logo
  

Allianz Q3 Profit Rises, Sees FY21 Profit At Top End Of View; Stock Up

allianz nov10 lt

Allianz SE shares were gaining around 1 percent in the morning trading in Germany after the insurance and asset management company reported Wednesday higher profit in its third quarter with strong operating performance across all business segments.

Looking ahead for fiscal 2021, the company now expects operating profit to be at the higher end of the target range of 12 billion euros, plus or minus 1 billion euros.

Allianz Chief Executive Officer said, "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."

For the third quarter, net income attributable to shareholders increased 2.3 percent to 2.11 billion euros from the prior year's 2.06 billion euros. Earnings per share were 5.01 euros, higher than 4.89 euros a year ago.

According to the company, a strong growth in operating profit was offset to a major extent by a decrease in the non-operating investment result.

Operating profit grew 11.3 percent year-over-year to 3.24 billion euros. In the quarter, the Asset Management and the Life/Health business segments reported their best-ever third quarter operating results.

Property-Casualty business segment's operating profit was broadly unchanged, even in an environment marked by intense natural catastrophes.

Total revenues for the third-quarter increased 9.5 percent to 34.4 billion euros from last year's 31.4 billion euros.

Property-Casualty insurance revenues rose 9 percent to 14.1 billion euros. Life/Health insurance's present value of new business premiums or PVNBP jumped to 19.7 billion euros, mainly with positive impacts from a recovery in sales in the United States.

Third-party assets under management or AuM increased by 51 billion euros to 1,881 billion euros at the end of the third quarter of 2021, compared to the end of the second quarter of 2021.

Total assets under management rose to 2.55 trillion euros at the end of the third quarter of 2021, in line with the growth in third-party assets under management.

In Germany, Allianz shares were trading at 205.40 euros, up 1.03 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT