Allianz Difficult Q3 Performance Up

by Stewart Douglas

Story link: Allianz Difficult Q3 Performance Up

Insurance group Allianz has today announced its third financial quarter reports, showing a substantial growth in revenues and profits over the period, and for the first nine months of the yeat cumulatively.

The company today reported that its quarterly net revenues had increased to just under 2 billion euros on the period, an improvement in excess of 20% from performance over the same period last year. Additionally, this saw the nine month cumulative revenues (net) result posting an increase of almost 30% on the same time last year, up to 7.3 billion euros.

Along with the growth in sales revenues the company also reported an increase in profits on the period, up to 8.7 billion euros for the cumulative period over the last nine months, with particular successes in investment and life insurance divisions of the group.

The results were welcomed by shareholders today as indicative of the ongoing Allianze approach to growth and diversification within its core market areas, and a sign that the company was continuing to enjoy financial success.

Total shareholders’ equity was recorded as falling by nearly 3% as a result of a buyout strategy that offset shareholder equity in respect of associate goodwill

Speaking today on the results a spokesperson from the group said that they were delighted to record improved performance over the period in spite of the current market climate, and that they would hope to continue to build on this success over the coming quarter to year end profitability.

Whilst the company acknowledged that the third quarter was difficult for its financial performance, it did say that it was pleased to have come out on top where many other insurance companies and firms with substantial investment operations have failed in the last month or so.