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11/9/2017, 10:20 PM (Source: TeleTrader)
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Allianz posts 12% rise in sales; profit down 17.3%

The bottom line fell to €2.48 billion on an operating basis in the third quarter from €3 billion one year before, the largest insurer and asset manager in Europe said on Thursday. The result includes basic earnings of €3.53 per share, compared to €4.17 from the equivalent period of last year, Allianz Group revealed. In diluted terms, the print was one cent below the headline.

"The group absorbed claims stemming from hurricanes, storms and earthquakes in the quarter and still increased operating earnings in the nine-month period," said chief executive Oliver Baete. "For the year as a whole, Allianz expects to deliver strong financial results with operating profit in the upper half of the target range of €10.8 billion, plus or minus €500 million." Total revenues rose 2.1% to €28.3 billion, led by the life and health segment. Property and casualty accounted for the biggest part of the decline in profit.

Net income slumped 15.9% to €1.67 billion, according to the company headquartered in Munich. The attributable sum was down 17.3% at €1.6 billion. The combined ratio was lifted by 3.4 percentage points to 96.9%, while quarter on quarter the rise was 3.2 points.

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