(Bloomberg) -- Allianz SE missed analyst estimates for fourth-quarter profit because of claims from natural catastrophes.
Net income at Europe’s biggest insurer increased to 1.42 billion euros ($1.6 billion) in the quarter from 1.22 billion euros a year earlier, the Munich-based company said in a statement Friday. That compares with the 1.56 billion-euro average of six estimates compiled by Bloomberg. The insurer’s shares fell 1.44% to 133.75 euros at 12:07 p.m. in Frankfurt.
“Allianz steadily delivers strong results in increasingly challenging operating conditions,” Chief Executive Officer Oliver Baete, 50, said in the statement. “Our business is healthy and well-diversified. This makes us confident that we will continue to deliver strong earnings.”
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