Allianz profit drops in the fourth quarter
For the full year, the company posted a 14% decline in net profit
Stocks impacted: Allianz (ALVG)
Allianz posted a smaller-than-expected 2.2% fall in fourth-quarter net profit. Net profit attributable to shareholders arrived at 1.817 billion euros compared with 1.858 billion euros a year earlier. Meanwhile, operating profit climbed to 2.98 billion euros ($3.60 billion) from 2.75 billion euros in the fourth quarter of 2019. For the full year, Allianz posted a 14% decline in net profit and a 9.3% fall in operating profit. The company’s Solvency II ratio was 207% at the end of 2020, compared with 212% at the end of 2019. The German insurer said its board of management will propose a dividend of 9.60 euros per share for 2020. For this year, Allianz expects operating profit of 12 billion euros, plus or minus billion euros. The firm’s stocks were 0.22% higher early in Europe on Friday.
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