Allianz SE’s operating profit climbs to £2.58 billion in fiscal Q4

Written by: Wajeeh Khan
February 19, 2021
  • Allianz SE’s operating profit climbs to £2.58 billion in fiscal Q4.
  • The German firm proposes £8.30 per share of dividend for 2020.
  • Allianz named Olav Spiegel as its new Chief Information Officer.

Allianz SE (ETR: ALV) said on Friday that its fourth-quarter operating profit came in better than last year as all of its business segments showed resilience in recent months. The company also proposed a dividend on Friday that remained unchanged from the previous year.

Allianz shares opened at £170 per share, touched a high of £171.39 per share, and is currently trading at a per-share price of £169.86. In comparison, the stock had plummeted to as low as £102.89 per share in March 2020. Here’s what you need to know about the stocks and the stock market.

Allianz proposes £8.30 per share of dividend for 2020

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Allianz said that its operating profit in the fourth quarter printed at £2.58 billion. In the comparable quarter of last year, its operating profit was capped at a lower £2.38 billion. The European multinational valued its net profit in Q4 at £1.57 billion versus the year-ago figure of a higher £1.61 billion.

According to FactSet, experts had called for £2.39 billion of operating profit for Allianz in the recent quarter and £1.51 billion of net profit. In the prior quarter (Q3), Allianz noted £2.63 billion of net profit.

The financial services company said that its generated £30.78 billion of revenue in the fourth quarter, compared to a marginally lower £30.77 billion in the same quarter last year. Allianz solvency II ratio at the end of 2020 stood at 207% versus 212% at the end of the previous year.

The German firm’s board proposed £8.30 per share of dividend for 2020 – same as last year. For 2021, Allianz now forecasts roughly £10.37 billion of operating profit. In comparison, its full-year profit in 2020 registered at £9.29 billion.

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CFO Giulio Terzariol’s comments on Friday

CFO Giulio Terzariol commented on the future guidance on Friday and said:

“Our capital position has remained strong throughout the pandemic. This is why we look towards 2021 with confidence.”

The ongoing Coronavirus pandemic has so far infected more than 2.3 million people in Germany and caused over 67 thousand deaths. In an announcement in January, Allianz named Olav Spiegel as its new Chief Information Officer.

Allianz performed slightly downbeat in the stock market last year with an annual decline of close to 10%. At the time of writing, the Munich-based company is valued at £69.92 billion and has a price to earnings ratio of 12.09.