Third quarter profits rise for Allianz

by Richard Kilner

Story link: Third quarter profits rise for Allianz

The Allianz Group’s quarterly net income has soared to €1.92bn in the third quarter of 2007, a rise of 20.7%.

The increase in net income is shown in the figures for the first nine months, up 29.7% to €7.3bn compared to the same period last year.

The operating profit, on a nine month basis, has also risen, up to €8.76bn (a rise of 7.8%). Of that, the third quarter was responsible €2.6bn profit.

Total revenue in the third quarter rose by €400m compared to the previous year, reaching €23bn in this year. The asset management and life insurance parts of the business both saw their operating profits rise by double digits.

Shareholder equity had decreased by 2.8% on 30 September 2007 from its standing on 31 December 2006, down from €50.5bn to €49.1bn. The AGF buy-out netted against shareholder equity is the main reason for the fall.

Helmut Perlet has described the firm as being in a good position, despite the less than optimal market conditions, highlighting the example of PIMCO which initially grew at a slow rate but has subsequently exceeded the benchmark in the third quarter.

Perlet went on to say that the third quarter results confirm the firm’s year long forecast of €8bn for net income and €11bn for operating profit.