Over the first nine months of the year, Allianz Group total revenues rose 3.5 percent to 95.5 (92.2) billion euros. Operating profit remained stable at 8.15 (8.14) billion euros. Net income attributable to shareholders increased 3.9 percent to 5.20 (5.00) billion euros.
“In a volatile financial market environment, Allianz’s fundamentals remained at a solid level in all business segments in the third quarter. We expect the full year operating profit to grow and arrive in the upper end of our target range of 10.0 to 10.8 billion euros,” said Dieter Wemmer, CFO of Allianz SE.
In the third quarter of 2015, Allianz Group maintained revenues at a high level and achieved a solid operating profit, although both weakened slightly compared to one year ago. Total quarterly revenues were 27.5 (third quarter of 2014: 28.8) billion euros, a decrease of 4.3 percent. Operating profit was 2.45 (2.65) billion euros, down 7.5 percent. Net income attributable to shareholders amounted to 1.36 (1.61) billion euros, a decrease of 15.4 percent, in part due to one-off tax benefits in the year-earlier quarter.
In the quarter, the segment Property and Casualty insurance saw revenues increase while the operating profit was affected by lower investment and underwriting results. In the Life and Health insurance segment, sales shifted towards unit-linked and other capital efficient products while statutory premiums for traditional products decreased. In the segment Asset Management, operating profit continued to be impacted by the effects of prior period outflows.
Solvency II capitalization was 200 percent as of September 30, 2015. This represented an increase of 9 percentage points compared to December 31, 2014. Shareholders’ equity increased by 0.9 percent to 61.3 billion euros from 60.7 billion euros as of December 31, 2014.