Germany’s Allianz reported a rise in third-quarter operating profit in its detailed November 12 results. Asset management earned more as property and casualty insurance absorbed heavier catastrophe costs. The segment figures followed the previous day’s annual outlook increase, while quarterly net income declined slightly and life and health insurance profit increased.
German insurer Allianz published detailed third-quarter and nine-month results on November 12.[1], [2]
Quarterly operating profit rose 6.2 percent to 4.709 billion euros, with asset management and life and health insurance contributing to the increase. The quarterly period surplus declined 1.7 percent to 2.960 billion euros. Over nine months, operating profit reached 14.099 billion euros, up 7.8 percent from a year earlier.[1]
Property and casualty insurance operating profit fell 7.9 percent to 2.204 billion euros in the quarter. Natural catastrophes added 5.1 percentage points to the claims burden, compared with 0.3 points a year earlier. The combined ratio, measuring claims and expenses against insurance revenue, reached 93.8 percent. Its nine-month level was 92.2 percent, within the company’s annual target corridor.[1]
The asset management division, including investment managers PIMCO and Allianz Global Investors, increased operating profit 35.1 percent to 1.119 billion euros. Allianz cited higher revenue on managed assets and increased performance fees. Third-party assets under management reached 2.152 trillion euros after quarterly net inflows of 47 billion euros. Life and health insurance operating profit rose 4.4 percent to 1.469 billion euros. Allianz had announced its annual outlook increase the previous day, November 11.[1]
