Allianz Group recently posted the results of its quarterly earnings for the third quarter of 2016, noting an operating profit increase of 18.2% to 2.9 billion euros.
The group of companies, considered Europe’s largest insurer and assets manager, credits this increase to the many contributions of all its business segments. Notably, the life and health segments posted the strongest results with contributions from all large operating entities.
Operating profit for Allianz’s life and health segment for the first nine months of 2016 surged by 13.8% to 3.1 billion euros. Third quarter operating profit for the segment rises 53% to 1.1 billion euros thanks to higher investment margins in the United States and France. A release noted that operating profit in the third quarter of 2015 was adjusted for loss recognition in South Korea.
The same release said that net income attributable to shareholders increased 36.5% in the quarter to 1.9 billion euros. Allianz said that this was partly due to better performance across its business segments. In particular, its property and casualty segment experienced strong internal revenue growth of 3.1%, after adjustment for currency and the effects of consolidation.
Gross premiums written for the property and casualty segment in the first nine months of 2016 remained steady at 40.4 billion euros. Internal growth for the segment was at 3.1%, adjusted for currency and consolidation effects. The segment’s operating profit, Allianz reported, increased by 4.3% to 1.4 billion euros in the third quarter of 2016.
“Efforts to develop our business in a very difficult environment are paying off,” commented Allianz SE chief financial officer Dieter Wemmer. “We’re seeing sustainable profitable growth in many businesses. Improvements from our Renewal Agenda are bearing fruit and keeping us on track to reach our operating profit target for the full year of 10.5 billion euros, give or take 500 million euros.”
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