Allianz in ‘excellent shape’, reports ‘strongest-ever’ third quarter
German insurer Allianz enjoyed the “strongest-ever third quarter” this year as all business segments including property/casualty (P&C) maintained profitability despite intense natural catastrophes. The company said it was “well-positioned” to leverage the opportunities arising from a recovery in the global economic environment and in financial markets.
The group made a net profit of €2.1 billion in the third quarter of 2021, 2.3 percent higher than the prior year quarter. For the first nine months of 2021, it made a net profit of €6.9 billion, up 38.3 percent compared to the same period of 2020.
Its revenues in the third quarter rose 9.5 percent to €34.4 billion, compared with €31.4 billion in the prior year period.
Within its property/casualty business, the improvement in the underwriting result was offset by a lower investment result. Although the revenues grew by 9 percent to €14.1 billion, P&C combined ratio increased slightly by 0.2 percentage points to 94.7 percent in the third quarter of this year.
“This was our strongest-ever third quarter,” said Oliver Bäte (pictured), chief executive officer of Allianz SE. “I see this as a confirmation of our ability to serve customers and investors alike.
“Extreme weather events and rapid macroeconomic shifts highlight the important contribution that insurers and asset managers can make to society. And our solid numbers prove that we can do so with a healthy financial performance.”
Giulio Terzariol, chief financial officer of Allianz SE, added: “These results demonstrate the good momentum in all our business segments. Our franchise is in an excellent shape. I see Allianz as being on track to reach an operating profit at the higher end of our target range.”
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