUR1.4 billion from EUR1.1 billion, the company said.
Allianz said its second-quarter revenue was EUR29.99 billion, up from EUR29.40 billion in the year ago period. On guidance, the company said it now expects to reach the upper end of its operating profit target of EUR10.8 billion, plus or minus EUR500 million.
The company said its assets under management rose to EUR584 million from EUR500 million a year ago, although didn't give explicit numbers on developments at its Pimco subsidiary. Pimco went through a turbulent period of heavy client withdrawals following the departure of co-founder Bill Gross in 2014, but has reported net inflows since the third quarter of 2016.
Allianz will publish full second-quarter results on August 4.
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The company said operating profit in its asset-management business rose to EUR584 million from EUR500 million a year ago, although it didn't give explicit numbers on developments at its Pimco subsidiary. "Allianz Posts 2Q Net Profit Rise to EUR2.0 Billion," at 0557 GMT, incorrectly stated in the fourth paragraph that assets under management rose to EUR584 million.
(END) Dow Jones Newswires
July 27, 2017 06:18 ET (10:18 GMT)