Profit up in third quarter for Allianz Group

Allianz Group has reported a 5.2% increase in its operating profit, to 2.65 billion euros in the third quarter of this year, over the same period of 2013.

The company’s quarterly net income attributable to shareholders also rose 11.2% to 1.61 billion euros, while its total revenues jumped 14.5% to 28.78 billion euros year over year.

For the first nine months of the year, total revenues rose 9.8% to 92.20 billion euros. Operating profit was up 6.0% 8.14 billion euros, while net income attributable to shareholders increased 5.5% to 5.0 billion euros.

Gross premiums written in property and casualty insurance segment increased 5.7% to 11.25 billion euros in the third quarter. Operating profit in that segment rose 15.2%to 1.42 billion euros.

The combined ratio also improved in the third quarter by 1.3 percentage points to 93.5%, while the loss ratio decreased by 1.3 percentage points to 65.9% “benefitting from a benign natural catastrophes environment, partially offset by a lower run-off result,” Allianz noted.

“Strong internal growth in the Property and 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,” Dieter Wemmer, CFO of Allianz SE noted in a statement on the results.

“Our results confirm our outlook that the upper end of the operating profit target range at 10.5 billion euros is in reach.”