Profits slip at Allianz in Q3; remains on track for full year target
Profits slipped at Allianz in the third quarter of 2015, but its chief financial officer remains confident that the group will achieve its full year target.
The insurer reported profits of €1.4 billion in the third quarter of 2015, compared with €1.6 billion in the third quarter of 2014, partly due to one-off tax benefits in the year-earlier quarter.
Its revenues fell 4.3 percent to €27.5 billion in the quarter, compared with €28.8 billion in the same period of the prior year.
However, for the first nine months of the year, total revenues hiked 3.5 percent to €95.5 billion while profits increased 3.9 percent to €5.2 billion.
“In a volatile financial market environment, Allianz’s fundamentals remained at a solid level in all business segments in the third quarter. We expect the full year operating profit to grow and arrive in the upper end of our target range of €10 to €10.8 billion,” said Dieter Wemmer, chief financial officer of Allianz SE.
Allianz’s property and casualty insurance segment reported gross written premiums of €11.5 billion in the third quarter of 2015, an increase of 2.4 percent compared with €11.3 billion in the third quarter of 2014.
According to the insurer, this was partly driven by strong internal growth in Turkey of 37.6 percent and solid growth of 4.2 percent in Australia, particularly in the areas of motor and property insurance.
Statutory premiums in Allianz’s life and health insurance were down 9.7 percent compared to elevated sales in the previous-year quarter, amounting to €14.3 billion, compared with €15.9 billion in the third quarter of 2015.
