Allianz Increases Profits Four Percent in 2016

Frankfurt, - Germany's insurance giant Allianz reported Friday a 4-percent growth in net income for 2016 to 6.9 billion Euros.

The firm's revenues declined 2.2% however, reaching 122 billion Euros in 2016. The fourth quarter saw Allianz achieve 23-percent increase in net profit to 1.7 billion euros, AFP reported today. The life and health insurance unit put in the best performance among the group's divisions, with operating profit there growing by 9.3 percent. By contrast, operating profit at the property and casualty insurance arm fall back 4.2 percent and underlying earnings in its asset management division were down 4.0 percent.

Allianz plans to pay shareholders an increased dividend of 7.60 euros, up from 7.30 euros paid out for 2015. Looking ahead to 2017, the group forecast operating profits around the same level as 2016, at 10.8 billion euros plus or minus 500 million euros. They also announced a stock buyback scheme. (QNA)

Source: Qatar News Agency