Pakistan monsoon death toll rises to 299, including 140 children    Saudi Arabia issues new regulations for food laboratory operations    Saudi Tourism Ministry launches e-service to boost accommodation capacity in Makkah and Madinah for Hajj 1447    Four health colleges rank lowest in 2025 national licensure exam results    SABIC posts $1.41 billion loss in H1 2025 on UK plant closure, restructuring costs    OPEC+ to boost oil output by 547,000 bpd in September    Foreign direct investment nets SR1.9 billion in Saudi stock market for July    Saudi, Iraqi justice ministers sign cooperation agreement in Riyadh    Palestine Red Crescent says Israeli strike on Gaza HQ kills worker, injures three    Saudi defender Saud Abdulhamid joins RC Lens on loan from AS Roma    Riyadh Comedy Festival tickets now on sale for world's biggest stand-up event    Flash floods, landslides kill 8 in northern Vietnam, 3 missing    Canada rejects claims of ongoing arms exports to Israel    Saudi Gazette publishes full text of new foreign property ownership law The law grants non-Saudis broader real estate rights under defined conditions while imposing restrictions in Makkah and Madinah    Sotheby's returns Buddha jewels to India after uproar    Riyadh Film Music Festival returns with live orchestral performances of iconic movie scores    Nissan Formula E Team celebrates a landmark season 11 with proud Saudi sponsor Electromin    Fahad bin Nafel steps down as Al Hilal president after historic six-year run    João Félix unveiled by Al Nassr as €50m move marks bold new chapter in Riyadh    Saudi Arabia approves first Alzheimer's treatment with lecanemab for early-stage patients    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Allianz posts big surplus, calls EU plans a threat
Published in Saudi Press Agency on 24 - 02 - 2011

Awwal 21, 1432 H/Feb 24, 2011, SPA -- Allianz, Europe's biggest insurance group, posted a
12-per-cent increase in net income Thursday to 5.2 billion euros (7.1
billion dollars), with its chief executive saying it was emerging
more powerful than before from the period of financial crisis, according to dpa.
But the German-based group called European Union plans to demand
more robust equity ratios at EU-based insurers a "threat" to its
traditional life-insurance business. The EU has code-named the
project Solvency II.
Chief executive Michael Diekmann said that forcing insurers to put
more equity behind their liabilities to customers would make pay-out
guarantees much more expensive to finance and that life policies
would become unattractive compared to other investments.
"A really important building block in private retirement planning
would be eliminated," he warned in Munich.
The group said its revenues rose 9.3 per cent last year to a
record 106.5 billion euros. Operating profit grew 17 per cent to 8.2
billion euros and net income was up 12 percent to 5.2 billion euros.
"We are highly profitable and are coming out of the crisis years
2008 and 2009 stronger than before," he said.
Allianz had made especial gains in its sub-businesses providing
investment funds and other investment products.
The group disclosed that at the start of this year it was holding
bonds issued by shaky eurozone governments worth 8.1 billion euros.
The bulk of the paper, 4.9 billion euros, was issued by Spain,
followed by Greece with 1.3 billion euros.
But the financial department said this exposure totalled only 2
per cent of Allianz's overall holdings of all bonds, worth 395.6
billion euros.


Clic here to read the story from its source.