Home Financial News Allianz reports 1.32 billion euros in 3rd quarter profit

Allianz reports 1.32 billion euros in 3rd quarter profit

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German insurance group Allianz posted Monday a third quarter profit of 1.32 billion euros (1.97 billion dollars), in line with expectations and nearly double the previous year’s figure.

The results were further signs of a pick up in the global financial sector.

“Our very good third quarter result shows that Allianz has a sound platform for delivering solid earnings even in the new normal’ of a challenging market environment with structurally lower returns,” a statement quoted financial director Oliver Baete as saying.

Revenues gained 5.2 percent from the same period a year earlier to 22 billion euros, while operating profit rose by 23.4 percent to 1.9 billion, its highest level since the second quarter of 2008, the statement said.

The figures were presented pro forma, that is excluding those of Dresdner Bank, which Allianz sold early this year to Commerzbank for 4.7 billion euros.

Net income from operations soared by 143 percent to 1.3 billion euros, the insurance company said.

“Allianz is well capitalized and our solvency ratio has a firm base founded on a high quality investment portfolio and conservative risk management approach,” Baete said.

The group’s life and health insurance unit contributed in large part to the improved results with premiums gaining 14.6 percent to 10.8 billion euros in the three month period.

“Our Life and Health business is performing very well and generates both strongly growing revenues and very good margins,” Baete added.

Revenues from the group’s financial services unit gained 22.5 percent to 1.1 billion euros.