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4th Quarter Results show Allianz profits up as Aetna's slide

Posted on Feb 25, 2010 by Sergio Ulloa ()

Results are out for the financial period ending December 31 2009, and insurers Allianz and Aetna have had different fortunes. After reporting their results for 2009 Allianz, based in Munich, Germany, posted a 4th Quarter net income of 1.09 billion euros (US$1.47 billion), a well received change over the 145 million euro loss during the same period in 2008. This was helped greatly by Allianz's Life and Health insurance unit posting a net income of 432 million euros in Q4 2009 after losing 505 million euros in Q4 2008. Allianz's net income for the 2009 fiscal year was 4.74 billion euros, up 13.2% over 2008, prompting Allianz to raise their dividend from 3.50 to 4.10 euros per share as they seek to attract new investors. Hartford, Connecticut-based Aetna on the other hand reported a Q4 2009 net income of US$165.9 million, down about 14.8% from US$194.7 million during the same quarter in 2008. Despite an increase in yearly revenue from US$30.95 billion in 2008 to US$34.76 billion in 2009, Aetna's year long earnings are down with net income for 2009 at US$1.276 billion, approximately a 7.8% drop from 2008's US$1.384 billion. Aetna's operating earnings per share fell from US$0.96 in 2008 to US$0.40, which the group said was due to lower operating earnings in the Group insurance business, a lower Commercial underwriting margin due to increase costs, and an increase in pension expenses as well. Companies Mentioned: Aetna Aetna LogoFounded in 1853, Aetna is one of the leading health insurance companies in the USA. Continually working on innovating and improving healthcare and services for their policyholders, Aetna is committed to providing comprehensive insurance coverage for American citizens. Allianz Allianz LogoFounded in 1890 as an accident and transport insurer, Allianz has grown into an international group doing business in asset management, banking and insurance, including their international health insurance brand, Allianz Worlwide Care. Allianz Group has over 75 million customers in approximately 70 countries around the world.
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