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Allianz Swings to Profit, Lifts Dividend

Source: Marketwatch

Posted on 26 Feb 2010

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Allianz said Thursday that it swung to a fourth quarter net profit of 1.08 billion euros ($1.46 billion) from a loss of 3.11 billion euros a year earlier.

Analysts had expected a profit of 1.12 billion euros, according to a Dow Jones Newswires poll. Total revenue for the quarter rose 10.7% to 25.5 billion euros and its operating profit more than doubled to 2.05 billion euros from 881 million euros as strong growth in asset management and a return to profit in life and health insurance more than offset a slight decline in property and casualty insurance. The firm said its solvency ratio improved seven percentage points to 164% at the end of the year and that shareholders equity grew 19% to 40.2 billion euros.

The board will suggest a dividend of 4.10 euros a share, representing a 17% increase from a year earlier.