Time to collect dividends for Allianz shareholders. The Bavarian insurance companies will distribute 4,50 euros for each share to the shareholders, for a total value that reaches 81% of the profit. The amount of dividends surprises as unchanged compared to 2010, notwithstanding the 2011 profit is halved compared to the previous year. Net income was around 2,5 billion euros, almost half a billion below consensus expectations.
The negative results were determined by write-downs, which quadrupled after the drastic cut in the book value of Greek government bonds, and record claims for natural catastrophes which weighed on Allianz's balance sheet by 1,8 billion euros. The contingent nature of these expenditure items makes us look at 2012 with optimism. An operating profit of around 2012 billion is forecast for 8.
