FRANKFURT — Germany's Allianz on Nov 13 gave an improved outlook for 2024 as it posted a better-than-expected 22 per cent rise in third-quarter net profit, helped by lower claims from natural catastrophes.
The property and casualty segment was cited as a particular area of strength because claims from natural catastrophes were down from a year ago, though such damages remained high, the company said.
Allianz, among Europe's largest financial services groups and owner of bond giant Pimco, reported net profit attributable to shareholders of 2.47 billion euros (S$3.5 billion) in the three months through September, compared with a profit of 2.02 billion euros a year earlier. The figure surpassed a 2.37 billion euros consensus forecast.
Allianz said its 2024 operating profit would now land in the upper half of its target range of between 13.8 billion euros and 15.8 billion euros.
"Natural catastrophes have again tested Allianz's financial and operational resilience, tests which we have successfully passed," chief executive officer Oliver Baete said.
The Singapore government in October blocked Allianz's proposed US$2.2 billion (S$2.94 billion) acquisition of a majority stake in Income Insurance. The German insurer said then that it would consider revising its offer.
Assets that Allianz manages for third parties rose by 37 billion euros from the end of the second quarter to 1.84 trillion euros, helped by market gains and net inflows.
Reuters reported last month that Allianz was weighing options for its smaller asset management division, Allianz Global Investors. Those options include a possible merger or partial sale of the division.
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