In the third quarter of 2014, Allianz Group continued its strong development from the first half of the year. Total quarterly revenues increased 14.5 percent to 28.78 (third quarter of 2013: 25.14) billion euros. Operating profit stood at 2.65 (2.52) billion euros, up 5.2 percent. Net income attributable to shareholders increased 11.2 percent to 1.61 (1.45) billion euros.
The positive development is also evident over the first nine months of the year. Total revenues rose 9.8 percent to 92.20 (83.97) billion euros. Operating profit was up 6.0 percent to 8.14 (7.68) billion euros. Net income attributable to shareholders increased 5.5 percent to 5.00 (4.74) billion euros.
The segment Property and Casualty insurance again marked a strong quarter both in revenues and operating profit. Operating profit for the segment grew due to higher underwriting and investment results. In the Life and Health insurance segment, statutory premiums increased by nearly 25 percent. In the segment Asset Management, operating profit reached its highest quarterly level in 2014.
The conglomerate solvency ratio was 184 percent as of September 30, 2014. This represented an increase of 3 percentage points compared to December 31, 2013. Shareholders’ equity rose 16.2 percent to 58.2 billion euros from 50.1 billion euros as of December 31, 2013.
“Strong internal growth in the Property and Casualty segment, continued high demand for life insurance products and good operating profit in the Asset Management segment show that we are on the right track for 2014,” said Dieter Wemmer, CFO of Allianz SE. “Our results confirm our outlook that the upper end of the operating profit target range at 10.5 billion euros is in reach.”