Allianz Confirms 2023 Guidance After 1Q Net Profit Jumped
By Adria Calatayud
Allianz said Friday that first-quarter net profit rose sharply after its year-earlier result was hit by a provision, and confirmed its guidance for 2023.
Europe's largest insurer said it made a net profit of 2.03 billion euros ($2.22 billion) compared with EUR417 million in the year-earlier period, when it booked a provision after reaching settlements related to its Structured Alpha funds in the U.S.
Analysts expected a net profit of EUR2.33 billion, according to consensus estimates provided by the company.
Operating profit increased 24% to EUR3.73 billion, driven by the company's U.S. operations in the life-health segment and a stronger result in its property-casualty segment.
Total business volume rose 3.9% to EUR46.0 billion, as higher volumes and prices at the property-casualty segment offset lower volumes in the life-health segment and a decline in asset management.
Allianz's asset-management division--which houses Pimco--posted a 13% fall in operating profit, but recorded net inflows of EUR14.9 billion in the quarter and its third-party assets under management rose by EUR33 billion during the quarter to reach EUR1.668 trillion at March 31, which Allianz said bodes well for profitability.
The company confirmed its operating-profit target of EUR14.2 billion for 2023, plus or minus EUR1 billion.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
May 12, 2023 01:40 ET (05:40 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
These Stocks Are (Still) Powering the Bull Market
-
5 Undervalued Energy Stocks to Play the AI Data Center Demand Boom
-
After Earnings, Is Lowe’s Stock a Buy, Sell, or Fairly Valued?
-
5 Stocks With the Largest Fair Value Estimate Cuts After Q1 Earnings
-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
3 Dividend Stocks for June 2024
-
After Earnings, Is Alibaba Stock a Buy, Sell, or Fairly Valued?
-
MongoDB Earnings: Slashing Valuation as Execution and Macro to Blame for Lower Guidance
-
Marvell Earnings: We Raise Our Medium-Term AI Forecast and Bring Our Valuation Up to $75
-
Zscaler Earnings: Impressive Traction in Emerging Products Drives Sales Growth for the Quarter
-
Dell Earnings: Raising Valuation on Strong AI, but the Stock Remains Severely Overvalued
-
After Earnings, Is Nvidia Stock a Buy, Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now