German insurer Allianz SE, a stakeholder in Connecticut insurance giant Hartford Financial Services Group Inc., says its fourth-quarter earnings climbed 11 percent on a small increase in revenue and a more profitable core business, The Associated Press reports.
The Munich insurer invested $2.5 billion in The Hartford in 2008 via subordinated debt, shares and warrants, which currently entitle it to buy 18 percent of the U.S. insurer. Although it has since written down the value of its Hartford stake, Allianz has said its Connecticut holding is “a long-term financial investment.”
Allianz on Thursday reported net earnings of euro1.14 billion ($1.6 billion) for the October-December period — up from euro1.02 billion a year earlier. Revenues climbed 2 percent to euro26 billion from euro25.5 billion.
The company says the combined ratio at its property and casualty division was down to 94.9 percent from 95.3 percent. A lower ratio means an insurance underwriting business is more profitable.
Full-year net earnings were up to euro5.05 billion from euro4.21 billion in 2009. Revenues grew to
