German insurance-giant Allianz has announced its operating profit for 2018 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. In a statement, Allianz said it had “achieved record profitability” thanks to strong performance across all of its business segments.
German insurance-giant Allianz has announced its operating profit for 2018 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 2019, barring unforeseen events, and announced a €1.5bn ($1.7bn) share buyback programme.