Advances in property insurance and asset management drive Allianz's profits. In the third quarter, operating profit rose 21 percent to 2.99 billion euros, the largest European insurer announced on Friday in Munich. Analysts expected less.
Thus, the alliance is on its way to target operating profit of 11.1 billion euros – with a range of $ 500 million or more. "We are very confident that we will achieve our goals this year," said Oliver Bäte, Chairman of the Board. Financial Director Giulio Terzariol said in August that the operating result for 2018 will be at least 11.1 billion euros. After nine months, Allianz has already reached 79 percent.
Alliance: Vote about trusting a video message
Net profit after three quarters to 5.95 (5.68) billion euros. "Allianz's stock exchange chart showed very good results in all business units in the first nine months, which have now contributed to significant productivity," Bäte said. The combined ratio of property and casualty insurance improved to 94.0% of 95.4%, and is therefore at the target level. The largest division of the Alliance, hit by a series of natural disasters a year ago, improved operating profit by 45 percent in the third quarter.
Pimco and AGI over two trillion euros
For the first time, asset managers Pimco and Allianz Global Investors managed to achieve more than two trillion euros in late September, despite the unreasonable stock market, nearly three-quarters of them for clients. In the third quarter, the division received 15 billion euros in fresh funds, three months ago, customers withdrew nine billion euros. Growing assets and growing commissions for success, primarily on German Allianz GI, led to the operating profit of the divestment for eleven percent.
Conversely, operating profit in life and health decreased slightly in the quarter. Chief Financial Officer Terzariol was still satisfied. New business value rose by 16 percent while Allianz sold larger products in US federations and more capital-efficient life insurance in Germany. The growth in new business grew to 3.5 percent from 3.4 percent. (
la / Reuters