The insurance group Allianz made more profits last year. The group benefited from the good development of the life and health insurance business, as announced on Friday in Munich. Operating profit increased by 6.7 percent to 14.7 billion euros.
Allianz decides on share buyback program
The bottom line is that profits increased by almost a third to €8.5 billion, and adjusted annual profit increased by 30 percent to €9.1 billion. The previous year, provisions had weighed down the result. The figures were in line with market expectations. The night before, Allianz had already decided to increase the dividend and launch a new share buyback program. The stock was up more than two percent before the trading session compared to Xetra's close, then a pullback occurred.
For the current financial year, Allianz expects an operating result of between 13.8 and 15.8 billion euros and therefore a largely stable result in the middle of the range. So far, analysts place the list at around 15.5 billion and, therefore, a result at the upper end of the forecast.
Rollercoaster for Allianz shares: 52 weeks full of ups and downs
Allianz (WKN: 840400) stock has been on quite a roller coaster ride over the past 52 weeks. It reached a 52-week high of €251.35 in February 2023 before falling to €192.48 in June. The reasons for the price decline were varied: fears of recession, changing interest rate trends and persistently high inflation weighed heavily on the stock market.
However, starting in the second half of 2023, Allianz shares recovered again. At the end of 2023 it amounted to 218.40 euros. The bullish trend initially continued into the new year and on February 21, 2024 the stock again reached an intermediate high of €251.35.
Allianz share is currently trading at €249.85 (February 23, 2024). Analysts remain optimistic and see price targets between 260 and 309 euros. However, the long-term development of the stock depends on the general economic situation and Allianz's performance.
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