Allianz Group, Europe’s largest insurer and asset manager, saw operating profit in the third quarter rise 18.2 percent to 2.9 billion euros, driven by contributions from all business segments. The Life and Health segment produced the strongest results with contributions from all large operating entities.
Net income attributable to shareholders climbed 36.5 percent in the quarter to 1.9 billion euros due partly to better performance across its business segments. Property and Casualty insurance saw robust internal revenue growth of 3.1 percent when adjusted for currency and consolidation effects.
“Efforts to develop our business in a very difficult environment are paying off,” said Dieter Wemmer, chief financial officer of Allianz SE. “We’re seeing sustainable profitable growth in many businesses. Improvements from our Renewal Agenda are bearing fruit and keeping us on track to reach our operating profit target for the full year of 10.5 billion euros, give or take 500 million euros.”
Key performance indicators also improved in the quarter, with the combined ratio strengthening to 93.5 percent from 94.1 percent one year ago and the cost-income ratio in asset management improving to 60.8 percent from 63.3 percent. In the life segment, the new business margin weakened by 0.3 percentage points to 2.8 percent on the year but improved from the second quarter by nearly the same amount despite a decline in market rates.