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Allianz eyes stable or rising net profit in 2013

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(Globalpost/GlobalPost)

FRANKFURT (Reuters) - Allianz <ALVG.DE> expects net income to remain stable or increase slightly this year compared to the previous year, it said in its annual report published on Friday.

Europe's biggest insurer said it did not want to give a precise estimate for net profit due to uncertainties over interest and exchange rates as well as possible capital market ructions 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.

The insurer posted net profit of 5.2 billion euros (4.46 billion pounds) for 2012.

Allianz officially targets operating profit, where it expects to earn 9.2 billion euros, plus or minus 500 million euros depending on how uncertainties play out, this year.

Operating profit rose 21 percent to 9.5 billion euros in 2012, helped by double-digit growth in its insurance businesses and a one-third increase in operating profit in asset management, as euro crisis fears subsided.

(Reporting by Jonathan Gould, editing by William Hardy)

http://www.globalpost.com/dispatch/news/thomson-reuters/130315/allianz-eyes-stable-or-rising-net-profit-2013