Allianz very likely to fully exit Russia, CFO says
(Recasts, updates with detail, CFO)
By Tom Sims and Alexander Hübner
FRANKFURT, May 12 (Reuters) - Allianz ALVG.DE , which has already stopped accepting new business in Russia, will probably fully exit the country, the German insurer's finance chief said on Thursday.
The statement by Chief Financial Officer Giulio Terzariol goes beyond the company's announcement in March that it was putting a stop to new insurance in the country as well as new investments in Russia, after the invasion of Ukraine.
"I would define the likelihood as very high," Chief Financial Officer Giulio Terzariol told reporters when asked about the chances of closing its operations there.
Allianz, in an analyst presentation, said that its bottom line could take a hit of between 400 million euros ($417.44 million) and 500 million euros from a discontinuation of its Russian insurance subsidiaries.
Allianz, which is working to resolve U.S. regulatory investigations into a multibillion-dollar trading debacle at its funds arm, also said on Thursday that net profit fell 78% in the first quarter but confirmed its outlook for 2022 operating profit.
Net profit was 561 million euros in the quarter, down from 2.57 billion euros a year ago.
The net profit figure published on Thursday is more precise and lower than the 600 million euros it announced a day earlier, when it disclosed it would set aside another 1.9 billion euros to deal with its U.S. legal issues.
Analysts, before the announcement of that provision, had initially expected a net profit of more than 1.9 billion euros in the quarter.
Allianz confirmed its outlook for the full year, in which it expects operating profit of 13.4 billion euros, give or take 1 billion. ($1 = 0.9582 euros)
Reporting by Tom Sims and Alexander Huebner, editing by Kirsti Knolle, Maria Sheahan and Kim Coghill
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。