Allianz warns year ahead uncertain after strong 2016

Frankfurt am Main: German insurance giant Allianz reported a rise in profits for 2016 and increased its dividend, but warned that political and market uncertainty could make for an unpredictable 2017.
Allianz increased net profit by 4 per cent to 6.9 billion euros ($7.4 billion) in 2016, it said in a statement, slightly overshooting analysts’ forecasts. The firm notched up 122 billion euros in revenues last year, down 2.2 per cent from 2015, but still beating its own forecast.
Operating, or underlying profit edged up 0.9 per cent 10.8 billion euros. In the fourth quarter alone, Allianz booked a 23 per cent increase in net profit to 1.7 billion euros.
“Positive developments in all business segments” had put the group “on track” to meet its goals for 2018, said chief financial officer Dieter Wemmer.
The life and health insurance unit put in the best performance among the group’s divisions, with operating profit there growing by 9.3 per cent. By contrast, operating profit at the property and casualty insurance arm fall back 4.2 per cent and underlying earnings in its asset management division were down 4 per cent. — AFP