Allianz swings to Q4 net profit, bouncing back from U.S. funds debacle

FRANKFURT (Reuters) -Germanys Allianz on Friday swung to a fourth-quarter net profit, marking a return to the black after taking big charges a year earlier for a U.S. funds scandal.

The fourth quarter was helped by strength at its life and health insurance business due to a higher investment margin, Allianz said.

Net profit attributable to shareholders of 2.007 billion euros ($2.13 billion) in the three months through December compares with a loss of 292 million euros a year earlier. Analysts had expected net profit of 2.034 billion euros.

The return to profit from a year ago marked a return to business as usual for Allianz, which has been trying to restore its reputation after its U.S. funds unit was dogged with a fraud case that resulted in a $6 billion settlement with U.S. authorities in May.

“Allianz has consolidated its position as one of the worlds largest, most resilient, and trusted global financial institutions,” Chief Executive Officer Oliver Baete said.

($1 = 0.9403 euros)

(Reporting by Tom Sims and Alexander Huebner, Editing by Rachel More)