By Cristina Roca
Allianz SE said Friday that fourth-quarter net profit rose, and increased its dividend for 2019.
The German insurer /zigman2/quotes/205544832/delayed DE:ALV -1.32% said net profit was 1.86 billion euros ($2.01 billion), up from EUR1.7 billion a year earlier and beating analysts’ forecasts of EUR1.68 billion, according to a consensus estimate provided by FactSet.
Revenue for the quarter rose to EUR35.5 billion from EUR33.2 billion the year prior, the company said.
Operating profit for the quarter fell to EUR2.75 billion from EUR2.77 billion, while for the full year it rose to EUR11.86 billion, in line with Allianz’s view that it would hit the upper half of the company’s EUR11 billion-EUR12 billion targeted range.
Allianz’s Solvency II ratio, a key measure of balance-sheet strength, stood at 212% at the end of 2019.
The company proposed a dividend of EUR9.60 a share, up from EUR9 a share the year prior.
In the asset-management division, which includes U.S. fund manager Pacific Investment Management Company, operating profit for the year rose 9.7%.
Allianz guided for 2020 operating profit of about EUR12 billion, plus or minus EUR500 million.
Late on Thursday, the company said it will launch a EUR1.5 billion buyback program.