First Quarter 2008: Allianz expects operating profit of a solid 1.8 billion euros despite difficult market environment
Allianz Group expects mark-downs of almost 0.9 billion euros for the first quarter 2008, which will have to be accrued in the area of structured financial products of Dresdner Bank due to the ongoing financial market crisis. Allianz estimates an operating profit of a solid 1.8 billion euros for the first three months of 2008, after 2.9 billion euros in the first quarter of 2007.
Munich, Apr 29, 2008
Based on disadvantageous stock prices, realized gains from investments were consciously kept low, while in previous year’s quarter during favorable market conditions realized gains amounted to 2.0 billion euros. Therefore, net income for the first quarter 2008 is expected to reach about 1.1 billion euros, which is clearly below previous year’s result of 3.2 billion euros. "In this difficult market environment, an operating profit of almost 2 billion euros underlines our sustainable underlying profitability. Hence, we consider our medium term targets for 2009 to be still feasible, even though this will become harder, the longer the financial crisis will last", said Helmut Perlet, Board Member of Allianz SE.
As already announced, Allianz will publish full details for the first quarter 2008 on May 9, 2008.
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First Quarter 2008: Allianz expects operating profit of a solid 1.8 billion euros despite difficult market environment (pdf, 25 KB)
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