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Allianz Q3 Net Profit Up, Operating Profit Down; To Discontinue Share Buyback Program

German insurance and asset management company Allianz SE (AZSEY.PK) reported Friday that its third-quarter net income attributable to shareholders grew 5.9 percent to 2.1 billion euros from last year's 1.9 billion euros. Earnings per share increased to 4.89 euros from 4.66 euros a year ago.

Operating profit, meanwhile, decreased 2.6 percent to 2.91 billion euros from last year's 3.0 billion euros.

Total revenues decreased 6.1 percent to 31.4 billion euros from last year's 33.4 billion euros. .

Internal revenue growth, which is adjusted for currency and consolidation effects, declined 6.0 percent, mostly driven by Life/Health business segment.

Looking ahead, the company noted that after a short period of economic recovery, the recent increase in infection rates has led many governments to intensify containment measures again to limit the spread of COVID-19.

In light of the ongoing economic uncertainties related to the Covid-19 pandemic, Allianz has decided to discontinue the previously suspended Share Buyback Program 2020 and to no longer execute the outstanding part of the program amounting to 750 million euros.

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