Allianz Q2 net profit up better-than-expected 7.5%; affirms targets

GERMANY’S Allianz on Thursday posted a better-than-expected 7.5 per cent rise in second-quarter net profit and said it was on track to meet its full-year target.

The insurer said that strength at its property and casualty business balanced out claims resulting from natural catastrophes.

Net profit attributable to shareholders of 2.513 billion euros (S$3.64 billion) in the three months through June compares with profit of 2.337 billion euros a year earlier. The figure surpassed a 2.367 billion euro consensus forecast.

Allianz confirmed its aim of 2024 operating profit of between 13.8 billion euros and 15.8 billion euros.

Late on Wednesday, Allianz said it was expanding a share buyback programme this year to 1.5 billion euros, up from an original 1 billion euros. REUTERS