Allianz third quarter profits reach almost €3bn

Allianz has posted a third quarter profit increase of 18.2 per cent to €2.9 billion from a year ago. Europe's largest insurer said its total revenues for the period rose by 0.5 per cent to €27.7 billion. The company's operating profit outlook for 2016 has been confirmed at about €10.5 billion.

The group said its profit surge was driven by contributions from all business segments with its Life and Health segment producing the strongest results.

Net income attributable to shareholders climbed 36.5 percent in the quarter to €1.9 billion due partly to better performance across its business segments.

"Efforts to develop our business in a very difficult environment are paying off," said Dieter Wemmer, chief financial officer.

Sustainable growth

“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, give or take €500 million.”

In the asset management area, Pimco attracted its first positive net flows in more than three years.

Third-party net outflows and negative foreign currency translation effects were more than offset by a strong positive market return and the acquisition of Rogge Global Partners, the company said.

Operating profit decreased by 5.8 per cent to €1.6 billion in the first nine months of 2016, mainly as a result of lower margins.