MUNICH – The Munich-based insurance giant Allianz once again sets course for a record profit. The operating result will be between 11.5 and 12.0 billion euros this year, said the Alliance on Friday.
In the third quarter, the alliance with an operating profit of 2.98 billion euros stood on the spot, but so met the analyst estimates almost exactly. "The alliance has again achieved very good results in difficult times," said Bate. The net profit rose marginally to 1.95 billion euros, after nine months, 6.1 (previous year: 5.8) billion euros.
The insurer is growing strongly: Total revenues – insurance premiums and fund fees – climbed from July to September by 8.1 percent to 33.4 billion euros.
Decline in property insurance
The operating result in the quarter was driven by life and health and asset management, while the biggest source of income, property and casualty, was down.
The combined ratio as a measure of operating profitability in the property insurance business deteriorated to 94.3 from 93.1 percent. This was above the target of 94 percent. Increasing premiums and more contracts each accounted for about half of the division's sales growth.
In life insurance, new business – especially in Germany, the USA and Italy – shot up by 20 percent, but the margin came under some pressure. The two asset managers Pimco and Allianz Global Investors screwed the assets under management for third parties in the quarter by 90 billion to the record value of 1.68 trillion euros. That also drove the operating profit.
(sda / awp / reu)