Allianz profit climbs 21%, sending insurer’s shares higher

May 17, 2016 by Angela Cullen, Oliver Suess

(Bloomberg) — Allianz SE said first-quarter profit surged 21 percent, beating analysts’ estimates, as Europe’s biggest insurer was helped by gains from selling investments. The shares rose.

Net income climbed to 2.2 billion euros ($2.5 billion) from 1.8 billion euros a year earlier, the Munich-based company said in a statement on Monday. The average estimate of six analysts was for earnings of about 1.55 billion euros, according to data compiled by Bloomberg.

“We had a strong start to 2016, reinforcing our confidence that we will be able to reach our outlook for 2016 despite the fact that this is a challenging year for the financial services industry,” Chief Executive Officer Oliver Baete said. Click HERE to read more…

Originally Posted at Lifehealthpro on May 2, 2016 by Angela Cullen, Oliver Suess.