(Bloomberg) – A record year for natural-disaster insurance claims worldwide and a decline in fourth quarter profit wasn't enough to stop Allianz SE from raising its dividend.
Europe's biggest insurer will increase the dividend for 2017 by 5.3% to 8 euros ($10) a share, the company said in a statement Friday. Analysts expected a payout of 7.9 euros, according to the Bloomberg Dividend Forecast.
Like other insurers, Allianz had to contend with one of the worst Atlantic hurricane seasons in history last year and California's wildfires in the fourth quarter. Claims arising from the wildfires, Hurricanes Harvey, Irma and Maria and other natural catastrophes rose to 1.1 billion euros for the firm last year, up from 700 million euros a year earlier.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.