Allianz swings to Q4 net profit, bounces back from U.S. funds debacle
Oliver Bäte, chief govt of German insurance coverage group Allianz.
Nurphoto | Nurphoto | Getty Photographs
Germany’s Allianz on Friday swung to a fourth-quarter web revenue, marking a return to the black after taking huge costs a yr earlier for a U.S. funds scandal.
The fourth quarter was helped by energy at its life and medical insurance enterprise as a result of a better funding margin, Allianz stated, whereas its asset administration division noticed decrease revenues and charges.
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Internet revenue attributable to shareholders of two.007 billion euros ($2.13 billion) within the three months by December compares with a lack of 292 million euros a yr earlier. Analysts had anticipated a web revenue of two.034 billion euros.
“We simply run a really, superb firm,” Allianz CEO Oliver Bäte instructed CNBC on “Squawk Field Europe” Friday.
“The important thing message is the very sturdy corporations which have used Covid to organize themselves for a a lot more durable world are going to be the winners right here and there can be heaps that will not.”
Bäte additionally highlighted that the rate of interest atmosphere is “actually good” for the financial institution and that Allianz could be taking advantage of that.
The return to revenue from a yr earlier marked a return to enterprise as standard for Allianz, which has been making an attempt to revive its popularity after its U.S. funds unit was dogged with a fraud case that resulted in a $6 billion settlement with U.S. authorities in Could.
Bäte shared a optimistic outlook for 2023, saying that January had already seen optimistic flows into Pimco and different actively managed funds. Nonetheless, he additionally highlighted the volatility available in the market.
“There’s lots of insecurity round what policymakers will do, what politics will do, what underlying inflation will do. We’ve to watch out. The important thing factor is to essentially ensure that productiveness goes up, that we reign in on our price aspect and that we make the providers excellent,” he stated.
The Allianz CEO instructed CNBC final yr that the market atmosphere was “one of many worst … you possibly can think about.”
Shares of Allianz had been down 3.2% as European markets opened Friday, with most shares buying and selling in unfavorable territory after every week of inflation information and earnings stories.
— CNBC contributed to this report.
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