Germany-based Allianz reported an operating profit of €2.984bn in the third quarter of 2019, compared to €2.988bn in the corresponding period of 2018


Allianz headquarters in Munich. (Credit: Allianz)

Allianz Group has reported a net income of €2.03bn, or €4.66 per diluted share, for the third quarter of 2019, a 5.8% increase compared to €1.92bn, or €4.54 per diluted share, for the same quarter last year.

The German insurer’s second-quarter 2019 net income was €2.26bn.

Its basic earnings per share in Q3 2019 moved up by 2.7% to €4.68 from €4.55 in Q3 2018. The firm’s operating profit for the reported quarter was dropped by 0.1% from €2.988bn in Q3 2018 to €2.984bn.

The net income attributable to shareholders was up by 0.6% to €1.95bn from €1.94bn registered in the third quarter of 2018.

According to Allianz, a higher non-operating investment result and a lower tax rate were offset by a normalisation of the result attributable to non-controlling interests.

Performance of Allianz property-casualty insurance in Q3 2019

In property-casualty insurance, the German insurance company’s total revenues were up by 6.3% from €12.4bn in Q3 2018 to €13.2bn.

The unit’s operating profit came down 10.4% to €1.3bn compared to the same quarter in 2018.

Allianz chief financial officer Giulio Terzariol said: “I am 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. Our underwriting remains disciplined, while we benefit from a healthy price momentum which supports our profitability going forward.”

Performance of Allianz life and health business in Q3 2019

In the life and health business, the present value of new business premiums moved up 20.3% to €16.1bn in the reported quarter compared to €13.4bn in the corresponding quarter in 2018.

Allianz said that the main driver of the positive result in the life and health unit was the life insurance business in Germany, the US, and also in Italy.

The unit’s operating profit moved up to €1.08bn from €1.05bn in the third quarter of 2018.

Terzariol said: “Our Life/Health business segment recorded a robust new business margin of 3.1 percent in a challenging interest rate environment.

“We continue to work on our products to provide attractive solutions for both our policyholders and our shareholders. Our Life/Health business is clearly on track to achieve our full-year targets.”