GERMANY’S Allianz on Wednesday (Nov 13) beat expectations with a 22 per cent rise in third-quarter net profit, helped by lower claims from natural catastrophes, and it gave an improved outlook for 2024.
The property and casualty division was cited as a particular area of strength because claims from natural catastrophes were down from a year ago, even though such damages remained high, the company said.
Allianz, among Europe’s largest financial services groups and operator of the giant PIMCO brand, reported net profit attributable to shareholders of 2.47 billion euros (S$3.5 billion) in the three months through September, compared with a profit of 2.02 billion euros a year earlier. The figure surpassed a 2.37 billion euro consensus forecast.
Allianz said its 2024 operating profit would now land in the upper half of its target range of between 13.8 billion and 15.8 billion euros.
“Natural catastrophes have again tested Allianz’s financial and operational resilience, tests which we have successfully passed,” chief executive officer Oliver Baete said.
Assets that Allianz manages for third parties rose by 37 billion euros from the end of the second quarter to 1.84 trillion euros, helped by market gains and net inflows.
Reuters reported last month that Allianz was weighing options for its smaller asset management division, Allianz Global Investors. Those options include a possible merger or partial sale of the division. REUTERS
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