Allianz has reported web earnings of €2.13bn ($2.28bn) for the third quarter (Q3) of 2023, a dip of 29% in contrast with €3bn a yr in the past.
Income for the interval that ended on 30 September 2023 elevated by 4.5% to €36.5bn from €34.9bn in 2022.
The German insurance coverage firm’s property and casualty (P&C) enterprise reported a income of €17.2bn, a 6.1% leap year-on-year (YoY).
Allianz chief monetary officer Giulio Terzariol mentioned the P&C outcomes have been affected by unusually excessive ranges of pure catastrophes.
In Q3 2023, the life and medical insurance unit’s new enterprise premiums elevated by 3.7% YoY to €17.5bn.
The insurer mentioned development within the life and well being section was pushed by increased volumes in Italy and the US.
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It was partly offset by detrimental monetary impacts, primarily from discounting in Germany, France and Italy, in addition to international forex translation results within the US, Asia-Pacific and Turkey.
The developments in Allianz’s asset administration enterprise partially offset the expansion.
Within the first three quarters, asset administration enterprise income fell by 5.9% to €5.8bn from €6.1bn in the identical interval final yr.
Allianz CEO Oliver Bäte mentioned: “Within the first 9 months of this yr, now we have seen strong development in our enterprise quantity, working revenue in addition to core web earnings. We’ve additionally additional strengthened our solvency place at 212%. Our concentrate on execution and operational effectivity is enabling our worthwhile development with wholesome margins, and this locations Allianz on a superb trajectory to attain our targets.
“We verify with confidence our working revenue goal of €14.2bn, plus or minus €1bn. Our resiliency as an organization displays the distinctive benefits of our international scale, diversified enterprise combine, and the industry-leading ranges of belief and engagement that now we have earned with our stakeholders.”