Allianz SE (ALIZY), a German financial services major, on Friday reported double-digit growth in third-quarter net income and shareholders' core net income, even as buisness volume was flat.
Looking ahead for fiscal 2025, Allianz now expects to achieve an operating profit of at least 17 billion euros, the upper-end of the full-year outlook range of 16 billion euros, plus or minus 1 billion euros. Most likely, the full-year operating profit will be in the range between 17 billion euros and 17.5 billion euros, it said.
In the quarter, net income attributable to shareholders climbed 15.2% to 2.85 billion euros from 2.47 billion euros last year.
Shareholders' core net income advanced 12.7 percent to 2.86 billion euros from last year's 2.53 billion euros, fueled by higher operating profit. Core earnings per share grew 13.7 percent to 7.44euros from 6.54 euros a year ago.
Operating profit rose 12.6 percent to 4.43 billion euros from 3.94 billion euros a year ago. The company noted that double-digit operating profit growth in Property-Casualty was the main driver but all segments contributed.
Total business volume amounted to 42.8 billion euros, same as last year. Internal growth, which excludes the effects of foreign-currency translation as well as acquisitions and divestments, was 5.2 percent, supported by strong growth in Property-Casualty and Asset Management.
Property-Casualty insurance's total business volume reached 19.7 billion euros, an internal growth of 9.5 percent.
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