FRANKFURT (Reuters) – Allianz posted a positive fourth-quarter net result on Friday, marking a return to profit after being hit hard the previous year by a scandal linked to U.S. funds.
The fourth quarter benefited from strength in the life and health insurance business due to a higher investment margin, Allianz said, while its asset management division saw lower revenues and fees. .
Net profit group share amounted to 2.007 billion euros, after a loss of 292 million euros a year earlier, slightly exceeding analysts’ expectations, which had forecast a net profit of 2.034 billion euros .
The profit recovery marked a return to business as usual for Allianz, which has been trying to restore its reputation after its US fund unit was prosecuted in a fraud case that resulted in a $6 billion settlement with authorities Americans in May.
“Allianz has cemented its position as one of the largest, most resilient and most trusted financial institutions in the world,” said CEO Oliver Baete.
(Report Tom Sims and Alexander Huebner, Augustin Turpin, edited by Blandine Hénault)
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