Despite a good fourth quarter, Allianz SE earned significantly less than in the previous year due to the pandemic.
The shareholders can still look forward to a dividend at the previous year’s level of EUR 9.60 per share. In the current year, profits should increase significantly.
Allianz’s operating profit fell by 9.3 percent to EUR 11.86 billion for the year as a whole. The company put the negative effects from the pandemic contained therein at 1.3 billion euros. The group did not trust itself to the end of a profit outlook for 2020, which it withdrew in April due to the pandemic-related uncertainty.
In the fourth quarter, operating profit rose 8.2 percent to 2.98 billion euros. Analysts had expected in a consensus compiled by the company itself with 2.75 billion. Nonetheless, net profit after minority interests fell slightly by 2.2 percent to 1.82 billion euros. The earnings per share were 4.41 euros.
In the current year, Allianz expects an operating result of 12 billion euros, with deviations of 1 billion euros up or down are possible.
This is how Allianz shares react
The papers of Allianz SE have clearly increased on Friday according to the annual figures pre-trading. On Tradegate, they posted a plus of around two percent at the XETRA close to 198.74 euros.
One trader gave the numbers better than expected, particularly in the life and health insurance, assets under management and solvency sectors. Investors should also be pleased with the dividend of EUR 9.60 per share. The outlook is in line with expectations and – especially in the current environment of rising interest rates – this should be sufficient for a further price recovery.
UBS analyst Colm Kelly also praised the figures from Munich and expects a slightly positive price reaction. “Surprisingly positive” was Jefferies analyst Philip Kett’s assessment of the insurer’s performance in the fourth quarter.
Dow Jones Newswire / dpa