Allianz profits rise for 3Q (November 11, 2005)

Allianz A.G. Holding recently reported that its net income increased by 78.1% to 3.51 billion euros for the third quarter of 2005 compared to the same period last year.Allianz restated its figures for the third quarter of 2004 under International Financial Reporting Standards. The marked profit growth is a result of operating improvements in all areas of business according to the Company. Allianz also saw a decline of 36.1% in restructuring charges to 85 million euros ($102.5 million) for the third quarter because there were no significant restructuring charges at its Dresdner Bank its banking arm.Overall revenues grew 4.3%, to 75.70 billion euros the first nine months of 2005 and its gross written premiums for the property/casualty business were 34.4 million euros. The group’s property/casualty combined ratio saw an increase to 93.0% for the first nine months, rising from 93.2% for the same period last year.Third-quarter results were affected by losses of 753 million euros from natural catastrophes.