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Allianz Q2 Profit Declines; Says Confident Of Solid Financial Performance In H2

German insurance and asset management company Allianz SE (AZSEY.PK) reported Wednesday that its second-quarter net income attributable to shareholders decreased 28.6 percent to 1.53 billion euros from last year's 2.14 billion euros.

Earnings per share were 3.68 euros, down from 5.10 euros a year ago.

Operating profit decreased 18.8 percent to 2.57 billion euros from 3.16 billion euros last year.

Total revenues decreased 6.8 percent to 30.9 billion euros from 33.2 billion euros in the prior year. Internal revenue growth, which adjusts for currency and consolidation effects, amounted to negative 7.7 percent, mostly driven by the Life/Health business segment.

Total assets under management increased to 2.25 trillion euros in the second quarter of 2020.

Looking ahead, the company said it is not giving an updated operating profit outlook for 2020 due to the continuing uncertainties.

Allianz Chief Executive Officer said, "It makes us confident that we will see a solid financial performance also in the second half of 2020."

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