Storm Sandy won't blow Allianz off 2012 target
November 9, 2012 6:56 PM EST
The latest claims data on superstorm Sandy in the United States do not threaten the full year operating target of Allianz , Europe's biggest insurer said on Friday.
Allianz raised its 2012 operating target on October 29 just as Sandy blasted through the Northeastern United States, saying it expected operating profit to exceed 9 billion euros ($11.5 billion), above the 8.7 billion it had previously seen as the top of its target range.
The insurer confirmed the new target on Friday alongside details of its third quarter earnings, after giving headline results last week.
"This outlook considers preliminary estimates regarding the impacts of hurricane 'Sandy' as per November 8, 2012," Allianz said, warning that claims from large catastrophes sometimes take weeks or months to be finalized.
Disaster modeling companies expect Sandy caused as much as $20 billion in insured losses, not counting flood damage that could add billions more to the total.
The insurer on Friday said operating profit rose by a third to 2.53 billion euros in the third quarter, with property-casualty operating profit up just 4.3 percent but life-health and asset management up nearly 60 percent.
Allianz's share has risen by 27 percent since the start of the year, slightly outpacing the STOXX Europe 600 insurance index <.SXIP>. Shares in Europe's No. 2 insurer, Axa have risen by less than 20 percent over the same period.
According to Thomson Reuters StarMine, which weights analyst forecasts according to their track record, Allianz trades at 7.9 times 12-month forward earnings, a premium to Axa, which trades at a multiple of 6.2.
(Reporting by Jonathan Gould; Editing by Elaine Hardcastle)
Most Popular Slideshows
- Kate Middleton Suffocated in Kensington Palace, Queen Elizabeth Reported War With The Duchess [PHOTOS]
- Chris Martin Dating Reports: Jennifer Lawrence Vs Gwyneth Paltrow [PHOTOS]
- 2014 MTV Video Music Awards: Everything To Know [PHOTOS]
- British Style Icon Kate Middleton Fashion Talk With Camilla Parker-Bowles Daughter-In-Law [PHOTOS]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- 4.7-Inch, 5.5-Inch iPhone 6 Models Confirmed with Similar Build, Cam Features & 300+ Screen Pixels on Release Date
- Apple iPhone 6 Release Date, iPhone 6C or 6L Anticipation: Three Things Should Matter To New Phone Shoppers
- Saudi Arabia: Brothers Beheaded For Smuggling Marijuana Into The Kingdom
- ISIS: More Journalists Beheading To Come After James Foley and Steven Sotloff [Video]
- Moto X+1 is Likely Nexus 6 Template; Motorola Shamu is 1st Android Silver with Snapdragon 810 – Reports
- Xiaomi Mi4 vs iPhone 6: Why Forecasts Favor Mi4 as The Next Best Phone Against iPhone 6
- James Foley: More Chilling Information Revealed By Escaped Journalists