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Allianz says 2012 will be "no less challenging"

March 26, 2012

Allianz (market close: -0.3%) said Friday it was sticking to its 2012 operating profit target of €7.7 - 8.7 bn (2011: €7.87 bn), but did not give any net profit guidance for the year because of the possible impact of volatile markets on its figures.

 “Although the global economy has made a recovery over the last year, investment results are likely to remain under pressure due to low interest rates,” Europe’s largest primary insurer by market value and premium income cautioned. “The current fiscal year will be no less challenging than the year under review,” chief executive Michael Diekmann wrote in a letter to shareholders in the company’s 2011 annual report.