Allianz Sticks to Guidance After Profit Misses Views on Higher Costs
Allianz ALV 0.28%increase; green up pointing triangle said it is on track to achieve its outlook for the year after first-quarter profit came in below market expectations, dragged by higher costs.
Europe's largest insurer by market capitalization on Thursday reported a net profit attributable to shareholders of 2.42 billion euros ($2.71 billion) for the period compared with 2.475 billion euros a year prior and a company-compiled consensus of 2.70 billion euros. The result was dragged by higher non-operating expenses and a one-off tax provision linked to the 2.6 billion-euro sale of its stake in two Indian joint ventures.
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