Allianz SE has reported third quarter net income of EUR258m in 2011, down 80.2% compared to net income of EUR1.3bn in the same quarter previous year.

Allianz Group recorded total revenues of EUR24.1bn, coming just 1.8% below the level from the third quarter of last year.

Operating profit of EUR1.9bn was off by 7.3% compared to the year before but remains on target; the decline in the result was largely due to lower investment results in Life and Health insurance compared to 2010.

In property and casualty insurance business, gross premiums written in the third quarter increased by 2.2% to EUR10.8bn from EUR10.6bn over the same period last year.

The average asset base for life and health insurance grew further to EUR357.7bn in the third quarter of 2011, an increase of 3.2% from EUR346.7bn at the same time in 2010.

Total assets under management expanded by 10.3% to their highest-ever level of EUR1,592bn from EUR1,443bn at the end of the third quarter 2010.

Allianz SE CFO Oliver Bate said all market participants have to face the uncertainty and high volatility of the capital markets, because solid operating results and unwavering capital strength, Allianz is well able to withstand this adversity.