Germany’s Allianz has today posted a worse-than-expected 8.7% fall in second-quarter net profit as it booked restructuring expenses on IT assets as it readies itself for increased usage of artificial intelligence.
But the insurer stuck to its full-year operating profit target.
Net profit attributable to shareholders of €2.595 billion in the three months to June compares with profit of €2.841 billion a year earlier. The figure fell short of a €2.787 billion consensus forecast.
Allianz booked restructuring expenses in the quarter of €643m, compared with €152m a year earlier.
The company said in a presentation that the restructuring “includes an accelerated decommissioning of IT systems connected to our investments in AI enabled workflows and solutions”.
