Allianz SE is estimating Hurricane Sandy will have a total impact of US$590 million on the group's financials, but the loss is not expected to negatively affect the group's profit projections.
The loss estimate includes payments to customers and "related items" such as reinsurance reinstatement fees, Allianz said. "Despite the impact of Hurricane Sandy, we continue to expect our operating profit for 2012 to exceed 9 billion euros," said Chief Financial Officer Dieter Wemmer in a statement.
Allianz will publish its 2012 results, including figures for natural catastrophe impact, on Feb. 21.
In the third quarter last year, the group's net income rose nearly sixfold as the multiple-line insurer recovered from the previous year's investment impairments and losses on Greek sovereign debt. Net income for the quarter rose to 1.4 billion euros (US$1.78 billion) from 258 million euros in the same period a year earlier.
Shares of Allianz were trading at 105.6 euros in Frankfurt on the morning of Jan. 15, down 0.38% from the previous close. The stock price is up 51.2% from the same date a year ago.
Allianz SE currently has a Best's Financial Strength Rating of A+ (Superior).