Shareholders' funds at an Irish-based unit of insurer Allianz that sells life policies in France and Italy rose more than 6 per cent last year to €153.4 million, the latest figures show.
Dublin-based Allianz Global Life designated activity company (DAC), whose main business is selling life assurance and other such policies in France and Italy, earned profits after tax of €9.4 million in 2020, according to annual returns filed with the Companies' Registration Office.
Last year’s net profit trailed the €13 million that the company recorded in 2019. Its returns show that a change in technical provisions for insurance contracts, an accounting exercise, added more than €107 million to total expenses, hitting its profitability. The extra charge was non-cash.
Shareholders’ funds rose more than €9 million or 6.25 per cent to €153.4 million from €144 million. The company did not declare any dividend for the year, the accounts state.