Floods, fires and storms halve Allianz profits

Low interest rates add to pressure on European insurers

5th August, 2016
Gross departure has hit Allianz business Pic: Getty

Europe's biggest insurer, Allianz, today said its second-quarter profit almost halved, missing estimates, as it faced higher claims from natural disasters and charges for the expected sale of its South Korean business.

Net profit declined to €1.1 billion from €2.02 billion a year earlier. The Munich-based company confirmed its target for full-year operating profit of €10 billion to €11 billion, compared with €10.7 billion in 2015.

Insurers in Europe are under pressure as low interest...

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