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19 April 2018

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Allianz profit jumps as it announces buyback

Ted Bunker 16 February 2017

Allianz posted a 9.3 percent gain in fourth quarter operating profit as it announced a EUR3bn ($3.2bn) buyback and a new "flexible" approach to M&A investment.

Profit rose to EUR2.8bn ($2.46bn), the Munich-based company said today.

The giant insurer and money manager's buyback will target about 19 million shares, or 4.2 percent of share capital. At the same time Allianz ditched a strategy of ringfencing 20 percent of net income attributable to shareholders for M&A, with any unused portion returned...

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