Annuity Sales Help Allianz Profit Rise 9 Percent in 1Q
May 16, 2017 by Cyril Tuohy
Hybrid variable annuities and fixed indexed annuities (FIA) sold in North America helped boost Allianz SE’s operating profit 9.4 percent to 2.9 billion euros in the first quarter compared with the year-ago period, the company reported.
Revenues rose 2.5 percent to 36.2 billion euros in the period compared with the first quarter 2016.
“The Life and Health business segment enjoyed an outstanding start to the year with operating profit rising by more than third, mainly driven by a strong investment margin in the United States,” said Dieter Wemmer, chief financial officer of Allianz SE.
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