ALIZF - Allianz stock skids as Q2 dampened by volatile markets restructuring charge

Allianz ( OTCPK:ALIZF ) stock fell 2.2% in Friday afternoon trading in Frankfurt after the German insurer's profit slump came in worse than expected amid market volatility .

Q2 net profit attributable to shareholders of 1.71B EUR ($1.74B) fell short of the average analyst estimate of 1.85B EUR and down from 2.23B EUR in the year-ago period.

Revenue of 37.1B EUR also missed the consensus of 37.3B EUR but rose from 34.3B a year ago.

The company attributed a sharp Y/Y decline of 52.7% in net income mostly to a provision booked in Q1 relating to its Allianz Global Investors unit that was shut down in May after pleading guilty for securities fraud.

Nevertheless, "our operating profit and group solvency ratio proved resilient against heightened volatility and a fundamentally weaker economic environment," said CEO Oliver Bäte.

Property and casualty operating profit was 1.6B EUR in Q2, up from 1.3B EUR in Q2 2021. Q2 operating profit for its Life and Health business, though, dipped 12.5% Y/Y to 1.1B EUR.

Earlier, Allianz SE GAAP EPS of €3.85, revenue of €37.1B .

For further details see: