Allianz Confirms 2023 Target After Natural-Catastrophe Claims Hit Earnings
November 10 2023 - 1:12AM
Dow Jones News
By Pierre Bertrand
Allianz confirmed its 2023 financial target after third-quarter
profit fell, hurt by natural-catastrophe claims.
The German insurer said Friday that it made 2.02 billion euros
($2.16 billion) in net income compared with EUR2.87 billion a year
earlier.
Its total business volume, or revenue, came to EUR36.5 billion,
a 4.5% increase, while operating profit fell 15% to EUR3.47
billion.
Allianz said its revenue growth was helped by its
property-casualty business, which benefited from higher prices and
volumes.
That same unit, however, reported what the company said was an
exceptionally high level of claims from natural catastrophes, which
weighed on its operating insurance service result and on overall
operating profit.
Revenue at the property-casualty business grew 6.1% while its
operating profit fell 25%, Allianz said.
The company confirmed it operating profit target for the year of
EUR14.2 billion, plus or minus EUR1 billion.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
November 10, 2023 01:57 ET (06:57 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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