German financial services firm Allianz has reported a net income of €1.5bn for the fourth quarter of 2017, a 20% decrease compared to €1.9bn for the same period of 2016.
Basic earnings per share for the fourth quarter were €3.24, compared to €4.04 per share for the same period of 2016.
The company has reported total revenues of €31.7bn for the fourth quarter of 2017, a 5.6% increase compared to €30bn for the same period last year.
The firm’s operating profit decreased to €2.7bn in the fourth quarter from €2.9bn in the previous year period. In the fourth quarter of 2017, Allianz reported that its gross premiums written increased slightly to €11.3bn.
Allianz reported a net income of €7.2bn in 2017, a 1.7% decrease compared to €7.3bn for the previous year. Basic earnings per share for the year were €15.24, compared to €15.31 per share in 2016.
The company reported total revenues of €126.1bn in 2017, a 3% increase compared to €122.4bn for the last year. The operating profit for the year was €11.09bn, compared to €11.05bn for the previous year.
Allianz CEO Oliver Bäte said: “The Group met its performance targets, maintained an extraordinary level of capital strength and returned three billion euros to shareholders through share buybacks in 2017.
“These successes are largely due to the impressive efforts of Allianz employees and their pursuit of the goals we set out in our Renewal Agenda.”
Allianz CFO Giulio Terzariol said: “Natural catastrophes, storms and weather-related losses played a big role in 2017.
“But underlying performance measures remain strong and we remain committed to our goal of improving the combined ratio to a sustainable 94 percent by the end of 2018.”
As per the company, its third party net inflows were recorded at €150bn as customers were attracted to its top performing funds.
Image: Allianz CEO Oliver Bäte. Photo: Courtesy of Allianz.