Allianz posted a better-than-expected rise in fourth-quarter net profit on Friday, and raised its 2020 guidance.
Allianz CFO Giulio Terzariol told CNBC on Friday that this was a "disappointment," but added that the combined ratio —a measure used by insurers, with readings below 100 indicating profitability — for the division was "very stable." In the fourth quarter, the combined ratio slipped by 5.5 percentage points to 99.6%. The company is targeting a combined ratio of 93% by the end of 2021.
Terzariol added that the company had made progress on productivity and this year and next would see further focus on restoring profitability in the industrial business.Terzariol told CNBC's "Squawk Box Europe" that the buyback program was essential to maintaining capital discipline within the group. "It's more about efficient capital deployment, and if you see we have achieved in 2019 an ROE of 13.6%, our earnings per share compared to the level of 2016 are up double-digits, and clearly this is a consequence of good operating performance but also of discipline in capital management, and buybacks are very essential to preserve this discipline in capital management," he said
Terzariol also acknowledged that the group was seeing a slowdown in China as a result of the coronavirus outbreak, but did not expect a material impact on the wider group numbers.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
All-woman jury names Miss Germany 2020 | DW | 16.02.2020Leonie von Hase has won the annual beauty contest overcoming 15 other contestants in the final. She will now assume the role for the next 12 months.
Les mer »
13 TV Shows You Must Watch in 2020Here are 13 of the shows that should be on your radar in the new year, from returning faves like Outlander and Schitt’s Creek to new offerings from the teams behind Downton Abbey and Big Little Lies.
Les mer »
Erdogan says third Turkish drill ship to begin operations in 2020Turkey has purchased its third offshore drilling ship which will arrive in Turke...
Les mer »
Progressive group invests $50M in 2020, including money in Nevada, ahead of caucusesProgressive group, Way to Win, is investing $50 million in 2020, with new investments in diverse Nevada ahead of caucuses.
Les mer »
Fendi's Fall 2020 Fashion Show Was Actually Size-Inclusive.Fendi had a historic moment during MilanFashionWeek: it was actually size-inclusive and everyone looked INCREDIBLE.
Les mer »