German insurer Allianz’s net earnings down 46 percent in 2nd quarter

Allianz’s earnings down 46 percent in 2nd quarter

BERLIN — 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 euro1.02 billion ($1.34 billion) in the April-June period, down from euro1.87 billion a year earlier.

Revenues rose 14.5 percent to euro25.4 billion from euro22.2 billion. Operating earnings were up 22.7 percent to euro2.19 billion from euro1.79 billion.

However, Allianz said income tax expenses rose and unrealized gains increased by euro468 million.

The Munich-based company said it is confident that it can achieve its aim of full-year operating profit of about euro7.2 billion.