Allianz sticks to profit target despite Ukraine war

Created: 05/12/2022Updated: 05/12/2022 09:39

Despite the Ukraine war, Allianz is sticking to its profit targets.

© Christoph Hardt/Imago Images

Allianz defies the strains of the Ukraine war.

The Munich insurance group sticks to its profit targets.

Munich - Despite the war in Ukraine and the sanctions against Russia, the Allianz insurance group is on course to meet its profit target for the current year.

The operating profit should continue to reach 12.4 to 14.4 billion euros, the Dax group announced on Thursday in Munich.

"The results of this quarter show that our business can withstand significant geopolitical and economic pressures," said CEO Oliver Bäte, looking at the first three months of the year.

Allianz: Significantly increased losses from natural catastrophes

In the first quarter, Allianz achieved sales of 44 billion euros, around six percent more than a year earlier.

As has been known since Wednesday, operating profit fell by three percent to 3.2 billion euros.

In doing so, the insurer absorbed significantly increased losses from natural catastrophes.

The bottom line, however, is that the shareholders only made a profit of 561 million euros.

Because the group put aside a further 1.9 billion euros for the ongoing legal dispute with major customers of its fund subsidiary Allianz Global Investors (AGI), as it announced on Wednesday.

A year earlier, the company had earned almost 2.6 billion euros on balance.