Allianz posts 52% rise in profit, lifted by sales of India JV stakes
Allianz Q1 Financial Performance and Strategic Moves
FRANKFURT, May 13 (Reuters) - Germany's Allianz on Wednesday posted a 52% rise in first-quarter net profit, in line with expectations and lifted by the sale of stakes in joint ventures in India.
Division Performance Overview
The insurance company said it saw strength in its property and casualty division and at its asset management businesses, and confirmed that it was on track to meet its full-year target.
Net Profit and Analyst Expectations
Net profit attributable to shareholders of 3.690 billion euros ($4.33 billion) in the three months through March compares with profit of 2.423 billion euros a year earlier. Analysts had expected a 3.654 billion euro profit, according to a consensus forecast.
Life and Health Division Results
Revenues at its life and health division, meanwhile, declined 9.6%, in part due to a weaker dollar and the exit of a joint venture with Italy's UniCredit.
Joint Venture Transactions in India
Sale of Bajaj Finserv Stakes
Allianz had announced last year that it was selling its stake in the joint ventures with India's Bajaj Finserv to the Bajaj Group, ending a decades-old partnership.
Financial Impact of the Transaction
In January, it said it would book a 1.1 billion euro gain from the transaction.
New Reinsurance Venture with Jio Financial Services
Allianz has since formed an equally-owned reinsurance joint venture in India with Reliance Group-owned Jio Financial Services.
Additional Information
($1 = 0.8523 euros)
(Reporting by Tom Sims and Christina Amann, editing by Kirsti Knolle and Linda Pasquini)
