Allianz: 2010 revenues likely to exceed €100bn
Allianz Group has reported strong results for the third quarter of 2010 and confirmed its operating profit outlook for the year.
Revenues increased by 11.4% from Q3 2009, to €24.5 billion, and operating profit rose by 2.3% to €2.1 billion.
Property-Casualty operating profit rose 8.8% as gross premiums written increased by 3.6%, compared with a year earlier, to €10.6 billion.
Life/Health revenues rose to €12.6 billion, up 16.4% compared with the third quarter of 2009.
The group’s Asset Management business achieved an operating profit of €521 million translating at 41.6% year-on-year growth.
In the UK gross premiums increased to €463 million (Q3 2009: €427 million) and the insurer stated: “Excluding a favorable foreign currency translation effect of €20 million, internal growth was 3.7%.
“Lower volume resulting from portfolio cleaning was more than offset by a positive price development due to increased rates, especially in the retail motor business.
“Despite a challenging market, commercial business prices remained stable. We estimate the positive price effect to be 8.3%.”
Commenting on the results, Allianz SE chief executive officer, Michael Diekmann, said: “I expect our full-year operating profit to trend towards the upper end of our target range of around €7.2 billion plus or minus €500 million.”
He added: “Also, for the first time since 2005 we are likely to end the year with total revenues above €100 billion.”
Category: Allianz News, Financials, Insurance News
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