Total revenues for Q3 2020 fell by 6.1% from €33.4bn in Q3 2019 to €31.4bn
Allianz headquarters in Munich. (Credit: Allianz)
Allianz Group has reported a 5.9% increase in its net income attributable to shareholders at €2.06bn for the third quarter of 2020 (Q3 2020) compared to €1.94bn made in the same quarter of last year.
The German insurance group attributed the increase in the net income to a higher non-operating investment result, which was offset partly by higher restructuring and integration expenses and also lower operating profit.
The insurer’s diluted earnings per share in Q3 2020 were up by 4.9% to €4.89 from €4.66 reported in Q3 2019.
In the second quarter of 2020, the group’s net income attributable to shareholders was €1.53bn, while the diluted earnings per share were €3.68.
For the first nine months of 2020 (9M 2020), the group’s net income attributable to shareholders was €4.99bn, a 17.6% decrease compared to €6.34bn in 9M 2019.
Allianz’s operating profit for Q3 2020 was down by 2.6% to €2.9bn compared to €2.98bn in Q2 2019.
The German insurance group’s total revenues for Q3 2020 fell by 6.1% from €33.4bn in Q3 2019 to €31.4bn. For 9M 2020, the total revenues were €104.9bn compared to the total revenues of €106.9bn reported in 9M 2019.
The life/health business of Allianz contributed the most revenues in Q3 2020 among all its units, at €16.8bn, which is 9.4% less compared to €18.5bn made in Q3 2019.
The operating profit of the life/health unit was up by 3.4% at €1.11bn in Q3 2020, compared to €1.08bn in Q3 2019.
Allianz’s property/casualty business reported total revenues of €12.9bn in Q3 2020, a 1.8% decline compared to €13.2bn in total revenues in the same quarter of the year before.
The unit’s operating profit came down by 2.4% to €1.31bn in Q3 2020 compared to €1.34bn in Q3 2019 due to a lower underwriting result and operating investment result.
Allianz CEO Oliver Bäte said: “We have delivered solid results in an environment that will remain challenging. Not just our financial performance has been resilient, but we have also enjoyed strong support from our fantastic staff around the world. And Allianz has once again been recognized by Interbrand as #1 insurance brand globally.
“Therefore, we remain confident to not just weather the COVID-19 crisis well, but to build an even stronger Allianz for the benefit of all stakeholders.”