Germany’s Allianz on Friday swung to a fourth-quarter internet revenue, marking a return to the black after taking massive prices a 12 months earlier for a U.S. funds scandal.

The fourth quarter was helped by power at its life and medical insurance enterprise resulting from a better funding margin, Allianz stated, whereas its asset administration division noticed decrease revenues and charges.

Internet revenue attributable to shareholders of two.007 billion euros ($2.13 billion) within the three months via December compares with a lack of 292 million euros a 12 months earlier. Analysts had anticipated a internet revenue of two.034 billion euros.

“We simply run a really, superb firm,” Allianz CEO Oliver Bäte instructed CNBC on “Squawk Field Europe” Friday.

“The important thing message is the very robust firms which have used Covid to arrange themselves for a a lot harder world are going to be the winners right here and there might be tons that will not.”

Bäte additionally highlighted that the rate of interest setting is “actually good” for the financial institution and that Allianz can be taking advantage of that.

The return to revenue from a 12 months earlier marked a return to enterprise as normal for Allianz, which has been making an attempt to revive its fame after its U.S. funds unit was dogged with a fraud case that resulted in a $6 billion settlement with U.S. authorities in Could.

Bäte shared a optimistic outlook for 2023, saying that January had already seen optimistic flows into Pimco and different actively managed funds. Nevertheless, he additionally highlighted the volatility available in the market.

“There’s lots of insecurity round what policymakers will do, what politics will do, what underlying inflation will do. We have now to watch out. The important thing factor is to actually guarantee that productiveness goes up, that we reign in on our price aspect and that we make the companies excellent,” he stated.

The Allianz CEO instructed CNBC final 12 months that the market setting was “one of many worst … you’ll be able to think about.”

Shares of Allianz had been down 3.2% as European markets opened Friday, with most shares buying and selling in adverse territory after every week of inflation knowledge and earnings studies.

— CNBC contributed to this report.