French insurer AGF posts profit hike

21st February 2005, Comments 0 comments

PARIS, Feb 21 (AFP) - The French insurance group AGF, a subsidiary of Allianz of Germany, reported Monday a sharp surge in 2004 earnings, which rose 45 percent to EUR 1.10 billion (USD 1.4 billion).

PARIS, Feb 21 (AFP) - The French insurance group AGF, a subsidiary of Allianz of Germany, reported Monday a sharp surge in 2004 earnings, which rose 45 percent to EUR 1.10 billion (USD 1.4 billion).

AGF said it expected to increase the 2004 dividend by more than 30 percent.

"We are very please with this result, which we owe to better-than-expected operating performances," company secretary Jean-Michel Mangeot told AFP.

The net profit far exceeded analyts' forecasts of roughly EUR 900-930 million.

Underlying profit rose to EUR 1.5 billion from EUR 1.07 billion a year earlier.

Sales fell however by 5.1 percent to EUR 17.34 billion, although when calculated according to constant exchange rates and comparable assets, they were up by 2.3 percent on the year.

Mangeot said AGF expected sales to increase by five percent in 2005 and 2006.

© AFP

Subject: French News

0 Comments To This Article