FRANKFURT -German insurer Allianz on Friday posted a worse-than-expected 23% fall in second-quarter internet revenue, dampened by risky markets, however confirmed its goal for the total 12 months.
Web revenue attributable to shareholders of 1.706 billion euros ($1.75 billion) within the three months by June compares with 2.225 billion euros a 12 months earlier. The determine fell in need of a 1.846 billion euro consensus forecast.
Regardless of the drop in revenue, the quarter marks a return to enterprise as traditional for Allianz. The insurer had in current months been dogged by a fraud case at its U.S. funds unit that resulted in a $6 billion settlement with U.S. authorities in Could.
The matter has solid a shadow over Allianz, one in every of Germany’s most useful firms, and whereas the majority of the prices related to the case are behind it, the difficulty nonetheless left its mark within the second quarter as Allianz booked restructuring prices of greater than 100 million euros to wind down its U.S. funds unit AGI, which was on the centre of the troubles.
However the insurer’s goal of 2022 working revenue between 12.4 billion euros and 14.4 billion euros stays intact, the corporate mentioned.
“We're well-positioned to handle the influence of excessive inflation and the financial pressures which might be significantly evident in Europe,” Chief Govt Officer Oliver Baete mentioned.
($1 = 0.9774 euros)
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