Allianz increases profit in 2006 Q2

Allianz Group increased its operating profit in 2006 Q2 by 19%, to EUR2.8 billion, and its net income increased by 64%, to EUR2.3 billion.
“Allianz Group has continued to proceed its course of profitable growth during the second quarter of 2006, ” the company announced in a press release. “The results significantly exceed market expectations.”
Net income increased by 64% — from EUR1.4 billion to EUR2.3 billion including the restructuring charges of the German insurance business.
The combined ratio of Allianz’s property and casualty business dipped ever so slightly from 92.1% in 2005 Q2 to 91.9% in 2006 Q2.
The property and casualty side of Allianz’s business contributed EUR1.845 billion to the company’s operating profit and EUR1.582 billion to the net income.
“Based on the very good performance over all operational segments, we expect higher earnings for2006,” commented Helmut Perlet, board member of Allianz AG. “We are anticipating operating profits in excess of EUR9 billion for the fiscal year 2006, with net income between EUR5.5 billion and EUR6 billion.”
According to Michael Diekmann, CEO of Allianz AG, the company has “achieved a significantly more even regional distribution of revenues and operating profits across the globe than has been the case in the past. Our performance has become considerably more robust as a result of stronger diversification within the group.”