Allianz Q4 Profit Down, Revenues Flat; Maintains Dividend; Expects To Deliver On FY21 Ambition
(RTTNews) - German insurance and asset management company Allianz SE (AZSEY.PK) reported Friday that its fourth-quarter net income attributable to shareholders declined 2.2 percent to 1.82 billion euros from last year's 1.86 billion euros.
Earnings per share were 4.39 euros, down from 4.44 euros a year ago.
Operating profit, however, increased 8.2 percent to a 3.0 billion euros from prior year's 2.8 billion euros, driven by all business segments.
In the fourth quarter, total revenues were 35.6 billion euros, nearly stable compared to the previous year's 35.5 billion euros.
Property-Casualty business segment revenues decreased from last year, driven by Allianz Partners, Italy, and Euler Hermes.
Asset Management operating revenues grew 3.4 percent as a result of higher AuM-driven revenues.
In the year 2020, attributable net income was down 14.0 percent to 6.8 billion euros and total revenues decreased 1.3 percent to 140 billion euros.
Further, the Board of Management proposed a dividend of 9.60 euros per share for 2020, same as last year.
Looking ahead, Chief Executive Officer of Allianz, said, "Our resilient results prove that we continued to deliver value and security to our customers, thanks to our highly engaged workforce and state-of-the-art operations. We are hence in a good position to deliver on our 2021 ambition."
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