FRANKFURT, Germany (AP) — Insurance company Allianz SE says net profit almost doubled last year as losses on Greek bonds no longer weighed down its results.
The Munich-based company said Thursday its basic insurance business also improved, suffering lower losses on natural catastrophes and enjoying higher premium revenue in Germany, Australia and Latin America.
Net profit rose to €5.49 billion ($7.34 billion) from €2.80 billion in 2011, and the company proposed an unchanged dividend of €4.50 per share. Revenue rose 2.7 percent to €106.4 billion.
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