Insurer Allianz holds to 2011 target despite quake in Japan

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Europe's leading insurance company, Allianz, maintained on Friday its 2011 operating profit target despite losses from earthquakes and a tsunami in Japan.

"We are working on getting reliable numbers and hopefully will have them at the AGM (annual general assembly) on May 4, but at this point in time, we have no reason to change the operating profit outlook," Dow Jones Newswires quoted finance director Paul Achleitner as telling a capital markets roundtable here.

At a press conference given before the the Japanese quake and tsunami on March 11, Allianz forecast it would make an operating profit of eight billion euros ($11.5 billion) this year, "give or take 500 million."

The group's benchmark figure amounted to 8.2 billion euros in 2010.

Munich Re, the world's biggest reinsurance group, has warned meanwhile that its 2011 profit target was no longer valid in light of probable higher claims from natural disasters so far this year.

© 2011 AFP

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