The German insurer Allianz said on Friday that it posted a 22 percent decline in net profit in the fourth quarter of 2017 after a U.S. tax overhaul, a weak U.S. dollar, other one-off costs, and
natural disasters weighed on earnings.
The profit of 1.427 billion euros ($1.79 billion) fell short of expectations. Analysts forecast a net profit of 1.587 billion euros, according to a Reuters poll.
For the full year, Allianz posted operating profit of 11.1 billion euros, in line with analysts' expectations of 11.04 billion and the company's own target.
"The group met its performance targets, maintained an extraordinary level of capital strength and returned 3 billion euros to shareholders through share buybacks in 2017," said Allianz Chief Executive Oliver Baete.
"Allianz also made important strategic strides."
Last year, insurers had to pay claims of around $135 billion for 2017, the most ever, following a spate of hurricanes, earthquakes and fires in North America.