GLOBAL INSURANCE: Allianz SE Results Net Profit 1.23 Billion Euro

GLOBAL INSURANCE: Allianz SE Results Net Profit 1.23 Billion Euro - FRANKFURT: Allianz SE, one of Europe's largest insurance, posted a profit increase that is higher than analysts' estimates in the second quarter of this year as revenue rose from the life and health insurance business.

Munich-based insurer announced today that net income rose to 1.23 billion euros, or U.S. $ 1.5 billion from 1 billion euros in the same period last year and higher than the estimate of 13 analysts surveyed by Bloomberg of 1.15 billion euros . (photo: epochtimes.de).

Allianz operating profit target of 7.7 billion euros to 8.7 billion euros this year because insurance industry is recovering from a record of the largest claims due to earthquakes in Japan and floods in Thailand last year.

Insurance companies are struggling to cover the payment to the owner of a health insurance policy for the European debt crisis has hit interest rates. "At first glance, looks very good performance, despite the severe conditions of insurance market. Allianz is on track to achieve the target this year, "said Philipp Haesler, Equinet AG analyst in Frankfurt. (Bloomberg/03/yus)