X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Property and casualty insurance has been Allianz's most profitable division, but prices there are under pressure. (Photo: Alliance.com screenshot)

(Bloomberg) — Allianz SE reported a 23 percent increase in fourth-quarter net income and announced its first-ever share buyback as Europe’s biggest insurer makes good on a promise to return excess cash to shareholders.

Net income rose to 1.74 billion euros ($1.86 billion) in the fourth quarter from 1.42 billion euros a year ago, the insurer said late Thursday in a statement from Munich. Analysts had expected earnings of 1.62 billion euros, according to the average of seven estimates compiled by Bloomberg. The company plans to spend as much as 3 billion euros to repurchase shares over the next 12 months.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.