Allianz earnings jump as operating results improve
Allianz SE (ALV.XE) said Friday that third-quarter net profit increased more than 20% on year, due to a better operating result at the insurance and asset-management businesses.
The German insurer said net profit rose to 1.92 billion euros ($2.19 billion) from EUR1.57 billion a year earlier. Revenue rose to EUR30.5 billion from EUR28.3 billion a year earlier, the company said.
Analysts had forecast net profit of EUR1.89 billion on revenue of EUR29.22 billion, according to a FactSet-compiled consensus.
Allianz said its property-casualty insurance business experienced lower claims from natural catastrophes, a better underlying claims development and a decreased expense ratio, as well as strong premium growth.
Third-party assets under management grew by EUR23 billion after outflows in the second quarter, equivalent to a net increase of EUR15 billion. Total assets under management reached EUR2 trillion for the first time, the company said.
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