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As announced in Munich on Friday, the Dax group posted a good operating profit of 3.7 billion euros in the first quarter, almost a quarter more than in the previous year.
Analysts had expected a slightly smaller increase. The surplus attributable to shareholders quadrupled to 2 billion euros. But at the start of 2022, an investment scandal eroded net profits at the fund’s subsidiary, Allianz Global Investors (AGI), involving more than billions of dollars in penalties and losses.
After the first quarter, CEO Oliver Bäte expects the group to generate operating profits of between 13.2 billion and 15.2 billion euros as planned this year. The figures were calculated for the first time in accordance with the new accounting standards IFRS 17 and IFRS 9, applicable to large insurance companies since the beginning of 2023. The previous year’s figures for the first quarter have been adjusted accordingly.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
