X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Under CEO Baete, Allianz is cutting jobs, selling less profitable units and seeks to automate more of its business to generate productivity gains. (AP Photo)

(Bloomberg) – As Allianz SE Chief Executive Officer Oliver Baete slims down the insurer to cut costs, rising second-quarter profit helped by lower natural disaster-claims rewarded his strategy.

Operating profit jumped 23% to 2.9 billion euros ($3.4 billion), Europe’s largest insurer said in a  statement on Wednesday. The company expects full-year profit near the upper end of its range of 10.3 billion euros to 11.3 billion euros, it said.

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.