Allianz has reported operating profits of €3.0 billion (around CA$4.37 billion) and internal revenue growth of 6.4% in the third quarter of 2019.
In its quarterly and nine-month earnings release, Allianz said that it achieved “dynamic revenue development and robust profitability in all business segments.”
The group also reported that, in the third quarter of 2019, total revenue increased 8.1% to €33.4 billion, while net income attributable to shareholders was up 0.6% to €1.9 billion.
And from a broader perspective, operating profit grew 4.2% to €9.1 billion in the first nine months of 2019.
Oliver Bäte, chief executive officer of Allianz SE, said that group has delivered “very solid results in challenging times.”
“We are proud that so many customers trust in our products and in our brand,” said Bäte. “We are ready to reach the upper half of our operating profit outlook despite a significant increase in external challenges.”
The group’s property-casualty business reported steady internal growth in the third quarter, with revenues up by 6.3% to €13.2 billion. However, operating profit decreased 10.4% to €1.3 billion compared to the third quarter of 2018.
Additionally, the combined ratio rose 1.2 percentage points to 94.3% in the third quarter of 2019 compared to the same period a year earlier.
Giulio Terzariol, chief financial officer of Allianz SE, said that he was “pleased with the ongoing progress in the productivity efforts within our property-casualty segment.”
“Our business is in good shape as shown by the strong revenue development,” he said. “Our underwriting remains disciplined, while we benefit from a healthy price momentum which supports our profitability going forward.”
Meanwhile, third-party assets under management grew by €90 billion to an all-time high of €1,681 billion in the third quarter, driven by favourable foreign currency translation effects of €49.5 billion,
positive market effects of €22.7 billion and net inflows of €18.0 billion. Total assets under management also increased to an all-time high of €2,280 billion.
“Once again, we hit another all-time high with €1,681 billion of third-party assets under management also backed by consistently strong third-party net inflows year to date,” said Terzariol. “This supports well the future profitability of our business and clearly indicates we are well on track to achieve our full-year operating profit target.”