Allianz 3Q Earnings Jump as Operating Result Improved
November 09 2018 - 12:50AM
Dow Jones News
By Nathan Allen
Allianz SE (ALV.XE) said Friday that third-quarter net profit
increased more than 20% on year, due to a better operating result
at the insurance and asset-management businesses.
The German insurer said net profit rose to 1.92 billion euros
($2.19 billion) from EUR1.57 billion a year earlier. Revenue rose
to EUR30.5 billion from EUR28.3 billion a year earlier, the company
said.
Analysts had forecast net profit of EUR1.89 billion on revenue
of EUR29.22 billion, according to a FactSet-compiled consensus.
Allianz said its property-casualty insurance business
experienced lower claims from natural catastrophes, a better
underlying claims development and a decreased expense ratio, as
well as strong premium growth.
Third-party assets under management grew by EUR23 billion after
outflows in the second quarter, equivalent to a net increase of
EUR15 billion. Total assets under management reached EUR2 trillion
for the first time, the company said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
November 09, 2018 01:35 ET (06:35 GMT)
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