German insurer Allianz said today that its operating profit for 2018 was €11.5bn (£10.1bn), the highest in its history. Allianz had targeted operating profit of €10.6bn to €11.6bn so its result was in the upper end of its targeted range. Read more: Insurer Zurich boosts profit 20 per cent and hikes dividend The company attributed operating profit growth to the performance of its property-casualty business segment, which reported a 13.3 per cent jump in operating profit. It said this was due to an improved expense ratio, lower claims from natural disasters and premium growth. “I am very proud of the global Allianz family for delivering such a great set of results. We reached the highest net income of the past ten years despite strong market volatility, especially in the fourth quarter,” its chief executive Oliver Bate said: “Our customers continue to rely on us, and it’s with them in mind that we are focusing on simplicity in the next iteration of our strategy.” Read more: Profit halves at insurer Beazley on natural disaster losses Allianz boosted its dividend 12.5 per cent to €9 per share on the strong results. It said its operating profit target for 2019 is €11.5bn, plus or minus €500m, barring unforeseen events. Operating profit in the fourth quarter rose 0.4 per cent to €2.8bn. Yesterday the company announced a €1.5bn share buyback programme.
German insurance-giant Allianz has announced its operating profit for 2019 reached €11.5bn ($13bn), the highest the insurer has seen in its history. The firm attributed the growth to its property and casualty business, which jumped 13.3% in profits due to an improved expense ratio, premium growth and lower claims from natural disasters. Allianz plans to target €11.5bn in operating profit for 2018, barring unforeseen events, and announced a €1.5bn ($1.7bn) share buyback programme.