FRANKFURT, Germany – Insurance company Allianz says net profit almost doubled last year as losses on Greek bonds no longer weighed down its results.
The Munich-based company said Thursday its basic insurance business also improved, suffering lower losses on natural catastrophes and enjoying higher premium revenue in Germany, Australia and Latin America.
Net profit rose to €5.49 billion ($7.34 billion) from €2.80 billion in 2011. Revenue rose 2.7 percent to €106.4 billion.
In 2011, Allianz had to write off losses on Greek bonds which fell sharply in value due to the country's debt crisis. Greece eventually negotiated a deal with creditors under which it paid them less than they were owed.
Fourth quarter earnings rose to €1.29 billion from €560 million. The company proposed an unchanged dividend of €4.50 per share.