In a statement, Allianz SE (ADR)(OTCMKTS:AZSEY) announced financial results for the recently concluded 2Q2015. The improved market situation, excellent product reviews and demands driven conditions helped Allianz touch new levels of success.
Total revenues of the company increased 2.4% to touch 30.2 billion Euros mark in the quarter. Apart from this, the operating profit of the company also increased by 2.6% to 2.84 billion Euros in the second quarter.
Net income attributed to shareholders hiked 15% to 2.02 billion Euros. The primary driving force behind this amazing growth rate was non-operating realized gains/losses of the company, which showed an unbelievable hike of 181 million Euros. Allianz’s solvency II capitalization increased to a whopping 212% during the quarter.
Half Yearly Announcement
Just like the quarter, Allianz also performed well in terms of half yearly performance. As per the reports, total revenues of the company rose by 7.1% to touch 67.9 billion Euros in the first half of the year. Apart from this, operating profit increased 3.7% and touched 5.70 billion Euro mark, whereas net income attributed to shareholders increased by 13.1% to 3.84 billion Euros.
The main driving force behind this wonderful performance is claimed to be the Property and Casualty insurance segment that witnessed an amazing growth in operating profit. It was equally benefitted by the lower impact of net gain from the sale of the personal insurance unit of Fireman’s Fund Insurance Company and natural catastrophes.
When it comes to life and health insurance, the demand for non-traditional life insurance products increased amazingly and helped the overall lower-than-expected sales of the company. Allianz’s asset management business lived up to everyone’s expectations.
As of June 30, 2015, company’s Solvency II capitalization was 212%, 22 percentage points up than the previous level. Shareholders’ equity, which was 60.75 billion Euros at the end of 2014, slightly came down to 60.69 billion Euros in June quarter.
Allianz looks forward to improving its quarterly performance in the coming months.
Allianz SE (ADR)(OTCMKTS:AZSEY) has been in a strong uptrend and has broken above the resistance level of $16.45 which is a huge positive. The momentum indicators for the stock continue to trade in the bullish zone and show no signs of a reversal which is indicative of the fact that bulls have the upper hand at the current moment. The relative strength index for the stock has given a fresh buy signal which is being seen as a huge positive by traders and investors. Traders on the street believe the stock could head to levels of $17.40 in the near term.
