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Allianz Group Profit Up 22% for Year to Date

Posted on Aug 31, 2010 by Sergio Ulloa ()  | Tags: Financial Results 2010, Germany

Allianz Group, the German insurer, has reported a profit of US$4.95 billion (EUR 3.9 billion) for the first-half of 2010, equivalent to a 22% increase over the same period last year. Revenues during the first half of 2010 increased to US$71 billion (EUR 56 billion) from US$63.4 billion (EUR 49.9 billion) during the same period in 2009. In terms of net income, the corresponding increase achieved by Allianz during the same period year-on-year was 39.5% to US$3.43 billion (EUR 2.7 billion) from US$2.4 billion (EUR 1.9 billion). Gross written premiums for property and casualty insurance cover increased a 2% year-on-year to US$30.35 billion (EUR 23.9 billion) from US$29.7 billion (EUR 23.4 billion) achieved in the first half of 2009, with the corresponding operating profit amounting to US$2.36 billion (EUR 1.86 billion). Allianz recorded second-quarter (Q2) of 2010 revenues in the United Kingdom of US$671 million (EUR 528 million), compared to Q2 2009 revenues of US$624 million (EUR 491 million); driven mainly by an increase in policy count in their commercial insurance lines and their new corporate partnerships in the Automotive, Retail and Financial Services industries. Allianz in the UK delivers tailored insurance solutions to these corporate partners and provides a wide range of market-leading general insurance products to companies, brokers and consumers. The statement released by Michael Diekmann, Chief Executive Officer of Allianz SE, the holding company of Allianz Group, explained: "In a first half-year marked by exceptionally high natural catastrophe losses, our success shows that our diversified approach across business segments and regions is helping us to ensure stable results. In addition, our strong capitalization and conservative capital management underline the reliability for which Allianz is renowned." Insurance Company mentioned: Allianz Allianz LogoAllianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.
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