By Mauro Orru 

Allianz SE said Friday that operating profit for the fourth quarter increased, driven by all business segments, and proposed a dividend at the prior-year level.

The German insurer said quarterly operating profit climbed to 2.98 billion euros ($3.60 billion) from EUR2.75 billion in the fourth quarter of 2019.

Net profit for the period slipped to EUR1.82 billion from EUR1.86 billion.

Analysts had expected operating profit of EUR2.77 billion and net profit of EUR1.75 billion, according to FactSet.

Quarterly revenue edged slightly higher to EUR35.6 billion from EUR35.5 billion the year prior.

Allianz's solvency II ratio--a key measure of financial strength for insurance companies--was 207% at the end of 2020, compared with 212% at the end of 2019.

The company said its board of management will propose a dividend of EUR9.60 per share for 2020, stable compared to the previous year's.

For 2021, Allianz expects operating profit of EUR12 billion, plus or minus EUR1 billion. In 2020, operating profit came in at EUR10.75 billion.

"Our capital position has remained strong throughout the pandemic. This is why we look towards 2021 with confidence," Chief Financial Officer Giulio Terzariol said.


Write to Mauro Orru at; @MauroOrru94


(END) Dow Jones Newswires

February 19, 2021 01:38 ET (06:38 GMT)

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