11/11/2016, 7:51 AM (Source: TeleTrader)
more TeleTrader news

Allianz overcomes low rates, lifts profit by 36.5%

The largest insurer and asset manager in Europe said on Friday it managed to get operating income in the three months through September higher by 18.2% on the year, to €18.9 billion, with the department of life and health outperforming other segments. Allianz Group, headquartered in Munich, saw net income attributable to investors jump 36.5% to €1.86 billion from the third quarter of last year, where property and casualty insurance grew 3.1% in revenue adjusted for currency movements and consolidation effects.

Dieter Wemmer, chief financial officer of Allianz SE, listed in Frankfurt, praised the results, with earnings per share up from €2.98 to €4.08, in the situation of "punishingly low interest rates and the currency costs from Brexit." The outlook for operating profit for the year was confirmed at between €10 billion and €11 billion. Revenue edged higher to €27.7 billion, where asset management trailed.

The combined ratio was improved on an annual scale, declining 0.6 percentage points to 93.5%. The segment strengthened to 60.8% from 63.3% in asset management. The financial giant rose 7.13% in the past six months in the stock market, but is still 7.35% down from one year ago, compared to a rise of 6.56% and a decline of 2.55%, respectively. Pacific Investment Management Company LLC, better known as Pimco, saw third-party net flows at €4.7 billion, a first positive result in more than three years.

Breaking the News / IT