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Allianz Q4 Profit Rises; Lifts 2020 Operating Profit View

German insurance and asset management company Allianz SE (AZSEY.PK) reported that its fourth-quarter net income attributable to shareholders rose 9.5 percent to 1.86 billion euros from last year's 1.70 billion euros, due to an improved non-operating result. Earnings per share also increased to 4.44 euros from 3.93 euros in the previous year.

The company now projects 2020 operating profit to be 12.0 billion euros, plus or minus 500 million euros, compared to the prior estimation of 11.5 billion euros, plus or minus 500 million euros.

The company said its board of management will propose a dividend of 9.60 euros per share for 2019. It is 6.7 percent higher than last year's dividend of 9 euros and the seventh increase in a row.

The company said it will buy-back up to 1.5 billion euros of shares that is to be completed by the end of the year.

The company reported that operating profit for the fourth-quarter was 2.75 billion euros, compared to 2.77 billion euros in the prior year.

Total revenues for the quarter grew 7.0% to 35.5 billion euros from 33.2 billion euros in the prior year.

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