Allianz boosts profits in Q3 results

Allianz Group has posted another solid set of results for the third quarter of 2014. Its revenues for the period were €28.78, a 14.5 percent increase compared with the same period in 2013.

Its net profit increase by 11.2 percent to €1.61 billion while its operating profit also improved to €2.65 billion, a 5.2 percent increase on the €2.52 billion it made a year earlier.

The company said its property/casualty unit performed exceptionally well enjoying an increased operating profit of 15.2 percent. This unit’s gross written premiums also increased by 5.7 percent to €11.25 billion. Adjusted for foreign exchange and consolidation effects, it said internal growth of 4.7 percent was driven in particular by the business development in the UK, by strong growth in its global lines as well as in Germany.

“Our property and casualty business has seen a successful quarter following strong results in our core markets, supported by the absence of major natural catastrophes,” said Dieter Wemmer CFO of Allianz. “Our premium growth is mostly volume driven, highlighting good demand for our products.”

In its life and health insurance segment, statutory premiums increased by nearly 25 percent. In its segment asset management unit, operating profit reached its highest quarterly level in 2014.

“Strong internal growth in the property/casualty segment, continued high demand for life insurance products and good operating profit in the asset management segment show that we are on the right track for 2014,” said Wemmer. “Our results confirm our outlook that the upper end of the operating profit target range at 10.5 billion euros is in reach.”