May 9, 2018 / 8:23 AM / in 10 months

Allianz CEO sees $13 billion operating profit in 2018

MUNICH, May 9 (Reuters) - Allianz’s chief executive on Wednesday affirmed that he expects flat 2018 earnings and warned of global uncertainties and a strong euro.

CEO Oliver Baete told shareholders at the company’s annual general meeting that operating profit would be similar to the 11.1 billion euros ($13.13 billion) the insurer posted in 2017, or possibly 500 million euros more or less than that.

“We remain cautious because the uncertainties in the global economy remain high,” Baete said. “And the development of the euro-dollar exchange rate isn’t currently working in our favor.”

Baete said that a focus in 2018 would be making its property and casualty division fitter for the future, but he didn’t go into further detail. ($1 = 0.8452 euros) (Reporting by Tom Sims Editing by Arno Schuetze)

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