German insurer Allianz SE says its net earnings dropped 46 percent in the second quarter as lower realized gains outweighed higher revenues and operating profit.
Allianz said Friday that it earned (EURO)1.02 billion ($1.34 billion) in the April-June period, down from (EURO)1.87 billion a year earlier.
Revenues rose 14.5 percent to (EURO)25.4 billion from (EURO)22.2 billion. Operating earnings were up 22.7 percent to (EURO)2.19 billion from (EURO)1.79 billion.
However, Allianz said income tax expenses rose and unrealized gains increased by (EURO)468 million.
The Munich-based company said it is confident that it can achieve its aim of full-year operating profit of about (EURO)7.2 billion.
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