Allianz eyes stable income in 2013

City A.M. Reporter

INSURER Allianz is forecasting net income to remain stable or tick up slightly this year compared to the previous year, it said in its annual report out this morning.

The insurer did not give a precise estimate for net profit, due to uncertainties over interest and exchange rates that could hit non-operating income.

“However, since our outlook presumes no major disruptions of capital markets, we nevertheless expect a stable or slightly increasing net income for 2013," the report said.

Over last year, Europe’s biggest insurer posted net profit of €5.2bn (£4.5bn), while operating profit climbed 21 per cent to €9.5bn last year, helped by a double-digit growth in its insurance businesses.